Precision’s omnibus equity incentive plan (Omnibus Plan) allows the Corporation to settle short-term incentive awards (annual bonus) and long-term incentive awards (share options, performance share units and restricted share units) issued on or after February 8, 2017 in voting shares of Precision (either issued from treasury or purchased in the open market), cash, or a combination of both. Precision intends to settle all short-term incentive, restricted share unit and performance share unit awards issued under the Omnibus Plan in cash and to settle options in voting shares.

Liability Classified Plans


	Restricted Share Units			Performance Share Units			Non- Management Directors’ DSUs			Total
Balance, December 31, 2022	$	38,190		$	100,858		$	12,297		$	151,345
Expensed during the year		6,594			28,256			(2,787	)		32,063
Settlement in shares		(2,101	)		(17,104	)		(758	)		(19,963	)
Payments		(26,524	)		(47,971	)		(385	)		(74,880	)
Foreign exchange		(45	)		3			—			(42	)
Balance, December 31, 2023		16,114			64,042			8,367			88,523
Expensed during the year		10,511			29,829			2,488			42,828
Settlement in shares		(2,012	)		(18,355	)		—			(20,367	)
Payments		(13,037	)		(40,016	)		—			(53,053	)
Foreign exchange		(16	)		(57	)		—			(73	)
Balance, December 31, 2024	$	11,560		$	35,443		$	10,855		$	57,858
Current		8,567			24,770			10,855			44,192
Long-term		2,993			10,673			—			13,666
Balance, December 31, 2024	$	11,560		$	35,443		$	10,855		$	57,858

Precision has various cash-settled share-based incentive plans for officers and other eligible employees. Under the Restricted Share Unit (RSU) incentive plan, shares granted to eligible employees vest annually over a three-year term. Vested shares are automatically paid out in cash at a value determined by the fair market value of the shares at the vesting date. Under the

Performance Share Unit (PSU) incentive plan, shares granted to eligible employees vest at the end of a three-year term. Vested shares are paid out in cash or shares at the Board of Director's discretion, in the first quarter following the vested term at a value determined by the fair market value of the shares at the vesting date and based on the number of performance shares held multiplied by a performance factor that ranges from zero to two times. The performance factor is based on Precision’s share price performance compared to a peer group over the three-year period, repayment of debt and leverage ratio.

A summary of the RSUs and PSUs outstanding under these share-based incentive plans is presented below:


	RSUs Outstanding			PSUs Outstanding
December 31, 2022		495,168			1,136,671
Granted		66,032			121,690
Redeemed		(266,744	)		(438,612	)
Forfeited		(18,362	)		(25,006	)
December 31, 2023		276,094			794,743
Granted		92,423			158,440
Redeemed		(180,989	)		(450,726	)
Forfeited		(7,768	)		(5,404	)
December 31, 2024		179,760			497,053

Subsequent to December 31, 2024, Precision elected to settle certain vesting RSUs and PSUs through the issuance of 150,068 common shares.

Precision has a deferred share unit (DSU) plan for non-management directors whereby fully vested DSUs are granted quarterly based on an election by the non-management director to receive all or a portion of his or her compensation in DSUs. These DSUs are redeemable in cash or for an equal number of common shares upon the director’s retirement. The redemption of DSUs in cash or common shares is solely at Precision’s discretion. Non-management directors can receive a lump sum payment or two separate payments any time up until December 15 of the year following retirement. If the non-management director does not specify a redemption date, the DSUs will be redeemed on a single date six months after retirement. The cash settlement amount is based on the weighted average trading price for Precision’s shares on the Toronto Stock Exchange for the five days immediately prior to payout.

During 2023, 18,830 DSUs were redeemed upon the retirement of a non-management director. Precision elected to settle the redemption of DSUs through a combination of cash and common shares.

Precision grants Executive RSUs to certain senior executives with the intention of settling them in voting shares of the Corporation either issued from treasury or purchased in the open market. Granted units vest annually over a three-year term.


Executive Restricted Share Units	Outstanding			Weighted Average Fair Value
December 31, 2022		—		$	—
Granted		46,740			96.90
December 31, 2023		46,740			96.90
Granted		61,930			79.84
Redeemed		(15,570	)		96.90
Forfeited		(608	)		96.90
December 31, 2024		92,492		$	85.48

Included in net earnings for the year ended December 31, 2024 were expenses of $4 million (2023 – $3 million).

Under this plan, the exercise price of each option equals the fair market value of the option at the date of grant determined by the weighted average trading price for the five days preceding the grant. The options are denominated in either Canadian or

U.S. dollars, and vest over a period of three years from the date of grant, as employees render continuous service to the Corporation, and have a term of seven years.

A summary of the status of the equity incentive plan is presented below:


Canadian Share Options	Options Outstanding			Range of Exercise Price				Weighted Average Exercise Price		Options Exercisable
December 31, 2022 and December 31, 2023		23,055		$	87.00	—	145.97	$	113.01		23,055
Exercised		(925	)		87.00	—	87.00		87.00		—
Forfeited		(10,170	)		145.97	—	145.97		145.97		—
December 31, 2024		11,960		$	87.00	—	87.00	$	87.00		11,960


U.S. Share Options	Options Outstanding			Range of Exercise Price (US$)				Weighted Average Exercise Price (US$)		Options Exercisable
December 31, 2022		141,748		$	51.20	—	111.47	$	84.84		141,748
Forfeited		(13,350	)		64.20	—	100.40		75.66		—
December 31, 2023		128,398			51.20	—	111.47		85.80		128,398
Exercised		(6,485	)		68.80	—	68.80		68.80		—
Forfeited		(61,861	)		68.80	—	111.47		106.37		—
December 31, 2024		60,052		$	51.20	—	72.46	$	66.44		60,052


Canadian Share Options	Total Options Outstanding						Options Exercisable
Range of Exercise Prices:	Number		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Number		Weighted Average Exercise Price
$ 87.00		11,960	$	87.00		0.15		11,960	$	87.00


U.S. Share Options	Total Options Outstanding						Options Exercisable
Range of Exercise Prices (US$):	Number		Weighted Average Exercise Price (US$)		Weighted Average Remaining Contractual Life (Years)		Number		Weighted Average Exercise Price (US$)
$ 51.20		8,595	$	51.20		1.15		8,595	$	51.20
68.80		48,790	$	68.80		0.15		48,790	$	68.80
72.46		2,667		72.46		0.59		2,667		72.46
$ 51.20 – 72.46		60,052	$	66.44		0.31		60,052	$	66.44

Prior to January 1, 2012, Precision had a deferred share unit plan for non-management directors. Under the plan, fully vested deferred share units were granted quarterly based on an election by the non-management director to receive all or a portion of his or her compensation in deferred share units. These deferred share units are redeemable into an equal number of common shares any time after the director’s retirement.

Effective May 16, 2024, Precision instituted a new DSU plan for non-management directors whereby fully vested deferred share units are granted quarterly based upon an election by the non-management director to receive all or a portion of their compensation in deferred share units. The deferred share units are redeemable for an equal number of common shares on the date specified in an eligible director's participation and election agreement, which date may be the grant date, the first, third or fifth anniversary of the grant date. The number of deferred share units granted is based upon the weighted average closing price of Precision shares on the Toronto Stock Exchange (TSX) for the five trading days immediately prior to payout.

Included in net earnings for the year ended December 31, 2024 were expenses of $0.4 million (2023 – nil).