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Filed by the Registrant ☑ | | | Filed by a Party other than the Registrant ☐ |
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☐ | | | Preliminary Proxy Statement |
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☑ | | | Definitive Proxy Statement |
☐ | | | Definitive Additional Materials |
☐ | | | Soliciting Material under §240.14a-12 |
Proto Labs, Inc. |
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☐ | | | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. | |||
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☐ | | | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. | |||
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| | (1) | | | Amount previously paid: | |
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| | (2) | | | Form, Schedule or Registration Statement No.: | |
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| | (3) | | | Filing Party: | |
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| | (4) | | | Date Filed: | |
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| Proto Labs, Inc. will hold its | | ||||||||||||
| TIME AND DATE: | | | 8:30 a.m. Central Time, on | | |||||||||
| ITEM OF BUSINESS: | | | At the Annual Meeting, our shareholders will: | | |||||||||
| | | 1. | | | Elect eight directors to hold office until the next Annual Meeting of Shareholders or until their successors are duly elected. | | |||||||
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| | | 2. | | | Vote on the ratification of the selection of Ernst & Young LLP as our independent registered public accounting firm for fiscal | | |||||||
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| | | 3. | | | Vote on an advisory basis to approve the compensation of the officers disclosed in the accompanying Proxy Statement, which we refer to as a “say-on-pay” vote. | | |||||||
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| | | | | Act on any other matters that may properly come before the Annual Meeting, or any adjournment or postponement thereof. | | ||||||||
| RECOMMENDATION: | | | The board of directors recommends that shareholders vote FOReach of the following: | | |||||||||
| | | | | | |||||||||
| | | 1. | | | The director nominees named in the accompanying Proxy Statement. | | |||||||
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| | | 2. | | | The ratification of the selection of Ernst & Young LLP as our independent registered public accounting firm for fiscal | | |||||||
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| | | 3. | | | The approval of the say-on-pay proposal. | | |||||||
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Only shareholders of record at the close of business on March | | |||||||||||||
| | | | | By Order of the Board of Directors | | ||||||||
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| | | | | Jason Frankman Secretary | |
| PROXY SUMMARY | |
| Name | | | Age | | | Director Since | | | Independent | | | Audit Committee | | | Compensation Committee | | | Nominating and Governance Committee | |
| Victoria M. Holt | | | 62 | | | 2014 | | | No | | | | | | | | |||
| Archie C. Black | | | 58 | | | 2016 | | | Yes | | | | | | | | |||
| Sujeet Chand | | | 62 | | | 2017 | | | Yes | | | | | | | | |||
| Moonhie Chin | | | 62 | | | 2019 | | | Yes | | | | | | | | | ||
| Rainer Gawlick | | | 52 | | | 2008 | | | Yes | | | | | | | | |||
| John B. Goodman | | | 60 | | | 2001 | | | Yes | | | | | | | | |||
| Donald G. Krantz | | | 65 | | | 2017 | | | Yes | | | | | | | | |||
| Sven A. Wehrwein | | | 69 | | | 2011 | | | Yes | | | | | | | |
| Name | | | Age | | | Director Since | | | Independent | | | Audit Committee | | | Compensation Committee | | | Nominating and Governance Committee | |
| Robert Bodor | | | 49 | | | 2021 | | | No | | | | | | | | |||
| Archie C. Black | | | 60 | | | 2016 | | | Yes | | | | | | | | |||
| Sujeet Chand | | | 64 | | | 2017 | | | Yes | | | | | | | | |||
| Moonhie Chin | | | 64 | | | 2019 | | | Yes | | | | | | | | |||
| Rainer Gawlick | | | 54 | | | 2008 | | | Yes | | | | | | | | |||
| Stacy Greiner | | | 48 | | | 2021 | | | Yes | | | | | | | | |||
| Donald G. Krantz | | | 67 | | | 2017 | | | Yes | | | | | | | | |||
| Sven A. Wehrwein | | | 71 | | | 2011 | | | Yes | | | | | | | |
| | Chairperson | | |
| | Member | |
| | | Proposal | | | Board's Voting Recommendation | | |
| 1. | | | Election of the eight director nominees named in this Proxy Statement to serve for one-year terms. | | | For | |
| 2. | | | Ratification of the selection of | | | For | |
| 3. | | | Advisory vote | | | For | |
|
Q: | Who can vote? |
A: | You can vote if you were a shareholder at the close of business on the record date of March |
Q: | Who can attend the Annual Meeting? |
A: | This year, the |
Q: | What am I voting on? |
A: | You are voting on: |
Q: | How does the board of directors recommend I vote on the proposals? |
A: | The board is soliciting your proxy and recommends you vote: |
Q: | Why did I receive a notice in the mail regarding the Internet availability of proxy materials instead of a paper copy of the proxy materials? |
A: | “Notice and Access” rules adopted by the United States Securities and Exchange Commission (the “SEC”)permit us to furnish proxy materials, including this Proxy Statement and our Annual Report on Form 10-K for |
Q: | How many shares must be voted to approve each proposal? |
A: | Quorum. A majority of the shares entitled to vote, represented in person or by proxy, is necessary to constitute a quorum for the transaction of business at the Annual Meeting. As of the Record Date, |
Q: | What is the effect of broker non-votes and abstentions? |
A: | A “broker non-vote” occurs when a nominee holding shares for a beneficial owner does not vote on a particular proposal because the nominee does not have or does not exercise discretionary voting power with respect to that item and has not received voting instructions from the beneficial owner. If a broker returns a “non-vote” proxy indicating a lack of authority to vote on a proposal, then the shares covered by such a “non-vote” proxy will be deemed present at the Annual Meeting for purposes of determining a quorum, but not present for purposes of calculating the vote with respect to any non-discretionary proposals. Nominees will not have discretionary voting power with respect to any matter to be voted upon at the Annual Meeting, other than the ratification of the selection of our independent registered public accounting firm. Broker non-votes will have no effect on the election of directors, |
Q: | How will the proxies vote on any other business brought up at the Annual Meeting? |
A: | By submitting your proxy, you authorize the proxies to use their judgment to determine how to vote on any other matter brought before the Annual Meeting, or any adjournments or postponements thereof. We do not know of any other business to be considered at the Annual Meeting. The proxies’ authority to vote according to their judgment applies only to shares you own as the shareholder of record. |
Q: | How do I cast my vote? |
A: | If you are a shareholder whose shares are registered in your name, you may vote using any of the following methods: |
Q: | Can I vote my shares by filling out and returning the Notice? |
A: | No. The Notice identifies the items to be voted on at the Annual Meeting, but you cannot vote by marking the Notice and returning it. The Notice provides instructions on how to vote by Internet, by requesting and returning a paper proxy card or voting instruction card, or by voting at the Annual Meeting. |
Q: | Can I revoke or change my vote? |
A: | You can revoke your proxy at any time before it is voted at the Annual Meeting by: |
Q: | Who will count the votes? |
A: | Broadridge Financial Solutions, Inc., our independent proxy tabulator, will count the votes. |
Q: | Is my vote confidential? |
A: | All proxies and all vote tabulations that identify an individual shareholder are confidential. Your vote will not be disclosed except: |
Q: | What shares are included on my proxy? |
A: | Your proxy will represent all shares registered to your account in the same social security number and address. |
Q: | What happens if I don’t vote shares that I own? |
A: | For shares registered in your name.If you do not vote shares that are registered in your name by voting online at the Annual Meeting or by proxy through the Internet, telephone or mail, your shares will not be counted in determining the presence of a quorum or in determining the outcome of the vote on the proposals presented at the Annual Meeting. |
Q: | What if I do not specify how I want my shares voted? |
A: | If you are a registered shareholder and submit a signed proxy card or submit your proxy by Internet or telephone but do not specify how you want to vote your shares on a particular matter, we will vote your shares as follows: |
Q: | What does it mean if I get more than one Notice or proxy card? |
A: | Your shares are probably registered in more than one account. You should provide voting instructions for all Notices and proxy cards you receive. |
Q: | How many votes can I cast? |
A: | You are entitled to one vote per share on all matters presented at the Annual Meeting or any adjournment or postponement thereof. There is no cumulative voting. |
Q: | When are shareholder proposals and nominees due for the |
A: | If you want to submit a shareholder proposal or nominee for the |
Q: | What is “householding”? |
A: | We may send a single Notice, as well as other shareholder communications, to any household at which two or more shareholders reside unless we receive other instruction from you. This practice, known as “householding,” is designed to reduce duplicate mailings and printing and postage costs, and conserve natural resources. If your Notice is being householded and you wish to receive multiple copies of the Notice, or if you are receiving multiple copies and would like to receive a single copy, or if you would like to opt out of this practice for future mailings, you may contact: |
Q: | How is this proxy solicitation being conducted? |
A: | We will pay for the cost of soliciting proxies and we will reimburse brokerage houses and other custodians, nominees and fiduciaries for their reasonable out-of-pocket expenses for forwarding proxy and solicitation materials to our shareholders. In addition, some of our employees may solicit proxies. We may solicit proxies in person, via the Internet, by telephone and by mail. Our employees will not receive special compensation for these services, which the employees will perform as part of their regular duties. |
| Name and Address of Beneficial Owner | | | Beneficial Ownership on March | | |||
| Greater than 5% shareholders: | | | Number | | | Percent | |
| BlackRock, Inc. | | | | | | ||
| 55 East 52nd Street | | | | | | ||
| New York, NY 10055 | | | | | | ||
| | | | | | |||
| The Vanguard Group | | | | | | ||
| 100 Vanguard Blvd. | | | | | | ||
| Malvern, PA 19355 | | | 2,973,780 (2) | | | 10.8% | |
| | | | | | |||
| Disciplined Growth Investors, Inc. | | | | | | ||
| 150 South Fifth Street, Suite 2550 | | | | | | ||
| Minneapolis, MN 55402 | | | 1,791,993(3) | | | 6.5% | |
| | | | | | |||
| Brown Capital Management, LLC | | | | | | ||
| 1201 N. Calvert Street | | | | | | ||
| Baltimore, MD 21202 | | | |||||
| | | ||||||
| | | | | | |||
| Directors and named executive officers: | | | | | | ||
| Archie C. Black | | | | | * | | |
| Sujeet Chand | | | | | * | | |
| Moonhie Chin | | | | | * | | |
| Rainer Gawlick | | | | | * | | |
| John B. Goodman | | | | | * | | |
| Stacy Greiner | | | 3,255(10) | | | * | |
| Donald Krantz | | | | | * | | |
| Sven A. Wehrwein | | | | | * | | |
| | | | | * | | ||
| | | | | * | | ||
| Arthur R. Baker III | | | | | * | | |
| | | | | * | | ||
| Bjoern Klaas | | | | | * | | |
| | | | | * | | ||
| John A. Way | | | 20,184 | | | * | |
| All directors and executive officers as a group | | | | | * | |
* | Represents beneficial ownership of less than one percent |
(1) | Information is based on a Schedule 13G/A filed with the SEC by BlackRock, Inc. (“BlackRock”) on |
(2) | Information is based on a Schedule 13G/A filed with the SEC by Vanguard Group Inc. (“Vanguard”) on March 9, 2022. Vanguard has shared voting power over 27,417 shares of our common stock, sole dispositive power over 2,921,240 shares of our common stock and shared dispositive power over 52,540 shares of our common stock. |
(3) | Information is based on a Schedule 13G/A filed with the SEC by Disciplined Growth Investors, Inc. (“DGI”) on February 14, 2022. DGI has sole voting power over 1,511,778 shares of our common stock and sole dispositive power over 1,791,993 shares of our common stock. |
(4) | Information is based on a Schedule 13G/A filed with the SEC by Brown Capital Management, LLC (“Brown”) on February 14, |
(5) | Includes |
(6) | Includes |
(7) | Includes |
(8) | Includes 4,055 shares that Dr. Gawlick has the right to acquire from us within 60 days of the date of the table pursuant to the exercise of stock options and |
(9) | Includes |
(10) | Includes 767 shares of deferred stock units that vest on May 18, 2022 and will be settled after separation from service on the board of directors. |
(11) | Includes 1,520 shares of restricted stock units that vest on May |
Includes |
Includes |
(14) | Includes 1,169 shares of restricted stock units that vest on May 20, 2022 and 1,536 shares that Mr. Schumacher has the right to acquire from us within 60 days of the date of the table pursuant to the exercise of stock options. |
(15) | Includes 10,959 shares that Mr. Baker has the right to acquire from us within 60 days of the date of the table pursuant to the exercise of stock options. |
(16) | Includes 2,511 shares of restricted stock units that vest on May 20, 2022 and 3,304 shares that Mr. Kenison has the right to acquire from us within 60 days of the date of the table pursuant to the exercise of stock options. |
(17) | Includes 3,280 shares that Mr. Klaas has the right to acquire from us within 60 days of the date of the table pursuant to the exercise of stock options. |
(18) | Includes 26,654 shares that Ms. Holt has the right to acquire from us within 60 days of the date of the table pursuant to the exercise of stock options. |
Includes |
| Audit Committee | | | Compensation Committee | | | Nominating and | |
Governance Committee | | |||||||
| Sven A. Wehrwein (chair) | | | Rainer Gawlick (chair) | | | Sujeet Chand (chair) | |
| Rainer Gawlick | | | | | | ||
| John B. Goodman | | | John B. Goodman | | | Sven A. Wehrwein | |
| Audit Committee | | | Compensation Committee | | | Nominating and Governance Committee | |
| Sven A. Wehrwein (chair) | | | Rainer Gawlick (chair) | | | Sujeet Chand (chair) | |
| Rainer Gawlick | | | Moonhie Chin | | | Archie C. Black | |
| Stacy Greiner | | | Donald G. Krantz | | | Sven A. Wehrwein | |
| Age Director since | Skills and Dr. Bodor’s extensive leadership and | |
| Archie C. Black Age Director since2016 Committees Nominating and Governance | Mr. Blackhas served as a director of our Skills and Qualifications Mr. Black Other Current U.S. Public Company Board Memberships: SPS Commerce, Inc. | |
| Sujeet Chand Age Director since2017 Committees Nominating & Governance (Chair) | Dr. Chand Skills and Qualifications Mr. Chand’s qualifications to serve on our board of directors include, among other skills and qualifications, his deep technical expertise and industry knowledge, particularly his experience at Rockwell. Mr. Chand brings a highly effective balance of strategic insight and technical engineering skills, as well as a unique perspective on technology, innovation and customer needs. He has previously served on the boards of the National Institute for Standards and Technology (NIST), National Electrical Manufacturers Association (NEMA), FIRST Robotics, Wisconsin Technology Council, University of Wisconsin Foundation, and Robert W. Baird Venture Partners. He has also represented the U.S. as the head of a delegation to Intelligent Manufacturing Systems, a worldwide consortium on manufacturing technology. Other Current U.S. Public Company Board Memberships: Flowserve Corporation Veeco Instruments, Inc. | |
| Moonhie Chin Age Director since2019 Committees Compensation | Ms. Chin Skills and Qualifications Ms. Chin has an exceptional track record of unifying organizations around a mission, incubating and driving new initiatives to optimize business efficiencies and applying intellectual rigor to solve complex challenges. She is a recognized mentor to emerging leaders, especially women in technology, and is Other Current U.S. Public Company Board Memberships: FARO Technologies, Inc. | |
| Rainer Gawlick Age Director since2008 Committees Audit Compensation (Chair) | Skills and Qualifications Dr. Gawlick has extensive sales, marketing and product-management experience in the technology industry. Dr. Gawlick offers expertise in building brand awareness, managing marketing and sales on a global scale and developing growth strategies, which enables him to counsel our Other Current U.S. Public Company Board Memberships: Progress | |
| Age Director since | Skills and Qualifications Ms. Greiner has spent over two decades helping organizations around the | |
| Donald G. Krantz Age Director since2017 | Dr. Krantzis currently an associate at Digi Labs, a Wayzata-based technology incubator. He serves on the advisory board for Activated Research Company, a maker of catalysis-based instruments. Dr. Krantz served as our Executive Vice President and Technology Officer from January 2015 until his retirement in June 2016. From January 2007 to January 2015, Dr. Krantz served as our Chief Operating Officer. From November 2005 to January 2007, Dr. Krantz served as our Vice President of Development. Prior to joining our Skills and Qualifications Dr. | |
| Sven A. Wehrwein Age Director since2011 Committees Audit (Chair) Nominating & Governance | Mr. Wehrwein Skills and Qualifications Mr. Wehrwein’s qualifications to serve on our board of directors include, among other skills and qualifications, his capabilities in financial understanding, strategic planning and auditing expertise, given his experiences in investment banking and in financial leadership positions. As chairman of the audit committee, Mr. Wehrwein also keeps the board abreast of current audit issues and collaborates with our independent auditors and senior management team. Other Current U.S. Public Company Board Memberships: Atricure, Inc. SPS Commerce, Inc. | |
| THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” EACH NOMINEE LISTED. | |
• | Victoria M. Holt, our former President and CEO (retired effective February 28, 2021)(1) ; and |
(1) | Ms. Holt continued transition service with the Company through February 28, 2022 pursuant to a consulting agreement. |
| | | Profitability | | | Cash Generation | | |
| Revenue increased to | | | $ Diluted earnings per share was | | | $ Cash generated from operations during the year totaled | |
| Topic | | | Actions / | | |||
| | | ✔ | | | Adjusted the base salaries for | | |
| | | ✔ | | | Awarded annual incentives to our named executive officers | ||
|
| Topic | | | Actions / | | |||
| | | ✔ | | | Granted our named executive officers 2021 equity awards comprised of stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”). In consideration of his promotion to CEO, Dr. Bodor’s equity grants received in 2021 had an aggregate grant date fair value of $2.3 million. Additionally, the equity grant in 2022 is expected to be 50% in the form of performance stock units, 30% in the form of restricted stock units, and 20% in the form of stock options. | | |
| Annual Incentive Program Performance Metrics and Design | | | ✔ | | | Continued the use of revenue and adjusted operating income (“AOI”) as | |
| | | ✔ | | | | ||
| PSU Performance Metrics | | | ✔ | | | Continued | |
| ||||||||
| Benchmarking | | | ✔ | | | Reviewed and approved | |
| Things We Do | | | Things We Don’t Do | | ||||||
| • | | | “Double-trigger” treatment for cash and accelerated equity vesting upon a change in control | | | • | | | No tax gross-ups on perquisites, severance or | |
| • | | | Meaningful stock ownership guidelines for our CEO and executive officers | | | • | | | No hedging/pledging of Proto Labs stock by executive officers | |
| • | | | Requirement that executive officers hold 100% of after-tax shares from option exercises or RSU/PSU vesting until they have achieved their ownership requirement | | | • | | | No option repricing without shareholder approval | |
| • | | | No excessive or additional perquisites unique to named executive officers | | ||||||
| • | | | Continually review our compensation programs to ensure alignment to our shareholder expectations of driving profitable growth | | ||||||
| • | | | Compensation recoupment (“clawback”) policy | | | | ||||
| • | | | Equity award approval policy | | | | ||||
| • | | | Independent compensation committee | | | | ||||
| • | | | Independent compensation consultant | | | | ||||
| • | | | Annual compensation risk assessment | | | |
| 2020 Peer Group | | | Recommended Changes | | | 2021 Peer Group* | |
| 3D Systems Corporation Axon Enterprise, Inc. Badger Meter, Inc. Cognex ESCO Technologies Inc. FARO Technologies, Inc. Helios Technologies, Inc. Monolithic Power Systems, Inc. Novanta, Inc. Power Integrations, Inc. Raven Industries, Inc. RBC Bearings Incorporated Shutterstock, Inc. SPS Commerce, Inc. Universal Display Corporation | | | Shutterstock, Inc. (+) Additions Semtech Corporation | | | 3D Systems Corporation Axon Enterprise, Inc. Badger Meter, Inc. Cognex Corporation ESCO Technologies Inc. FARO Technologies, Inc. Helios Technologies, Inc. Monolithic Power Systems, Inc. Novanta Inc. Power Integrations, Inc. Raven Industries, Inc. RBC Bearings Incorporated Semtech Corporation SPS Commerce, Inc. Universal Display | |
| | | | | |
| | | Annual Revenue(1) | | | Market Capitalization(1) | | |
| 25th percentile | | | $ | | | $ | |
| 75th percentile | | | $ | | | $ | |
| | | $ | | | $ | |
(1) |
| Compensation Component | | | Form of Compensation | | | Purpose | | |||
| Base Salary | | | Cash | | | • | | | Compensate each named executive officer relative to their individual responsibilities, experience and performance | |
| | | | | • | | | Provide steady cash flow not contingent on short-term variations in | | ||
| Annual Incentive | | | Cash | | | • | | | Align compensation with our annual corporate financial performance | |
| | | | | • | | | Reward achievement of short-term financial objectives | | ||
| | | | | • | | | Provide participants with a meaningful total cash compensation opportunity (base salary plus annual incentive) | | ||
| Long-Term Incentives | | | Stock Options, Restricted Stock Units and Performance Stock Units | | | • | | | Align compensation with our long-term returns to shareholders | |
| | | • | | | Encourage long-term retention | | ||||
| | | • | | | Create a long-term performance focus | | ||||
| | | • | | | Provide executive ownership opportunities | |
| Name | | 2019 Annual Base Salary | | 2018 Annual Base Salary | | Percentage Change from 2018 Annual Base Salary to 2019 Annual Base Salary | | Name | | 2021 Annual Base Salary | | 2020 Annual Base Salary | | Percentage Change from 2020 Annual Base Salary to 2021 Annual Base Salary | | Base Pay Percent Reduction from May 1, 2020 to September 30, 2020(6) | | Total 2020 Dollar Amount Reduced from May 1, 2020 to September 30, 2020(6) | | ||||||||
| Victoria M. Holt | | $600,000 | | $550,000 | | 9%(1) | | Robert Bodor (1) | | $500,000 | | $340,717 | | * | | 10% | | $14,415 | | ||||||||
| John A. Way | | $362,436 | | $351,880 | | 3% | | Daniel Schumacher (2) | | $206,799 | | $— | | * | | 0% | | $— | | ||||||||
| Arthur R. Baker III | | $312,312 | | $300,300 | | 4% | | Arthur R. Baker III | | $318,558 | | $318,558 | | 0% | | 10% | | $13,477 | | ||||||||
| Robert Bodor | | $324,492 | | $300,456 | | 8%(1) | | Michael R. Kenison (3) | | $340,000 | | $— | | * | | 0% | | $— | | ||||||||
| Bjoern Klaas | | $322,390 | | $— | | —%(2) | | Bjoern Klaas | | $336,635 | | $328,440 | | 2% | | 10% | | $13,685 | | ||||||||
| David M. Fein | | $367,710 | | $360,500 | | 2% | | Victoria M. Holt (4) | | $108,277 | | $612,000 | | * | | 20% | | $51,785 | | ||||||||
| John A. Way (5) | | $344,091 | | $369,685 | | * | | 10% | | $15,640 | |
* | Percentage change not applicable |
(1) |
(2) | Effective December 1, 2021, Mr. |
(3) | Effective July 1, 2021, Mr. Kenison began serving as Vice President/General Manager – Americas. Prior to |
(4) | On February 4, 2021, Ms. Holt entered into a consulting agreement in connection with Ms. Holt’s retirement as President and CEO, effective February 28, 2021. Ms. Holt’s 2021 annual base salary represents total salary paid during 2021, including amounts paid in her role as CEO and consultant. |
(5) | Effective November 30, 2021, Mr. Way resigned from his position as CFO. Mr. Way’s 2021 annual base salary represents total salary paid during 2021. |
(6) | In connection with the COVID-19 pandemic, each of our named executive officers elected to voluntarily forego a portion of their base salaries during the period from May 1, 2020 to September 30, 2020. Ms. Holt voluntarily reduced her base salary by 20%. The remaining named executive officers reduced their base salaries by 10%. The amounts shown in the table reflect the total base salaries that would have been paid absent such action. |
| Name | | | Revenue | | AOI | | Name | | | Revenue | | AOI | | |||||||||||
| Consolidated | | Geographic Unit | | Consolidated | | Geographic Unit | | | Consolidated | | Geographic Unit | | Consolidated | | ||||||||||
| Victoria M. Holt | | 100% | | | 100% | | | Robert Bodor | | 100% | | | 100% | | ||||||||||
| John A. Way | | 100% | | | 100% | | | Arthur R. Baker III | | 100% | | | 100% | | ||||||||||
| Arthur R. Baker III | | 100% | | | 100% | | | Michael R. Kenison | | 35% | | 65% | | 100% | | |||||||||
| Robert Bodor | | 35% | | 65% | | 100% | | | Bjoern Klaas | | 35% | | 65% | | 100% | | ||||||||
| Bjoern Klaas | | 35% | | 65% | | 100% | | | ||||||||||||||||
| David M. Fein | | 100% | | | 100% | | |
| Name | | | Target Payout as % of | |
| | | 100% | ||
| |||||
| Arthur R. Baker III | | | 50% | |
| | | | ||
| Bjoern Klaas | | | 50% | |
|
| Objective | | | 2021 Threshold Growth (%) | | | 2021 Threshold Amount ($) | | | 2021 Target Growth (%) | | | 2021 Target Amount ($) | | | Actual Performance(1) | | | Final Payout Factor | |
| Consolidated Revenue(2) | | | 0% | | | $433.0M | | | 9.8% | | | $480.0M | | | $447.9M | | | 82.7% | |
| United States Revenue(3) | | | 0% | | | $344.0M | | | 10.3% | | | $383.6M | | | $363.5M | | | 95.6% | |
| EMEA Revenue(4) | | | 0% | | | $78.0M | | | 9.7% | | | $86.5M | | | $73.9M | | | 0.0% | |
| Consolidated Adjusted Operating Income | | | 18.2% | | | — | | | 21.2% | | | — | | | 12.9% | | | 0.0% | |
| United States Adjusted Operating Income | | | 30.2% | | | — | | | 33.2% | | | — | | | 29.5% | | | 0.0% | |
| EMEA Adjusted Operating Income | | | 18.2% | | | — | | | 21.2% | | | — | | | 9.4% | | | 0.0% | |
(1) | Our actual performance is equal to our |
(2) | For consolidated revenue performance between threshold and target, the payout factor would increase proportionately between 30% and 100%, or about |
(3) |
For United States revenue performance between threshold and target, the payout factor would increase proportionately between 30% and 100%, or about |
For EMEA revenue performance between threshold and target, the payout factor would increase proportionately between 30% and 100%, or about |
| Name | | | 2019 Actual Incentive Amount ($) | | | Percent of Annual Incentive Target Achieved (%) | |
| Victoria M. Holt | | | $215,308 | | | 36.0% | |
| John A. Way | | | $97,748 | | | 36.0% | |
| Arthur R. Baker III | | | $56,133 | | | 36.0% | |
| Robert Bodor | | | $59,941 | | | 33.0% | |
| Bjoern Klaas | | | $112,925 | | | 70.2% | |
| David M. Fein | | | $— | | | — | |
| Name | | 2019 Actual Salary Amount | | 2019 Actual Incentive Amount | | 2019 Total Cash Compensation Amount | | Name | | 2021 Actual Incentive Amount ($) | | Percent of Annual Incentive Target Achieved (%) | | |||||
| Victoria M. Holt | | $600,000 | | $215,308 | | $815,308 | | Robert Bodor (1) | | $282,062 | | 63% | | |||||
| John A. Way | | $362,436 | | $97,748 | | $460,184 | | Daniel Schumacher (2) | | $38,465 | | 62% | | |||||
| Arthur R. Baker III | | $312,312 | | $56,133 | | $368,445 | | Arthur R. Baker III | | $98,793 | | 62% | | |||||
| Robert Bodor | | $324,492 | | $59,941 | | $384,433 | | Michael R. Kenison (3) | | $101,730 | | 70% | | |||||
| Bjoern Klaas | | $322,390 | | $112,925 | | $445,315 | | Bjoern Klaas (4) | | $31,945 | | 32% | | |||||
| David M. Fein | | $367,710 | | $— | | $367,710 | | Victoria M. Holt (5) | | $63,266 | | 62% | | |||||
| John A. Way (6) | | $— | | 0% | |
(1) | Effective March 1, 2021, Dr. Bodor began serving as President and CEO. Prior to being named CEO, Dr. Bodor served as Vice President/General Manager – Americas. Dr. Bodor’s 2021 incentive amount represents the pro-rata portion of his 2021 incentive amount in each role. |
(2) | Effective December 1, 2021, Mr. Schumacher began serving as Interim CFO. Prior to being named Interim CFO, Mr. Schumacher served as Vice President of Investor Relations and FP&A. Mr. Schumacher’s 2021 incentive amount represents the pro-rata portion of his 2021 incentive amount in each role. |
(3) | Effective July 1, 2021, Mr. Kenison began serving as Vice President/General Manager – Americas. Prior to being named Vice President/General Manager – Americas, Mr. Kenison served as Vice President of Manufacturing – Americas. Mr. Kenison’s 2021 incentive amount represents the pro-rata portion of his 2021 incentive amount in each role. |
(4) | Mr. Klaas’ short term incentive bonus included a 20% discretionary amount in consideration of the unexpected economic impact related to Brexit. |
(5) | On February 4, 2021, Ms. Holt entered into a consulting agreement in connection with Ms. Holt’s retirement as President and CEO, effective February 28, 2021. Ms. Holt’s 2021 incentive amount represents the pro-rata portion of her 2021 incentive amount in her role as President and CEO prior to her retirement. |
(6) | Effective November 30, 2021, Mr. Way resigned from his position as CFO, and therefore was not eligible for a 2021 annual incentive bonus. |
| Name | | Aggregate Grant Date Fair Value of 2019 Equity Awards | | Number of RSUs Awarded | | Number of Stock Options Awarded | | Target Number of PSUs Awarded | | Name | | Aggregate Grant Date Fair Value of 2021 Equity Awards | | Number of RSUs Awarded | | Number of Stock Options Awarded | | Target Number of PSUs Awarded | | ||||||||
| Victoria M. Holt | | $ 2,500,203 | | 6,287 | | 7,120 | | 14,288 | | Robert Bodor | | $2,255,577 | | 7,413 | | 11,842 | | 970 | | ||||||||
| John A. Way | | $900,199 | | 4,244 | | 4,806 | | 2,144 | | Daniel Schumacher | | $400,038 | | 4,833 | | 1,936 | | — | | ||||||||
| Arthur R. Baker III | | $600,062 | | 2,829 | | 3,204 | | 1,429 | | Arthur R. Baker III | | $1,255,527 | | 4,212 | | 3,442 | | 970 | | ||||||||
| Robert Bodor | | $600,062 | | 2,829 | | 3,204 | | 1,429 | | Michael R. Kenison | | $380,038 | | 2,657 | | 2,943 | | — | | ||||||||
| Bjoern Klaas | | $400,077 | | 1,886 | | 2,136 | | 953 | | Bjoern Klaas | | $714,467 | | 2,365 | | 1,826 | | 624 | | ||||||||
| David Fein | | $500,122 | | 2,358 | | 2,670 | | 1,191 | | Victoria M. Holt | | $— | | — | | — | | — | | ||||||||
| John A. Way | | $1,364,804 | | 4,433 | | 3,128 | | 1,386 | |
| Relative TSR Percentile | | | PSU Payout (% of Target) | |
| Below 25th percentile | | | 0% | |
| 25th percentile | | | 50% | |
| 50th percentile | | | 100% | |
| 75th percentile or greater | | | 150% | |
| Performance Level | | | 2021 Organic Revenue | | | Revenue Payout Factor | | | 2021 Adjusted EPS | | | EPS Payout Factor | |
| Threshold | | | $575,837,000 | | | 25% | | | $4.34 | | | 25% | |
| Target | | | $690,000,000 | | | 50% | | | $4.57 | | | 50% | |
| Maximum | | | ≥$805,694,000 | | | 75% | | | ≥$4.80 | | | 75% | |
(1) | All of the following factors are present: |
(2) | There has been misconduct resulting in either a violation of law or of our |
| Name and Principal Position | | | Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Option Awards ($)(2) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | |
| Victoria M. Holt President and Chief Executive Officer | | | 2019 | | | 600,000 | | | 2,160,169 | | | 340,034 | | | 215,308 | | | 11,000 | | | 3,326,511 | |
| 2018 | | | 550,000 | | | 2,160,155 | | | 340,025 | | | 534,875 | | | 11,000 | | | 3,596,055 | | |||
| 2017 | | | 530,450 | | | 2,250,089 | | | 250,065 | | | 597,154 | | | 10,800 | | | 3,638,558 | | |||
| John A. Way Chief Financial Officer | | | 2019 | | | 362,436 | | | 670,677 | | | 229,523 | | | 97,748 | | | 11,000 | | | 1,371,384 | |
| 2018 | | | 351,880 | | | 596,113 | | | 204,034 | | | 256,740 | | | 11,000 | | | 1,419,767 | | |||
| 2017 | | | 335,124 | | | 562,786 | | | 187,618 | | | 282,949 | | | 10,800 | | | 1,379,277 | | |||
| Arthur R. Baker III Chief Technology Officer | | | 2019 | | | 312,312 | | | 447,048 | | | 153,014 | | | 56,133 | | | 11,000 | | | 979,507 | |
| 2018 | | | 300,300 | | | 447,111 | | | 153,014 | | | 146,021 | | | 11,000 | | | 1,057,446 | | |||
| 2017 | | | 286,000 | | | 375,191 | | | 125,033 | | | 160,982 | | | 10,800 | | | 958,006 | | |||
| Robert Bodor Vice President/General Manager – Americas | | | 2019 | | | 324,492 | | | 447,048 | | | 153,014 | | | 59,941 | | | 11,000 | | | 995,495 | |
| 2018 | | | 300,456 | | | 417,290 | | | 142,838 | | | 174,965 | | | 11,000 | | | 1,046,549 | | |||
| 2017 | | | 278,200 | | | 375,191 | | | 125,033 | | | 172,324 | | | 10,800 | | | 961,548 | | |||
| Bjoern Klaas(5) Vice President and Managing Director - Europe, Middle East and Africa | | | 2019 | | | 322,390 | | | 298,066 | | | 102,011 | | | 112,925 | | | 13,863 | | | 849,255 | |
| | | | | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | ||||
| David M. Fein(6) Former Chief Revenue Officer | | | 2019 | | | 163,833 | | | 372,609 | | | 127,513 | | | — | | | 419,942(7) | | | 1,083,897 | |
| 2018 | | | 360,500 | | | 372,663 | | | 127,527 | | | 262,940 | | | 11,000 | | | 1,134,630 | | |||
| 2017 | | | 350,000 | | | 375,191 | | | 125,033 | | | 295,509 | | | 10,800 | | | 1,156,533 | |
| Name and Principal Position | | | Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Option Awards ($)(2) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | |
| Robert Bodor(5) President and Chief Executive Officer | | | 2021 | | | 473,277 | | | 1,430,533 | | | 825,044 | | | 282,062 | | | 11,200 | | | 3,022,116 | |
| 2020 | | | 338,658 | | | 475,722 | | | 153,036 | | | 24,900 | | | 11,200 | | | 1,003,516 | | |||
| 2019 | | | 324,492 | | | 447,048 | | | 153,014 | | | 59,941 | | | 11,000 | | | 995,495 | | |||
| Daniel Schumacher (6) Interim Chief Financial Officer | | | 2021 | | | 206,799 | | | 316,783 | | | 83,255 | | | 38,465 | | | 7,933 | | | 653,235 | |
| 2020 | | | — | | | — | | | — | | | — | | | — | | | — | | |||
| 2019 | | | — | | | — | | | — | | | — | | | — | | | — | | |||
| Arthur R. Baker III Chief Technology Officer | | | 2021 | | | 318,558 | | | 980,427 | | | 275,100 | | | 98,793 | | | 9,096 | | | 1,684,974 | |
| 2020 | | | 317,044 | | | 475,722 | | | 153,036 | | | 19,113 | | | 11,200 | | | 976,115 | | |||
| 2019 | | | 312,312 | | | 447,048 | | | 153,014 | | | 56,133 | | | 11,000 | | | 979,507 | | |||
| Michael R. Kenison(7) Vice President/General Manager - Americas | | | 2021 | | | 291,795 | | | 253,478 | | | 126,560 | | | 101,730 | | | 6,745 | | | 780,308 | |
| 2020 | | | — | | | — | | | — | | | — | | | — | | | — | | |||
| 2019 | | | — | | | — | | | — | | | — | | | — | | | — | | |||
| Bjoern Klaas Vice President and Managing Director - Europe, Middle East and Africa | | | 2021 | | | 336,635 | | | 568,525 | | | 145,942 | | | 31,945 | | | 14,108 | | | 1,097,155 | |
| 2020 | | | 324,274 | | | 317,212 | | | 102,010 | | | 20,318 | | | 15,179 | | | 778,993 | | |||
| 2019 | | | 322,390 | | | 298,066 | | | 102,011 | | | 112,925 | | | 13,863 | | | 849,255 | | |||
| Victoria M. Holt(8) Former President and Chief Executive Officer | | | 2021 | | | 108,277 | | | — | | | — | | | 63,266 | | | 7,269 | | | 178,812 | |
| 2020 | | | 583,292 | | | 2,314,264 | | | 425,022 | | | 73,440 | | | 11,200 | | | 3,407,218 | | |||
| 2019 | | | 600,000 | | | 2,160,169 | | | 340,034 | | | 215,308 | | | 11,000 | | | 3,326,511 | | |||
| John A. Way Former Chief Financial Officer | | | 2021 | | | 344,091 | | | 1,114,800 | | | 250,004 | | | — | | | 11,200 | | | 1,720,095 | |
| 2020 | | | 367,985 | | | 713,631 | | | 229,513 | | | 33,272 | | | 11,200 | | | 1,355,601 | | |||
| 2019 | | | 362,436 | | | 670,677 | | | 229,523 | | | 97,748 | | | 11,000 | | | 1,371,384 | |
(1) | Amounts shown in this column reflect the aggregate grant date fair value of the RSUs and PSUs (at target) granted in |
| Name | | | RSUs | | PSUs | | Name | | | RSUs | | PSUs | | ||||||||
| | | Target | | Maximum | | | | Target | | Maximum | | ||||||||||
| Victoria M. Holt | | $660,072 | | $1,500,097 | | $2,250,146 | | Robert Bodor | | $1,210,204 | | $220,329 | | $330,494 | | ||||||
| John A. Way | | $445,578 | | $225,099 | | $337,649 | | Daniel Schumacher | | $316,783 | | $— | | $— | | ||||||
| Arthur R. Baker III | | $297,017 | | $150,031 | | $225,047 | | Arthur R. Baker III | | $760,098 | | $220,329 | | $330,494 | | ||||||
| Robert Bodor | | $297,017 | | $150,031 | | $225,047 | | Michael R. Kenison | | $253,478 | | $— | | $— | | ||||||
| Bjoern Klaas | | $198,011 | | $100,055 | | $150,083 | | Bjoern Klaas | | $426,788 | | $141,737 | | $212,606 | | ||||||
| David M. Fein | | $247,566 | | $125,043 | | $187,565 | | Victoria M. Holt | | $— | | $— | | $— | | ||||||
| John A. Way | | $799,979 | | $314,821 | | $472,232 | |
(2) | Amounts shown in this column represent the grant date fair values computed in accordance with ASC 718 utilizing the assumptions discussed in Note |
(3) | Amounts shown in this column represent amounts earned under our annual incentive program during each respective year and paid early in the following year. |
(4) |
(5) | Effective March 1, 2021, Dr. Bodor began serving as President and CEO. Prior to |
(6) | Schumacher began serving as Interim CFO on December 1, 2021. Prior to being named Interim CFO, Mr. Schumacher served as Vice President of Investor Relations and FP&A. |
(7) |
(8) | Ms. Holt retired as President and CEO, effective February 28, 2021. Ms. Holt’s 2021 salary represents amounts paid in |
| | | | Compensation Committee | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(2) | | Estimated Future Payouts Under Equity Incentive Plan Awards(3) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(4) | | All Other Option Awards: Number of Securities Underlying Options (#)(5) | | Exercise or Base Price of Option Awards ($/Sh) | | Grant Date Fair Value of Stock and Option Awards(6) | | | | | Compensation Committee | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | All Other Option Awards: Number of Securities Underlying Options (#)(4) | | Exercise or Base Price of Option Awards ($/Sh) | | Grant Date Fair Value of Stock and Option Awards(5) | | |||||||||||||||||||||||||||||||||||||||
| Name | | Grant Date | | Approval Date(1) | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | Name | | Grant Date | | Approval Date(1) | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||||||
| Victoria M. Holt | | $195,000 | | $ 600,000 | | $1,200,000 | | | | | | | | | Robert Bodor | | $153,815 | | $473,277 | | $946,554 | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | $90,000 | | — | | | | | | | | | | 2/16/2021 | | 2/2/2021 | | | | | | | | 3,104 | | | | $560,148 | | |||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | 6,287 | | | | $660,072 | | | 2/16/2021 | | 2/2/2021 | | | | | | | | | 2,190 | | 180.46 | | $175,035 | | |||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | | 7,120 | | 104.99 | | $340,034 | | | 2/16/2021 | | 2/2/2021 | | | | | 485 | | 970 | | 1,455 | | | | | $220,329 | | |||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | 7,144 | | 14,288 | | 21,432 | | | | | $ 1,500,097 | | | 3/1/2021 | | 2/2/2021 | | | | | | | | 4,309 | | | | $650,056 | | ||||||||||||||||||||||||||||||||||||||||
| John A. Way | | $88,344 | | $ 271,827 | | $543,654 | | | | | | | | | | 3/1/2021 | | 2/2/2021 | | | | | | | | | 9,652 | | 150.86 | | $650,009 | | |||||||||||||||||||||||||||||||||||||||||||
| | | | — | | $40,774 | | — | | | | | | | | | Daniel Schumacher | | $68,014 | | $110,000 | | $170,090 | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | 4,244 | | | | $445,578 | | | 5/18/2021 | | 5/11/2021 | | | | | | | | 1,748 | | | | $166,759 | | ||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | | 4,806 | | 104.99 | | $229,523 | | | 5/18/2021 | | 5/11/2021 | | | | | | | | | 1,936 | | 95.40 | | $83,255 | | ||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | 1,072 | | 2,144 | | 3,216 | | | | | $225,099 | | | 12/1/2021 | | 11/5/2021 | | | | | | | | 3,085 | | | | $150,024 | | ||||||||||||||||||||||||||||||||||||||||
| Arthur R. Baker III | | $50,751 | | $ 156,156 | | $312,312 | | | | | | | | | Arthur R. Baker III | | $51,766 | | $159,279 | | $318,558 | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | $23,423 | | — | | | | | | | | | 2/16/2021 | | 2/2/2021 | | | | | | | | 4,212 | | | | $760,098 | | ||||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | 2,829 | | | | $297,017 | | | 2/16/2021 | | 2/2/2021 | | | | | | | | | 3,442 | | 180.46 | | $275,100 | | |||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | | 3,204 | | 104.99 | | $153,014 | | | 2/16/2021 | | 2/2/2021 | | | | | 485 | | 970 | | 1,455 | | | | | $220,329 | | |||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | 715 | | 1,429 | | 2,144 | | | | | $150,031 | | Michael R. Kenison | | $47,417 | | $145,898 | | $291,795 | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| Robert Bodor | | $63,276 | | $ 194,695 | | $389,390 | | | | | | | | | | 5/18/2021 | | 5/11/2021 | | | | | | | | 2,657 | | | | $253,478 | | ||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | $29,204 | | — | | | | | | | | | | 5/18/2021 | | 5/11/2021 | | | | | | | | | 2,943 | | 95.40 | | $126,560 | | ||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | 2,829 | | | | $297,017 | | Bjoern Klaas | | $54,703 | | $168,318 | | $336,635 | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | | 3,204 | | 104.99 | | $153,014 | | | 2/16/2021 | | 2/2/2021 | | | | | | | | 2,365 | | | | $426,788 | | |||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | 715 | | 1,429 | | 2,144 | | | | | $150,031 | | | 2/16/2021 | | 2/2/2021 | | | | | | | | | 1,826 | | 180.46 | | $145,942 | | |||||||||||||||||||||||||||||||||||||||
| Bjoern Klaas | | $52,388 | | $ 161,195 | | $322,390 | | | | | | | | | | 2/16/2021 | | 2/2/2021 | | | | | 312 | | 624 | | 936 | | | | | $141,737 | | ||||||||||||||||||||||||||||||||||||||||||
| | | | — | | $24,179 | | — | | | | | | | | | Victoria M. Holt | | $35,190 | | $108,277 | | $216,554 | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | 1,886 | | | | $198,011 | | John A. Way | | $83,872 | | $258,069 | | $516,137 | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | | 2,136 | | 104.99 | | $102,011 | | | 2/16/2021 | | 2/2/2021 | | | | | | | | 4,433 | | | | $799,979 | | |||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | 477 | | 953 | | 1,430 | | | | | $100,055 | | | 2/16/2021 | | 2/2/2021 | | | | | | | | | 3,128 | | 180.46 | | $250,004 | | |||||||||||||||||||||||||||||||||||||||
| David M. Fein | | $89,629 | | $275,783 | | $551,565 | | | | | | | | | | 2/16/2021 | | 2/2/2021 | | | | | 693 | | 1,386 | | 2,079 | | | | | $314,821 | | ||||||||||||||||||||||||||||||||||||||||||
| | | | — | | $41,367 | | — | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | 2,358 | | | | $247,566 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | | | | | 2,670 | | 104.99 | | $127,513 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2/11/2019 | | 2/5/2019 | | | | | 596 | | 1,191 | | 1,787 | | | | | $125,043 | |
(1) | In accordance with the terms of our equity grant timing policy, the RSUs, PSUs and stock option grants to our named executive officers identified in the table were granted effective as of the end of the second trading day following the public release of our financial results for the fourth quarter of |
(2) |
As discussed above in “Compensation Discussion and Analysis—Elements of Executive Compensation,” amounts in this column represent an award of PSUs under the LTIP capable of being earned and vesting at the end of a three-year performance period depending on our |
Amounts in this column represent awards of RSUs under the LTIP which vest as to 25% of the shares in four annual installments beginning on either February 13, |
Amounts in this column represent awards of stock options under the LTIP which vest as to 25% of the shares in four annual installments beginning on February 13, |
The actual value to be realized by a named executive officer depends upon the appreciation in value of our stock and the length of time the award is held. No value will be realized with respect to any stock option award if our stock price does not increase following the grant date. For a description of the assumptions used in computing grant date fair value for stock option awards pursuant to ASC 718, see Note |
| | | Option Awards | | Stock Awards | | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Option Grant Date(1) | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($/Sh) | | 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 ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | Name | | Option Grant Date(1) | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($/Sh) | | Option Expiration Date | | Number of Shares or Units of Stock That Have Not Vested (#) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | 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 ($)(2) | | ||||||||||||||||||
| Victoria M. Holt | | 02/09/15 | | 14,392 | | 3,598 | | 67.15 | | 02/09/25 | | | | | | Robert Bodor | | 02/13/14 | | 1,632 | | — | | 78.59 | | 02/13/24 | | | | | | ||||||||||||||||||||||||||
| | 02/08/16 | | 11,346 | | 7,564 | | 57.88 | | 02/08/26 | | | | | | | 02/09/15 | | 3,998 | | — | | 67.15 | | 02/09/25 | | | | | | ||||||||||||||||||||||||||||
| | 02/13/17 | | 3,628 | | 5,442 | | 58.35 | | 02/13/27 | | | | | | | 02/08/16 | | 5,673 | | — | | 57.88 | | 02/08/26 | | | | | | ||||||||||||||||||||||||||||
| | 02/12/18 | | 1,787 | | 5,364 | | 105.75 | | 02/12/28 | | | | | | | 02/13/17 | | 2,721 | | 907 | | 58.35 | | 02/13/27 | | | | | | ||||||||||||||||||||||||||||
| | 02/11/19 | | — | | 7,120 | | 104.99 | | 02/11/29 | | | | | | | 02/12/18 | | 2,253 | | 751 | | 105.75 | | 02/12/28 | | | | | | ||||||||||||||||||||||||||||
| | | | | | | 939 | | 95,355 | | | | | 02/11/19 | | 1,602 | | 1,602 | | 104.99 | | 02/11/29 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 3,456 | | 350,957 | | | | | 02/10/20 | | 917 | | 2,751 | | 96.72 | | 02/10/30 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 7,713 | | 783,255 | | | | | 02/16/21 | | — | | 2,190 | | 180.46 | | 02/16/31 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 4,682 | | 475,457 | | | | | 03/01/21 | | — | | 9,652 | | 150.86 | | 03/01/31 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 6,287 | | 638,445 | | | | | | | | | | 1,286 | | 66,036 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | 23,077(3) | | 2,343,469 | | | | | | | | | | | 656 | | 33,686 | | | | |||||||||||||||||||||||||||||||||
| | | | | | | | | 14,186 | | $ 1,440,588(4) | | | | | | | | 1,415 | | 72,660 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | | | 14,288 | | $ 1,450,946(5) | | | | | | | | 2,304 | | 118,310 | | | | ||||||||||||||||||||||||||||||||||
| John A. Way | | 12/01/14 | | 2,608 | | — | | 62.90 | | 12/01/24 | | | | | | | | | | | | 3,104 | | 159,390 | | | | ||||||||||||||||||||||||||||||
| | 02/09/15 | | 2,996 | | 1,999 | | 67.15 | | 02/09/25 | | | | | | | | | | | | 4,309 | | 221,267 | | | | |||||||||||||||||||||||||||||||
| | 02/08/16 | | 5,511 | | 5,674 | ��� | | 57.88 | | 02/08/26 | | | | | | | | | | | | 13,074(3) | | 671,349 | | | | ||||||||||||||||||||||||||||||
| | 02/13/17 | | 2,722 | | 4,083 | | 58.35 | | 02/13/27 | | | | | | | | | | | | | | 1,506 | | $77,333(4) | | |||||||||||||||||||||||||||||||
| | 02/12/18 | | 1,072 | | 3,219 | | 105.75 | | 02/12/28 | | | | | | | | | | | | | | 970 | | $49,810(5) | | |||||||||||||||||||||||||||||||
| | 02/11/19 | | — | | 4,806 | | 104.99 | | 02/11/29 | | | | | | Daniel Schumacher | | 05/16/18 | | 93 | | 93 | | 117.55 | | 05/16/28 | | | | | | |||||||||||||||||||||||||||
| | | | | | | 522 | | 53,009 | | | | | 05/15/19 | | 177 | | 355 | | 106.85 | | 05/15/29 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 2,592 | | 263,218 | | | | | 05/19/20 | | 256 | | 769 | | 117.00 | | 05/20/30 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 5,787 | | 587,670 | | | | | 05/18/21 | | — | | 1,936 | | 95.40 | | 05/18/31 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 2,809 | | 285,254 | | | | | | | | | | 238 | | 12,221 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | 4,244 | | 430,978 | | | | | | | | | | 128 | | 6,573 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | 15,954(6) | | 1,620,129 | | | | | | | | | | 309 | | 15,867 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | | | 1,892 | | $ 192,133(4) | | | | | | | | 636 | | 32,659 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | | | 2,144 | | $217,723(5) | | | | | | | | 1,748 | | 89,760 | | | | ||||||||||||||||||||||||||||||||||
| Arthur R. Baker III | | 05/02/16 | | 1,737 | | 3,474 | | 60.96 | | 05/02/26 | | | | | | | | | | | | 3,085 | | 158,415 | | | | ||||||||||||||||||||||||||||||
| | 02/13/17 | | 1,814 | | 2,721 | | 58.35 | | 02/13/27 | | | | | | | | | | | | 6,144(6) | | 315,495 | | | | |||||||||||||||||||||||||||||||
| | 02/12/18 | | 804 | | 2,414 | | 105.75 | | 02/12/28 | | | | | | Arthur R. Baker III | | 05/02/16 | | 1,737 | | — | | 60.96 | | 05/02/26 | | | | | | |||||||||||||||||||||||||||
| | 02/11/19 | | — | | 3,204 | | 104.99 | | 02/11/29 | | | | | | | 02/13/17 | | — | | 907 | | 58.35 | | 02/13/27 | | | | | | ||||||||||||||||||||||||||||
| | | | | | | 1,642 | | 166,745 | | | | | 02/12/18 | | 2,413 | | 805 | | 105.75 | | 02/12/28 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 3,858 | | 391,780 | | | | | 02/11/19 | | 1,602 | | 1,602 | | 104.99 | | 02/11/29 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 2,107 | | 213,966 | | | | | 02/10/20 | | 917 | | 2,751 | | 96.72 | | 02/10/30 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 2,829 | | 287,285 | | | | | 02/16/21 | | — | | 3,442 | | 180.46 | | 02/16/31 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 10,436(7) | | 1,059,776 | | | | | | | | | | 1,286 | | 66,036 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | | | 1,420 | | $144,201(4) | | | | | | | | 703 | | 36,099 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | | | 1,429 | | $145,115(5) | | | | | | | | 1,415 | | 72,660 | | | | ||||||||||||||||||||||||||||||||||
| Robert Bodor | | 02/13/14 | | 1,632 | | — | | 78.59 | | 02/13/24 | | | | | | | | | | | | 2,304 | | 118,310 | | | | ||||||||||||||||||||||||||||||
| | 02/09/15 | | 1,999 | | 1,999 | | 67.15 | | 02/09/25 | | | | | | | | | | | | 4,212 | | 216,286 | | | | |||||||||||||||||||||||||||||||
| | 02/08/16 | | 1,891 | | 3,782 | | 57.88 | | 02/08/26 | | | | | | | | | | | | 9,920(7) | | 509,391 | | | | |||||||||||||||||||||||||||||||
| | 02/13/17 | | 907 | | 2,721 | | 58.35 | | 02/13/27 | | | | | | | | | | | | | | 1,506 | | $77,333(4) | | |||||||||||||||||||||||||||||||
| | 02/12/18 | | 751 | | 2,253 | | 105.75 | | 02/12/28 | | | | | | | | | | | | | | 970 | | $49,810(5) | | |||||||||||||||||||||||||||||||
| | 02/11/19 | | — | | 3,204 | | 104.99 | | 02/11/29 | | | | | | Michael R. Kenison | | 05/16/18 | | 232 | | 233 | | 117.55 | | 05/16/28 | | | | | | |||||||||||||||||||||||||||
| | | | | | | 522 | | 53,009 | | | | | 05/15/19 | | 532 | | 1,064 | | 106.85 | | 05/15/29 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 1,728 | | 175,478 | | | | | 05/19/20 | | 520 | | 1,561 | | 117.00 | | 05/20/30 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 3,858 | | 391,780 | | | | | 05/18/21 | | — | | 2,943 | | 95.40 | | 05/18/31 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 1,967 | | 199,749 | | | | | | | | | | 635 | | 32,607 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | 2,829 | | 287,285 | | | | | | | | | | 320 | | 16,432 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | 10,904(8) | | 1,107,301 | | | | | | | | | | 927 | | 47,601 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | | | 1,324 | | $134,452(4) | | | | | | | | 1,289 | | 66,190 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | | | 1,429 | | $145,115(5) | | | | | | | | 2,657 | | 136,436 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | 5,828(8) | | 299,266 | | | |
| | | Option Awards | | Stock Awards | | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Option Grant Date(1) | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($/Sh) | | 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 ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | Name | | Option Grant Date(1) | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($/Sh) | | Option Expiration Date | | Number of Shares or Units of Stock That Have Not Vested (#) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | 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 ($)(2) | | ||||||||||||||||||
| Bjoern Klaas | | 02/11/19 | | — | | 2,136 | | 104.99 | | 02/11/29 | | | | | | Bjoern Klaas | | 02/11/19 | | 1,068 | | 1,068 | | 104.99 | | 02/11/29 | | | | | | ||||||||||||||||||||||||||
| | | | | | | 3,177 | | 322,624 | | | | | 02/10/20 | | 611 | | 1,834 | | 96.72 | | 02/10/30 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 1,886 | | 191,523 | | | | | 02/16/21 | | — | | 1,826 | | 180.46 | | 02/16/31 | | | | | | |||||||||||||||||||||||||||||||
| | | | | | | 5,063(9) | | 514,148 | | | | | | | | | | 1,059 | | 54,380 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | | | 953 | | $96,777(5) | | | | | | | | 943 | | 48,423 | | | | ||||||||||||||||||||||||||||||||||
| | | | | | | 1,536 | | 78,874 | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | 2,365 | | 121,443 | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | 5,903(9) | | 303,120 | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | 1,004 | | $51,555(4) | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | 624 | | $32,042(5) | | ||||||||||||||||||||||||||||||||||||||||||||||
| Victoria M. Holt | | 02/13/17 | | 7,256 | | 1,814 | | 58.35 | | 02/13/27 | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| | 02/12/18 | | 5,363 | | 1,788 | | 105.75 | | 02/12/28 | | | | | | |||||||||||||||||||||||||||||||||||||||||||
| | 02/11/19 | | 3,560 | | 1,780 | | 104.99 | | 02/11/29 | | | | | | |||||||||||||||||||||||||||||||||||||||||||
| | 02/10/20 | | 2,546 | | 2,547 | | 96.72 | | 02/10/30 | | | | | | |||||||||||||||||||||||||||||||||||||||||||
| | | | | | | 2,571 | | 132,021 | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | 1,561 | | 80,157 | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | 1,572 | | 80,722 | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | 2,133 | | 109,529 | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | 7,837(10) | | 402,429 | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | 8,367 | | $429,645(4) | | ||||||||||||||||||||||||||||||||||||||||||||||
| John A. Way | | 02/08/16 | | 2,837 | | — | | 57.88 | | 02/28/22 | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| | 02/13/17 | | 5,444 | | — | | 58.35 | | 02/28/22 | | | | | | |||||||||||||||||||||||||||||||||||||||||||
| | 02/12/18 | | 3,218 | | — | | 105.75 | | 02/28/22 | | | | | | |||||||||||||||||||||||||||||||||||||||||||
| | 02/11/19 | | 2,403 | | — | | 104.99 | | 02/28/22 | | | | | | |||||||||||||||||||||||||||||||||||||||||||
| | 02/10/20 | | 1,375 | | — | | 96.72 | | 02/28/22 | | | | | |
(1) | The February option awards granted prior to 2018 vest as to 20% of the shares subject to each award in five annual installments on February 13 each |
(2) | Based on the |
(3) | In the order presented in the table, the RSUs listed vest as to |
(4) | Performance stock units vest on December 31, |
(5) | Performance stock units vest on December 31, |
(6) | In the order presented in the table, the RSUs listed vest as to |
(7) | In the order presented in the table, the RSUs listed vest as to |
(8) | In the order presented in the table, the RSUs listed vest as to |
(9) | In the order presented in the table, the RSUs listed vest as to 1,059 shares subject to the units on each of December 1, |
(10) | In the order presented in the table, the RSUs listed vest as to 2,571 shares subject to the units on February 13, 2022, as to 1,561 shares subject to the units on February 13, 2022, as to 1,572 shares subject to the units on February 13, 2022, and as to 2,133 shares subject to the units on February 13, 2022. |
| | | Option Awards | | Stock Awards | | | | Option Awards | | Stock Awards | | ||||||||||||||||
| Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($)(1) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(2) | | Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($) (1) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($) | | ||||||||
| Victoria M. Holt | | — | | — | | 13,911(3) | | 1,459,704(3) | | Robert Bodor | | — | | — | | 4,279 | | 843,177 | | ||||||||
| John A. Way | | — | | — | | 5,319 | | 568,913 | | Daniel Schumacher | | 363 | | 30,466 | | 732 | | 66,246 | | ||||||||
| Arthur R. Baker III | | — | | — | | 2,809 | | 306,400 | | Arthur R. Baker III | | 7,102 | | 886,116 | | 4,283 | | 766,545 | | ||||||||
| Robert Bodor | | — | | — | | 3,773 | | 409,257 | | Michael R. Kenison | | — | | — | | 2,513 | | 227,427 | | ||||||||
| Bjoern Klaas | | — | | — | | 1,059 | | 101,484 | | Bjoern Klaas | | — | | — | | 2,043 | | 245,396 | | ||||||||
| David Fein | | 3,839 | | 131,901 | | 3,070 | | 330,524 | | Victoria M. Holt | | 18,910 | | 2,464,531 | | 9,563 | | 1,884,289 | | ||||||||
| John A. Way | | — | | — | | 6,373 | | 1,255,800 | |
(1) | The value realized on exercise is calculated as the difference between the closing price of our common stock on the date of exercise as reported by the New York Stock Exchange for the number of shares acquired upon exercise and the applicable option exercise price for those shares. |
(2) | The value realized on vesting is calculated by multiplying the number of shares vested by the closing price of our common stock on the vesting date as reported by the New York Stock Exchange. |
| Name | | | Termination Without Cause or For Good Reason Not During Transition Period or in Anticipation of Change in Control | | | Termination Without Cause or For Good Reason Upon a Change in Control or During Transition Period(1) | | | Termination Without Cause or For Good Reason in Anticipation of Change in Control(2) | | | Death | | | Disability | | | Change in Control Without Termination | | | Retirement | |
| Victoria M. Holt | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | 600,000 | | | 1,200,000 | | | 600,000 | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 600,000 | | | 1,200,000 | | | 600,000 | | | 600,000 | | | 600,000 | | | — | | | — | |
| Benefits Continuation | | | 12,655 | | | 18,983 | | | 6,328 | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | 323,019 | | | 689,185 | | | 689,185 | | | 689,185 | | | 689,185 | | | — | | | — | |
| Accelerated RSU Vesting | | | 747,511 | | | 2,343,469 | | | 2,343,469 | | | 2,343,469 | | | 2,343,469 | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | 2,166,302 | | | — | | | — | | | — | |
| John A. Way | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | 362,436 | | | 362,436 | | | 362,436 | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 271,827 | | | 543,654 | | | 543,654 | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | 13,590 | | | 13,590 | | | 13,590 | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | 221,140 | | | 492,935 | | | 492,935 | | | 492,935 | | | 492,935 | | | — | | | — | |
| Accelerated RSU Vesting | | | 512,987 | | | 1,620,129 | | | 1,620,129 | | | 1,620,129 | | | 1,620,129 | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | 200,662 | | | — | | | — | | | — | |
| Arthur R. Baker III | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | 312,312 | | | 312,312 | | | 312,312 | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 156,156 | | | 312,312 | | | 312,312 | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | 4,637 | | | 4,637 | | | 4,637 | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | 80,818 | | | 258,557 | | | 258,557 | | | 258,557 | | | 258,557 | | | — | | | — | |
| Accelerated RSU Vesting | | | 295,506 | | | 1,059,776 | | | 1,059,776 | | | 1,059,776 | | | 1,059,776 | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | 144,506 | | | — | | | — | | | — | |
| Robert Bodor | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | 324,492 | | | 324,492 | | | 324,492 | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 194,695 | | | 389,390 | | | 389,390 | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | 5,469 | | | 5,469 | | | 5,469 | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | 167,560 | | | 351,473 | | | 351,473 | | | 351,473 | | | 351,473 | | | — | | | — | |
| Accelerated RSU Vesting | | | 360,359 | | | 1,107,301 | | | 1,107,301 | | | 1,107,301 | | | 1,107,301 | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | 138,007 | | | — | | | — | | | — | |
| Bjoern Klaas | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | 322,390 | | | 322,390 | | | 322,390 | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 161,195 | | | 322,390 | | | 322,390 | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated RSU Vesting | | | 50,609 | | | 514,148 | | | 514,148 | | | 514,148 | | | 514,148 | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | 32,259 | | | — | | | — | | | — | |
| | | | | | | | | | | | | |
| Name | | | Termination Without Cause or For Good Reason Not During Transition Period or in Anticipation of Change in Control | | | Termination Without Cause or For Good Reason Upon a Change in Control or During Transition Period (1) | | | Termination Without Cause or For Good Reason in Anticipation of Change in Control (2) | | | Death | | | Disability | | | Change in Control Without Termination | | | Retirement | |
| Robert Bodor | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | 500,000 | | | 1,000,000 | | | 1,000,000 | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 473,277 | | | 946,554 | | | 946,554 | | | 473,277 | | | 473,277 | | | — | | | — | |
| Benefits Continuation | | | 5,357 | | | 8,036 | | | 8,036 | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated RSU Vesting | | | 270,615 | | | 671,349 | | | 671,349 | | | 671,349 | | | 671,349 | | | — | | | 270,615 | |
| Accelerated PSU Vesting (3) | | | — | | | — | | | — | | | 68,159 | | | — | | | — | | | 68,159 | |
| Daniel Schumacher | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated RSU Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Arthur R. Baker III | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | 318,558 | | | 318,558 | | | 318,558 | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 159,279 | | | 318,558 | | | 318,558 | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | 4,747 | | | 4,747 | | | 4,747 | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated RSU Vesting | | | 231,948 | | | 509,391 | | | 509,391 | | | 509,391 | | | 509,391 | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | 68,159 | | | — | | | — | | | — | |
| Michael R. Kenison | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | 340,000 | | | 340,000 | | | 340,000 | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 145,898 | | | 291,795 | | | 291,795 | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | 12,797 | | | 12,797 | | | 12,797 | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated RSU Vesting | | | 128,940 | | | 299,266 | | | 299,266 | | | 299,266 | | | 299,266 | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Bjoern Klaas | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | 336,635 | | | 336,635 | | | 336,635 | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 168,318 | | | 336,635 | | | 336,635 | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated RSU Vesting | | | 135,205 | | | 303,120 | | | 303,120 | | | 303,120 | | | 303,120 | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | 45,051 | | | — | | | — | | | — | |
| Name | | | Termination Without Cause or For Good Reason Not During Transition Period or in Anticipation of Change in Control | | | Termination Without Cause or For Good Reason Upon a Change in Control or During Transition Period (1) | | | Termination Without Cause or For Good Reason in Anticipation of Change in Control (2) | | | Death | | | Disability | | | Change in Control Without Termination | | | Retirement | |
| Victoria M. Holt | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | 108,277 | | | 216,554 | | | 108,277 | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated RSU Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | 429,645 | | | — | | | — | | | 429,645 | |
| John A. Way(4) | | | | | | | | | | | | | | | | |||||||
| Base Salary Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Incentive Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Benefits Continuation | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated Option Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated RSU Vesting | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Accelerated PSU Vesting(3) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
(1) | The LTIP provides that, in connection with a change in control, we may, among other actions, (i) arrange for the surviving or successor entity to continue, assume or replace outstanding awards under the LTIP, (ii) accelerate the vesting and exercisability of outstanding awards upon the occurrence of the change in control or (iii) cancel outstanding awards in exchange for payment of the amount of consideration that would have been received in the change in control for the number of shares subject to the award, less the aggregate exercise price (if any) of the award. The amounts shown assume acceleration of all outstanding awards under the LTIP in connection with a change in control. |
(2) | Pursuant to agreements between us and each of our named executive officers each such named executive officer is entitled to the payments and benefits summarized above if his or her employment terminates within 90 days prior to a change in control, and if the termination is without cause or for good reason and the executive reasonably demonstrates within 30 days after the change in control that the qualifying termination arose in connection with or in anticipation of the change in control. |
(3) | Upon termination of the executive officer’s employment by us without cause or by the executive for good reason or due to retirement or disability, a pro rata portion (based on the portion of the performance period that elapsed prior to the date of termination) of the number of PSUs that would have been earned at the end of the applicable performance periods if employment had continued will vest on the scheduled vesting date. Because the PSU awards are not accelerated under such circumstances, and because the determination regarding the number of outstanding PSUs to be earned cannot be made until after the applicable performance periods end on December 31, |
(4) | Mr. Way was not entitled to any severance benefits due to his resignation effective November 30, 2021. |
Annual cash retainer: | | | $50,000 | ||
| | ||||
| | $50,000 ($80,000 in 2022) | |||
| | ||||
Annual cash retainer for committee chairs: | | | Audit Committee: $20,000 Compensation Committee: $15,000 Nominating and Governance Committee: $10,000 | ||
| | ||||
Annual cash retainer for other committee members: | | | Audit Committee: $8,000 Compensation Committee: $6,000 Nominating and Governance Committee: $4,000 | ||
| | ||||
Annual equity award: | | | |||
| | ||||
New director equity award: | | | Restricted stock units or deferred stock units (at the director’s election) with | ||
| | ||||
| | In addition, a grant of pro-rata portion of the restricted stock units or deferred stock units (at the director’s election) which was granted to directors at the most recent annual meeting of shareholders, which will vest at the following annual meeting of shareholders | |||
| | ||||
Meeting fees: | | | Generally none, but compensation committee has the discretion to provide for meeting fees if the number of board of directors meetings exceeds eight per year or if the number of meetings of any committee exceeds six per year |
| Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($) | | Option Awards ($) | | Total | | Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($) | | Option Awards ($) | | Total | | ||||||||
| Sven A. Wehrwein | | 124,000 | | 140,000 | | — | | 264,000 | | Archie C. Black | | 106,000 | | 145,000 | | — | | 251,000 | | ||||||||
| Archie C. Black | | 56,000 | | 140,000 | | — | | 196,000 | | Sujeet Chand | | 60,000 | | 145,000 | | — | | 205,000 | | ||||||||
| Sujeet Chand | | 60,000 | | 140,000 | | — | | 200,000 | | Moonhie Chin | | 54,000 | | 145,000 | | — | | 199,000 | | ||||||||
| Rainer Gawlick | | 73,000 | | 140,000 | | — | | 213,000 | | Rainer Gawlick | | 73,000 | | 145,000 | | — | | 218,000 | | ||||||||
| John B. Goodman | | 68,000 | | 140,000 | | — | | 208,000 | | John B. Goodman(1) | | 64,000 | | 145,000 | | — | | 209,000 | | ||||||||
| Donald G. Krantz | | 50,000 | | 140,000 | | — | | 190,000 | | Stacy Greiner(2) | | 6,319 | | 189,716 | | — | | 196,035 | | ||||||||
| Moohnie Chin | | 20,879 | | 100,000 | | — | | 120,879 | | Donald G. Krantz | | 50,000 | | 145,000 | | — | | 195,000 | | ||||||||
| Sven A. Wehrwein | | 74,000 | | 145,000 | | — | | 219,000 | |
(1) | Mr. Goodman’s term will end on the date of the 2022 Annual Meeting. |
(2) | Note that Ms. Greiner was appointed to the Board of Directors on November 15, 2021. |
| Name | | Number of Shares Underlying Unexercised Options | | Number of Shares Subject to Unvested DSUs | | Number of Shares Subject to Unvested RSUs | | Name | | Number of Shares Underlying Unexercised Options | | Number of Shares Subject to Unvested DSUs | | Number of Shares Subject to Unvested RSUs | | ||||||
| Archie C. Black | | — | | 1,311 | | — | | Archie C. Black | | — | | 1,520 | | — | | ||||||
| Sujeet Chand | | — | | 1,311 | | — | | Sujeet Chand | | — | | 1,520 | | — | | ||||||
| Moonhie Chin | | — | | — | | — | | Moonhie Chin | | — | | 1,520 | | — | | ||||||
| Rainer Gawlick | | 8,436 | | 1,311 | | — | | Rainer Gawlick | | 4,055 | | 1,520 | | — | | ||||||
| John B. Goodman | | — | | 1,311 | | — | | John B. Goodman | | — | | 1,520 | | — | | ||||||
| Donald G. Krantz | | — | | — | | 1,311 | | Stacy Greiner | | — | | 767 | | — | | ||||||
| Sven A. Wehrwein | | 10,817 | | 1,311 | | — | | Donald G. Krantz | | — | | — | | 1,520 | | ||||||
| Sven A. Wehrwein | | 6,055 | | 1,520 | | — | |
| THE BOARD, UPON RECOMMENDATION OF THE AUDIT COMMITTEE, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR”THE RATIFICATION OF ERNST & YOUNG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL | |
| | Fiscal Year(1) | | | Fiscal Year | | ||||||||||
| | 2019 | | 2018 | | | 2021 | | 2020 | | ||||||
| Audit Fees | | $957,043 | | $956,387 | | Audit Fees | | $1,084,610 | | $1,103,540 | | ||||
| Audit-Related Fees | | — | | 7,654 | | Audit-Related Fees | | 3,459 | | 27,500 | | ||||
| Tax Fees | | — | | — | | Tax Fees | | 82,172 | | — | | ||||
| All Other Fees | | — | | — | | All Other Fees | | — | | — | | ||||
| Total | | $957,043 | | $964,041 | | Total | | $1,170,241 | | $1,131,040 | |
| THE BOARD UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR”THE ADVISORY (NONBINDING) RESOLUTION. | |