| Time: | | | 11:00 a.m. PDT | |
| Date: | | | Wednesday, May | |
| Web: | | | www.virtualshareholdermeeting.com/ | |
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| Date and Time | | | Location | | | Record Date | |
| May 11:00 a.m. PDT | | | www.virtualshareholdermeeting.com/ | | | March | |
| Your Vote Is Important. | |
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| Proposal 2: Ratification of Independent Registered Public Accounting Firm | | | | | 26 | | |
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| Proposal 3: Advisory Vote on the Compensation of Our Named Executive Officers (“Say-on-Pay” Vote) | | | | | 29 | | |
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| | | | | | Proxy Statement | |
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| Date and Time | | | Location | | | Record Date | |
| May 11:00 a.m. PDT | | | www.virtualshareholdermeeting.com/ | | | March | |
| Proposal | | | | Required Vote for Approval | | | | Board Recommendation | | | | See Page | | Proposal | | | | Required Vote for Approval | | | | Board Recommendation | | | | | | | | See Page | | ||||||||||||
| 1. | | | | Election of Directors | | | | For each director, majority of votes cast | | | | FOR Each Nominee | | | | | | | | 1. | | | | Election of Directors | | | | For each director, majority of votes cast | | | | FOR Each Nominee | | | | | | | 8 | | |||
| 2. | | | | Ratification of Appointment of KPMG LLP | | | | Majority of votes present and entitled to vote | | | | FOR | | | | | | | | 2. | | | | Ratification of Appointment of KPMG LLP | | | | Majority of votes present and entitled to vote | | | | FOR | | | | | | | 26 | | |||
| 3. | | | | Advisory Vote to Approve Compensation of Named Executive Officers | | | | Majority of votes present and entitled to vote | | | | FOR | | | | | | | | 3. | | | | Advisory Vote to Approve Compensation of Named Executive Officers | | | | Majority of votes present and entitled to vote | | | | FOR | | | | | | | 29 | | |||
| 4 – 7. | | | | Approve Amendments to Certificate of Incorporation to Eliminate Supermajority Vote Provisions | | | | 80% (or 90% in case of Proposal 5) of shares outstanding | | | | FOR | | | | | | | | 4. | | | | Advisory Vote on Frequency of Say-on-Pay Vote | | | | Majority of votes present and entitled to vote | | | | ONE YEAR | | | | | | | 59 | | |||
| 8. | | | | One Stockholder Proposal, if Properly Presented at the Annual Meeting | | | | Majority of votes present and entitled to vote | | | | AGAINST | | | | | | | | 5. | | | | Amendment to Restated Certificate of Incorporation to Add Officer Exculpation Provision | | | | Majority of shares outstanding | | | | FOR | | | | | | | 60 | | |||
| 6. | | | | One Stockholder Proposal, if Properly Presented at the Annual Meeting | | | | Majority of votes present and entitled to vote | | | | Neutral | | | | | | | 62 | |
| Proxy Statement | | | | | 1 | |
| 2 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 3 | |
| Name | | Age | | Director Since | | Principal Occupation | | Independent | | Committee Memberships | | Other Public Company Boards | | Name | | Age | | Director Since | | Principal Occupation | | Independent | | Committee Memberships | | Other Public Company Boards | | ||||||||||||||||||||||||||||||||||||||||||||
| Liam K. Griffin Chairman of the Board | | | | 55 | | | | | | 2016 | | | | Chairman, CEO and President, Skyworks Solutions | | | | | | | | — | | | | 1 | | | | Liam K. Griffin Chairman of the Board | | | | 56 | | | | | | 2016 | | | | Chairman, CEO and President, Skyworks Solutions | | | | | | | | — | | | | 1 | | | | ||||||||||||
| Christine King Lead Independent Director | | | | 72 | | | | | | 2014 | | | | Retired Executive Chairman, QLogic | | | | • | | | | AC, CC (C) | | | | — | | | | Christine King Lead Independent Director | | | | 73 | | | | | | 2014 | | | | Retired Executive Chairman, QLogic | | | | • | | | | AC, CC (C) | | | | — | | | | ||||||||||||
| Alan S. Batey | | | | 59 | | | | | | 2019 | | | | Retired EVP and President of North America, General Motors | | | | • | | | | NCGC | | | | — | | | | Alan S. Batey | | | | 60 | | | | | | 2019 | | | | Retired EVP and President of North America, General Motors | | | | • | | | | CC | | | | — | | | | ||||||||||||
| Kevin L. Beebe | | | | 63 | | | | | | 2004 | | | | President and CEO, 2BPartners | | | | • | | | | NCGC (C) | | | | 2 | | | | Kevin L. Beebe | | | | 64 | | | | | | 2004 | | | | President and CEO, 2BPartners | | | | • | | | | NCGC (C) | | | | 2 | | | | ||||||||||||
| Eric J. Guerin | | | | 50 | | | | | | 2022 | | | | CFO, CDK Global | | | | • | | | | — | | | | 1 | | | | Eric J. Guerin | | | | 51 | | | | | | 2022 | | | | CFO, Veritiv Corporation | | | | • | | | | NCGC | | | | — | | | | ||||||||||||
| Suzanne E. McBride | | | | 53 | | | | | | 2022 | | | | COO, Iridium Communications | | | | • | | | | — | | | | 1 | | | | Suzanne E. McBride | | | | 54 | | | | | | 2022 | | | | COO, Iridium Communications | | | | • | | | | NCGC | | | | 1 | | | | ||||||||||||
| David P. McGlade | | | | 61 | | | | | | 2005 | | | | Retired Executive Chairman, Intelsat | | | | • | | | | AC (C), CC | | | | — | | | | David P. McGlade | | | | 62 | | | | | | 2005 | | | | Retired Executive Chairman, Intelsat | | | | • | | | | AC (C), NCGC | | | | — | | | | ||||||||||||
| Robert A. Schriesheim | | | | 61 | | | | | | 2006 | | | | Chairman, Truax Partners | | | | • | | | | AC, CC | | | | 1 | | | | Robert A. Schriesheim | | | | 62 | | | | | | 2006 | | | | Chairman, Truax Partners | | | | • | | | | AC, CC | | | | 1 | | | | ||||||||||||
| Maryann Turcke | | | | 57 | | | | | | 2023 | | | | Former Chief Operating Officer, National Football League | | | | • | | | | | | | | 2 | | | |
| 4 | | | | | Proxy Statement | |
| Corporate Governance Best Practices | | |||
| Annually Elected Directors | | | All of our directors are elected annually | |
| Majority Vote Standard | | | In uncontested elections, directors are elected by a majority of votes cast | |
| Lead Independent Director | | | Initially established in 2014, the Lead Independent Director role has a robust set of duties set forth in our corporate governance guidelines | |
| Executive Sessions | | | Our independent directors regularly meet in executive sessions without management, with the Lead Independent Director presiding | |
| Independent Board Committees | | | All members of the Board’s three standing committees are independent directors | |
| Board Refreshment | | | Our Board regularly takes steps to refresh its membership, | |
| Risk Assessment | | | Our Board and its committees regularly review management’s processes for identifying, assessing, and managing risks | |
| Annual Board Assessment | | | The Nominating and Corporate Governance Committee oversees an annual evaluation of the effectiveness of the Board, each committee, and individual directors | |
| Executive Succession Plan | | | The Board periodically reviews and approves the executive succession plan in consultation with the Compensation Committee and the Chief Executive Officer | |
| No “Poison Pill” | | | The Board has not adopted a “poison pill” | |
| Stock Ownership Requirements | | | All directors and executive officers are subject to robust stock ownership requirements | |
| Prohibition on Pledging | | | We prohibit our directors and employees from pledging Company securities | |
| Special Meeting Right | | | Our stockholders have the right to call a special meeting of the Company’s stockholders | |
| Proxy Access | | | Eligible stockholders may nominate their own director nominees to be included in the Company’s proxy materials | |
| Regular Stockholder Engagement | | | We regularly conduct outreach to our stockholders to understand their perspectives on governance matters | |
| Proxy Statement | | | | | 5 | |
| 6 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 7 | |
| PROPOSAL 1: | |
| | | | Director Since | | | | | | Committee Memberships | | | | | Director Since | | | | | | Committee Memberships | | ||||||||||||
| Name | | Independent | | AC | | CC | | NCGC | | Name | | Independent | | AC | | CC | | NCGC | | ||||||||||||||
| Liam K. Griffin, Chairman of the Board | | 2016 | | | | | | | | | | Liam K. Griffin, Chairman of the Board | | 2016 | | | | | | | | | | ||||||||||
| Christine King, Lead Independent Director | | 2014 | | • | | • | | C | | | | Christine King, Lead Independent Director | | 2014 | | • | | • | | C | | | | ||||||||||
| Alan S. Batey | | 2019 | | • | | | | | | • | | Alan S. Batey | | 2019 | | • | | | | • | | | | ||||||||||
| Kevin L. Beebe | | 2004 | | • | | | | | | C | | Kevin L. Beebe | | 2004 | | • | | | | | | C | | ||||||||||
| Eric J. Guerin | | 2022 | | • | | | | | | | | Eric J. Guerin | | 2022 | | • | | | | | | • | | ||||||||||
| Suzanne E. McBride | | 2022 | | • | | | | | | | | Suzanne E. McBride | | 2022 | | • | | | | | | • | | ||||||||||
| David P. McGlade | | 2005 | | • | | C | | • | | | | David P. McGlade | | 2005 | | • | | C | | | | • | | ||||||||||
| Robert A. Schriesheim | | 2006 | | • | | • | | • | | | | Robert A. Schriesheim | | 2006 | | • | | • | | • | | | | ||||||||||
| Number of Meetings in FY2021 | | | | | | 8 | | 5 | | 3 | | Maryann Turcke | | 2023 | | • | | | | | | | | ||||||||||
| Number of Meetings in FY2022 | | | | | | 8 | | 5 | | 3 | |
| 8 | | | | | Proxy Statement | |
| | | | The Board of Directors unanimously recommends a vote “FOR” the election of each of the | | |
| Proxy Statement | | | | | 9 | |
Liam K. Griffin, Chairman, Chief Executive Officer and President | | | Director since: 2016 • Age: | |
Prior to his appointment as Chairman of the Board in May 2021, Mr. Griffin had served as Chief Executive Officer and a director since May 2016 and as President since May 2014. He served as Executive Vice President and Corporate General Manager from November 2012 to May 2014, Executive Vice President and General Manager, High Performance Analog from May 2011 to November 2012, and Senior Vice President, Sales and Marketing from August 2001 to May 2011. Previously, Mr. Griffin was employed by Vectron International, a division of Dover Corp., as Vice President of Worldwide Sales from 1997 to 2001 and as Vice President of North American Sales from 1995 to 1997. Qualifications: We believe that Mr. Griffin’s qualifications to serve as a director include his strong relationships with Skyworks’ key customers, investors, employees, and other stakeholders, as well as his deep understanding of the semiconductor industry and its competitive landscape gained through serving in several different executive positions at | | | Committee(s) • None Other Public Company Boards Current • National Instruments Corporation Past 5 Years • Vicor Corporation (until 2019) | |
Christine King, Lead Independent Director | | | Director since: 2014 • Age: | |
Ms. King has been Lead Independent Director since 2019. She served as Executive Chairman of QLogic Corporation (a publicly traded developer of high-performance server and storage networking connectivity products) from August 2015 until August 2016, when it was acquired by Cavium, Inc. Previously, she served as Chief Executive Officer of Standard Microsystems Corporation (a publicly traded developer of silicon-based integrated circuits utilizing analog and mixed-signal technologies) from 2008 until the company’s acquisition in 2012 by Microchip Technology, Inc. Prior to Standard Microsystems, Ms. King was Chief Executive Officer of AMI Semiconductor, Inc., a publicly traded company, from 2001 until it was acquired by ON Semiconductor Corp. in 2008. Qualifications: We believe that Ms. King’s qualifications to serve as a director include her extensive management and operational experience in the high-tech and semiconductor industries as well as her significant strategic and financial expertise. | | | Committee(s) • Audit • Compensation (Chair) Other Public Company Boards Current • None Past 5 Years • Allegro MicroSystems, Inc. (until 2021) • IDACORP, Inc. (until 2021) • Cirrus Logic, Inc. (until 2018) | |
| 10 | | | | | Proxy Statement | |
Alan S. Batey | | | Director since: 2019 • Age: | |
Mr. Batey served as Executive Vice President and President of North America for General Motors Company (a publicly traded automotive manufacturer), as well as the Global Brand Chief for Chevrolet, a division of General Motors Company, from 2014 until 2019. His career spans more than 39 years with General Motors where he held various senior management positions in operations, marketing, and sales around the world. Qualifications: We believe that Mr. Batey’s qualifications to serve as a director include his extensive senior management experience at General Motors, where he developed expertise on a broad set of complex strategic, operational, and technological matters involving the automotive industry, an industry that is expected to be a growth market for the Company. | | | Committee(s) • Other Public Company Boards Current • None Past 5 Years • None | |
Kevin L. Beebe | | | Director since: 2004 • Age: | |
Mr. Beebe has been President and Chief Executive Officer of 2BPartners, LLC (a partnership that provides strategic, financial, and operational advice to private equity investors and management) since 2007. In 2014, Mr. Beebe became a founding partner of Astra Capital Management (a private equity firm based in Washington, D.C.). Previously, beginning in 1998, he was Group President of Operations at ALLTEL Corporation (a telecommunications services company). Qualifications: We believe that Mr. Beebe’s qualifications to serve as a director include his two decades of experience as an operating executive in the wireless telecommunications industry as well as his experience and relationships gained from advising leading private equity firms that are transacting business in the global capital markets. | | | Committee(s) • Nominating and Corporate Governance (Chair) Other Public Company Boards Current • SBA Communications Corporation • Frontier Communications Parent, Inc. (formerly Frontier Communications Corporation) Past 5 Years • Altimar Acquisition Corporation (until 2021) • Altimar Acquisition Corp. II (until 2021) • NII Holdings, Inc. (until 2019) | |
| Proxy Statement | | | | | 11 | |
Eric J. Guerin | | | Director since: 2022 • Age: | |
Mr. Guerin serves as Senior Vice President and Chief Financial Officer of Veritiv Corporation (a publicly traded provider of packaging and hygiene products), a position he has held since March 2023, and prior to that, as its Senior Vice President-Finance from January 2023 to March 2023. Previously, he served as Executive Vice President and Chief Financial Officer of CDK Global Qualifications: We believe that Mr. Guerin’s qualifications to serve as a director include his financial and operational expertise, together with his extensive engagements within Asia-Pacific markets. | | | Committee(s) • Other Public Company Boards Current • Past 5 Years • | |
Suzanne E. McBride | | | Director since: 2022 • Age: | |
Ms. McBride serves as Chief Operations Officer for Iridium Communications, Inc. (a publicly traded operator of a satellite-based global communications network). Prior to rejoining Iridium in February 2019, where she had previously served from 2007 to 2016 in various leadership roles, Ms. McBride Qualifications: We believe that Ms. McBride’s qualifications to serve as a director include her extensive strategy and operations expertise developed through twenty-five years of experience within the wireless technology industry. | | | Committee(s) • Other Public Company Boards Current • Iridium Communications, Inc. Past 5 Years • None | |
| 12 | | | | | Proxy Statement | |
David P. McGlade | | | Director since: 2005 • Age: | |
Mr. McGlade served as Qualifications: We believe that Mr. McGlade’s qualifications to serve as a director include his significant operational, strategic, and financial acumen, as well as his knowledge about global capital markets, developed over | | | Committee(s) • Audit (Chair) • Other Public Company Boards Current • None Past 5 Years • Intelsat S.A. (until 2022) | |
Robert A. Schriesheim | | | Director since: 2006 • Age: | |
Mr. Schriesheim Qualifications: We believe that Mr. Schriesheim’s qualifications to serve as a director include his extensive knowledge of the capital markets and corporate financial capital structures, his expertise evaluating and structuring merger and acquisition transactions within the technology sector, and his experience gained through leading companies through major strategic and financial corporate transformations. | | | Committee(s) • Audit • Compensation Other Public Company Boards Current • Houlihan Lokey, Inc., Lead Independent Director Past 5 Years • Frontier Communications Corporation (until 2021) • NII Holdings, Inc. (until 2019) • Forest City Realty Trust (until 2018) | |
| Proxy Statement | | | | | 13 | |
Maryann Turcke | | | Director since: 2023 • Age: 57 | |
Ms. Turcke most recently served as a senior advisor at Brookfield Asset Management from September 2020 to September 2022. Previously, Ms. Turcke served as Chief Operating Officer of the National Football League (NFL) from January 2018 to September 2020 and as a Senior Advisor for the NFL from September 2020 to May 2021. She joined the league as President of NFL Network, Digital Media, NFL Films and IT in April 2017. Prior to the NFL, Ms. Turcke served for more than a decade in various leadership roles within BCE Inc. (a publicly traded communications company formerly known as Bell Canada Enterprises), including serving from April 2015 to February 2017 as president of Bell Media, a division of BCE. Qualifications: We believe that Ms. Turcke’s qualifications to serve as a director include her significant operational, management and financial experience, including in the telecommunications industry. | | | Committee(s) • None Other Public Company Boards Current • Frontier Communications Parent, Inc. • Royal Bank of Canada Past 5 Years • Northern Star Investment Corp. II (until 2023) | |
| 14 | | | | | Proxy Statement | |
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| Proxy Statement | | | | | 17 | |
| 18 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 19 | |
| 20 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 21 | |
| 22 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 23 | |
| Board of Directors | | | • business strategy | | | • operational risks | | | ||
| | | | • capital allocation | | | • acquisitions | | | ||
| | | | • organizational structure | | | | | | ||
| Audit Committee | | | • financial reporting | | | • internal audit function | | | ||
| | | | • financial and accounting controls and processes | | | • independent accounting firm • related-party transactions • whistleblower reporting • enterprise risk | | | ||
| | | | • legal and regulatory compliance | | | |||||
| | | | • cybersecurity | | | | | |||
| Compensation Committee | | | • executive compensation programs, policies and practices • executive performance | | | • management succession planning • non-employee director compensation | | | ||
| Nominating and Corporate Governance Committee | | | • Board size, composition, and effectiveness | | | • | | | ||
| • • | | | • corporate responsibility and sustainability (including ESG programs) | | |
| 24 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 25 | |
| PROPOSAL 2: | |
| | | | THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE RATIFICATION OF THE SELECTION OF KPMG LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM OF THE COMPANY FOR FISCAL YEAR | | |
| 26 | | | | | Proxy Statement | |
| Fee Category | | Fiscal Year 2021 ($) | | % of Total (%) | | Fiscal Year 2020 ($) | | % of Total (%) | | Fee Category | | Fiscal Year 2022 ($) | | % of Total (%) | | Fiscal Year 2021 ($) | | % of Total (%) | | ||||||||||||||||||||||||||||||||||||||||
| Audit Fees(1) | | | | 2,656,000 | | | | | | 92.7 | | | | | | 2,437,150 | | | | | | 95.5 | | | | Audit Fees(1) | | | | 2,479,240 | | | | | | 98.5 | | | | | | 2,656,000 | | | | | | 92.7 | | | | ||||||||
| Tax Fees(2) | | | | 210,000 | | | | | | 7.3 | | | | | | 115,115 | | | | | | 4.5 | | | | Tax Fees(2) | | | | 38,838 | | | | | | 1.5 | | | | | | 210,000 | | | | | | 7.3 | | | | ||||||||
| Total Fees | | | | 2,866,000 | | | | | | 100 | | | | | | 2,552,265 | | | | | | 100 | | | | Total Fees | | | | 2,518,078 | | | | | | 100 | | | | | | 2,866,000 | | | | | | 100 | | | |
| Proxy Statement | | | | | 27 | |
| 28 | | | | | Proxy Statement | |
| PROPOSAL 3: | |
| | | | THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS BY VOTING “FOR” PROPOSAL 3 | | |
| Proxy Statement | | | | | 29 | |
| 30 | | | | | Proxy Statement | |
| | | Heavily weight executive compensation toward “at risk,” performance-based compensation | | |
| | | Balance short-term and long-term incentive compensation | | |
| | | Use multi-year vesting for executive officer equity awards | | |
| | | Base half of annual performance share award on three-year relative TSR performance metric | | |
| | | Maintain a clawback policy providing for recovery of incentive compensation from executive officers in the event of a financial restatement | | |
| | | Maintain robust stock ownership guidelines for executive officers and non-executive directors | | |
| | | Structure our executive officer compensation program to encourage appropriate risk-taking | | |
| | | Benchmark pay practices against selected peer companies with whom we compete for executive talent | | |
| | | Solicit advice from the Compensation Committee’s independent compensation consultant | | |
| | | Hold annual “say-on-pay” advisory vote | | |
| | | Conduct regular engagement with stockholders on compensation-related topics | |
| | | Guarantee bonus payments or base salary increases | | |
| | | Provide single-trigger change-in-control benefits | | |
| | | Provide excise tax gross-up payments in connection with a change in control of the Company | | |
| | | Provide excessive perquisites to our executive officers | | |
| | | Provide retirement or pension benefits to our executive officers that are not available to employees generally | | |
| | | Permit hedging or other forms of speculative transactions by employees or directors | | |
| | | Permit pledging by employees or directors | | |
| | | Allow for the repricing of stock options without stockholder approval | | |
| | | Pay dividends or dividend equivalents on unearned performance shares or restricted stock units | | |
| | | Include “evergreen” provisions or “liberal” change-in-control definitions in our equity incentive award plans | |
| | | | | 32 | | | |
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| Proxy Statement | | | | | 31 | |
| 32 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 33 | |
| Peer Group for Fiscal Year | | |||||||||
| Advanced Micro Devices | | | ||||||||
Marvell Technology | | | | | Texas Instruments | | |||||
| | | Maxim Integrated Products | | | ON Semiconductor | | | Western Digital | | |
| KLA Corporation | | | Microchip Technology | | | Qorvo | | | Xilinx | |
| Lam Research | | | Micron Technology | | | QUALCOMM | | | | |
| 34 | | | | | Proxy Statement | |
| | | FY2021 Base Salary ($) | | FY2020 Base Salary ($) | | | | FY2022 Base Salary ($) | | FY2021 Base Salary ($) | | Increase (%) | | |||||||||||||||||||||||||
| Liam K. Griffin | | | | 1,075,000 | | | | | | 1,029,000 | | | | Liam K. Griffin | | | | 1,130,000 | | | | | | 1,075,000 | | | | | | 5.1% | | | | |||||
| Kris Sennesael | | | | 560,000 | | | | | | 530,000 | | | | Kris Sennesael | | | | 588,000 | | | | | | 560,000 | | | | | | 5.0% | | | | |||||
| Carlos S. Bori | | | | 475,000 | | | | | | 457,000 | | | | Reza Kasnavi(1) | | | | 557,000 | | | | | | 525,000 | | | | | | 6.1% | | | | |||||
| Robert J. Terry | | | | 492,000 | | | | | | 473,000 | | | | Carlos S. Bori | | | | 520,000 | | | | | | 475,000 | | | | | | 9.5% | | | | |||||
| Karilee A. Durham | | | | 450,000 | | | | | | 432,000 | | | | Robert J. Terry | | | | 522,000 | | | | | | 492,000 | | | | | | 6.1% | | | |
| | | | Threshold | | | Target | | | Maximum | | ||||||||||||
| Chief Executive Officer | | | | | 80% | | | | | | | 160% | | | | | | | 320% | | | |
| Chief Financial Officer | | | | | 50% | | | | | | | 100% | | | | | | | 200% | | | |
| Other Executive Officers | | | | | 40% | | | | | | | 80% | | | | | | | 160% | | | |
| Proxy Statement | | | | | 35 | |
| | | | Revenue | | Non-GAAP EBITDA | | | | | Revenue | | Non-GAAP Operating Income | | ||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | | 1st Half | | 2nd Half | | 1st Half | | 2nd Half | | (in millions) | | 1st Half | | 2nd Half | | 1st Half | | 2nd Half | | ||||||||||||||||||||||||||||||||||||||||
| Threshold | | | $ | 1,700 | | | | | $ | 2,018 | | | | | $ | 730 | | | | | $ | 855 | | | | Threshold | | | $ | 2,485 | | | | | $ | 2,515 | | | | | $ | 927 | | | | | $ | 948 | | | | ||||||||
| Target | | | $ | 1,835 | | | | | $ | 2,168 | | | | | $ | 795 | | | | | $ | 940 | | | | Target | | | $ | 2,715 | | | | | $ | 2,750 | | | | | $ | 1,027 | | | | | $ | 1,053 | | | | ||||||||
| Maximum | | | $ | 1,900 | | | | | $ | 2,318 | | | | | $ | 825 | | | | | $ | 1,025 | | | | Maximum | | | $ | 2,790 | | | | | $ | 2,830 | | | | | $ | 1,062 | | | | | $ | 1,088 | | | |
| 36 | | | | | Proxy Statement | |
| | | | Revenue | | Non-GAAP EBITDA | | | | | Revenue | | Operating Income | | ||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | | 1st Half | | 2nd Half | | 1st Half | | 2nd Half | | (in millions) | | 1st Half | | 2nd Half | | 1st Half | | 2nd Half | | ||||||||||||||||||||||||||||||||||||||||
| Threshold | | | $ | 1,700 | | | | | $ | 2,018 | | | | | $ | 730 | | | | | $ | 855 | | | | Threshold | | | $ | 2,485 | | | | | $ | 2,515 | | | | | $ | 927 | | | | | $ | 948 | | | | ||||||||
| Target | | | $ | 1,835 | | | | | $ | 2,168 | | | | | $ | 795 | | | | | $ | 940 | | | | Target | | | $ | 2,715 | | | | | $ | 2,750 | | | | | $ | 1,027 | | | | | $ | 1,053 | | | | ||||||||
| Maximum | | | $ | 1,900 | | | | | $ | 2,318 | | | | | $ | 825 | | | | | $ | 1,025 | | | | Maximum | | | $ | 2,790 | | | | | $ | 2,830 | | | | | $ | 1,062 | | | | | $ | 1,088 | | | | ||||||||
| Achieved | | | $ | 2,682 | | | | | $ | 2,367 | | | | | $ | 1,226 | | | | | $ | 1,050 | | | | Achieved | | | $ | 2,846 | | | | | $ | 2,640 | | | | | $ | 1,077 | | | | | $ | 968 | | | |
| Proxy Statement | | | | | 37 | |
| Name | | Value of FY21 Stock-Based Award(1) | | Number of Shares Subject to PSAs, at Target(2) | | Number of Shares Subject to RSUs(2) | | Name | | Value of FY22 Stock-Based Award(1) | | Number of Shares Subject to PSAs, at Target(2) | | Number of Shares Subject to RSUs(2) | | ||||||||||||||||||||||||||||||
| Liam K. Griffin | | | $ | 11,000,000 | | | | | | 45,874 | | | | | | 30,583 | | | | Liam K. Griffin | | | $ | 12,750,000 | | | | | | 47,720 | | | | | | 31,813 | | | | ||||||
| Kris Sennesael | | | $ | 3,400,000 | | | | | | 14,179 | | | | | | 9,452 | | | | Kris Sennesael | | | $ | 4,025,000 | | | | | | 15,064 | | | | | | 10,043 | | | | ||||||
| Carlos S. Bori | | | $ | 2,900,000 | | | | | | 12,094 | | | | | | 8,062 | | | | Reza Kasnavi | | | $ | 3,910,000 | | | | | | 14,634 | | | | | | 9,756 | | | | ||||||
| Robert J. Terry | | | $ | 2,700,000 | | | | | | 11,260 | | | | | | 7,506 | | | | Carlos S. Bori | | | $ | 3,910,000 | | | | | | 14,634 | | | | | | 9,756 | | | | ||||||
| Karilee A. Durham | | | $ | 1,900,000 | | | | | | 7,923 | | | | | | 5,282 | | | | Robert J. Terry | | | $ | 3,220,000 | | | | | | 12,051 | | | | | | 8,034 | | | |
| | | | Percentage of Aggregate Target Level Shares | | | Performance Period | | | Vesting | | ||||
| Target Level Shares with Respect to Emerging Revenue Growth Metric(1) | | | | | 25% | | | | | Fiscal Year | | | 100% at the End of Year Two | |
| Target Level Shares with Respect to | | | | | 25% | | | | | Fiscal Years 2022-2023 | | | 100% at the End of Year | |
| Target Level Shares with Respect to TSR Percentile Ranking Metric(3) | | | | | 50% | | | | | Fiscal Years | | | 100% at the End of Year Three | |
| 38 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 39 | |
| Company Metric(1) | | | Threshold | | | Target | | | Maximum | | ||||||||||||
| 1-year Emerging Revenue Growth (%) | | | | | 0.0% | | | | | | | 15.0% | | | | | | | 30.0% | | | |
| 3-year TSR Percentile Ranking | | | | | 25th | | | | | | | 55th | | | | | | | 90th | | | |
| Company Metric | | | Threshold | | | Target | | | Maximum | | ||||||||||||
| 1-year Emerging Revenue Growth (%) | | | | | 2.5% | | | | | | | 10.0% | | | | | | | 20.0% | | | |
| 2-year EBITDA Margin Percentile Ranking | | | | | 25th | | | | | | | 55th | | | | | | | 75th | | | |
| 3-year TSR Percentile Ranking | | | | | 25th | | | | | | | 55th | | | | | | | 90th | | | |
| | | | Performance Achieved | | | | | Performance Achieved | | ||||||||||||||||||||||||||||||||||||
| | | Threshold | | Target | | Maximum | | | | Threshold | | Target | | Maximum | | ||||||||||||||||||||||||||||||
| % of Target Level Shares Earned with Respect to Emerging Revenue Growth Metric | | | | 50% | | | | | | 100% | | | | | | 200% | | | | % of Target Level Shares Earned with Respect to Emerging Revenue Growth Metric | | | | 50% | | | | | | 100% | | | | | | 200% | | | | ||||||
| % of Target Level Shares Earned with Respect to Design Win Metric | | | | 50% | | | | | | 100% | | | | | | 200% | | | | % of Target Level Shares Earned with Respect to EBITDA Margin Percentile Ranking Metric | | | | 50% | | | | | | 100% | | | | | | 200% | | | | ||||||
| % of Target Level Shares Earned with Respect to TSR Percentile Ranking Metric | | | | 50% | | | | | | 100% | | | | | | 300% | | | | % of Target Level Shares Earned with Respect to TSR Percentile Ranking Metric | | | | 50% | | | | | | 100% | | | | | | 300% | | | |
| 40 | | | | | Proxy Statement | |
| | | | Anniversary of Grant Date(1) | | ||||||||||||||||||
| | | | One Year | | | Two Year | | | Three Year | | ||||||||||||
| % of Shares Earned with Respect to Emerging Revenue Growth Metric | | | | | 50% | | | | | | | 50% | | | | | | | | | | |
| % of Shares Earned with Respect to Design Win Metric | | | | | 50% | | | | | | | 50% | | | | | | | | | | |
| % of Shares Earned with Respect to TSR Percentile Ranking Metric | | | | | | | | | | | | | | | | | | | 100% | | | |
| | | | Anniversary of Grant Date(1) | | |||||||||||
| | | | Two Year | | | Three Year | | ||||||||
| % of Shares Earned with Respect to Emerging Revenue Growth Metric | | | | | 100% | | | | | | | | | | |
| % of Shares Earned with Respect to EBITDA Margin Percentile Ranking Metric | | | | | 100% | | | | | | | | | | |
| % of Shares Earned with Respect to TSR Percentile Ranking Metric | | | | | | | | | | | | 100% | | | |
| Proxy Statement | | | | | 41 | |
| PSA Fiscal Year | | | Grant Date | | | | | Performance Period | | | Achieved (% of Target) | | |
| FY18 | | | 11/7/2017 | | | Non-GAAP EBITDA Growth 3-year TSR Percentile Ranking | | | FY18 FY18 — FY20 | | | 99.8% 0% | |
| FY19 | | | 11/6/2018 | | | Non-GAAP EBITDA Growth 3-year TSR Percentile Ranking | | | FY19 FY19 — FY21 | | | 0% 74.1% | |
| | | | | | | Emerging Revenue Growth | | | FY20 | | | 200% | |
| FY20 | | | 11/5/2019 | | | Design Wins | | | FY20 | | | 200% | |
| | | | | | | 3-year TSR Percentile Ranking | | | FY20 — FY22 | | | | |
| | | | | | | Emerging Revenue Growth | | | FY21 | | | 200% | |
| FY21 | | | 11/11/2020 | | | Design Wins | | | FY21 | | | 200% | |
| | | | | | | 3-year TSR Percentile Ranking | | | FY21 — FY23 | | | | |
| | | | | | | Emerging Revenue Growth | | | FY22 | | | 200% | |
| FY22 | | | 11/10/2021 | | | EBITDA Margin Percentile Ranking | | | FY22 — FY23 | | | Perf. Period in Progress(2) | |
| | | | | | | 3-year TSR Percentile Ranking | | | FY22 — FY24 | | | Perf. Period in Progress(3) | |
| 42 | | | | | Proxy Statement | |
| | | Multiple of Annual Base Salary(1) | | Shares | | | | Multiple of Annual Base Salary(1) | | Shares | | ||||||||||||||||||||
| Chief Executive Officer | | | | 6 | | | | | | 107,500 | | | | Chief Executive Officer | | | | 6 | | | | | | 96,900 | | | | ||||
| Chief Financial Officer | | | | 2.5 | | | | | | 23,300 | | | | Chief Financial Officer | | | | 2.5 | | | | | | 21,000 | | | | ||||
| Senior Vice President, Sales and Marketing | | | | 2.5 | | | | | | 19,800 | | | | Senior Vice President, Technology and Manufacturing | | | | 2.5 | | | | | | 19,900 | | | | ||||
| Senior Vice President and General Counsel | | | | 2.5 | | | | | | 20,500 | | | | Senior Vice President, Sales and Marketing | | | | 2.5 | | | | | | 18,600 | | | | ||||
| Senior Vice President, Human Resources | | | | 2.5 | | | | | | 18,800 | | | | Senior Vice President and General Counsel | | | | 2.5 | | | | | | 18,600 | | | |
| Proxy Statement | | | | | 43 | |
| | | | | |
| Name and Principal Position | | Year | | Salary ($) | | Stock Awards ($)(1) | | Non-Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | Name and Principal Position | | Year | | Salary ($) | | Stock Awards ($)(1) | | Non-Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | ||||||||||||
| Liam K. Griffin | | 2021 | | 1,070,223 | | 11,612,745 | | 3,440,000 | | 27,453 | | 16,150,421 | | Liam K. Griffin | | 2022 | | 1,124,289 | | 13,087,793 | | 2,423,906 | | 31,174 | | 16,667,162 | | ||||||||||||
| Chairman, Chief Executive Officer and President | | | 2020 | | 1,043,888 | | 17,430,589 | | 3,292,800 | | 33,162 | | 21,800,439 | | Chairman, Chief Executive Officer and President | | | 2021 | | 1,070,223 | | 11,612,745 | | 3,440,000 | | 27,453 | | 16,150,421 | | ||||||||||
| 2019 | | 972,000 | | 11,658,937 | | 1,011,257 | | 18,399 | | 13,660,593 | | | 2020 | | 1,043,888 | | 17,430,589 | | 3,292,800 | | 33,162 | | 21,800,439 | | |||||||||||||||
| Kris Sennesael | | 2021 | | 556,885 | | 3,589,223 | | 1,120,000 | | 15,203 | | 5,281,311 | | Kris Sennesael | | 2022 | | 585,092 | | 4,131,556 | | 788,306 | | 17,384 | | 5,522,338 | | ||||||||||||
| Senior Vice President and Chief Financial Officer | | | 2020 | | 537,192 | | 5,677,593 | | 1,060,000 | | 18,591 | | 7,293,376 | | Senior Vice President and Chief Financial Officer | | | 2021 | | 556,885 | | 3,589,223 | | 1,120,000 | | 15,203 | | 5,281,311 | | ||||||||||
| 2019 | | 496,000 | | 3,264,443 | | 322,467 | | 15,352 | | 4,098,262 | | | 2020 | | 537,192 | | 5,677,593 | | 1,060,000 | | 18,591 | | 7,293,376 | | |||||||||||||||
| Carlos S. Bori | | 2021 | | 473,131 | | 3,061,420 | | 760,000 | | 17,154 | | 4,311,705 | | Reza Kasnavi(4) | | 2022 | | 553,677 | | 4,013,570 | | 597,396 | | 33,910 | | 5,198,553 | | ||||||||||||
| Senior Vice President, Sales and Marketing | | | 2020 | | 463,189 | | 4,856,262 | | 731,200 | | 15,444 | | 6,066,095 | | Senior Vice President, Technology and Manufacturing | | | | | | | | | | | | | | |||||||||||
| 2019 | | 428,200 | | 3,147,860 | | 222,373 | | 12,561 | | 3,810,994 | | Carlos S. Bori | | 2022 | | 515,327 | | 4,013,570 | | 557,713 | | 15,324 | | 5,101,934 | | ||||||||||||||
| Robert J. Terry | | 2021 | | 490,027 | | 2,850,298 | | 787,200 | | 16,045 | | 4,143,570 | | Senior Vice President, Sales and Marketing | | | 2021 | | 473,131 | | 3,061,420 | | 760,000 | | 17,154 | | 4,311,705 | | |||||||||||
| Senior Vice President, General Counsel and Secretary | | | 2020 | | 479,396 | | 4,431,833 | | 756,800 | | 15,994 | | 5,684,023 | | | 2020 | | 463,189 | | 4,856,262 | | 731,200 | | 15,444 | | 6,066,095 | | ||||||||||||
| 2019 | | 442,700 | | 1,981,920 | | 230,112 | | 15,287 | | 2,670,019 | | Robert J. Terry | | 2022 | | 518,885 | | 3,305,147 | | 559,858 | | 22,731 | | 4,406,621 | | ||||||||||||||
| Karilee A. Durham(4) | | 2021 | | 448,131 | | 2,005,655 | | 720,000 | | 13,830 | | 3,187,616 | | Senior Vice President, General Counsel and Secretary | | | 2021 | | 490,027 | | 2,850,298 | | 787,200 | | 16,045 | | 4,143,570 | | |||||||||||
| Senior Vice President, Human Resources | | | 2020 | | 437,908 | | 3,037,435 | | 691,200 | | 16,531 | | 4,183,074 | | | 2020 | | 479,396 | | 4,431,833 | | 756,800 | | 15,994 | | 5,684,023 | | ||||||||||||
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | 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 Stock Or Units (#)(3) | | Grant Date Fair Value of Stock and Option Awards ($) | | | | | | | | | | | Estimated Future Payouts Under Non- Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock Or Units (#)(3) | | Grant Date Fair Value of Stock and Option Awards ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Grant Date | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | Name | | Grant Date | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liam K. Griffin | | | | | | | | | | 860,000 | | | | | | 1,720,000 | | | | | | 3,440,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liam K. Griffin | | | | | | | | | | 904,000 | | | | | | 1,808,000 | | | | | | 3,616,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | | 11/11/2020 | | | | | | | | | | | | | | | | | | | | | | | | 22,937 | | | | | | 45,874 | | | | | | 114,685 | | | | | | | | | | | | 7,212,769 | (4) | | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | 23,860 | | | | | | 47,720 | | | | | | 119,300 | | | | | | | | | | | | 7,987,851 | (4) | | | ||||||||||||||||
| | | | | 11/11/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,583 | | | | | | 4,399,976 | (5) | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31,813 | | | | | | 5,099,942 | (5) | | | ||||||||||||||||||
| Kris Sennesael | | | | | | | | | | 280,000 | | | | | | 560,000 | | | | | | 1,120,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Kris Sennesael | | | | | | | | | | 294,000 | | | | | | 588,000 | | | | | | 1,176,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | | 11/11/2020 | | | | | | | | | | | | | | | | | | | | | | | | 7,089 | | | | | | 14,179 | | | | | | 35,447 | | | | | | | | | | | | 2,229,364 | (4) | | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | 7,532 | | | | | | 15,064 | | | | | | 37,660 | | | | | | | | | | | | 2,521,563 | (4) | | | ||||||||||||||||
| | | | | 11/11/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,452 | | | | | | 1,359,859 | (5) | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,043 | | | | | | 1,609,993 | (5) | | | ||||||||||||||||||
| Carlos S. Bori | | | | | | | | | | 190,000 | | | | | | 380,000 | | | | | | 760,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reza Kasnavi | | | | | | | | | | 222,800 | | | | | | 445,600 | | | | | | 891,200 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | | 11/11/2020 | | | | | | | | | | | | | ��� | | | | | | | | | | | 6,047 | | | | | | 12,094 | | | | | | 30,235 | | | | | | | | | | | | 1,901,540 | (4) | | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | 7,317 | | | | | | 14,634 | | | | | | 36,585 | | | | | | | | | | | | 2,449,585 | (4) | | | ||||||||||||||||
| | | | | 11/11/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,062 | | | | | | 1,159,880 | (5) | | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,756 | | | | | | 1,563,984 | (5) | | | |||||||||||||||||
| Robert J. Terry | | | | | | | | | | 196,800 | | | | | | 393,600 | | | | | | 787,200 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carlos S. Bori | | | | | | | | | | 208,000 | | | | | | 416,000 | | | | | | 832,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | | 11/11/2020 | | | | | | | | | | | | | | | | | | | | | | | | 5,630 | | | | | | 11,260 | | | | | | 28,150 | | | | | | | | | | | | 1,770,410 | (4) | | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | 7,317 | | | | | | 14,634 | | | | | | 36,585 | | | | | | | | | | | | 2,449,585 | (4) | | | ||||||||||||||||
| | | | | 11/11/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,506 | | | | | | 1,079,888 | (5) | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,756 | | | | | | 1,563,984 | (5) | | | ||||||||||||||||||
| Karilee A. Durham | | | | | | | | | | 180,000 | | | | | | 360,000 | | | | | | 720,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Robert J. Terry | | | | | | | | | | 208,800 | | | | | | 417,600 | | | | | | 835,200 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | | 11/11/2020 | | | | | | | | | | | | | | | | | | | | | | | | 3,961 | | | | | | 7,923 | | | | | | 19,807 | | | | | | | | | | | | 1,245,733 | (4) | | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | 6,025 | | | | | | 12,051 | | | | | | 30,127 | | | | | | | | | | | | 2,017,217 | (4) | | | ||||||||||||||||
| | | | | 11/11/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,282 | | | | | | 759,921 | (5) | | | | | | | 11/10/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,034 | | | | | | 1,287,931 | (5) | | |
| | | | | |
| | | | Option Awards | | Stock Awards | | | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($) | | Option Expiration Date | | Number of Shares or Units of Stock that Have Not Vested (#) | | Market Value of Shares or Units of Stock that Have Not Vested ($)(1) | | 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 ($)(1) | | Name | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($) | | 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 ($)(1) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or other Rights that Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or other Rights that Have Not Vested ($)(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liam K. Griffin | | | | 13,211 | | | | | | — | | | | | | 77.66 | | | | | | 11/9/2023 | | | | | | 26,914 | (2) | | | | | 4,411,743 | | | | | | 91,164 | (10) | | | | | 14,943,603 | | | | Liam K. Griffin | | | | 13,211 | | | | | | — | | | | | | 77.66 | | | | | | 11/9/2023 | | | | | | 22,936 | (2) | | | | | 1,955,753 | | | | | | 15,194 | (8) | | | | | 1,295,592 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,388 | (3) | | | | | 4,981,201 | | | | | | 11,468 | (11) | | | | | 1,879,835 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 23,860 | (3) | | | | | 2,034,542 | | | | | | 11,468 | (9) | | | | | 977,876 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 94,965 | (4) | | | | | 15,566,663 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,100 | (4) | | | | | 1,031,767 | | | | | | 35,790 | (10) | | | | | 3,051,813 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 45,874 | (5) | | | | | 7,519,666 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,258 | (5) | | | | | 1,727,400 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,193 | (6) | | | | | 1,015,157 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,937 | (6) | | | | | 1,955,838 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 24,200 | (7) | | | | | 3,966,864 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31,813 | (7) | | | | | 2,712,694 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,388 | (8) | | | | | 4,981,201 | | | | | | | | | | | | | | | | Kris Sennesael | | | | 40,000 | | | | | | — | | | | | | 75.22 | | | | | | 8/29/2023 | | | | | | 7,088 | (2) | | | | | 604,394 | | | | | | 4,862 | (8) | | | | | 414,583 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,583 | (9) | | | | | 5,013,165 | | | | | | | | | | | | | | | | | | | | 12,770 | | | | | | — | | | | | | 77.66 | | | | | | 11/9/2023 | | | | | | 7,532 | (3) | | | | | 642,254 | | | | | | 3,544 | (9) | | | | | 302,197 | | | | ||||||||||||||||
| Kris Sennesael | | | | 40,000 | | | | | | — | | | | | | 75.22 | | | | | | 8/29/2023 | | | | | | 7,535 | (2) | | | | | 1,235,137 | | | | | | 29,172 | (10) | | | | | 4,781,874 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,388 | (4) | | | | | 288,895 | | | | | | 11,298 | (10) | | | | | 963,380 | | | | ||||||||||||||||
| | | | | 12,770 | | | | | | — | | | | | | 77.66 | | | | | | 11/9/2023 | | | | | | 9,724 | (3) | | | | | 1,593,958 | | | | | | 3,544 | (11) | | | | | 580,932 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,482 | (5) | | | | | 552,720 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,180 | (5) | | | | | 2,324,386 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,089 | (6) | | | | | 604,479 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,158 | (6) | | | | | 353,739 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,043 | (7) | | | | | 856,367 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,776 | (7) | | | | | 1,110,722 | | | | | | | | | | | | | | | | Reza Kasnavi | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,880 | (2) | | | | | 586,658 | | | | | | 4,102 | (8) | | | | | 349,778 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,723 | (8) | | | | | 1,593,794 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,318 | (3) | | | | | 624,006 | | | | | | 3,440 | (9) | | | | | 293,329 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,610 | (12) | | | | | 1,411,351 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,420 | (4) | | | | | 206,353 | | | | | | 10,974 | (10) | | | | | 935,753 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,452 | (9) | | | | | 1,549,372 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,470 | (5) | | | | | 466,427 | | | | | | | | | | | | | | | | ||||||||||||||||
| Carlos S. Bori | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,266 | (2) | | | | | 1,191,043 | | | | | | 24,615 | (10) | | | | | 4,034,891 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,880 | (6) | | | | | 586,658 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,204 | (3) | | | | | 1,344,800 | | | | | | 3,023 | (11) | | | | | 495,530 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,756 | (7) | | | | | 831,894 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,094 | (5) | | | | | 1,982,448 | | | | | | | | | | | | | | | | Carlos S. Bori | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,046 | (2) | | | | | 515,542 | | | | | | 4,102 | (8) | | | | | 349,778 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,158 | (6) | | | | | 353,739 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,318 | (3) | | | | | 624,006 | | | | | | 3,023 | (9) | | | | | 257,771 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,534 | (7) | | | | | 1,071,053 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,267 | (4) | | | | | 278,577 | | | | | | 10,974 | (10) | | | | | 935,753 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,205 | (8) | | | | | 1,344,964 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,470 | (5) | | | | | 466,427 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,597 | (12) | | | | | 1,245,300 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,046 | (6) | | | | | 515,542 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,062 | (9) | | | | | 1,321,523 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,756 | (7) | | | | | 831,894 | | | | | | | | | | | | | | | | ||||||||||||||||
| Robert J. Terry | | | | 502 | | | | | | — | | | | | | 75.91 | | | | | | 11/10/2023 | | | | | | 4,575 | (2) | | | | | 749,934 | | | | | | 23,703 | (10) | | | | | 3,885,396 | | | | Robert J. Terry | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,628 | (2) | | | | | 479,900 | | | | | | 3,950 | (8) | | | | | 336,816 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,900 | (3) | | | | | 1,294,968 | | | | | | 2,815 | (11) | | | | | 461,435 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,026 | (3) | | | | | 513,837 | | | | | | 2,815 | (9) | | | | | 240,035 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,260 | (5) | | | | | 1,845,739 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,057 | (4) | | | | | 175,400 | | | | | | 9,038 | (10) | | | | | 770,670 | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,349 | (6) | | | | | 221,128 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,266 | (5) | | | | | 449,032 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,114 | (7) | | | | | 674,367 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,629 | (6) | | | | | 479,985 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,900 | (8) | | | | | 1,294,968 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,034 | (7) | | | | | 685,059 | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,077 | (12) | | | | | 996,142 | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,506 | (9) | | | | | 1,230,384 | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Karilee A. Durham | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,960 | (2) | | | | | 485,203 | | | | | | 16,410 | (10) | | | | | 2,689,927 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,468 | (3) | | | | | 896,315 | | | | | | 1,980 | (11) | | | | | 324,562 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,924 | (5) | | | | | 1,298,902 | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,426 | (13) | | | | | 725,510 | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,662 | (7) | | | | | 436,355 | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,469 | (8) | | | | | 896,478 | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,051 | (12) | | | | | 664,040 | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,282 | (9) | | | | | 865,825 | | | | | | | | | | | | | | | |
| Proxy Statement | | | | | 47 | |
| | | | Option Awards | | Stock Awards | | | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($)(1) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(2) | | Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($)(1) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(2) | | ||||||||||||||||||||||||||||||||||||||||
| Liam K. Griffin | | | | — | | | | | | — | | | | | | 62,677 | | | | | | 9,271,879 | | | | Liam K. Griffin | | | | — | | | | | | — | | | | | | 211,274 | | | | | | 34,766,022 | | | | ||||||||
| Kris Sennesael | | | | — | | | | | | — | | | | | | 28,055 | | | | | | 4,161,448 | | | | Kris Sennesael | | | | — | | | | | | — | | | | | | 44,111 | | | | | | 7,265,809 | | | | ||||||||
| Carlos S. Bori | | | | 15,938 | | | | | | 1,700,702 | | | | | | 24,864 | | | | | | 3,686,040 | | | | Reza Kasnavi | | | | — | | | | | | — | | | | | | 37,369 | | | | | | 6,145,714 | | | | ||||||||
| Robert J. Terry | | | | 1,750 | | | | | | 128,203 | | | | | | 20,678 | | | | | | 3,064,656 | | | | Carlos S. Bori | | | | — | | | | | | — | | | | | | 39,291 | | | | | | 6,476,473 | | | | ||||||||
| Karilee A. Durham | | | | — | | | | | | — | | | | | | 17,105 | | | | | | 2,722,837 | | | | Robert J. Terry | | | | 502 | | | | | | 8,398 | | | | | | 32,101 | | | | | | 5,280,556 | | | |
| 48 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 49 | |
| 50 | | | | | Proxy Statement | |
| Proxy Statement | | | | | 51 | |
| | | | | |
| Name | | Benefit | | Termination w/o Cause Outside Change in Control ($)(1) | | Termination w/o Cause or for Good Reason, After Change in Control ($) | | Death/Disability ($) | | Name | | Benefit | | Termination w/o Cause Outside Change in Control ($)(1) | | Termination w/o Cause or for Good Reason, After Change in Control ($) | | Death/Disability ($) | | ||||||||||||||||||||||||||||||||
| Liam K. Griffin(2) | | Salary and Short-Term Incentive | | | | 5,875,814 | (3) | | | | | 7,344,767 | (4) | | | | | — | | | | Liam K. Griffin(2) | | Salary and Short-Term Incentive | | | | 6,276,038 | (3) | | | | | 7,845,047 | (4) | | | | | — | | | | ||||||||
| | | Accelerated RSUs | | | | 14,976,387 | | | | | | 14,976,387 | | | | | | 14,976,387 | | | | | | Accelerated RSUs | | | | 7,427,699 | | | | | | 7,427,699 | | | | | | 7,427,699 | | | | ||||||||
| | | Accelerated PSAs(5) | | | | 44,142,836 | | | | | | 44,142,836 | | | | | | 44,142,836 | | | | | | Accelerated PSAs(5) | | | | 11,924,753 | | | | | | 11,924,753 | | | | | | 11,924,753 | | | | ||||||||
| | | | Medical | | | | 27,458 | | | | | | 32,950 | | | | | | — | | | | | | | Medical | | | | 33,052 | | | | | | 39,662 | | | | | | — | | | | ||||||
| | | TOTAL | | | | 65,022,495 | | | | | | 66,496,940 | | | | | | 59,119,223 | | | | | | TOTAL | | | | 25,661,542 | | | | | | 27,237,161 | | | | | | 19,352,452 | | | | ||||||||
| Kris Sennesael(2) | | Salary and Short-Term Incentive | | | | 560,000 | (6) | | | | | 1,715,904 | (7) | | | | | — | | | | Kris Sennesael(2) | | Salary and Short-Term Incentive | | | | 588,000 | (6) | | | | | 1,853,233 | (7) | | | | | — | | | | ||||||||
| | | Accelerated RSUs | | | | — | | | | | | 6,018,978 | | | | | | 6,018,978 | | | | | | Accelerated RSUs | | | | — | | | | | | 2,302,460 | | | | | | 2,302,460 | | | | ||||||||
| | | Accelerated PSAs(5) | | | | — | | | | | | 8,783,161 | | | | | | 8,783,161 | | | | | | Accelerated PSAs(5) | | | | — | | | | | | 3,749,578 | | | | | | 3,749,578 | | | | ||||||||
| | | | Medical | | | | 24,426 | | | | | | 36,639 | | | | | | — | | | | | | | Medical | | | | 26,441 | | | | | | 39,662 | | | | | | — | | | | ||||||
| | | TOTAL | | | | 584,426 | | | | | | 16,554,682 | | | | | | 14,802,139 | | | | | | TOTAL | | | | 614,441 | | | | | | 7,944,933 | | | | | | 6,052,038 | | | | ||||||||
| Carlos S. Bori(2) | | Salary and Short-Term Incentive | | | | 475,000 | (6) | | | | | 1,315,121 | (7) | | | | | — | | | | Reza Kasnavi(2) | | Salary and Short-Term Incentive | | | | 557,000 | (6) | | | | | 1,528,689 | (7) | | | | | — | | | | ||||||||
| | | Accelerated RSUs | | | | — | | | | | | 5,336,580 | | | | | | 5,336,580 | | | | | | Accelerated RSUs | | | | — | | | | | | 2,091,332 | | | | | | 2,091,332 | | | | ||||||||
| | | Accelerated PSAs(5) | | | | — | | | | | | 7,643,590 | | | | | | 7,643,590 | | | | | | Accelerated PSAs(5) | | | | — | | | | | | 3,535,806 | | | | | | 3,535,806 | | | | ||||||||
| | | | Medical | | | | 24,426 | | | | | | 36,639 | | | | | | — | | | | | | | Medical | | | | 8,241 | | | | | | 12,362 | | | | | | — | | | | ||||||
| | | TOTAL | | | | 499,426 | | | | | | 14,331,930 | | | | | | 12,980,170 | | | | | | TOTAL | | | | 565,241 | | | | | | 7,168,189 | | | | | | 5,627,138 | | | | ||||||||
| Robert J. Terry(2) | | Salary and Short-Term Incentive | | | | 492,000 | (6) | | | | | 1,360,413 | (7) | | | | | — | | | | Carlos S. Bori(2) | | Salary and Short-Term Incentive | | | | 520,000 | (6) | | | | | 1,446,787 | (7) | | | | | — | | | | ||||||||
| | | Accelerated RSUs | | | | — | | | | | | 4,416,988 | | | | | | 4,416,988 | | | | | | Accelerated RSUs | | | | — | | | | | | 2,092,440 | | | | | | 2,092,440 | | | | ||||||||
| | | Accelerated PSAs(5) | | | | — | | | | | | 6,729,900 | | | | | | 6,729,900 | | | | | | Accelerated PSAs(5) | | | | — | | | | | | 3,393,575 | | | | | | 3,393,575 | | | | ||||||||
| | | | Medical | | | | 24,426 | | | | | | 36,639 | | | | | | — | | | | | | | Medical | | | | 26,441 | | | | | | 39,662 | | | | | | — | | | | ||||||
| | | TOTAL | | | | 516,426 | | | | | | 12,543,940 | | | | | | 11,146,888 | | | | | | TOTAL | | | | 546,441 | | | | | | 6,972,464 | | | | | | 5,486,015 | | | | ||||||||
| Karilee A. Durham(2) | | Salary and Short-Term Incentive | | | | 450,000 | (6) | | | | | 1,264,453 | (7) | | | | | — | | | | Robert J. Terry(2) | | Salary and Short-Term Incentive | | | | 522,000 | (6) | | | | | 1,473,256 | (7) | | | | | — | | | | ||||||||
| | | Accelerated RSUs | | | | — | | | | | | 3,588,209 | | | | | | 3,588,209 | | | | | | Accelerated RSUs | | | | — | | | | | | 1,789,476 | | | | | | 1,789,476 | | | | ||||||||
| | | Accelerated PSAs(5) | | | | — | | | | | | 4,644,673 | | | | | | 4,644,673 | | | | | | Accelerated PSAs(5) | | | | — | | | | | | 3,002,953 | | | | | | 3,002,953 | | | | ||||||||
| | | | Medical | | | | 24,426 | | | | | | 36,639 | | | | | | — | | | | | | | Medical | | | | 26,441 | | | | | | 39,662 | | | | | | — | | | | ||||||
| | | TOTAL | | | | 474,426 | | | | | | 9,533,974 | | | | | | 8,232,882 | | | | | | TOTAL | | | | 548,441 | | | | | | 6,305,347 | | | | | | 4,792,429 | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1)(2) | | Total ($) | | Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1)(2) | | Total ($) | | ||||||||||||||||||||||||||||||
| David J. Aldrich, Former Chairman of the Board(3) | | | | 126,154 | | | | | | — | | | | | | 126,154 | | | | Christine King, Lead Independent Director | | | | 163,750 | | | | | | 188,708 | | | | | | 352,458 | | | | ||||||
| Christine King, Lead Independent Director | | | | 160,000 | | | | | | 175,099 | | | | | | 335,099 | | | | Alan S. Batey | | | | 87,218 | | | | | | 188,708 | | | | | | 275,926 | | | | ||||||
| Alan S. Batey | | | | 82,500 | | | | | | 175,099 | | | | | | 257,599 | | | | Kevin L. Beebe | | | | 93,750 | | | | | | 188,708 | | | | | | 282,458 | | | | ||||||
| Kevin L. Beebe | | | | 90,000 | | | | | | 175,099 | | | | | | 265,099 | | | | Timothy R. Furey, Former Director(3) | | | | 61,545 | | | | | | — | | | | | | 61,545 | | | | ||||||
| Timothy R. Furey | | | | 97,500 | | | | | | 175,099 | | | | | | 272,599 | | | | Eric J. Guerin | | | | 56,239 | | | | | | 388,770 | | | | | | 445,009 | | | | ||||||
| David P. McGlade | | | | 115,000 | | | | | | 175,099 | | | | | | 290,099 | | | | Suzanne E. McBride | | | | 55,794 | | | | | | 388,751 | | | | | | 444,545 | | | | ||||||
| Robert A. Schriesheim | | | | 100,000 | | | | | | 175,099 | | | | | | 275,099 | | | | David P. McGlade | | | | 117,782 | | | | | | 188,708 | | | | | | 306,490 | | | | ||||||
| Kimberly S. Stevenson | | | | 82,500 | | | | | | 175,099 | | | | | | 257,599 | | | | Robert A. Schriesheim | | | | 103,750 | | | | | | 188,708 | | | | | | 292,458 | | | | ||||||
| Kimberly S. Stevenson, Former Director(3) | | | | 52,356 | | | | | | — | | | | | | 52,356 | | | |
| Name | | | Number of Securities Underlying Unexercised Options | | | Number of Shares Subject to Unvested RSUs | | ||||||||
| Christine King, Lead Independent Director | | | | | — | | | | | | | | | | |
| Alan S. Batey | | | | | — | | | | | | | | | | |
| Kevin L. Beebe | | | | | — | | | | | | | | | | |
| | | | | — | | | | | | | | | | ||
| Suzanne E. McBride | | | | | — | | | | | | | 3,248 | | | |
| David P. McGlade | | | | | — | | | | | | | | | | |
| Robert A. Schriesheim | | | | | — | | | | | | | ||||
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| | | TO HOLD FUTURE ADVISORY SAY-ON-PAY VOTES EVERY “ONE YEAR” | | |
| Proxy Statement | | | | | 59 | |
| PROPOSAL 5: | |
| 60 | | | | | Proxy Statement | |
| | | | “FOR” | | |
| Proxy Statement | | |
| | 61 | |
| PROPOSAL | |
| | | | | |
| | | | | |
| Proxy Statement | | | | | |
| Names and Addresses of Beneficial Owners(1) | | | Number of Shares Beneficially Owned(2) | | | Percent of Class | | ||||||||
| The Vanguard Group, Inc. | | | | | | | | | | | | | | ||
| BlackRock, Inc. | | | | | | | | | | | | | | ||
| Alan S. Batey | | | | | | | | | | | (*) | | | | |
| Kevin L. Beebe | | | | | | | | | | | (*) | | | | |
| Carlos S. Bori | | | | | |||||||||||
| | | | | | (*) | | | | |||||||
| Liam K. Griffin | | | | | | | | | | | (*) | | | | |
| Eric J. Guerin | | | | | | | | | | | | | | ||
| Reza Kasnavi | | | | | 17,933(5) | | | | | | | (*) | | | |
| Christine King | | | | | | | | | | | (*) | | | | |
| Suzanne E. McBride | | | | | | | | | | | | | | ||
| David P. McGlade | | | | | | | | | | | (*) | | | | |
| Robert A. Schriesheim | | | | | | | | | | | (*) | | | | |
| Kris Sennesael | | | | | |||||||||||
| | | | | | (*) | | | | |||||||
| Robert J. Terry | | | | | | | | | | | (*) | | | | |
| Maryann Turcke | | | | | — | | | | | | | — | | | |
| All current directors and executive officers as a group | | | | | | | | | | | (*) | | | |
| | | | | Proxy Statement | |
| Proxy Statement | | | | | |
| | | | | Proxy Statement | |
| Proxy Statement | | | | | |
| | | | | Proxy Statement | |
| Proxy Statement | | | | | 69 | |
| 70 | | | | | Proxy Statement | |
| Proxy Statement | | | | | |
| | | | | Proxy Statement | |
| | Our Board encourages stockholders to attend the Annual Meeting online. Whether or not you plan to attend, you are urged to submit a proxy promptly in one of the following ways: | | |
| | • by completing and submitting your proxy via the Internet by visiting the website address listed on the proxy card; | | |
| | • by completing and submitting your proxy using the toll-free telephone number listed on the proxy card; or | | |
| | • by completing, signing, and dating the proxy card and returning it in the postage-prepaid envelope provided for that purpose. | | |
| | A prompt response will greatly facilitate arrangements for the meeting and your cooperation will be appreciated. | | |
| Proxy Statement | | | | | |
| Appendix A: | |
| | | | Year Ended | | ||||
| | | | Oct. 1, 2021 | | ||||
| | | | (In millions, except per share amounts) | | ||||
| GAAP operating income | | | | | 1,612.7 | | | |
| Share-based compensation expense(a) | | | | | 191.9 | | | |
| Acquisition-related expenses | | | | | 60.2 | | | |
| Amortization of acquisition-related intangibles | | | | | 75.6 | | | |
| Settlements, gains, losses, and impairments | | | | | 10.9 | | | |
| Restructuring and other charges | | | | | 1.8 | | | |
| Non-GAAP operating income | | | | $ | 1,953.1 | | | |
| GAAP operating margin % | | | | | 31.6% | | | |
| Non-GAAP operating margin % | | | | | 38.2% | | | |
| | | | Year Ended | | ||||||||||||||||||||||||||||||||
| | | | Oct. 1, 2021 | | | Oct. 2, 2020 | | | Sep. 28, 2018* | | | Oct. 2, 2015* | | | Sep. 28, 2012* | | ||||||||||||||||||||
| GAAP net income per share, diluted | | | | $ | 8.97 | | | | | | $ | 4.80 | | | | | | $ | 5.01 | | | | | | $ | 4.10 | | | | | | $ | 1.05 | | | |
| Share-based compensation expense(a) | | | | | 1.15 | | | | | | | 0.92 | | | | | | | 0.59 | | | | | | | 0.51 | | | | | | | 0.38 | | | |
| Acquisition-related expenses (benefit) | | | | | 0.36 | | | | | | | 0.01 | | | | | | | (0.01) | | | | | | | 0.04 | | | | | | | 0.05 | | | |
| Amortization of acquisition-related intangibles | | | | | 0.45 | | | | | | | 0.21 | | | | | | | 0.11 | | | | | | | 0.17 | | | | | | | 0.17 | | | |
| Settlements, gains, losses, and impairments | | | | | 0.08 | | | | | | | 0.26 | | | | | | | 0.01 | | | | | | | 0.01 | | | | | | | 0.03 | | | |
| Restructuring and other charges | | | | | 0.01 | | | | | | | 0.01 | | | | | | | 0.02 | | | | | | | 0.02 | | | | | | | 0.04 | | | |
| Deferred executive compensation benefit | | | | | — | | | | | | | — | | | | | | | (0.01) | | | | | | | — | | | | | | | — | | | |
| Interest expense on seller-financed debt | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 0.01 | | | | | | | — | | | |
| Tax adjustments(b) | | | | | (0.52) | | | | | | | (0.08) | | | | | | | 1.50 | | | | | | | 0.41 | | | | | | | 0.18 | | | |
| Non-GAAP net income per share, diluted | | | | $ | 10.50 | | | | | | $ | 6.13 | | | | | | $ | 7.22 | | | | | | $ | 5.27 | | | | | | $ | 1.90 | | | |
| | | | Fiscal Years Ended | | |||||||||||
| (in millions) | | | September 30, 2022 | | | October 1, 2021 | | ||||||||
| GAAP operating income | | | | $ | 1,527.0 | | | | | | $ | 1,612.7 | | | |
| Share-based compensation expense(a) | | | | | 195.2 | | | | | | | 191.9 | | | |
| Acquisition-related expenses | | | | | 22.1 | | | | | | | 60.2 | | | |
| Amortization of acquisition-related intangibles | | | | | 268.5 | | | | | | | 75.6 | | | |
| Settlements, gains, losses, and impairments | | | | | 22.2 | | | | | | | 10.9 | | | |
| Restructuring and other charges | | | | | 10.0 | | | | | | | 1.8 | | | |
| Non-GAAP operating income | | | | $ | 2,045.0 | | | | | | $ | 1,953.1 | | | |
| GAAP operating margin % | | | | | 27.8% | | | | | | | 31.6% | | | |
| Non-GAAP operating margin % | | | | | 37.3% | | | | | | | 38.2% | | | |
| | | | Fiscal Years Ended | | |||||||||||||||||||||||||
| | | | September 30, 2022 | | | October 1, 2021 | | | September 28, 2018 | | | October 3, 2014 | | ||||||||||||||||
| GAAP net income per share, diluted | | | | $ | 7.81 | | | | | | $ | 8.97 | | | | | | $ | 5.01 | | | | | | $ | 2.38 | | | |
| Share-based compensation expense(a) | | | | | 1.20 | | | | | | | 1.15 | | | | | | | 0.59 | | | | | | | 0.45 | | | |
| Acquisition-related expenses | | | | | 0.14 | | | | | | | 0.36 | | | | | | | (0.01) | | | | | | | 0.03 | | | |
| Amortization of acquisition-related intangibles | | | | | 1.64 | | | | | | | 0.45 | | | | | | | 0.11 | | | | | | | 0.13 | | | |
| Settlements, gains, losses, and impairments | | | | | 0.15 | | | | | | | 0.08 | | | | | | | 0.01 | | | | | | | 0.02 | | | |
| Restructuring and other charges | | | | | 0.06 | | | | | | | 0.01 | | | | | | | 0.02 | | | | | | | — | | | |
| Deferred executive compensation benefit | | | | | — | | | | | | | — | | | | | | | (0.01) | | | | | | | — | | | |
| Tax adjustments | | | | | 0.24 | | | | | | | (0.52) | | | | | | | 1.50 | | | | | | | 0.23 | | | |
| Non-GAAP net income per share, diluted | | | | $ | 11.24 | | | | | | $ | 10.50 | | | | | | $ | 7.22 | | | | | | $ | 3.24 | | | |
| | | | Year Ended | | ||||||||||||||||||||||||||||||||
| | | | Oct. 1, 2021 | | | Oct. 2, 2020 | | | Sep. 28, 2018 | | | Oct. 2, 2015 | | | Sep. 28, 2012 | | ||||||||||||||||||||
| Cost of goods sold | | | | $ | 28.9 | | | | | | $ | 23.2 | | | | | | $ | 14.4 | | | | | | $ | 14.5 | | | | | | $ | 9.4 | | | |
| Research and development | | | | | 85.7 | | | | | | | 68.7 | | | | | | | 42.6 | | | | | | | 45.5 | | | | | | | 28.0 | | | |
| Selling, general, and administrative | | | | | 77.3 | | | | | | | 64.7 | | | | | | | 50.8 | | | | | | | 39.9 | | | | | | | 34.8 | | | |
| | | | Fiscal Years Ended | | |||||||||||||||||||||||||
| (in millions) | | | September 30, 2022 | | | October 1, 2021 | | | September 28, 2018 | | | October 3, 2014 | | ||||||||||||||||
| Cost of goods sold | | | | $ | 26.9 | | | | | | $ | 28.9 | | | | | | $ | 14.4 | | | | | | $ | 11.3 | | | |
| Research and development | | | | | 93.8 | | | | | | | 85.7 | | | | | | | 42.6 | | | | | | | 36.2 | | | |
| Selling, general, and administrative | | | | | 74.5 | | | | | | | 77.3 | | | | | | | 50.8 | | | | | | | 38.5 | | | |
| Total share-based compensation | | | | $ | 195.2 | | | | | | $ | 191.9 | | | | | | $ | 107.8 | | | | | | $ | 86.0 | | | |
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