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EXECUTIVE OFFICERS, DIRECTORS AND CORPORATE GOVERNANCE | | | | | | | |
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | | | | | | | |
COMPENSATION DISCUSSION AND ANALYSIS | | | | | | | |
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CERTAIN RELATIONSHIPS AND RELATED PARTY AND OTHER TRANSACTIONS | | | | | | | |
AUDIT COMMITTEE REPORT | | | | | | | |
PROPOSAL ONE: ELECTION OF DIRECTORS | | | | | | |
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PROPOSAL FOUR: APPROVAL OF THE 2023 EQUITY INCENTIVE PLAN | | | | | | | |
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APPENDIX A — 2023 EQUITY INCENTIVE PLAN | | | | | | |
Name | | | Age | | | Position | |
Executive Officers | | | | | | | |
Michael D. Darrow | | | | | President and Chief Executive Officer, and a Director | | |
Jantoon E. Reigersman | | | | | Chief Operating Officer | | |
Teresa T. Luong | | | 50 | | | Chief Financial | |
Jeffrey J. Swart | | | | | Executive Vice President, General Counsel and Secretary | | |
Non-Employee Directors | | | | | | | |
Robert E. Buce | | | | | Director | | |
Barbara A. Carbone | | | | | Director | | |
Christopher W. Claus | | | | | Director and Chairman of the Board | | |
Brendan L. Harrington | | | 52 | | | Director | |
Faye M. Iosotaluno | | | | | Director | | |
Erin N. Lantz | | | | | Director | | |
John W. Mendel | | | |||||
| | Director | |
| | Skills | | | | Buce | | | | Erin Lantz | | | | Barbara Carbone | | | | Harrington | | | | Faye Iosotaluno | | | | Mike Darrow | | | ||||||||||||||||
| | Senior Executive Leadership | | | | | | | | • | | | | | | | | • | | | | • | | | | • | | | ||||||||||||||||
| | CFO Experience | | | | • | ||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| | Financial and Audit | | | | • | | | | | | | | • | | | | | | | | | | | | | | | ||||||||||||||||
| | |||||||||||||||||||||||||||||||||||||||||||
Automotive Industry | ||||||||||||||||||||||||||||||||||||||||||||
| | | • | | | | | | | | | | | | • | | | | | | | | • | | | |||||||||||||||||||
| | Digital Marketplace | | | | | | | | • | | | | | | | | | | | • | | | | | | | |||||||||||||||||
| | | | | | | | | • | | | | | | | | • | | | | | | | | | | ||||||||||||||||||
| | Investor Relations | | | | | | | | | | | | • | | | | | | | | • | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | • | | | | | | | | | | | | • | | | |||||||||||||||||
| | |||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | • | | | | • | | | | | | ||||||||||||||||||||
| | Public Company | | | | • | | | | • | | | | • | | | | | | | | | | | | | |
| | Skills | | | | Value to TrueCar | | |
| | Senior Executive Leadership | | | | Serving in a leadership role of an enterprise-scale organization enhances the Board’s ability to advise our CEO and provide effective oversight of management, corporate strategy and culture. | | |
| | CFO Experience | | | | The experience that comes from serving as a CFO provides insight into our financial performance, reporting requirements, investor relations and transactions into which we may enter. | | |
| | Financial and Audit | | | | We engage in complex financial transactions and are required to adhere to financial reporting requirements and controls. | | |
| | Automotive Industry | | | | Relevant automotive industry experience provides insight into both dealers and consumers, which is important in evaluating the Company’s products and strategy. | | |
| | Digital Marketplace | | | | Experience in managing the supply/demand complexity of digital marketplaces is valuable to maintaining and improving our core product and in developing new products, such as TrueCar+. | | |
| | Product Development and Information Security | | | | We continue to develop and introduce new digital products and product features, including in connection with the rollout of TrueCar+, while managing information security and cybersecurity risk. | | |
| | M&A, Corporate Development and Investor Relations | | | | We engage in complex transactions such as acquisitions, divestitures and investments. Experience in investor relations guides our management when communicating with stockholders. | | |
| | Human Capital Management andCompensation | | | | Helps us attract, integrate and retain talent and develop the capabilities of our employees. | | |
| | Digital and Brand Marketing | | | | Effective marketing helps us attract and convert customers and establish a trusted name in our competitive industry. | | |
| | Skills | | | | Value to TrueCar | | |
| | Public Company Governance and Risk Management | | | | Provides our management team with relevant advice and leadership. Our Board plays an important role is risk oversight. | | |
| | Board Diversity Matrix (as of March 31, 2022) | | | | Board Diversity Matrix (as of May 1, 2023)(1) | | | |||||||||||||||||||||||||||||||||||
| | Total Number of Directors | | | | 8 | | | | Total Number of Directors | | | | 8 | | | |||||||||||||||||||||||||||
| | | | | | Female | | | | Male | | | | Non-Binary | | | | Gender Undisclosed | | | | | | | | Female | | | | Male | | | | Non-Binary | | | | Gender Undisclosed | | | |||
| | Part I: Gender Identity | | | | Part I: Gender Identity | | | |||||||||||||||||||||||||||||||||||
| | Directors | | | | 3 | | | | 5 | | | | 0 | | | | 0 | | | | Directors | | | | 3 | | | | 5 | | | | 0 | | | | 0 | | | |||
| | Part II: Demographic Background | | | | Part II: Demographic Background | | | |||||||||||||||||||||||||||||||||||
| | African American or Black | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | African American or Black | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | |||
| | Alaskan Native or American Indian | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | Alaskan Native or American Indian | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | |||
| | Asian | | | | 1 | | | | 0 | | | | 0 | | | | 0 | | | | Asian | | | | 1 | | | | 0 | | | | 0 | | | | 0 | | | |||
| | Hispanic or Latinx | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | Hispanic or Latinx | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | |||
| | Native Hawaiian or Pacific Islander | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | Native Hawaiian or Pacific Islander | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | |||
| | White | | | | 2 | | | | 4 | | | | 0 | | | | 0 | | | | White | | | | 2 | | | | 5 | | | | 0 | | | | 0 | | | |||
| | Two or More Races or Ethnicities | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | Two or More Races or Ethnicities | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | |||
| | LGBTQ+ | | | | 0 | | | | LGBTQ+ | | | | 0 | | | |||||||||||||||||||||||||||
| | Demographic Background Undisclosed | | | | 1 | | | | Demographic Background Undisclosed | | | | 0 | | |
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| Name | | Fees Earned ($) | | Stock Awards ($)(1) | | Total ($) | | Name | | Fees Earned or Paid in Cash ($)(1) | | Stock Awards ($)(2) | | Total ($) | | ||||||||||||||||||
| Robert E. Buce | | | | 73,389 | | | | | 149,997 | | | 223,386 | | Robert E. Buce | | | | 65,000 | | | | | 149,998 | | | 214,998 | | ||||||
| Barbara A. Carbone | | | | 66,556 | | | | | 149,997 | | | 216,553 | | Barbara A. Carbone | | | | 75,000 | | | | | 149,998 | | | 224,998 | | ||||||
| Christopher W. Claus | | | | 95,753 | | | | | 149,997 | | | 245,750 | | Christopher W. Claus | | | | 88,850 | | | | | 149,998 | | | 238,848 | | ||||||
| Faye M. Iosotaluno(2) | | | | 11,425 | | | | | 300,000 | | | 311,425 | | Faye M. Iosotaluno | | | | 65,625 | | | | | 149,998 | | | 215,623 | | ||||||
| Erin N. Lantz | | | | 70,000 | | | | | 149,997 | | | 219,997 | | Erin N. Lantz | | | | 70,000 | | | | | 149,998 | | | 219,998 | | ||||||
| Philip G.J. McKoy(3) | | | | 60,000 | | | | | 149,997 | | | 209,997 | | Wesley A. Nichols(3) | | | | 61,688 | | | | | 149,998 | | | 211,686 | | ||||||
| John W. Mendel | | | | 72,500 | | | | | 149,997 | | | 222,497 | | John W. Mendel | | | | 72,500 | | | | | 149,998 | | | 222,498 | | ||||||
| Wesley A. Nichols | | | | 75,000 | | | | | 149,997 | | | 224,997 | | Brendan L. Harrington(4) | | | | 10,800 | | | | | 299,998 | | | 310,798 | |
| Name | | Outstanding Stock Awards at December 31, 2021(1) | | Outstanding Options at December 31, 2021(2) | | Name | | Outstanding Stock Awards at December 31, 2022(1) | | Outstanding Options at December 31, 2022(2) | | ||||||||||||||||
| Robert E. Buce | | | | 31,446 | | | | | 102,532 | | | Robert E. Buce | | | | 45,454 | | | | | 102,532 | | | ||||
| Barbara A. Carbone | | | | 72,137 | | | | | — | | | Barbara A. Carbone | | | | 65,799 | | | | | — | | | ||||
| Christopher W. Claus | | | | 31,446 | | | | | 97,976 | | | Christopher W. Claus | | | | 45,454 | | | | | 97,976 | | | ||||
| Faye M. Iosotaluno(3) | | | | 71,090 | | | | | — | | | Faye M. Iosotaluno | | | | 92,847 | | | | | — | | | ||||
| Erin N. Lantz | | | | 31,446 | | | | | 62,885 | | | Erin N. Lantz | | | | 45,454 | | | | | 62,885 | | | ||||
| Philip G.J. McKoy(4) | | | | 31,446 | | | | | 28,753 | | | Wesley A. Nichols(3) | | | | — | | | | | 62,885 | | | ||||
| John W. Mendel | | | | 31,446 | | | | | 37,601 | | | John W. Mendel | | | | 45,454 | | | | | 37,601 | | | ||||
| Wesley A. Nichols | | | | 31,446 | | | | | 62,885 | | | Brendan L. Harrington(4) | | | | 201,341 | | | | | — | | |
| Board Committee | | | Chairperson Fee ($) | | | Member Fee ($) | | ||||||
| Audit Committee | | | | | 20,000 | | | | | | 10,000 | | |
| Compensation and Workforce Committee | | | | | 15,000 | | | | | | 7,500 | | |
| Executive Committee | | | | | — | | | | | | — | | |
| Nominating and Corporate Governance Committee | | | | | 10,000 | | | | | | 5,000 | | |
| Name of Beneficial Owner | | Number of Shares Beneficially Owned | | Percent of Shares Outstanding | | Name of Beneficial Owner | | Number of Shares Beneficially Owned | | Percent of Shares Outstanding | | ||||||||||||||||
| 5% Stockholders: | | | | | | | | | | | | 5% Stockholders: | | | | | | | | | | | | ||||
| Caledonia (Private) Investments Pty Limited(1) | | | | 18,626,859 | | | | | 19.3% | | | Caledonia (Private) Investments Pty Limited(1) | | | | 18,626,859 | | | | | 20.9% | | | ||||
| PAR Capital(2) | | | | 8,507,156 | | | | | 8.8% | | | United Services Automobile Association(2) | | | | 8,533,350 | | | | | 9.6% | | | ||||
| United Services Automobile Association(3) | | | | 8,533,350 | | | | | 8.8% | | | BlackRock, Inc.(3) | | | | 7,123,051 | | | | | 8.0% | | | ||||
| BlackRock, Inc.(4) | | | | 8,083,254 | | | | | 8.4% | | | Vanguard Group(4) | | | | 5,001,329 | | | | | 5.6% | | | ||||
| Goldman Sachs(5) | | | | 6,078,768 | | | | | 6.3% | | | Cannell Capital LLC(5) | | | | 5,573,332 | | | | | 6.3% | | | ||||
| Pacific Sequoia Holdings LLC(6) | | | | 5,721,734 | | | | | 5.9% | | | AutoNation, Inc.(6) | | | | 5,370,000 | | | | | 6.0% | | | ||||
| Vanguard Group(7) | | | | 5,001,329 | | | | | 5.2% | | | Named Executive Officers and Directors: | | | | | | | | | | | | ||||
| Named Executive Officers and Directors: | | | | | | | | | | | | Michael D. Darrow(7) | | | | 1,653,026 | | | | | 1.8% | | | ||||
| Michael D. Darrow(8) | | | | 1,304,541 | | | | | 1.3% | | | Jantoon E. Reigersman(8) | | | | 289,738 | | | | | * | | | ||||
| Jantoon E. Reigersman(9) | | | | 124,566 | | | | | * | | | Jeffrey J. Swart(9) | | | | 1,120,808 | | | | | 1.2% | | | ||||
| Jeffrey J. Swart(10) | | | | 997,530 | | | | | 1.0% | | | Teresa T. Luong(10) | | | | 178,346 | | | | | * | | | ||||
| Kristin M. Slanina(11) | | | | — | | | | | * | | | Robert E. Buce(11) | | | | 499,858 | | | | | * | | | ||||
| Simon E. Smith(12) | | | | — | | | | | * | | | Barbara A. Carbone(12) | | | | 72,138 | | | | | * | | | ||||
| Charles C. Thomas(13) | | | | — | | | | | * | | | Christopher W. Claus(13) | | | | 356,927 | | | | | * | | | ||||
| Robert E. Buce(14) | | | | 468,412 | | | | | * | | | Faye M. Iosotaluno(14) | | | | 23,697 | | | | | * | | | ||||
| Barbara A. Carbone(15) | | | | 20,346 | | | | | * | | | Erin N. Lantz(15) | | | | 204,017 | | | | | * | | | ||||
| Christopher W. Claus(16) | | | | 285,481 | | | | | * | | | John W. Mendel(16) | | | | 115,675 | | | | | * | | | ||||
| Faye M. Iosotaluno | | | | — | | | | | * | | | Brendan L. Harrington(17) | | | | 10,400 | | | | | * | | | ||||
| Erin N. Lantz(17) | | | | 172,571 | | | | | * | | | All current executive officers and directors as a group (11 persons)(18) | | | | 4,524,630 | | | | | 4.9% | | | ||||
| John W. Mendel(18) | | | | 135,807 | | | | | * | | | ||||||||||||||||
| Wesley A. Nichols(19) | | | | 172,571 | | | | | * | | | ||||||||||||||||
| All current executive officers and directors as a group (10 persons)(20) | | | | 3,681,825 | | | | | 3.7% | | |
| | WHAT WE DO | | | |||
| | | | Pay-for-performance (approximately | | | |
| | | | Include multi-year performance-vesting equity awards | | | |
| | | | Maintain robust stock ownership guidelines and a clawback policy for performance-based compensation | | | |
| | | | Retain an independent compensation consultant who reports directly to the compensation committee | | | |
| | | | Solicit advisory votes on our executive compensation program annually and engage in stockholder outreach | | | |
| | | | Include | | |
| | WHAT WE DON’T DO | | | |||
| | | | No automatic “single trigger” cash or vesting acceleration upon a change in control | | | |
| | | | No option repricings or exchanges without stockholder approval | | | |
| | | | No hedging or pledging by executive officers or directors | | | |
| | | | No tax gross ups on severance or change in control benefits | | | |
| | | | No excessive executive perquisites | | |
| Cardlytics | | | | |
| CarGurus | | | | |
| Cars.com | | | | |
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| | | TechTarget | | |
| Liquidity Services | | | | |
| Magnite | | | Zuora | |
| OneSpan | | | | |
| Executive | | 2020 Base Salary | | 2021 Base Salary | | % Change | | Executive | | 2021 Base Salary | | 2022 Base Salary | | % Change | | ||||||||||||||||||
| Michael D. Darrow | | | $ | 590,000 | | | | $ | 590,000 | | | — % | | Michael D. Darrow | | | $ | 590,000 | | | | $ | 590,000 | | | — % | | ||||||
| Jantoon E. Reigersman(1) | | | $ | N/A | | | | $ | 425,000 | | | N/A | | Jantoon E. Reigersman(1) | | | $ | 425,000 | | | | $ | 450,000 | | | 5.9% | | ||||||
| Jeffrey J. Swart | | | $ | 400,000 | | | | $ | 400,000 | | | —% | | Jeffrey J. Swart | | | $ | 400,000 | | | | $ | 400,000 | | | —% | | ||||||
| Kristin M. Slanina(2) | | | $ | 425,000 | | | | $ | 425,000 | | | —% | | ||||||||||||||||||||
| Simon E. Smith(3) | | | $ | 400,000 | | | | $ | 400,000 | | | —% | | ||||||||||||||||||||
| Charles C. Thomas(4) | | | $ | 257,500 | | | | $ | 257,500 | | | —% | |
| Executive | | | 2021 Target Incentive as % of Base Salary | | | 2022 Target Incentive as % of Base Salary | | | % Change | |
| Michael D. Darrow | | | 100% | | | 100% | | | —% | |
| Jantoon E. Reigersman | | | 50% | | | 50% | | | —% | |
| Jeffrey J. Swart | | | 50% | | | 50% | | | —% | |
| Executive | | | 2020 Target Incentive as % of Base Salary | | | 2021 Target Incentive as % of Base Salary | | | % Change | |
| Michael D. Darrow(1) | | | 100% | | | 100% | | | —% | |
| Jantoon E. Reigersman(2) | | | N/A | | | 50% | | | N/A | |
| Jeffrey J. Swart | | | 50% | | | 50% | | | —% | |
| Kristin M. Slanina(3) | | | N/A | | | 50% | | | N/A | |
| Simon E. Smith(4) | | | 50% | | | 50% | | | —% | |
| Charles C. Thomas(5) | | | 30% | | | 30% | | | —% | |
| | | | | | 2021 Annual Revenue ($ millions) | | | Strategic Goal | | Weight | | Criteria | | Payout | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | $ | 255 | | | | | | $ | 260 | | | | | | $ | 265 | | | | | | $ | 270 | | | | | | $ | 275 | | | | | | $ | 280 | | | | | | $ | 295 | | | | TrueCar+ Dealer Onboarding | | 12.5% | | Onboard 200 dealers to TrueCar+ by the end of 2022. | | 0 | | |||
| | 2021 Adjusted EBITDA ($ millions) | | | | | $ | 0 | | | | | | | 50% | | | | | | | 65% | | | | | | | 75% | | | | | | | 85% | | | | | | | 95% | | | | | | | 105% | | | | | | | 115% | | | | TrueCar+ Geographic Rollout | | 12.5% | | Rollout TrueCar+ in four additional states by the end of 2022. | | 18.75%(1) | | |||
| | $ | 5 | | | | | | | 50% | | | | | | | 75% | | | | | | | 80% | | | | | | | 90% | | | | | | | 100% | | | | | | | 110% | | | | | | | 120% | | | | TrueCar+ Inventory | | 10% | | 50,000 used vehicles made available on TrueCar+ by the end of 2022. | | 0 | | ||||||||
| | $ | 10 | | | | | | | 50% | | | | | | | 75% | | | | | | | 85% | | | | | | | 95% | | | | | | | 105% | | | | | | | 115% | | | | | | | 125% | | | | TrueCar+ Transactions | | 10% | | 6,530 TrueCar+ transactions completed in 2022. | | 0 | | ||||||||
| | $ | 15 | | | | | | | 50% | | | | | | | 75% | | | | | | | 90% | | | | | | | 100% | | | | | | | 110% | | | | | | | 125% | | | | | | | 150% | | | | Diversity Assessment | | 5% | | Improvement in annual internal diversity assessment.(2) | | 5% | | ||||||||
| | $ | 20 | | | | | | | 50% | | | | | | | 80% | | | | | | | 90% | | | | | | | 100% | | | | | | | 115% | | | | | | | 125% | | | | | | | 150% | | | |
| | | | | | H1 2022 Revenue ($ millions) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | $ | 72.6 | | | | | | $ | 77.6 | | | | | | $ | 82.6 | | | | | | $ | 87.6 | | | | | | $ | 92.6 | | | | | | $ | 97.6 | | | | | | $ | 102.6 | | | | | | $ | 107.6 | | | |
| | H1 2022 Adjusted EBITDA ($ millions) | | | | | ($ | 32.1) | | | | | | | 0% | | | | | | | 0% | | | | | | | 25% | | | | | | | 45% | | | | | | | 55% | | | | | | | 70% | | | | | | | 80% | | | | | | | 90% | | | |
| | ($ | 27.1) | | | | | | | 0% | | | | | | | 25% | | | | | | | 40% | | | | | | | 60% | | | | | | | 70% | | | | | | | 85% | | | | | | | 95% | | | | | | | 105% | | | | |||||
| | ($ | 22.1) | | | | | | | 25% | | | | | | | 40% | | | | | | | 55% | | | | | | | 80% | | | | | | | 85% | | | | | | | 100% | | | | | | | 110% | | | | | | | 120% | | | | |||||
| | ($ | 17.1) | | | | | | | 40% | | | | | | | 55% | | | | | | | 70% | | | | | | | 90% | | | | | | | 100% | | | | | | | 115% | | | | | | | 125% | | | | | | | 135% | | | | |||||
| | ($ | 12.1) | | | | | | | 55% | | | | | | | 70% | | | | | | | 85% | | | | | | | 100% | | | | | | | 115% | | | | | | | 130% | | | | | | | 140% | | | | | | | 150% | | | |
| | | | | | H2 2022 Revenue ($ millions) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | $ | 59.3 | | | | | | $ | 64.3 | | | | | | $ | 69.3 | | | | | | $ | 74.3 | | | | | | $ | 79.3 | | | | | | $ | 84.3 | | | | | | $ | 89.3 | | | | | | $ | 94.3 | | | |
| | H2 2022 Adjusted EBITDA ($ millions) | | | | | ($ | 45.8) | | | | | | | 0% | | | | | | | 0% | | | | | | | 25% | | | | | | | 45% | | | | | | | 55% | | | | | | | 70% | | | | | | | 80% | | | | | | | 90% | | | |
| | ($ | 40.8) | | | | | | | 0% | | | | | | | 25% | | | | | | | 40% | | | | | | | 60% | | | | | | | 70% | | | | | | | 85% | | | | | | | 95% | | | | | | | 105% | | | | |||||
| | ($ | 35.8) | | | | | | | 25% | | | | | | | 40% | | | | | | | 55% | | | | | | | 80% | | | | | | | 85% | | | | | | | 100% | | | | | | | 110% | | | | | | | 120% | | | | |||||
| | ($ | 30.8) | | | | | | | 40% | | | | | | | 55% | | | | | | | 70% | | | | | | | 90% | | | | | | | 100% | | | | | | | 115% | | | | | | | 125% | | | | | | | 135% | | | | |||||
| | ($ | 25.8) | | | | | | | 55% | | | | | | | 70% | | | | | | | 85% | | | | | | | 100% | | | | | | | 115% | | | | | | | 130% | | | | | | | 140% | | | | | | | 150% | | | |
| Executive | | | 2022 Cash Bonus | |
| Michael D. Darrow | | | $433,473 | |
| Jantoon E. Reigersman | | | $165,308 | |
| Jeffrey J. Swart | | | $146,940 | |
| Executive | | Options Granted | | RSUs Granted | | PSUs Granted | | Executive | | RSUs Granted | | PSUs Granted | | |||||
| Michael D. Darrow | | 199,680 | | 235,294 | | 197,299 | | Michael D. Darrow | | 260,000 | | 477,690 | | |||||
| Jantoon E. Reigersman | | 66,560 | | 78,431 | | 65,766 | | Jantoon E. Reigersman | | 256,000 | | 302,362 | | |||||
| Jeffrey J. Swart | | 46,592 | | 54,902 | | 46,036 | | Jeffrey J. Swart | | 90,666 | | 107,086 | | |||||
| Kristin M. Slanina(1) | | 0 | | 0 | | 0 | | |||||||||||
| Simon E. Smith(1) | | 0 | | 0 | | 0 | | |||||||||||
| Charles C. Thomas(2) | | 0 | | 50,000 | | 0 | |
| Name and Principal Position | | Year | | Salary ($) | | Bonus ($)(1) | | Stock Awards ($)(2) | | Option Awards ($)(2) | | Non-Equity Incentive Plan Compensation | | All Other Compensation ($) | | Total ($) | | Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Stock Awards ($)(1) | | Option Awards ($)(1) | | Non-Equity Incentive Plan Compensation | | All Other Compensation ($) | | Total ($) | | ||||||||||||||||
| Michael D. Darrow President and CEO | | | 2021 | | 590,000 | | — | | 2,399,467 | | 609,025 | | — | | 10,239(3) | | 3,608,731 | | Michael D. Darrow President and CEO | | | 2022 | | 590,000 | | — | | 3,467,996 | | — | | 433,473 | | 17,343(2) | | 4,508,812 | | ||||||||||||||
| 2020 | | 505,208 | | — | | 2,230,780 | | 428,913 | | 409,755 | | 61,266(4) | | 3,635,922 | | | 2021 | | 590,000 | | — | | 2,399,467 | | 609,025 | | — | | 10,239(3) | | 3,608,731 | | |||||||||||||||||||
| 2019 | | 400,000 | | 300,000 | | 882,413 | | 272,123 | | — | | 158,101(5) | | 2,012,637 | | | 2020 | | 505,208 | | — | | 2,230,780 | | 428,913 | | 409,755 | | 61,266(4) | | 3,635,922 | | |||||||||||||||||||
| Jantoon E. Reigersman CFO and COO | | | 2021 | | 394,896 | | 50,000(6) | | 2,525,135 | | 770,500 | | — | | 9,980(3) | | 3,750,511 | | Jantoon E. Reigersman CFO and COO(6) | | | 2022 | | 443,750 | | — | | 2,556,270 | | — | | 165,308 | | 10,599(5) | | 3,175,927 | | ||||||||||||||
| | | | | | | | | | | | | | | | | | 2021 | | 394,896 | | 50,000(7) | | 2,525,135 | | 770,500 | | — | | 9,980(3) | | 3,750,511 | | |||||||||||||||||||
| Jeffrey J. Swart EVP, General Counsel and Secretary | | | 2021 | | 400,000 | | — | | 559,873 | | 142,106 | | — | | 10,589(3) | | 1,112,568 | | Jeffrey J. Swart EVP, General Counsel and Secretary | | | 2022 | | 400,000 | | — | | 905,340 | | — | | 146,940 | | 14,305(2) | | 1,466,585 | | ||||||||||||||
| 2020 | | 383,333 | | — | | 624,280 | | 196,013 | | 138,900 | | 11,546(7) | | 1,354,072 | | | 2021 | | 400,000 | | — | | 559,873 | | 142,106 | | — | | 10,589(3) | | 1,112,568 | | |||||||||||||||||||
| 2019 | | 400,000 | | 100,000 | | 744,496 | | 215,928 | | — | | 14,880(8) | | 1,475,304 | | | 2020 | | 383,333 | | — | | 624,280 | | 196,013 | | 138,900 | | 11,546(8) | | 1,354,072 | | |||||||||||||||||||
| Kristin M. Slanina Former EVP, Chief Operating Officer | | | 2021 | | 90,017 | | — | | — | | — | | — | | 215,495(9) | | 305,512 | | |||||||||||||||||||||||||||||||||
| 2020 | | 114,299 | | 150,000(10) | | 874,999 | | 874,897 | | — | | 3,528(11) | | 2,017,723 | | ||||||||||||||||||||||||||||||||||||
| Simon E. Smith Former EVP, Dealer Solutions | | | 2021 | | 101,515 | | — | | — | | — | | — | | 410,343(12) | | 511,858 | | |||||||||||||||||||||||||||||||||
| 2020 | | 383,333 | | — | | 624,280 | | 196,013 | | 138,900 | | 13,944(7) | | 1,356,470 | | ||||||||||||||||||||||||||||||||||||
| 2019 | | 380,313 | | 173,785 | | 614,591 | | 622,332 | | — | | 24,266(8) | | 1,815,287 | | ||||||||||||||||||||||||||||||||||||
| Charles C. Thomas Former VP, Controller | | | 2021 | | 157,878 | | 35,000(13) | | 224,500 | | — | | — | | 7,501(14) | | 424,879 | | |||||||||||||||||||||||||||||||||
| 2020 | | 244,167 | | 64,200 | | 189,835 | | 35,002 | | — | | 8,961(7) | | 542,165 | | ||||||||||||||||||||||||||||||||||||
| 2019 | | 237,500 | | 74,718 | | 100,215 | | 47,984 | | — | | 8,757(15) | | 469,174 | |
| | | Maximum Achievement Payout | | | | Maximum Achievement Payout | | ||||||||||||||||||||||||||||||||
| | | 2021 PSU Grant | | 2020 PSU Grant | | 2019 PSU Grant | | | | 2022 PSU Grant | | 2021 PSU Grant | | 2020 PSU Grant | | ||||||||||||||||||||||||
| Michael D. Darrow | | | $ | 1,772,729 | | | | $ | 1,647,930 | | | | $ | 171,798 | | | Michael D. Darrow | | | $ | 4,271,740 | | | | $ | 1,772,729 | | | | $ | 1,647,930 | | | ||||||
| Jantoon E. Reigersman | | | $ | 1,477,266 | | | | $ | — | | | | $ | — | | | Jantoon E. Reigersman | | | $ | 2,703,875 | | | | $ | 1,477,266 | | | | $ | — | | | ||||||
| Jeffrey J. Swart | | | $ | 413,633 | | | | $ | 152,519 | | | | $ | 136,317 | | | Jeffrey J. Swart | | | $ | 957,619 | | | | $ | 413,633 | | | | $ | 152,519 | | | ||||||
| Simon E. Smith | | | $ | — | | | | $ | 152,519 | | | | $ | — | | |
| Name | | Grant Date | | | 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 (#) | | All other option awards: Number of securities underlying options (#) | | Exercise or base price of option awards ($/sh) | | Grant Date Fair Value of Stock and Option Awards ($)(3) | | Name | | Grant Date | | | 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 (#) | | Grant Date Fair Value of Stock Awards ($)(3) | | ||||||||||||||||||||||||||||||||
| Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | |||||||||||||||||||||||||||||||||||||||
| Michael D. Darrow | | | 3/12/2021 | | | | | | | | 3,945 | | 197,299 | | 295,948 | | — | | — | | — | | 1,181,821 | | Michael D. Darrow | | | 3/31/2022 | | | | | | | | 19,107 | | 477,690 | | 835,957 | | — | | 2,440,996 | | ||||||||||||||||||
| 3/12/2021 | | | | | | | | — | | — | | — | | 235,294(4) | | 199,680(5) | | 5.18 | | 1,826,671 | | | 3/31/2022 | | | | | | | | — | | — | | — | | 260,000(4) | | 1,027,000 | | |||||||||||||||||||||||
| | | 236,000 | | 590,000 | | 1,356,942 | | | | | | | | | | | | | | | | | | | 221,250 | | 590,000 | | 885,000 | | | | | | | | | | | | |||||||||||||||||||||||
| Jantoon E. Reigersman | | | 3/12/2021 | | | | | | | | 3,287 | | 164,415 | | 246,622 | | — | | — | | — | | 984,846 | | Jantoon E. Reigersman | | | 3/31/2022 | | | | | | | | 12,094 | | 302,362 | | 529,134 | | — | | 1,545,070 | | ||||||||||||||||||
| 3/12/2021 | | | | | | | | | | | | | | 78,431(4) | | 66,560(5) | | 5.18 | | 608,889 | | | 3/31/2022 | | | | | | | | | | | | | | 256,000(4) | | 1,011,200 | | |||||||||||||||||||||||
| 1/27/2021 | | | | | | | | | | | | | | 242,914(6) | | 205,922(7) | | 4.67 | | 1,701,900 | | | | | 84,375 | | 225,000 | | 337,500 | | | | | | | | | | | | |||||||||||||||||||||||
| | | 85,000 | | 212,500 | | 488,729 | | | | | | | | | | | | | | | | Jeffrey J. Swart | | | 3/31/2022 | | | | | | | | 4,283 | | 107,086 | | 187,401 | | — | | 547,209 | | |||||||||||||||||||||
| Jeffrey J. Swart | | | 3/12/2021 | | | | | | | | 920 | | 46,036 | | 69,054 | | — | | — | | — | | 275,756 | | | 3/31/2022 | | | | | | | | — | | — | | — | | 90,666(4) | | 358,131 | | ||||||||||||||||||||
| 3/12/2021 | | | | | | | | — | | — | | — | | 54,902(4) | | 46,592(5) | | 5.18 | | 426,224 | | | | | 75,000 | | 200,000 | | 300,000 | | | | | | | | | | | | |||||||||||||||||||||||
| | | 80,000 | | 200,000 | | 459,980 | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| Charles C. Thomas | | 5/11/2021 | | | | | | | | — | | — | | — | | 50,000(6) | | — | | — | | 224,500 | |
| Name | | Grant Date | | | Option Awards | | Stock Awards | | Name | | Grant Date | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Securities Underlying Unexercised Options | | | Option Exercise Price Per Share | | Option Expiration Date | | Number of Shares or Units of Stock that have Not Vested (#) | | Market Value of Shares or Units of Stock that have Not Vested ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that have Not Vested ($) | | | Number of Securities Underlying Unexercised Options | | | Option Exercise Price Per Share | | Option Expiration Date | | Number of Shares or Units of Stock that have Not Vested (#) | | Market Value of Shares or Units of Stock that have Not Vested ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that have Not Vested ($) | | |||||||||||||||||||||||||||||||||||||||
| Exercisable | | Unexercisable | | | Exercisable | | Unexercisable | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Michael D. Darrow | | | 3/1/2017(1) | | 200,000 | | — | | td4.61 | | | | 3/1/2027 | | | | | | | | | | | | | | Michael D. Darrow | | | 3/1/2017(1) | | 200,000 | | — | | td4.61 | | | | 3/1/2027 | | | | | | | | | | | | | | ||||||||||||||||
| 6/10/2017(1) | | 90,000 | | — | | td8.91 | | | | 6/10/2027 | | | | | | | | | | | | | | | 6/10/2017(1) | | 90,000 | | — | | td8.91 | | | | 6/10/2027 | | | | | | | | | | | | | | |||||||||||||||||||||
| 8/16/2017(1) | | 90,000 | | — | | td6.62 | | | | 8/16/2027 | | | | | | | | | | | | | | | 8/16/2017(1) | | 90,000 | | — | | td6.62 | | | | 8/16/2027 | | | | | | | | | | | | | | |||||||||||||||||||||
| 5/12/2018(2) | | 82,579 | | 7,508 | | $9.59 | | | | 5/12/2028 | | | | | | | | | | | | | | | 5/12/2018(1) | | 90,087 | | — | | $9.59 | | | | 5/12/2028 | | | | | | | | | | | | | | |||||||||||||||||||||
| 5/12/2018(3) | | | | | | | | | | | | | 3,529 | | | | 11,999 | | | | | | | | 3/15/2019(2) | | 64,310 | | 4,288 | | $6.93 | | | | 3/15/2029 | | | | | | | | | | | | | | |||||||||||||||||||||
| 3/15/2019(4) | | 47,161 | | 21,437 | | $6.93 | | | | 3/15/2029 | | | | | | | | | | | | | | | 3/15/2019(3) | | | | | | | | | | | | | 2,058 | | | | 5,116 | | | | | | | |||||||||||||||||||||
| 3/15/2019(5) | | | | | | | | | | | | | 10,290 | | | | 34,986 | | | | | | | | 3/9/2020(4) | | 222,062 | | 100,938 | | td.32 | | | | 3/9/2030 | | | | | | | | | | | | | | |||||||||||||||||||||
| 3/15/2019(6) | | | | | | | | | | | | | | | | | | | | 299 | | 1,017 | | | 3/9/2020(5) | | | | | | | | | | | | | 58,750 | | | | 147,463 | | | | | | | |||||||||||||||||||||
| 3/9/2020(7) | | 141,312 | | 181,688 | | td.32 | | | | 3/9/2030 | | | | | | | | | | | | | | | 3/16/2020(6) | | | | | | | | | | | | | | | | | | | | 6,520 | | 16,365 | | |||||||||||||||||||||
| 3/9/2020(8) | | | | | | | | | | | | | 105,750 | | | | 359,550 | | | | | | | | 3/12/2021(7) | | 91,520 | | 108,160 | | $5.18 | | | | 3/12/2031 | | | | | | | | | | | | | | |||||||||||||||||||||
| 3/9/2020(9) | | | | | | | | | | | | | 37,500 | | | | 127,500 | | | | | | | | 3/12/2021(8) | | | | | | | | | | | | | 132,353 | | | | 332,206 | | | | | | | |||||||||||||||||||||
| 3/16/2020(10) | | | | | | | | | | | | | | | | | | | | 6,520 | | 22,168 | | | 3/12/2021(9) | | | | | | | | | | | | | | | | | | | | 3,945 | | 9,902 | | |||||||||||||||||||||
| 3/12/2021(11) | | 41,600 | | 158,080 | | $5.18 | | | | 3/12/2031 | | | | | | | | | | | | | | | 3/31/2022(10) | | | | | | | | | | | | | 211,250 | | | | 530,238 | | | | | | | |||||||||||||||||||||
| 3/12/2021(12) | | | | | | | | | | | | | 191,176 | | | | 649,998 | | | | | | | | 3/31/2022(11) | | | | | | | | | | | | | | | | | | | | 19,107 | | 47,959 | | |||||||||||||||||||||
| 3/12/2021(13) | | | | | | | | | | | | | | | | | | | | 3,945 | | 13,413 | | Jantoon E. Reigersman | | | 1/27/2021(12) | | 85,801 | | 120,121 | | $4.67 | | | | 1/27/2031 | | | | | | | | | | | | | | |||||||||||||||||||
| Jantoon E. Reigersman | | | 1/27/2021(14) | | 34,320 | | 171,602 | | $4.67 | | | | 1/27/2031 | | | | | | | | | | | | | | | 1/27/2021(13) | | | | | | | | | | | | | 151,821 | | | | 381,071 | | | | | | | ||||||||||||||||||
| 1/27/2021(15) | | | | | | | | | | | | | 212,550 | | | | 722,670 | | | | | | | | 3/12/2021(7) | | 30,507 | | 36,053 | | $5.18 | | | | 3/12/2031 | | | | | | | | | | | | | | |||||||||||||||||||||
| 3/12/2021(11) | | 13,867 | | 52,693 | | $5.18 | | | | 3/12/2031 | | | | | | | | | | | | | | | 3/12/2021(8) | | | | | | | | | | | | | 44,117 | | | | 110,734 | | | | | | | |||||||||||||||||||||
| 3/12/2021(12) | | | | | | | | | | | | | 63,725 | | | | 216,665 | | | | | | | | 3/12/2021(9) | | | | | | | | | | | | | | | | | | | | 3,287 | | 8,250 | | |||||||||||||||||||||
| 3/12/2021(13) | | | | | | | | | | | | | | | | | | | | 3,287 | | 11,176 | | | 3/31/2022(10) | | | | | | | | | | | | | 208,000 | | | | 522,080 | | | | | | | |||||||||||||||||||||
| Jeffrey J. Swart | | 5/2/2014(1) | | 300,000 | | — | | td2.81 | | | | 5/2/2024 | | | | | | | | | | | | | | | 3/31/2022(11) | | | | | | | | | | | | | | | | | | | | 12,094 | | 30,356 | | |||||||||||||||||||
| | | 5/15/2014(1) | | 11,227 | | — | | $12.81 | | | | 5/15/2024 | | | | | | | | | | | | | | Jeffrey J. Swart | | 5/2/2014(1) | | 300,000 | | — | | $12.81 | | | | 5/2/2024 | | | | | | | | | | | | | | ||||||||||||||||||
| | | 8/11/2016(1) | | 200,000 | | — | | $10.85 | | | | 8/11/2026 | | | | | | | | | | | | | | | | 5/15/2014(1) | | 11,227 | | — | | $12.81 | | | | 5/15/2024 | | | | | | | | | | | | | | ||||||||||||||||||
| | | 6/10/2017(1) | | 146,736 | | — | | $18.91 | | | | 6/10/2027 | | | | | | | | | | | | | | | | 8/11/2016(1) | | 200,000 | | — | | $10.85 | | | | 8/11/2026 | | | | | | | | | | | | | | ||||||||||||||||||
| | | 5/12/2018(2) | | 71,808 | | 6,529 | | $9.59 | | | | 5/12/2028 | | | | | | | | | | | | | | | | 6/10/2017(1) | | 146,736 | | — | | $18.91 | | | | 6/10/2027 | | | | | | | | | | | | | | ||||||||||||||||||
| | | 5/12/2018(3) | | | | | | | | | | | | | 3,069 | | | | 10,435 | | | | | | | | | 5/12/2018(1) | | 78,337 | | — | | $9.59 | | | | 5/12/2028 | | | | | | | | | | | | | | ||||||||||||||||||
| | | 3/15/2019(4) | | 37,422 | | 17,010 | | $6.93 | | | | 3/15/2029 | | | | | | | | | | | | | | | | 3/15/2019(2) | | 51,030 | | 3,402 | | $6.93 | | | | 3/15/2029 | | | | | | | | | | | | | | ||||||||||||||||||
| | | 3/15/2019(5) | | | | | | | | | | | | | 8,165 | | | | 27,761 | | | | | | | | | 3/15/2019(3) | | | | | | | | | | | | | 1,633 | | | | 4,099 | | | | | | | ||||||||||||||||||
| | | 3/15/2019(6) | | | | | | | | | | | | | | | | | | | | 237 | | 806 | | | | 9/16/2019(14) | | | | | | | | | | | | | 20,625 | | | | 51,769 | | | | | | | ||||||||||||||||||
| | | 9/16/2019(16) | | | | | | | | | | | | | 48,125 | | | | 163,625 | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
| | | 3/16/2020(17) | | 58,334 | | 68,939 | | $2.68 | | | | 3/16/2030 | | | | | | | | | | | | | |
| Name | | Grant Date | | | Option Awards | | Stock Awards | | Name | | Grant Date | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Securities Underlying Unexercised Options | | | Option Exercise Price Per Share | | Option Expiration Date | | Number of Shares or Units of Stock that have Not Vested (#) | | Market Value of Shares or Units of Stock that have Not Vested ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that have Not Vested ($) | | | Number of Securities Underlying Unexercised Options | | | Option Exercise Price Per Share | | Option Expiration Date | | Number of Shares or Units of Stock that have Not Vested (#) | | Market Value of Shares or Units of Stock that have Not Vested ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that have Not Vested ($) | | |||||||||||||||||||||||||||||||||||||||
| Exercisable | | Unexercisable | | | Exercisable | | Unexercisable | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 3/16/2020(18) | | | | | | | | | | | | | 39,375 | | | | 133,875 | | | | | | | | | 3/16/2020(15) | | 90,152 | | 37,121 | | $2.68 | | | | 3/16/2030 | | | | | | | | | | | | | | ||||||||||||||||||
| | | 3/16/2020(19) | | | | | | | | | | | | | 15,625 | | | | 53,125 | | | | | | | | | 3/16/2020(16) | | | | | | | | | | | | | 21,875 | | | | 54,906 | | | | | | | ||||||||||||||||||
| | | 3/16/2020(10) | | | | | | | | | | | | | | | | | �� | | | 603 | | 2,050 | | | | 3/16/2020(6) | | | | | | | | | | | | | | | | | | | | 603 | | 1,514 | | ||||||||||||||||||
| | | 3/12/2021(11) | | 9,707 | | 36,885 | | $5.18 | | | | 3/12/2031 | | | | | | | | | | | | | | | | 3/12/2021(7) | | 21,355 | | 25,237 | | $5.18 | | | | 3/12/2031 | | | | | | | | | | | | | | ||||||||||||||||||
| | | 3/12/2021(12) | | | | | | | | | | | | | 44,608 | | | | 151,667 | | | | | | | | | 3/12/2021(8) | | | | | | | | | | | | | 30,882 | | | | 77,514 | | | | | | | ||||||||||||||||||
| | | 3/12/2021(13) | | | | | | | | | | | | | | | | | | | | 920 | | 3,128 | | | | 3/12/2021(9) | | | | | | | | | | | | | | | | | | | | 920 | | 2,309 | | ||||||||||||||||||
| Simon E. Smith | | 3/16/2020(10) | | | | | | | | | | | | | | | | | | | | 210 | | 714 | | | | 3/31/2022(10) | | | | | | | | | | | | | 73,666 | | | | 184,902 | | | | | | | ||||||||||||||||||
| | | 3/31/2022(11) | | | | | | | | | | | | | | | | | | | | 4,283 | | 10,750 | |
| Name | | | Option Awards | | Stock Awards | | Name | | | Option Awards | | Stock Awards | | ||||||||||||||
| Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | |||||||||||
| Michael D. Darrow | | — | | — | | 293,555 | | 1,335,911 | | Michael D. Darrow | | — | | — | | 208,917 | | 589,062 | | ||||||||
| Jantoon E. Reigersman | | — | | — | | 45,070 | | 209,696 | | Jantoon E. Reigersman | | — | | — | | 128,337 | | 344,327 | | ||||||||
| Jeffrey J. Swart | | — | | — | | 131,642 | | 591,687 | | Jeffrey J. Swart | | — | | — | | 104,985 | | 302,278 | | ||||||||
| Kristin M. Slanina | | 88,758 | | 57,586 | | 56,263 | | 275,633 | | ||||||||||||||||||
| Simon E. Smith | | 66,289 | | 128,945 | | 140,649 | | 688,036 | | ||||||||||||||||||
| Charles C. Thomas | | 8,049 | | 11,321 | | 21,746 | | 110,784 | |
| Name | | | | | Potential Payments Upon | | Name | | | | | Potential Payments Upon | | ||||||||||||||||||||
| Benefit | | | Termination other than for Cause or a Termination for Good Reason | | | Change in Control ($)(1) | | Death or Disability ($) | | | Benefit | | | Termination other than for Cause or a Termination for Good Reason | | | Change in Control ($)(1) | | Death or Disability ($) | | |||||||||||||
| Prior to Change in Control ($) | | Upon or Following Change in Control ($) | | | Prior to Change in Control ($) | | Upon or Following Change in Control ($) | | |||||||||||||||||||||||||
| Michael D. Darrow | | | Cash Severance(2) | | 1,180,000 | | 1,180,000 | | — | | — | | Michael D. Darrow | | | Cash Severance(2) | | 1,180,000 | | 1,180,000 | | — | | — | | ||||||||
| Vesting Acceleration of Equity Awards(3) | | 1,504,695(4) | | 2,270,564(5) | | 1,656,068 | | 3,210,309(6) | | | Vesting Acceleration of Equity Awards(3) | | 1,812,132(4) | | 1,938,776(5) | | 1,489,500 | | 3,546,732(6) | | |||||||||||||
| Continued Coverage of Employee Benefits(7) | | 30,429 | | 30,429 | | — | | 30,429 | | | Continued Coverage of Employee Benefits(7) | | 32,217 | | 32,217 | | — | | 32,217 | | |||||||||||||
| Total Benefits | | 2,715,124 | | 3,480,993 | | 1,656,068 | | 3,240,738 | | | Total Benefits | | 3,024,349 | | 3,150,993 | | 1,489,500 | | 3,578,949 | | |||||||||||||
| Jantoon E. Reigersman | | | Cash Severance(8) | | 212,500 | | 212,500 | | — | | — | | Jantoon E. Reigersman | | | Cash Severance(8) | | 283,333 | | 283,333 | | — | | — | | ||||||||
| Vesting Acceleration of Equity Awards(3) | | 422,079(4) | | 1,062,317(5) | | 789,172 | | 1,498,346(6) | | | Vesting Acceleration of Equity Awards(3) | | 801,473(4) | | 1,267,090(5) | | 904,809 | | 2,185,495(6) | | |||||||||||||
| Continued Coverage of Employee Benefits(7) | | 15,215 | | 15,215 | | — | | 15,215 | | | Continued Coverage of Employee Benefits(7) | | 21,478 | | 21,478 | | — | | 21,478 | | |||||||||||||
| Total Benefits | | 649,794 | | 1,290,032 | | 789,172 | | 1,513,561 | | | Total Benefits | | 1,106,284 | | 1,571,901 | | 904,809 | | 2,206,973 | | |||||||||||||
| Jeffrey J. Swart | | | Cash Severance(8) | | 400,000 | | 400,000 | | — | | — | | Jeffrey J. Swart | | | Cash Severance(8) | | 400,000 | | 400,000 | | — | | — | | ||||||||
| Vesting Acceleration of Equity Awards(3) | | 449,155(4) | | 701,139(5) | | 392,793 | | 889,569(6) | | | Vesting Acceleration of Equity Awards(3) | | 398,947(4) | | 500,865(5) | | 309,731 | | 833,257(6) | | |||||||||||||
| Continued Coverage of Employee Benefits(7) | | 21,253 | | 21,253 | | — | | 21,253 | | | Continued Coverage of Employee Benefits(7) | | 22,506 | | 22,506 | | — | | 22,506 | | |||||||||||||
| Total Benefits | | 870,408 | | 1,122,392 | | 392,793 | | 910,822 | | | Total Benefits | | 821,453 | | 923,371 | | 309,731 | | 855,763 | |
| Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options and Rights | | | Weighted-average Exercise Price of Outstanding Options and Rights | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |
| Equity compensation plans approved by stockholders(1) | | | 13,614,294(2) | | | $9.24(3) | | | 16,551,638(4) | |
| Equity compensation plans not approved by stockholders | | | — | | | N/A | | | 1,840,000(5) | |
| Total | | | 13,614,294 | | | $9.24 | | | 18,391,638 | |
| Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options and Rights | | | Weighted-average Exercise Price of Outstanding Options and Rights | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plan | |
| Equity compensation plan approved by stockholders(1) | | | 15,122,359(2) | | | $9.50(3) | | | 16,733,525(4) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based on: | | | | | | | | | | | | | | |||||||||
| Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(2) | | | Average Summary Compensation Table Total for Non-PEO NEOs(3) | | | Average Compensation Actually paid to Non-PEO NEOs(4) | | | Total Shareholder Return(5) | | | Peer Group Total Shareholder Return(6) | | | Net Income (loss) (millions)(7) | | | Adjusted EBITDA (millions)(8) | | |||||||||||||||||||||
| (a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | |||||||||||||||||||||
| 2022 | | | $4,508,812 | | | | $ | 2,072,029 | | | | | $ | 2,321,256 | | | | | $ | 1,224,363 | | | | | $ | 52.84 | | | | | $ | 81.51 | | | | | $ | (118.69) | | | | | $ | (29.95) | | |
| 2021 | | | $3,608,731 | | | | $ | 1,545,311 | | | | | $ | 1,221,066 | | | | | $ | 489,836 | | | | | $ | 71.58 | | | | | $ | 134.42 | | | | | $ | (38.33) | | | | | $ | 4.89 | | |
| 2020 | | | $3,635,922 | | | | $ | 5,223,052 | | | | | $ | 1,476,475 | | | | | $ | 965,362 | | | | | $ | 88.42 | | | | | $ | 137.33 | | | | | $ | 76.54 | | | | | $ | 42.10 | | |
| Year | | | Reported Summary Compensation Table Total for PEO ($) | | | Reported Value of Equity Awards(a) ($) | | | Equity Award Adjustments(b) ($) | | | Compensation Actually Paid to PEO ($) | |
| 2022 | | | $4,508,812 | | | $(3,467,996) | | | $1,031,213 | | | $2,072,029 | |
| 2021 | | | $3,608,731 | | | $(3,008,492) | | | $945,072 | | | $1,545,311 | |
| 2020 | | | $3,635,922 | | | $(2,659,693) | | | $4,246,823 | | | $5,223,052 | |
| Year | | | Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year ($) | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($) | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) | | | Total Equity Award Adjustments | |
| 2022 | | | $1,810,447 | | | $(751,394) | | | $113,263 | | | $(132,318) | | | $(8,785) | | | $1,031,213 | |
| 2021 | | | $1,438,189 | | | $(923,537) | | | $287,084 | | | $143,336 | | | $— | | | $945,072 | |
| 2020 | | | $3,805,266 | | | $(114,853) | | | $740,818 | | | $(184,408) | | | $— | | | $4,246,823 | |
| Year | | | Average Reported Summary Compensation Table Total for Non-PEO NEOs ($) | | | Average Reported Value of Equity Awards ($) | | | Average Equity Award Adjustments(a) ($) | | | Average Compensation Actually Paid to Non-PEO NEOs ($) | |
| 2022 | | | $2,321,256 | | | $(1,730,805) | | | $633,912 | | | $1,224,363 | |
| 2021 | | | $1,221,066 | | | $(844,423) | | | $113,193 | | | $489,836 | |
| 2020 | | | $1,476,475 | | | $(1,066,211) | | | $555,098 | | | $965,362 | |
| Year | | | Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year ($) | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($) | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) | | | Total Equity Award Adjustments | |
| 2022 | | | $902,151 | | | $(276,657) | | | $75,509 | | | $(63,606) | | | $(3,485) | | | $633,912 | |
| 2021 | | | $415,804 | | | $(46,854) | | | $83,038 | | | $67,584 | | | $(406,379) | | | $113,193 | |
| 2020 | | | $759,566 | | | $(49,529) | | | $239,081 | | | $(75,258) | | | $(318,762) | | | $555,098 | |
| Most Important Performance Measures | |
| Adjusted EBITDA(1) | |
| Revenue | |
| Compound annual growth in stock price | |
| | | Fiscal Year | | | | Fiscal Year | | ||||||||||||||||||||
| | | 2020 | | 2021 | | | | 2021 | | 2022 | | ||||||||||||||||
| Audit Fees | | | $ | 1,793,900 | | | | $ | 1,585,000 | | | Audit Fees | | | $ | 1,585,000 | | | | $ | 1,720,000 | | | ||||
| Tax Fees | | | | 216,961 | | | | | 130,317 | | | Audit-Related Fees | | | | — | | | | | 35,118 | | | ||||
| All Other Fees | | | | 6,346 | | | | | 4,196 | | | Tax Fees | | | | 130,317 | | | | | 27,500 | | | ||||
| Total | | | $ | 2,017,207 | | | | $ | 1,719,513 | | | All Other Fees | | | | 4,196 | | | | | 4,150 | | | ||||
| Total | | | $ | 1,719,513 | | | | $ | 1,786,768 | | |
| Name of Individual or Group | | | Number of Shares Subject to Options | | | Weighted Average Per Share Exercise Price of Options | | | Number of Restricted Stock Units | | | Number of Performance Units at Target | | | Dollar Value of Equity Awards(1) | | |||||||||
| Michael D. Darrow President and CEO | | | 0 | | | 0 | | | | | 260,000 | | | | | | 477,690 | | | | | $ | 3,467,996 | | |
| Jantoon E. Reigersman CFO and COO | | | 0 | | | 0 | | | | | 256,000 | | | | | | 302,362 | | | | | $ | 2,556,270 | | |
| Jeffrey J. Swart EVP, General Counsel and Secretary | | | 0 | | | 0 | | | | | 90,666 | | | | | | 107,086 | | | | | $ | 905,340 | | |
| All executive officers, as a group | | | 0 | | | 0 | | | | | 606,666 | | | | | | 887,138 | | | | | | 6,929,606 | | |
| All directors who are not executive officers, as a group | | | 0 | | | 0 | | | | | 519,519 | | | | | | 0 | | | | | $ | 1,349,985 | | |
| All employees who are not executive officers, as a group | | | 0 | | | 0 | | | | | 4,704,187 | | | | | | 718,757 | | | | | | 19,957,080 | | |
| | | Year Ended December 31, | | | | Year Ended December 31, | | ||||||||||||||||||||||||||
| | | 2021 | | 2020 | | | | 2022 | | 2021 | | 2020 | | ||||||||||||||||||||
| | | (in thousands) | | | | (in thousands) | | ||||||||||||||||||||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | | | | | | | | | | | | Reconciliation of Net (Loss) Income to Adjusted EBITDA: | | | | | | | | | | | | | | | | | |||||
| Net loss | | | $ | (38,369) | | | | $ | (19,839) | | | Net (loss) income | | | $ | (118,685) | | | | $ | (38,329) | | | | $ | 76,544 | | | |||||
| Non-GAAP adjustments: | | | | | | | | | | | | Income from discontinued operations, net of taxes | | | | — | | | | | (40) | | | | | (96,383) | | | |||||
| Interest income | | | | (52) | | | | | (462) | | | Loss from continuing operations | | | | (118,685) | | | | | (38,369) | | | | | (19,839) | | | |||||
| Depreciation and amortization | | | | 16,279 | | | | | 20,547 | | | Non-GAAP adjustments: | | | | | | | | | | | | | | | | | |||||
| Stock-based compensation | | | | 20,395 | | | | | 23,077 | | | Interest income | | | | (2,565) | | | | | (52) | | | | | (462) | | | |||||
| Share of net loss from equity method investment(1) | | | | 5,404 | | | | | 1,989 | | | Depreciation and amortization | | | | 16,520 | | | | | 16,279 | | | | | 20,547 | | | |||||
| Certain litigation costs(2) | | | | — | | | | | (1,939) | | | Stock-based compensation | | | | 17,681 | | | | | 20,395 | | | | | 23,077 | | | |||||
| Restructuring charges(3) | | | | — | | | | | 8,346 | | | (Gain) loss from equity method investment(1) | | | | (1,845) | | | | | 5,404 | | | | | 1,989 | | | |||||
| Change in fair value of contingent consideration liability | | | | 41 | | | | | 182 | | | Certain litigation costs(2) | | | | — | | | | | — | | | | | (1,939) | | | |||||
| Goodwill impairment(4) | | | | — | | | | | 8,264 | | | Restructuring charges(3) | | | | — | | | | | — | | | | | 8,346 | | | |||||
| Other income | | | | (667) | | | | | (198) | | | Transaction costs(4) | | | | 1,200 | | | | | — | | | | | — | | | |||||
| Impairment of right-of-use (“ROU”) assets(5) | | | | 1,652 | | | | | 2,136 | | | Change in fair value of contingent consideration liability | | | | 359 | | | | | 41 | | | | | 182 | | | |||||
| Provision for (benefit from) income taxes | | | | 206 | | | | | (6) | | | Goodwill impairment(5) | | | | 59,775 | | | | | — | | | | | 8,264 | | | |||||
| Adjusted EBITDA | | | $ | 4,889 | | | | $ | 42,097 | | | Other income | | | | (40) | | | | | (667) | | | | | (198) | | | |||||
| Lease exit costs(6) | | | | 214 | | | | | — | | | | | — | | | |||||||||||||||||
| Impairment of right-of-use (“ROU”) assets(7) | | | | — | | | | | 1,652 | | | | | 2,136 | | | |||||||||||||||||
| Provision for (benefit from) income taxes | | | | (2,560) | | | | | 206 | | | | | (6) | | | |||||||||||||||||
| Adjusted EBITDA | | | $ | (29,946) | | | | $ | 4,889 | | | | $ | 42,097 | | |