o Preliminary Proxy Statement | o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
þ | Definitive Proxy Statement |
o | Definitive Additional Materials |
o | Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 |
Vector Group Ltd. |
(Name of Registrant as Specified in its Charter) |
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
o | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
(1 | ) | Title of each class of securities to which transaction applies: | |
(2 | ) | Aggregate number of securities to which transaction applies: | |
(3 | ) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): | |
(4 | ) | Proposed maximum aggregate value of transaction: | |
(5 | ) | Total fee paid: | |
o | Fee paid previously with preliminary materials. |
o | 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. |
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(2 | ) | Form, Schedule or Registration Statement No.: |
(3 | ) | Filing Party: |
(4 | ) | Date Filed: |
By Order of the Board of Directors, |
HOWARD M. LORBER |
President and Chief Executive Officer |
IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. THEREFORE, WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING IN PERSON, PLEASE SIGN AND RETURN THE ENCLOSED PROXY AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE PRE-PAID ENVELOPE. |
Name and Address of Beneficial Owner | Number of Shares | Percent of Class | ||||
Dr. Phillip Frost (1) 4400 Biscayne Boulevard Miami, FL 33137 | 18,777,735 | 15.2 | % | |||
Bennett S. LeBow (2) (4) 667 Madison Avenue; 14th Floor New York, NY 10065 | 8,980,081 | 7.3 | % | |||
Howard M. Lorber (3) (4) (5) 4400 Biscayne Boulevard Miami, FL 33137 | 7,459,241 | 5.9 | % | |||
The Vanguard Group, Inc. 100 Vanguard Blvd. Malvern, PA 19355 (6) | 6,764,240 | 5.5 | % | |||
Stanley S. Arkin (4) | 19,675 | (*) | ||||
Henry C. Beinstein (4) (7) | 99,332 | (*) | ||||
Jeffrey S. Podell (4) | 82,304 | (*) | ||||
Jean E. Sharpe (4) (8) | 104,228 | (*) | ||||
Richard J. Lampen (5) (9) (10) | 468,128 | (*) | ||||
J. Bryant Kirkland III (5) (11) | 217,457 | (*) | ||||
Marc N. Bell (5) (11) | 142,302 | (*) | ||||
Ronald J. Bernstein (4) (5) (12) | 81,440 | (*) | ||||
All directors and executive officers as a group (10 persons) | 17,654,188 | 14.0 | % |
Name and Address of Beneficial Owner | Number of Shares | Percent of Class | ||||
Dr. Phillip Frost (1) 4400 Biscayne Boulevard Miami, FL 33137 | 20,498,697 | 15.3 | % | |||
The Vanguard Group, Inc. (2) 100 Vanguard Blvd. Malvern, PA 19355 | 9,572,269 | 7.1 | % | |||
Renaissance Technologies LLC (3) 800 Third Avenue New York, NY 10022 | 8,743,448 | 6.5 | % | |||
Bennett S. LeBow (4) (6) 667 Madison Avenue; 14th Floor New York, NY 10065 | 7,785,306 | 5.8 | % | |||
Howard M. Lorber (5) (6) (7) 4400 Biscayne Boulevard Miami, FL 33137 | 7,605,777 | 5.6 | % | |||
Stanley S. Arkin (6) | 32,715 | (*) | ||||
Henry C. Beinstein (6) (8) | 120,506 | (*) | ||||
Paul V. Carlucci (6) | — | (*) | ||||
Jeffrey S. Podell (6) | 91,262 | (*) | ||||
Jean E. Sharpe (6) (9) | 125,932 | (*) | ||||
Barry Watkins (6) | — | (*) | ||||
Richard J. Lampen (7) (10) (11) | 709,761 | (*) | ||||
J. Bryant Kirkland III (7) (12) | 381,045 | (*) | ||||
Marc N. Bell (7) (13) | 266,279 | (*) | ||||
Ronald J. Bernstein (6) (14) | 89,784 | (*) | ||||
All directors and executive officers as a group (12 persons) | 17,208,367 | 12.5 | % |
(1) | Based upon |
(2) | Based on Schedule 13-G/A filed by The Vanguard Group, Inc. (“Vanguard”) with the Securities and Exchange Commission (“SEC”) on February 9, 2018. Includes 140,816 shares, where Vanguard has sole voting and dispositive power, owned by Fiduciary Trust Company, a wholly-owned subsidiary of Vanguard, and 28,461 shares, where Vanguard has sole voting power, owned by Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of Vanguard. |
(3) | Based on Schedule 13-G filed by Renaissance Technologies LLC and Renaissance Technologies Holding Corporation with the SEC on February 13, 2018. |
(4) | Includes |
Includes |
The named individual is a director of the Company. |
The named individual is an executive officer of the Company. |
Includes |
Includes |
Includes |
Includes 227,588 shares issuable upon exercise of outstanding options to purchase Common Stock exercisable within 60 days of record date. |
(14) | The named individual is an executive officer of the Company’s subsidiaries Liggett Vector Brands LLC and Liggett Group LLC. |
Name and Address | Age | Principal Occupation | ||
Bennett S. LeBow | Chairman of the Board; Private Investor | |||
Howard M. Lorber | President and Chief Executive Officer | |||
Ronald J. Bernstein | President and Chief Executive Officer, Liggett Group LLC and Liggett Vector Brands LLC | |||
Stanley S. Arkin | Founding and Senior Partner, Arkin Solbakken LLP and Chairman of The Arkin Group LLC | |||
Henry C. Beinstein | Partner, Gagnon Securities LLC | |||
Paul V. Carlucci | 70 | Private Investor | ||
Jeffrey S. Podell | Private Investor | |||
Jean E. Sharpe | Private Investor | |||
Barry Watkins | 53 | Of Counsel, DKC, and Senior Advisor, Madison Square Garden Company |
Title | Value of Shares Owned | |||
Chief Executive Officer | 3.0 | X | Base Salary | |
Executive Vice Presidents | 1.5 | X | Base Salary | |
Other named executive officers | 1.0 | X | Base Salary | |
Non-employee directors | 2.0 | X | Annual Retainer |
THE COMPENSATION COMMITTEE | |
Jeffrey S. Podell, Chairman | |
Stanley S. Arkin | |
Jean E. Sharpe |
Salary | Bonus | Stock Awards | Option Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation | Total | Salary | Bonus | Stock Awards | Option Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation | Total | |||||||||||||||||||||||||||||||||||||||||
Name and Principal Position | Year | ($)(1) | ($) (2) | ($) (3) | ($) (3) | ($)(4) | ($)(5) | ($) | ($) | Year | ($)(1) | ($) (2) | ($) (3) | ($) (3) | ($)(4) | ($)(5) | ($) | ($) | ||||||||||||||||||||||||||||||||||||||
Howard M. Lorber | 2015 | $ | 3,110,009 | — | $ | 28,374,000 | $ | 1,617,199 | $ | 3,484,376 | $ | 5,562,312 | $ | 393,834 | (6) | $ | 42,541,730 | 2017 | $ | 3,198,494 | — | — | $ | 1,348,296 | $ | 3,571,278 | $ | 2,044,565 | $ | 471,299 | (6) | $ | 10,633,932 | |||||||||||||||||||||||
President and Chief | 2014 | $ | 3,100,398 | — | $ | 20,780,000 | $ | 819,154 | $ | 3,584,835 | $ | 988,540 | $ | 363,712 | $ | 29,636,639 | 2016 | $ | 3,132,401 | — | — | $ | 1,272,384 | $ | 3,457,562 | $ | 2,826,334 | $ | 370,426 | $ | 11,059,107 | |||||||||||||||||||||||||
Executive Officer | 2013 | $ | 3,055,482 | — | — | $ | 1,358,307 | $ | 3,532,901 | $ | 1,142,443 | $ | 355,675 | $ | 9,444,808 | 2015 | $ | 3,110,009 | — | $ | 28,374,000 | $ | 1,617,199 | $ | 3,484,376 | $ | 5,562,312 | $ | 393,834 | $ | 42,541,730 | |||||||||||||||||||||||||
Richard J. Lampen | 2015 | $ | 900,000 | — | — | $ | 404,300 | $ | 504,169 | $ | 508,515 | $ | 7,950 | (7) | $ | 2,324,934 | 2017 | $ | 900,000 | — | — | $ | 337,074 | $ | 502,448 | $ | 241,836 | $ | 8,100 | (7) | $ | 1,989,458 | ||||||||||||||||||||||||
Executive Vice | 2014 | $ | 900,000 | — | — | $ | 357,950 | $ | 520,313 | $ | 130,243 | $ | 7,800 | $ | 1,916,306 | 2016 | $ | 900,000 | — | — | $ | 318,096 | $ | 496,713 | $ | 334,305 | $ | 7,950 | $ | 2,057,064 | ||||||||||||||||||||||||||
President | 2013 | $ | 900,000 | $ | — | — | $ | 597,821 | $ | 520,313 | $ | 323,844 | $ | 7,650 | $ | 2,349,628 | 2015 | $ | 900,000 | — | — | $ | 404,300 | $ | 504,169 | $ | 508,515 | $ | 7,950 | $ | 2,324,934 | |||||||||||||||||||||||||
J. Bryant Kirkland III | 2015 | $ | 425,000 | $ | 39,664 | — | $ | 302,664 | $ | 119,040 | $ | 13,757 | $ | 7,950 | (7) | $ | 908,075 | 2017 | $ | 500,000 | — | — | $ | 306,343 | $ | 186,073 | $ | 187,347 | $ | 8,100 | (7) | $ | 1,187,863 | |||||||||||||||||||||||
Vice President, Chief | 2014 | $ | 425,000 | — | — | $ | 274,611 | $ | 122,852 | $ | 110,975 | $ | 7,800 | $ | 941,238 | |||||||||||||||||||||||||||||||||||||||||
Financial Officer and Treasurer | 2013 | $ | 425,000 | — | — | $ | 434,956 | $ | 122,852 | $ | 86,931 | $ | 7,650 | $ | 1,077,389 | |||||||||||||||||||||||||||||||||||||||||
Senior Vice President, | 2016 | $ | 500,000 | — | — | $ | 258,186 | $ | 183,949 | $ | 145,729 | $ | 7,950 | $ | 1,095,814 | |||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer and Treasurer | 2015 | $ | 425,000 | $ | 39,664 | — | $ | 302,664 | $ | 119,040 | $ | 13,757 | $ | 7,950 | $ | 908,075 | ||||||||||||||||||||||||||||||||||||||||
Marc N. Bell | 2015 | $ | 425,000 | $ | 250,000 | — | $ | 302,664 | $ | 119,040 | $ | 318,021 | $ | 7,950 | (7) | $ | 1,422,675 | 2017 | $ | 425,000 | — | — | $ | 306,343 | $ | 118,633 | $ | 343,770 | $ | 8,100 | (7) | $ | 1,201,846 | |||||||||||||||||||||||
Vice President, | 2014 | $ | 425,000 | — | — | $ | 274,611 | $ | 122,852 | $ | 150,317 | $ | 7,800 | $ | 980,580 | |||||||||||||||||||||||||||||||||||||||||
Senior Vice President, | 2016 | $ | 425,000 | $ | 250,000 | — | $ | 258,186 | $ | 117,279 | $ | 267,403 | $ | 7,950 | $ | 1,325,818 | ||||||||||||||||||||||||||||||||||||||||
General Counsel and Secretary | 2013 | $ | 425,000 | — | — | $ | 289,970 | $ | 122,852 | $ | 126,694 | $ | 7,650 | $ | 972,166 | 2015 | $ | 425,000 | $ | 250,000 | — | $ | 302,664 | $ | 119,040 | $ | 318,021 | $ | 7,950 | $ | 1,422,675 | |||||||||||||||||||||||||
Ronald J. Bernstein | 2015 | $ | 1,000,000 | — | — | — | $ | 1,000,000 | $ | 202,652 | $ | 7,950 | (7) | $ | 2,210,602 | 2017 | $ | 1,000,000 | — | — | — | $ | 1,000,000 | $ | 280,744 | $ | 8,100 | (7) | $ | 2,288,844 | ||||||||||||||||||||||||||
President and Chief | 2014 | $ | 1,000,000 | — | — | — | $ | 500,000 | $ | 234,733 | $ | 7,800 | $ | 1,742,533 | 2016 | $ | 1,000,000 | — | — | — | $ | 1,000,000 | $ | 261,187 | $ | 7,950 | $ | 2,269,137 | ||||||||||||||||||||||||||||
Executive Officer of Liggett Vector Brands and Liggett | 2013 | $ | 908,719 | — | $ | 458,425 | — | $ | 855,514 | $ | 482,574 | $ | 7,650 | $ | 2,712,882 | 2015 | $ | 1,000,000 | — | — | — | $ | 1,000,000 | $ | 202,652 | $ | 7,950 | $ | 2,210,602 |
(1) | Reflects actual base salary amounts paid for |
(2) | Mr. Kirkland's bonus for 2015 related to his management of the Company's financial matters and Mr. Bell’s |
(3) | Represents the aggregate grant date fair value of stock or stock options granted under the 2014 Plan, |
(4) | These amounts reflect performance-based cash awards under the 2014 Plan |
(5) | Amounts reported represent the increase in the actuarial present value of benefits associated with the Company’s pension plans. Assumptions for |
(6) | Represents perquisites consisting of |
(7) | Represents 401(k) plan matching contributions. |
All Other Stock Awards: Number of Shares of Stock (#) | All Other Option Awards: Number of Shares of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($) (3) | Grant Date Fair Value of Stock and Option Awards ($) (4) | All Other Stock Awards: Number of Shares of Stock (#) | All Other Option Awards: Number of Shares of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($) (2) | Grant Date Fair Value of Stock and Option Awards ($) (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under Non- Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards | Estimated Future Payouts Under Non- Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Threshold | Target | Maximum | Threshold | Target | Maximum | Threshold | Target | Maximum | Threshold | Target | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | ($) | ($) | ($) | (#) | (#) (2) | (#) | Grant Date | ($) | ($) | ($) | (#) | (#) | (#) | ||||||||||||||||||||||||||||||||||||||||||||||||
Howard M. Lorber | 2/24/2015 | — | — | — | — | — | — | — | 262,500 | $ | 22.00 | $ | 1,617,199 | 2/23/2017 | — | — | — | — | — | — | — | 262,500 | $ | 21.72 | $ | 1,348,296 | ||||||||||||||||||||||||||||||||||||
3/9/2015 | — | $ | 3,110,009 | $ | 3,887,511 | — | — | — | — | — | — | — | 2/23/2017 | — | $ | 3,198,494 | $ | 3,998,118 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
11/10/2015 | — | — | — | — | 1,200,000 | — | — | — | — | $ | 28,374,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Richard J. Lampen | 2/24/2015 | — | — | — | — | — | — | — | 65,625 | $ | 22.00 | $ | 404,300 | 2/23/2017 | — | — | — | — | — | — | — | 65,625 | $ | 21.72 | $ | 337,074 | ||||||||||||||||||||||||||||||||||||
3/9/2015 | — | $ | 450,000 | $ | 562,500 | — | — | — | — | — | — | — | 2/23/2017 | — | $ | 450,000 | $ | 562,500 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
J. Bryant Kirkland III | 2/24/2015 | — | — | — | — | — | — | — | 39,375 | $ | 22.00 | $ | 302,664 | 2/23/2017 | — | — | — | — | — | — | — | 39,375 | $ | 21.72 | $ | 306,343 | ||||||||||||||||||||||||||||||||||||
3/9/2015 | — | $ | 106,250 | $ | 132,813 | — | — | — | — | — | — | — | 2/23/2017 | — | $ | 166,650 | $ | 208,313 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Marc N. Bell | 2/24/2015 | — | — | — | — | — | — | — | — | — | — | 2/23/2017 | — | — | — | — | — | — | — | 39,375 | $ | 21.72 | $ | 306,343 | ||||||||||||||||||||||||||||||||||||||
3/9/2015 | — | $ | 106,250 | $ | 132,813 | — | — | — | — | 39,375 | $ | 22.00 | $ | 302,664 | 2/23/2017 | — | $ | 106,250 | $ | 132,813 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Ronald J. Bernstein | 3/9/2015 | — | $ | 1,000,000 | $ | 1,000,000 | — | — | — | — | — | — | — | 2/23/2017 | — | $ | 1,000,000 | $ | 1,000,000 | — | — | — | — | — | — | — |
(1) | Represents the awards made under the |
(2) | Represents |
Represents the aggregate grant date fair value of |
Option Awards | Stock Awards | Option Awards | Stock Awards | ||||||||||||||||||||||||||||||||||||||||||||||
Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||||||||||
Name | |||||||||||||||||||||||||||||||||||||||||||||||||
Howard M. Lorber | 1,072,076 | — | — | $10.52 | 12/3/2019 | — | — | — | — | 1,181,962 | — | — | $9.55 | 12/3/2019 | — | — | — | — | |||||||||||||||||||||||||||||||
510,512 | — | — | $13.52 | 1/14/2021 | — | — | — | — | 562,838 | — | — | $12.27 | 1/14/2021 | — | — | — | — | ||||||||||||||||||||||||||||||||
— | 578,812 | (1) | — | $13.93 | 2/26/2023 | — | — | — | — | 638,139 | — | — | $12.64 | 2/26/2023 | — | — | — | — | |||||||||||||||||||||||||||||||
— | 275,625 | (2) | — | $17.82 | 2/26/2024 | 945,000 | (4) | $ | 22,292,550 | — | — | — | 303,876 | (1) | — | $16.18 | 2/26/2024 | 694,575 | (5) | $ | 15,544,589 | — | — | ||||||||||||||||||||||||||
— | 262,500 | (3) | — | $22.00 | 2/24/2025 | 1,200,000 | (5) | $ | 28,308,000 | — | — | — | 289,406 | (2) | — | $19.97 | 2/24/2025 | 945,002 | (6) | $ | 21,149,145 | — | — | ||||||||||||||||||||||||||
— | 275,625 | (3) | — | $21.08 | 2/29/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
— | 262,500 | (4) | — | $21.72 | 2/23/2027 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Richard J. Lampen | 214,415 | — | — | $10.52 | 12/3/2019 | — | — | — | — | 236,391 | — | — | $9.55 | 12/3/2019 | — | — | — | — | |||||||||||||||||||||||||||||||
159,533 | — | — | $12.64 | 2/26/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
— | 75,968 | (1) | — | $16.18 | 2/26/2024 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
— | 144,702 | (1) | — | $13.93 | 2/26/2023 | — | — | — | — | — | 72,351 | (2) | — | $19.97 | 2/24/2025 | — | — | — | — | ||||||||||||||||||||||||||||||
— | 68,906 | (2) | — | $17.82 | 2/26/2024 | — | — | — | — | — | 68,906 | (3) | — | $21.08 | 2/29/2026 | — | — | — | — | ||||||||||||||||||||||||||||||
— | 65,625 | (3) | — | $22.00 | 2/24/2025 | — | — | — | — | 65,625 | (4) | — | $21.72 | 2/23/2027 | — | — | — | — | |||||||||||||||||||||||||||||||
J. Bryant Kirkland III | 107,207 | — | — | $10.52 | 12/3/2019 | — | — | — | — | 118,195 | — | — | $9.55 | 12/3/2019 | — | — | — | — | |||||||||||||||||||||||||||||||
— | 86,821 | (1) | — | $13.93 | 2/26/2023 | — | — | — | — | 95,720 | — | — | $12.64 | 2/26/2023 | — | — | — | — | |||||||||||||||||||||||||||||||
— | 41,343 | (2) | — | $17.82 | 2/26/2024 | — | — | — | — | — | 45,580 | (1) | — | $16.18 | 2/26/2024 | — | — | — | — | ||||||||||||||||||||||||||||||
— | 39,375 | (3) | — | $22.00 | 2/24/2025 | — | — | — | — | — | 43,410 | (2) | — | $19.97 | 2/24/2025 | — | — | — | — | ||||||||||||||||||||||||||||||
— | 41,343 | (3) | — | $21.08 | 2/29/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
— | 39,375 | (4) | — | $21.72 | 2/23/2027 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Marc N. Bell | 107,207 | — | — | $10.52 | 12/3/2019 | — | — | — | — | 118,195 | — | — | $9.55 | 12/3/2019 | — | — | — | — | |||||||||||||||||||||||||||||||
— | 57,881 | (1) | — | $13.93 | 2/26/2023 | — | — | — | — | 63,813 | — | — | $12.64 | 2/26/2023 | — | — | — | — | |||||||||||||||||||||||||||||||
— | 41,343 | (2) | — | $17.82 | 2/26/2024 | — | — | — | — | — | 45,580 | (1) | — | $16.18 | 2/26/2024 | — | — | — | — | ||||||||||||||||||||||||||||||
— | 39,375 | (3) | — | $22.00 | 2/24/2025 | — | — | — | — | — | 43,410 | (2) | — | $19.97 | 2/24/2025 | — | — | — | — | ||||||||||||||||||||||||||||||
— | 41,343 | (3) | — | $21.08 | 2/29/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
39,375 | (4) | — | $21.72 | 2/23/2027 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Ronald J. Bernstein | — | — | — | — | 10/28/2023 | 30,318 | (6) | $ | 715,202 | — | — | — | — | — | — | 10/28/2023 | 33,424 | (7) | $ | 748,029 | — | — |
(1) | These option grants |
(2) | These option grants vest on February |
(3) | These option grants vest on February |
(4) |
(5) | 173,644 shares of this restricted stock award vested on each of August 15, |
This restricted stock award will vest upon the earlier of March 15, 2019, if Liggett's adjusted EBIT for the five years ended December 31, 2018, is more than $1.15 billion, or October 31, 2020 if the performance target is not achieved. |
Option Awards | Stock Awards | Option Awards | Stock Awards | ||||||||||||||||||||||||
Number of Shares Acquired on | Value Realized on Exercise | Number of Shares Acquired | Value Realized on Vesting | Number of Shares Acquired on | Value Realized on Exercise | Number of Shares Acquired | Value Realized on Vesting | ||||||||||||||||||||
Name | Exercise (#) | ($) | on Vesting | ($) | Exercise (#) | ($) | on Vesting | ($) | |||||||||||||||||||
Howard M. Lorber | — | — | 150,000 | $ | 3,969,107 | — | — | 362,643 | $ | 8,583,659 | |||||||||||||||||
Richard J. Lampen | — | — | — | — | — | — | — | — | |||||||||||||||||||
J. Bryant Kirkland III | — | — | — | — | — | — | — | — | |||||||||||||||||||
Marc N. Bell | — | — | — | — | — | — | — | — | |||||||||||||||||||
Ronald J. Bernstein | 69,924 | $ | 728,542 | — | — | — | — | — | — |
Number of Years of Credited | Present Value of Accumulated | Payments During | Number of Years of Credited | Present Value of Accumulated | Payments During | |||||||||||||||
Name | Plan Name | Service (#)(1) | Benefit ($)(2),(3) | Last Fiscal Year ($) | Plan Name | Service (#)(1) | Benefit ($)(2),(3) | Last Fiscal Year ($) | ||||||||||||
Howard M. Lorber | Supplemental | 11 | $ | 32,886,248 | $0 | Supplemental | 11 | $ | 37,757,147 | $0 | ||||||||||
Retirement Plan | Retirement Plan | |||||||||||||||||||
Richard J. Lampen | Supplemental | 10 | $ | 3,889,863 | $0 | Supplemental | 10 | $ | 4,466,004 | $0 | ||||||||||
Retirement Plan | Retirement Plan | |||||||||||||||||||
J. Bryant Kirkland III | Supplemental | 12 | $ | 802,671 | $0 | Supplemental | 14 | $ | 1,135,747 | $0 | ||||||||||
Retirement Plan | Retirement Plan | |||||||||||||||||||
Marc N. Bell | Supplemental | 12 | $ | 1,472,850 | $0 | Supplemental | 14 | $ | 2,084,023 | $0 | ||||||||||
Retirement Plan | Retirement Plan | |||||||||||||||||||
Ronald J. Bernstein | Supplemental | 12 | $ | 6,136,917 | $0 | Supplemental | 12 | $ | 6,669,950 | $0 | ||||||||||
Retirement Plan | Retirement Plan | |||||||||||||||||||
Qualified Plan | 2 | $ | 54,736 | $0 | Qualified Plan | 2 | $ | 63,634 | $0 |
(1) | Equals number of years of credited service as of December 31, |
(2) | Represents actuarial present value in accordance with the same assumptions outlined in note 11 to the Company’s audited financial statements for the year ended December 31, |
(3) | Includes amounts which the named executive officer is not currently entitled to receive because such amounts are not vested. |
Hypothetical | Normal | Lump-Sum | ||||||||
Name | Single Life Annuity | Retirement Date | Equivalent | |||||||
Howard M. Lorber | $ | 1,051,875 | January 1, 2010 | $ | 10,855,666 | |||||
$ | 735,682 | January 1, 2013 | $ | 7,121,988 | ||||||
Richard J. Lampen | $ | 250,000 | January 1, 2014 | $ | 2,625,275 | |||||
J. Bryant Kirkland III | $ | 202,500 | January 1, 2026 | $ | 2,126,473 | |||||
Marc N. Bell | $ | 200,000 | January 1, 2021 | $ | 2,100,220 | |||||
Ronald J. Bernstein | $ | 438,750 | January 1, 2014 | $ | 4,607,358 |
Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | |||||||||||||||||||||||||||
Cash Severance | $ | 18,631,221 | (1) | $ | 18,631,221 | (1) | $ | 18,631,221 | (1) | — | $ | 18,569,117 | (2) | $ | 18,992,685 | (1) | $ | 18,992,685 | (1) | $ | 18,992,685 | (1) | — | $ | 18,929,376 | (2) | ||||||||||
Value of Accelerated Unvested Equity (3) | $ | 7,599,055 | $ | 58,199,605 | $ | 58,199,605 | — | $ | 58,199,605 | $ | 3,113,062 | $ | 46,529,026 | $ | 46,529,026 | — | $ | 46,529,026 | ||||||||||||||||||
Benefits Continuation (4) | $ | 127,811 | $ | 127,811 | $ | 30,791 | — | $ | 127,811 | $ | 112,238 | $ | 112,238 | $ | 24,345 | — | $ | 112,238 | ||||||||||||||||||
Value of Supplemental Retirement Plan (5) | $ | 25,524,731 | $ | 25,524,731 | $ | 25,524,731 | $25,524,731 | $ | 25,524,731 | $ | 29,497,018 | $ | 29,497,018 | $ | 29,497,018 | $29,497,018 | $ | 29,497,018 | ||||||||||||||||||
Excise Tax and Gross-Up | — | — | — | — | $ | 37,948,911 | (6) | — | — | — | — | $ | 18,302,663 | (6) |
(1) | Reflects the value of the sum of Mr. Lorber’s |
(2) | Reflects the value of the sum of Mr. Lorber’s |
(3) | Reflects the value of any unvested stock options or restricted stock and related dividends that would have vested upon the event using the closing price of the Company’s Common Stock on December 31, |
(4) | Reflects the value of premium payments for life insurance, medical, dental and disability plans for 36 months at the Company’s cost, based on |
(5) | This amount includes amounts that the named executive officer accrued under the Supplemental Retirement Plan as of December 31, |
(6) | This payment was estimated using a |
Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | |||||||||||||||||||||||||||||
Cash Severance (1) | $ | 2,700,000 | $ | 2,700,000 | $ | 2,700,000 | — | $ | 2,700,000 | $ | 2,700,000 | $ | 2,700,000 | $ | 2,700,000 | — | $ | 2,700,000 | ||||||||||||||||||||
Value of Accelerated Unvested Equity (2) | $ | 1,899,753 | $ | 1,899,753 | $ | 1,899,753 | — | $ | 1,899,753 | $ | 778,259 | $ | 778,259 | $ | 778,259 | — | $ | 778,259 | ||||||||||||||||||||
Benefits Continuation (3) | $ | 63,247 | $ | 63,247 | $ | 20,654 | — | $ | 63,247 | $ | 54,795 | $ | 54,795 | $ | 16,230 | — | $ | 54,795 | ||||||||||||||||||||
Value of Supplemental Retirement Plan (4) | $ | 3,027,488 | $ | 3,027,488 | $ | 3,027,488 | $ | 3,027,488 | $ | 3,027,488 | $ | 3,498,641 | $ | 3,498,641 | $ | 3,498,641 | $ | 3,498,641 | $ | 3,498,641 | ||||||||||||||||||
Excise Tax and Gross-Up | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Excise Tax and Gross-Up (not applicable) | — | — | — | — | — |
(1) | Reflects the value of the sum of Mr. Lampen’s |
(2) | Reflects the value of any unvested stock options or restricted stock and related dividends that would have vested upon the event using the closing price of the Company’s Common Stock on December 31, |
(3) | Reflects the value of premium payments for life insurance, medical, dental and disability plans for 24 months at the Company’s cost, based on |
(4) | This amount includes amounts that the named executive officer accrued under the Supplemental Retirement Plan as of December 31, |
Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | |||||||||||||||||||||||||
Cash Severance (1) | $ | 1,062,500 | $ | 1,062,500 | $ | 1,062,500 | — | $ | 1,062,500 | $ | 1,333,300 | $ | 1,333,300 | $ | 1,333,300 | — | $ | 1,333,300 | ||||||||||||||||
Value of Accelerated Unvested Equity (2) | — | $ | 1,139,846 | $ | 1,139,846 | — | $ | 1,139,846 | — | $ | 466,948 | $ | 466,948 | — | $ | 466,948 | ||||||||||||||||||
Benefits Continuation (3) | $ | 28,765 | $ | 28,765 | — | — | $ | 28,765 | $ | 24,854 | $ | 24,854 | — | — | $ | 24,854 | ||||||||||||||||||
Value of Supplemental Retirement Plan (4) | $ | 557,621 | $ | 557,621 | $ | 1,022,306 | — | $ | 557,621 | $ | 751,801 | $ | 751,801 | $ | 1,181,402 | — | $ | 751,801 | ||||||||||||||||
Excise Tax and Gross-Up | — | — | — | — | — | |||||||||||||||||||||||||||||
Excise Tax and Gross-Up (not applicable) | — | — | — | — | — |
(1) | Reflects the value of the sum of Mr. Kirkland’s |
(2) | Reflects the value of any unvested stock options or restricted stock and related dividends that would have vested upon the event using the closing price of the Company’s Common Stock on December 31, 2017 ($22.38). See “Outstanding Equity Awards at December 31, 2017.” |
(3) | Reflects the value of premium payments for life insurance, medical, dental and disability plans for 24 months at the Company’s cost, based on 2017 premiums. |
(4) | This amount includes amounts that the named executive officer accrued under the Supplemental Retirement Plan as of December 31, 2017, which are disclosed in “Pension Benefits at 2017 Fiscal Year End.” |
Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | ||||||||||||||
Cash Severance (1) | $ | 1,062,500 | $ | 1,062,500 | $ | 1,062,500 | — | $ | 1,062,500 | |||||||||
Value of Accelerated Unvested Equity (2) | — | $ | 466,948 | $ | 466,948 | — | $ | 466,948 | ||||||||||
Benefits Continuation (3) | $ | 59,365 | $ | 59,365 | $ | 45,362 | — | $ | 59,365 | |||||||||
Value of Supplemental Retirement Plan (4) | $ | 1,391,271 | $ | 1,391,271 | $ | 1,689,400 | — | $ | 1,391,271 | |||||||||
Excise Tax and Gross-Up (not applicable) | — | — | — | — | — |
(1) | Reflects the value of the sum of Mr. Bell’s 2017 base salary ($425,000) and last paid bonus limited to 25% of base salary ($106,250) paid over a period of 24 months commencing after termination. |
(2) | Reflects the value of any unvested stock options or restricted stock and related dividends that would have vested upon the event using the closing price of the Company’s Common Stock on December 31, |
(3) | Reflects the value of premium payments for life insurance, medical, dental and disability plans for 24 months at the Company’s cost, based on |
(4) | This amount includes amounts that the named executive officer accrued under the Supplemental Retirement Plan as of December 31, |
Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | ||||||||||||||
Cash Severance (1) | $ | 1,062,500 | $ | 1,062,500 | $ | 1,062,500 | — | $ | 1,062,500 | |||||||||
Value of Accelerated Unvested Equity (2) | — | $ | 860,285 | $ | 860,285 | — | $ | 860,285 | ||||||||||
Benefits Continuation (3) | $ | 73,204 | $ | 73,204 | $ | 57,724 | — | $ | 73,204 | |||||||||
Value of Supplemental Retirement Plan (4) | $ | 1,031,925 | $ | 1,031,925 | $ | 1,461,893 | — | $ | 1,031,925 | |||||||||
Excise Tax and Gross-Up | — | — | — | — | — |
Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | Termination by Company without Cause or by Named Executive Officer with Good Reason | Disability | Death | Termination by Company for Cause or Voluntary Termination by Named Executive Officer Without Good Reason | Termination by Company without Cause or by Named Executive Officer with Good Reason upon a Change in Control | |||||||||||||||||||||||||||||
Cash Severance (1) | $ | 2,000,000 | $ | 2,000,000 | $ | 1,000,000 | — | $ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000 | $ | 1,000,000 | — | $ | 2,000,000 | ||||||||||||||||||||
Value of Accelerated Unvested Equity (2) | — | $ | 715,202 | $ | 715,202 | — | $ | 715,202 | — | $ | 748,029 | $ | 748,029 | — | $ | 748,029 | ||||||||||||||||||||||
Benefits Continuation (3) | $ | 60,917 | $ | 60,917 | $ | 19,440 | — | $ | 60,917 | $ | 60,917 | $ | 60,917 | $ | 16,230 | — | $ | 60,917 | ||||||||||||||||||||
Value of Retirement Benefits (4) | $ | 5,260,248 | $ | 5,260,248 | $ | 5,260,248 | $ | 5,260,248 | $ | 5,260,248 | $ | 6,078,874 | $ | 6,078,874 | $ | 6,078,874 | $ | 6,078,874 | $ | 6,078,874 | ||||||||||||||||||
Excise Tax and Gross-Up | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Excise Tax and Gross-Up (not applicable) | — | — | — | — | — |
(1) | Reflects the value of the sum of Mr. Bernstein’s |
(2) | Reflects the value of any unvested stock options or restricted stock and related dividends that would have vested upon the event using the closing price of the Company’s Common Stock on December 31, |
(3) | Reflects the value of premium payments for life insurance, medical, dental and disability plans for 24 months at the Company’s cost, based on |
(4) | This amount includes amounts that the named executive officer accrued under the Supplement Retirement Plan as of December 31, |
Fees Earned or Paid in Cash | Stock Awards | All Other Compensation | Total | Fees Earned or Paid in Cash | Stock Awards | All Other Compensation | Total | ||||||||||||||||||||||||||
Name | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||
Stanley S. Arkin (4) | $ | 65,375 | — | $ | 3,312 | (1) | $ | 68,687 | $ | 63,000 | $ | — | $ | 3,312 | (1) | $ | 66,312 | ||||||||||||||||
Henry C. Beinstein (4) | $ | 83,125 | — | $ | 2,497 | (1) | $ | 85,622 | $ | 69,500 | $ | — | $ | 2,497 | (1) | $ | 71,997 | ||||||||||||||||
Bennett S. LeBow (4) | $ | 61,500 | — | $ | 55,734 | (2) | $ | 117,234 | $ | 57,500 | $ | — | $ | 55,734 | (2) | $ | 113,234 | ||||||||||||||||
Jeffrey S. Podell (4) | $ | 81,500 | — | $ | 2,447 | (1) | $ | 83,947 | $ | 70,500 | $ | — | $ | 2,447 | (1) | $ | 72,947 | ||||||||||||||||
Jean E. Sharpe (4) | $ | 85,000 | — | $ | 11,124 | (3) | $ | 96,124 | $ | 74,000 | $ | — | $ | 69,064 | (3) | $ | 143,064 |
(1) | Represents life insurance premiums paid by the Company. |
(2) | Represents health and life insurance premiums of $35,043 and $20,691, respectively, paid by the Company. |
(3) | Represents personal use of Company aircraft of $58,776, health insurance premiums of $7,223 and life insurance premiums of $3,065 paid by the Company. |
(4) | Held |
(5) | Paul V. Carlucci and Barry Watkins, who are independent non-employee directors, were appointed to the Board in 2018 and did not receive director compensation in 2017. |
Henry C. Beinstein, Chairman | |
Jeffrey S. Podell | |
Jean E. Sharpe |
Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (2) | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (2) | |||||
Plan Category | ||||||||||
Equity compensation plans approved by security holders (1) | 3,745,631 | $13.82 | 7,888,406 | 4,928,459 | $14.05 | 7,807,749 | ||||
Equity compensation plans not approved by security holders | — | — | — | — | — | — | ||||
Total | 3,745,631 | $13.82 | 7,888,406 | 4,928,459 | $14.05 | 7,807,749 |
(1) | Includes options to purchase shares of the Company’s Common Stock under the following stockholder-approved plans: 1999 Plan and 2014 Plan. |
(2) | Excluding securities reflected in second column. |
By Order of the Board of Directors, |
HOWARD M. LORBER |
President and Chief Executive Officer |
The Board of Directors recommends you vote FOR | ||
FOR ALL NOMINEES | o | |
WITHHOLD AUTHORITY FOR ALL NOMINEES | o | |
FOR ALL EXCEPT (See instructions below) | o | |
Nominees: o Bennett S. LeBow, o Howard M. Lorber, o Ronald J. Bernstein, o Stanley S. Arkin, o Henry C. Beinstein, o Paul V. Carlucci, oJeffrey S. Podell, | ||
2. Advisory approval of executive compensation (say on pay): | ||
FOR | o | |
AGAINST | o | |
ABSTAIN | o | |
FOR | o | |
AGAINST | o | |
ABSTAIN | o | |
The Board of Directors recommends you vote AGAINST | ||
FOR | o | |
AGAINST | o | |
ABSTAIN | o |