DEF 14A of Eaton Corp plc, Mar 14, 2025

DEF 14A of Eaton Corp plc

Filed Mar 14, 2025 · FY20240001308179-25-000129

Open on EDGAR

  1. 2024 EXECUTIVE COMPENSATION PRACTICES

    | What We Do: | | What We Don’t Do: | | | | Focus on long-term compensation to deliver rewards based on sustained performance over time | | No employment contracts with any salaried U.S. employees, including named executive officers | | | Share ownership requirements for executives (6x base salary for CEO) | | No hedging or pledging of our shares | | | Caps in our short- and long-term incentive plans to prevent unintended windfalls | | No dividend or dividend equivalent payments on unearned performance-based grants | | | Compensation recovery policy (clawbacks) | | No repricing of stock options and no discounted stock options | | | Use different metrics in short- and long-term incentive plans which focus on absolute and relative performance | | No tax gross-ups |

  2. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Say On Pay 2024 Advisory Vote | | The Board of Directors is committed to understanding the views of our shareholders by providing an opportunity to endorse our executive compensation through an advisory, non-binding vote. In 2024, our shareholders approved our executives’ compensation by a vote of 92.2%. The Compensation and Organization Committee will continue to review our compensation programs each year in light of the annual “say-on-pay” voting results and feedback we receive from our shareholders. |

  3. 2024 EXECUTIVE COMPENSATION PRACTICES

    | EATON 2025 Proxy Statement and Notice of Meeting | 5 |

  4. 2024 EXECUTIVE COMPENSATION PRACTICES

    Our Board of Directors (the “Board”) is currently comprised of 12 members. Each nominee is being nominated for election for a one-year term ending at the 2026 Annual General Meeting, except for Mr. Arnold, who is retiring as Chairman of the Board and Chief Executive Officer of Eaton Corporation on May 31, 2025, as previously announced. All nominees were elected by shareholders at the 2024 Annual General Meeting, with the exception of Ms. Terrell, Mr. Ruiz and Mr. Schulten, who were appointed as directors by unanimous actions of the Board in July, August and October 2024, respectively. If any of the nominees become unable or decline to serve, the individuals acting as proxies will have the authority to vote for any substitutes who may be nominated in accordance with our Articles of Association. However, we have no reason to believe that this will occur. OUR NOMINEES

  5. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Craig Arnold Chairman, Eaton Corporation plc and Chief Executive Officer, Eaton Corporation Craig Arnold is Chairman of the Company and Chief Executive Officer of Eaton Corporation. Mr. Arnold joined Eaton in 2000 as senior vice president and group executive of the Fluid Power Group. He was Vice Chairman and Chief Operating Officer of the Industrial Sector until August 2015 and President and Chief Operating Officer until June 2016. Mr. Arnold currently serves on the board of Medtronic plc. He also serves as a director of The Greater Cleveland Partnership and United Way of Greater Cleveland. He is a member of the Business Roundtable, The Business Council and the advisory board of The Salvation Army of Greater Cleveland. As previously announced, Mr. Arnold intends to serve on the Board until May 31, 2025 when he will retire from his positions as the Chairman of the Board and Chief Executive Officer of Eaton Corporation. Director Qualifications: Mr. Arnold’s years of senior management and executive leadership experience at Eaton provide important insight into the Company to the benefit of the Board of Directors. Mr. Arnold has gained detailed knowledge of Eaton’s businesses, customers, end markets, sales and marketing, technology innovation and new product development, supply chains, manufacturing operations, talent development, policies and internal functions through his service in a wide range of management roles within the Industrial Sector, and as President and Chief Operating Officer of the Company. Further, he possesses significant corporate governance knowledge developed by current and past service on the boards of other publicly traded companies, most notably for Medtronic plc, a publicly traded company domiciled in Ireland. | Director since 2015 Age 64 |

  6. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Director Skills and Experience per Company’s Director Skills Matrix: | | | | | | | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  7. 2024 EXECUTIVE COMPENSATION PRACTICES

    | EATON 2025 Proxy Statement and Notice of Meeting | 6 |

  8. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Silvio Napoli Chairman and Retired Chief Executive Officer, Schindler Holding Ltd. Silvio Napoli is the Chairman of the Board of Directors and retired Chief Executive Officer of Schindler Holding Ltd., one of the world’s leading providers of elevators, escalators and related services. He joined the Schindler Group in 1994. During his time with Schindler, he served in a number of leadership roles, including director of corporate development, president and chief executive officer of Schindler India, president of Asia-Pacific, and, most recently, as the company’s chief executive officer until his retirement in January 2025. Mr. Napoli has decided not to stand for re-election as a director of Schindler at its next General Meeting of Shareholders on March 25, 2025. He previously worked for The Dow Chemical Company in Europe. Director Skills and Qualifications: With his experience as the Chief Executive Officer and executive chairman of a large global industrial company, Mr. Napoli has extensive executive leadership experience and is very knowledgeable in the management of industrial products and services. In particular, he has considerable experience in the areas of talent development, financial management, manufacturing and product innovation, and risk management. Mr. Napoli also brings a dynamic international business perspective and global corporate strategy experience to the Board, which are of particular benefit in his role as Chair of the Innovation and Technology Committee. | Director since 2019 Age 59 |

  9. 2024 EXECUTIVE COMPENSATION PRACTICES

    Director Skills and Experience per Company’s Director Skills Matrix:

  10. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  11. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Gregory R. Page Retired Chairman and Chief Executive Officer, Cargill Gregory R. Page is the retired Chairman and Chief Executive Officer of Cargill, an international marketer, processor and distributor of agricultural, food, financial and industrial products and services. He was named Corporate Vice President & Sector President, Financial Markets and Red Meat Group of Cargill in 1998, Corporate Executive Vice President, Financial Markets and Red Meat Group in 1999, and President and Chief Operating Officer in 2000. He became Chairman and Chief Executive Officer of Cargill in 2007 and was named Executive Chairman in 2013. Mr. Page served as Executive Director from 2015 to 2016, after which he retired from the Cargill Board. He is a director of 3M Company and Deere & Company and is non-executive chair of Corteva, Inc. Mr. Page is past President and a board member of the Northern Star Council of the Boy Scouts of America, and a board member of Alight (fka the American Refugee Committee). Director Skills and Qualifications: As the retired Chairman and former Chief Executive Officer of one of the largest global corporations, Mr. Page brings extensive leadership and global business experience, in-depth knowledge of commodity markets, and a thorough familiarity with the key operating processes of a major corporation, including financial systems and processes, global market dynamics, succession management, and sustainable practices. Mr. Page’s experience and expertise enable him to provide valuable insight on financial, operational and strategic matters. His senior leadership experience is of particular benefit to Eaton in his role as Lead Director. | Lead Director Director since 2003 Age 73 |

  12. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | | | ■ | Financial | ■ | Regulatory and Government |

  13. 2024 EXECUTIVE COMPENSATION PRACTICES

    | EATON 2025 Proxy Statement and Notice of Meeting | 7 |

  14. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Sandra Pianalto Retired President and Chief Executive Officer of the Federal Reserve Bank of Cleveland Sandra Pianalto served as President and Chief Executive Officer of the Federal Reserve Bank of Cleveland from February 2003 until her retirement in June 2014. She joined the Bank in 1983 as an economist in the research department and was appointed Assistant Vice President of public affairs in 1984, Vice President and Secretary to the board of directors in 1988, and First Vice President and Chief Operating Officer in 1993. Before joining the Bank, she was an economist at the Federal Reserve Board of Governors and served on the staff of the Budget Committee of the U.S. House of Representatives. Ms. Pianalto currently serves as a director of Prudential Financial, Inc. She is a former director of The J. M. Smucker Company and FirstEnergy Corp. She is a trustee of the University of Akron Foundation, lifetime trustee and past chair of the board of University Hospitals Health System, and life director and past chair of the board of United Way of Greater Cleveland. Director Skills and Qualifications: Ms. Pianalto has extensive experience in monetary policy and financial services and brings to Eaton wide-ranging leadership and operating skills through her former roles with the Federal Reserve Bank of Cleveland. As Chief Executive Officer of the Bank, she developed expertise in economic research, management of financial institutions, and payment services to banks and the U.S. Treasury. Ms. Pianalto’s comprehensive experience qualifies her to provide substantial guidance and oversight to the Board in her role as Chair of the Finance Committee. | Director since 2014 Age 70 |

  15. 2024 EXECUTIVE COMPENSATION PRACTICES

    Director Skills and Experience per Company’s Director Skills Matrix:

  16. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  17. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Robert V. Pragada Chair and Chief Executive Officer, Jacobs Solutions Inc. Robert V. Pragada is the Chair and Chief Executive Officer of Jacobs Solutions Inc., a professional and technical solutions company that provides consulting, technical, scientific and project delivery services for the government and private sector. He has served as a director and Chief Executive Officer of Jacobs since January 2023 and as Chair of Jacobs since September 2024. Prior to that, he served as the President and Chief Operating Officer of Jacobs from November 2019 to January 2023, where he had executive oversight of the company’s global operations, which consist of the Aerospace, Technology, and Nuclear, and Buildings, Infrastructure and Advanced Facilities lines of business, the President of Global Industrial and Buildings & Infrastructure from 2016 to 2019, and various senior management roles since joining Jacobs in 2006. From 2014 to 2016, Mr. Pragada served as President and Chief Executive Officer of The Brock Group, Inc. Mr. Pragada was a naval officer in the United States Navy from 1990 to 1999. He currently serves on the boards of Dallas Regional Chamber and the US Naval Academy Foundation. Director Skills and Qualifications: As the Chair and Chief Executive Officer of a Fortune 500 company, Mr. Pragada has strong business, technology, and executive leadership skills. He also brings to Eaton extensive experience in mergers, acquisitions, and large-scale integrations. Mr. Pragada also has significant experience of importance to the Company, including excellent business and cultural transformation capabilities with proven results and deep expertise in organizational management and dynamics. | Director since 2021 Age 56 |

  18. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  19. 2024 EXECUTIVE COMPENSATION PRACTICES

    | EATON 2025 Proxy Statement and Notice of Meeting | 8 |

  20. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Paulo Ruiz President and Chief Operating Officer, Eaton Corporation Paulo Ruiz is President and Chief Operating Officer of Eaton Corporation. Mr. Ruiz became President and Chief Operating Officer on September 2, 2024 and also joined the Company’s Board of Directors at that same time. Effective June 1, 2025, Mr. Ruiz will become Chief Executive Officer of Eaton. Since joining Eaton in April 2019, Mr. Ruiz served as Hydraulics Group President from April 2019 to August 2021, President, Energy Solutions and Services from August 2021 to July 2022, and President and Chief Operating Officer of the Industrial Sector from July 2022 to September 2024. Director Skills and Qualifications: Mr. Ruiz has been an invaluable leader within Eaton’s management team since joining the Company. His expertise in operations and strong global manufacturing background, as well as his experience overseeing critical aspects of the Company’s portfolio transformation, make him well-positioned to lead Eaton through the next phase of the Company’s growth and allow him to bring to the Board pertinent and informed insight on the Company’s direction and strategic opportunities. Director Skills and Experience per Company’s Director Skills Matrix: | Director since 2024 Age 50 |

  21. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  22. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Lori J. Ryerkerk Retired Chairman, Chief Executive Officer and President, Celanese Corporation Lori J. Ryerkerk served as the Chairman, Chief Executive Officer and President of Celanese Corporation, a Fortune 500 global chemical and specialty materials company, until she stepped down from those positions in December 2024. She served as a director and Chief Executive Officer and President of Celanese since May 2019 and as Chairman of Celanese since April 2020. Prior to joining Celanese in May 2019, Ms. Ryerkerk served as the Executive Vice President of Global Manufacturing of Shell Downstream Inc. from October 2013 to May 2019 after joining Shell in May 2010 as Regional Vice President of Manufacturing in Europe and Africa. Before joining Shell, she was Senior Vice President, Refining, Supply and Terminals at Hess Corporation from 2008 to 2010. Prior to that, she spent 24 years with ExxonMobil and served in a variety of operational and senior leadership roles. Ms. Ryerkerk currently serves as a director of Norfolk Southern Corporation. She previously served as a director of Celanese Corporation and Axalta Coating Systems Limited. Director Skills and Qualifications: As former Chairman, Chief Executive Officer and President of a company with global engineering and manufacturing operations, Ms. Ryerkerk has executive leadership experience in the area of industrial materials and products production. In particular, she has considerable experience in leading global operations and managing complex technologies, engineering and supply chain systems. Ms. Ryerkerk also brings an international business perspective, having previously spent time in roles in Europe and Africa. Her experience with industrial companies and in responding to changing market conditions are of particular benefit to Eaton. Her leadership experience also allows her to provide guidance and oversight in her role as Chair of the Compensation and Organization Committee. | Director since 2020 Age 62 |

  23. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  24. 2024 EXECUTIVE COMPENSATION PRACTICES

    | EATON 2025 Proxy Statement and Notice of Meeting | 9 |

  25. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Andre Schulten Chief Financial Officer, The Procter & Gamble Company Andre Schulten is the Chief Financial Officer of The Procter & Gamble Company, a world-leading multinational consumer goods company. He has been serving in this role since March 2021. Prior to that, he was Senior Vice President, Baby Care, North America from May 2018 to February 2021. Since Joining P&G in 1996, Mr. Schulten has served in several finance and accounting management roles in North America, Europe and Asia, and has provided leadership for product portfolio strategy, installing new business models and supply chain redesign across global markets. Director Skills and Qualifications: As a current public company Chief Financial Officer, Mr. Schulten brings significant experience in finance, accounting and global enterprise leadership to the Board. His service in numerous finance and accounting management positions at P&G allow him to contribute significantly to the Board’s oversight of risks relating to the Company’s financial reporting and internal controls and other matters relevant to public companies with global operations. He also has extensive experience in business restructuring, integration and growth strategy work, which enable him to provide the Board with a meaningful perspective on Eaton’s global operations and business strategy. | Director since 2024 Age 54 |

  26. 2024 EXECUTIVE COMPENSATION PRACTICES

    Director Skills and Experience per Company’s Director Skills Matrix:

  27. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  28. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Gerald B. Smith Retired Chairman, Smith Graham & Co. Gerald B. Smith was a director of Cooper Industries plc from 2000 until 2012 and served as lead independent director of Cooper Industries plc from 2007 to 2012. Mr. Smith joined the Board effective upon the close of the Cooper acquisition. He served as Chairman of Smith Graham & Co., an investment management firm that he founded in 1990, until his retirement in December 2024 and Chief Executive Officer of Smith Graham until 2023. Prior to launching Smith Graham, he served as Senior Vice President and Director of Fixed Income for Underwood Neuhaus & Company. He was a director of the Federal Reserve Bank of Dallas from 2018 to 2023, a director and chair of the Investment Committee of the New York Life Insurance Company from 2012 to 2023, and a member of the Board of Trustees and chair of the Investment Oversight Committee for The Charles Schwab Family of Funds from 1990 to 2020. Mr. Smith serves as a director of ONEOK, Inc., a natural gas diversified company, and a member of the Board of Trustees of Rice University’s Baker Institute for Public Policy. Director Skills and Qualifications: Mr. Smith has expertise in finance, portfolio management and marketing through executive positions in the financial services industry, including being founder, Chairman and Chief Executive Officer of Smith Graham & Co. His experience as a director of companies in the oil and gas and energy services businesses has provided him with valuable insight into markets in which Eaton also participates. Mr. Smith’s past experience as lead independent director of Cooper provides ongoing institutional knowledge of legacy Cooper businesses and has benefited the process of integrating Cooper into Eaton. His experience and expertise provide him valuable insight on financial, operational and strategic matters in his role as Chair of the Audit Committee. | Director since 2012 Age 74 |

  29. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  30. 2024 EXECUTIVE COMPENSATION PRACTICES

    | EATON 2025 Proxy Statement and Notice of Meeting | 10 |

  31. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Karenann Terrell Retired Chief Digital and Technology Officer, GSK plc Karenann Terrell is the retired Chief Digital and Technology Officer of GSK plc (GlaxoSmithKline), a British multinational pharmaceutical and biotechnology company, where she served in the role from 2017 until her retirement in December 2021. Prior to that, Ms. Terrell served as the Chief Information Officer of Walmart Inc. Before joining Walmart, Ms. Terrell was the Chief Information Officer of Baxter International. Earlier in her career, with her background in electrical engineering, she served in various roles of increasing responsibility with DaimlerChrysler AG and General Motors Company. Ms. Terrell is a director of UiPath Inc. She also serves on the boards of Fractal Analytics, a global provider of artificial intelligence and advanced analytics, and Switch, Inc. a global technology company. Ms. Terrell previously served on the board of Pluralsight, Inc. Director Skills and Qualifications: Ms. Terrell brings deep digital expertise, extensive technology experience and global perspective to the Board. Through her leadership positions, including Chief Digital and Technology Officer of GSK plc and Chief Information Officer of Walmart Inc., and her background in electrical engineering, she gained significant knowledge of data & technology and digital fields and transformation of these areas over time, which allow her to provide the Board with a valuable perspective on Eaton’s operational and strategic matters. | Director since 2024 Age 63 |

  32. 2024 EXECUTIVE COMPENSATION PRACTICES

    Director Skills and Experience per Company’s Director Skills Matrix:

  33. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  34. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Dorothy C. Thompson Retired Chief Executive, Drax Group plc Dorothy C. Thompson CBE is the retired Chief Executive and director of Drax Group plc, an international renewable energy company, where she served from 2005 until her retirement in 2017. Before joining Drax, Ms. Thompson managed InterGen NV’s European power business, was assistant group treasurer at Powergen plc and worked at CDC Capital Partners, the private sector arm of the British Government’s aid program. Ms. Thompson serves as an independent non-executive chair of Rotork plc, a global flow control and instrumentation company. She also serves as non-executive chair of Statera Energy Limited, a renewable energy company. Ms. Thompson was a member of the Court of Directors of the Bank of England from 2014 to 2022, where she also served as Chair of the Audit and Risk Committee and Senior Independent Director. She served from 2018 to 2021 as the non-executive chair of Tullow Oil plc, the London Stock Exchange listed oil exploration and production company. Director Skills and Qualifications: As the Chief Executive of Drax, Ms. Thompson gained unique insight into the sourcing, generation and supply of sustainable and renewable energy, positioning her well to contribute invaluable expertise toward Eaton’s mission of accelerating the energy transition. She also brings to the Board vast experience in all aspects of finance as well as an international business perspective. Ms. Thompson’s prior work as Chair of the Audit and Risk Committee of the Bank of England and Chair of Tullow Oil plc provide her with valuable financial and governance insight and experience to the Board and Audit Committee of the Company. Her extensive experience is of particular benefit to Eaton in her role as Chair of the Governance Committee. | Director since 2016 Age 64 |

  35. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  36. 2024 EXECUTIVE COMPENSATION PRACTICES

    | EATON 2025 Proxy Statement and Notice of Meeting | 11 |

  37. 2024 EXECUTIVE COMPENSATION PRACTICES

    | Darryl L. Wilson Founder, Chairman and President, The Wilson Collective Darryl L. Wilson is the founder, chairman and president of The Wilson Collective, a business advisory and investment firm that invests in startup companies and provides resource and advisory services to a broad base of global clients. Prior to his retirement in 2018, Mr. Wilson spent more than 35 years in global leadership roles, with 25 years at General Electric and 5 years with British Petroleum NA. At General Electric, he held a number of leadership positions including vice president, commercial of GE Power division, vice president and chief commercial officer of GE Distributed Power, vice president GE Energy Connections, president and chief executive officer of GE Aeroderivative Gas Turbines, president and chief executive officer, GE Consumer and Industrial Asia Pacific and India, president and chief executive officer, GE Consumer Products, EMEA, and general manager, GE Automotive Lighting. Mr. Wilson serves as a director of NextEra Energy, Inc., Primerica, Inc., and Solventum Corporation. He also serves on the boards of The Houston Endowment, Good Reason Houston and the Texas Children’s Hospital. He is a former Chairman of the board of the Federal Reserve Bank of Dallas, Houston branch. Director Skills and Qualifications: Mr. Wilson has extensive global leadership experience in operations, commercial management, global manufacturing, digitization and services. He brings product domain expertise in electrical power generation, power management, grid, aeroderivatives, motors, lighting and appliances. As a result of his international assignments, he also brings a global perspective to manufacturing, services and growth. Mr. Wilson brings extensive electrical industry experience to Eaton. He also has significant governance and committee experience and experiences of importance to the Company, including management of various global businesses in various industries. | Director since 2021 Age 61 |

  38. 2024 EXECUTIVE COMPENSATION PRACTICES

    Director Skills and Experience per Company’s Director Skills Matrix:

  39. 2024 EXECUTIVE COMPENSATION PRACTICES

    | ■ | Operations and Manufacturing | ■ | Risk Management | ■ | Mergers and Acquisitions | | ■ | Innovation and Technology | ■ | Human Capital Management | ■ | Global | | ■ | Cybersecurity | ■ | Financial | ■ | Regulatory and Government |

  40. 2024 EXECUTIVE COMPENSATION PRACTICES

    | The Board of Directors recommends a vote FOR each of the director nominees. |

  41. 2024 EXECUTIVE COMPENSATION PRACTICES

    | EATON 2025 Proxy Statement and Notice of Meeting | 12 |

  42. 2024 EXECUTIVE COMPENSATION PRACTICES

    HOW NOMINEES ARE CHOSEN

  43. NAMED EXECUTIVE OFFICERS’ COMPENSATION PROGRAM HIGHLIGHTS

    | As part of our pay for performance culture, our executive compensation plans include the following: | Other features of these programs include: | | ■ On average, at target, approximately 80% of our named executive officers’ compensation is performance-based. ■ Our plans deliver awards below target, or none at all, when Company performance does not meet threshold levels. ■ Our executive incentive programs are intended to deliver awards at target when our performance aligns with our peer group median performance and awards of up to 200% of target when our performance is at or above the top quartile of our peer group. | ■ Our share ownership requirements range from one times base salary for our general managers to six times base salary for the CEO. ■ Our incentive plan payouts are capped to prevent unintended windfalls. ■ Our compensation clawback policy allows us to recover incentive compensation in case of employee misconduct that causes the need for a material restatement of financial results. ■ We do not enter into employment contracts with any of our salaried U.S. employees, including the named executive officers. |

  44. Executive Compensation Philosophy

    Executive Compensation Philosophy We design our executive compensation plans and programs to help attract, motivate, reward, and retain highly qualified executives who are capable of creating and sustaining value for our shareholders over the long term. We endorse compensation actions that fairly reflect Company performance as well as the responsibilities and personal performance of individual executives. Our executive compensation programs are intended to align the interests of our executives with those of our stakeholders and are structured to reflect best practices. On average, at target, approximately 80% of our named executive officers’ compensation is performance-based and tied to our short- and long-term incentive programs. Key features of these programs include: ■ Caps on payouts under our short- and long-term incentive plans; ■ Shareholder-approved equity plans; ■ A clawback policy; ■ A policy that prohibits hedging or pledging of our shares; ■ Share ownership and holding requirements; ■ No tax gross-ups; ■ No employment contracts; and ■ Double-trigger equity vesting upon a change in control.

  45. Pay for Performance Culture

    Pay for Performance Culture Our executive compensation programs reflect the belief that the amount earned by our executives must, to a significant extent, depend on achieving rigorous Company, business unit and individual performance objectives designed to enhance shareholder value. The chart below shows the payouts as a percentage of target under our performance-based short- and long-term incentive programs and total return to shareholders over Mr. Arnold’s tenure as CEO, illustrating the strong correlation between pay and the performance we are delivering to our shareholders. More information about our short- and long-term incentive programs begins on page 37. This illustration of actual payouts as a percentage of target for completed award periods supplements the information provided in the Pay Versus Performance disclosure that begins on page 64 which includes valuations for completed and in-flight award periods.

  46. TOTAL SHAREHOLDER RETURN (TSR) AND PERFORMANCE-BASED INCENTIVE PLAN PAYOUTS

    TOTAL SHAREHOLDER RETURN (TSR) AND PERFORMANCE-BASED INCENTIVE PLAN PAYOUTS

  47. TOTAL SHAREHOLDER RETURN (TSR) AND PERFORMANCE-BASED INCENTIVE PLAN PAYOUTS

    | (1) In 2015, we changed the length of our performance-based long-term award periods from four to three years. As a result, two long-term performance periods ended on December 31, 2017. Awards for each period were earned at 25% of target. | | (2) In 2016, we changed the long-term incentive plan performance criteria from Adjusted Earnings Per Share growth and Cash Flow Return on Gross Capital (weighted equally) to relative TSR. The first TSR-based award period began on January 1, 2016 and ended on December 31, 2018. | | (3) In 2021, we replaced the Cash Flow Return on Gross Capital metric that had been used in our short-term incentive plan since 1993 with an Adjusted Operating Cash Flow (OCF) metric. This metric and an Adjusted Earnings Per Share metric serve as the financial performance measures for our short-term incentive plan. |

  48. TOTAL SHAREHOLDER RETURN (TSR) AND PERFORMANCE-BASED INCENTIVE PLAN PAYOUTS

    | EATON 2025 Proxy Statement and Notice of Meeting | 29 |

  49. Summary of 2024 Performance-Based Incentive Plan Payouts

    Summary of 2024 Performance-Based Incentive Plan Payouts

  50. Short-Term Incentives

    Short-Term Incentives The corporate performance factor under our short-term incentive plan was 123%. In February 2024, the Committee established Adjusted Earnings Per Share (EPS) and Adjusted Operating Cash Flow (OCF) goals for 2024. Adjusted EPS excludes from net income per share acquisition and divestiture charges, restructuring charges, and intangibles amortization expense. Adjusted OCF equals operating cash flow, excluding the impact of U.S. qualified pension contributions. The 2024 target Adjusted EPS and Adjusted OCF objectives were $10.15 and $4,200 million, respectively. Actual Adjusted EPS and Adjusted OCF were $10.80 and $4,327 million, respectively, which generated a calculated payout of 136% of target. However, the Committee determined it was appropriate to remove from the results certain one-time items, such as the gains on the sale of real estate and the deferral of certain cash payments, that were not related to our operational performance and reduced the formula-driven payout to 123%.

  51. Long-Term Incentives

    Long-Term Incentives 2022-2024 ESIP: Our 2022-2024 performance-based Executive Strategic Incentive Plan (“ESIP”) was fully based on the rank of our Total Shareholder Return (TSR) relative to a group of peers for the three-year award period. Our 2022-2024 ESIP was earned at 163% of target. The results for the 2022-2024 award period are summarized below.

  52. Long-Term Incentives

    | | Threshold | Target | Actual Results | Maximum | | Relative Ranking | TSR is positive but ranks the lowest among the peers | 50th Percentile | 81.25th Percentile | 100th Percentile | | Adjustment Factor | 25% | 100% | 163% | 200% |

  53. Long-Term Incentives

    2022-2024 ESIP opportunities took the form of Performance Share Units (PSUs) and were settled in Eaton ordinary shares in February 2025. Dividend equivalents were paid in cash based on the number of PSUs earned and the aggregate dividend paid to our shareholders over the award period. Additional information about the 2022-2024 ESIP awards can be found on page 39.

  54. Review of 2024 Advisory Vote on Executive Compensation

    2024 CEO REALIZED PAY AND OUR PERFORMANCE Our compensation programs for Mr. Arnold and the other named executive officers are heavily weighted toward short- and long-term incentive opportunities that are at-risk and subject to our performance. The table below illustrates the relationship between Mr. Arnold’s target award opportunity and the amounts he realized based on our performance against the metrics established for the short- and long-term incentive plans that ended on December 31, 2024 and the appreciation of our share price. Short- and long-term incentive plan metrics are intended to drive results that create value for our shareholders. This table supplements, but is not a substitute for, the information contained in the Summary Compensation Table on page 48 and the Pay Versus Performance disclosure on page 64. Each pay component shown below is discussed in more detail in the CD&A that follows.

  55. COMPENSATION REALIZED BY OUR CHIEF EXECUTIVE OFFICER IN 2024

    | Compensation Component | Period Earned | Description | Target | Amount Earned | | Annual Compensation | | | | | | Base Salary | 2024 | We generally target the market median when establishing base salaries. | n/a | $1,450,000 | | Short-Term Incentive | 2024 | Mr. Arnold’s target was 170% of base salary. His actual award of 129% of his individual target is consistent with awards delivered to other executives. For more information on this payment, see “2024 Short-Term Incentive Awards” on page 38. | $2,465,000 | $3,183,548 | | Total Annual Cash | | | | $4,633,548 | | Realized Value from Long-Term Incentives | | | | | | Stock Option Exercises | 2020-2024 | The gains upon exercise of stock options were based on the increase in our stock price over the period in which Mr. Arnold held the options. Additional details, including the number of shares exercised, are reported in the “Option Exercises and Stock Vested in 2024” table on page 53. | n/a | $27,396,585 | | Performance & Restricted Share Unit Vesting | 2021-2024 | This represents the vesting of RSUs that were granted in 2021, 2022 and 2023 and PSUs for the 2021-2023 ESIP award period that vested in 2024 and accumulated dividends on those awards. This is reported in the “Option Exercises and Stock Vested in 2024” table on page 53. | n/a | $27,719,440 | | Total Long-Term | | | | $55,116,025 | | All Other Compensation | | Includes the items disclosed as “Other Compensation” in the Summary Compensation Table. | n/a | $158,191 | | TOTAL REALIZED COMPENSATION | | | | $59,907,764 | | The long-term incentive opportunities listed below were earned during a performance period that ended on December 31, 2024 but did not vest until February 26, 2025. The amount realized upon the vesting of these awards will be reported in our 2026 proxy statement. Therefore, these amounts are not included in the table above. | | | | | | 2022-2024 ESIP | 2022-2024 | Executives earned 163% of the target number of PSUs that were granted in 2022. Dividend equivalents were paid in cash based on the earned number of share units and the aggregate dividend paid to shareholders over the award period. | $5,250,000 expressed as 32,560 PSUs | 53,073 earned PSUs |

  56. COMPENSATION REALIZED BY OUR CHIEF EXECUTIVE OFFICER IN 2024

    The realized pay table differs from the Summary Compensation Table and Pay Versus Performance Table in a number of ways, including: ■ The Summary Compensation Table includes the grant date fair value of equity compensation granted during the year (calculated in accordance with accounting rules), which may or may not ever be earned. The Pay Versus Performance Table reports changes in values of unvested equity that may or may not ever be earned, as measured at each year-end or at vesting, as applicable (in each case calculated in accordance with accounting rules). In contrast, this realized pay table reports only the elements of compensation actually received and/or realized by Mr. Arnold for performance periods that ended on December 31, 2024. Specifically, the values for equity awards in the realized pay table show the gross compensation (before applicable taxes) that Mr. Arnold received in 2024 upon the exercise of stock options and the vesting of RSUs and PSUs (as shown in the “Option Exercises and Stock Vested in 2024” table on page 53), regardless of when the shares were granted. ■ The realized pay table does not include compensation that is based upon pension value increases although these amounts are included in the Summary Compensation Table. The Committee reviews compensation that is based upon the change in pension values as part of the Tally Sheet review discussed on page 34 in the context of a competitive overall benefit design and not as an element of its annual compensation decisions.

  57. Membership and Responsibilities

    | Compensation Tasks | Organizational Tasks | | ■ Reviews, approves, and oversees all of our executive compensation plans, including our stock plans; ■ Establishes performance objectives under our short- and long-term incentive compensation plans; ■ Determines the compensation for our senior officers, including salary and short- and long-term incentive opportunities; ■ Reviews compensation practices relating to key employees to confirm that these practices remain equitable and competitive; ■ Determines the attainment of those performance objectives and the awards to be made to our senior officers under our short- and long-term incentive compensation plans; and, ■ Reviews new benefit plans or significant changes in such plans or changes with a disproportionate effect on our officers or primarily benefiting key employees. | ■ Evaluates the performance of the CEO, with input from all non-employee directors; ■ Reviews the performance capabilities of the other senior officers based on input from the CEO; ■ Reviews succession planning for officer positions including the position of the CEO; ■ Reviews proposed organization or responsibility changes at the senior officer level; and, ■ Reviews our practices for the recruitment and development of our talent pool. |

  58. Total Compensation Analysis and Planning Process (November – February)

    Total Compensation Analysis and Planning Process (November – February) We target total compensation to be within the median range of compensation paid by similarly sized industrial companies. We continually monitor and assess the competitive retention and recruiting pressures in the industries and markets where we compete for executive talent. As a result, the Committee periodically has exercised its judgment to set target compensation levels of certain executives above the market median to foster retention. Several analyses play a role in the Committee’s Total Compensation Analysis and Annual Planning Process: Market Analysis — In the fourth quarter of each year, our human resources department conducts a market analysis. First, we align our executives’ positions with comparable positions as reported in surveys published by two national consulting firms, Aon and WTW. We also review the compensation data that is publicly reported by the companies that comprise our compensation peer group described on page 35. Then, in February, we prepare a comprehensive report for the Committee, which also is reviewed by its independent consultant, that compares our executives’ compensation to the compensation peer group median and the average of the surveys’ median compensation data. This helps the Committee determine how each executive officer’s compensation compares to current market practices.

  59. Evaluating Pay

    Evaluating Pay In July of each year, the Committee evaluates pay relative to external market data to validate the individual compensation opportunities that were established in February, and also considers whether we are setting appropriate performance hurdles and criteria. This process involves collecting and reviewing peer group information and third-party survey data and analyzing it as described below. Peer Group Selection — The Committee uses proxy compensation data reported by a compensation peer group together with the survey data described under “market analysis” to set each named executive officer’s base salary, short- and long-term incentive targets. The Committee uses a compensation peer group in order to have additional data points to consider when setting pay and evaluating compensation programs. With input from Meridian, the Committee chose the companies in the compensation peer group based on specific characteristics such as, but not limited to: trailing twelve months revenue; market cap and revenue in the range of one-third to three-times those of Eaton’s; number of employees; financial performance; industry; total non-U.S. revenue; number of reporting segments; and whether the company includes Eaton in its own peer group. In addition, the peer industry mix of the compensation peer group is focused on diversified industrial companies that are operationally and strategically similar to Eaton and represents a sample of companies with whom we compete for talent. The 23 companies that comprise Eaton’s compensation peer group used for benchmarking executive pay in 2024 are listed in the following table. Eaton’s revenue is approximately aligned with the median revenue of the compensation peer group.

  60. Evaluating Pay

    The compensation peer group does not replace Eaton’s strategic peer group that is used by the Board in setting the Company’s strategic plan. The publicly traded companies in the strategic peer group continue to serve as the relative peer group for purposes of comparing total shareholder return as it relates to Eaton’s long-term performance-based incentive plan. The strategic peers were chosen based on their industry segment, among other considerations, so that the overall revenue of each segment would approximate Eaton’s revenues for each segment (Electrical, Aerospace, Mobility) versus overall revenue for the entire enterprise. The revenue of many companies in the strategic peer group is smaller than Eaton’s and given that there is a correlation between the revenue size of a company and the pay it delivers, the Committee determined that the strategic peer group would not serve as an appropriate peer group for purposes of setting pay. Peer Pay Analysis — Each year we provide the Committee with an analysis that includes the compensation reported by each publicly traded compensation peer in its annual proxy statement and market survey data for positions that are equivalent to positions held by our named executive officers. The Committee uses this analysis in reviewing and establishing our stretch incentive plan goals and in answering whether our compensation targets and payouts are appropriately aligned to market comparators given our performance. In 2024, this review of survey and compensation peer proxy data confirmed that Eaton’s compensation opportunities were aligned with the external data points and that we are setting rigorous targets. Executive Compensation Program Audit — Each October, the Committee’s independent consultant prepares a report that compares Eaton’s executive compensation programs to prevalent practices in the external market. This review includes, but is not limited to, the design of our short- and long-term incentive plans, deferral plan design, severance and change of control practices, executive benefits and perquisites, stock ownership requirements, and clawback policies. The Committee uses this report to determine whether any changes are needed to any of our executive compensation programs to better align with market and governance practices. In 2024, the Committee did not make any changes to our executive compensation plans or programs as a result of this report.

  61. OVERVIEW OF OUR PRIMARY COMPENSATION COMPONENTS

    | Component | | Description | Form/Timing of Payout | | Base salary | | Levels reflect job responsibilities and market competition | Paid in cash throughout the year | | Short-term incentive | | Executive Incentive Compensation Plan (EIC) – Cash incentive tied to Adjusted Earnings Per Share (EPS) and Adjusted Operating Cash Flow (OCF) goals as well as business unit and individual performance objectives | Paid in cash after the year has ended and performance has been measured Executives may elect to defer payments under our Deferred Incentive Compensation Plan II | | Long-term incentives | | Value realization for our long-term incentives depends on our stock performance | | | | | | ESIP is denominated in performance share | | | 50% Performance-Based Long-Term Incentive (ESIP) | Executive Strategic Incentive Program (ESIP) – Long-term performance-based incentive tied to relative Total Shareholder Return | units (PSUs). Earned awards are distributed in Eaton ordinary shares after the 3-year award period has ended and performance has been measured. | | | 25% RSUs | Restricted Share Units (RSUs) and stock options – Long-term incentives that vest over time based on continued service to our Company. | Vest in approximately equal annual installments over 3 years | | | 25% Stock Options | | | | Other performance and retention grants | | Retention restricted share units – Granted on rare occasions to foster engagement and retention and may be tied to achievement of performance objectives. | Vesting periods range from 3 to 10 years |

  62. Short-Term Performance-Based Compensation

    Short-Term Performance-Based Compensation We establish a competitive annual cash incentive opportunity for each named executive officer which is intended to align with the market median short-term incentive target (expressed as a percentage of base salary) as determined in our annual market analysis. The Committee determines target opportunities for each executive in February during its Total Compensation Analysis and Planning Process. Metrics, Goals and Results — In February 2024, the Committee established Adjusted EPS and Adjusted OCF goals based on its review of market analyses, our annual profit plan as approved by the Board of Directors, external research reports, and analyses of peer group data. The Committee also considered Adjusted EPS growth rate guidance for us and our strategic peers as a key starting point for setting aggressive performance objectives for our short-term incentive plan. The Adjusted EPS metric measures earnings growth, while the Adjusted OCF metric is a direct measure of the operating efficiencies we need to be successful such as but not limited to the Company’s ability to produce cash that is available to drive shareholder value through acquisitions, dividends, share buybacks, repayment of debt, and other strategic initiatives. In addition, both metrics are widely used among our peers. We and the Committee also believe these are appropriate metrics because of their link to shareholder value creation. The Committee believes that the target level Adjusted EPS and Adjusted OCF goals established at the beginning of 2024 were demanding but attainable.

  63. Short-Term Performance-Based Compensation

    | EATON 2025 Proxy Statement and Notice of Meeting | 37 |

  64. Short-Term Performance-Based Compensation

    The following table shows the 2024 goals and our actual results for the year. Adjusted EPS (which excludes from net income acquisition and divestiture charges, restructuring charges and intangibles amortization expense) and Adjusted OCF which equals operating cash flow excluding the impact of U.S. qualified pension contributions. The 2024 target Adjusted EPS and Adjusted OCF objectives were $10.15 and $4,200 million, respectively. Actual Adjusted EPS and Adjusted OCF were $10.80 and $4,327 million, respectively, which generated a calculated payout of 136% of target. However, the Committee determined it was appropriate to remove from the results certain one-time items, such as the gains on the sale of real estate and the deferral of certain cash payments, that were not related to our operational performance. After removing the one-time items from the results, the formula driven payout was reduced to 123%.

  65. 2024 EXECUTIVE INCENTIVE COMPENSATION PLAN GOALS AND RESULTS

    2024 EXECUTIVE INCENTIVE COMPENSATION PLAN GOALS AND RESULTS 2024 SHORT-TERM INCENTIVE AWARDS In February 2024, in addition to establishing EIC Plan performance objectives, the Committee also established an individual target award opportunity for each executive that reflected the market median target annual incentive opportunity as determined in our annual market analysis as described on page 33. The Committee considered the following items in determining the final 2024 short-term incentive payout: ■ The Company’s 123% payout factor as described above. ■ Individual and business unit performance factors that are based on the achievement of the following performance criteria: ■ Financial Goals: Achieving the Company’s annual financial plan, as well as the annual financial plan for the executive’s business unit. ■ Growth Goals: Building our brand; outgrowing the markets in which we operate; introducing new products and services. ■ Operational Excellence: Workplace safety and emissions reduction; advancements in quality; supply chain improvement; and operational efficiency/productivity. ■ Building Organizational Capacity: Reinforcing our ethical standards; attracting and developing talent; developing a diverse and inclusive organization; promoting a learning culture. The following table illustrates each named executive officer’s 2024 award opportunity and his actual EIC award relative to that opportunity. The named executive officers’ awards are subject to the corporate and individual performance factors described above. Mr. Leonetti’s target was prorated based on the time he served as Chief Financial Officer. Mr. Ruiz’s target was prorated based on the time he served as President and Chief Operating Officer, Industrial Sector and President and Chief Operating Officer. His individual performance factor is a blend of the ratings he received for each position and is rounded to the nearest whole percentage. The amounts shown below are rounded to the nearest whole dollar. Each named executive officer’s short-term incentive award is appropriately reported in the Summary Compensation Table.

  66. Long-Term Incentive Compensation

    Long-Term Incentive Compensation The Committee establishes a target long-term incentive opportunity for each executive that is intended to align with the market median values as determined in our annual market analysis. We provide long-term incentive compensation to our executive officers in two components that generally are weighted as follows:

  67. Long-Term Incentive Compensation

    | ■ | 50% in Performance Share Units: Relative TSR serves as the performance criteria for the performance-based ESIP periods which are three years in length. ESIP opportunities are denominated in PSUs and the number of share units earned by executives will depend on the rank of our total return to shareholders against that of a TSR Peer Group. The value realized by executives will depend on share price appreciation or depreciation over the award period, thereby providing a direct link to shareholder value creation. | | ■ | 50% in Time Based Equity Awards: The named executive officers receive approximately an equal mix of stock options and RSUs which also provide a link to external performance. Time-based equity vests over a minimum of a three-year period and is subject to continued employment with us over the vesting period. |

  68. Long-Term Incentive Compensation

    We believe that this “portfolio approach” to structuring long-term incentives provides an appropriate balance that focuses executives on both an external and internal measure of our success. In limited circumstances, the Committee provides retention restricted share unit grants to foster engagement and retention. Mr. Marshall received a retention grant in 2024 as described on page 42. The Committee’s independent compensation consultant has confirmed that this approach is appropriate to delivering long-term compensation and is consistent with market practices.

  69. Long-Term Incentive Compensation

    | Equity Grant Practices — We typically grant equity-based awards in February. Consistent with market practices, the Committee also provides new hire grants at the time of hire that are intended to replace the value of long-term incentives that a newly hired executive forfeits when he or she leaves the prior employer to join our Company, as was the case with Mr. Leonetti in 2024. In addition, in limited circumstances the Committee may provide a grant in the event of a significant promotion. The Committee has the authority to fix the date and all terms and conditions of equity grants to executive officers and other employees under our various stock plans, all of which have been approved by our shareholders. Our equity program adheres to the following best practices: | | | ■ | Equity-based awards generally vest over, or upon the conclusion of, at least a three-year period and vesting is contingent upon continued service with us over the vesting period (except in the case of an employee’s death, disability, or retirement). | | ■ | No more than 5% of the total number of shares authorized for delivery under the Plan may vest within less than one year after the grant date (except for awards granted to non-employee directors, in the event of a change of control of the Company, in the event of a divestment of a business, or upon an employee’s death, disability, or retirement). | | ■ | We set the strike price for all of our stock options at the fair market value of our shares on the date of the grant. Our current shareholder-approved stock plans define “fair market value” as the “closing price” as quoted on the New York Stock Exchange on the date of the grant. |

  70. Long-Term Incentive Compensation

    PERFORMANCE-BASED LONG-TERM INCENTIVES FOR THE PERIOD ENDING DECEMBER 31, 2024 2022-2024 ESIP Performance Criteria: The Committee adopted relative TSR as the performance criteria for the 2022-2024 ESIP period. The Committee began using a relative TSR metric in 2016 to foster a stronger sense of relative peer performance and to alleviate the increasingly difficult market calibration issues that we faced in prior years when the plan was tied to earnings per share growth and cash flow return on gross capital metrics. We and the Committee believe a short-term plan with earnings growth and operating cash flow metrics (via the Adjusted EPS and Adjusted OCF goals) complemented by a TSR-driven long-term plan is an effective combination that correlates with shareholder value creation. The 2022-2024 ESIP was designed such that our TSR rank among a TSR Peer Group would determine an adjustment factor which could range from 0% to 200%. Ranking in between the threshold, target and maximum performance levels results in linear interpolation of the percentage earned. Additionally, if our TSR was positive but ranked the lowest among the peer group, the maximum adjustment factor that could be earned was 25% of target. If our TSR was the highest when compared to that of the peer companies, but was negative, then the maximum adjustment factor that could be earned was 100% of target. Consistent with our historical practice, the adjustment factor under this plan design was capped at 200% of target.

  71. Long-Term Incentive Compensation

    | EATON 2025 Proxy Statement and Notice of Meeting | 39 |

  72. Long-Term Incentive Compensation

    The TSR Peer Group for the 2022-2024 award period was comprised of sixteen companies (excluding Eaton), eleven of which are direct peers in either the Electrical, Aerospace or Mobility segments and five of which are indirect but relevant peers. The revenue of the directly competitive peers in each segment expressed as a percentage of total peer group revenue roughly equated to the percentage of revenue each such segment represented of total Eaton revenue at the beginning of the award period (with the indirect peers added to the direct Electrical peers). 2022-2024 ESIP Awards — Awards for the 2022-2024 award period were determined based on our TSR ranking among the TSR Peer Group. For ESIP TSR calculation purposes, our stock price at the beginning of the award period was $153.07, (adjusted to reflect dividend reinvestments over the period) and our stock price at the end of the award period was $357.53. This resulted in TSR of 133.58%. Eaton had an absolute ranking of fourth among the peer companies, and a percentile ranking at the 81.25th percentile. This percentile ranking resulted in a performance adjustment factor of 163% of target (rounded up to a whole percentage from 162.5%). The results are shown in the following tables.

  73. Long-Term Incentive Compensation

    | | Threshold | Target | Actual Results | Maximum | | Relative Ranking | TSR is positive but ranks the lowest among the peers | 50th Percentile | 81.25th Percentile | 100th Percentile | | Adjustment Factor | 25% | 100% | 163% | 200% |

  74. Long-Term Incentive Compensation

    | Company Name | TSR | Absolute Ranking | Relative Ranking | Adjustment Factor (Linear Interpolation From 0% to 200%, Rounded to Whole Percent) | | Allison Transmission Holdings Inc. | 208.81% | 1 | 100.00% | | | Moog, Inc. | 174.99% | 2 | 93.75% | | | Hubbell, Inc. | 142.79% | 3 | 87.50% | | | Eaton Corporation | 133.58% | 4 | 81.25% | 163% | | Parker-Hannifin Corporation | 124.68% | 5 | 75.00% | | | Safran SA | 99.66% | 6 | 68.75% | | | ABB Ltd. | 71.41% | 7 | 62.50% | | | Schneider Electric SE | 63.18% | 8 | 56.25% | | | Woodward, Inc. | 58.90% | 9 | 50.00% | | | Emerson Electric Co. | 45.30% | 10 | 43.75% | | | Siemens Aktiengesellschaft | 41.25% | 11 | 37.50% | | | Illinois Tool Works, Inc. | 21.15% | 12 | 31.25% | | | Dover Corporation | 19.53% | 13 | 25.00% | | | Honeywell International Inc. | 19.14% | 14 | 18.75% | | | Legrand SA | 7.63% | 15 | 12.50% | | | Rockwell Automation | 0.59% | 16 | 6.25% | | | BorgWarner Inc. | -13.11% | 17 | 0.00% | |

  75. Long-Term Incentive Compensation

    | EATON 2025 Proxy Statement and Notice of Meeting | 40 |

  76. Long-Term Incentive Compensation

    Final awards were determined by multiplying the target number of PSUs by the calculated performance factor of 163% and rounding up to the nearest whole share. The earned number of PSUs vested on February 26, 2025 and will be reported in the Options Exercised and Stock Vested Table in our proxy statement for our 2026 Annual General Meeting. Dividend equivalents were also paid in cash based on the aggregate dividend paid over the period ($10.44) and the final number of earned share units. Awards earned by our named executive officers for the 2022-2024 ESIP Period are shown below. Mr. Okray left Eaton during the first quarter of 2024 and was not eligible for a 2022-2024 ESIP award. Mr. Leonetti was not an employee at the inception of the 2022-2024 award period and did not participate in this award period.

  77. Long-Term Incentive Compensation

    | Executive | 2022-2024 Target | Target Units | Earned Share Units (based on 163% payout) | Value of Award at Vesting (based on $295.09 on 2/26/2025) | Accumulated Dividends (based on $10.44 per share) | Total Award + Dividend Equivalents | | C. Arnold | $5,250,000 | 32,560 | 53,073 | $15,661,312 | $554,080 | $16,215,392 | | P. Ruiz | $525,000 | 3,260 | 5,314 | $1,568,108 | $55,476 | $1,623,584 | | H. Monesmith | $900,000 | 5,585 | 9,104 | $2,686,499 | $95,041 | $2,781,540 | | E. Marshall | $600,000 | 3,725 | 6,072 | $1,791,787 | $63,389 | $1,855,176 |

  78. Long-Term Incentives Granted in 2024

    Long-Term Incentives Granted in 2024 Establishment of Performance Criteria for the 2024-2026 ESIP — Awards for the 2024-2026 ESIP award period will be determined based on our TSR relative to that of the TSR Peer Group described below. The structure of our 2024-2026 ESIP is identical to that of the 2022-2024 ESIP described on page 39. That is, TSR is calculated by taking the total of share price appreciation and dividends (assuming immediate reinvestment of dividends) over the three-year period compared to our share price at the beginning of the period. Our TSR rank among the TSR Peer Group will determine an adjustment factor which can range from 0% to 200%, such that executives will earn an award if our TSR ranks as follows:

  79. Long-Term Incentives Granted in 2024

    | | Threshold | Target | Maximum | | Relative Ranking | TSR is positive but ranks the lowest among the peer group | 50th Percentile | 100th Percentile | | Adjustment Factor | 25% | 100% | 200% |

  80. Long-Term Incentives Granted in 2024

    Additionally, if our TSR is positive but ranks the lowest among the peer group, the maximum adjustment factor that can be earned is 25% of target. If our TSR is the highest when compared to that of the TSR Peer Group, but is negative, then the maximum adjustment factor that can be earned is 100% of target. The payout between threshold and maximum will be interpolated based on the rank of our TSR among the peer companies. The TSR Peer Group for our 2024-2026 award period includes the same sixteen companies that comprised our 2022-2024 TSR Peer Group. Eleven of the TSR Peers are direct peers in either the Electrical, Aerospace or Mobility segments and five are diversified but relevant peers. The revenue of the directly competitive peers in each segment expressed as a percentage of total peer group revenue roughly equates to the percentage of revenue each such segment represents of total Eaton revenue (with the indirect peers added to the direct Electrical peers). The companies included in the TSR Peer Group are: Direct Peers: ABB Ltd., Allison Transmission Holdings Inc., BorgWarner Inc., Hubbell, Inc., Legrand SA, Moog, Inc., Rockwell Automation, Safran SA, Schneider Electric SE, Siemens Aktiengesellschaft, Woodward, Inc. Diversified Peers: Dover Corporation, Emerson Electric Co., Honeywell International Inc., Illinois Tool Works, Inc., Parker-Hannifin Corporation PSUs Granted for the 2024-2026 ESIP — In February 2024, the Committee established total long-term incentive opportunities, expressed as a cash value, for each executive. Targets are intended to align with the market median long-term incentive value as determined during our annual market analysis described on page 33. Half of the total

  81. Long-Term Incentives Granted in 2024

    | EATON 2025 Proxy Statement and Notice of Meeting | 41 |

  82. Long-Term Incentives Granted in 2024

    long-term incentive target value was converted to a number of PSUs based on the 30-day average closing price of our ordinary shares at the beginning of the award period. At the end of the award period, the number of PSUs will be adjusted up or down based on achievement of our TSR rank relative to that of the peers as previously described. The adjusted number of share units, if any, will be distributed to participants in the form of our ordinary shares. An accumulated dividend equivalent equal to the aggregate dividend paid over the award period multiplied by the number of earned shares will be paid in cash at vesting. RSUs Granted in 2024 — In February 2024, the Committee approved RSU grants that represented approximately 25% of each named executive officer’s target total long-term incentive opportunity. These RSUs vest in approximately equal installments over three years, subject to continued employment with us. In addition, the Committee approved an additional grant for Mr. Marshall in recognition of his performance and to foster market alignment and leadership continuity through our CEO transition. This one-time grant cliff vests after three years, subject to his continued employment. An accumulated dividend equivalent equal to the aggregate dividend paid over the restricted period multiplied by the number of shares vesting is paid in cash at vesting. Stock Options Granted in 2024 — The Committee approved stock option grants which make up the remaining 25% of each named executive officer’s total target long-term incentive opportunity. The stock options granted in 2024 will vest in substantially equal annual installments over three years, subject to the executive’s continued employment with us. Stock options have a ten-year term and a strike price equal to the closing price of our ordinary shares on the date of the grant. The Committee approved grants for the named executive officers on February 28, 2024. Long-Term Incentive Grants in 2024 — Each named executive officer’s target long-term incentive opportunity and mix of grant types is shown below. Mr. Marshall’s one time grant is not included in the following table because the Committee does not consider it part of his target compensation. Mr. Leonetti’s new hire RSU and stock option grants are not included below because these grants replaced long-term incentive opportunities he forfeited from his former employer and are not a portion of his annual compensation. Mr. Okray was not employed by us on the grant date and did not receive long-term incentive opportunities in 2024. The target amounts shown below differ from the amounts reported in the Summary Compensation Table, which reports the grant date fair value determined in accordance with ASC Topic 718.

  83. Long-Term Incentives Granted in 2024

    | Executive | ESIP Target | RSU Target | Stock Option Target | Target Total Long-Term Incentive | | C. Arnold | $6,250,000 | $3,125,000 | $3,125,000 | $12,500,000 | | O. Leonetti | $1,762,500 | $881,250 | $881,250 | $3,525,000 | | P. Ruiz | $1,050,000 | $525,000 | $525,000 | $2,100,000 | | H. Monesmith | $1,350,000 | $675,000 | $675,000 | $2,700,000 | | E. Marshall | $750,000 | $375,000 | $375,000 | $1,500,000 |

  84. Long-Term Incentives Granted in 2024

    HEALTH AND WELFARE, RETIREMENT AND OTHER BENEFIT PLANS

  85. Other Retirement and Compensation Arrangements

    Other Retirement and Compensation Arrangements The 2024 Pension Benefits table on page 56 reports retirement benefits for Mr. Arnold and the other named executive officers who participate in our defined benefit pension plans. Certain provisions of the Internal Revenue Code limit the annual benefits that may be paid from a tax-qualified retirement plan. As permitted under the Code, the Board of Directors has authorized plans under which payment will be made for any benefits that may exceed those limits. If these nonqualified benefits accrued before 2005, executives may choose a lump sum payment or an annuity (unless otherwise determined by the Committee), except that if there is a change of control of the Company, they will be paid at the time of the event (unless otherwise determined by the Board of Directors) in a lump sum. These benefits that accrued after January 1, 2005 will be paid in the form of a single sum at retirement. In response to market practices and to enhance our ability to attract and retain key executives, the Board of Directors also adopted plans that provide supplemental annual retirement income to certain executives whom we hire mid-career, because they do not have the opportunity to accumulate significant credited service with us under our tax-qualified retirement income or nonqualified restoration plans. These supplemental plans deliver a benefit if the executive either retires at age 55 or older with at least 10 years of service, or at age 65 or older regardless of the years of service. No new participants have been added to this plan since 2011. The tax-qualified pension plans that we maintain for our U.S. salaried and non-union employees define the term compensation to include base salary, overtime pay, pay premiums and awards under any short-term variable pay or incentive compensation plans (including amounts deferred for receipt at a later date). We use this same definition for calculating pension benefits under the nonqualified executive retirement income arrangements described in the preceding paragraph. These qualified and nonqualified retirement income plans are the only compensation or benefit plans or programs that we provide to executive officers that consider base salary and earned annual incentive awards in the calculation of the executives’ account balances. Long-term incentives, including cash and amounts realized upon the exercise of stock options or vesting of other equity-based awards are not factored into these calculations. PENSION FREEZE ENACTED DECEMBER 31, 2020 Eaton regularly considers cost savings opportunities in all aspects of how we operate, including the market competitiveness of our retirement benefits. Since 2001, we have periodically reviewed our pension plan to determine how we compare to companies like ours, particularly diversified industrial companies. Our survey found that many large companies, including over half of our peers had already frozen or announced they were freezing their pension plans. Effective December 31, 2020, we froze our qualified pension plans for U.S. non-union employees, including our named executive officers. This freeze affects participants in our Pension Plan for Eaton Corporation Employees. In the first quarter of 2021, we froze, with the same effect and timing, the related nonqualified DB Restoration and Limited Service Supplemental Plans. These plans are further described on page 55.

  86. Employment Contracts, Change of Control Agreements and Severance Benefits

    Employment Contracts, Change of Control Agreements and Severance Benefits We do not provide our executive officers with employment contracts; however, we do enter into Change of Control Agreements with each executive officer that provide benefits if an executive’s employment is terminated or materially changed for certain reasons following a change of control. These agreements contain double-trigger severance provisions and restrictive covenants and do not provide tax gross ups. We believe that these Change of Control Agreements are in the best interest of our shareholders because they help foster the continued dedication and focus of key executives in the event of a change of control of the Company. Details of our Change of Control Agreements may be found in the narrative discussion accompanying the Potential Payments Upon Termination beginning on page 58. As previously stated, we have not entered into employment contracts with any of our named executive officers. As such, no named executive officers have contractual arrangements that prescribe severance benefits in the event an executive’s employment is involuntarily terminated by the Company for reason other than Cause. Instead, the Committee has the sole discretion to decide what, if any, severance benefits will be offered to the executive. In the case of an involuntary termination for reason other than Cause, we would expect the Committee to consider providing severance benefits of up to two-times the sum of annual base salary plus target annual incentive, as described in the Involuntary Termination - Not for Cause scenario on page 60 depending on the circumstances leading to the executive’s termination. The Committee believes that it is in the best interest of the Company and our shareholders when a departing executive is treated fairly and in a manner that will help us to secure appropriate confidentiality, non-competition, non-solicitation, non-disparagement and general release agreements. It is not our practice to provide severance in the case of a termination for “Cause”, voluntary resignation, retirement (including when our officers reach the mandatory retirement age of 65), death, or disability.

  87. Compensation and Organization Committee Annual Risk Assessment

    | Our Executive Compensation Strategies and Programs Are Structured to Reduce Risk | | | The Committee and management also concluded that our executive compensation strategy and programs are structured in the best interest of the Company and its stakeholders and do not create a material risk due to a variety of mitigating factors, such as: | | | ■ | An emphasis on long-term compensation that utilizes a balanced portfolio of compensation elements and delivers rewards based on sustained performance over time; | | ■ | The Committee’s sole power to set performance objectives for our incentive plans. In our short-term plan, this includes Adjusted OCF and Adjusted EPS objectives. We believe these metrics contribute to increased shareholder value; | | ■ | Our long-term performance plan (ESIP) focuses on relative TSR. This creates a focus on driving sustained performance over multiple award periods that mitigates the potential for executives to take excessive risks to drive one-time, short-term performance spikes in any one period; | | ■ | The use of equity awards to foster retention and align our executives’ interests with those of our shareholders; | | ■ | Capping the potential payouts under the short- and long-term incentive plans to eliminate the potential for windfalls; | | ■ | A clawback policy that allows us to recover compensation in the case of a material restatement of financial results and/ or employee misconduct; and | | ■ | Share ownership and holding requirements. |

  88. Compensation and Organization Committee Annual Risk Assessment

    | Column | Explanation | | Salary | Consists of base salary, which accounted for, on average, approximately 20% of the total compensation of the named executive officers in 2024. | | Bonus | “Bonus” payments are defined under the disclosure rules as discretionary payments that are not based on any pre-established performance criteria. | | Stock and Option Awards | These two columns show the grant date fair value of equity awards granted to the named executive officers. ■ Stock Awards — Consists of the grant date fair value of awards delivered to each named executive officer in the year reported. The value of RSUs is based on our New York Stock Exchange closing price on the date of the grant. The value of ESIP PSUs is based on a Monte Carlo simulation. | | | ■ Option Awards — Reports the grant date fair value of stock options awarded in each respective year. The grant date fair value of stock options is based on a Black-Scholes option pricing model. | | Non-Equity Incentive Plan Compensation | Reports the amount earned under the EIC plan. The incentive payments reported for 2024 in this column were approved by the Committee at its February 26, 2025 meeting and, to the extent not deferred by the executive, will be paid on or before March 31, 2025. | | Changes in Pension Value and Nonqualified Deferred Compensation Earnings | Contains two distinct components. ■ “Changes in Pension Value” represents the total change in the actuarial present value of each named executive officer’s accumulated benefit under all of our defined benefit pension plans (both tax qualified and nonqualified) from the measurement date used for financial reporting purposes. The change in this column from year-to-year reflects items such as: changes in compensation as defined under the pension plan in which the executive participates, an additional year of service, and changes in the discount and interest rates used to determine the actuarial present value of the accumulated benefit reported in each respective year. ■ “Nonqualified Deferred Compensation Earnings” include earnings on deferred compensation that exceed 120% of a specified rate of interest for long-term debt instruments established by the Internal Revenue Service, when applicable. Under the disclosure rules, earnings on deferred compensation are considered to be “above-market” if the rate or formula used to calculate the interest under the plan in which the executive participates exceeded a rate of interest established by the Internal Revenue Service. | | All Other Compensation | Consists of compensation that does not fit within any of the foregoing definitions of compensation. This compensation includes items such as personal benefits, our contributions to defined contribution plans and the value of insurance premiums paid by us. |

  89. 2024 SUMMARY COMPENSATION TABLE

    2024 SUMMARY COMPENSATION TABLE

  90. 2024 SUMMARY COMPENSATION TABLE

    | Name and Principal Position | Year | Salary(1) | Bonus(2) | Stock Awards(3) | Option Awards(3) | Non-Equity Incentive Plan Compensation(4) | Changes In Pension Value and Nonqualified Deferred Compensation Earnings(5) | All Other Compensation(6) | Total Compensation | | C. Arnold Chairman and Chief Executive Officer | 2024 | $1,450,000 | - | $12,611,090 | $3,567,137 | $3,183,548 | $1,605,502 | $158,191 | $22,575,468 | | | 2023 | $1,441,667 | - | $10,029,689 | $3,012,084 | $4,032,160 | $1,743,780 | $234,609 | $20,493,989 | | | 2022 | $1,400,000 | $588,000 | $8,058,926 | $2,443,490 | $1,364,160 | $218,393 | $211,465 | $14,284,434 | | O. Leonetti Executive Vice President and Chief Financial Officer | 2024 | $805,076 | $271,667 | $5,754,556 | $3,889,522 | $1,003,475 | - | $38,972 | $11,763,268 | | P. Ruiz President and Chief Operating Officer | 2024 | $829,278 | - | $2,119,553 | $600,589 | $1,358,125 | $7,139 | $117,279 | $5,031,963 | | | 2023 | $707,841 | - | $1,512,480 | $453,635 | $1,125,605 | $2,741 | $70,360 | $3,872,662 | | | 2022 | $661,784 | $137,005 | $1,195,759 | $244,349 | $317,853 | - | $78,325 | $2,635,075 | | H. Monesmith President and Chief Operating Officer - Electrical Sector | 2024 | $813,605 | - | $2,724,774 | $773,486 | $1,066,307 | $8,725 | $164,189 | $5,551,086 | | | 2023 | $749,171 | - | $2,090,150 | $627,367 | $1,250,893 | $8,352 | $138,745 | $4,864,678 | | | 2022 | $697,746 | $175,392 | $1,382,723 | $419,405 | $406,909 | $7,171 | $117,307 | $3,206,653 | | E. Marshall Executive Vice President and Chief Human Resources Officer | 2024 | $780,657 | - | $2,088,253 | $427,692 | $914,711 | $3,624 | $152,661 | $4,367,598 | | | 2023 | $744,672 | - | $1,112,015 | $332,987 | $994,705 | $3,403 | $129,521 | $3,317,303 | | T. Okray Former Executive Vice President and Chief Financial Officer | 2024 | $85,388 | - | - | - | - | - | $8,896 | $94,284 | | | 2023 | $882,338 | - | $2,134,491 | $639,432 | $1,543,396 | - | $114,312 | $5,313,969 | | | 2022 | $849,063 | $224,142 | $1,804,348 | $547,050 | $520,010 | - | $164,618 | $4,109,231 |

  91. 2024 SUMMARY COMPENSATION TABLE

    | (1) In 2024, 2023, and 2022, $190,000 of Mr. Arnold’s salary was attributable to his service as a member of Eaton’s Board of Directors per Irish regulations. In 2024, $50,000 of Mr. Ruiz’s salary was attributable to his service as a member of Eaton’s Board of Directors per Irish regulations. | | (2) The amount for Mr. Leonetti is a cash sign on bonus to replace the short-term incentive opportunity he forfeited when he left his former employer to join Eaton. It is subject to an agreement that requires him to repay Eaton the full amount of the bonus if he leaves voluntarily or is terminated for Cause within two years of his hire date. For 2022, the Committee determined it was appropriate to increase the EIC payout from 58% to 83% of target. The amounts reported represent the portion of the earned EIC award in excess of the formula-driven payout of 58%. | | (3) These two columns show the grant date fair value of equity awards, computed in accordance with ASC 718, granted to the named executive officers. The value of stock options is based on the Black-Scholes option pricing model. The assumptions used in connection with these valuations are further described in Note 14 to the Consolidated Financial Statements of our 2024 annual report. The actual amounts realized by each named executive officers will vary based on a number of factors, including the market performance of our shares, continued employment through the vesting date, and timing of option exercises. The RSUs and stock options typically vest in substantially equal installments over a three-year period beginning with the first anniversary of the grant date. Mr. Marshall’s Stock Awards includes retention RSUs that cliff vest on the third anniversary of the grant date. The PSUs are subject to performance criteria and may or may not vest at the end of the three-year performance period. Dividend equivalents are paid in cash when the RSUs and PSUs vest based on the aggregate dividend paid to our shareholders during the restricted period. | | (4) Non-Equity Incentive Plan Compensation reported in this column includes payments earned under the EIC Plan. For 2024, the amounts shown represents the awards earned at 123% of target as described on page 38. The material features of this incentive plan are described in the CD&A. |

  92. 2024 SUMMARY COMPENSATION TABLE

    | EATON 2025 Proxy Statement and Notice of Meeting | 49 |

  93. 2024 SUMMARY COMPENSATION TABLE

    | (5) This column includes the aggregate change in the actuarial present value of the accumulated benefit under all defined benefit pension plans for each named executive officer and above-market earnings on nonqualified deferred compensation as defined in the preamble to this table. Mr. Monesmith participated in the Cooper Pension Plan, which was merged with the Pension Plan for Eaton Corporation Employees in 2018. He receives no other benefit under the Pension Plan for Eaton Corporation Employees. Messrs:. Okray, Ruiz, and Marshall do not receive a benefit under the Pension Plan for Eaton Corporation Employees, either. Instead, the named executive officers other than Mr. Arnold receive an additional employer contribution under our defined contribution plan as discussed on page 43. |

  94. 2024 SUMMARY COMPENSATION TABLE

    | | Above-Market Earnings | Qualified | Nonqualified | Total | | C. Arnold | $395,813 | $75,501 | $1,134,188 | $1,605,502 | | O. Leonetti | - | - | - | - | | P. Ruiz | $7,139 | - | - | $7,139 | | H. Monesmith | $8,170 | $555 | - | $8,725 | | E. Marshall | $3,624 | - | - | $3,624 | | T. Okray | - | - | - | - |

  95. 2024 SUMMARY COMPENSATION TABLE

    | (6) “All Other Compensation” includes: |

  96. 2024 SUMMARY COMPENSATION TABLE

    | ■ | Reimbursement of financial, tax and estate planning; | | ■ | Personal Use of Company Aircraft: The amount reported in the following table is the executive’s use of our airplanes for personal travel. In 2024, Messrs.: Arnold, Ruiz, Monesmith, and Marshall each had family members accompany him on our aircraft. There is no incremental cost to the Company for family members to accompany executives on trips; however, we are disclosing this perquisite in accordance with SEC rules. We do not reimburse named executive officers for tax costs related to personal or family member use of our aircraft; | | ■ | Life Insurance: We provide approximately 100 U.S. salaried employees, including named executive officers, who were hired prior to January 1, 2016 with the opportunity to acquire individual whole-life insurance as described on page 42. U.S. salaried employees hired after this date are eligible for life insurance benefits through our group term life insurance plan. In either case, the Company-provided benefit is approximately one-times annual base salary. The annual premium paid by us during 2024 for each of the named executive officers is shown below. Each participant is responsible for paying individual income taxes due with respect to our insurance program; | | ■ | Contributions to the Eaton Savings Plan and Eaton Supplemental Retirement Plan: The amount of our contributions to the named executive officers’ accounts under the 401(k) Eaton Savings Plan (the “ESP”) and Eaton Supplemental Retirement Plan is reported below. The ESP permits an employee to contribute a portion of his or her salary to the ESP, subject to limits imposed under the Internal Revenue Code. The named executive officers other than Mr. Arnold receive an additional 4% of base salary employer contribution under the ESP in lieu of a benefit under our defined benefit pension plans like all other employees hired on or after April 1, 2013. As described under “Pension Freeze Enacted December 31, 2020” on page 43, participants in the Eaton Personal Pension Account receive credits to the ESP or Eaton Supplemental Retirement Plan, as applicable, in lieu of putting the pay credits in employees’ cash balance pension accounts; and, | | ■ | The Other amount for Mr. Arnold represent awards for the filing and issuance of patents pursuant to our Global Patent and Qualified Trade Secret Awards Program. The Other amount for Mr. Okray is the payment of his accrued and unused vacation. |

  97. 2024 SUMMARY COMPENSATION TABLE

    | | Financial Planning | Personal Use of Aircraft | Company Paid Life Insurance | Employer Contributions to Defined Contribution Plans | Other | Total | | C. Arnold | $16,060 | $92,508 | $38,573 | $10,350 | $700 | $158,191 | | O. Leonetti | - | - | $1,318 | $37,654 | - | $38,972 | | P. Ruiz | $16,967 | $11,544 | $1,044 | $87,724 | - | $117,279 | | H. Monesmith | $19,926 | $47,736 | $4,236 | $92,291 | - | $164,189 | | E. Marshall | $64,828 | $7,332 | $1,098 | $79,403 | - | $152,661 | | T. Okray | - | - | $146 | $5,977 | $2,773 | $8,896 |

  98. 2024 SUMMARY COMPENSATION TABLE

    | EATON 2025 Proxy Statement and Notice of Meeting | 50 |

  99. 2024 SUMMARY COMPENSATION TABLE

    GRANTS OF PLAN-BASED AWARDS IN 2024 The following table summarizes the potential awards payable to named executive officers with respect to the short-term and long-term incentive award opportunities granted in 2024. Mr. Okray’s employment ended in the first quarter of 2024 and no award opportunities were established for him.

  100. 2024 SUMMARY COMPENSATION TABLE

    | | Estimated Future Payout under Non-Equity Incentive Plan Awards | | | | Estimated Future Payout under Equity Incentive Plan Awards | | | Stock Awards | | | | | Name | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | All Other Stock Awards: Number of Shares of Stock or Units (#) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Share) | Grant Date Fair Value of Stock & Option Awards | | C. Arnold | 2/28/2024(1) | $616,250 | $2,465,000 | $7,395,000 | | | | | | | | | | 2/28/2024(2) | | | | 6,233 | 24,930 | 49,860 | | | | $9,034,133 | | | 2/28/2024(3) | | | | | | | | 39,200 | $286.96 | $3,567,137 | | | 2/28/2024(3) | | | | | | | 12,465 | | | $3,576,957 | | O. Leonetti | 2/28/2024(1) | $203,958 | $815,833 | $2,447,500 | | | | | | | | | | 2/28/2024(2) | | | | 1,759 | 7,035 | 14,070 | | | | $2,549,343 | | | 2/28/2024(3) | | | | | | | | 11,050 | $286.96 | $1,005,532 | | | 2/28/2024(3) | | | | | | | 3,520 | | | $1,010,099 | | | 3/1/2024(3) | | | | | | | | 31,141 | $293.70 | $2,883,990 | | | 3/1/2024(3) | | | | | | | 7,474 | | | $2,195,114 | | P. Ruiz | 2/28/2024(1) | $270,833 | $1,083,333 | $3,250,000 | | | | | | | | | | 2/28/2024(2) | | | | 1,048 | 4,190 | 8,380 | | | | $1,518,372 | | | 2/28/2024(3) | | | | | | | | 6,600 | $286.96 | $600,589 | | | 2/28/2024(3) | | | | | | | 2,095 | | | $601,181 | | H. Monesmith | 2/28/2024(1) | $216,729 | $866,916 | $2,600,748 | | | | | | | | | | 2/28/2024(2) | | | | 1,346 | 5,385 | 10,770 | | | | $1,951,416 | | | 2/28/2024(3) | | | | | | | | 8,500 | $286.96 | $773,486 | | | 2/28/2024(3) | | | | | | | 2,695 | | | $773,358 | | E. Marshall | 2/28/2024(1) | $177,064 | $708,255 | $2,124,765 | | | | | | | | | | 2/28/2024(2) | | | | 749 | 2,995 | 5,990 | | | | $1,085,328 | | | 2/28/2024(3) | | | | | | | | 4,700 | $286.96 | $427,692 | | | 2/28/2024(3) | | | | | | | 1,500 | | | $430,440 | | | 2/28/2024(3) | | | | | | | 1,995 | | | $572,485 |

  101. 2024 SUMMARY COMPENSATION TABLE

    | (1) EIC PLAN. These amounts represent potential payments that were established for 2024 under our EIC Plan, as described on page 37. | | (2) ESIP AWARD. This represents the potential payments that were established in 2024 for the 2024-2026 ESIP Award Period as described on page 41. ESIP opportunities take the form of PSUs and at the end of the award period, the target number of PSUs will be adjusted based on the Company’s TSR rank among a group of peers. The final number of PSUs cannot exceed two times the target number of share units. Dividend equivalents will be paid in cash based on the earned number of PSUs and the aggregate dividend paid to our investors over the three-year award period. Earned awards, if any, will be distributed in the first quarter of 2027 and the value realized will vary based on our TSR performance and our share price when the shares vest. The value of PSUs shown in this table are computed in accordance with ASC 718. | | (3) STOCK OPTIONS and RSUs. These amounts represent stock options and RSUs granted in February and March 2024. The value of RSUs shown in this table are computed in accordance with ASC 718. The value of stock options is based on a Black-Scholes option pricing model. The assumptions used in connection with the valuations of the grants in this table are further described in Note 14 to Consolidated Financial Statements of our 2024 annual report. The actual amounts realized by individual named executive officers will vary based on a number of factors, including the market performance of our shares and timing of option exercises. |

  102. 2024 SUMMARY COMPENSATION TABLE

    | EATON 2025 Proxy Statement and Notice of Meeting | 51 |

  103. 2024 SUMMARY COMPENSATION TABLE

    OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2024 The following table summarizes the outstanding equity awards held by the named executive officers at December 31, 2024. The closing price of our ordinary shares on the last trading day in 2024 ($331.87) was used to determine the market value of the unvested RSUs shown in the “Market Value of Shares or Units of Stock That Have Not Vested ($)” column.

  104. 2024 SUMMARY COMPENSATION TABLE

    | | Option Awards | | | | | | Stock Awards | | | | | | Name | Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable(1) | Equity Incentive Plan Awards: No. of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Grant Date | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units of Stock that Have Not Vested ($) | Equity Incentive Plan Awards: No. of Unearned Shares, Units or Other Rights That Have Not Vested (#)(2) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | | C. Arnold | 2/28/2024 | - | 39,200 | - | $286.96 | 2/28/2034 | 2/28/2024 | 12,465 | $4,136,760 | 24,930 | $8,273,519 | | | 2/23/2023 | 20,460 | 41,540 | - | $172.78 | 2/23/2033 | 2/23/2023 | 11,605 | $3,851,351 | 34,635 | $11,494,317 | | | 2/22/2022 | 44,220 | 22,780 | - | $151.76 | 2/22/2032 | 2/22/2022 | 5,536 | $1,837,232 | 32,560 | $10,805,687 | | | 2/23/2021 | 104,250 | - | - | $130.86 | 2/23/2031 | | | | | | | O. Leonetti | 3/1/2024 | - | 31,141 | - | $293.70 | 3/1/2034 | 3/1/2024 | 7,474 | $2,480,396 | - | - | | | 2/28/2024 | - | 11,050 | - | $286.96 | 2/28/2034 | 2/28/2024 | 3,520 | $1,168,182 | 7,035 | $2,334,705 | | P. Ruiz | 2/28/2024 | - | 6,600 | - | $286.96 | 2/28/2034 | 2/28/2024 | 2,095 | $695,268 | 4,190 | $1,390,535 | | | 2/22/2023 | 3,102 | 6,298 | - | $171.31 | 2/22/2033 | 2/22/2023 | 1,756 | $582,764 | 5,235 | $1,737,339 | | | 2/22/2022 | 4,422 | 2,278 | - | $151.76 | 2/22/2032 | 8/4/2022 | 890 | $295,364 | - | - | | | 2/23/2021 | 10,950 | - | - | $130.86 | 2/23/2031 | 2/22/2022 | 555 | $184,188 | 3,260 | $1,081,896 | | | 2/25/2020 | 11,725 | - | - | $98.21 | 2/25/2030 | | | | | | | | 5/1/2019 | 3,660 | - | - | $81.91 | 5/1/2029 | | | | | | | H. Monesmith | 2/28/2024 | - | 8,500 | - | $286.96 | 2/28/2034 | 2/28/2024 | 2,695 | $894,390 | 5,385 | $1,787,120 | | | 2/22/2023 | 4,290 | 8,710 | - | $171.31 | 2/22/2033 | 2/22/2023 | 2,426 | $805,117 | 7,235 | $2,401,079 | | | 2/22/2022 | 7,590 | 3,910 | - | $151.76 | 2/22/2032 | 2/22/2022 | 951 | $315,608 | 5,585 | $1,853,494 | | | 2/23/2021 | 18,800 | - | - | $130.86 | 2/23/2031 | | | | | | | E. Marshall | 2/28/2024 | - | 4,700 | - | $286.96 | 2/28/2034 | 2/28/2024 | 3,495(3) | $1,159,886 | 2,995 | $993,951 | | | 2/22/2023 | 2,277 | 4,623 | - | $171.31 | 2/22/2033 | 2/22/2023 | 1,290 | $428,112 | 3,850 | $1,277,700 | | | 2/22/2022 | 5,082 | 2,618 | - | $151.76 | 2/22/2032 | 2/22/2022 | 635 | $210,737 | 3,725 | $1,236,216 | | | 2/23/2021 | 11,500 | - | - | $130.86 | 2/23/2031 | | | | | | | | 2/25/2020 | 16,650 | - | - | $98.21 | 2/25/2030 | | | | | |

  105. 2024 SUMMARY COMPENSATION TABLE

    | (1) Unless otherwise noted, stock option awards and RSUs vest in approximately equal installments on the first, second and third anniversary of the date of the grant, subject to the executive’s continued employment with us, such that approximately one-third of the unexercisable option awards and one-third of the unvested stock awards granted in 2024 vest on the anniversary of the date of the grant in each 2025, 2026, and 2027 and approximately one-half of the unexercisable option awards and one-half of the unvested stock awards granted in 2023 vest on each anniversary of the grant in 2025 and 2026. The remaining unexercisable option awards and unvested stock awards granted in 2022 vest on the anniversary of the grant date in 2025. | | (2) Unless otherwise noted, represents potential payments that were established in 2024, 2023, and 2022 for the 2024-2026, 2023-2025, and 2022-2024 ESIP Award Periods. The number of earned PSUs will be determined at the end of each three-year award period based on the Company’s achievement of the performance criteria that was established for each award period. The earned number of PSUs for each ESIP grant can range from 0 to 200%. The value realized upon the vesting of PSUs will be determined based on the average of the high and low prices of our ordinary shares on the vesting date. The 2022-2024 ESIP opportunities included in this column were earned at 163% of target and shares vested on February 26, 2025. | | (3) 1,995 RSUs cliff vest on the third anniversary of the grant date. |

  106. 2024 SUMMARY COMPENSATION TABLE

    | EATON 2025 Proxy Statement and Notice of Meeting | 52 |

  107. 2024 SUMMARY COMPENSATION TABLE

    OPTION EXERCISES AND STOCK VESTED IN 2024 The following table provides information about exercises of stock options and vesting of performance and restricted shares during the year ended December 31, 2024. The values for exercised stock options reflect the difference between the aggregate option exercise price and the market price of the applicable number of our ordinary shares on the date of exercise. The values for any performance and restricted shares that vested during 2024 reflect the per share closing price of our ordinary shares on the vesting date multiplied by the number of shares that vested. Mr. Leonetti did not exercise stock options or realize value from any stock award granted in connection with his employment with us in 2024.

  108. 2024 SUMMARY COMPENSATION TABLE

    | | Option Awards: | | Stock Awards: | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | | C. Arnold | 161,082 | $27,396,585 | 94,188 | $27,719,440 | | O. Leonetti | - | - | - | - | | P. Ruiz | - | - | 10,997 | $3,230,167 | | H. Monesmith | 81,727 | $18,048,639 | 17,081 | $5,024,340 | | E. Marshall | 19,750 | $3,805,428 | 10,401 | $3,059,966 | | T. Okray | 4,016 | $594,547 | 27,137 | $7,770,915 |

  109. 2024 SUMMARY COMPENSATION TABLE

    | (1) Amounts realized upon the exercise of options or on the vesting of other equity awards are not eligible for deferral under any of our nonqualifed deferred compensation plans. |

  110. 2024 SUMMARY COMPENSATION TABLE

    STOCK OPTION GRANT TIMING We are providing the following discussion of the timing of option awards in relation to the disclosure of material nonpublic information, as required by Item 402(x) of Regulation S-K. Eaton has maintained a long-standing practice of awarding annual equity grants to employees on a pre-determined schedule. Specifically, the Compensation and Organization Committee (“C&O Committee”) approves grants for Officers, including the named executive officers, and other eligible Stock Plan participants at its first meeting in each new fiscal year. This meeting typically occurs in February several weeks after the public release of our financial results for the prior year (and associated Form 8-K filing), but before we file our 10-K. The approval of equity grants, which currently take the form of stock options, restricted share units, and performance share units, occurs in connection with our annual compensation planning process described on page 33 which includes the C&O Committee’s approval of individual short- and long-term target incentive opportunities and the establishment of performance criteria for EIC and ESIP award periods that begin in that new fiscal year. Management and the C&O Committee believe that granting stock awards at the beginning of each year fosters our pay for performance philosophy by motivating stock plan participants to deliver on our goals for the year. In addition, the C&O Committee (or its designee in the case of grants to non-officer employees that are below a certain threshold) may approve grants to new hires or for special circumstances at other times during the year. The grant date for these off-cycle grants is also based on a long-standing, pre-determined schedule. In the case of a new hire grant, the grant date is the first New York Stock Exchange (NYSE) trading day of the month following the month the person starts working for Eaton. Mr. Leonetti received a new hire grant in March of 2024 and it is reported in the following table. The grant date for an off-cycle grant to an existing employee is the first NYSE trading day of the month following the approval of the grant. The Governance Committee is responsible for approving stock grants for our Board members. The non-employee director annual grant date is the date of our Annual General Meeting, concurrent with each director’s election or re-election to our Board (unless the meeting date occurs during a blackout, in which case the grant date will be the first NYSE trading day after the end of the blackout). If a director joins the Board after the Annual General Meeting in any given year, he or she may receive a prorated grant that has a grant date of the first NYSE trading day of the month following the director’s appointment to the Board (unless the date occurs during a blackout, in which case the grant date will be the first NYSE trading day after the end of the blackout). Stock grants for non-employee directors currently take the form of restricted share units. Neither the C&O Committee nor the Governance Committee considers material nonpublic information when determining the timing and terms of stock grants. For all stock options, the exercise price is the NYSE closing price of our ordinary shares on the date of the grant. Further, our shareholder approved stock plan expressly prohibits backdating or repricing of

  111. 2024 SUMMARY COMPENSATION TABLE

    | EATON 2025 Proxy Statement and Notice of Meeting | 53 |

  112. 2024 SUMMARY COMPENSATION TABLE

    stock options without shareholder consent. Eaton does not time the release of material nonpublic information based on stock or option award grant dates, vesting dates, or to affect the value of executive compensation.

  113. 2024 SUMMARY COMPENSATION TABLE

    | Name | Grant Date | Number of Securities Underlying the Award | Exercise Price of the Award ($/share) | Grant Date Fair Value of the Award | Percentage Change in the Closing Market Price of the Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of Material Nonpublic Information and the Trading Day Beginning Immediately Following the Disclosure of Material Nonpublic Information | | C. Arnold | 2/28/2024 | 39,200 | $286.96 | $3,567,137 | 2.29% | | O. Leonetti | 2/28/2024 | 11,050 | $286.96 | $1,005,532 | 2.29% | | O. Leonetti | 3/1/2024 | 31,141 | $293.70 | $2,883,990 | 2.29% | | P. Ruiz | 2/28/2024 | 6,600 | $286.96 | $600,589 | 2.29% | | H. Monesmith | 2/28/2024 | 8,500 | $286.96 | $773,486 | 2.29% | | E. Marshall | 2/28/2024 | 4,700 | $286.96 | $427,692 | 2.29% |

  114. 2024 SUMMARY COMPENSATION TABLE

    2024 PENSION BENEFITS We maintain three basic types of retirement income plans for our U.S. salaried employees. The table that follows shows the estimated present value of the benefits payable under each of our retirement income plans.

  115. 2024 SUMMARY COMPENSATION TABLE

    | ■ | a tax-qualified defined benefit pension plan (referred to as the Pension Plan for Eaton Corporation Employees in the Pension Benefits table) that has two separate benefit formulas: a final average pay formula and a cash balance formula; | | ■ | two nonqualified defined benefit restoration plans (collectively referred to as the DB Restoration Plan in the Pension Benefits table); and | | ■ | a plan that allows us to supplement the pension benefits earned under our qualified pension plan and nonqualified DB Restoration Plan to certain elected officers and executives who are recruited by us mid-career (referred to as the Limited Service Supplemental Plan in the Pension Benefits table). |

  116. 2024 SUMMARY COMPENSATION TABLE

    Tax-Qualified Retirement Income Plans — Effective January 1, 2002, employees who were then earning benefits under the “Average Final Annual Compensation” benefit formula (the “AFAC benefit formula”) under the Pension Plan for Eaton Corporation Employees (the “Pension Plan”) were given the option to either: (a) continue earning benefits under the AFAC benefit formula, or (b) convert the value of their accrued benefit to an “opening balance” and commence earning benefits in an “Eaton Personal Pension Account” under the cash balance formula (the “EPPA benefit formula”). Salaried employees hired on or after January 1, 2002, but before April 1, 2013, automatically earn benefits under the EPPA benefit formula upon becoming eligible for participation in the Pension Plan. Any employee hired on or after April 1, 2013 and all U.S. employees of Cooper immediately prior to our acquisition of Cooper will receive an additional employer contribution under the Eaton Savings Plan or Eaton Supplemental Retirement Plan, as applicable, in lieu of earning a benefit under the Pension Plan. Employees of Cooper who were eligible for a benefit from the Cooper Pension Plan, which was merged with the Pension Plan on December 31, 2018, will receive no further benefit under the Pension Plan but will receive the additional Eaton Savings Plan contribution. Under the AFAC benefit formula, annual normal retirement benefits are computed at the rate of 1% of average final annual compensation up to the applicable Social Security integration level plus 1.5% of average final annual compensation in excess of the Social Security integration level, multiplied by the employee’s years of credited service. In addition, the employee receives a supplement equal to 1/2% of average final annual compensation up to the applicable Social Security integration level payable until the Social Security Normal Retirement Age. An employee’s average final annual compensation is the average annual amount of his or her eligible compensation (generally consisting of salary plus short-term incentive compensation) for service during the five consecutive years within the last 10 years of employment for which the employee’s total compensation was the greatest. Years of credited service includes the number of years of employment between age 21 and retirement, subject to a maximum of 44 years. Company policies require the named executive officers to retire at age 65.

  117. 2024 SUMMARY COMPENSATION TABLE

    | EATON 2025 Proxy Statement and Notice of Meeting | 54 |

  118. 2024 SUMMARY COMPENSATION TABLE

    Under the EPPA benefit formula, a participant’s single sum retirement benefit is accumulated throughout his or her career with us. This single sum amount is represented as a notional account balance to which credits are regularly added. The credits are equal to a percentage of eligible compensation (generally consisting of salary and short-term incentive compensation) plus interest at a specified rate and, where applicable, cost-of-living credits on certain opening balances. The percentage of eligible compensation credited to the participant’s notional account balance varies over his or her career based on the sum of the participant’s age and service with us. For any period when that sum is less than 50, 5.0% of eligible compensation is credited. For any period when the sum is between 50 and 59 (inclusive), 6.0% of eligible compensation is credited. When the sum is between 60 and 69 (inclusive), 7.0% of eligible compensation is credited. When the sum is 70 or greater, 8.0% of eligible compensation is credited. Except as noted below, upon termination of employment, the notional account balance is available as a single sum or may be converted to one of several annuity forms. Under the standard post-retirement surviving spouse option for the AFAC and EPPA benefit formulas, the participant receives a reduced pension, and a pension equal to 50% of the reduced pension is payable to his or her surviving spouse. For example, the benefit for an employee electing that option at age 65 whose spouse is five years younger would be approximately 11.5% less than the amount of the participant’s annual benefit. Nonqualified Defined Benefit Retirement Plans — Certain provisions of the Internal Revenue Code limit the annual benefits that may be paid from a tax-qualified retirement plan. This includes a limitation on the amount of annual compensation that may be taken into account in calculating a participant’s benefit under a qualified retirement plan. As permitted under the Internal Revenue Code, the Board of Directors has authorized the payment from our general funds of any benefits calculated under the provisions of the Pension Plan that may exceed those limits. This applies to all participants, including the named executive officers. Limited Eaton Service Supplemental Retirement Income Plan — The Board of Directors adopted a plan that provides supplemental annual retirement income to elected officers and certain executives who do not have the opportunity to accumulate significant credited service with us under our tax-qualified retirement income plans, provided that they either retire at age 55 or older and have at least 10 years of service with us or retire at age 65 or older regardless of the years of service. The amount of the annual supplement generally is equal to the amount by which a percentage of the executive’s average final annual compensation exceeds his or her earned retirement income. This includes amounts receivable under the retirement plans described above. The percentage of average final annual compensation used for this purpose depends upon an executive’s age and years of service at retirement. The percentage ranges from 25% (for retirements at age 55 with less than 15 years of service) to 50% (for retirements at age 62 or older with 15 years or more of service). Benefits accrued and vested before January 1, 2005 under either the nonqualified or the limited service plans generally are paid in one of the forms available under the Pension Plan as elected by the participant. Benefits earned after 2004 are paid as a single lump sum. With respect to all benefits, regardless of when accrued, the present value of the benefit will be paid in a single installment upon a change of control of the Company. No new participants have been added to this plan since 2011. Pension Freeze Enacted December 31, 2020 — As discussed on page 43, effective December 31, 2020, we froze our qualified pension plans for U.S. non-union employees, including our named executive officers. This freeze affects participants in our Pension Plan for Eaton Corporation Employees. In the first quarter of 2021 we froze, with the same effect and timing, the related nonqualified DB Restoration and Limited Service Supplemental Plans.

  119. 2024 SUMMARY COMPENSATION TABLE

    | ■ | For those in our AFAC benefit formula, the freeze will take effect as of December 31, 2025 meaning no additional pay and service credits will be earned beginning on January 1, 2026. | | ■ | For those in our EPPA benefit formula, the freeze took effect as of December 31, 2020, but we will not end cash balance pay credits until December 31, 2025. Instead of putting the pay credit in employees’ cash balance pension accounts, we will duplicate it as a contribution to the Eaton Savings Plan (Eaton’s 401(k)) over the five-year transition period. Pay credits for compensation greater than the amount of annual compensation that may be taken into account in calculating contributions to a qualified savings plan are credited to a participant’s notional account in the Eaton Supplemental Retirement Plan. At the end of the five-year period, beginning January 1, 2026, these employees will then be eligible to receive the same contribution into the Eaton Savings Plan and into the Eaton Supplemental Retirement Plan as employees hired on or after April 1, 2013, which is currently a 4% Eaton Retirement Contribution. |

  120. 2024 SUMMARY COMPENSATION TABLE

    | EATON 2025 Proxy Statement and Notice of Meeting | 55 |

  121. 2024 SUMMARY COMPENSATION TABLE

    | 2024 PENSION BENEFITS | | | | | | Name | Plan Name | Number of Years of Credited Service (#) | Present Value of Accumulated Benefit ($) | Payments During Last Fiscal Year ($) | | C. Arnold | Pension Plan for Eaton Corporation Employees | 24.25 | $1,258,160 | - | | | DB Restoration Plan | 24.25 | $16,115,843 | - | | | Limited Service Supplemental Plan | 24.25 | $6,235,296 | - | | O. Leonetti(1) | Pension Plan for Eaton Corporation Employees | - | - | - | | | DB Restoration Plan | - | - | - | | | Limited Service Supplemental Plan | - | - | - | | P. Ruiz(1) | Pension Plan for Eaton Corporation Employees | - | - | - | | | DB Restoration Plan | - | - | - | | | Limited Service Supplemental Plan | - | - | - | | H. Monesmith(1) | Pension Plan for Eaton Corporation Employees | - | $7,120 | - | | | DB Restoration Plan | - | - | - | | | Limited Service Supplemental Plan | - | - | - | | E. Marshall(1) | Pension Plan for Eaton Corporation Employees | - | - | - | | | DB Restoration Plan | - | - | - | | | Limited Service Supplemental Plan | - | - | - |

  122. 2024 SUMMARY COMPENSATION TABLE

    | (1) Messrs. Leonetti, Ruiz and Marshall do not receive a benefit under the Pension Plan for Eaton Corporation Employees or the supplemental plans. Mr. Monesmith participated in the Cooper Pension Plan and receives no further benefit under the Pension Plan for Eaton Corporation Employees and also does not participate in the supplemental plans. |

  123. 2024 SUMMARY COMPENSATION TABLE

    2024 NONQUALIFIED DEFERRED COMPENSATION The following table sets forth the contributions, earnings, distributions, and aggregate balances for the named executive officers under the following plans, as applicable:

  124. 2024 SUMMARY COMPENSATION TABLE

    | ■ | the Deferred Incentive Compensation Plan (the “DIC Plan”); | | ■ | the Deferred Incentive Compensation Plan II (the “DIC Plan II”); | | ■ | the Incentive Compensation Deferral Plan II (the “IC Deferral Plan II”); and, | | ■ | the Eaton Supplemental Retirement Plan. |

  125. 2024 SUMMARY COMPENSATION TABLE

    We provide our executives with opportunities to defer the receipt of their earned and otherwise payable awards under our short- and long-term cash incentive plans. We offer these plans to provide our executives with an opportunity to accumulate additional retirement assets, as a means for acquiring shares in order to meet our share ownership requirements, and as an additional form of retention. These plans include: DIC Plans — Short-term incentive compensation earned prior to December 31, 2004 was eligible for deferral under the DIC Plan. On February 10, 2010, the Committee approved the termination of the DIC Plan with respect to all participant accounts except for certain accounts that contain deferrals for the years 1986 through 1989. The accounts that were not terminated earn fixed interest based on market rates and individual mortality assumptions in effect at the time of the deferrals. None of the named executive officers have accounts that contain deferrals for the years 1986 through 1989.

  126. 2024 SUMMARY COMPENSATION TABLE

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  127. 2024 SUMMARY COMPENSATION TABLE

    Short-term incentive compensation earned after December 31, 2004 is eligible to be deferred under the DIC Plan II. Under the DIC Plan II, prior to the beginning of each calendar year, participants must elect the method and timing of payment with respect to the incentive compensation to be earned in the year that is subject to the deferral election. The creation of the DIC Plan II and the exclusion of deferrals under the prior plan were implemented to satisfy the requirements of Internal Revenue Code Section 409A under the American Jobs Creation Act of 2004 (409A). Incentive compensation earned in 2005 through December 31, 2007 that was deferred under the DIC Plan II was credited with earnings that accrued on a phantom share basis, as if the deferred amounts were invested in our ordinary shares, with earned dividends reinvested in shares. Beginning with deferrals of short-term incentive compensation earned during 2008 and after for payment following retirement, each executive will have a choice of deferring up to 100% of his or her annual incentive compensation into either or both of (a) an account tracked on a phantom share basis and paid out in our ordinary shares or (b) an account that earns interest equal to that paid on 10-year Treasury Notes plus 300 basis points. Executives also may defer compensation under the DIC Plan II on a short-term basis for payment within 5 years or less. IC Deferral Plan — Similarly, cash settled long-term incentive compensation earned after December 31, 2004 is eligible for deferral under the IC Deferral Plan II. Under the IC Deferral Plan II, prior to the beginning of any award period for which an award may be earned, or later if permitted by us in the case of performance-based compensation (as defined in the final regulations under 409A), participants are required to elect the method and timing of payment with respect to the incentive compensation to be earned during that award period, and that is subject to the deferral election. When an executive elected to defer a long-term incentive award under the IC Deferral Plan II for payment at or following his or her retirement, earnings on a minimum of 50% of the deferred amount must be tracked on a phantom share basis. The remainder of the amount deferred to retirement earns interest equivalents equal to that paid on 10-year Treasury Notes plus 300 basis points. At retirement, the portion of the executive’s account that is deferred into phantom shares is paid in our ordinary shares. Incentive compensation deferred pursuant to our deferral plans is unsecured, subject to the claims of our creditors and is exposed to the risk of our non-payment. A grantor trust that we previously established, the assets of which are subject to the claims of our creditors, will be used to pay those obligations related to deferred incentive compensation earned by our executives prior to 2005. The transaction to acquire Cooper Industries plc required Eaton to fund the vested liabilities in the trust in the amount of $7.8 million. No comparable trust arrangements are in place with respect to incentive compensation deferred after 2004. Eaton Supplemental Retirement Plan — This plan allows company credits to a nonqualified notional retirement account. Participants can direct these company credits into investment funds which are the same investment funds offered under our qualified Eaton Savings Plan. Participants in the EPPA of the Pension Plan for Eaton Employees, employees hired on or after April 1, 2013, and all U.S. employees of Cooper Industries, plc immediately prior to our acquisition of Cooper who have compensation greater than the annual amount that may be taken into account in calculating contributions to the qualified Eaton Savings Plan receive pay credits in the Eaton Supplemental Retirement Plan. The plan may also provide other benefits at the discretion of the Committee.

  128. 2024 SUMMARY COMPENSATION TABLE

    | EATON 2025 Proxy Statement and Notice of Meeting | 57 |

  129. 2024 NONQUALIFIED DEFERRED COMPENSATION

    2024 NONQUALIFIED DEFERRED COMPENSATION

  130. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | Name | Plan Name | Executive Contributions in Last Fiscal Year | Registrant Contributions in Last Fiscal Year | Aggregate Earnings in Last Fiscal Year | Aggregate Withdrawals/ Distributions | Aggregate Balance at Last Fiscal Year End | | C. Arnold(1) | DIC Plan II | $3,225,728 | - | $976,339 | - | $14,167,167 | | | Eaton Supplemental Retirement Plan | - | - | - | - | - | | | Total | $3,225,728 | - | $976,339 | - | $14,167,167 | | O. Leonetti(2) | DIC Plan II | - | - | - | - | - | | | Eaton Supplemental Retirement Plan | - | $17,692 | ($85) | - | $17,608 | | | Total | - | $17,692 | ($85) | - | $17,608 | | P. Ruiz(1) | DIC Plan II | $562,802 | - | $170,876 | - | $1,040,376 | | | Eaton Supplemental Retirement Plan | - | $63,574 | $22,401 | - | $237,356 | | | Total | $562,802 | $63,574 | $193,277 | - | $1,277,732 | | H. Monesmith(3) | DIC Plan II | - | - | $20,153 | - | $292,251 | | | Eaton Supplemental Retirement Plan | - | $68,141 | $62,141 | - | $669,584 | | | Total | - | $68,141 | $82,294 | - | $961,835 | | E. Marshall(3) | DIC Plan II | - | - | $8,940 | - | $129,639 | | | Eaton Supplemental Retirement Plan | - | $56,607 | $715,818 | - | $5,365,713 | | | Total | - | $56,607 | $724,758 | - | $5,495,352 | | T. Okray(2) | DIC Plan II | - | - | - | - | - | | | Eaton Supplemental Retirement Plan | - | - | $23,172 | $574,803 | - | | | Total | - | - | $23,172 | $574,803 | - |

  131. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (1) Mr. Arnold’s and Mr. Ruiz’s executive contributions in the last fiscal year include 2023 earned EIC awards which were reported in the “Non-Equity Incentive Plan Compensation” column of the 2023 Summary Compensation Table. Mr. Arnold’s aggregate balance includes $8,403,068 that was previously reported as compensation in the “Summary Compensation Table” for the years 2018 - 2022. Mr. Arnold participates in the AFAC benefit formula of the Pension Plan for Eaton Corporation Employees and does not receive pay credits in the Eaton Supplemental Retirement Plan. Mr. Ruiz’s aggregate balance includes $227,429 that was previously reported as compensation in the “Summary Compensation Table” for 2022. | | (2) Mr. Leonetti and Mr. Okray did not elect to participate in the DIC Plan II. | | (3) Mr. Monesmith’s and Mr. Marshall’s aggregate balances in the DIC Plan II include amounts they earned and elected to defer before they became named executive officers. |

  132. 2024 NONQUALIFIED DEFERRED COMPENSATION

    2024 POTENTIAL PAYMENTS UPON TERMINATION A named executive officer may experience a termination of employment under several possible situations. In each of these circumstances, certain plans, agreements, arrangements or practices would provide compensation to the executive in varying amounts. We do not provide employment contracts to our executives and do not have plans or arrangements (other than the Change of Control Agreements previously discussed) that would require any payment to a named executive officer in the event of a termination of his or her employment. Instead, the Compensation and Organization Committee exercises the sole discretion to decide what, if any, additional severance payments or benefits will be offered to an executive in the case of a termination of employment. In exercising this discretion, the Committee takes a number of factors into consideration, including the reasons for termination. The Committee believes that it is in the best interest of the Company and our shareholders to treat a departing executive fairly and in a manner that will help us to secure appropriate confidentiality, non-competition, non-solicitation, non-disparagement and general release agreements. Moreover, providing fair and reasonable employment termination compensation is consistent with our overall compensation philosophy. For each of the termination of employment scenarios described in this section, the estimated potential payments and benefits that might be received by each named executive officer are displayed in the table that immediately follows that description.

  133. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | EATON 2025 Proxy Statement and Notice of Meeting | 58 |

  134. 2024 CEO Pay Ratio

    2024 CEO Pay Ratio We are providing the following information about the relationship of the annual total compensation of our employees and the annual total compensation of Mr. Arnold, our Chief Executive Officer, as required by Item 402(u) of Regulation S-K. In the last completed fiscal year, our employee population did not change in a way that we believe would significantly change our pay ratio disclosure. Specifically, there were no significant changes to the population resulting from mergers, acquisitions, divestitures, or restructurings. In addition, there were no changes to broad-based or executive compensation arrangements that we believe would result in a significant change to our pay ratio. We identified our median employee using our global population as of October 1, 2024, which included 96,521 regular and temporary employees. In compliance with Item 402(u), we excluded all employees in 5 countries totaling 4,136 employees (approximately 4.29% of our total workforce). Employees in the following countries were excluded:

  135. 2024 CEO Pay Ratio

    | Country | Headcount | | Philippines | 1,266 | | Morocco | 1,251 | | Serbia | 754 | | Thailand | 597 | | Indonesia | 268 |

  136. 2024 CEO Pay Ratio

    As a result, our pay ratio includes 92,385 employees in 69 countries. We have chosen annual base salary as the consistently applied compensation measure used to identify the median employee. Base salary is the primary compensation component for a large portion of our workforce and is the one pay component that has a similar definition and is reported in a similar manner globally. Therefore, annual base salary provides an accurate depiction of total earnings for the purpose of identifying our median employee. Base salaries for employees outside the United States were converted to United States Dollars by applying the applicable exchange rates in effect on the measurement date. No cost of living adjustments were applied in our methodology. Our median employee’s total compensation of $40,157 was calculated in the same manner as we calculated total compensation for each of the named executive officers in the Summary Compensation Table and includes base salary, overtime pay, recognition bonus amounts, employer contributions to retirement plans, and employer contributions to health and welfare benefits. Mr. Arnold’s total compensation for purposes of this disclosure is $22,597,466 and also includes contributions to health and welfare benefits (which are properly excluded from the Summary Compensation Table). Accordingly, our CEO to Employee Pay Ratio is 563:1.

  137. 2024 CEO Pay Ratio

    | EATON 2025 Proxy Statement and Notice of Meeting | 63 |

  138. 2024 CEO Pay Ratio

    We are providing the following information about the relationship between “Compensation Actually Paid” (“CAP”) to our named executive officers and certain financial performance as required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K. Please see the Compensation Discussion and Analysis on page 28 for additional information regarding our pay-for-performance philosophy and how target and realized compensation aligns with our performance.

  139. 2024 CEO Pay Ratio

    | | Summary Compensation Table Total for PEO(1) | | Average Summary Compensation Table Total for Non-PEO NEOs(3) | Average Compensation Actually Paid to Non-PEO NEOs(4) | Value of Initial Fixed $100 Investment Based On: | | | | | Year | | Compensation Actually Paid to PEO(2) | | | Total Shareholder Return(5) | Peer Group Total Shareholder Return(6) | Net Income ($millions)(7) | Adjusted Earnings Per Share(8) | | 2024 | $22,575,468 | $46,818,133 | $5,361,640 | $7,722,515 | $389 | $176 | $3,794 | $10.80 | | 2023 | $20,493,989 | $72,736,550 | $4,342,153 | $12,735,262 | $279 | $150 | $3,218 | $9.12 | | 2022 | $14,284,434 | $10,446,270 | $3,855,204 | $2,870,949 | $178 | $127 | $2,462 | $7.57 | | 2021 | $19,513,270 | $48,551,202 | $5,727,120 | $10,481,891 | $192 | $135 | $2,144 | $6.62 | | 2020 | $17,473,747 | $26,381,517 | $4,183,787 | $5,937,818 | $131 | $111 | $1,410 | $4.91 |

  140. 2024 CEO Pay Ratio

    | (1) The amount reported is the total compensation reported in the Summary Compensation Table for each reported year. | | (2) The amount reported represents CAP to Mr. Arnold as calculated in accordance with Item 402(v) of regulation S-K. CAP does not represent total amounts earned or realized by Mr. Arnold. Instead, for each respective year, CAP equals: | | Summary Compensation Table Total Compensation | | Minus the grant date fair value of stock and option awards as reported in the Summary Compensation Table in each respective year, calculated in accordance with ASC 718; | | Plus or minus the incremental change in value of stock and option awards as measured from the end of the prior fiscal year to the next year-end or vesting date, as applicable, calculated in accordance with ASC 718, and adding dividends for the applicable years prior to the vesting date. The amounts include valuations for shares that are subject to performance conditions and shares subject to continued service requirements that may or may not be earned; | | Minus the actuarial change in present value of defined benefit pensions as reported in the Summary Compensation Table in each respective year; | | Plus or minus the actuarially determined service cost for services rendered during each year and the entire cost of pension benefits granted in a plan amendment during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment, calculated in accordance with ASC 715. |

  141. 2024 CEO Pay Ratio

    | The adjustments made to determine compensation actually paid for Mr. Arnold are as follows: |

  142. 2024 CEO Pay Ratio

    | Year | Summary Compensation Table Total | Equity Awards Deducted from Summary Compensation Table Total(i) | Equity Award Adjustment to Summary Compensation Table Total(ii) | Changes in Pension Value Deducted from Summary Compensation Table Total(iii) | Pension Adjustment to Summary Compensation Table Total(iv) | Compensation Actually Paid | | 2024 | $22,575,468 | ($16,178,227) | $40,970,207 | ($1,209,689) | $660,374 | $46,818,133 | | 2023 | $20,493,989 | ($13,041,773) | $66,048,804 | ($1,462,965) | $698,495 | $72,736,550 | | 2022 | $14,284,434 | ($10,502,416) | $5,973,862 | - | $690,390 | $10,446,270 | | 2021 | $19,513,270 | ($11,849,767) | $43,200,170 | ($3,163,742) | $851,271 | $48,551,202 | | 2020 | $17,473,747 | ($11,031,669) | $26,786,309 | ($4,082,258) | ($2,764,612) | $26,381,517 |

  143. 2024 CEO Pay Ratio

    | (i) The sum of the values of stock and option awards reported in the Summary Compensation Table for each reported year. |

  144. 2024 CEO Pay Ratio

    | EATON 2025 Proxy Statement and Notice of Meeting | 64 |

  145. 2024 CEO Pay Ratio

    | (ii) | The equity award adjustments for each applicable year include the addition or subtraction, as applicable, of the following: (a) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (b) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (c) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (d) when applicable, for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (e) the dollar value of any dividends or other earnings on stock awards in the applicable year prior to vesting. | | (iii) | The change in pension values as reported in the Summary Compensation Table for each respective year. | | (iv) | On December 31, 2020, we froze our defined benefit pension plans as described on page 43. This plan amendment did not establish a prior service cost base as the reduction in the projected benefit obligation due to the elimination of future pay increases was accounted for as a curtailment. The adjustments shown correspond with the service cost and changes to the benefit obligation due to the plan amendment as reflected in our financial statements. |

  146. 2024 CEO Pay Ratio

    | (3) The amounts reported represent the average of Summary Compensation Table total compensation reported for the Company’s named executive officers, excluding Mr. Arnold, in each respective year. The named executive officers included in each respective year are: |

  147. 2024 CEO Pay Ratio

    | 2024 | 2023 | 2022 | 2021 | 2020 | | Olivier Leonetti | Ernest Marshall | Brian Brickhouse | Brian Brickhouse | April Boise | | Ernest Marshall | Heath Monesmith | Heath Monesmith | Richard Fearon | Richard Fearon | | Heath Monesmith | Paulo Ruiz | Paulo Ruiz | Heath Monesmith | Heath Monesmith | | Paulo Ruiz | Thomas Okray | Tom Okray | Thomas Okray | Uday Yadav | | Thomas Okray | | Uday Yadav | Uday Yadav | |

  148. 2024 CEO Pay Ratio

    | (4) The dollar amounts reported represent the average CAP to the named executive officers, excluding Mr. Arnold. The amounts below do not represent total amounts earned or realized by the named executive officers as they include amounts of unvested equity awards that are subject to performance and/or service requirements and may or may not be earned. As described in footnotes (2), (i), (ii), (iii) and (iv) above, the following adjustments were made to Summary Compensation Table total compensation to calculate CAP in accordance with Item 402(v) of regulation S-K: |

  149. 2024 CEO Pay Ratio

    | Year | Average Reported Summary Compensation Table Total for Non-PEO NEOs | Average Equity Awards Deducted from Summary Compensation Table Total for Non-PEO NEOs | Average Equity Award Adjustment to Summary Compensation Table Total for Non-PEO NEOs | Average Changes in Pension Value Deducted from Summary Compensation Table Total for Non-PEO NEOs(i) | Average Pension Adjustment to Summary Compensation Table Total for Non-PEO NEOs | Average Compensation Actually Paid to Non-PEO NEOs | | 2024 | $5,361,640 | ($4,594,607) | $6,036,672 | ($555) | - | $7,722,515 | | 2023 | $4,342,153 | ($2,225,639) | $10,618,918 | ($170) | - | $12,735,262 | | 2022 | $3,855,204 | ($1,879,751) | $891,917 | ($132,796) | $138,761 | $2,870,949 | | 2021 | $5,727,120 | ($3,332,641) | $8,367,368 | ($445,286) | $95,341 | $10,481,891 | | 2020 | $4,183,787 | ($2,522,397) | $5,543,111 | ($630,389) | ($1,058,522) | $5,937,818 |

  150. 2024 CEO Pay Ratio

    | (i) Mr. Brickhouse, Mr. Fearon and Mr. Yadav earned benefits under the Pension Plan for Eaton employees as described on page 54. Mr. Monesmith participated in the Cooper Pension Plan which was merged with the Pension Plan for Eaton Employees, but receives no further benefit under the Pension Plan for Eaton Employees. All other named executive officers participate in our defined contribution plans. |

  151. 2024 CEO Pay Ratio

    | (5) Cumulative Total Shareholder Return (TSR) assumes dividend reinvestment and a fixed investment of $100 in our shares as of December 31, 2019. | | (6) Cumulative TSR of the S&P Industrial 500, assuming a fixed investment of $100 as of December 31, 2019. | | (7) Amounts reported represent the amount of Net Income reported in our audited financial statements for each applicable year. | | (8) Adjusted EPS equals fully-diluted earnings per share, excluding acquisition integration and divestiture costs, restructuring costs and intangible amortization reported in the Company’s financial statements. We have determined that Adjusted EPS is the most important annual measure used to link CAP to company performance for the most recently completed fiscal year. |

  152. 2024 CEO Pay Ratio

    | EATON 2025 Proxy Statement and Notice of Meeting | 65 |

  153. Non-Employee Director Pay Limits

    Non-Employee Director Pay Limits In February 2020, the Governance Committee adopted a limit on non-employee director pay such that the aggregate grant date fair value (determined as of the date of grant in accordance with applicable financial accounting rules) of all awards granted to any non-employee director in a single calendar year, taken together with any cash fees paid during that year, shall not exceed $750,000. In the case of a director serving as non-executive Chairman of the Board, this limit shall be $1,500,000.

  154. Non-Employee Director Pay Limits

    | EATON 2025 Proxy Statement and Notice of Meeting | 68 |

  155. Other Plans and Benefits

    | Name | Fees Earned or Paid in Cash(1) | Stock Awards(2) | Option Awards | Non-Equity Incentive Plan Compensation(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(4) | All Other Compensation(5) | Total Compensation | | O. Leonetti | $13,750 | - | - | - | - | $195 | $13,945 | | S. Napoli | $170,000 | $173,070 | - | - | - | $195 | $343,265 | | G. Page | $190,000 | $173,070 | - | - | - | $38,725 | $401,795 | | S. Pianalto | $185,000 | $173,070 | - | - | - | $195 | $358,265 | | R. Pragada | $150,000 | $173,070 | - | - | - | $195 | $323,265 | | L. Ryerkerk | $180,000 | $173,070 | - | - | - | $195 | $353,265 | | A. Schulten | $41,250 | $84,438 | - | - | - | $195 | $125,883 | | G. Smith | $195,000 | $173,070 | - | - | - | $195 | $368,265 | | K. Terrell | $75,000 | $111,733 | - | - | - | $195 | $186,928 | | D. Thompson | $185,000 | $173,070 | - | - | - | $195 | $358,265 | | D. Wilson | $165,000 | $173,070 | - | - | - | $195 | $338,265 |

  156. Other Plans and Benefits

    | (1) Fees Earned or Paid in Cash includes the total annual cash retainer and, where applicable, retainers for the Committee Chairs, Lead Director and Audit Committee members. Mr. Leonetti resigned from the Board in February 2024. Ms. Terrell was appointed to the Board in July 2024 and Mr. Schulten was appointed in October 2024. Their fees reflect service for the portion of the year in which they provided service to the Board. | | (2) Stock Awards column reports the grant date fair value of the 540 restricted share units awarded to each active director on May 3, 2024. Ms. Terrell received 410 restricted share units on August 5, 2024 and Mr. Schulten received 255 restricted share units on November 4, 2024 upon their appointment to the Board. Mr. Leonetti left the Board prior to the annual grant date and did not receive a grant as a non-employee director in 2024. As of December 31, 2024, each of the active non-directors held the following unvested stock awards: |