| THURSDAY, MAY | | | | 8:00 A.M. (EASTERN TIME) | |
| | | | By Order of the Board of Directors, | |
| | | | | |
| | | | Daniel L. Heard | |
| Little Rock, Arkansas | | | Executive Vice | |
| April | | | | |
| | Important notice regarding the availability of proxy materials for the | | |
| Date: | | | May | |
| Time: | | | 8:00 a.m. (Eastern time) | |
| Location: | | | Via the Internet: www.virtualshareholdermeeting.com/ | |
| Record Date: | | | Holders of our common stock at the close of business on March | |
Proposals | Proposals | | Required Approval | | Board Recommendation | | Page Reference | | Proposals | | Required Approval | | Board Recommendation | | Page Reference | | ||||||||||
1. | | Election of directors | | Majority of Votes Cast for Each Nominee | | FOR each nominee | | 11 | | | Election of directors | | Majority of Votes Cast for Each Nominee | | FOR each nominee | | | |||||||||
2. | | Advisory vote to approve executive compensation | | Majority of Votes Cast | | FOR | | 42 | | | Advisory vote to approve executive compensation | | Majority of Votes Cast | | FOR | | | |||||||||
3. | | Ratification of auditors | | Majority of Votes Cast | | FOR | | 43 | | | Advisory vote on the frequency of future advisory votes to approve executive compensation | | Majority of Votes Cast* | | EVERY YEAR | | | |||||||||
4. | | Ratification of auditors | | Majority of Votes Cast | | FOR | | |
| | | Annual election of directors | | | | | Active stockholder engagement | | ||
| | | Majority voting and resignation policy for director elections | | | | | Prohibit hedging and unapproved pledging of our common stock | | ||
| | | Independent directors regularly meet without management present | | | | | Board is 83% independent (CEO is only management director) and includes two female directors (40% of independent directors) | | ||
| | | Board regularly assesses its performance through board and committee self-evaluations | | | | | No poison pill | | ||
| | | Independent Chairman | | | | | Robust stock ownership guidelines | |
| | | | | | | | | | | Committee Memberships | | | | | | | | | | | | Committee Memberships | | ||||||||||||||||||||||
| Name | | Age | | Director Since | | Principal Occupation | | Financial Expert | | Audit | | Compensation | | Governance | | Name | | Age | | Director Since | | Principal Occupation | | Financial Expert | | Audit | | Compensation | | Governance | | ||||||||||||||
| Jennifer S. Banner | | 61 | | 2015 | | Executive Director of the University of Tennessee Haslam College of Business Forum for Emerging Enterprises and Private Business | | | | — | | | Jennifer S. Banner | | 62 | | 2015 | | Executive Director of the University of Tennessee Haslam College of Business Forum for Emerging Enterprises and Private Business | | | | — | | | ||||||||||||||||||||
| Scott G. Bruce | | 59 | | 2016 | | President of Radius Global Infrastructure, Inc. | | | | | — | | Scott G. Bruce | | 60 | | 2016 | | President of Radius Global Infrastructure, Inc. | | | | | — | | ||||||||||||||||||||
| Francis X. (“Skip”) Frantz | | 67 | | 2015 | | Chairman of the Board of Uniti | | — | | — | | | | Francis X. (“Skip”) Frantz | | 68 | | 2015 | | Chairman of the Board of Uniti | | — | | — | | | | ||||||||||||||||||
| Kenneth A. Gunderman | | 50 | | 2015 | | President and CEO of Uniti | | — | | — | | — | | — | | Kenneth A. Gunderman | | 51 | | 2015 | | President and CEO of Uniti | | — | | — | | — | | — | | ||||||||||||||
| Carmen Perez-Carlton | | 60 | | 2019 | | Telecommunications Consultant | | | | — | | | Carmen Perez-Carlton | | 61 | | 2019 | | Telecommunications Consultant | | | | — | | | ||||||||||||||||||||
| David L. Solomon | | 61 | | 2015 | | Founder and Managing Director of Meritage Funds | | | | | — | | David L. Solomon | | 62 | | 2015 | | Founder and Managing Director of Meritage Funds | | | | | — | |
What We Do: | | | What We Don’t Do: | | ||||||
| | Align pay with performance by linking a substantial portion of compensation to the achievement of predefined performance metrics | | | | | Do NOT provide tax gross-ups in any circumstance | | ||
| | Retain an independent compensation consultant | | | | | Do NOT provide excessive perquisites for executives | | ||
| | Require compliance with stock ownership guidelines for executives and non-employee directors | | | | | Do NOT provide guaranteed bonuses | | ||
| | Include double-trigger change-in-control provisions in equity awards | | | | | Do NOT provide discount stock options or stock appreciation rights | | ||
| | Place caps on incentive award opportunities and conduct annual risk assessment | | | | | Do NOT pay dividends on performance-based restricted stock units prior to vesting | | ||
| | Maintain a clawback policy | | | | | Do NOT add back to our equity compensation plan reserves any shares tendered as payment for shares withheld for taxes | |
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| | | go to the website www.proxyvote.com and follow the instructions at that website; | | |
| | | call 1-800-690-6903 and follow the instructions provided on the call; or | | |
| | | if you received a proxy card in the mail, complete, sign, date and mail the proxy card in the return envelope provided to you. | |
Proposals | | | Required Approval | | |||
1. | | | Election of directors | | | Majority of Votes Cast for Each Nominee | |
2. | | | Advisory vote to approve executive compensation | | | Majority of Votes Cast | |
3. | | | Advisory vote on the frequency of future advisory votes to approve executive compensation | | | Majority of Votes Cast | |
4. | | | Ratification of auditors | | | Majority of Votes Cast | |
Proposals | | | Abstentions | | | Broker Non-Votes | | |||
1. | | | Election of directors | | | No Effect | | | No Effect | |
2. | | | Advisory vote to approve executive compensation | | | No Effect | | | No Effect | |
3. | | | Advisory vote on the frequency of future advisory votes to approve executive compensation | | | No Effect | | | No Effect | |
4. | | | Ratification of auditors | | | No Effect | | | Not Applicable | |
| | | Committee Memberships | | | | Committee Memberships | | ||||||||||||
Board Member | | Audit | | Compensation | | Governance | | | Audit | | Compensation | | Governance | | ||||||
Jennifer S. Banner | | | — | | | | | — | | | ||||||||||
Scott G. Bruce | | | | — | | | | | — | | ||||||||||
Francis X. (“Skip”) Frantz | | — | | | | | — | | | | ||||||||||
Kenneth A. Gunderman | | — | | — | | — | | | — | | — | | — | | ||||||
Carmen Perez-Carlton | | | — | | | | | — | | | ||||||||||
David L. Solomon | | | | — | | | | | — | | ||||||||||
Number Of Meetings Held In Fiscal 2020 | | 4 | | 4 | | 3 | | |||||||||||||
Number Of Meetings Held In Fiscal 2021 | | 5 | | 5 | | 4 | |
BOARD DIVERSITY MATRIX (AS OF APRIL 14, 2022) | | | ||||||||||||||
Total Number of Directors | | | 6 | | ||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | | ||
Part I: Gender Identity | | | | | | | | | | | | | | | ||
Directors | | | 2 | | | 4 | | | — | | | — | | | ||
Part II: Demographic Background | | | | | | | | | | | | | | | ||
African American or Black | | | — | | | — | | | — | | | — | | | ||
Alaskan Native or Native American | | | — | | | — | | | — | | | — | | | ||
Asian | | | — | | | — | | | — | | | — | | | ||
Hispanic or Latinx | | | 1 | | | — | | | — | | | — | | | ||
Native Hawaiian or Pacific Islander | | | — | | | — | | | — | | | — | | | ||
White | | | 2 | | | 4 | | | — | | | — | | | ||
Two or More Races or Ethnicities | | | 1 | | | — | | | — | | | — | | | ||
LGBTQ+ | | | | | | | | | — | | | | ||||
Did Not Disclose Demographics Background | | | | | | | | | — | | | | | |
| Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | All Other Compensation ($) | | Total ($) | | Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | All Other Compensation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||
| Jennifer S. Banner | | | | 75,000 | | | | | 178,034 | | | | | — | | | | | 253,034 | | | Jennifer S. Banner | | | | 75,000 | | | | | 173,989 | | | | | — | | | | | 248,989 | | | ||||||||
| Scott G. Bruce | | | | 75,000 | | | | | 167,353 | | | | | — | | | | | 242,353 | | | Scott G. Bruce | | | | 75,000 | | | | | 173,989 | | | | | — | | | | | 248,989 | | | ||||||||
| Francis X. (“Skip”) Frantz | | | | 150,000 | | | | | 167,353 | | | | | — | | | | | 317,353 | | | Francis X. (“Skip”) Frantz | | | | 150,000 | | | | | 166,844 | | | | | — | | | | | 316,844 | | | ||||||||
| Carmen Perez-Carlton | | | | 75,000 | | | | | 163,786 | | | | | — | | | | | 238,786 | | | Carmen Perez-Carlton | | | | 75,000 | | | | | 162,076 | | | | | — | | | | | 237,076 | | | ||||||||
| David L. Solomon | | | | 75,000 | | | | | 178,034 | | | | | — | | | | | 253,034 | | | David L. Solomon | | | | 75,000 | | | | | 164,466 | | | | | — | | | | | 239,466 | | |
| | BOARD RECOMMENDATION | | |
| | THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” EACH OF THE FOREGOING NOMINEES. | | |
| | PROXIES SOLICITED BY THE BOARD OF DIRECTORS WILL BE VOTED “FOR” EACH OF THE FOREGOING NOMINEES UNLESS STOCKHOLDERS SPECIFY A CONTRARY VOTE. | | |
| Name and Address of Beneficial Owner | | | Amount and Nature of Beneficial Ownership | | | Percentage of Shares of Common Stock Beneficially Owned | | ||||||
| Jennifer S. Banner | | | | | | | | | | * | | | |
| Scott G. Bruce | | | | | | | | | | * | | | |
| Paul Bullington | | | | | 84,672 | | | | | | * | | |
| Francis X. (“Skip”) Frantz | | | | | | | | | | * | | | |
| Kenneth A. Gunderman | | | | | | | | | | * | | | |
| Daniel L. Heard | | | | | | | | | | * | | | |
| Carmen Perez-Carlton | | | | | | | | | | * | | | |
| David L. Solomon | | | | | | | | | | * | | | |
| Mark A. Wallace | | | | | | | | | | — | | | |
| All current directors and executive officers as a group (nine persons) | | | | | 1,715,998 | | | | | | * | | |
| 100 Vanguard Blvd. Malvern, PA 19355 | | | | | |||||||||
| | | | | | | ||||||||
| BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | | | | | | | | | | | | ||
| Elliott Investment Management L.P. Phillips Point, East Tower 777 South Flagler Drive, Suite 1000 West Palm Beach, FL 33401 | | | | | 20,475,739 (5) | | | | | | | |
| | | | AUDIT COMMITTEE: | |
| | | | Jennifer S. Banner, Chair1 Scott G. Bruce Carmen Perez-Carlton David L. Solomon | |
What We Do: | | | What We Don’t Do: | | ||||||
| | Align pay with performance by linking a substantial portion of compensation to the achievement of predefined performance metrics | | | | | Do NOT provide tax gross-ups in any circumstance | | ||
| | Retain an independent compensation consultant | | | | | Do NOT provide excessive perquisites for executives | | ||
| | Require compliance with stock ownership guidelines for executives and non-employee directors | | | | | Do NOT provide guaranteed bonuses | | ||
| | Include double-trigger change-in-control provisions in equity awards | | | | | Do NOT provide discount stock options or stock appreciation rights | | ||
| | Place caps on incentive award opportunities and conduct an annual risk assessment | | | | | Do NOT pay dividends on performance-based restricted stock units prior to vesting | | ||
| | Maintain a clawback policy | | | | | Do NOT add back to our equity compensation plan reserves any shares tendered as payment for shares withheld for taxes | |
| Peer Group for Evaluating Fiscal | | |||
| Alexandria Real Estate Equities, Inc. | | | Omega Healthcare Investors Inc. | |
| Digital Realty Trust Inc. | | | Realty Income Corporation | |
| EPR Properties | | | Retail Properties of America, Inc. | |
| Gaming and Leisure Properties, Inc. | | | SBA Communications Corporation | |
| Medical Properties Trust Inc. | | | Spirit Realty Capital, Inc. | |
| National Retail Properties, Inc. | | | W. P. Carey Inc. | |
| Name | | Target Total Direct Compensation | | Name | | Target Total Direct Compensation | | ||||||||
| Kenneth A. Gunderman | | | $ | 4,531,250 | | | Kenneth A. Gunderman | | | $ | 4,531,250 | | | ||
| Mark A. Wallace | | | $ | 2,206,250 | | | Daniel L. Heard | | | $ | 1,360,000 | | | ||
| Daniel L. Heard | | | $ | 1,618,750 | | | Mark A. Wallace | | | $ | 2,018,750 | | |
| Target Pay Mix for Mr. Gunderman | | | Target Pay Mix for Mr. Wallace | | | Target Pay Mix for Mr. Heard | |
| | | | | |
| Name | | | 2019 Base Salary | | | 2020 Base Salary | | ||||||
| Kenneth A. Gunderman | | | | $ | 725,000 | | | | | $ | 725,000 | | |
| Mark A. Wallace | | | | $ | 450,000 | | | | | $ | 475,000 | | |
| Daniel L. Heard | | | | $ | 375,000 | | | | | $ | 400,000 | | |
| Name | | | 2020 Base Salary | | | 2021 Base Salary | | ||||||
| Kenneth A. Gunderman | | | | $ | 725,000 | | | | | $ | 725,000 | | |
| Paul Bullington | | | | | N/A | | | | | $ | 440,000 | | |
| Daniel L. Heard | | | | $ | 400,000 | | | | | $ | 400,000 | | |
| Mark A. Wallace | | | | $ | 475,000 | | | | | $ | 475,000 | | |
| | | Target Cash Incentive(1) | | | | Target Cash Incentive(1) | | ||||||||||||||||||||
| Name | | % of Base Salary | | Amount | | Name | | % of Base Salary | | Amount | | ||||||||||||||||
| Kenneth A. Gunderman | | | | 150% | | | | $ | 1,087,500 | | | Kenneth A. Gunderman | | | | 150% | | | | $ | 1,087,500 | | | ||||
| Mark A. Wallace | | | | 125% | | | | $ | 593,750 | | | Paul Bullington | | | | 100% | | | | $ | 143,000(2) | | | ||||
| Daniel L. Heard | | | | 100% | | | | $ | 400,000 | | | Daniel L. Heard | | | | 100% | | | | $ | 400,000 | | | ||||
| Mark A. Wallace | | | | 125% | | | | $ | 593,750 | | |
| | | Threshold | | Maximum | | | | Threshold | | Maximum | | ||||||||||||||||
| Kenneth A. Gunderman | | | | 75% | | | | | 225% | | | Kenneth A. Gunderman | | | | 75% | | | | | 225% | | | ||||
| Mark A. Wallace | | | | 75% | | | | | 175% | | | Paul Bullington | | | | 50% | | | | | 150% | | | ||||
| Daniel L. Heard | | | | 50% | | | | | 150% | | | Daniel L. Heard | | | | 50% | | | | | 150% | | | ||||
| Mark A. Wallace | | | | 75% | | | | | 175% | | |
| | | Weighting | | | | | |||
Performance Measure | | | As % of Financial Measures | | | As % of Total Cash Incentive Opportunity | | | Description | |
Consolidated AFFO | | | 33.3% | | | 25% | | | Represents consolidated funds from operations, adjusted to exclude the impact of certain non-cash revenues and expenses, capital markets and merger and acquisition transactions and similar items, for the year ended December 31, 2020 as publicly reported. A reconciliation of Consolidated AFFO to net income is included in Appendix A to this Proxy Statement. | |
Consolidated Adjusted EBITDA | | | 33.3% | | | 25% | | | Represents consolidated Adjusted EBITDA for the year ended December 31, 2020 as publicly reported. A reconciliation of Consolidated Adjusted EBITDA to net income for the year ended December 31, 2020 is included in Appendix A to this Proxy Statement. | |
Net Leverage | | | 33.3% | | | 25% | | | Represents net debt (total debt less cash and cash equivalents) at December 31, 2020 divided by Annualized 4Q20 Adjusted EBITDA (calculated consistent with our debt agreements). | |
Performance Measure | | | Weighting | | | Description | |
Consolidated AFFO | | | 25% | | | Represents consolidated funds from operations, adjusted to exclude the impact of certain non-cash revenues and expenses, capital markets and merger and acquisition transactions and similar items, for the year ended December 31, 2021 as publicly reported. A reconciliation of Consolidated AFFO to net income is included in Appendix A to this Proxy Statement. | |
Capital Expenditures | | | 15% | | | Represents non-Growth Capital Improvement net capital expenditures measured on an accrual basis based on pre-approved costs as part of annual operating plan (i.e., contractual, maintenance, special projects, etc.), excluding projects subsequently approved but not in the annual operating plan. | |
Consolidated Bookings | | | 15% | | | New monthly recurring revenue bookings across all product lines. | |
Consolidated Installations | | | 15% | | | New monthly recurring revenue from new service installations, excluding bandwidth upgrades. | |
Consolidated SG&A | | | 30% | | | Represents selling, general, and administrative expenses across entire company, excluding stock-based compensation expense. | |
Performance Measures | | | Threshold | | | Target | | | Maximum | | | Actual Results(1) | |
Consolidated AFFO | | | $ | | | $ | | | $ | | | $ | |
Capital Expenditures | | | $150.0M | | | $139.9M | | | $130.0M | | | $150.5M(2) | |
Consolidated | | | $ | | | $ | | | $ | | | $ | |
| | | | | | | | $2.3M(3) | | ||||
Consolidated SG&A | | | $102.0M | | | $97.5M | | | $93.0M | | | $87.3M | |
Name | | Actual Payout | | % of Target Cash Incentive Opportunity | | | Actual Payout | | % of Target Cash Incentive Opportunity | | ||||||||||||||||
Kenneth A. Gunderman | | | $ | 1,277,087 | | | | | 117% | | | | | $ | 1,141,875 | | | | | 105% | | | ||||
Mark A. Wallace | | | $ | 676,590 | | | | | 114% | | | |||||||||||||||
Paul Bullington | | | $ | 182,365 | | | | | 128% | | | |||||||||||||||
Daniel L. Heard | | | $ | 469,760 | | | | | 117% | | | | | $ | 510,112 | | | | | 128% | | |
| Name | | Target Value of Restricted Shares and RSUs ($) | | Name | | Target Value of Restricted Shares and PBRSUs ($) | | ||||||||
| Kenneth A. Gunderman | | | $ | 2,718,750 | | | Kenneth A. Gunderman | | | $ | 2,718,750 | | | ||
| Mark A. Wallace | | | $ | 1,137,500 | | | Mark A. Wallace | | | $ | 950,000 | | | ||
| Daniel L. Heard | | | $ | 818,750 | | | Daniel L. Heard | | | $ | 560,000 | | |
| Performance Criteria | | | Weight | | | Below Threshold | | | Threshold | | | Target | | | Maximum | |
| TSR position within the Peer Group | | | 50% | | | <33rd percentile | | | 33rd percentile | | | 50th percentile | | | >75th percentile | |
| TSR position within the Telecom Peer Group(1) | | | 50% | | | <33rd percentile | | | 33rd percentile | | | 50th percentile | | | >75th percentile | |
| Payout Opportunity | | | | | | 0% of Target | | | 50% of Target | | | 100% of Target | | | 200% of Target | |
| Name | | | Award Amount (at target level) | | | Grant Date Fair Value (as reported in the Summary Compensation Table) | | ||||||
| Kenneth A. Gunderman | | | | $ | 2,718,750 | | | | | $ | 3,951,703 | | |
| Mark A. Wallace | | | | $ | 1,137,500 | | | | | $ | 1,653,345 | | |
| Daniel L. Heard | | | | $ | 818,750 | | | | | $ | 1,190,043 | | |
| Name | | | Award Amount (at target level) | | | Grant Date Fair Value (as reported in the Summary Compensation Table) | | ||||||
| Kenneth A. Gunderman | | | | $ | 2,718,750 | | | | | $ | 3,137,527 | | |
| Mark A. Wallace(1) | | | | $ | 950,000 | | | | | $ | 1,096,334 | | |
| Daniel L. Heard | | | | $ | 560,000 | | | | | $ | 646,259 | | |
Officer | | | Ownership Level | |
Chief Executive Officer | | | five times base salary | |
Other Officers | | | three times base salary | |
| Name | | Guideline Share Amount | | Shares Owned | | Name | | Guideline Share Amount | | Shares Owned | | ||||||||||||||||
| Jennifer S. Banner | | | | 20,947 | | | | | 57,863 | | | Jennifer S. Banner | | | | 20,947 | | | | | 72,278 | | | ||||
| Scott G. Bruce | | | | 20,687 | | | | | 80,381 | | | Scott G. Bruce | | | | 20,687 | | | | | 94,796 | | | ||||
| Francis X. (“Skip”) Frantz | | | | 20,947 | | | | | 208,941 | | | Paul Bullington | | | | — | | | | | 34,855 | | | ||||
| Kenneth A. Gunderman | | | | 146,628 | | | | | 381,758 | | | Francis X. (“Skip”) Frantz | | | | 20,947 | | | | | 228,263 | | | ||||
| Daniel L. Heard | | | | 43,988 | | | | | 70,300 | | | Kenneth A. Gunderman | | | | 344,582 | | | | | 478,075 | | | ||||
| Carmen Perez-Carlton | | | | 62,814 | | | | | 25,580 | | | Daniel L. Heard | | | | 43,988 | | | | | 90,651 | | | ||||
| David L. Solomon | | | | 20,947 | | | | | 58,464 | | | Carmen Perez-Carlton | | | | 62,814 | | | | | 42,226 | | | ||||
| Mark A. Wallace | | | | 53,414 | | | | | 85,983 | | | David L. Solomon | | | | 20,947 | | | | | 72,090 | | |
| Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Stock Awards ($)(1) | | Option Awards ($) | | Non-Equity Incentive Plan Compensation ($)(2) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | All Other Compensation ($)(3) | | Total ($) | | | Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Stock Awards ($)(1) | | Option Awards ($) | | Non-Equity Incentive Plan Compensation ($)(2) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | All Other Compensation ($)(3) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kenneth A. Gunderman President and CEO | | | | | 2020 | | | | | 725,000 | | | | | | | | | | 3,951,703 | | | | | | | | | | 2,092,712 | | | | | | | | | | 18,048 | | | | | 6,787,463 | | | | Kenneth A. Gunderman President and CEO | | | | | 2021 | | | | | 725,000 | | | | | — | | | | | 3,137,527 | | | | | — | | | | | 1,141,875 | | | | | — | | | | | 14,042 | | | | | 5,018,444 | | | ||||||||||||||||||
| | | 2019 | | | | | 725,000 | | | | | — | | | | | 4,252,663 | | | | | — | | | | | 1,022,250 | | | | | — | | | | | 17,366 | | | | | 6,017,279 | | | | | | | | 2020 | | | | | 725,000 | | | | | — | | | | | 3,951,703 | | | | | — | | | | | 2,092,712 | | | | | — | | | | | 18,048 | | | | | 6,787,463 | | | ||||||||||||||||||||||
| | | 2018 | | | | | 725,000 | | | | | — | | | | | 2,984,240 | | | | | — | | | | | 1,419,500 | | | | | — | | | | | 16,858 | | | | | 5,145,598 | | | | | | | | 2019 | | | | | 725,000 | | | | | — | | | | | 4,252,663 | | | | | — | | | | | 1,022,250 | | | | | — | | | | | 17,366 | | | | | 6,017,279 | | | ||||||||||||||||||||||
| Mark A. Wallace Executive Vice President—CFO And Treasurer | | | | | 2020 | | | | | 475,000 | | | | | | | | | | 1,653,345 | | | | | | | | | | 1,121,903 | | | | | | | | | | 23,328 | | | | | 3,273,576 | | | | Paul Bullington Senior Vice President—CFO and Treasurer | | | | 2021 | | | | | 364,817(4) | | | | | 40,000 | | | | | 170,389 | | | | | — | | | | | 182,365 | | | | | — | | | | | 115,328 | | | | | 899,899 | | | |||||||||||||||||||
| | | 2019 | | | | | 450,000 | | | | | — | | | | | 1,231,787 | | | | | — | | | | | 423,000 | | | | | — | | | | | 22,490 | | | | | 2,127,277 | | | | Daniel L. Heard Executive Vice President—General Counsel and Secretary | | | | | 2021 | | | | | 400,000 | | | | | — | | | | | 646,259 | | | | | — | | | | | 510,112 | | | | | — | | | | | 13,430 | | | | | 1,569,801 | | | |||||||||||||||||||||
| | | 2018 | | | | | 450,000 | | | | | — | | | | | 864,401 | | | | | — | | | | | 587,483 | | | | | — | | | | | 22,282 | | | | | 1,924,166 | | | | | | | 2020 | | | | | 400,000 | | | | | — | | | | | 1,190,043 | | | | | — | | | | | 769,760 | | | | | — | | | | | 17,403 | | | | | 2,377,206 | | | |||||||||||||||||||||||
| Daniel L. Heard Executive Vice President—General Counsel and Secretary | | | | | 2020 | | | | | 400,000 | | | | | | | | | | 1,190,043 | | | | | | | | | | 769,760 | | | | | | | | | | 17,403 | | | | | 2,377,206 | | | | | | | 2019 | | | | | 375,000 | | | | | — | | | | | 733,215 | | | | | — | | | | | 352,500 | | | | | — | | | | | 16,508 | | | | | 1,477,223 | | | ||||||||||||||||||||
| | | 2019 | | | | | 375,000 | | | | | — | | | | | 733,215 | | | | | — | | | | | 352,500 | | | | | — | | | | | 16,508 | | | | | 1,477,223 | | | | Mark A. Wallace Executive Vice President—CFO and Treasurer | | | | | 2021 | | | | | 264,135 | | | | | — | | | | | 1,096,334 | | | | | — | | | | | — | | | | | — | | | | | 3,386,582(5) | | | | | 4,747,051 | | | |||||||||||||||||||||
| | | 2018 | | | | | 375,000 | | | | | — | | | | | 514,524 | | | | | — | | | | | 489,483 | | | | | — | | | | | 15,926 | | | | | 1,394,933 | | | | | | | 2020 | | | | | 475,000 | | | | | — | | | | | 1,653,345 | | | | | — | | | | | 1,121,903 | | | | | — | | | | | 23,328 | | | | | 3,273,576 | | | |||||||||||||||||||||||
| | | | 2019 | | | | | 450,000 | | | | | — | | | | | 1,231,787 | | | | | — | | | | | 423,000 | | | | | — | | | | | 22,490 | | | | | 2,127,277 | | |
| Name | | Grant Date Fair Value of PSUs (Probable Payout) ($) | | Grant Date Value of PSUs (Maximum Payout) ($) | | Name | | Grant Date Fair Value of PBRSUs (Probable Payout) ($) | | Grant Date Value of PBRSUs (Maximum Payout) ($) | | ||||||||||||||||
| Kenneth A. Gunderman | | | | 2,413,855 | | | | | 3,075,695 | | | Kenneth A. Gunderman | | | | 1,841,498 | | | | | 2,592,057 | | | ||||
| Mark A. Wallace | | | | 1,009,928 | | | | | 1,286,834 | | | Paul Bullington | | | | 0 | | | | | 0 | | | ||||
| Daniel L. Heard | | | | 726,925 | | | | | 926,237 | | | Daniel L. Heard | | | | 379,307 | | | | | 533,904 | | | ||||
| Mark A. Wallace | | | | 643,468 | | | | | 905,733 | | |
| | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards ($)(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards (#)(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | Grant Date Fair Value of Stock and Option Awards(4) | | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards ($)(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards (#)(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | Grant Date Fair Value of Stock and Option Awards(4) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Grant Date | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | Name | | Grant Date | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kenneth A. Gunderman | | | | 3/4/20 | | | | | 543,750 | | | | | 1,087,500 | | | | | 1,631,250 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Kenneth A. Gunderman | | | | 2/24/21 | | | | | 543,750 | | | | | 1,087,500 | | | | | 1,631,250 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | 3/4/20 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 148,728 | | | | $ | 1,537,848 | | | | | | | 2/24/21 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 107,376 | | | | $ | 1,296,028 | | | ||||||||||||||||||
| | | | | 3/4/20 | | | | | | | | | | | | | | | | | | | | 74,364 | | | | | 148,728 | | | | | 297,456 | | | | | | | | | $ | 2,413,855 | | | | | | | 2/24/21 | | | | | | | | | | | | | | | | | | | | 53,688 | | | | | 107,376 | | | | | 214,752 | | | | | | | | | $ | 1,841,498 | | | ||||||||||||||||||
| Mark A. Wallace | | | | 3/4/20 | | | | | 356,250 | | | | | 593,750 | | | | | 831,250 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Paul Bullington | | | | 9/9/21 | | | | | 71,500 | | | | | 143,000 | | | | | 214,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | 3/4/20 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 62,226 | | | | $ | 643,417 | | | | | | | 2/24/21 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,154 | | | | $ | 170,839 | | | ||||||||||||||||||
| | | | | 3/4/20 | | | | | | | | | | | | | | | | | | | | 31,113 | | | | | 62,226 | | | | | 124,452 | | | | | | | | | $ | 1,009,928 | | | Daniel L. Heard | | | | 2/24/21 | | | | | 200,000 | | | | | 400,000 | | | | | 600,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Daniel L. Heard | | | | 3/4/20 | | | | | 200,000 | | | | | 400,000 | | | | | 600,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2/24/21 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,117 | | | | $ | 266,952 | | | ||||||||||||||||||
| | | | | 3/4/20 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 44,789 | | | | $ | 463,118 | | | | | | | 2/24/21 | | | | | | | | | | | | | | | | | | | | 11,059 | | | | | 22,117 | | | | | 44,234 | | | | | | | | | $ | 379,307 | | | ||||||||||||||||||
| | | | | 3/4/20 | | | | | | | | | | | | | | | | | | | | 22,395 | | | | | 44,789 | | | | | 89,578 | | | | | | | | | $ | 726,925 | | | Mark A. Wallace | | | | 2/24/21 | | | | | 356,250 | | | | | 593,750 | | | | | 831,250 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | 2/24/21 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 37,520 | | | | $ | 452,866 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | 2/24/21 | | | | | | | | | | | | | | | | | | | | 18,760 | | | | | 37,520 | | | | | 75,040 | | | | | | | | | $ | 643,468 | | |
| | Stock Awards(1) | | | Stock Awards(1) | | ||||||||||||||||||||||||||||||||||||||||||||
Name | | Number of Shares or Units of Stock That Have Not Vested (#)(2) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(3) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(3) | | | Number of Shares or Units of Stock That Have Not Vested (#)(3) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(4) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(4) | | ||||||||||||||||||||||||||||||||
Kenneth A. Gunderman | | | | | 346,755 | | | | $ | 4,067,436 | | | | | 83,827(4) | | | | $ | 983,291 | | | | | | 304,768 | | | | $ | 4,269,800 | | | | | 272,692(5) | | | | $ | 3,198,677 | | | |||||||
| | | | | | | | | | | | | 272,692(5) | | | | $ | 3,198,677 | | | ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | 297,456(6) | | | | $ | 3,489,159 | | | ||||||||||||||||||||||||||||||
Mark A. Wallace | | | | | 96,647 | | | | $ | 1,133,669 | | | | | 24,281(4) | | | | $ | 284,816 | | | ||||||||||||||||||||||||||||
| | | | | | | | | | | | | 78,986(5) | | | | $ | 926,506 | | | ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | 124,452(6) | | | | $ | 1,459,822 | | | ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | 297,456(6) | | | | $ | 3,489,159 | | | |||||||||||||||||||||||||||||
| | | | | | | | | | | | | | 107,376(7) | | | | $ | 1,504,338 | | | |||||||||||||||||||||||||||||
Paul Bullington | | | | 32,577 | | | | $ | 456,404 | | | | | — | | | | $ | — | | | |||||||||||||||||||||||||||||
Daniel L. Heard | | | | | 65,278 | | | | $ | 765,711 | | | | | 14,453(4) | | | | $ | 169,534 | | | | | | 59,812 | | | | $ | 837,966 | | | | | 47,016(5) | | | | $ | 551,498 | | | |||||||
| | | | | | | | | | | | | 47,016(5) | | | | $ | 551,498 | | | ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | 89,578(6) | | | | $ | 1,050,750 | | | ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | 89,578(6) | | | | $ | 1,050,750 | | | |||||||||||||||||||||||||||||
| | | | | | | | | | | | | | 22,117(7) | | | | $ | 309,859 | | | |||||||||||||||||||||||||||||
Mark A. Wallace(2) | | | | — | | | | | — | | | | | — | | | | | — | | |
| | | Named Executive Officer | | | | Named Executive Officer | | ||||||||||||||||||||||||||||||||
| Vesting Date | | Kenneth A. Gunderman | | Mark A. Wallace | | Daniel L. Heard | | Vesting Date | | Kenneth A. Gunderman | | Paul Bullington | | Daniel L. Heard | | ||||||||||||||||||||||||
| 2/6/2021 | | | | 27,942 | | | | | 8,093 | | | | | 4,817 | | | 2/24/2022 | | | | 35,792 | | | | | 4,718 | | | | | 7,373 | | | ||||||
| 3/4/2021 | | | | 49,576 | | | | | 20,742 | | | | | 14,930 | | | 3/4/2022 | | | | 49,576 | | | | | 6,344 | | | | | 14,930 | | | ||||||
| 4/4/2021 | | | | 45,449 | | | | | 13,164 | | | | | 7,836 | | | 4/4/2022 | | | | 45,449 | | | | | 5,734 | | | | | 7,836 | | | ||||||
| 12/9/2021 | | | | 26,396 | | | | | — | | | | | — | | | 12/9/2022 | | | | 26,396 | | | | | — | | | | | — | | | ||||||
| 3/4/2022 | | | | 49,576 | | | | | 20,742 | | | | | 14,930 | | | 2/24/2023 | | | | 35,792 | | | | | 4,718 | | | | | 7,372 | | | ||||||
| 4/4/2022 | | | | 45,449 | | | | | 13,164 | | | | | 7,836 | | | 3/4/2023 | | | | 49,576 | | | | | 6,345 | | | | | 14,929 | | | ||||||
| 12/9/2022 | | | | 26,396 | | | | | — | | | | | — | | | 12/9/2023 | | | | 26,395 | | | | | — | | | | | — | | | ||||||
| 3/4/2023 | | | | 49,576 | | | | | 20,742 | | | | | 14,929 | | | 2/24/2024 | | | | 35,792 | | | | | 4,718 | | | | | 7,372 | | | ||||||
| 12/9/2023 | | | | 26,395 | | | | | — | | | | | — | | |
| | | Stock Awards(1) | | | | Stock Awards(1) | | ||||||||||||||||||||
| Name | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($) | | Name | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($) | | ||||||||||||||||
| Kenneth A. Gunderman | | | | | 27,942(2) | | | | $ | 202,021 | | | Kenneth A. Gunderman | | | | | 27,942(2) | | | | $ | 351,510 | | | ||
| | | 17,190(3) | | | | $ | 150,413 | | | | | | 49,576(3) | | | | $ | 532,446 | | | |||||||
| | | 45,449(4) | | | | $ | 263,150 | | | | | | 45,449(4) | | | | $ | 513,119 | | | |||||||
| Mark A. Wallace | | | | | 8,093(2) | | | | $ | 58,512 | | | | | | 26,396(5) | | | | $ | 347,107 | | | ||||
| | | 4,979(3) | | | | $ | 43,566 | | | Paul Bullington | | | | 1,762(2) | | | | $ | 22,166 | | | ||||||
| | | 13,165(4) | | | | $ | 76,225 | | | | | | | 6,345(3) | | | | $ | 68,145 | | | ||||||
| Daniel L. Heard | | | | | 4,817(2) | | | | $ | 34,827 | | | | | | | 5,734(4) | | | | $ | 64,737 | | | |||
| | | 2,964(3) | | | | $ | 25,935 | | | Daniel L. Heard | | | | 4,818(2) | | | | $ | 60,610 | | | ||||||
| | | 7,836(4) | | | | $ | 45,370 | | | | | | | 14,930(3) | | | | $ | 160,348 | | | ||||||
| | | | | 7,836(4) | | | | $ | 88,468 | | | ||||||||||||||||
| Mark A. Wallace | | | | 8,094(2) | | | | $ | 101,823 | | | ||||||||||||||||
| | | | | 20,742(3) | | | | $ | 222,769 | | | ||||||||||||||||
| | | | | 13,164(4) | | | | $ | 148,622 | | | ||||||||||||||||
| | | | | 211,361(6) | | | | $ | 2,735,011 | | |
| | | Executive Contributions in Last Fiscal Year ($)(1) | | Uniti Contributions in Last Fiscal Year ($) | | Aggregate Earnings in Last Fiscal Year ($)(2) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last Fiscal Year-End ($) | | | | Executive Contributions in Last Fiscal Year ($)(1) | | Uniti Contributions in Last Fiscal Year ($) | | Aggregate Earnings in Last Fiscal Year ($)(2) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last Fiscal Year-End ($) | | ||||||||||||||||||||||||||||||||||||||||
| Kenneth A. Gunderman | | | $ | 72,500 | | | | | — | | | | $ | 3,213 | | | | | — | | | | $ | 392,438 | | | Kenneth A. Gunderman | | | $ | 72,500 | | | | | — | | | | $ | 6,391 | | | | | — | | | | $ | 471,329 | | | ||||||||||
| Mark A. Wallace | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Paul Bullington | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Daniel L. Heard | | | | — | | | | | — | | | | $ | 322 | | | | | — | | | | $ | 49,621 | | | Daniel L. Heard | | | | — | | | | | — | | | | $ | 530 | | | | | — | | | | $ | 50,151 | | | ||||||||||
| Mark A. Wallace | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| Type of Payment | | Company- Approved Retirement | | Termination without Cause or Resignation for Good Reason other than a Change in Control | | Voluntary Termination without Good Reason or Termination for Cause | | Change in Control with no Termination | | Termination without Cause or Resignation for Good Reason following a Change in Control | | Death or Disability | | Type of Payment | | Company- Approved Retirement | | Termination without Cause or Resignation for Good Reason other than a Change in Control | | Voluntary Termination without Good Reason or Termination for Cause | | Change in Control with no Termination | | Termination without Cause or Resignation for Good Reason following a Change in Control | | Death or Disability | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Severance | | | $ | 0 | | | | $ | 5,093,386 | | | | $ | 0 | | | | $ | 0 | | | | $ | 6,180,886 | | | | $ | 725,000 | | | Severance | | | $ | 0 | | | | $ | 4,911,531 | | | | $ | 0 | | | | $ | 0 | | | | $ | 5,999,031 | | | | $ | 725,000 | | | ||||||||||||
| Accelerated Vesting of Restricted Stock(1) | | | $ | 1,190,813 | | | | $ | 1,190,813 | | | | $ | 0 | | | | $ | 0 | | | | $ | 4,067,436 | | | | $ | 4,067,436 | | | Accelerated Vesting of Restricted Stock(1) | | | $ | 1,495,755 | | | | $ | 4,269,800 | | | | $ | 0 | | | | $ | 0 | | | | $ | 4,269,800 | | | | $ | 4,269,800 | | | ||||||||||||
| Accelerated Vesting of PSUs(1) | | | $ | 2,735,231(2) | | | | $ | 2,735,231(2) | | | | $ | 0 | | | | $ | 0 | | | | $ | 4,831,198 | | | | $ | 4,831,198 | | | Accelerated Vesting of PBRSUs(1) | | | $ | 3,764,155(2) | | | | $ | 3,764,155(2) | | | | $ | 0 | | | | $ | 0 | | | | $ | 5,955,187(3) | | | | $ | 3,764,155 | | | ||||||||||||
| Healthcare continuation | | | $ | 0 | | | | $ | 26,245 | | | | $ | 0 | | | | $ | 0 | | | | $ | 26,245 | | | | $ | 0 | | | Healthcare continuation | | | $ | 0 | | | | $ | 31,632 | | | | $ | 0 | | | | $ | 0 | | | | $ | 31,632 | | | | $ | 0 | | | ||||||||||||
| Total | | | $ | 3,926,044 | | | | $ | 9,045,674 | | | | $ | 0 | | | | $ | 0 | | | | $ | 15,105,765 | | | | $ | 9,623,634 | | | Total | | | $ | 5,259,910 | | | | $ | 12,977,118 | | | | $ | 0 | | | | $ | 0 | | | | $ | 16,255,650 | | | | $ | 8,758,955 | | |
| Type of Payment | | Company- Approved Retirement | | Termination without Cause or Resignation for Good Reason other than following a Change in Control | | Voluntary Termination without Good Reason or Termination for Cause | | Change in Control with no Termination | | Termination without Cause or Resignation for Good Reason following a Change in Control | | Death or Disability | | Type of Payment | | Company- Approved Retirement | | Termination without Cause other than following a Change in Control | | Voluntary Termination without Good Reason or Termination for Cause | | Change in Control with no Termination | | Termination without Cause following a Change in Control | | Death or Disability | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Severance | | | $ | 0 | | | | $ | 1,527,065 | | | | $ | 0 | | | | $ | 0 | | | | $ | 2,629,836 | | | | $ | 475,000 | | | Severance(1) | | | $ | 0 | | | | $ | 752,526 | | | | $ | 0 | | | | $ | 0 | | | | $ | 752,526 | | | | $ | 0 | | | ||||||||||||
| Accelerated Vesting of Restricted Stock(1) | | | $ | 401,462 | | | | $ | 401,462 | | | | $ | 0 | | | | $ | 0 | | | | $ | 1,133,693 | | | | $ | 1,133,693 | | | Accelerated Vesting of Restricted Stock(1) | | | $ | 189,350 | | | | $ | 456,404 | | | | $ | 0 | | | | $ | 0 | | | | $ | 456,404 | | | | $ | 456,404 | | | ||||||||||||
| Accelerated Vesting of PSUs(1) | | | $ | 857,381(2) | | | | $ | 857,381(2) | | | | $ | 0 | | | | $ | 0 | | | | $ | 1,635,451 | | | | $ | 1,635,451 | | | Accelerated Vesting of PBRSUs(2) | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | ||||||||||||
| Outplacement Services | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 25,000 | | | | $ | 0 | | | Outplacement Services | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | ||||||||||||
| Healthcare continuation | | | $ | 0 | | | | $ | 13,122 | | | | $ | 0 | | | | $ | 0 | | | | $ | 26,245 | | | | $ | 0 | | | Healthcare continuation | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | ||||||||||||
| Total | | | $ | 1,258,843 | | | | $ | 2,799,030 | | | | $ | 0 | | | | $ | 0 | | | | $ | 5,450,225 | | | | $ | 3,244,144 | | | Total | | | $ | 189,350 | | | | $ | 1,208,930 | | | | $ | 0 | | | | $ | 0 | | | | $ | 1,208,930 | | | | $ | 456,404 | | |
| Type of Payment | | Company- Approved Retirement | | Termination without Cause or Resignation for Good Reason other than following a Change in Control | | Voluntary Termination without Good Reason or Termination for Cause | | Change in Control with no Termination | | Termination without Cause or Resignation for Good Reason following a Change in Control | | Death or Disability | | Type of Payment | | Company- Approved Retirement | | Termination without Cause or Resignation for Good Reason other than following a Change in Control | | Voluntary Termination without Good Reason or Termination for Cause | | Change in Control with no Termination | | Termination without Cause or Resignation for Good Reason following a Change in Control | | Death or Disability | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Severance | | | $ | 0 | | | | $ | 1,278,804 | | | | $ | 0 | | | | $ | 0 | | | | $ | 2,105,072 | | | | $ | 400,000 | | | Severance | | | $ | 0 | | | | $ | 1,255,872 | | | | $ | 0 | | | | $ | 0 | | | | $ | 2,074,495 | | | | $ | 400,000 | | | ||||||||||||
| Accelerated Vesting of Restricted Stock(1) | | | $ | 264,040 | | | | $ | 264,040 | | | | $ | 0 | | | | $ | 0 | | | | $ | 765,723 | | | | $ | 765,723 | | | Accelerated Vesting of Restricted Stock(1) | | | $ | 342,316 | | | | $ | 837,966 | | | | $ | 0 | | | | $ | 0 | | | | $ | 837,966 | | | | $ | 837,966 | | | ||||||||||||
| Accelerated Vesting of PSUs(1) | | | $ | 536,702(2) | | | | $ | 536,702(2) | | | | $ | 0 | | | | $ | 0 | | | | $ | 1,069,040 | | | | $ | 1,069,040 | | | Accelerated Vesting of PBRSUs(1) | | | $ | 809,588(2) | | | | $ | 809,588(2) | | | | $ | 0 | | | | $ | 0 | | | | $ | 1,258,654(3) | | | | $ | 809,588 | | | ||||||||||||
| Outplacement Services | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 25,000 | | | | $ | 0 | | | Outplacement Services | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 0 | | | | $ | 25,000 | | | | $ | 0 | | | ||||||||||||
| Healthcare continuation | | | $ | 0 | | | | $ | 13,261 | | | | $ | 0 | | | | $ | 0 | | | | $ | 26,521 | | | | $ | 0 | | | Healthcare continuation | | | $ | 0 | | | | $ | 16,040 | | | | $ | 0 | | | | $ | 0 | | | | $ | 32,079 | | | | $ | 0 | | | ||||||||||||
| Total | | | $ | 800,742 | | | | $ | 2,092,806 | | | | $ | 0 | | | | $ | 0 | | | | $ | 3,991,356 | | | | $ | 2,234,763 | | | Total | | | $ | 1,151,904 | | | | $ | 2,919,466 | | | | $ | 0 | | | | $ | 0 | | | | $ | 4,228,194 | | | | $ | 2,047,554 | | |
| | BOARD RECOMMENDATION | | |
| | THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” PROPOSAL NO. 2. | | |
| | PROXIES SOLICITED BY THE BOARD OF DIRECTORS WILL BE VOTED “FOR” PROPOSAL NO. 2 UNLESS STOCKHOLDERS SPECIFY A CONTRARY VOTE. | | |
| | BOARD RECOMMENDATION | | |
| | THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE FOR A FREQUENCY OF “EVERY YEAR” WITH RESPECT TO PROPOSAL NO. 3. | | |
| | PROXIES SOLICITED BY THE BOARD OF DIRECTORS WILL BE VOTED FOR A FREQUENCY OF “EVERY YEAR” ON PROPOSAL NO. 3 UNLESS STOCKHOLDERS SPECIFY A CONTRARY CHOICE. | | |
| | | 2020 | | 2019 | | | | 2021 | | 2020 | | ||||||||||||||||
| Audit Fees (a) | | | $ | 4,732,691 | | | | $ | 3,950,370 | | | Audit Fees (a) | | | $ | 2,958,599 | | | | $ | 4,532,691 | | | ||||
| Audit-Related Fees (b) | | | $ | 70,219 | | | | $ | 294,730 | | | Audit-Related Fees (b) | | | | — | | | | $ | 70,219 | | | ||||
| Tax Fees | | | | — | | | | | — | | | Tax Fees | | | | — | | | | $ | 48,451 | | | ||||
| All Other Fees (c) | | | | — | | | | $ | 3,600 | | | All Other Fees (c) | | | | — | | | | | — | | | ||||
| Total | | | $ | 4,802,910 | | | | $ | 4,248,700 | | | Total | | | $ | 2,958,599 | | | | $ | 4,651,361 | | |
| | BOARD RECOMMENDATION | | |
| | THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” PROPOSAL NO. | | |
| | PROXIES SOLICITED BY THE BOARD OF DIRECTORS WILL BE VOTED “FOR” PROPOSAL NO. | | |
(Thousands) | | Year Ended December 31, 2020 | | | Year Ended December 31, 2021 | | ||||||||
Net loss attributable to common shareholders | | | $ | (707,388) | | | | | $ | 122,573 | | | ||
Real estate depreciation and amortization | | | | 246,713 | | | | | | 211,472 | | | ||
Gain on sale of real estate, net of tax | | | | (85,860) | | | | | | (442) | | | ||
Participating securities share in earnings | | | | 1,078 | | | | | | 1,077 | | | ||
Participating securities share in FFO | | | | (1,162) | | | | | | (2,188) | | | ||
Real estate depreciation and amortization from unconsolidated entities | | | | 1,048 | | | | | | 2,465 | | | ||
Adjustments for noncontrolling interests | | | | (2,622) | | | | | | (2,154) | | | ||
FFO attributable to common shareholders | | | $ | (548,193) | | | | | $ | 332,803 | | | ||
Transaction related costs | | | | 63,875 | | | | | | 7,544 | | | ||
Changes in fair value of contingent consideration | | | | 7,163 | | | | | | 21 | | | ||
Amortization of deferred financing costs and debt discount | | | | 36,955 | | | | | | 18,122 | | | ||
Write off deferred financing costs and debt discount | | | | 73,952 | | | | �� | | 24,587 | | | ||
Costs related to the early retirement of debt | | | | 49,414 | | | ||||||||
Stock based compensation | | | | 13,721 | | | | | | 13,847 | | | ||
Gain on sale of operations | | | | (28,143) | | | ||||||||
Non-real estate depreciation and amortization | | | | 82,690 | | | | | | 79,470 | | | ||
Settlement expense | | | | 650,000 | | | ||||||||
Goodwill impairment | | | | 71,000 | | | ||||||||
Straight-line revenues | | | | (6,872) | | | | | | (41,239) | | | ||
Maintenance capital expenditures | | | | (7,149) | | | | | | (8,342) | | | ||
Other, net | | | | (32,374) | | | | | | (17,694) | | | ||
Adjustments for equity in earnings from unconsolidated entities | | | | 1,238 | | | | | | 1,026 | | | ||
Adjustments for noncontrolling interests | | | | (16,496) | | | | | | (1,090) | | | ||
AFFO attributable to common shareholders | | | $ | 389,510 | | | | | $ | 430,326 | | |
| | | Year Ended December 31, 2020 | | |||
Net loss | | | | $ | (718,812) | | |
Depreciation and amortization | | | | | 329,403 | | |
Interest expense, net | | | | | 497,128 | | |
Income tax benefit | | | | | (15,203) | | |
EBITDA | | | | | 92,516 | | |
Stock based compensation | | | | | 13,721 | | |
Transaction related costs and other costs | | | | | 63,875 | | |
Settlement expense | | | | | 650,000 | | |
Goodwill impairment | | | | | 71,000 | | |
Gain on sale of real estate | | | | | (86,267) | | |
Other (income) expense | | | | | 11,703 | | |
Adjustments for equity in earnings from unconsolidated entities | | | | | 2,287 | | |
Adjusted EBITDA | | | | $ | 818,835 | | |