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THESE BENEFITS WERE NOT CONSIDERED TAXABLE COMPENSATION. ONE DIRECTOR LISTED IN PART VII, SECTION A RECEIVED TRAVEL FOR A COMPANION IN 2023. THESE BENEFITS WERE CONSIDERED TAXABLE TO THE INDIVIDUAL. PART I, LINE 3 - COMPENSATION OF ORGANIZATION'S CEO/EXECUTIVE DIRECTOR THE PROCESS OF DETERMINING COMPENSATION FOR THE EXECUTIVE DIRECTOR, ALL OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION IS PERFORMED ANNUALLY. AN INDEPENDENT COMPENSATION CONSULTANT COMPLETES AN ANALYSIS OF COMPARABLE AND COMPETITIVE MARKET DATA WITH DATA ASSISTANCE FROM ULSE INC.'S HR/COMPENSATION GROUP. IT COVERS TOP MANAGEMENT OFFICIALS OF THE ORGANIZATION, INCLUDING ELECTED OFFICERS THROUGH VICE PRESIDENTS. THE ANALYSIS IS REVIEWED BY THE BOARD OF DIRECTORS, WHO PROVIDES FINAL APPROVAL OF ALL COMPENSATION ARRANGEMENTS. THE EXECUTIVE DIRECTOR AND VP OF HR ARE PRESENT IN ALL BOARD MEETINGS BUT RECUSE THEMSELVES FOR DISCUSSION OF THEIR COMPENSATION. IN ADDITION, THE ORGANIZATION FOLLOWS THE PROCEDURES UNDER TREASURY REGULATION SECTION 53.4958-6 TO MEET THE REBUTTABLE PRESUMPTION OF REASONABLENESS FOR ALL TRANSACTIONS WITH DISQUALIFIED PERSONS. PART I, LINE 4 - SEVERANCE, NONQUALIFIED, AND EQUITY-BASED PAYMENTS SEVERANCE NONQUALIFIED EQUITY-BASED COMP BRADY NONE 17,213 2,024,134 ROBINSON NONE 13,950 446,226 RIVELLI NONE NONE 23,506 SZCZECH NONE NONE 404,181 PART I, LINE 7 - NON-FIXED PAYMENTS THE COMPANY HAS AN ALL EMPLOYEE INCENTIVE PLAN. THE PLAN IS BASED ON A COMBINATION OF THE COMPANY'S FINANCIAL PERFORMANCE MEASURES, AND DISCRETIONARY INDIVIDUAL ASSESSMENT, AS APPROVED BY THE BOARD. PART III - OTHER ADDITIONAL INFORMATION THE FOLLOWING OFFICERS AND FORMER OFFICERS WERE COMPENSATED BY UL LLC AND/OR UNDERWRITERS LABORATORIES INC. (ULRI), BOTH OF WHICH ARE ORGANIZATIONS RELATED TO ULSE INC. : SHANNON, BRADY, RIVELLI, WEST, SZCZECH, KHOURY AND ROBINSON. THE RELATED ORGANIZATIONS ALSO PROVIDED SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS TO BRADY (AS AN OFFICER OF THE RELATED ORG) AND ROBINSON. IN 2023 ULRI CONTRIBUTED $17,213 TO BRADY'S PLAN AND UL LLC CONTRIBUTED $13,950 TO ROBINSON'S PLAN. THE REPORTED EQUITY BASED COMPENSATION PAYMENTS WERE PAID TO UL LLC EMPLOYEES BY UL LLC IN RELATION TO THEIR EMPLOYMENT. ULSE INC. DOES NOT OFFER EQUITY BASED COMPENSATION TO ITS EMPLOYEES. FORM 990, PART I & PART III, LINE 1 - ORGANIZATION'S MISSION ULSE INC. TRANSLATES SCIENTIFIC DISCOVERIES INTO STANDARDS AND POLICIES THAT HAVE THE POWER TO MAKE A SYSTEMIC IMPACT ON PUBLIC SAFETY THROUGHOUT THE WORLD. OUR EXTENSIVE LIBRARY OF STANDARDS HELPS TO MAKE EVERYDAY THINGS SAFER, MORE SECURE, AND MORE SUSTAINABLE, FROM LIFE JACKETS TO BATTERIES TO AUTONOMOUS CARS. FORM 990 - PART VI, LINE 2 - FAMILY OR BUSINESS RELATIONSHIP TERRANCE BRADY AND JAMES SHANNON HAVE A BUSINESS RELATIONSHIP. FORM 990 - PART VI, LINE 6 - CLASSES OF MEMBERS OR STOCKHOLDERS UNDERWRITERS LABORATORIES INC. IS THE SOLE MEMBER OF THE ORGANIZATION. THE ORGANIZATION DOES NOT HAVE CAPITAL STOCK OR ANY STOCKHOLDERS. FORM 990 - PART VI, LINE 7A - ELECTION OF MEMBERS AND THEIR RIGHTS THE SOLE MEMBER OF THE ORGANIZATION IS NOT ELECTED. THE SOLE MEMBER OF THE ORGANIZATION HAS THE RIGHT TO ELECT THE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHICH IS THE BOARD OF DIRECTORS. FORM 990 - PART VI, LINE 7B - DECISIONS SUBJECT TO APPROVAL OF MEMBERS UNDER THE LAW OF THE STATE OF INCORPORATION, IN ADDITION TO THE ELECTION OF THE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, CERTAIN ACTIONS SUCH AS COMPLETE DISSOLUTION OF THE OGANIZATION WOULD BE SUBJECT TO APPROVAL BY THE SOLE MEMBER. FORM 990 - PART VI, LINE 11B - ORGANIZATION'S PROCESS TO REVIEW FORM 990 THE FORM 990 TAX RETURN IS PREPARED BY AN OUTSIDE PROFESSIONAL ACCOUNTING FIRM. A DRAFT OF THE RETURN IS INITIALLY REVIEWED BY THE TAX MANAGER, AFTER WHICH IT IS SENT FOR OFFICERS REVIEW, WHICH INCLUDE THE SVP/CHIEF FINANCIAL OFFICER AND VP OF LEGAL AFFAIRS. THE PROFESSIONAL ACCOUNTING FIRM ALSO SIGNS OFF ON THE RETURN AS THE PAID PREPARER OF THE RETURN. A COPY OF THE TAX RETURN IS ALSO MADE AVAILABLE TO THE ORGANIZATION'S BOARD MEMBERS PRIOR TO THE FILING DATE. FORM 990 - PART VI, LINE 12C - ENFORCEMENT OF CONFLICTS POLICY ULSE INC. REQUIRES ITS DIRECTORS AND OFFICERS TO SIGN OFF ON A CERTIFICATION OF COMPLIANCE TO THE ORGANIZATION'S STANDARDS OF BUSINESS CONDUCT AS WELL AS A DECLARATION OF COMPLIANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS. ADDITIONALLY, THE ORGANIZATION REQUIRES ALL OF ITS EMPLOYEES TO UNDERGO ETHICS TRAINING AND SIGN A CERTIFICATION OF COMPLIANCE ON AN ANNUAL BASIS. THE DIRECTORS ARE REQUIRED TO PROVIDE ANNUAL DISCLOSURE OF ANY CONFLICTS OR POTENTIAL CONFLICTS. FORM 990 - PART VI, LINE 15A - COMPENSATION PROCESS FOR TOP OFFICIAL THE PROCESS OF DETERMINING COMPENSATION FOR THE EXECUTIVE DIRECTOR, ALL OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION IS PERFORMED ANNUALLY. AN INDEPENDENT COMPENSATION CONSULTANT COMPLETES AN ANALYSIS OF COMPARABLE AND COMPETITIVE MARKET DATA WITH DATA ASSISTANCE FROM ULSE INC.'S HR/COMPENSATION GROUP. IT COVERS TOP MANAGEMENT OFFICIALS OF THE ORGANIZATION, INCLUDING ELECTED OFFICERS THROUGH VICE PRESIDENTS. THE ANALYSIS IS REVIEWED BY THE BOARD OF TRUSTEES, WHO PROVIDE FINAL APPROVAL OF ALL COMPENSATION ARRANGEMENTS. THE EXECUTIVE DIRECTOR AND SVP OF HR ARE PRESENT IN ALL BOARD MEETINGS BUT RECUSE THEMSELVES FOR DISCUSSION OF THEIR COMPENSATION. IN ADDITION, THE ORGANIZATION FOLLOWS THE PROCEDURES UNDER TREASURY REGULATION SECTION 53.4958-6 TO MEET THE REBUTTABLE PRESUMPTION OF REASONABLENESS FOR ALL TRANSACTIONS WITH DISQUALIFIED PERSONS. FORM 990 - PART VI, LINE 15B - COMPENSATION PROCESS FOR OFFICERS PLEASE SEE ABOVE. FORM 990 - PART VI, LINE 19 - GOVERNING DOCUMENTS DISCLOSURE EXPLANATION THE BY-LAWS OF THE ORGANIZATION ARE PRINTED AS A BROCHURE AND MADE AVAILABLE TO THE PUBLIC UPON REQUEST.THE DELAWARE CERTIFICATE OF INCORPORATION CAN BE OBTAINED BY ANYONE WHO REQUESTS IT THROUGH THE DELAWARE SECRETARY OF STATE'S OFFICE. THE ORGANIZATION DOES NOT MAKE ITS CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. IN ADDITION TO BEING AVAILABLE BY REQUEST FROM THE ORGANIZATION, THE FORM 990 IS ALSO AVAILABLE AT GUIDESTAR.ORG. FORM 990 - PART XI, LINE 6 ULSE INC. DONATES CERTAIN SERVICES AND THE USE OF FACILITIES TO ITS AFFILIATE, UNDERWRITERS LABORATORIES INC. FREE OF CHARGE PURSUANT TO A CONTRIBUTION OF SERVICES AGREEMENT. IN 2023, THE VALUE OF THE DONATED SERVICES AND FACILITIES WAS $18,144,424. 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