__ Preliminary Proxy Statement | |||||
__ Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |||||
X Definitive Proxy Statement | |||||
__ Definitive Additional Materials | |||||
__ Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-12 |
__ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. |
/s/ Gary R. Martz | ||||||||
Gary R. Martz | ||||||||
Corporate Secretary | ||||||||
January 14, 2022 | ||||||||
Page | ||||||
Notice of Annual Meeting of Stockholders | 2 | |||||
Information About the Annual Meeting | 4 | |||||
Proposal | 5 | |||||
Corporate Governance | ||||||
Skills and Attributes of our Board | 10 | |||||
Board Responsibilities | 11 | |||||
Committees of the Board | ||||||
Board Leadership Structure | ||||||
Director Independence | 13 | |||||
Board’s Role in Risk Management Oversight | ||||||
Availability of Corporate Governance Documents | ||||||
Director Compensation for Fiscal | ||||||
Executive Officers of the Company | ||||||
Stock Holdings of Certain Owners and Management | ||||||
Compensation Discussion and Analysis | ||||||
Summary of Executive Compensation Governance Practices | ||||||
Compensation Committee | ||||||
Compensation Philosophy and Objectives | ||||||
Elements of Our Compensation Program | ||||||
Base Salary | ||||||
Short-Term Incentive Plan | ||||||
Long-Term Incentive Plan | ||||||
Retirement and Deferred Compensation Plans | ||||||
"Say-on-Pay" Advisory Votes | ||||||
31 | ||||||
2021 Performance Reviews of CEO and Other NEOs | ||||||
Compensation Committee Matters | ||||||
Compensation Committee Report | ||||||
Executive Compensation Tables | ||||||
Pay Ratio | ||||||
Audit Committee Matters | ||||||
Report of the Audit Committee | ||||||
Audit Committee Pre-Approval Policy | ||||||
Fees of the Independent Registered Public Accounting Firm | ||||||
Other Matters | ||||||
Stockholder Nominations and Proposals | ||||||
Certain Relationships and Related Party Transactions | ||||||
VOTE IN ADVANCE OF THE MEETING | VOTE DURING THE MEETING | |||||||||||||
Via the Internet | By Phone | By Mail | In Person | |||||||||||
Visit www.proxyvote.com to submit a proxy via computer or your mobile device | Call 1-800-690-6903 24/7 within the United States | Mark, sign and date your proxy card and mail promptly in the enclosed postage-paid envelope. | Attend the Virtual Meeting at www.virtualshareholdermeeting.com/GEF2022 and vote by ballot. | |||||||||||
Director Nominees |
![]() |
PETER G. WATSON | |||||
![]() | Age: President and Chief Executive Officer (retiring February 1, 2022) Executive Chairman of the Board (effective February 1, 2022) Director since Mr. Watson has been named by the Board to serve as Executive Chairman of the Board of Directors effective February 1, 2022. Mr. Watson has served as President and Chief Executive Officer of the Company since November 2015. Mr. Watson Other Board Service: •Current - Ohio Health Corporation (faith and culture; compensation) •Current - Central Ohio American Heart Association |
OLE G. ROSGAARD | |||||
![]() | Age: 58 Director Nominee Chief Operating Officer (until January 31, 2022) President and Chief Executive Officer (effective February 1, 2022) Mr. Rosgaard will serve as President and Chief Executive Officer of the Company effective February 1, 2022. Since July 2021, Mr. Rosgaard has served as Chief Operating Officer. From June 2019 to June 2021, he served as Senior Vice President, Group President of Mr. Rosgaard was nominated to Other Board Service: •Current - United Way of |
VICKI L. | |||||
![]() | Age: Independent Director since 2004 Compensation Committee member From June 2008 until her retirement in September 2013, Ms. Ms. Avril-Groves was nominated to serve as a director Other Board Service: •Current - Commercial Metals Company (NYSE) (compensation (chair); nominating and corporate governance) •Current - Finning International, Inc. (TSX) (audit; safety, environmental and social responsibility) •Past - Global Brass and Copper Holdings, Inc. (NYSE) (audit; compensation; governance and nominating) |
BRUCE A. EDWARDS | |||||
![]() | Age: Independent Director since 2006 Audit (Chair) Committee Audit Committee Financial Expert Lead Director (effective March 1, 2022) From March 2008 until his Mr. Edwards Other Board Service: •Current - Gustavus Adophus College (audit) •Current - ODW Logistics •Past - Deutsche Post/DHL (management board) •Past - Ashtead Group PLC (London exchange) (audit; nomination) •Past - Synergy Health PLC (London exchange) (audit; remuneration; nomination) |
MARK A. EMKES | |||||
![]() | Age: Independent Director since 2008 Compensation Committee (Chair) member From January 2011 until his retirement in May 2013, Mr. Emkes served as Commissioner of Finance and Administration for the State of Tennessee. Previously, Mr. Emkes was Chairman and Chief Executive Officer of Bridgestone Americas, Inc. and Bridgestone Americas Holdings, Inc., a tire and rubber manufacturing company for more than five years prior to his retirement from that position in February 2010. He was also President of these companies from January 2009 until his retirement. Mr. Emkes Other Board Service: •Current - CoreCivic Corporation (NYSE) (chairman of the •Current - Boy Scouts of •Current - Community Foundation of •Past - First Horizon National Corporation (NYSE) (audit (chair); compensation; information technology) •Past - Clarcor, Inc. (formerly on the |
JOHN F. FINN | |||||
![]() | Age: Independent Director since 2007 Audit and Nominating Committee member For more than five years, Mr. Finn has been Chairman and Chief Executive Officer of Gardner, Inc., a supply chain management company servicing industrial and consumer customers. Mr. Finn Other Board Service: •Current - J.P. Morgan Asset Management (registered investment company) - (chairman of the board, governance (chair); equity) •Current - Columbus Association for the Performing Arts •Past - Cardinal Health, Inc. (NYSE) (lead director, audit (chair); nominating (chair)) |
DANIEL J. GUNSETT | |||||
![]() | Age: Independent Director since 1996 Compensation, Nominating (Chair) and Stock Repurchase Committee For more than five years and until his retirement in December 2020, Mr. Gunsett Mr. Gunsett |
![]() | Other Board Service: •Past - Recreation Unlimited Foundation |
JOHN W. MCNAMARA | |||||
![]() | Age: Independent Director since 2009 Audit and Nominating Committee member Prior to September 2017 and for more than five years, Mr. McNamara |
ROBERT M. PATTERSON | |||||
![]() | Age: 49 Independent Director since 2020 Audit Committee member Since May 2014, Mr. Patterson has served as President and Chief Executive Officer of Avient Corporation (formerly PolyOne Corporation), a provider of specialty polymer materials, and since May 2016 has also served as its Chairman of the Board. Mr. Patterson has served in various leadership roles with Avient, including Chief Financial Officer, since joining that company in May 2008. Prior to that time, Mr. Patterson served in leadership roles at Novelis, Inc., a manufacturer of aluminum-rolled products, and SPX Corporation, a multi-industry manufacturer and developer. Mr. Patterson was nominated to serve as a director based on his leadership, experience and judgment as a current chief executive officer and chairman of a publicly traded manufacturing company and his hands on management and operations experience in various industries and markets relevant to our products and services. In making its nomination of Mr. Patterson, the Nominating Committee considered his valuable and extensive experience and knowledge in the areas of auditing, finance, global markets, operations, strategic planning, risk management, and mergers and acquisitions, and his experience as chairman of the board of a publicly traded company, which provides experience with corporate governance. Other Board Service: •Current - Avient Corporation (NYSE) (chairman of the board; environmental, health and safety) |
KIMBERLY SCOTT | |||||
![]() | Age: 49 Director Nominee Since October 2021, Ms. Scott has served as President and Chief Executive Officer of Aramark Uniform Services, a division of Aramark, a global provider of food, facilities, and uniform services. From January 2021 to September 2021, Ms. Scott served as Chief Operating Officer of Terminix Global Holdings, a provider of residential and commercial pest control services, and from December 2019 to January 2021 she was President of Terminix Residential, a division of Terminix Global Holdings. From July 2018 to September 2019, Ms. Scott was President of Rubicon Global Holdings, a provider of cloud-based waste and recycling solutions. Prior to that time and for more than five years, Ms. Scott served in various leadership roles at Brambles Limited, including President of CHEP North America, a global leader in the provision of reusable pallets, crates and containers and logistic services. Ms. Scott was nominated to serve as a director based on her leadership, experience and judgment as a current division president and chief executive officer of a leading global food, facilities, and uniform service provider and her management and operations experience in various industries and markets relevant to our products and services. In making its nomination of Ms. Scott, the Nominating Committee considered her valuable and extensive experience and knowledge in the areas of manufacturing, supply chain, operations, logistics, strategic planning, global markets, customer service, environmental, risk management, and mergers and acquisitions. Other Board Service: •Past - Rubicon Global Holdings •Past - U.S. Chamber of Commerce •Past - Wharton Initiative for Global Environment Leadership, Wharton School, University of Pennsylvania |
Board Recommendation |
Skills and Attributes of our Board |
![]() Leadership | Directors with senior leadership experience in complex public, private and government organizations, whether as an officer or board member, are better able to oversee the management of the Company. This experience also brings perspective in analyzing, shaping and overseeing the execution of important operational issues and developing strategy and methods to drive change and growth. Directors with leadership experience generally possess strong abilities to motivate and manage others and to recognize and develop leadership skills in others. | |||||||||||||
![]() Governance/ Board Service | Directors with corporate governance experience gained from service on company boards provide valuable insight into the dynamics and operations of the Board and the impact that governance and compensation decisions have on the Company and stockholders. This supports the Company's goals of strong corporate governance practices through Board and management accountability, transparency, legal and regulatory compliance and protection of stockholder interests. | |||||||||||||
![]() International | Directors with international or global markets experience bring valuable knowledge and perspective of global industry dynamics to the Company, including exposure to different cultural perspectives and practices and different political and regulatory environments. This provides critical insight into the scope of opportunities and risk related to our international operations. | |||||||||||||
![]() Manufacturing/ Supply Chain | Directors with experience and responsibility for managing or overseeing the manufacturing operations and supply chain logistics of a company gain extensive experience with maximizing operational performance and efficiencies while managing expenses and can provide insight and guidance in connection with strategy to deliver cost savings and fuel growth through sustainable means. | |||||||||||||
![]() Accounting/ Finance | Directors with an understanding of accounting, financial reporting, capital allocation processes and financial markets are essential to ensuring effective oversight of the Company's financial resources and processes and providing valuable advice and insights with respect to establishing a successful capital strategy critical to our ongoing success. | |||||||||||||
![]() Strategy/ M&A | Directors with strategic planning and merger and acquisition experience are able to provide insight as we identify the best strategic manner in which to expand our business and drive growth either through innovative strategic initiatives or acquisitions and other business ventures. Such individuals can provide valuable guidance on how to develop a strategic plan and oversee the execution of key strategic initiatives and evaluating our progress of those initiatives. | |||||||||||||
![]() Risk Management | Directors with risk management and compliance oversight experience can provide valuable insight and guide the Board and management in executing its responsibilities to identify, evaluate and understand the various risks and the magnitude of those risks facing the Company and ensure there are appropriate policies and procedures in place to effectively mitigate and manage those risks. | |||||||||||||
![]() Government/ Legal | Directors with government and legal experience have valuable insight into the key issues the Company faces with navigating and complying with legal reporting requirements and governmental and regulatory affairs in a complex global economy. |
Board Responsibilities |
Committees of the Board |
AUDIT COMMITTEE | |||||
Members: Bruce A. Edwards (Chair/Financial Expert) John F. Finn John W. McNamara Robert M. Patterson | Primary Responsibilities: •Reviews critical audit matters •Reviews and approves related party transactions |
COMPENSATION COMMITTEE | |||||
Members: Vicki L. | Primary Responsibilities: •Reviews at least annually our incentive compensation and equity-based compensation plans, including their design and implementation | ||||
NOMINATING AND CORPORATE GOVERNANCE COMMITTEE | |||||
Members: John F. Finn Michael J. Gasser | Primary Responsibilities: •Administers and oversees the annual Board and Committee evaluation process •Reviews and recommends to the Board changes to our corporate governance guidelines |
STOCK REPURCHASE COMMITTEE 0 meetings in fiscal | |||||
Members: Michael J. Gasser (Chair) Daniel J. Gunsett | Primary Responsibilities: |
Board Leadership Structure |
Director Independence |
Board’s Role in Risk Management Oversight |
Board of Directors | Audit Committee | Compensation Committee | Nominating Committee | |||||||||||||||||
Reviews related party transactions |
Social | Governance | |||||||
![]() | ![]() | ![]() | ||||||
Highlights | ||||||||
•4.5 million containers reconditioned and recycled in 2020 (86,064 metric tons virgin materials saved) •Approximately 3.4 million tons of recycled fiber collected, brokered and/or processed in 2020 •Over 90 percent of the fiber used in our paper manufacturing operations is derived from purely recycled inputs •Surpassed 2020 greenhouse gas ("GHG") emissions target (reduced emissions by 11% per unit of production from 2014 baseline) •Announced a new target to reduce absolute Scope 1 and 2 GHG emissions by 28% by 2030. This target aligns to the prevailing climate science limit of keeping global warming to well below two degrees Celsius •At least 48 facilities achieved zero waste to landfill in 2021 and diverted 85% of waste from landfills in 2021 •0.74 lost workday case rate in 2020, a 23% decrease since 2013 •Conducted an internal human rights assessment in 83 facilities within 23 countries in both 2020 and 2021 •Rated in the 90th percentile among all manufacturing companies in 2021 (Gallup Q12 Engagement Survey) •20% female representation on the Board of Directors and 23% female representation in our global workforce •Member of the World Business Council for Sustainable Development since 2008 •Signatory of United Nation Global Compact since 2016 •Member of the Alliance to End Plastic Waste in 2021 | ||||||||
Awards | ||||||||
•Awarded a Gold recognition from EcoVadis for the third consecutive year in 2020 (top 3% of all companies assessed) •ESG rating of “A” by MSCI ESG Research LLC in 2021 •Received Prime status in 2020 by ISS ESG •Recognized by Newsweek as one of America’s Most Responsible Companies in 2021 |
Availability of Corporate Governance Documents |
Name (1) | Fees ($) | Stock Awards ($) (2) | All Other Compensation ($) (3) | Total ($) | ||||||||||
Michael J. Gasser | 234,534 | 134,965 | 3,600 | 373,099 | ||||||||||
Vicki L. Avril-Groves | 103,284 | 134,965 | — | 238,249 | ||||||||||
Bruce A. Edwards | 116,784 | 134,965 | 1,500 | 253,249 | ||||||||||
Mark A. Emkes | 121,284 | 134,965 | — | 256,249 | ||||||||||
John F. Finn | 107,534 | 134,965 | 1,500 | 243,999 | ||||||||||
Daniel J. Gunsett | 122,034 | 134,965 | 6,600 | 263,599 | ||||||||||
Judith Hook | 105,784 | 134,965 | — | 240,749 | ||||||||||
John W. McNamara | 106,534 | 134,965 | 3,600 | 245,099 | ||||||||||
Robert M. Patterson | 100,284 | 134,965 | — | 235,249 |
Name (1) | Fees ($) | Stock Awards ($) (2) | All Other Compensation ($) | Total ($) | |
Michael J. Gasser | 231,260 | 134,990 | — | 366,250 | |
Vicki L. Avril | 89,010 | 134,990 | — | 224,000 | |
Bruce A. Edwards | 102,510 | 134,990 | — | 237,500 | |
Mark A. Emkes | 89,010 | 134,990 | — | 224,000 | |
John F. Finn | 92,510 | 134,990 | — | 227,500 | |
Daniel J. Gunsett (3) | 109,010 | 134,990 | 3,000 | 247,000 | |
Judith Hook | 104,010 | 134,990 | — | 239,000 | |
John W. McNamara | 87,510 | 134,990 | — | 222,500 | |
Patrick J. Norton (4) | 89,010 | 134,990 | 10,000 | 234,000 |
Director Compensation Arrangements |
November 1, 2020 - June 30, 2021 | July 1, 2021 - October 31, 2021 | |||||||||||||
Board of Director Fees | Board Annual Retainer | Stock Award | Board Annual Retainer | Stock Award | ||||||||||
Chairman of the Board | $215,000 | $135,000 | $240,000 | $142,000 | ||||||||||
All Other Outside Directors | $75,000 | $135,000 | $100,000 | $142,000 | ||||||||||
Committee Meeting Fees | Committee Meeting Attendance | Chair Annual Retainer | Committee Annual Retainer | Chair Annual Retainer | ||||||||||
Audit | $1,500 | $15,000 | $10,000 | $20,000 | ||||||||||
Compensation | $1,500 | $15,000 | $10,000 | $20,000 | ||||||||||
Nominating | $1,250 | $10,000 | $5,000 | $15,000 |
Stock Ownership Guidelines for Directors |
Director Participation in Directors Deferred Compensation Plan |
Name | Age (1) | Positions and Offices | Year first became executive officer | ||||||||
Peter G. Watson | 65 | President and Chief Executive Officer | 2011 | ||||||||
Lawrence A. Hilsheimer | 64 | Executive Vice President, Chief Financial Officer | 2014 | ||||||||
Ole G. Rosgaard | 59 | Chief Operating Officer | 2015 | ||||||||
Gary R. Martz | 63 | Executive Vice President, General Counsel and Secretary | 2002 | ||||||||
Bala V. Sathyanarayanan | 51 | Executive Vice President and Chief Human Resources Officer | 2018 | ||||||||
Timothy L. Bergwall | 57 | Senior Vice President and Group President, Paper Packaging & Services and Soterra LLC | 2014 | ||||||||
Michael Cronin | 64 | Senior Vice President, Enterprise Strategy and Global Sourcing, and Supply Chain | 2015 | ||||||||
Douglas W. Lingrel | 58 | Vice President and Chief Administrative Officer | 2010 | ||||||||
Patrick G. Mullaney | 52 | Vice President and Group President, Global Industrial Packaging | 2022 | ||||||||
Kimberly A. Kellermann | 45 | Vice President, Global Operations Group | 2022 | ||||||||
Tina R. Schoner | 54 | Chief Supply Chain Officer | 2022 | ||||||||
Matthew D. Eichmann | 43 | Vice President, Investor Relations, External Relations and Sustainability | 2022 | ||||||||
David C. Lloyd | 52 | Vice President, Controller and Treasurer | 2014 |
Name | Age (1) | Positions and Offices | Year first became executive officer |
Peter G. Watson | 62 | President and Chief Executive Officer | 2011 |
Lawrence A. Hilsheimer | 61 | Executive Vice President and Chief Financial Officer | 2014 |
Gary R. Martz | 60 | Executive Vice President, General Counsel and Secretary | 2002 |
Michael Cronin | 61 | Senior Vice President and Group President, RIPS EMEA and APAC, GPA and Global Key Accounts | 2015 |
Ole G. Rosgaard | 55 | Senior Vice President and Group President, RIPS Americas and Global Sustainability | 2015 |
Bala V. Sathyanarayanan | 48 | Senior Vice President and Chief Human Resources Officer | 2018 |
Timothy L. Bergwall | 54 | Vice President and Group President, Paper Packaging & Services and Soterra LLC | 2014 |
Hari K. Kumar | 56 | Vice President and Division President, Flexible Products & Services | 2016 |
Douglas W. Lingrel | 55 | Vice President and Chief Administrative Officer | 2010 |
David C. Lloyd | 49 | Vice President, Corporate Financial Controller and Treasurer | 2014 |
Christopher E. Luffler | 43 | Vice President, Business Managerial Controller | 2014 |
Name | Title of Class | Shares Beneficially Owned (1) | Percent of Class(2) | |||||||||||
Patricia M. Dempsey 12781 NE 72nd Boulevard, Lady Lake, FL 32162 | Class B | 3,050,502 | (3)(4) | 13.86% | ||||||||||
Shannon J. Diener 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 3,208,886 | (3)(5) | 14.58% | ||||||||||
Mary T. McAlpin 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 3,270,676 | (3)(6) | 14.86% | ||||||||||
Virginia D. Ragan 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 3,578,310 | (3)(7) | 16.26% | ||||||||||
Article 4(c) Trust c/o Shannon Diener 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 2,127,026 | (3)(8) | 9.66% | ||||||||||
Nicholas J. Petitti 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 2,982,210 | (3)(9) | 13.55% | ||||||||||
JDH 2021 Trust c/o Nicholas J. Petitti 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 2,317,451 | (3)(10) | 10.53% | ||||||||||
Vicki L. Avril-Groves | Class A | 40,177 | (11) | * | ||||||||||
Michael Cronin | Class A | 34,345 | (12) | * | ||||||||||
Bruce A. Edwards | Class A Class B | 47,177 2,000 | (11) | * | ||||||||||
Mark A. Emkes | Class A | 37,857 | (11) | * | ||||||||||
John F. Finn | Class A | 35,667 | (11) | * | ||||||||||
Michael J. Gasser | Class A Class B | 182,775 23,796 | (11) | * * | ||||||||||
Daniel J. Gunsett | Class A Class B | 34,638 4,000 | (11) | * * | ||||||||||
Lawrence A. Hilsheimer | Class A Class B | 83,773 87,914 | (12) | * * | ||||||||||
Gary R. Martz | Class A Class B | 67,993 8,100 | (12) | * | ||||||||||
John W. McNamara | Class A Class B | 30,638 440,603 | (11) (13) | * 2.00% | ||||||||||
Robert M. Patterson | Class A | 19,760 | (11) | * | ||||||||||
Ole G. Rosgaard | Class A | 42,956 | (12) | * | ||||||||||
Kimberly Scott | — | — | ||||||||||||
Peter G. Watson | Class A Class B | 228,650 4,400 | (12) | * * | ||||||||||
All directors and executive officers as a group (22 persons) | Class A Class B | 980,718 572,033 | (11)(12) | 3.68% 2.59% |
Name | Title of Class | Shares Beneficially Owned (1) | Percent of Class(2) | ||
Patricia M. Dempsey 12781 NE 72nd Boulevard, Lady Lake, FL 32162 | Class B | 3,050,502 | (3)(4) | 13.86% | |
Shannon J. Diener 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 3,219,075 | (3)(5) | 14.62% | |
Mary T. McAlpin 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 3,208,886 | (3)(6) | 14.58% | |
Virginia D. Ragan 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 3,567,962 | (3)(7) | 16.21% | |
Article 4(c) Trust c/o Shannon Diener 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class B | 2,127,026 | (3)(8) | 9.66% | |
Vicki L. Avril | Class A | 30,709 | (9) | * | |
Michael Cronin | Class A | 3,721 | * | ||
Bruce A. Edwards | Class A Class B | 37,709 2,000 | (9) | * | |
Mark A. Emkes | Class A | 27,199 | (9) | * | |
John F. Finn | Class A | 26,199 | (9) | * | |
Michael J. Gasser | Class A Class B | 173,307 23,796 | (9) | * * | |
Daniel J. Gunsett | Class A Class B | 25,170 4,000 | (9) | * * | |
Lawrence A. Hilsheimer | Class A Class B | 70,003 31,861 | * * | ||
Judith D. Hook 200 Civic Center Drive, Suite 1200 Columbus, OH 43215 | Class A Class B | 37,558 2,482,337 | (9)(10) (11) | * 11.27% | |
Gary R. Martz | Class A Class B | 46,202 1,100 | * | ||
John W. McNamara | Class A Class B | 21,170 436,362 | (9)(12) (13) | * 1.98% | |
Ole G. Rosgaard | Class A | 5,415 | * | ||
Peter G. Watson | Class A Class B | 51,299 4,400 | * * | ||
All directors and executive officers as a group (19 persons) | Class A Class B | 589,236 2,985,856 | (9) | 2.27% 13.56% |
Delinquent Section 16(a) |
Overview and Introduction |
Name | Title | ||||
Peter G. Watson | President and Chief Executive Officer | ||||
Lawrence A. Hilsheimer | Executive Vice President, | ||||
Ole G. Rosgaard | Chief Operating Officer | ||||
Gary R. Martz | Executive Vice President, General Counsel and Secretary | ||||
Michael Cronin | Senior Vice President, | ||||
Summary of Executive Compensation Governance Practices |
We Do | We Don’t Do | ||||
ü Significant portion of executive total compensation “at risk” | û Hedging or short sales by executive officers or directors | ||||
ü Objective and different metrics for annual and long-term | û Repricing of options without stockholder approval | ||||
ü Caps on annual and long-term incentive pay | û Significant perquisites | ||||
ü Stock ownership guidelines and holding requirements | û Tax gross-ups for perquisites | ||||
ü | û Pledging of Greif stock (requires pre-approval) | ||||
ü Incentive compensation targeted at market and "pay for performance" | ûEmployment contracts or change-in-control arrangements | ||||
û Accelerated vesting of equity awards upon retirement |
Compensation Committee |
Compensation Philosophy and Objectives |
Key Objectives of Our "Pay for Performance" Philosophy | •Attract, recruit and hire talented and outcome driven executives on a local, regional or global basis as needed and appropriately incentivize and reward our current executive officers. •Offer short-term and long-term incentive bonus plans that •Emphasize at-risk components of an executive compensation program to motivate and incentivize our executive officers to drive stockholder value and align their interests with the interest of our stockholders. |
Aptargroup, Inc. | ||||||||
Sealed Air Corporation | ||||||||
Silgan Holdings, Inc. | ||||||||
Sonoco Products Company | ||||||||
Berry Global Group, Inc. | The Timken Company | |||||||
Celanese Corporation | Owens-Illinois, Inc. | Universal Forest Products Inc. | ||||||
Valmont Industries, Inc. | ||||||||
Crown Holdings, Inc. | Patrick Industries, Inc. |
Elements of Our Compensation Program |
Base Salary |
NEOs | 2021 Base Salary | 2022 Base Salary | Percentage Change | ||||||||
Mr. Watson (1) | $1,090,000 | $1,090,000 | —% | ||||||||
Mr. Hilsheimer | $754,466 | $785,399 | 4.1% | ||||||||
Mr. Rosgaard (2) | $594,000 | $650,000 | —% | ||||||||
Mr. Martz | $630,078 | $655,911 | 4.1% | ||||||||
Mr. Cronin (3) | $608,160 | $600,944 | —% |
NEOs | 2018 Base Salary | 2019 Base Salary | Percentage Change |
Mr. Watson | $1,030,000 | $1,060,000 | 2.9% |
Mr. Hilsheimer | $701,988 | $720,239 | 2.6% |
Mr. Martz | $586,251 | $601,494 | 2.6% |
Mr. Cronin (1) | $538,125 | $565,479 | 2.6% |
Mr. Rosgaard | $466,866 | $506,550 | 8.5% |
Short-Term Incentive Plan |
Fiscal 2018 STIP Performance Metric | Threshold (50% Payout) | Target (100% Payout) | Maximum (200% Payout) | Actual Performance | Actual % Payout |
100% Corporate RONA(1) | 15.56 % | 16.94% | 18.31% | 18.05% | 181.33% (1) |
Fiscal 2021 STIP Performance Metrics | Threshold (50% Payout) | Target (100% Payout) | Maximum (200% Payout) | Actual Performance | Actual Percentage Payout (1) | ||||||||||||
80% OPBSI | $359.0 million | $428.6 million | $497.1 million | $530.4 million | 200% | ||||||||||||
20% OWC | 12.4% | 11.8% | 11.1% | 10.5% | 200% |
Fiscal 2019 STIP Performance Metrics | Threshold (50% Payout) | Target (100% Payout) | Maximum (200% Payout) |
80% OPBSI | 383.6 | 417.0 | 450.4 |
20% MSFCF | 468.5 | 501.9 | 535.3 |
Fiscal 2022 STIP Performance Metrics | Threshold (50% Payout) | Target (100% Payout) | Maximum (200% Payout) | ||||||||
80% OPBSI | $484.1 million | $576.4 million | $668.6 million | ||||||||
20% OWC | 11.6% | 11.0% | 10.4% |
Fiscal 2021 STIP Target Award Opportunity | Fiscal 2022 STIP Target Award Opportunity | |||||||||||||
NEOs | (% of Base Salary) | ($) | (% of Base Salary) | ($) | ||||||||||
Mr. Watson (1) | 125% | $1,362,500 | 125% | $1,362,500 | ||||||||||
Mr. Hilsheimer | 95% | $716,743 | 95% | $746,129 | ||||||||||
Mr. Rosgaard (2) | 80% | $475,200 | 80% | $520,000 | ||||||||||
Mr. Martz | 80% | $504,062 | 80% | $524,729 | ||||||||||
Mr. Cronin (3) | 65% | $395,304 | 65% | $390,614 |
Fiscal 2018 STIP Target Award | Fiscal 2019 STIP Target Award | |||
NEOs | (% of Base Salary) | ($) | (% of Base Salary) | ($) |
Mr. Watson | 125% | $1,287,500 | 125% | $1,325,000 |
Mr. Hilsheimer | 85% | $596,690 | 90% | $648,215 |
Mr. Martz | 70% | $410,376 | 75% | $451,121 |
Mr. Cronin (1) | 65% | $349,781 | 65% | $367,561 |
Mr. Rosgaard | 65% | $303,463 | 70% | $354,585 |
Long-Term Incentive Plan |
LTIP Target Award Opportunity for 2019-2021 Performance Period | ||||||||
NEOs | (% of Average Base Salary) | ($) | ||||||
Mr. Watson | 350% | $3,739,167 | ||||||
Mr. Hilsheimer | 210% | $1,542,475 | ||||||
Mr. Rosgaard | 135% | $754,997 | ||||||
Mr. Martz | 170% | $1,042,803 | ||||||
Mr. Cronin (1) | 125% | $725,264 |
LTIP Target Award for 2016-2018 Performance Period | ||
Named Executive Officer | (% of Average Base Salary) | ($) |
Mr. Watson | 300% | $2,910,101 |
Mr. Hilsheimer | 200% | $1,367,462 |
Mr. Martz | 160% | $915,330 |
Mr. Cronin (1) | 125% | $671,345 |
Mr. Rosgaard | 115% | $481,195 |
LTIP Performance Period | 2019-2021 | 2020-2022 | 2021-2023 | 2022-2024 | |||||||||||||
Plan Document | 2006 LTIP | 2020 LTIP | |||||||||||||||
Performance Metrics | EBITDA | EBITDA with a TSR Modifier (+/-20%) | |||||||||||||||
Award Opportunity | 50% Cash | CEO: 30% RSUs / 70% PSUs Other NEOs: 40% RSUs / 60% PSUs | |||||||||||||||
50% Restricted Stock | |||||||||||||||||
Determination of Payout* | Payout award at end of performance period based upon the percentage of performance metrics achieved | RSUs = three-year vesting requirement | |||||||||||||||
PSUs = awarded based upon the percentage of performance metrics achieved |
Threshold (33% Payout) | Target (100% Payout) | Maximum (200% Payout) | Actual Performance | Actual % Payout(1) | |||||||||||||
100% EBITDA | $ | $ | $ | $ |
NEOs | Number of RSUs | |||||||
Mr. Watson | 9,909 | |||||||
Mr. Hilsheimer | 10,941 | |||||||
Mr. Rosgaard | 15,332 | |||||||
Mr. Martz | 7,350 | |||||||
Mr. Cronin (1) | 4,438 |
3-Year Performance Period Ending Fiscal Year | EBITDA | |
Actual Performance Achieved (%) | Maximum Performance Achievable (%) | |
2018 | 168 | 200 |
2017 | 78 | 200 |
2016 | 35 | 200 |
Stock Ownership Guidelines |
Position | Ownership Level | ||||
CEO | 5X Base Salary | ||||
Executive Officers (other than CEO) | 3X Base Salary | ||||
Key Employees | 1X Base Salary |
Retirement and Deferred Compensation Plans |
Defined Benefits | Defined Contribution | |||||||||||||||||||
Qualified | Nonqualified | Qualified | Nonqualified | |||||||||||||||||
Name | Pension Plan | SERP | 401(k) | DC SERP | NQSP | NQDCP | ||||||||||||||
Mr. Watson | ü | ü | ü | |||||||||||||||||
Mr. Hilsheimer | ü* | ü | ||||||||||||||||||
Mr. Rosgaard | ü* | ü | ü | |||||||||||||||||
Mr. Martz | ü | ü | ü | |||||||||||||||||
Mr. Cronin | ü** |
Perquisites |
“Say-on-Pay” Advisory Votes |
Recoupment Policy | ||
1. Financial Performance Results | ||
2. Strategic Effectiveness and Innovation | ||
3. Business Management | ||
4. Talent Management | ||
5. Personal Effectiveness | ||
6. Board Relations (CEO only) |
Compensation Committee Interlocks and Insider Participation |
Compensation Committee Report |
Vicki L. |
Summary Compensation Table |
Name and Principal Position | Year | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) | All Other Compensation ($)(5) | Total ($) | ||||||||||||||||||||
Peter G. Watson President and Chief Executive Officer | 2021 | 1,084,231 | 882,736 | 3,472,833 | 2,644,444 | 14,145 | 8,098,389 | ||||||||||||||||||||||
2020 | 1,060,000 | — | 1,037,783 | 2,116,727 | 1,293,936 | 14,018 | 5,522,464 | ||||||||||||||||||||||
2019 | 1,055,385 | — | 1,842,742 | — | 3,341,348 | 1,721,549 | 13,501 | 10,187,093 | |||||||||||||||||||||
Lawrence A. Hilsheimer Executive Vice President, Chief Financial Officer | 2021 | 750,377 | 364,156 | 1,741,981 | 33,623 | 385,214 | 3,275,351 | ||||||||||||||||||||||
2020 | 731,209 | — | 430,499 | — | 949,846 | 9,015 | 611,672 | 2,732,241 | |||||||||||||||||||||
2019 | 717,431 | — | 816,462 | — | 1,538,513 | 4,038 | 298,240 | 3,374,684 | |||||||||||||||||||||
Ole G. Rosgaard Chief Operating Officer | 2021 | 602,123 | 178,204 | 1,190,999 | — | 97,822 | 2,069,148 | ||||||||||||||||||||||
2020 | 550,000 | — | 190,989 | — | 499,388 | — | 18,968 | 1,259,345 | |||||||||||||||||||||
2019 | 506,628 | — | 348,826 | — | 759,907 | — | 21,580 | 1,636,941 | |||||||||||||||||||||
Gary R. Martz Executive Vice President, General Counsel and Secretary | 2021 | 626,663 | 246,148 | 1,216,686 | 1,389,001 | 14,145 | 3,492,643 | ||||||||||||||||||||||
2020 | 610,655 | — | 287,609 | — | 646,556 | 777,343 | 14,018 | 2,336,181 | |||||||||||||||||||||
2019 | 599,149 | — | 545,472 | — | 1,045,020 | 1,235,282 | 13,180 | 3,438,103 | |||||||||||||||||||||
Michael Cronin Sr. Vice President, Enterprise Strategy and Global Sourcing and Supply Chain (6) | 2021 | 580,821 | 290,106 | 1,071,332 | 27,137 | 179,066 | 2,148,462 | ||||||||||||||||||||||
2020 | 592,734 | — | 182,598 | 508,264 | 51,958 | 140,974 | 1,476,528 | ||||||||||||||||||||||
2019 | 581,878 | — | 401,690 | — | 795,117 | 62,576 | 127,689 | 1,968,950 |
Name | Fiscal Year | Short-Term Incentive Plan Awards ($) | Long-Term Incentive Plan Awards ($) | Total Non-Equity Incentive Plan Compensation Awards ($) | ||||||||||
Peter G. Watson | 2021 | 2,725,000 | 747,833 | 3,472,833 | ||||||||||
2020 | 862,628 | 1,254,099 | 2,116,727 | |||||||||||
2019 | 1,258,008 | 2,083,340 | 3,341,348 | |||||||||||
Lawrence A. Hilsheimer | 2021 | 1,433,486 | 308,495 | 1,741,981 | ||||||||||
2020 | 429,610 | 520,236 | 949,846 | |||||||||||
2019 | 615,441 | 923,072 | 1,538,513 | |||||||||||
Ole G. Rosgaard | 2021 | 1,040,000 | 150,999 | 1,190,999 | ||||||||||
2020 | 268,554 | 230,834 | 499,388 | |||||||||||
2019 | 365,534 | 394,373 | 759,907 | |||||||||||
Gary R. Martz | 2021 | 1,008,125 | 208,561 | 1,216,686 | ||||||||||
2020 | 298,984 | 347,572 | 646,556 | |||||||||||
2019 | 428,312 | 616,708 | 1,045,020 | |||||||||||
Michael Cronin | 2021 | 781,226 | 290,106 | 1,071,332 | ||||||||||
2020 | 251,572 | 256,692 | 508,264 | |||||||||||
2019 | 340,968 | 454,149 | 795,117 |
Name and Principal Position | Year | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) | All Other Compensation ($)(5) | Total ($) | ||||||
Peter G. Watson President and Chief Executive Officer | 2018 | 1,022,323 | — | 2,735,452 | — | 4,780,419 | 1,636,340 | 12,559 | 10,187,093 | ||||||
2017 | 967,778 | — | 836,573 | — | 1,670,539 | 1,092,876 | 13,120 | 4,580,886 | |||||||
2016 | 834,617 | 75,000 | 171,981 | — | 1,450,095 | 935,632 | 9,272 | 3,476,597 | |||||||
Lawrence A. Hilsheimer Executive Vice President and Chief Financial Officer | 2018 | 699,560 | — | 1,285,379 | — | 2,231,261 | 11,640 | 335,766 | 4,563,606 | ||||||
2017 | 682,635 | — | 683,269 | — | 1,039,666 | 7,314 | 242,932 | 2,655,816 | |||||||
2016 | 662,500 | 13,000 | 200,823 | — | 917,646 | 3,258 | 249,776 | 2,047,003 | |||||||
Gary R. Martz Executive Vice President, General Counsel and Secretary (6) | 2018 | 584,223 | 75,000 | 860,395 | — | 1,513,423 | 526,890 | 12,955 | 3,572,886 | ||||||
2017 | 570,587 | — | 482,362 | — | 714,086 | 562,013 | 13,120 | 2,342,168 | |||||||
2016 | 555,240 | 10,920 | 153,056 | — | 674,732 | 645,817 | 13,225 | 2,052,990 | |||||||
Michael Cronin Senior Vice President and Group President (7) | 2018 | 538,196 | — | 631,056 | — | 1,213,841 | 33,323 | 118,812 | 2,535,228 | ||||||
2017 | 525,000 | — | 185,744 | — | 473,568 | 70,382 | 97,180 | 1,351,874 | |||||||
2016 | 508,475 | — | 39,457 | — | 604,218 | 14,062 | 113,074 | 1,279,286 | |||||||
Ole Rosgaard Senior Vice President and Group President | 2018 | 460,337 | — | 452,297 | — | 954,689 | — | 21,205 | 1,888,528 | ||||||
2017 | 404,040 | — | 150,211 | — | 419,711 | — | 10,320 | 984,282 | |||||||
2016 | 358,000 | 53,083 | — | — | 361,295 | — | 16,039 | 788,417 |
Name | Fiscal Year | Short Term Incentive Plan Awards ($) | Long Term Incentive Plan Awards ($) | Total Non-Equity Incentive Plan Compensation Awards ($) | |||||||
Peter G. Watson | 2018 | 2,334,624 | 2,445,795 | 4,780,419 | |||||||
2017 | 1,078,111 | 592,428 | 1,670,539 | ||||||||
2016 | 1,283,401 | 166,694 | 1,450,095 | ||||||||
Lawrence A. Hilsheimer | 2018 | 1,081,978 | 1,149,283 | 2,231,261 | |||||||
2017 | 548,964 | 490,702 | 1,039,666 | ||||||||
2016 | 722,982 | 194,664 | 917,646 | ||||||||
Gary R. Martz | 2018 | 744,134 | 769,289 | 1,513,423 | |||||||
2017 | 372,496 | 341,590 | 714,086 | ||||||||
2016 | 526,332 | 148,400 | 674,732 | ||||||||
Michael Cronin | 2018 | 649,609 | 564,232 | 1,213,841 | |||||||
2017 | 341,250 | 132,318 | 473,568 | ||||||||
2016 | 565,982 | 38,236 | 604,218 | ||||||||
Ole Rosgaard | 2018 | 550,269 | 404,420 | 954,689 | |||||||
2017 | 275,876 | 143,836 | 419,711 | ||||||||
2016 | 361,295 | — | 361,295 |
Name | Year | 401(k) Match and Contribution ($)† | Company paid Life Insurance and other Premiums ($)†† | Value of Wellness Physical Exams ($) | DC SERP ($)††† | Perquisites and Other Personal Benefits ($)†††† | Total All Other Compensation ($) | |||||||||||||||
Peter G. Watson | 2018 | 7,854 | 1,905 | 2,800 | — | — | 12,559 | |||||||||||||||
2017 | 8,100 | 2,220 | 2,800 | — | — | 13,120 | ||||||||||||||||
2016 | 4,147 | 2,325 | 2,800 | — | — | 9,272 | ||||||||||||||||
Lawrence A. Hilsheimer | 2018 | 16,500 | 1,905 | 727 | 316,634 | — | 335,766 | |||||||||||||||
2017 | 8,100 | 2,220 | — | 232,612 | — | 242,392 | ||||||||||||||||
2016 | 7,665 | 2,325 | — | 239,786 | — | 249,776 | ||||||||||||||||
Gary R. Martz | 2018 | 8,250 | 1,905 | 2,800 | — | — | 12,955 | |||||||||||||||
2017 | 8,100 | 2,220 | 2,800 | — | — | 13,120 | ||||||||||||||||
2016 | 8,100 | 2,325 | 2,800 | — | — | 13,225 | ||||||||||||||||
Michael Cronin | 2018 | — | 38,162 | — | — | 80,650 | 118,812 | |||||||||||||||
2017 | — | 27,024 | — | — | 70,488 | 97,180 | ||||||||||||||||
2016 | — | — | — | — | 113,074 | 113,074 | ||||||||||||||||
Ole Rosgaard | 2018 | 16,500 | 1,905 | 2,800 | — | — | 21,205 | |||||||||||||||
2017 | 8,100 | 2,220 | — | — | — | 10,320 | ||||||||||||||||
2016 | 10,914 | 2,325 | 2,800 | — | — | 16,039 |
Name | Year | 401(k) Match and Contribution ($)† | Company paid Life Insurance and other Premiums ($)†† | Value of Wellness Physical Exams ($) | DC SERP ($)††† | NQSP ($)†††† | Perquisites and Other Personal Benefit ($)††††† | Total All Other Compensation ($) | ||||||||||||||||||
Peter G. Watson | 2021 | 8,700 | 1,758 | 3,600 | — | — | 87 | 14,145 | ||||||||||||||||||
2020 | 8,550 | 1,868 | 3,600 | — | — | — | 14,018 | |||||||||||||||||||
2019 | 8,796 | 1,905 | 2,800 | — | — | — | 13,501 | |||||||||||||||||||
Lawrence A. Hilsheimer | 2021 | 17,400 | 1,758 | 790 | 360,514 | — | 4,752 | 385,214 | ||||||||||||||||||
2020 | 17,100 | 1,868 | 732 | 240,260 | — | 351,712 | 611,672 | |||||||||||||||||||
2019 | 16,800 | 1,905 | — | 279,460 | — | 75 | 298,240 | |||||||||||||||||||
Ole G. Rosgaard | 2021 | 16,996 | 1,758 | 3,600 | — | 75,381 | 87 | 97,822 | ||||||||||||||||||
2020 | 17,100 | 1,868 | — | — | — | — | 18,968 | |||||||||||||||||||
2019 | 16,800 | 1,905 | 2,800 | — | — | 75 | 21,580 | |||||||||||||||||||
Gary R. Martz | 2021 | 8,700 | 1,758 | 3,600 | — | — | 87 | 14,145 | ||||||||||||||||||
2020 | 8,550 | 1,868 | 3,600 | — | — | — | 14,018 | |||||||||||||||||||
2019 | 8,400 | 1,905 | 2,800 | — | — | 75 | 13,180 | |||||||||||||||||||
Michael Cronin | 2021 | — | 43,462 | — | — | — | 135,604 | 179,066 | ||||||||||||||||||
2020 | — | 43,984 | — | — | — | 96,990 | 140,974 | |||||||||||||||||||
2019 | — | 37,898 | — | — | — | 89,791 | 127,689 |
Pension Contribution Gap ($) | Tax Preparation ($) | Housing Allowance ($) | Total ($) | |||||||||||
2021 | 76,977 | 2,049 | 56,578 | 135,604 | ||||||||||
2020 | 55,882 | — | 41,108 | 96,990 | ||||||||||
2019 | 50,899 | — | 38,892 | 89,791 |
Pension Contribution Gap ($) | Tax Preparation ($) | Housing Allowance ($) | Total ($) | ||
2018 | 40,844 | — | 39,806 | 80,650 | |
2017 | 30,514 | 1,109 | 38,865 | 70,488 | |
2016 | 56,495 | 1,109 | 55,470 | 113,074 |
Name | Grant Date (1) | Estimated Future Payouts Under Non-Equity Incentive Plan Awards (2) | Estimated Future Payouts Under Equity Incentive Plan Awards (3) | All Other Stock Awards: Number of Shares of Stocks (#)(4) | Grant Date Fair Value of Stock and Option Awards ($)(5) | ||||||||||||||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||
Peter G. Watson | |||||||||||||||||||||||||||||
STIP | 12/17/2020 | 681,250 | 1,362,500 | 2,725,000 | |||||||||||||||||||||||||
LTIP - RSUs | 12/17/2020 | 26,622 | 1,291,167 | ||||||||||||||||||||||||||
LTIP - PSUs | 12/17/2020 | 22,438 | 67,995 | 135,990 | 3,210,724 | ||||||||||||||||||||||||
Lawrence A. Hilsheimer | |||||||||||||||||||||||||||||
STIP | 12/17/2020 | 358,372 | 716,743 | 1,433,486 | |||||||||||||||||||||||||
LTIP - RSUs | 12/17/2020 | 13,504 | 654,944 | ||||||||||||||||||||||||||
LTIP - PSUs | 12/17/2020 | 7,317 | 22,172 | 44,344 | 1,046,962 | ||||||||||||||||||||||||
Ole G. Rosgaard | |||||||||||||||||||||||||||||
STIP | 12/17/2020 | 237,600 | 475,200 | 950,400 | |||||||||||||||||||||||||
LTIP - RSUs | 12/17/2020 | 8,288 | 401,968 | ||||||||||||||||||||||||||
LTIP - PSUs | 12/17/2020 | 4,491 | 13,608 | 27,216 | 642,570 | ||||||||||||||||||||||||
Gary R. Martz | |||||||||||||||||||||||||||||
STIP | 12/17/2020 | 252,031 | 504,062 | 1,008,125 | |||||||||||||||||||||||||
LTIP - RSUs | 12/17/2020 | 9,227 | 447,510 | ||||||||||||||||||||||||||
LTIP - PSUs | 12/17/2020 | 5,000 | 15,150 | 30,300 | 715,383 | ||||||||||||||||||||||||
Michael Cronin (6) | |||||||||||||||||||||||||||||
STIP | 12/17/2020 | 197,652 | 395,304 | 790,608 | |||||||||||||||||||||||||
LTIP - RSUs | 12/17/2020 | 6,069 | 294,347 | ||||||||||||||||||||||||||
LTIP - PSUs | 12/17/2020 | 4,491 | 9,965.00 | 27,216 | 470,547 |
Name | Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1)(2) | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stocks (#) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($) | |||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | |||||||
Peter G. Watson | ||||||||||||
Long term | 12/21//2017 | 1,121,670 | 3,399,000 | 6,798,000 | -- | -- | -- | -- | -- | -- | -- | |
Short term | 12/21//2017 | 643,750 | 1,287,500 | 2,575,000 | -- | -- | -- | -- | -- | -- | -- | |
Lawrence A. Hilsheimer | ||||||||||||
Long term | 12/21//2017 | 463,312 | 1,403,976 | 2,807,952 | -- | -- | -- | -- | -- | -- | -- | |
Short term | 12/21//2017 | 298,345 | 596,690 | 1,193,380 | -- | -- | -- | -- | -- | -- | -- | |
Gary R. Martz | ||||||||||||
Long term | 12/21//2017 | 309,541 | 938,002 | 1,876,004 | -- | -- | -- | -- | -- | -- | -- | |
Short term | 12/21//2017 | 205,188 | 410,376 | 820,752 | -- | -- | -- | -- | -- | -- | -- | |
Michael Cronin | ||||||||||||
Long term | 12/21//2017 | 221,976 | 672,656 | 1,345,312 | -- | -- | -- | -- | -- | -- | -- | |
Short term | 12/21//2017 | 174,891 | 349,781 | 699,562 | -- | -- | -- | -- | -- | -- | -- | |
Ole Rosgaard | ||||||||||||
Long term | 12/21//2017 | 192,582 | 583,583 | 1,167,166 | -- | -- | -- | -- | -- | -- | -- | |
Short term | 12/21//2017 | 151,732 | 303,463 | 606,926 | -- | -- | -- | -- | -- | -- | -- |
Equity Compensation Plan Information |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | ||||||||
Equity Compensation Plans Approved by Security Holders (1) | — | — | |||||||||
2001 Plan (2) | — | — | 3,990,000 | ||||||||
2005 Outside Directors Equity Award Plan (3) | — | — | 65,238 | ||||||||
2006 LTIP (4) | — | — | 516,473 | ||||||||
2020 LTIP (5) | — | — | 5,000,000 | ||||||||
Equity Compensation Plans Not Approved by Security Holders | — | — | — | ||||||||
Total: | — | — | — |
Outstanding Equity Awards at Fiscal Year-End 2021 |
Name | Stock Awards | |||||||||||||
Numbers of Shares or Units of Stock that have not Vested (#) (1) | Market Value of Shares or Units of Stock that have not Vested ($) (2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have not Vested (#) (3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares Units or Other Rights that have not Vested ($) (4) | |||||||||||
Peter G. Watson | 54,935 | 3,568,578 | 137,822 | 8,952,917 | ||||||||||
Lawrence A. Hilsheimer | 28,354 | 1,841,876 | 45,716 | 2,969,711 | ||||||||||
Ole G. Rosgaard | 16,020 | 1,040,659 | 25,867 | 1,680,320 | ||||||||||
Gary R. Martz | 19,374 | 1,258,535 | 31,238 | 2,029,220 | ||||||||||
Michael Cronin (5) | 12,715 | 825,966 | 20,502 | 1,331,810 |
Option Exercises and Stock Vested in Fiscal 2021 |
Pension Benefits |
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit ($) (1)(2)(3) | Payments During Last FY ($) | ||||||||||
Peter G. Watson | U.S. Pension Plan | 22 | 1,078,235 | — | ||||||||||
SERP | 10 | 8,803,225 | — | |||||||||||
Gary R. Martz | U.S. Pension Plan | 20 | 945,259 | — | ||||||||||
SERP | 20 | 6,415,856 | — | |||||||||||
Michael Cronin | Netherlands Pension Plan | 7 | 267,026 | — |
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit ($) (1)(2)(3) | Payments During Last Fiscal Year ($) | |||
Peter G. Watson | Pension Plan | 19 | 654,905 | — | |||
SERP | 7 | 3,566,626 | — | ||||
Gary R. Martz | Pension Plan | 17 | 554,655 | — | |||
SERP | 17 | 3,404,804 | — | ||||
Michael Cronin | Netherlands Pension | 4 | 125,355 | — | |||
SERP | — | — | — |
Nonqualified Retirement and Deferred Compensation |
Name | Plan Name | Number of Years Credited Service (#) | Value of Pay Credits and Above Market Interest in Last FY ($)(1) | Present Value of Accumulated Benefit ($) (2)(3) | Payments During Last FY ($) | ||||||||||||
Lawrence A. Hilsheimer | DC SERP | 7 | 392,502 | 2,002,057 | — |
Name | Plan Name | Number of Years Credited Service (#) | Value of Pay Credits and Above Market Interest in Last FY ($)(1) | Present Value of Accumulated Benefit ($) (2)(3) | Payments During Last FY ($) | ||||||||||||
Ole G. Rosgaard | NQSP | 1 | $76,072 | $102,795 | — |
Name | Plan Name | Executive Contributions in Last FY ($)(1)(2) | Company Contributions in Last FY ($) | Aggregate Earnings in Last FY ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at FYE ($) | ||||||||||||||
Ole G. Rosgaard | NQDCP | 11,542 | — | — | — | 200,638 |
Name | Executive Contributions in Last FY ($)(1)(2) | Company Contributions in Last FY ($) | Aggregate Earnings in Last FY ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last FYE ($)(3) | ||
Lawrence A. Hilsheimer | 54,225 | — | 7,803 | — | 307,154 | ||
Ole Rosgaard | 59,256 | — | 263 | — | 59,520 |
Potential Payments Upon Termination or Change in Control |
Agreements with NEOs |
Pay Ratio |
Type of Service | 2021 | 2020 | ||||||
Audit Fees (1) | $6,453,000 | $6,790,000 | ||||||
Audit-Related Fees (2) | $602,000 | $687,000 | ||||||
Tax Fees (3) | $2,582,000 | $2,647,000 | ||||||
All Other Fees (4) | $6,000 | $17,000 | ||||||
Total | $9,643,000 | $10,141,000 |
Type of Service | 2018 | 2017 |
Audit Fees (1) | $6,575,000 | $6,640,000 |
Audit-Related Fees (2) | $506,000 | $305,000 |
Tax Fees (3) | $1,684,000 | $1,525,000 |
All Other Fees (4) | $43,000 | $61,000 |
Total | $8,808,000 | $8,531,000 |
/s/ Gary R. Martz | ||||||||
Gary R. Martz | ||||||||
Corporate Secretary | ||||||||
January |