Black Hills Corporation | ||||||||||||||
(Name of Registrant as Specified In Its Charter) | ||||||||||||||
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WHEN: | WHERE: | |||||||||||||
Horizon Point | ||||||||||||||
Tuesday, April | ||||||||||||||
9:30 a.m., local time | 7001 Mount Rushmore Road | |||||||||||||
Rapid City, South Dakota 57702 |
Proposal | Board Recommendation | Page | |||||||||
1 | Election of Directors | þ FOR each Director Nominee | 6 | ||||||||
2 | Ratification of Deloitte & Touche LLP to Serve as Independent Registered Public Accounting Firm for 2022 | þ FOR | 22 | ||||||||
3 | Advisory Non-Binding Resolution to Approve Executive Compensation | þ FOR | 25 | ||||||||
4 | Approval of the Black Hills Corporation Amended and Restated 2015 Omnibus Incentive Plan | þ FOR | 52 |
Name | Age | Director Since | Independent | Committee Membership | Other Public Boards | ||||||||||||
Kathleen S. McAllister | 57 | 2019 | X | Audit | Hoegh LNG Partners LP TMC The Metals Company Inc. | ||||||||||||
Robert P. Otto | 62 | 2017 | X | Audit | None | ||||||||||||
Mark A. Schober | 66 | 2015 | X | Audit (Chair) | None |
Evans | Granger | Jensen | McAllister | Mills | Otto | Prochazka | Roberts | Schober | Taylor | Vering | |||||||||||||||||||||||||
Skills and Experience | |||||||||||||||||||||||||||||||||||
Business Operations | X | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||||
Customer Service | X | X | X | ||||||||||||||||||||||||||||||||
Cybersecurity/Technology | X | X | |||||||||||||||||||||||||||||||||
ESG/Sustainability | X | X | X | ||||||||||||||||||||||||||||||||
Financial Acumen | X | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||||
Government/Regulatory | X | X | X | X | X | ||||||||||||||||||||||||||||||
Health and Safety | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||
Human Capital Management/ Compensation | X | X | X | X | |||||||||||||||||||||||||||||||
Legal/Governance/Compliance | X | X | X | ||||||||||||||||||||||||||||||||
Mergers and Acquisitions | X | X | X | ||||||||||||||||||||||||||||||||
Risk Management | X | X | X | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||
Strategic Planning | X | X | X | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||
Utility Industry | X | X | X | ||||||||||||||||||||||||||||||||
Board Tenure | |||||||||||||||||||||||||||||||||||
Years | 3 | 1 | 2 | 2 | 10 | 5 | 1 | 10 | 6 | 5 | 16 | ||||||||||||||||||||||||
Age | |||||||||||||||||||||||||||||||||||
Years Old | 59 | 62 | 59 | 57 | 66 | 62 | 56 | 69 | 66 | 58 | 72 | ||||||||||||||||||||||||
Gender | |||||||||||||||||||||||||||||||||||
Female | X | X | X | ||||||||||||||||||||||||||||||||
Male | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||
Race/Ethnicity | |||||||||||||||||||||||||||||||||||
African American/Black | X | ||||||||||||||||||||||||||||||||||
White/Caucasian | X | X | X | X | X | X | X | X | X | X |
Electric Utilities | Natural Gas Utilities | |||||||||||||||||||
ü | 30% by 2020 | ü | 33% by 2020 | |||||||||||||||||
â | 40% by 2030 | â | 50% by 2035 | |||||||||||||||||
â | 70% by 2040 |
Variable | 78 | % | Variable | 63 | % | |||||||||||||||
Linked to Share Value | 57 | % | Linked to Share Value | 40 | % |
PROXY STATEMENT | ||||||||||||||
ü | A proxy in the accompanying form is solicited by the Board of Directors of Black Hills Corporation, a South Dakota corporation, to be voted at the annual meeting of our shareholders to be held Tuesday, April | |||||||||||||
ü | The enclosed form of proxy, when executed and returned, will be voted as set forth in the proxy. Any shareholder signing a proxy has the power to revoke the proxy in writing, addressed to our secretary, or in person at the meeting at any time before the proxy is exercised. | |||||||||||||
ü | We will bear all costs of the solicitation. In addition to solicitation by mail, our officers and employees may solicit proxies by telephone, fax, or in person. We have retained Georgeson LLC to assist us in the solicitation of proxies at an anticipated cost of | |||||||||||||
ü | This proxy statement and the accompanying form of proxy are to be first mailed on or about March |
VOTING RIGHTS AND PRINCIPAL HOLDERS | ||||||||||||||
ü | Only our shareholders of record at the close of business on March | |||||||||||||
ü | Each outstanding share of our common stock is entitled to one vote. Cumulative voting is permitted in the election of | |||||||||||||
Page | |||||
Proposal 3 - Advisory Vote on Our Executive Compensation | |||||
Item of Business | Board Recommendation | Voting Approval Standard | Effect of Abstention | Effect of Broker Non-Vote | |||||||||||
Proposal 1: | FOR election of each director nominee | The three nominees with the most "FOR" votes are | No effect | No effect | |||||||||||
Election of Directors | |||||||||||||||
If a nominee receives more "WITHHOLD AUTHORITY" votes than "FOR" votes, the nominee must submit a resignation for consideration by the Governance Committee and final Board decision. | |||||||||||||||
Proposal 2: | FOR | The | No effect | Not applicable; broker may vote shares without instruction | |||||||||||
Ratification of Appointment of Independent Registered Public Accounting Firm | |||||||||||||||
Proposal 3: | FOR | The votes cast "FOR" must exceed the votes cast "AGAINST". | No effect | No effect | |||||||||||
Advisory Vote to Approve Executive Compensation | |||||||||||||||
This advisory vote is not binding on the Board, but the Board will consider the vote results when making future executive compensation decisions. | |||||||||||||||
Proposal | FOR | The majority of votes present in person or represented by proxy and entitled to vote. | No effect | No effect | |||||||||||
Approval of the Black Hills Corporation Amended and Restated 2015 Omnibus Incentive Plan | |||||||||||||||
PROPOSAL 1 | ELECTION OF DIRECTORS |
Director Nominee | Class | Year Term Expiring | ||||||
Linden R. Evans | ||||||||||
None | ||||||||
Director since: 2018 | ||||||||
Director Class: III, term expiring in 2024 | ||||||||
Age: 59 | ||||||||
Summary: | ||||||||
Mr. Evans has been President and Chief Executive Officer of the Company since January 1, 2019. He previously served as President and Chief Operating Officer from 2016 to 2018, and President and Chief Operating Officer – Utilities from 2004 to 2015. He began his career with Black Hills Corporation | ||||||||
Skills and Qualifications: | ||||||||
business operations, customer service, ESG/sustainability, health and safety, legal/governance/compliance, risk management, strategic planning, utility industry |
Barry M. Granger | Standing Board Committees: | |||||||
Managing Partner and Co-Founder of B3 Technology Investments | Audit Committee | |||||||
Director since: 2020 | ||||||||
Director Class: III, term expiring in 2024 | Outside Directorships: | |||||||
Age: 62 | None | |||||||
Summary: | ||||||||
Mr. Granger has over 35 years of experience in the chemical, materials and industrial markets. He is the Managing Partner of B3 Technology Investments, a consulting firm he founded in 2018. He held roles as Vice President of Government Marketing and Government Affairs at DuPont from 2010 to 2017 and Vice President and General Manager, Tyvek® from 2007 to 2010. Early in his career, he served as the Executive Assistant to the Chairman and CEO of DuPont. He has held a variety of leadership positions with increasing responsibilities in operations, product management, sales and marketing. | ||||||||
Skills and Qualifications: | ||||||||
business operations, financial acumen, government/regulatory, health and safety, legal/governance/compliance, risk management, strategic planning |
Tony A. Jensen | Standing Board Committees: | |||||||
Retired Director, President and Chief Executive Officer of Royal Gold, Inc. | Compensation Committee | |||||||
Director since: 2019 | ||||||||
Director Class: III, term expiring in 2024 | Outside Directorships: | |||||||
Age: 59 | None | |||||||
Summary: | ||||||||
Mr. Jensen has over 35 years of experience in the mining and mining finance industries. From 2003 until his retirement in 2019, Mr. Jensen served in several leadership roles at Royal Gold, Inc., a public precious metals company, including Director, President and Chief Executive Officer from | ||||||||
Skills and Qualifications: | ||||||||
business operations, financial acumen, health and safety, human capital management/compensation, mergers and acquisitions, risk management, strategic planning |
Standing Board Committees: | ||||||||
Retired Director, | Audit Committee | |||||||
Director since: 2019 | ||||||||
Director Nominee Class: I, term expiring in 2025 | Outside Directorships: | |||||||
Age: 57 | Hoegh LNG Partners LP (since 2017) TMC The Metals Company | |||||||
Ms. McAllister has over 30 years of | ||||||||
Skills and Qualifications: | ||||||||
business operations, cybersecurity/technology, ESG/sustainability, financial acumen, health and safety, legal/governance/compliance, risk management, strategic planning |
Standing Board Committees: | ||||||||
Chairman of the Board Retired Public Company Financial Executive | Governance Committee | |||||||
Director | ||||||||
Director | |||||
financial acumen, mergers and acquisitions, risk |
Robert P. Otto | Standing Board Committees: | |||||||
Owner of Bob Otto Consulting LLC | Audit Committee | |||||||
Director since: 2017 | ||||||||
Director Nominee Class: I, term expiring in 2025 | Outside Directorships: | |||||||
Age: 62 | None | |||||||
Summary: | ||||||||
Since 2017, Mr. Otto has provided strategic planning and advisory services in | ||||||||
Skills and Qualifications: | ||||||||
cybersecurity/technology, financial acumen, risk management, strategic planning |
Scott M. Prochazka | Standing Board Committees: | |||||||
Former Board Member, President and Chief Executive Officer of CenterPoint Energy | Compensation Committee | |||||||
Director | ||||||||
Director | Outside Directorships: | |||||||
Peridot Acquisition Corp. II (since January 2021) Li-Cycle Holdings Corp. (since August 2021) | ||||||||
Summary: | ||||||||
Mr. Prochazka served as Board Member, President and Chief Executive Officer of CenterPoint Energy, a public energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations, from 2014 until his retirement in | ||||||||
Skills and Qualifications: | ||||||||
business operations, customer service, financial acumen, government/regulatory, health and safety, human capital management/compensation, risk management, strategic planning, | ||||||||
Rebecca B. Roberts | ||||||||
Retired President of Chevron Pipe Line Company | Compensation Committee Governance Committee (Chair) | |||||||
Director | ||||||||
Director | Outside Directorships: | |||||||
AbbVie, Inc. (since 2018) MSA Safety, Inc. (since 2013) | ||||||||
Skills and | ||||||||
business operations, ESG/sustainability, financial acumen, health and management/compensation, risk management, strategic planning |
Mark A. Schober | ||||||||
Retired Senior Vice President and Chief Financial Officer of ALLETE, Inc. | Audit Committee (Chair) | |||||||
Director | ||||||||
Director | ||||||||
None | ||||||||
Mr. Schober has more than 35 years of experience in the utility and energy industry. Beginning in 2006 and concluding with his retirement in 2014, Mr. Schober served as the Senior Vice President and Chief Financial Officer of ALLETE, Inc. His extensive industry | ||||||||
Skills and Qualifications: | ||||||||
financial acumen, government/regulatory, risk management, strategic planning, utility industry |
Teresa A. Taylor | Standing Board Committees: | |||||||
Chief Executive Officer of Blue Valley Advisors, LLC | Compensation Committee (Chair) Governance Committee | |||||||
Director since: 2016 | ||||||||
Director Class: II, term expiring in 2023 | Outside Directorships: | |||||||
Age: 58 | T-Mobile USA, Inc. (since 2013) | |||||||
Summary: | ||||||||
Ms. Taylor has over 30 years of experience in technology, media, and the telecom sectors. She has been the Chief Executive Officer of Blue Valley Advisors, LLC, a consulting firm that she founded, since 2011. | ||||||||
Skills and Qualifications: | ||||||||
business operations, customer service, cybersecurity/technology, human capital management/compensation, risk management, strategic planning |
John B. Vering | Standing Board Committees: | |||||||
Partner of Vering Feed Yards LLC Retired Managing Director of Lone Mountain Investments, Inc. | Audit Committee Governance Committee | |||||||
Director | ||||||||
Director | ||||||||
None | ||||||||
Mr. Vering has over 30 years of experience in the oil and gas industry, including direct operating experience in oil and gas transportation | ||||||||
Skills and | ||||||||
business operations, financial acumen, health and safety, risk management, strategic planning |
Audit Committee | Primary Responsibilities | ||||
9 Meetings in 2021 | ©Assist the Board in fulfilling its oversight responsibility to our shareholders relating to the quality and integrity of our accounting, auditing and financial reporting processes; | ||||
Members: Mark A. Schober (Chair) Barry M. Granger Kathleen S. McAllister Robert P. Otto John B. Vering | ©Oversee the integrity of our financial statements, financial reporting systems of internal controls and disclosure controls regarding finance, accounting and legal compliance; | ||||
©Review areas of potential significant financial risk to us; | |||||
© Review consolidated financial statements and disclosures; | |||||
©Appoint an independent registered public accounting firm for ratification by our shareholders; | |||||
© Monitor the independence and performance of our independent registered public accountants and internal auditing department; | |||||
©Pre-approve all audit and non-audit services provided by our independent registered public accountants; | |||||
©Review the scope and results of the annual audit, including reports and recommendations of our independent registered public accountants; | |||||
©Review the internal audit plan results of internal audit work and our process for monitoring compliance with our Code of Business Conduct and other policies and practices established to ensure compliance with legal and regulatory requirements; and | |||||
Independence: 100% | |||||
©Periodically meet, in private sessions, with our VP - Internal Audit, Chief Financial Officer, Chief Compliance Officer, other management, and our independent registered public accounting firm. | |||||
Committee Report: Page 24 of this Proxy Statement | In accordance with the rules of the NYSE, all of the members of the Audit Committee are financially literate. In addition, the Board determined that Ms. McAllister and Messrs. Schober and Vering have the requisite attributes of an “audit committee financial expert” as provided in regulations promulgated by the SEC, and that such attributes were acquired through relevant education and/or experience. |
AUDIT COMMITTEE | ||||
Committee Chair: | ||||
Steven R. Mills | Total Meetings Held | |||
Additional Committee Members: | In-Person | Telephonic | ||
Robert P. Otto, Mark A. Schober, John B. Vering | 4 | 5 | ||
Primary Responsibilities | ||||
© | assist the Board in fulfilling its oversight responsibility to our shareholders relating to the quality and integrity of our accounting, auditing and financial reporting practices; | |||
© | oversee the integrity of our financial statements, financial reporting process, systems of internal controls and disclosure controls regarding finance, accounting and legal compliance; | |||
© | review areas of potential significant financial risk to us; | |||
© | review consolidated financial statements and disclosures; | |||
© | appoint an independent registered public accounting firm for ratification by our shareholders; | |||
© | monitor the independence and performance of our independent registered public accountants and internal auditing department; | |||
© | pre-approve all audit and non-audit services provided by our independent registered public accountants; | |||
© | review the scope and results of the annual audit, including reports and recommendations of our independent registered public accountants; | |||
© | review the internal audit plan, results of internal audit work and our process for monitoring compliance with our Code of Business Conduct and other policies and practices established to ensure compliance with legal and regulatory requirements; and | |||
© | periodically meet, in private sessions, with our internal audit group, Chief Financial Officer, Chief Compliance Officer, other management, and our independent registered public accounting firm. |
Compensation Committee | Primary Responsibilities | ||||
5 Meetings in 2021 Members: Teresa A. Taylor (Chair) Tony A. Jensen Scott M. Prochazka Rebecca B. Roberts Independence: 100% Committee Report: Page 39 of this Proxy Statement | ©Discharge the Board of Directors' responsibilities related to executive and director compensation philosophy, policies and programs; | ||||
©Perform functions required of directors in the administration of all federal and state laws and regulations pertaining to executive employment and compensation; | |||||
©Consider and recommend for approval by the Board all executive compensation programs including executive benefit programs and stock ownership plans; | |||||
©Promote an executive compensation program that supports the overall objective of enhancing shareholder value; and | |||||
© Provide oversight of Company diversity and inclusion. | |||||
The Compensation Committee has authority under its charter to retain compensation consultants and other advisors as the Committee may deem appropriate in its sole discretion. The Committee engaged Meridian Compensation Partners, LLC (Meridian), an independent consulting firm, to conduct an annual review of our 2021 total compensation program for executive officers. The Committee reviewed the independence of Meridian and the individual representatives of Meridian who served as consultants to the Committee, in accordance with the SEC and NYSE requirements. The Compensation Committee concluded that Meridian was independent and Meridian’s performance of services raised no conflict of interest. The Committee’s conclusions were based in part on a report that Meridian provided to the Committee intended to reveal any potential conflicts of interest and a schedule of the type and amount of non-executive compensation services provided by Meridian to the Company. During 2021, the cost of these non-executive compensation services was less than $25,000. | |||||
COMPENSATION COMMITTEE | ||||
Committee Chair: | ||||
Michael H. Madison | Total Meetings Held | |||
Additional Committee Members: | In-Person | Telephonic | ||
Linda K. Massman, Rebecca B. Roberts, Teresa A. Taylor, Thomas J. Zeller | 2 | 2 | ||
Primary Responsibilities | ||||
© | discharge the Board of Directors’ responsibilities related to executive and director compensation philosophy, policies and programs; | |||
© | perform functions required of directors in the administration of all federal and state laws and regulations pertaining to executive employment and compensation; | |||
© | consider and recommend for approval by the Board all executive compensation programs including executive benefit programs and stock ownership plans; and | |||
© | promote an executive compensation program that supports the overall objective of enhancing shareholder value. | |||
Governance Committee | Primary Responsibilities | ||||
4 Meetings in 2021 Members: Rebecca B. Roberts (Chair) Steven R. Mills Teresa A. Taylor John B. Vering Independence: 100% | ©Assess the size of the Board and qualifications for Board membership; | ||||
©Identify and recommend prospective directors to the Board to fill vacancies; | |||||
©Review and evaluate director nominations submitted by shareholders, including reviewing the qualifications and independence of shareholder nominees; | |||||
©Consider and recommend existing Board members to be renominated at our annual meeting of shareholders; | |||||
© Consider the resignation of an incumbent director who makes a principal occupation change (including retirement) or who receives a greater number of votes "Withheld" than votes "For" in an uncontested election of directors and recommend to the Board whether to accept or reject the resignation; | |||||
©Establish and review guidelines for corporate governance; | |||||
© Recommend to the Board for approval committee membership and chairs of the committees; | |||||
©Recommend to the Board for approval a Chairman or an independent director to serve as a Lead Director; | |||||
©Review the independence of each director and director nominee; | |||||
©Administer an annual evaluation of the performance of the Board and each Committee and a biennial evaluation of each individual director; | |||||
© Ensure that the Board oversees the evaluation and succession planning of management; and | |||||
© Oversee the reporting framework the Company utilizes to track and monitor progress associated with ESG activities. |
GOVERNANCE COMMITTEE | ||||
Committee Chair: | ||||
Rebecca B. Roberts | Total Meetings Held | |||
Additional Committee Members: | In-Person | Telephonic | ||
Michael H. Madison, John B. Vering, Thomas J. Zeller | 4 | 0 | ||
Primary Responsibilities | ||||
© | assess the size of the Board and membership needs and qualifications for Board membership; | |||
© | identify and recommend prospective directors to the Board to fill vacancies; | |||
© | review and evaluate director nominations submitted by shareholders, including reviewing the qualifications and independence of shareholder nominees; | |||
© | consider and recommend existing Board members to be renominated at our annual meeting of shareholders; | |||
© | consider the resignation of an incumbent director who makes a principal occupation change (including retirement) or who receives a greater number of votes "Withheld" than votes "For" in an uncontested election of directors and recommend to the Board whether to accept or reject the resignation; | |||
© | establish and review guidelines for corporate governance; | |||
© | recommend to the Board for approval committee membership and chairs of the committees; | |||
© | recommend to the Board for approval an independent director to serve as a Lead Director; | |||
© | review the independence of each director and director nominee; | |||
© | administer an annual evaluation of the performance of the Board and facilitate an annual assessment of each committee; and | |||
© | ensure that the Board oversees the evaluation and succession planning of management. |
2021 Fees | Fees Effective January 1, 2022 | Fees Effective May 1, 2022 | |||||||||||||||||||||||||||
Cash | Common Stock Equivalents | Cash | Restricted Stock Units | Cash | Restricted Stock Units | ||||||||||||||||||||||||
Board Retainer | $85,000 | $105,000 | $85,000 | $105,000 | $95,000 | $120,000 | |||||||||||||||||||||||
Board Chairman | $100,000 | $100,000 | $100,000 | ||||||||||||||||||||||||||
Committee Chair Retainer | |||||||||||||||||||||||||||||
Audit Committee | $15,000 | $15,000 | $15,000 | ||||||||||||||||||||||||||
Compensation Committee | $12,500 | $12,500 | $12,500 | ||||||||||||||||||||||||||
Governance Committee | $10,000 | $10,000 | $10,000 | ||||||||||||||||||||||||||
Committee Member Retainer | |||||||||||||||||||||||||||||
Audit Committee | $10,000 | $10,000 | $10,000 | ||||||||||||||||||||||||||
Compensation Committee | $7,500 | $7,500 | $7,500 | ||||||||||||||||||||||||||
Governance Committee | $7,500 | $7,500 | $7,500 |
2017 Fees | Fees Effective January 1, 2018 | |||||
Cash | Common Stock Equivalents | Cash | Common Stock Equivalents | |||
Board Retainer | $70,000 | $90,000 | $70,000 | $92,500 | ||
Lead Director Retainer | $20,000 | $25,000 | ||||
Committee Chair Retainer | ||||||
Audit Committee | $12,500 | $12,500 | ||||
Compensation Committee | $10,000 | $10,000 | ||||
Governance Committee | $7,500 | $7,500 | ||||
Committee Member Retainer | ||||||
Audit Committee | $10,000 | $10,000 | ||||
Compensation Committee | $7,500 | $7,500 | ||||
Governance Committee | $7,500 | $7,500 |
Name(2) | Fees Earned or Paid in Cash | Stock Awards(3) | Total | Number of Common Stock Equivalents Outstanding at December 31, 2021(4) | ||||||||||||||||||||||
Barry M. Granger | $91,667 | $105,000 | $196,667 | 2,147 | ||||||||||||||||||||||
Tony A. Jensen | $92,500 | $105,000 | $197,500 | 10,057 | ||||||||||||||||||||||
Michael H. Madison(5) | $33,333 | $35,000 | $68,333 | — | ||||||||||||||||||||||
Kathleen A. McAllister | $95,000 | $105,000 | $200,000 | 8,440 | ||||||||||||||||||||||
Steven R. Mills | $195,833 | $105,000 | $300,833 | 36,702 | ||||||||||||||||||||||
Robert P. Otto | $95,000 | $105,000 | $200,000 | 11,146 | ||||||||||||||||||||||
Scott M. Prochazka | $90,000 | $105,000 | $195,000 | 2,147 | ||||||||||||||||||||||
Rebecca B. Roberts | $110,000 | $105,000 | $215,000 | 24,505 | ||||||||||||||||||||||
Mark A. Schober | $110,000 | $105,000 | $215,000 | 15,660 | ||||||||||||||||||||||
Teresa A. Taylor | $110,000 | $105,000 | $215,000 | 11,065 | ||||||||||||||||||||||
John B. Vering | $102,500 | $105,000 | $207,500 | 44,574 |
Name(2) | Fees Earned or Paid in Cash | Stock Awards(3) | Total | Number of Common Stock Equivalents Outstanding at December 31, 2017(4) | |||||||||||||
Michael H. Madison | $92,500 | $90,000 | $182,500 | 9,082 | |||||||||||||
Linda K. Massman | $77,500 | $90,000 | $167,500 | 4,459 | |||||||||||||
Steven R. Mills | $92,500 | $90,000 | $182,500 | 10,388 | |||||||||||||
Robert P. Otto | $79,166 | $90,000 | $169,166 | 1,280 | |||||||||||||
Rebecca B. Roberts | $92,500 | $90,000 | $182,500 | 11,375 | |||||||||||||
Mark A. Schober | $80,000 | $90,000 | $170,000 | 3,317 | |||||||||||||
Teresa A. Taylor | $77,500 | $90,000 | $167,500 | 1,738 | |||||||||||||
John B. Vering | $107,500 | $90,000 | $197,500 | 23,478 | |||||||||||||
Thomas J. Zeller | $85,000 | $90,000 | $175,000 | 28,472 |
Name of Beneficial Owner(1) | Shares of Common Stock Beneficially Owned(2) | Directors Common Stock Equivalents(3) | Total | Percentage | ||||||||||||||||||||||
Outside Directors | ||||||||||||||||||||||||||
Barry M. Granger | 681 | 1,962 | 2,643 | * | ||||||||||||||||||||||
Tony A. Jensen | 6,981 | 3,572 | 10,553 | * | ||||||||||||||||||||||
Kathleen S. McAllister | 5,365 | 3,572 | 8,937 | * | ||||||||||||||||||||||
Steven R. Mills | 18,623 | 18,575 | 37,198 | * | ||||||||||||||||||||||
Robert P. Otto | 3,437 | 8,206 | 11,643 | * | ||||||||||||||||||||||
Scott M. Prochazka | 681 | 1,962 | 2,643 | * | ||||||||||||||||||||||
Rebecca B. Roberts | 5,302 | 19,699 | 25,001 | * | ||||||||||||||||||||||
Mark A. Schober | 5,632 | 10,525 | 16,157 | * | ||||||||||||||||||||||
Teresa A. Taylor | 2,834 | 8,727 | 11,561 | * | ||||||||||||||||||||||
John B. Vering | 11,592 | 33,479 | 45,071 | * | ||||||||||||||||||||||
Named Executive Officers | ||||||||||||||||||||||||||
Linden R. Evans | 145,949 | — | 145,949 | * | ||||||||||||||||||||||
Brian G. Iverson | 37,559 | — | 37,559 | * | ||||||||||||||||||||||
Erik D. Keller | 7,200 | — | 7,200 | * | ||||||||||||||||||||||
Richard W. Kinzley | 54,014 | — | 54,014 | * | ||||||||||||||||||||||
Stuart A. Wevik | 24,387 | — | 24,387 | * | ||||||||||||||||||||||
All directors and executive officers as a group (16 persons) | 348,772 | 110,279 | 459,051 | * |
Name of Beneficial Owner(1) | Shares of Common Stock Beneficially Owned(2) | Directors Common Stock Equivalents(3) | Total | Percentage | |||||||||
Outside Directors | |||||||||||||
Michael H. Madison | 13,790 | 9,622 | 23,412 | * | |||||||||
Linda K. Massman | 2,182 | 4,956 | 7,138 | * | |||||||||
Steven R. Mills | 13,102 | 10,940 | 24,042 | * | |||||||||
Robert P. Otto | 804 | 1,747 | 2,551 | * | |||||||||
Rebecca B. Roberts | 4,612 | 11,936 | 16,548 | * | |||||||||
Mark A. Schober | 1,816 | 3,803 | 5,619 | * | |||||||||
Teresa A. Taylor | 984 | 2,210 | 3,194 | * | |||||||||
John B. Vering | 10,971 | 24,152 | 35,123 | * | |||||||||
Thomas J. Zeller | 10,153 | 29,191 | 39,344 | * | |||||||||
Named Executive Officers | |||||||||||||
Scott A. Buchholz | 35,726 | — | 35,726 | * | |||||||||
David R. Emery | 225,880 | — | 225,880 | * | |||||||||
Linden R. Evans | 98,283 | — | 98,283 | * | |||||||||
Brian G. Iverson | 28,154 | — | 28,154 | * | |||||||||
Richard W. Kinzley | 41,819 | — | 41,819 | * | |||||||||
All directors and executive officers as a group (15 persons) | 497,360 | 98,557 | 595,917 | 1.1% |
Name and Address | Shares of Common Stock Beneficially Owned | Percentage | ||||||
BlackRock, Inc.(1) | 9,242,515 | 14.5 | ||||||
55 East 52nd Street | ||||||||
New York, NY 10055 | ||||||||
The Vanguard Group Inc.(2) | 6,535,371 | 10.2 | ||||||
100 Vanguard Blvd. | ||||||||
Malvern, PA 19355 | ||||||||
State Street Corporation(3) | 5,220,662 | 8.2 | ||||||
State Street Financial Center | ||||||||
One Lincoln Street | ||||||||
Boston, MA 02111 |
Name and Address | Shares of Common Stock Beneficially Owned | Percentage |
BlackRock, Inc.(1) | ||
55 East 52nd Street | 8,276,128 | 15.5% |
New York, NY 10055 | ||
State Street Corporation(2) | ||
State Street Financial Center | 6,370,279 | 11.9% |
One Lincoln Street | ||
Boston, MA 02111 | ||
The Vanguard Group Inc.(3) | ||
100 Vanguard Blvd. | 5,400,878 | 10.1% |
Malvern, PA 19355 |
PROPOSAL 2 | RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
PROPOSAL 3 | ADVISORY VOTE ON OUR EXECUTIVE COMPENSATION |
Title | Reference | |||||||
Richard W. Kinzley | Sr. Vice President and Chief Financial Officer | Kinzley, CFO | ||||||
Brian G. Iverson | Sr. Vice President, | Iverson, GC | ||||||
Sr. Vice President | Wevik, UOO | |||||||
Erik D. Keller | Sr. Vice President - Chief Information Officer |
EXECUTIVE COMPENSATION PROGRAM DESIGN OBJECTIVES | ||||||||||||||||||
¬ | ||||
Attract, retain, motivate, and encourage the development of highly qualified executives |
Provide competitive compensation |
Promote the relationship between pay and performance |
Promote corporate performance that is linked to our |
Recognize and reward individual performance |
Provided the safe and reliable service our communities and customers depend on and achieved several notable operations performance metrics: | ||||||||||||||||||
* | ||||||||||||||||||
* | ||||||||||||||||||
* | ||||||||||||||||||
* | ||||||||||||||||||
* | Cheyenne Prairie Generating Station achieved Voluntary Protection Program Gold Star Status | |||||||||||||||||
Completed significant financing activity, to accomplish our long-term objective of | ||||||||||||||||||
* | Issued $600 million of 1.037 percent 3-year senior notes due 2024 | |||||||||||||||||
* | Issued 1.8 million shares of new common stock for | |||||||||||||||||
* | Grew our dividend for the | |||||||||||||||||
Invested in our utility infrastructure and systems: | ||||||||||||||||||
* | Deployed $680 million in capital projects | |||||||||||||||||
* | Secured liquidity to cover Winter Storm Uri costs | |||||||||||||||||
Executed a | ||||||||||||||||||
* | Successfully completed rate review requests for | |||||||||||||||||
* | Obtained regulatory approval or reached constructive settlements in five of our states for recovery of Winter Storm Uri costs, with interim rates in place in Arkansas and Wyoming | |||||||||||||||||
* | South Dakota Electric and Wyoming Electric submitted an integrated resource plan which outlines a range of options for the two electric utilities over a 20-year planning horizon to meet long-term forecasted energy needs while strengthening reliability and resiliency of the grid and achieving emission targets | |||||||||||||||||
Continued our focus on sustainability, including: | ||||||||||||||||||
* | Issued an updated sustainability report and EEI/AGA disclosures, as well as new SASB and NGSI disclosures | |||||||||||||||||
* | Joined ONE Future Coalition to advance methane emissions reduction goal opportunities | |||||||||||||||||
* | Placed our fifth RNG interconnect project into service | |||||||||||||||||
Formed, with several other utilities, the | ||||||||||||||||||
Pay Element | Performance Measure | |||||||||||||||||
Short-term Incentive: Payout of 86.46% of Target | ||||||||||||||||||
EPS from ongoing operations, as adjusted, target set at | $ incentive plan purposes | |||||||||||||||||
10 Percent | Total Case Incident Rate (TCIR), target set at 1.00; threshold set at 1.25 | TCIR: 1.06 | ||||||||||||||||
10 Percent | Preventable Motor Vehicle Incident (PMVI), target set at 2.26; threshold set at 2.60 | PMVI: 1.81 | ||||||||||||||||
10 Percent | Employee Safety & Wellness Engagement, target set at 12,500 points; threshold set at 10,000 points | Points: 12,201 | ||||||||||||||||
Long-term Incentive (2019-2021 Plan): Payout of | ||||||||||||||||||
Award | Total Shareholder Return (TSR) relative to our Performance Peer Group measured over a three-year period | |||||||||||||||||
30th Percentile Ranking in Performance Peer Group |
Variable | 77 | % | Variable | 62 | % | |
Linked to Share Value | 52 | % | Linked to Share Value | 41 | % |
« | Analyze executive compensation market data to ensure market competitiveness | ||||
« | Review the components of executive compensation, including base salary, short-term incentive, long-term incentive, retirement, and other benefits | ||||
« | Review total compensation and structure | ||||
« | Review executive officer performance, responsibilities, experience, and other factors cited above to determine individual compensation levels |
« | Provide information regarding practices and trends in compensation programs | ||||
« | Review and evaluate our compensation program as compared to compensation practices of other companies with similar characteristics, including size, complexity, and type of business | ||||
« | Review and assist with the establishment of a peer group of companies | ||||
« | Provide a compensation analysis of the executive positions |
ALLETE Inc. | IDACORP Inc. | ONE Gas, Inc. | ||||||||||||
Alliant Energy Corporation | MGE Energy Inc. | Pinnacle West Capital Corp. | ||||||||||||
Ameren Corporation | New Jersey Resources Corp. | PNM Resources, Inc. | ||||||||||||
Atmos Energy Corp. | NiSource, Inc. | Portland General Electric Co. | ||||||||||||
Avista Corp. | Northwest Natural Holding Co. | South Jersey Industries, Inc. | ||||||||||||
CMS Energy Corp. | NorthWestern Corp. | Spire, Inc. | ||||||||||||
Hawaiian Electric Ind., Inc. | OGE Energy Corp. |
Base Salary | ||||||||||||||
2020 | 2021 | |||||||||||||
Evans, CEO | $790,000 | $825,000 | ||||||||||||
Kinzley, CFO | $454,000 | $454,000 | ||||||||||||
Iverson, GC | $386,000 | $400,000 | ||||||||||||
Wevik, UOO | $407,000 | $425,000 | ||||||||||||
Keller, CIO | $330,000 | $340,000 |
« | Align the interests of the plan participants and the shareholders | ||||
« | Motivate employees to strive to achieve superior operating results | ||||
« | Provide an incentive reflective of core operating performance | ||||
« | Ensure “buy-in” from participants with easily understood metrics | ||||
« | Meet the performance objectives of the plan to achieve over time an average payout equal to market competitive levels |
Short-Term Incentive Target | ||||||||||||||||||||
2020 | 2021 | |||||||||||||||||||
% Amount | $ Amount | % Amount | $ Amount | |||||||||||||||||
Evans, CEO | 100% | $790,000 | 100% | $825,000 | ||||||||||||||||
Kinzley, CFO | 65% | $295,100 | 70% | $317,800 | ||||||||||||||||
Iverson, GC | 60% | $231,600 | 60% | $240,000 | ||||||||||||||||
Wevik, UOO | 70% | $284,900 | 70% | $297,500 | ||||||||||||||||
Keller, CIO | 50% | $165,000 | 50% | $170,000 |
2021 Short-Term Incentive Metrics | ||||||||||||||||||||
Performance Goals | ||||||||||||||||||||
Incentive | Value | Threshold | Target | Maximum | ||||||||||||||||
EPS from ongoing operations, as adjusted | 70% | $3.64 | $3.91 | $4.18 | ||||||||||||||||
Total Case Incident Rate (TCIR) | 10% | 1.25 | 1.00 | 0.85 | ||||||||||||||||
Preventable Motor Vehicle Incidents (PMVI) | 10% | 2.60 | 2.26 | 1.92 | ||||||||||||||||
Employee Safety & Wellness Engagement | 10% | 10,000 points | 12,500 points | 15,000 points | ||||||||||||||||
Payout percentage of target for each metric | 50% | 100% | 200% |
shareholders | |||||
Promote teamwork among participants | |||||
« | Meet the performance objectives of the plan to achieve an average payout |
NEO Long-Term Incentive Target Compensation | ||||||||||||||||||||
As % of Base Salary | ||||||||||||||||||||
2020 | 2021 | 2021 | ||||||||||||||||||
Evans, CEO | $ | 1,775,000 | $ | 2,150,000 | 261% | |||||||||||||||
Kinzley, CFO | $ | 525,000 | $ | 625,000 | 138% | |||||||||||||||
Iverson, GC | $ | 415,000 | $ | 490,000 | 123% | |||||||||||||||
Wevik, UOO | $ | 400,000 | $ | 475,000 | 112% | |||||||||||||||
Keller, CIO | $ | 240,000 | $ | 250,000 | 74% |
Performance Share Plans | |||||||||||
Percentile Ranking for Threshold Payout of 25% of Target Shares | Percentile Ranking for Target Payout of 100% of Target Shares | Percentile Ranking for Maximum Payout Level | Possible Payout Range of Target | ||||||||
25th percentile | 50th percentile | 90th percentile | 0-200% |
Restricted Stock Shares | |||||
Evans, CEO | 17,848 | ||||
Kinzley, CFO | 5,188 | ||||
Iverson, GC | 4,068 | ||||
Wevik, UOO | 3,943 | ||||
Keller, CIO | 2,075 |
2016 Base Salary | 2017 Base Salary | |
Emery, CEO | $772,000 | $820,000 |
Kinzley, CFO | $363,000 | $381,000 |
Evans, COO | $490,000 | $530,000 |
Iverson, GC | $330,000 | $350,000 |
Buchholz, CIO | $305,000 | $320,000 |
Short-Term Incentive Target | ||||
2016 | 2017 | |||
% Amount | $ Amount | % Amount | $ Amount | |
Emery, CEO | 100% | $772,000 | 110% | $902,000 |
Kinzley, CFO | 60% | $217,800 | 60% | $228,600 |
Evans, COO | 65% | $318,500 | 70% | $371,000 |
Iverson, GC | 45% | $148,500 | 45% | $157,500 |
Buchholz, CIO | 45% | $137,250 | 50% | $160,000 |
Threshold | Earnings Per Share from Ongoing Operations, as Adjusted | Payout % of Target | ||
Minimum | $3.20 | 50% | ||
Target | $3.58 | 100% | ||
Maximum | $3.91 | 200% |
NEO Long-Term Incentive Target Compensation | ||
2016 | 2017 | |
Emery, CEO | $1,600,000 | $1,900,000 |
Kinzley, CFO | $300,000 | $455,000 |
Evans, COO | $500,000 | $800,000 |
Iverson, GC | $260,000 | $350,000 |
Buchholz, CIO | $210,000 | $230,000 |
2017 NEO Long-Term Incentive Compensation as a Percentage of Base Salary | |||||
Emery, CEO | Kinzley, CFO | Evans, COO | Iverson, GC | Buchholz, CIO | |
% of Base Salary | 232% | 119% | 151% | 100% | 72% |
January 1, 2016 to December 31, 2018 Performance Period | January 1, 2017 to December 31, 2019 Performance Period | |||||||
Emery, CEO | 18,349 | 15,630 | ||||||
Kinzley, CFO | 3,440 | 3,743 | ||||||
Evans, COO | 5,734 | 6,581 | ||||||
Iverson, GC | 2,982 | 2,879 | ||||||
Buchholz, CIO | 2,408 | 1,892 |
Stock Ownership Value as | ||||||||
Position | Multiple of Base Salary | |||||||
CEO | 6X | |||||||
4X | ||||||||
Other Senior Officers | 3X |
(1) | a change in control, and | |||||||
(2) | (i) | a termination of employment other than by death, disability or by us for cause, or | ||||||
(ii) | a termination by the employee for good reason. |
Name and Principal Position | Year | Salary | Stock Awards(1) | Non-Equity Incentive Plan Compensation(2) | Changes in Pension Value and Nonqualified Deferred Compensation Earnings (3) | All Other Compensation(4) | Total | ||||||||||||||||
Linden R. Evans President and Chief Executive Officer | 2021 | $ | 819,167 | $ | 2,238,529 | $ | 708,252 | $ | — | $ | 674,960 | $ | 4,440,908 | ||||||||||
2020 | $ | 783,333 | $ | 1,820,599 | $ | 936,632 | $ | 79,100 | $ | 601,450 | $ | 4,221,114 | |||||||||||
2019 | $ | 713,333 | $ | 1,541,811 | $ | 800,400 | $ | 110,158 | $ | 473,600 | $ | 3,639,302 | |||||||||||
Richard W. Kinzley Sr. Vice President and Chief Financial Officer | 2021 | $ | 454,000 | $ | 650,687 | $ | 274,770 | $ | — | $ | 282,323 | $ | 1,661,780 | ||||||||||
2020 | $ | 448,333 | $ | 538,547 | $ | 348,447 | $ | 51,945 | $ | 263,528 | $ | 1,650,800 | |||||||||||
2019 | $ | 413,500 | $ | 524,220 | $ | 291,346 | $ | 68,631 | $ | 254,366 | $ | 1,552,063 | |||||||||||
Brian G. Iverson Sr. Vice President, General Counsel and Chief Compliance Officer | 2021 | $ | 397,667 | $ | 510,213 | $ | 206,294 | $ | — | $ | 170,934 | $ | 1,285,108 | ||||||||||
2020 | $ | 384,167 | $ | 425,583 | $ | 275,609 | $ | 23,339 | $ | 157,216 | $ | 1,265,914 | |||||||||||
2019 | $ | 370,833 | $ | 400,825 | $ | 240,120 | $ | 31,927 | $ | 156,990 | $ | 1,200,695 | |||||||||||
Stuart A. Wevik Sr. Vice President - Utility Operations (5) | 2021 | $ | 422,000 | $ | 494,536 | $ | 255,403 | $ | 149,812 | $ | 114,904 | $ | 1,436,655 | ||||||||||
2020 | $ | 398,601 | $ | 410,333 | $ | 333,625 | $ | 371,933 | $ | 121,870 | $ | 1,636,362 | |||||||||||
Erik D. Keller Sr. Vice President - Chief Information Officer (5) | 2021 | $ | 338,333 | $ | 260,251 | $ | 146,261 | $ | — | $ | 146,667 | $ | 891,512 |
Name and Principal Position | Year | Salary | Stock Awards(2) | Non-Equity Incentive Plan Compensation(3) | Changes in Pension Value and Nonqualified Deferred Compensation Earnings (4) | All Other Compensation(5) | Total | ||||||||||
David R. Emery | 2017 | $812,000 | $1,942,843 | $560,232 | $2,155,930 | $92,930 | $5,563,935 | ||||||||||
Chairman and Chief Executive Officer | 2016 | $767,000 | $1,926,358 | $1,283,218 | $1,061,157 | $104,751 | $5,142,484 | ||||||||||
2015 | $738,333 | $1,425,200 | $613,241 | $1,283,749 | $70,979 | $4,131,502 | |||||||||||
Richard W. Kinzley | 2017 | $378,000 | $465,256 | $141,983 | $36,599 | $250,572 | $1,272,410 | ||||||||||
Sr. Vice President and Chief Financial Officer | 2016 | $357,500 | $514,297 | $362,027 | $23,493 | $174,154 | $1,431,471 | ||||||||||
2015 | $326,241 | $254,490 | $151,520 | $— | $160,404 | $892,655 | |||||||||||
Linden R. Evans(1) | 2017 | $523,333 | $818,045 | $230,428 | $59,631 | $385,948 | $2,017,385 | ||||||||||
President and Chief Operating Officer | 2016 | $485,833 | $773,875 | $529,411 | $37,711 | $299,611 | $2,126,441 | ||||||||||
2015 | $462,833 | $458,081 | $277,556 | $— | $356,843 | $1,555,313 | |||||||||||
Brian G. Iverson(1) | 2017 | $346,667 | $357,856 | $97,823 | $17,736 | $145,405 | $965,487 | ||||||||||
Sr. Vice President and General Counsel | 2016 | $325,000 | $422,433 | $246,837 | $11,890 | $111,429 | $1,117,589 | ||||||||||
Scott A. Buchholz | 2017 | $317,500 | $235,193 | $99,376 | $366,235 | $133,407 | $1,151,711 | ||||||||||
Sr. Vice President and Chief Information Officer | 2016 | $302,500 | $370,033 | $228,137 | $366,662 | $112,969 | $1,380,301 | ||||||||||
Year | Defined Benefit Plan | PRB | Total Change in Pension Value | ||||||||||||||
Linden R. Evans | 2021 | $ | (7,574) | $ | (7,745) | $ | (15,319) | ||||||||||
2020 | $ | 43,576 | $ | 35,524 | $ | 79,100 | |||||||||||
2019 | $ | 59,664 | $ | 50,494 | $ | 110,158 | |||||||||||
Richard W. Kinzley | 2021 | $ | (11,125) | $ | (833) | $ | (11,958) | ||||||||||
2020 | $ | 48,872 | $ | 3,073 | $ | 51,945 | |||||||||||
2019 | $ | 64,428 | $ | 4,203 | $ | 68,631 | |||||||||||
Brian G. Iverson | 2021 | $ | (4,089) | $ | — | $ | (4,089) | ||||||||||
2020 | $ | 23,339 | $ | — | $ | 23,339 | |||||||||||
2019 | $ | 31,927 | $ | — | $ | 31,927 | |||||||||||
Stuart A. Wevik | 2021 | $ | 149,812 | $ | — | $ | 149,812 | ||||||||||
2020 | $ | 371,933 | $ | — | $ | 371,933 | |||||||||||
Erik D. Keller | 2021 | $ | — | $ | — | $ | — |
Year | 401(k) Match | Defined Contributions | NQDC Contributions | Dividends on Restricted Stock | Other Personal Benefits | Total Other Compensation | |||||||||||||||||
Linden R. Evans | 2021 | $ | 15,300 | $ | 23,200 | $ | 555,649 | $ | 65,057 | $ | 15,754 | $ | 674,960 | ||||||||||
Richard W. Kinzley | 2021 | $ | 17,400 | $ | 21,100 | $ | 211,957 | $ | 19,394 | $ | 12,472 | $ | 282,323 | ||||||||||
Brian G. Iverson | 2021 | $ | 17,400 | $ | 21,100 | $ | 107,397 | $ | 15,185 | $ | 9,852 | $ | 170,934 | ||||||||||
Stuart A. Wevik | 2021 | $ | 8,250 | $ | — | $ | 65,044 | $ | 15,277 | $ | 26,333 | $ | 114,904 | ||||||||||
Erik D. Keller | 2021 | $ | 17,400 | $ | 11,600 | $ | 39,427 | $ | 12,835 | $ | 65,405 | $ | 146,667 |
Year | Defined Benefit Plan | PRB | PEP | Total Change in Pension Value | ||||||||||||||
David R. Emery | 2017 | $235,056 | $1,281,606 | $639,268 | $2,155,930 | |||||||||||||
2016 | $85,671 | $641,790 | $333,696 | $1,061,157 | ||||||||||||||
2015 | $8,648 | $811,077 | $464,024 | $1,283,749 | ||||||||||||||
Richard W. Kinzley | 2017 | $34,487 | $2,112 | $— | $36,599 | |||||||||||||
2016 | $22,312 | $1,181 | $— | $23,493 | ||||||||||||||
Linden R. Evans | 2017 | $33,178 | $26,453 | $— | $59,631 | |||||||||||||
2016 | $22,258 | $15,453 | $— | $37,711 | ||||||||||||||
2015 | ($8,842 | ) | ($5,919 | ) | $— | ($14,761 | ) | |||||||||||
Brian G. Iverson | 2017 | $17,736 | $— | $— | $17,736 | |||||||||||||
2016 | $11,890 | $— | $— | $11,890 | ||||||||||||||
Scott A. Buchholz | 2017 | $226,019 | $140,216 | $— | $366,235 | |||||||||||||
2016 | $161,952 | $204,710 | $— | $366,662 |
Year | 401(k) Match | Defined Contributions | NQDC Contributions | Dividends on Restricted Stock/Units | Other Personal Benefits | Total Other Compensation | |||
David R. Emery | 2017 | $16,200 | $— | $— | $61,046 | $15,684 | $92,930 | ||
Richard W. Kinzley | 2017 | $16,200 | $13,800 | $185,861 | $16,433 | $18,278 | $250,572 | ||
Linden R. Evans | 2017 | $16,200 | $13,800 | $311,811 | $26,238 | $17,899 | $385,948 | ||
Brian G. Iverson | 2017 | $16,200 | $13,800 | $86,044 | $13,061 | $16,300 | $145,405 | ||
Scott A. Buchholz | 2017 | $16,200 | $— | $92,735 | $10,590 | $13,882 | $133,407 |
Name | Grant Date | Date of Compensation Committee Action | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(2) | Estimated Future Payouts Under Equity Incentive Plan Awards(3) | All Other Stock Awards: Number of Shares of Stock or Units(4) (#) | Grant Date Fair Value of Stock Awards(5) ($) | ||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | |||||||||||||
David R. Emery | $451,000 | $902,000 | $1,804,000 | |||||||||||||||
1/24/17 | 1/24/17 | 3,908 | 15,630 | 31,260 | $992,818 | |||||||||||||
2/3/17 | 1/24/17 | 15,430 | $950,025 | |||||||||||||||
Richard W. Kinzley | $114,300 | $228,600 | $457,200 | |||||||||||||||
1/24/17 | 1/24/17 | 936 | 3,743 | 7,486 | $237,755 | |||||||||||||
2/3/17 | 1/24/17 | 3,695 | $227,501 | |||||||||||||||
Linden R. Evans | $185,500 | $371,000 | $742,000 | |||||||||||||||
1/24/17 | 1/24/17 | 1,645 | 6,581 | 13,162 | $418,025 | |||||||||||||
2/3/17 | 1/24/17 | 6,497 | $400,020 | |||||||||||||||
Brian G. Iverson | $78,750 | $157,500 | $315,000 | |||||||||||||||
1/24/17 | 1/24/17 | 720 | 2,879 | 5,758 | $182,874 | |||||||||||||
2/3/17 | 1/24/17 | 2,842 | $174,982 | |||||||||||||||
Scott A. Buchholz | $80,000 | $160,000 | $320,000 | |||||||||||||||
1/24/17 | 1/24/17 | 473 | 1,892 | 3,784 | $120,180 | |||||||||||||
2/3/17 | 1/24/17 | 1,868 | $115,013 |
Name | Grant Date | Date of Compensation Committee Action | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(2) | Estimated Future Payouts Under Equity Incentive Plan Awards(3) | All Other Stock Awards: Number of Shares of Stock or Units(4) (#) | Grant Date Fair Value of Stock Awards(5) ($) | ||||||||||||||||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | |||||||||||||||||||||||||||
Linden R. Evans | $ | 412,500 | $ | 825,000 | $ | 1,650,000 | ||||||||||||||||||||||||||
1/26/21 | 1/26/21 | 4,462 | 17,848 | 35,696 | $ | 1,134,452 | ||||||||||||||||||||||||||
2/11/21 | 1/26/21 | 17,848 | $ | 1,104,077 | ||||||||||||||||||||||||||||
Richard W. Kinzley | $ | 158,900 | $ | 317,800 | $ | 635,600 | ||||||||||||||||||||||||||
1/26/21 | 1/26/21 | 1,297 | 5,188 | 10,376 | $ | 329,757 | ||||||||||||||||||||||||||
2/11/21 | 1/26/21 | 5,188 | $ | 320,930 | ||||||||||||||||||||||||||||
Brian G. Iverson | $ | 120,000 | $ | 240,000 | $ | 480,000 | ||||||||||||||||||||||||||
1/26/21 | 1/26/21 | 1,017 | 4,068 | 8,136 | $ | 258,567 | ||||||||||||||||||||||||||
2/11/21 | 1/26/21 | 4,068 | $ | 251,646 | ||||||||||||||||||||||||||||
Stuart A. Wevik | $ | 148,750 | $ | 297,500 | $ | 595,000 | ||||||||||||||||||||||||||
1/26/21 | 1/26/21 | 986 | 3,943 | 7,886 | $ | 250,622 | ||||||||||||||||||||||||||
2/11/21 | 1/26/21 | 3,943 | $ | 243,914 | ||||||||||||||||||||||||||||
Erik D. Keller | $ | 85,000 | $ | 170,000 | $ | 340,000 | ||||||||||||||||||||||||||
1/26/21 | 1/26/21 | 519 | 2,075 | 4,150 | $ | 131,891 | ||||||||||||||||||||||||||
2/11/21 | 1/26/21 | 2,075 | $ | 128,360 |
Name | Stock Awards | |||||||
Number of Shares or Units of Stock That Have Not Vested(2) (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(2) (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | |||||
David R. Emery | 33,727 | $2,027,330 | 22,257 | $1,337,838 | ||||
Richard W. Kinzley | 9,079 | $545,739 | 4,376 | $263,026 | ||||
Linden R. Evans | 14,496 | $871,355 | 7,379 | $443,567 | ||||
Brian G. Iverson | 7,216 | $433,754 | 3,702 | $222,512 | ||||
Scott A. Buchholz | 5,851 | $351,704 | 2,881 | $173,177 |
Stock Awards | ||||||||||||||
Name | Number of Shares or Units of Stock That Have Not Vested(2) (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(2) (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||
Linden R. Evans | 28,409 | 2,004,823 | 25,782 | 1,808,859 | ||||||||||
Richard W. Kinzley | 8,469 | 597,657 | 7,759 | 543,949 | ||||||||||
Brian G. Iverson | 6,631 | 467,950 | 6,056 | 424,593 | ||||||||||
Stuart A. Wevik | 6,561 | 463,010 | 5,434 | 381,695 | ||||||||||
Erik D. Keller | 5,605 | 395,545 | 2,075 | 146,433 |
Name | Unvested Restricted Stock | Unvested and Unearned Performance Shares | |||||||||||||||
# of Shares | Vesting Date | # of Shares | Vesting Date | ||||||||||||||
Linden R. Evans | 3,502 | 02/10/22 | 5,069 | 12/31/21 | |||||||||||||
3,556 | 02/11/22 | 2,865 | 12/31/22 | ||||||||||||||
5,949 | 02/11/22 | 17,848 | 12/31/23 | ||||||||||||||
3,503 | 02/10/23 | ||||||||||||||||
5,949 | 02/11/23 | ||||||||||||||||
5,950 | 02/11/24 | ||||||||||||||||
Richard W. Kinzley | 1,036 | 02/10/22 | 1,723 | 12/31/21 | |||||||||||||
1,209 | 02/11/22 | 848 | 12/31/22 | ||||||||||||||
1,729 | 02/11/22 | 5,188 | 12/31/23 | ||||||||||||||
1,036 | 02/10/23 | ||||||||||||||||
1,729 | 02/11/23 | ||||||||||||||||
1,730 | 02/11/24 | ||||||||||||||||
Brian G. Iverson | 819 | 02/10/22 | 1,318 | 12/31/21 | |||||||||||||
925 | 02/11/22 | 670 | 12/31/22 | ||||||||||||||
1,356 | 02/11/22 | 4,068 | 12/31/23 | ||||||||||||||
819 | 02/10/23 | ||||||||||||||||
1,356 | 02/11/23 | ||||||||||||||||
1,356 | 02/11/24 | ||||||||||||||||
Stuart A. Wevik | 789 | 02/10/22 | 845 | 12/31/21 | |||||||||||||
593 | 02/11/22 | 646 | 12/31/22 | ||||||||||||||
1,314 | 02/11/22 | 3,943 | 12/31/23 | ||||||||||||||
446 | 05/06/22 | ||||||||||||||||
790 | 02/10/23 | ||||||||||||||||
1,314 | 02/11/23 | ||||||||||||||||
1,315 | 02/11/24 | ||||||||||||||||
Erik D. Keller | 691 | 02/11/22 | 2,075 | 12/31/23 | |||||||||||||
692 | 02/11/23 | ||||||||||||||||
3,530 | 08/05/23 | ||||||||||||||||
692 | 02/11/24 |
Name | Unvested Restricted Stock | Unvested and Unearned Performance Shares | |||
# of Shares | Vesting Date | # of Shares | Vesting Date | ||
David R. Emery | 5,143 | 02/03/18 | — | 12/31/17 | |
11,460 | 02/04/18 | 18,349 | 12/31/18 | ||
5,143 | 02/03/19 | 3,908 | 12/31/19 | ||
6,837 | 02/04/19 | ||||
5,144 | 02/03/20 | ||||
Richard W. Kinzley | 1,231 | 02/03/18 | — | 12/31/17 | |
3,105 | 02/04/18 | 3,440 | 12/31/18 | ||
1,232 | 02/03/19 | 936 | 12/31/19 | ||
2,279 | 02/04/19 | ||||
1,232 | 02/03/20 | ||||
Linden R. Evans | 2,165 | 02/03/18 | — | 12/31/17 | |
4,743 | 02/04/18 | 5,734 | 12/31/18 | ||
2,166 | 02/03/19 | 1,645 | 12/31/19 | ||
3,256 | 02/04/19 | ||||
2,166 | 02/03/20 | ||||
Brian G. Iverson | 947 | 02/03/18 | — | 12/31/17 | |
2,550 | 02/04/18 | 2,982 | 12/31/18 | ||
947 | 02/03/19 | 720 | 12/31/19 | ||
1,824 | 02/04/19 | ||||
948 | 02/03/20 | ||||
Scott A. Buchholz | 622 | 02/03/18 | — | 12/31/17 | |
2,322 | 02/04/18 | 2,408 | 12/31/18 | ||
623 | 02/03/19 | 473 | 12/31/19 | ||
1,661 | 02/04/19 | ||||
623 | 02/03/20 |
Name | Stock Awards(2) | ||||||
Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||
David R. Emery | 15,450 | $951,177 | |||||
Richard W. Kinzley | 3,642 | $224,227 | |||||
Linden R. Evans | 15,944 | $976,667 | |||||
Brian G. Iverson | 3,010 | $185,316 | |||||
Scott A. Buchholz | 2,934 | $180,634 |
Stock Awards(2) | ||||||||
Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||
Linden R. Evans | 18,535 | $ | 1,129,576 | |||||
Richard W. Kinzley | 8,803 | $ | 534,740 | |||||
Brian G. Iverson | 6,866 | $ | 417,058 | |||||
Stuart A. Wevik | 4,903 | $ | 301,638 | |||||
Erik D. Keller | — | $ | — |
Name | Plan Name | Number of Years of Credited Service(1) (#) | Present Value of Accumulated Benefit(2) ($) | ||||||||
Linden R. Evans | Pension Plan | 8.58 | 351,626 | ||||||||
Pension Restoration Benefit | 8.58 | 283,098 | |||||||||
Richard W. Kinzley | Pension Plan | 10.50 | 327,630 | ||||||||
Pension Restoration Benefit | 10.50 | 20,303 | |||||||||
Brian G. Iverson | Pension Plan | 5.83 | 187,487 | ||||||||
Stuart A. Wevik | Pension Plan | 35.59 | 2,019,167 | ||||||||
Erik D. Keller | Pension Plan | NA | — | ||||||||
Pension Restoration Plan | NA | — |
Name | Plan Name | Number of Years of Credited Service(1) (#) | Present Value of Accumulated Benefit(2) ($) | ||||
David R. Emery | Pension Plan | 28.33 | $1,148,996 | ||||
Pension Restoration Benefit | 28.33 | $6,677,290 | |||||
Grandfathered Pension Equalization Plan | 22.00 | $836,193 | |||||
2005 Pension Equalization Plan | 22.00 | $3,542,397 | |||||
Richard W. Kinzley | Pension Plan | 11.50 | $248,997 | ||||
Pension Restoration Benefit | 11.50 | $15,254 | |||||
Linden R. Evans | Pension Plan | 9.58 | $275,567 | ||||
Pension Restoration Benefit | 9.58 | $219,899 | |||||
Brian G. Iverson | Pension Plan | 6.83 | $146,833 | ||||
Scott A. Buchholz | Pension Plan | 38.17 | $1,487,008 | ||||
Pension Restoration Plan | 38.17 | $1,138,261 |
0.9% of average earnings (up to covered compensation), multiplied by credited service after January 31, 2000 minus the number of years of credited service before January 31, 2000 | Plus | 1.3% of average earnings in excess of covered compensation, multiplied by credited service after January 31, 2000 minus the number of years of credited service before January 31, 2000 |
1.2% of average earnings (up to covered compensation), multiplied by credited service before January 31, 2000 | Plus | 1.6% of average earnings in excess of covered compensation, multiplied by credited service before January 31, 2000 |
Name | Executive Contributions | Company Contributions in Last Fiscal Year(1) | Aggregate Earnings in Last Fiscal Year(2) | Aggregate Balance at Last Fiscal Year End(3) | ||||||||||
Linden R. Evans | $ | — | $ | 555,649 | $ | 516,169 | $ | 5,605,245 | ||||||
Richard W. Kinzley | $ | — | $ | 211,957 | $ | 287,485 | $ | 2,619,212 | ||||||
Brian G. Iverson | $ | — | $ | 107,397 | $ | 179,826 | $ | 1,154,034 | ||||||
Stuart A. Wevik | $ | — | $ | 65,044 | $ | 69,346 | $ | 957,302 | ||||||
Erik D. Keller | $ | 33,808 | $ | 39,427 | $ | 2,040 | $ | 80,011 |
Name | Executive Contributions | Company Contributions in Last Fiscal Year(1) | Aggregate Earnings in Last Fiscal Year(2) | Aggregate Balance at Last Fiscal Year End(3) | Name | Supplemental Matching Contribution | Supplemental Retirement Contribution | Supplemental Target Contribution | Total Company Contributions | ||||||||||||||||||||||||
David R. Emery | $— | $— | $— | $— | |||||||||||||||||||||||||||||
Linden R. Evans | Linden R. Evans | $ | 87,821 | $ | 117,093 | $ | 350,735 | $ | 555,649 | ||||||||||||||||||||||||
Richard W. Kinzley | $— | $185,861 | $166,770 | $1,065,550 | Richard W. Kinzley | $ | 30,706 | $ | 40,941 | $ | 140,310 | $ | 211,957 | ||||||||||||||||||||
Linden R. Evans | $— | $311,811 | $396,654 | $2,457,225 | |||||||||||||||||||||||||||||
Brian G. Iverson | $— | $86,044 | $41,885 | $377,924 | Brian G. Iverson | $ | 22,963 | $ | 30,617 | $ | 53,817 | $ | 107,397 | ||||||||||||||||||||
Scott A. Buchholz | $— | $92,735 | $85,256 | $711,263 | |||||||||||||||||||||||||||||
Stuart A. Wevik | Stuart A. Wevik | $ | 17,933 | $ | — | $ | 47,111 | $ | 65,044 | ||||||||||||||||||||||||
Erik D. Keller | Erik D. Keller | $ | 5,409 | $ | 3,606 | $ | 30,412 | $ | 39,427 |
Name | Supplemental Matching Contribution | Supplemental Retirement Contribution | Supplemental Target Contribution | Total Company Contributions | ||||||||||||||||
David R. Emery | $— | $— | $— | $— | ||||||||||||||||
Richard W. Kinzley | $28,132 | $28,426 | $129,303 | $185,861 | ||||||||||||||||
Linden R. Evans | $46,811 | $54,964 | $210,036 | $311,811 | ||||||||||||||||
Brian G. Iverson | $19,333 | $19,333 | $47,378 | $86,044 | ||||||||||||||||
Scott A. Buchholz | $16,480 | $— | $76,255 | $92,735 |
Cash Severance Payment | Incremental Retirement Benefit (present value)(2) | Continuation of Medical/ Welfare Benefits (present value)(3) | Acceleration of Equity Awards(4) | Total Benefits | ||||||||||||||||||||||||||||
Linden R. Evans | ||||||||||||||||||||||||||||||||
• | Retirement | $ | — | $ | — | $ | — | $ | 588,877 | $ | 588,877 | |||||||||||||||||||||
• | Death or disability | $ | — | $ | — | $ | — | $ | 2,593,700 | $ | 2,593,700 | |||||||||||||||||||||
• | Involuntary termination | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
• | CIC | $ | — | $ | — | $ | — | $ | 2,532,279 | $ | 2,532,279 | |||||||||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $ | 4,898,619 | $ | 1,683,000 | $ | 121,100 | $ | 2,532,279 | $ | 9,234,998 | |||||||||||||||||||||
Richard W. Kinzley | ||||||||||||||||||||||||||||||||
• | Retirement | $ | — | $ | — | $ | — | $ | 171,494 | $ | 171,494 | |||||||||||||||||||||
• | Death or disability | $ | — | $ | — | $ | — | $ | 769,152 | $ | 769,152 | |||||||||||||||||||||
• | Involuntary termination | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
• | CIC | $ | — | $ | — | $ | — | $ | 750,971 | $ | 750,971 | |||||||||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $ | 1,543,600 | $ | 486,234 | $ | 43,700 | $ | 750,971 | $ | 2,824,505 | |||||||||||||||||||||
Brian G. Iverson | ||||||||||||||||||||||||||||||||
• | Retirement | $ | — | $ | — | $ | — | $ | 134,585 | $ | 134,585 | |||||||||||||||||||||
• | Death or disability | $ | — | $ | — | $ | — | $ | 602,535 | $ | 602,535 | |||||||||||||||||||||
• | Involuntary termination | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
• | CIC | $ | — | $ | — | $ | — | $ | 588,164 | $ | 588,164 | |||||||||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $ | 1,272,534 | $ | 281,600 | $ | 39,400 | $ | 588,164 | $ | 2,181,698 | |||||||||||||||||||||
Stuart A. Wevik | ||||||||||||||||||||||||||||||||
• | Retirement | $ | — | $ | — | $ | — | $ | 130,375 | $ | 130,375 | |||||||||||||||||||||
• | Death or disability | $ | — | $ | — | $ | — | $ | 593,385 | $ | 593,385 | |||||||||||||||||||||
• | Involuntary termination | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
• | CIC | $ | — | $ | — | $ | — | $ | 579,530 | $ | 579,530 | |||||||||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $ | 1,434,800 | $ | 202,300 | $ | 40,000 | $ | 579,530 | $ | 2,256,630 | |||||||||||||||||||||
Erik D. Keller | ||||||||||||||||||||||||||||||||
• | Retirement | $ | — | $ | — | $ | — | $ | 61,187 | $ | 61,187 | |||||||||||||||||||||
• | Death or disability | $ | — | $ | — | $ | — | $ | 456,731 | $ | 456,731 | |||||||||||||||||||||
• | Involuntary termination | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
• | CIC | $ | — | $ | — | $ | — | $ | 456,867 | $ | 456,867 | |||||||||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $ | 1,014,999 | $ | 217,547 | $ | 56,800 | $ | 456,867 | $ | 1,746,213 |
Cash Severance Payment | Incremental Retirement Benefit (present value)(2) | Continuation of Medical/ Welfare Benefits (present value)(3) | Acceleration of Equity Awards(4) | Total Benefits | ||||||||||||||||
David R. Emery | ||||||||||||||||||||
• | Retirement | — | — | — | $637,362 | $637,362 | ||||||||||||||
• | Death or disability | — | — | — | $2,664,692 | $2,664,692 | ||||||||||||||
• | Involuntary termination | — | — | — | — | — | ||||||||||||||
• | CIC | — | — | — | $2,632,417 | $2,632,417 | ||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $5,148,780 | $867,400 | $92,600 | $2,632,417 | $8,741,197 | ||||||||||||||
Richard W. Kinzley | ||||||||||||||||||||
• | Retirement | — | — | — | $124,391 | $124,391 | ||||||||||||||
• | Death or disability | — | — | — | $670,130 | $670,130 | ||||||||||||||
• | Involuntary termination | — | — | — | — | — | ||||||||||||||
• | CIC | — | — | — | $655,992 | $655,992 | ||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $1,219,200 | $384,048 | $113,500 | $655,992 | $2,372,740 | ||||||||||||||
Linden R. Evans | ||||||||||||||||||||
• | Retirement | — | — | — | $209,405 | $209,405 | ||||||||||||||
• | Death or disability | — | — | — | $1,080,759 | $1,080,759 | ||||||||||||||
• | Involuntary termination | — | — | — | — | — | ||||||||||||||
• | CIC | — | — | — | $1,628,301 | $1,628,301 | ||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $1,802,000 | $612,680 | $61,400 | $1,628,301 | $4,104,381 | ||||||||||||||
Brian G. Iverson | ||||||||||||||||||||
• | Retirement | — | — | — | $105,625 | $105,625 | ||||||||||||||
• | Death or disability | — | — | — | $539,379 | $539,379 | ||||||||||||||
• | Involuntary termination | — | — | — | — | — | ||||||||||||||
• | CIC | — | — | — | $542,188 | $542,188 | ||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $1,015,000 | $203,000 | $58,100 | $542,188 | $1,818,288 | ||||||||||||||
Scott A. Buchholz | ||||||||||||||||||||
• | Retirement | — | — | — | $82,683 | $82,683 | ||||||||||||||
• | Death or disability | — | — | — | $434,387 | $434,387 | ||||||||||||||
• | Involuntary termination | — | — | — | — | — | ||||||||||||||
• | CIC | — | — | — | $495,188 | $495,188 | ||||||||||||||
• | Involuntary or good reason termination after CIC(1) | $960,000 | $376,100 | $46,900 | $495,188 | $1,878,188 |
Name | Year | Salary | Stock Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value(2) | All Other Compensation(3) | Total | ||||||||||||||||
Linden R. Evans | 2021 | $ | 819,167 | $ | 2,238,529 | $ | 708,252 | $ | — | $ | 674,960 | $ | 4,440,908 | ||||||||||
Median Employee (1) | 2021 | $ | 93,242 | $ | — | $ | 2,619 | $ | — | $ | 14,079 | $ | 109,940 |
Name | Year | Salary | Stock Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value(2) | All Other Compensation(3) | Total | ||
David R. Emery | 2017 | $812,000 | $1,942,843 | $560,232 | $2,155,930 | $92,930 | $5,563,935 | ||
Median Employee (1) | 2017 | $72,688 | $— | $2,079 | $60,315 | $6,693 | $141,775 |
PROPOSAL |
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | ||||||||||||||||||||
(a) | (b) | (c) | |||||||||||||||||||||
Equity compensation plans approved by security holders | 194,591 | (1) | $ | — | (1) | 416,325 | (2) | ||||||||||||||||
Equity compensation plans not approved by security holders | — | $ | — | — | |||||||||||||||||||
Total | 194,591 | $ | — | 416,325 |
TABLE OF CONTENTS | ||||||||
ARTICLE 1 | ESTABLISHMENT, PURPOSE, AND DURATION | 2 | ||||||
ARTICLE 2 | DEFINITIONS | 2 | ||||||
ARTICLE 3 | ADMINISTRATION | 6 | ||||||
ARTICLE 4 | SHARES SUBJECT TO THIS PLAN AND MAXIMUM AWARDS | 6 | ||||||
ARTICLE 5 | ELIGIBILITY AND PARTICIPATION | 8 | ||||||
ARTICLE 6 | STOCK OPTIONS | 8 | ||||||
ARTICLE 7 | STOCK APPRECIATION RIGHTS | 9 | ||||||
ARTICLE 8 | RESTRICTED STOCK AND RESTRICTED STOCK UNITS | 10 | ||||||
ARTICLE 9 | PERFORMANCE UNITS, PERFORMANCE SHARES AND CASH-BASED AWARDS | 11 | ||||||
ARTICLE 10 | OTHER STOCK-BASED AWARDS | 12 | ||||||
ARTICLE 11 | TRANSFERABILITY OF AWARDS | 12 | ||||||
ARTICLE 12 | PERFORMANCE AWARDS | 12 | ||||||
ARTICLE 13 | NONEMPLOYEE DIRECTOR AWARDS | 14 | ||||||
ARTICLE 14 | DIVIDENDS AND DIVIDEND EQUIVALENTS | 14 | ||||||
ARTICLE 15 | BENEFICIARY DESIGNATION | 14 | ||||||
ARTICLE 16 | RIGHTS OF PARTICIPANTS | 14 | ||||||
ARTICLE 17 | CHANGE IN CONTROL | 15 | ||||||
ARTICLE 18 | AMENDMENT, MODIFICATION, SUSPENSION, AND TERMINATION | 15 | ||||||
ARTICLE 19 | WITHHOLDING | 16 | ||||||
ARTICLE 20 | SUCCESSORS | 16 | ||||||
ARTICLE 21 | GENERAL PROVISIONS | 16 |
Year Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | |||||
EPS from continuing operations (GAAP) | $ | 3.52 | $ | 2.57 | ||
Adjustments: | ||||||
External acquisition costs | 0.08 | 0.86 | ||||
Tax reform and other tax items | (0.21 | ) | — | |||
Total adjustments | (0.13 | ) | 0.86 | |||
Tax on adjustments: | ||||||
Acquisition costs | (0.03 | ) | (0.30 | ) | ||
Total adjustments, net of tax | (0.16 | ) | 0.56 | |||
EPS from continuing operations, as adjusted (Non-GAAP) | $ | 3.36 | $ | 3.13 |
Black Hills Corporation | ||||||||
7001 Mount Rushmore Road, Rapid City, SD 57702 | PROXY |
COMPANY # |
1. | Election of Directors: | 01 | Vote FOR¨ | Vote WITHHELD¨ | ||||||||||||||||||||||||||||
02 Robert P. Otto | all nominees | from all nominees | ||||||||||||||||||||||||||||||
(except as marked) | ||||||||||||||||||||||||||||||||
(Instructions: To cumulate votes for any indicated nominee | ||||||||
nominee's class, write the number(s) of the nominee(s) and the number of shares | ||||||||
for such nominee | ||||||||
in the box provided to the right.) |
For | Against | Abstain | ||||||||||||||||||||||||||||||
2. | Ratification of the appointment of Deloitte & Touche LLP to serve as Black Hills | |||||||||||||||||||||||||||||||
For | Against | Abstain | ||||||||||||||||||||||||||||||
3. | Advisory resolution to approve executive compensation. |
For | Against | Abstain | ||||||||||||||||||||||||||||||
4. | Approval of the Black Hills Corporation Amended and Restated 2015 Omnibus Incentive Plan. | |||||||||||||||||||||||||||||||
Address change? Mark Box | ¨ | ||||||||||
Indicate changes below: | Date ___________________________________________ |