| Sincerely, JEFFREY M. SOLOMON Chair and Chief Executive Officer | | | |
| DATE | | | Thursday, June 24, 2021 | |
| TIME | | | 10:00 AM ET | |
| RECORD DATE | | | May 14, 2021 | |
| | Important Notice Regarding the Availability of Proxy Materials for the 2021 Annual Meeting of Stockholders to Be Held on June 24, 2021. The Proxy Statement and Annual Report to stockholders are also available at www.cowen.com/annualreports.html | | |
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DIRECTOR NOMINEES | | | | | 2 | | |
KEY FACTS ABOUT OUR BOARD | | | | | 2 | | |
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EXECUTIVE OFFICERS OF THE COMPANY | | | | | 23 | | |
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COMPENSATION DISCUSSION AND ANALYSIS | | | | | 24 | | |
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Annual Report to Stockholders and Form 10-K | | | | | 65 | | |
Householding | | | | | 65 | | |
Other Matters | | | | | 66 | | |
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| | | | A-1 | | |
| | PROPOSAL 1 | | | ELECTION OF DIRECTORS ☑ The Board recommends a vote “FOR” the election of the director nominees | | |
| | | JEFFREY M. SOLOMON, 55 CHAIR AND CEO Director Since: 2011 Other US-Listed Company Directorships • Current: None • Former (Past 5 Years): None | | | RELEVANT SKILLS • Executive Leadership and Management • Risk Oversight • Corporate Strategy and Business Development • Social Responsibility Oversight | | | | |||||
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| As Chair and CEO, Mr. Solomon provides the Board with institutional knowledge of all aspects of the Cowen’s businesses, in-depth knowledge of its business and affairs, management’s perspective on those matters and an avenue of communication between the Board and senior management. | | | | ||||||||||
| CAREER HIGHLIGHTS • Cowen Inc. (merged with Ramius in 2009) – Chair (2019 — Present) and CEO (2017 — Present) – Prior to his appointment as CEO, Mr. Solomon held the following positions at the Company: ■ President ■ CEO of Cowen and Company ■ Chief Operating Officer ■ Head of Investment Banking ■ Co-Portfolio Manager, Ramius | | | | ||||||||||
| OTHER EXPERIENCE AND COMMUNITY INVOLVEMENT • Vice Chair and an inaugural member, Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee which provides advice and recommendations on Commission rules, regulations and policy matters related to small businesses, including smaller public companies. • Member, American Securities Association • Member, Executive Committee, Partnership for NYC • UJA Federation of New York – Director – Co-Chair, King David Society • Director, Foundation for Jewish Camp • Past Member, Committee on Capital Markets Regulation, an independent and nonpartisan 501(c)(3) research organization dedicated to improving the regulation of U.S. capital markets | | | |
| | | BRETT BARTH, 49 INDEPENDENT LEAD DIRECTOR Director Since: 2018 Cowen Committees • Compensation (Chair) • Nominating & Corporate Governance Other US-Listed Company Directorships • Golden Arrow Merger Corp. • Former (Past 5 Years): None | | | RELEVANT SKILLS • Financial Services • Executive Leadership and Management • Corporate Governance • Investment Management | | |
| Mr. Barth has extensive experience vetting investment opportunities across the asset class spectrum and through a range of market environments, working with both traditional and alternative investment managers. At BBR, Mr. Barth co-manages the firm and oversees the company’s investment approach and implementation. His professional background has provided him with extensive expertise in investment and wealth management. | | ||||||
| CAREER HIGHLIGHTS • BBR Partners, private wealth management advisory firm (2000 — present) – Co-Founder and Co-CEO – Member, Executive Committee – Member, Investment Committee • Prior to BBR, Mr. Barth was a member of Goldman Sachs Equity Capital Markets Group in New York and Hong Kong | | ||||||
| OTHER EXPERIENCE AND COMMUNITY INVOLVEMENT • University of Pennsylvania – Trustee – Member, Board of Overseers of the Graduate School of Education – Past Chair, Penn Fund, undergraduate annual giving program – Past Inaugural Chair, Undergraduate Financial Aid Leadership Council • UJA-Federation of New York – Member, Board and Executive Committee – Co-chair, Annual Campaign – Member, endowment’s Investment Committee – Past recipient, Alan C. Greenberg Young Leadership Award | | ||||||
| EDUCATION • Graduate of University of Pennsylvania | |
| | | KATHERINE E. DIETZE, 63 INDEPENDENT DIRECTOR Director Since: 2011 Cowen Committees • Audit (Chair) Other US-Listed Company Directorships • Current: Matthews International • Former (Past 5 Years): Liberty Property Trust | | | RELEVANT SKILLS • Audit and Financial Expertise • Financial Services • Risk Oversight • Corporate Governance | | |
| Through her leadership roles at Credit Suisse First Boston as well as public company boards, Ms. Dietze gained significant experience and perspective in investment banking management and corporate governance. Ms. Dietze spent over 20 years in the financial services industry prior to her retirement in 2005. | | ||||||
| CAREER HIGHLIGHTS • Credit Suisse First Boston – Global Chief Operating Officer, Investment Banking Division (2003 — 2005) – Managing Director, Telecommunications Group (1996 — 2003) • Ms. Dietze formerly held the following positions: – Co-Head, Telecommunications, Investment Banking, Solomon Brothers – Director and Audit Chair, LaBranche (acquired by Cowen in 2011) | | ||||||
| EDUCATION • Graduate of Brown University • MBA, Columbia Graduate School of Business | |
| | | GREGG A. GONSALVES, 53 INDEPENDENT DIRECTOR Director Since: 2020 Cowen Committees • Audit • Nominating & Corporate Governance Other US-Listed Company Directorships • Current: Cedar Realty Trust (Chair) • Former (Past 5 Years): None | | | RELEVANT SKILLS • Audit and Financial Expertise • Financial Services • Social Responsibility Oversight • Corporate Governance | | |
| Mr. Gonsalves’ professional background has provided him with extensive experience in investment banking and real estate. His service on the board of directors of other public companies and not-for-profit entities, including his role as Chair of The Jackie Robinson Foundation, has provided him expertise and insight into matters such as corporate governance, social responsibility oversight and strategy. | | ||||||
| CAREER HIGHLIGHTS • Advisory Partner, Integrated Capital, a leading, hotel-focused, private real estate advisory and investment firm (2013 — present) • Mr. Gonsalves formerly held the following positions at Goldman Sachs: – Partner, Real Estate Mergers & Acquisitions – Partner, Industrial Group – Various positions within investment banking, mergers and acquisitions | | ||||||
| OTHER EXPERIENCE AND COMMUNITY INVOLVEMENT • Chairman, The Jackie Robinson Foundation • Chairman, Cedar Realty Trust, a publicly traded retail REIT • Director, RREEF America REIT II, a private, open-end core real estate fund • Director, POP Tracker LLC, a private company focused on providing proof of performance to the out-of-home advertising industry | | ||||||
| EDUCATION • Graduate of Columbia University • MBA, Harvard Business School | |
| | | STEVEN KOTLER, 74 INDEPENDENT DIRECTOR Director Since: 2010* Cowen Committees • Audit • Nominating & Corporate Governance (Chair) Other US-Listed Company Directorships • Current: None • Former (Past 5 Years): None | | | RELEVANT SKILLS • Audit and Financial Expertise • Corporate Governance • Financial Services • Executive Leadership and Management | | |
| Through his leadership positions at Gilbert Global, Mr. Kotler gained extensive experience in leading an international financial institution and expertise in private equity. | | ||||||
| CAREER HIGHLIGHTS • Vice Chair, Gilbert Global Equity Partners, a private equity firm (2000 — present) • Mr. Kotler formerly held the following positions at Schroder & Co. (predecessor firm, Wertheim & Co.) – President & Chief Executive Officer • Group Managing Director – Global Head of Investment and Merchant Banking | | ||||||
| OTHER EXPERIENCE AND COMMUNITY INVOLVEMENT • Director, CPM Holdings, international agricultural process equipment company (private) • Co-Chair, Birch Grove Capital, an asset management firm • Member, Council on Foreign Relations • Former Council President, The Woodrow Wilson International Center for Scholars (1999 — 2002) • Former Governor, American Stock Exchange • Former Member, The New York City Partnership • Former Member, Infrastructure and Housing Task Force, Chamber of Commerce • Former Board of Trustee, Columbia Preparatory School • Former Board of Overseers, California Institute of the Arts. | |
| | | LAWRENCE E. LEIBOWITZ, 61 INDEPENDENT DIRECTOR Director Since: 2018 Cowen Committees • Compensation Other US-Listed Company Directorships • Current: None • Former (Past 5 Years): None | | | RELEVANT SKILLS • Financial Services • Private Equity • Technology • Executive Leadership and Management | | |
| Mr. Leibowitz is an experienced finance and technology entrepreneur who specializes in business transformation and capital markets. Combined with his past service on the board of directors of other public companies and current service on the board of directors of private companies, Mr. Leibowitz provides extensive capital markets knowledge, including trading microstructure, regulation, asset management and quantitative methods. | | ||||||
| CAREER HIGHLIGHTS • NYSE Euronext – Former Member of the Board of Directors and Chief Operating Officer (2010 — 2013) – Head of Global Equities Markets – Mr. Leibowitz formerly held the following positions – Chief Operating Officer, Americas Equities, UBS – Co-head, Schwab Soundview Capital Markets – CEO, Redibook – Founding Partner, Bunker Capital – Managing Director and Head of Quantitative Trading and Equities Technology, CS First Boston | | ||||||
| OTHER EXPERIENCE AND COMMUNITY INVOLVEMENT • Vice Chairman, XCHG Xpansiv, an intelligent commodities exchange focusing on renewable energy products (private) • Director, NYDIG Trust and NYDIG Execution Services, a custodian and broker for digital currencies that is regulated by the NY Department of Finance (private) • Director, various other private companies in the data management and digital law businesses • Director, Giving Compass, a non-profit technology platform which helps charitable givers and philanthropists find resources and information to guide their efforts | | ||||||
| EDUCATION • Graduate of Princeton University | |
| | | MARGARET L. POSTER, 69 INDEPENDENT DIRECTOR Director Since: 2019 Cowen Committees • Audit • Compensation • Nominating & Corporate Governance Other US-Listed Company Directorships • Current: None • Former (Past 5 Years): None | | | RELEVANT SKILLS • Audit Committee Financial Expert • Risk Oversight • Corporate Strategy • Corporate Governance | | |
| Ms. Poster’s professional background, including her leadership role at Willkie Farr & Gallagher LLP, has provided her with significant experience and insight in risk management, strategic planning and operations, human capital and talent development and financial reporting. | | ||||||
| CAREER HIGHLIGHTS • Chief Operating Officer, Willkie Farr & Gallagher LLP (1991 — 2018) • Prior to Willkie, Farr & Gallagher LLP, Ms. Poster held the following positions – President of Workbench, Inc – Chief Financial Officer, Barnes & Noble Bookstores Inc. – Chief Financial Officer, Jewelry & Sporting Good Division at W.R. Grace & Co. | | ||||||
| OTHER EXPERIENCE AND COMMUNITY INVOLVEMENT • Executive Managing Director, co-Lead Legal Sector Advisory Group, Cushman & Wakefield • Former Director, Generation Citizen • Former Trustee, Blythdale Childrens’ Hospital | | ||||||
| EDUCATION • Graduate of University of Vermont • MBA, Harvard Business School • Certified Public Accountant | |
| | | DOUGLAS A. REDIKER, 61 INDEPENDENT DIRECTOR Director Since: 2015 Cowen Committees • Compensation Other US-Listed Company Directorships • Current: None • Former (Past 5 Years): None | | | RELEVANT SKILLS • Global Business and Operations • Financial Markets • Corporate Governance • Executive Leadership and Management | | |
| Mr. Rediker has extensive experience on global macro matters such as global finance, sovereign wealth funds and other issues surrounding the relationship between international economic policy, financial markets, global capital flows and foreign policy. His professional background has provided him with extensive expertise and insight in capital markets, the economy and global governance. | | ||||||
| CAREER HIGHLIGHTS • Founder and Executive Chairman, International Capital Strategies, LLC, a policy and markets advisory boutique (2012 — present) • Mr. Rediker formerly held the following positions: – Member of the Executive Board of the International Monetary Fund, representing the United States – Senior investment banker and private equity investor at Salomon Brothers, Merrill Lynch and Lehman Brothers – Attorney with Skadden Arps in New York and Washington, D.C. | | ||||||
| OTHER EXPERIENCE AND COMMUNITY INVOLVEMENT • Non-Resident Senior Fellow, The Brookings Institution • Member, World Economic Forum (WEF) Global Future Council on Geopolitics • Member, US Council on Foreign Relations • Former Member, Executive Board, International Monetary Fund • Former Visiting Fellow, Peterson Institute for International Economics • Former Senior Fellow and Director, global Strategic Finance Initiative, New America Foundation | | ||||||
| EDUCATION • Graduate of Vassar College • JD, Fordham University School of Law • Harvard Kennedy School | |
| | | | JEFFREY M. SOLOMON | | | BRETT H. BARTH | | | KATHERINE E. DIETZE | | | GREGG A. GONSALVES | | | STEVEN KOTLER | | | LAWRENCE E. LEIBOWITZ | | | MARGARET L. POSTER | | | DOUGLAS A. REDIKER | |
| | KEY SKILLS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Audit & Financial Expertise | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | | | | |
| | Corporate Strategy & Business Development | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | |
| | Corporate Governance / Ethics | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | |
| | Executive Leadership & Management | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | |
| | Financial Services | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | |
| | Global Business & Operations | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | |
| | Investment Banking | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | |
| | Investment Management | | | | | • | | | | | | • | | | | | | | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | |
| | Talent Development / Compensation | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | |
| | Institutional Markets | | | | | • | | | | | | • | | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | | | | | | | | | | |
| | Risk Oversight | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | |
| | Social Responsibility | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | �� | | • | | | | | | • | | | | | | | | | |
| | Sustainability | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | | | | |
| | Technology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | | | | | | | | | | |
| | KEY EXPERIENCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | CEO, President or COO | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | |
| | CFO or Other Financial Expert | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | | | | |
| | Private Company Management & Governance | | | | | • | | | | | | • | | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | |
| | Public Company Management & Governance | | | | | • | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | | | | | | | | | | |
| | Non-Profit | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | | | | | | | | | | | | | | | | |
| | DEMOGRAPHICS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Gender | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Male | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | |
| | Female | | | | | | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | | | | |
| | Race / Ethnicity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | African American / Black | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Asian / Pacific Islander | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Hispanic / LatinX | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Native American | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | White / Caucasian | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | |
| | Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Age | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | At May 14, 2021 | | | | | 55 | | | | | | 49 | | | | | | 63 | | | | | | 53 | | | | | | 74 | | | | | | 61 | | | | | | 69 | | | | | | 61 | | | |
| | BOARD TENURE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Years on Board | | | | | 10 | | | | | | 3 | | | | | | 10 | | | | | | 1 | | | | | | 11 | | | | | | 3 | | | | | | 2 | | | | | | 6 | | | |
| | OTHER PUBLIC COMPANY BOARDS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Number of Public Boards | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | |
| | | | COWEN BOARD COMMITTEES MEMBERSHIP | | |||||||||||||||
| NAME | | | Audit | | | Nominating and Corporate Governance | | | Compensation | | |||||||||
| BRETT H. BARTH INDEPENDENT LEAD DIRECTOR | | | | | | | | | | | • | | | | | | • | | |
| KATHERINE E. DIETZE INDEPENDENT | | | | | • | | | | | | | | | | | | | | |
| GREGG GONSALVES INDEPENDENT | | | | | • | | | | | | • | | | | | | | | |
| STEVEN KOTLER INDEPENDENT | | | | | • | | | | | | • | | | | | | | | |
| LAWRENCE E. LEIBOWITZ INDEPENDENT | | | | | | | | | | | | | | | | | • | | |
| MARGARET POSTER INDEPENDENT FINANCIAL EXPERT | | | | | • | | | | | | • | | | | | | • | | |
| DOUG REDIKER INDEPENDENT” | | | | | | | | | | | | | | | | | • | | |
Director | | | Fees Earned Paid in Cash ($) | | | Stock Awards ($)(1) | | | All Other Compensation ($) | | | Total | | ||||||||||||
Brett H. Barth | | | | | — | | | | | | 187,500 | | | | | | — | | | | | | 187,500 | | |
Katherine E. Dietze | | | | | 108,750 | | | | | | 108,750 | | | | | | — | | | | | | 217,500 | | |
Steven Kotler | | | | | 98,750 | | | | | | 98,750 | | | | | | — | | | | | | 197,500 | | |
Lawrence E. Leibowitz | | | | | 46,875 | | | | | | 140,625 | | | | | | — | | | | | | 187,500 | | |
Jerome S. Markowitz(2) | | | | | — | | | | | | 247,500 | | | | | | — | | | | | | 247,500 | | |
Jack H. Nusbaum(2) | | | | | — | | | | | | 187,500 | | | | | | — | | | | | | 187,500 | | |
Douglas A. Rediker | | | | | — | | | | | | 187,500 | | | | | | — | | | | | | 187,500 | | |
Joseph R. Wright(2) | | | | | — | | | | | | 187,500 | | | | | | — | | | | | | 187,500 | | |
Peter A. Cohen(3) | | | | | 230,343 | | | | | | — | | | | | | 383,367(4) | | | | | | 613,710 | | |
| | Director | | | | Fees Earned Paid in Cash ($) | | | | Stock Awards ($)(1) | | | | All Other Compensation ($)(2) | | | | Total | | | ||||||||||||
| | Brett H. Barth(3) | | | | | | — | | | | | | | 270,000 | | | | | | | 1,098 | | | | | | | 271,098 | | | |
| | Katherine E. Dietze | | | | | | 115,000 | | | | | | | 115,000 | | | | | | | — | | | | | | | 230,000 | | | |
| | Gregg A. Gonsalves(4) | | | | | | 133,334 | | | | | | | 100,000 | | | | | | | — | | | | | | | 233,334 | | | |
| | Steven Kotler | | | | | | 105,000 | | | | | | | 105,000 | | | | | | | — | | | | | | | 210,000 | | | |
| | Lawrence E. Leibowitz | | | | | | 50,000 | | | | | | | 150,000 | | | | | | | — | | | | | | | 200,000 | | | |
| | Margaret L. Poster | | | | | | 100,000 | | | | | | | 100,000 | | | | | | | 499 | | | | | | | 200,499 | | | |
| | Douglas A. Rediker(3) | | | | | | — | | | | | | | 200,000 | | | | | | | — | | | | | | | 200,000 | | | |
| | PROPOSAL 2 | | | ADVISORY VOTE ON NAMED EXECUTIVE OFFICER COMPENSATION ☑ The Board recommends a vote “FOR” the approval, on an advisory (non-binding) basis, of the compensation paid to our named executive officers | | |
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| | | 25 | | ||||
| | | | 27 | | |||
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| | | | 28 | | |||
| Compensation Determinations for 2020 | | | | 30 | | ||
| Compensation Program and Payments | | | | 33 | | ||
| Setting Compensation | | | | 36 | | ||
| Relationship of Compensation Policies and Practices to Risk Management | | | | | |||
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| | What We Heard from Stockholders | | | | Action Taken by Company Management and the Compensation Committee | | | ||||
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| | | | | As part of 2020 compensation, | | | |||||
| | | | | | |
| | | 2016 PSA Awards | | |||||||||||||||
| | | Tranche 1(1) | | | Tranche 2(2) | | | Tranche 3(3) | | |||||||||
Jeffrey M. Solomon | | | | | 29,167 | | | | | | 29,167 | | | | | | 29,166 | | |
Stephen A. Lasota | | | | | 25,000 | | | | | | 25,000 | | | | | | 25,000 | | |
John Holmes | | | | | 25,000 | | | | | | 25,000 | | | | | | 25,000 | | |
Owen S. Littman | | | | | 25,000 | | | | | | 25,000 | | | | | | 25,000 | | |
| | Performance Level* | | | 3-Year AROCE** | | | | Payout | | | |
| | Below Threshold | | | | Below 8% | | | | 0% Payout | | |
| | Threshold | | | | 8% | | | | 50% Payout | | |
| | Target | | | | 10% | | | | 100% Payout | | |
| | Above Target | | | | 12% | | | | 150% Payout | | |
| | Maximum (capped) | | | | Greater than 15% | | | | 200% Payout | | |
| | Relative TSR Position | | | | Modifier* | | | |||
| | 25th percentile and below | | | | | | 0.9 | | | |
| | 50th percentile | | | | | | 1.0 | | | |
| | 75th percentile and above | | | | | | 1.1 | | | |
| | Chief Executive Officer | | | | 8× Base Salary | | | | | $ | 7,600,000 | | | | | Chief Executive Officer | | | | 8× Base Salary | | | | | $ | 8,000,000 | | | |
| | Other Executive Officers | | | | 3× Base Salary | | | | | $ | 2,100,000 | | | | | Other Executive Officers | | | | 3× Base Salary | | | | | $ | 2,100,000 | | | |
| | Name & Principal Position | | | | Year | | | | Salary ($) | | | | Bonus ($)(1) | | | | Stock Awards ($)(2) | | | | All Other Compensation ($) | | | | Total ($) | | | ||||||||||||||||||
| | Jeffrey M. Solomon Chief Executive Officer | | | | | | 2020 | | | | | | | 1,000,000 | | | | | | | 13,000,000 | | | | | | | 3,157,115 | | | | | | | 1,833,388(3) | | | | | | | 18,990,503 | | | |
| | | 2019 | | | | | | | 950,000 | | | | | | | 1,300,000 | | | | | | | 3,588,250 | | | | | | | 1,640,563 | | | | | | | 7,478,814 | | | | |||||
| | | 2018 | | | | | | | 950,000 | | | | | | | 1,875,000 | | | | | | | 1,053,481 | | | | | | | 1,210,376 | | | | | | | 5,088,857 | | | | |||||
| | Stephen A. Lasota Chief Financial Officer | | | | | | 2020 | | | | | | | 700,000 | | | | | | | 4,847,295 | | | | | | | 899,110 | | | | | | | 373,870(3) | | | | | | | 6,820,275 | | | |
| | | 2019 | | | | | | | 700,000 | | | | | | | 1,212,500 | | | | | | | 854,236 | | | | | | | 353,358 | | | | | | | 3,120,094 | | | | |||||
| | | 2018 | | | | | | | 500,000 | | | | | | | 1,625,000 | | | | | | | 396,485 | | | | | | | 311,652 | | | | | | | 2,833,137 | | | | |||||
| | John Holmes Chief Operating Officer | | | | | | 2020 | | | | | | | 700,000 | | | | | | | 5,347,295 | | | | | | | 927,220 | | | | | | | 386,842(3) | | | | | | | 7,361,357 | | | |
| | | 2019 | | | | | | | 700,000 | | | | | | | 927,220 | | | | | | | 926,630 | | | | | | | 361,137 | | | | | | | 3,235,267 | | | | |||||
| | | 2018 | | | | | | | 500,000 | | | | | | | 1,675,000 | | | | | | | 515,193 | | | | | | | 311,652 | | | | | | | 3,001,845 | | | | |||||
| | Owen S. Littman General Counsel and Secretary | | | | | | 2020 | | | | | | | 700,000 | | | | | | | 4,847,295 | | | | | | | 899,110 | | | | | | | 366,686(3) | | | | | | | 6,818,910 | | | |
| | | 2019 | | | | | | | 700,000 | | | | | | | 1,212,500 | | | | | | | 890,424 | | | | | | | 351,955 | | | | | | | 3,154,879 | | | | |||||
| | | 2018 | | | | | | | 500,000 | | | | | | | 1,650,000 | | | | | | | 396,485 | | | | | | | 311,652 | | | | | | | 2,858,137 | | | |
| | Other Compensation ($) | | | | Jeffrey M. Solomon | | | | Stephen A. Lasota | | | | John Holmes | | | | Owen S. Littman | | | ||||||||||||
| | Vested Deferred Cash Awards | | | | | | 1,773,575 | | | | | | | 363,983 | | | | | | | 380,698 | | | | | | | 369,802 | | | |
| | Dividend Equivalents | | | | | | 10,572 | | | | | | | 2,692 | | | | | | | 2,753 | | | | | | | 2,703 | | | |
| | Tax and Financial Planning | | | | | | 49,241 | | | | | | | 7,195 | | | | | | | 3,391 | | | | | | | — | | | |
| | | | | | Corporate Action Date | | | | Threshold (#) | | | | Target (#) | | | | Maximum (#) | | | | Estimated Future Payouts Under Equity Incentive Plan Awards(1) | | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(2) | | | | Grant Date Fair Value of Stock Awards ($)(3) | | | |||||||||||||||
| | Jeffrey M. Solomon | | | | 2/19/2020 | | | | 1/16/2020 | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 129,931 | | | | | | | 2,269,895 | | | |
| 7/1/2020 | | | | 2/10/2020 | | | | | | 27,000 | | | | | | | 54,000 | | | | | | | 108,000 | | | | | | | — | | | | | | | 887,220 | | | | |||||
| | Stephen A. Lasota | | | | 2/19/2020 | | | | 1/16/2020 | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 19,490 | | | | | | | 340,490 | | | |
| 7/1/2020 | | | | 2/10/2020 | | | | | | 17,000 | | | | | | | 34,000 | | | | | | | 68,000 | | | | | | | — | | | | | | | 558,620 | | | | |||||
| | John Holmes | | | | 2/19/2020 | | | | 1/16/2020 | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 21,099 | | | | | | | 368,600 | | | |
| 7/1/2020 | | | | 2/10/2020 | | | | | | 17,000 | | | | | | | 34,000 | | | | | | | 68,000 | | | | | | | — | | | | | | | 558,620 | | | | |||||
| | Owen S. Littman | | | | 2/19/2020 | | | | 1/16/2020 | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 19,490 | | | | | | | 340,490 | | | |
| 7/1/2020 | | | | 2/10/2020 | | | | | | 17,000 | | | | | | | 34,000 | | | | | | | 68,000 | | | | | | | — | | | | | | | 558,620 | | | |
Name & Principal Position | | | Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||||||||
Jeffrey M. Solomon Chief Executive Officer | | | | | 2018 | | | | | | 950,000 | | | | | | 1,875,000 | | | | | | 1,053,481 | | | | | | 1,210,376(3) | | | | | | 5,088,857 | | |
| | | 2017 | | | | | | 950,000 | | | | | | 725,000 | | | | | | 839,377 | | | | | | 874,205 | | | | | | 3,388,582 | | | ||
| | | 2016 | | | | | | 950,000 | | | | | | 515,000 | | | | | | 3,142,232 | | | | | | 487,508 | | | | | | 5,094,740 | | | ||
Stephen A. Lasota Chief Financial Officer | | | | | 2018 | | | | | | 500,000 | | | | | | 1,625,000 | | | | | | 396,485 | | | | | | 311,652(4) | | | | | | 2,833,137 | | |
| | | 2017 | | | | | | 500,000 | | | | | | 725,000 | | | | | | 411,800 | | | | | | 257,472 | | | | | | 1,894,272 | | | ||
| | | 2016 | | | | | | 500,000 | | | | | | 515,000 | | | | | | 1,375,362 | | | | | | 181,170 | | | | | | 2,571,532 | | | ||
John Holmes Chief Operating Officer | | | | | 2018 | | | | | | 500,000 | | | | | | 1,675,000 | | | | | | 515,193 | | | | | | 311,652(4) | | | | | | 3,001,845 | | |
| | | 2017 | | | | | | 500,000 | | | | | | 725,000 | | | | | | 411,800 | | | | | | 257,472 | | | | | | 1,894,272 | | | ||
| | | 2016 | | | | | | 500,000 | | | | | | 515,000 | | | | | | 1,375,362 | | | | | | 181,170 | | | | | | 2,571,532 | | | ||
Owen S. Littman General Counsel and Secretary | | | | | 2018 | | | | | | 500,000 | | | | | | 1,650,000 | | | | | | 396,485 | | | | | | 311,652(4) | | | | | | 2,858,137 | | |
| | | 2017 | | | | | | 500,000 | | | | | | 725,000 | | | | | | 411,800 | | | | | | 257,472 | | | | | | 1,894,272 | | | ||
| | | 2016 | | | | | | 500,000 | | | | | | 515,000 | | | | | | 1,375,362 | | | | | | 181,170 | | | | | | 2,571,532 | | |
Other Compensation ($) | | | Jeffrey M. Solomon | | | Stephen A. Lasota | | | John Holmes | | | Owen S. Littman | | ||||||||||||
Vested Deferred Cash Awards | | | | | 1,165,287 | | | | | | 311,652 | | | | | | 311,652 | | | | | | 311,652 | | |
Tax and Financial Planning | | | | | 45,089 | | | | | | — | | | | | | — | | | | | | — | | |
| | | Stock Awards | | |||||||||||||||||||||
| | | Number of Shares that Have Not Vested (#) | | | Market Value of Shares that Have Not Vested ($)(1) | | | Equity Incentive Plan Awards: Number of Unearned Units That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market Value of Unearned Units That Have Not Vested ($)(1) | | ||||||||||||
Jeffrey M. Solomon | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 RSU Award(2) | | | | | 23,209 | | | | | | 309,608 | | | | | | — | | | | | | — | | |
2015 RSU Award(3) | | | | | 69,493 | | | | | | 927,037 | | | | | | — | | | | | | — | | |
2015 PSA Award(4) | | | | | — | | | | | | — | | | | | | 35,000 | | | | | | 466,900 | | |
2016 RSU Award(5) | | | | | 22,083 | | | | | | 294,587 | | | | | | | | | | | | | | |
2016 Incentive Award(6) | | | | | 26,855 | | | | | | 358,246 | | | | | | | | | | | | | | |
2017 RSU Award(7) | | | | | 55,253 | | | | | | 737,075 | | | | | | | | | | | | | | |
Stephen A. Lasota | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 RSU July Award(8) | | | | | 10,000 | | | | | | 133,400 | | | | | | — | | | | | | — | | |
2014 RSU Award(2) | | | | | 4,644 | | | | | | 61,951 | | | | | | — | | | | | | — | | |
2015 RSU Award(3) | | | | | 10,388 | | | | | | 138,576 | | | | | | — | | | | | | — | | |
2015 PSA Award(4) | | | | | | | | | | | — | | | | | | 30,000 | | | | | | 400,200 | | |
2016 RSU Award(5) | | | | | 11,475 | | | | | | 153,077 | | | | | | — | | | | | | — | | |
2016 Incentive Award(6) | | | | | 13,100 | | | | | | 174,754 | | | | | | — | | | | | | — | | |
2017 RSU Award(7) | | | | | 14,569 | | | | | | 194,350 | | | | | | — | | | | | | — | | |
2017 Incentive Award(9) | | | | | 8,993 | | | | | | 119,967 | | | | | | — | | | | | | — | | |
John Holmes | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 RSU July Award(8) | | | | | 10,000 | | | | | | 133,400 | | | | | | — | | | | | | — | | |
2014 RSU Award(2) | | | | | 4,644 | | | | | | 61,951 | | | | | | — | | | | | | — | | |
2015 RSU Award(3) | | | | | 10,388 | | | | | | 138,576 | | | | | | — | | | | | | — | | |
2015 PSA Award(4) | | | | | | | | | | | — | | | | | | 30,000 | | | | | | 400,200 | | |
2016 RSU Award(5) | | | | | 11,475 | | | | | | 153,077 | | | | | | — | | | | | | — | | |
2016 Incentive Award(6) | | | | | 13,100 | | | | | | 174,754 | | | | | | — | | | | | | — | | |
2017 RSU Award(7) | | | | | 14,569 | | | | | | 194,350 | | | | | | — | | | | | | — | | |
2017 Incentive Award(9) | | | | | 17,986 | | | | | | 239,933 | | | | | | — | | | | | | — | | |
| | | Stock Awards | | |||||||||||||||||||||
| | | Number of Shares that Have Not Vested (#) | | | Market Value of Shares that Have Not Vested ($)(1) | | | Equity Incentive Plan Awards: Number of Unearned Units That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market Value of Unearned Units That Have Not Vested ($)(1) | | ||||||||||||
Owen S. Littman | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 RSU July Award(8) | | | | | 10,000 | | | | | | 133,400 | | | | | | — | | | | | | — | | |
2014 RSU Award(2) | | | | | 4,644 | | | | | | 61,951 | | | | | | — | | | | | | — | | |
2015 RSU Award(3) | | | | | 10,388 | | | | | | 138,576 | | | | | | — | | | | | | — | | |
2015 PSA Award(4) | | | | | — | | | | | | — | | | | | | 30,000 | | | | | | 400,200 | | |
2016 RSU Award(5) | | | | | 11,475 | | | | | | 153,077 | | | | | | — | | | | | | — | | |
2016 Incentive Award(6) | | | | | 13,100 | | | | | | 174,754 | | | | | | — | | | | | | — | | |
2017 RSU Award(7) | | | | | 14,569 | | | | | | 194,350 | | | | | | — | | | | | | — | | |
2017 Incentive Award(9) | | | | ��� | 8,993 | | | | | | 119,967 | | | | | | — | | | | | | — | | |
| | | | | | Stock Awards | | | ||||||||||||||||||||||||
| | | | | | Number of Shares that Have Not Vested (#) | | | | Market Value of Shares that Have Not Vested ($)(1) | | | | Equity Incentive Plan Awards: Number of Unearned Units That Have Not Vested (#) | | | | Equity Incentive Plan Awards: Market Value of Unearned Units That Have Not Vested ($)(1) | | | ||||||||||||
| | Jeffrey M. Solomon | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2016 PSA Award(2) | | | | | | — | | | | | | | — | | | | | | | 29,166 | | | | | | | 758,024 | | | |
| | 2017 RSU Award(3) | | | | | | 22,083 | | | | | | | 573,937 | | | | | | | — | | | | | | | — | | | |
| | 2017 Incentive Award(4) | | | | | | 8,953 | | | | | | | 232,688 | | | | | | | — | | | | | | | — | | | |
| | 2018 RSU Award(5) | | | | | | 18,419 | | | | | | | 478,710 | | | | | | | — | | | | | | | — | | | |
| | 2019 RSU Award(6) | | | | | | 120,651 | | | | | | | 3,135,719 | | | | | | | — | | | | | | | — | | | |
| | 2019 PSA Award(7) | | | | | | — | | | | | | | — | | | | | | | 28,000 | | | | | | | 727,720 | | | |
| | 2020 RSU Award(8) | | | | | | 113,690 | | | | | | | 2,954,803 | | | | | | | — | | | | | | | — | | | |
| | 2020 PSA Award(9) | | | | | | — | | | | | | | — | | | | | | | 27,000 | | | | | | | 701,730 | | | |
| | Stephen A. Lasota | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2016 PSA Award(2) | | | | | | — | | | | | | | — | | | | | | | 25,000 | | | | | | | 649,750 | | | |
| | 2017 RSU Award(3) | | | | | | 3,825 | | | | | | | 99,412 | | | | | | | — | | | | | | | — | | | |
| | 2017 Incentive Award(4) | | | | | | 13,100 | | | | | | | 340,469 | | | | | | | — | | | | | | | — | | | |
| | 2018 RSU Award(5) | | | | | | 4,857 | | | | | | | 126,233 | | | | | | | — | | | | | | | — | | | |
| | 2018 Incentive Award(10) | | | | | | 8,993 | | | | | | | 233,728 | | | | | | | — | | | | | | | — | | | |
| | 2019 RSU Award(6) | | | | | | 14,118 | | | | | | | 366,927 | | | | | | | | | | | | | | | | | |
| | 2019 PSA Award(7) | | | | | | — | | | | | | | — | | | | | | | 17,500 | | | | | | | 454,825 | | | |
| | 2020 RSU Award(8) | | | | | | 17,054 | | | | | | | 443,233 | | | | | | | — | | | | | | | — | | | |
| | 2020 PSA Award(9) | | | | | | — | | | | | | | — | | | | | | | 17,000 | | | | | | | 441,830 | | | |
| | John Holmes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2016 PSA Award(2) | | | | | | — | | | | | | | — | | | | | | | 25,000 | | | | | | | 649,750 | | | |
| | 2017 RSU Award(3) | | | | | | 3,825 | | | | | | | 99,412 | | | | | | | — | | | | | | | — | | | |
| | 2017 Incentive Award(4) | | | | | | 13,100 | | | | | | | 340,469 | | | | | | | — | | | | | | | — | | | |
| | 2018 RSU Award(5) | | | | | | 4,857 | | | | | | | 126,233 | | | | | | | — | | | | | | | — | | | |
| | 2018 Incentive Award(10) | | | | | | 17,986 | | | | | | | 467,456 | | | | | | | — | | | | | | | — | | | |
| | 2019 RSU Award(6) | | | | | | 17,313 | | | | | | | 449,965 | | | | | | | — | | | | | | | — | | | |
| | 2019 PSA Award(7) | | | | | | — | | | | | | | | | | | | | | 17,500 | | | | | | | 454,825 | | | |
| | 2020 RSU Award(8) | | | | | | 18,462 | | | | | | | 479,827 | | | | | | | — | | | | | | | — | | | |
| | 2020 PSA Award(9) | | | | | | — | | | | | | | — | | | | | | | 17,000 | | | | | | | 441,830 | | | |
| | Owen S. Littman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2016 PSA Award(2) | | | | | | — | | | | | | | — | | | | | | | 25,000 | | | | | | | 649,750 | | | |
| | 2017 RSU Award(3) | | | | | | 3,825 | | | | | | | 99,412 | | | | | | | — | | | | | | | — | | | |
| | 2017 Incentive Award(4) | | | | | | 13,100 | | | | | | | 340,469 | | | | | | | — | | | | | | | — | | | |
| | 2018 RSU Award(5) | | | | | | 4,857 | | | | | | | 126,233 | | | | | | | — | | | | | | | — | | | |
| | 2018 Incentive Award(10) | | | | | | 8,993 | | | | | | | 233,728 | | | | | | | — | | | | | | | — | | | |
| | 2019 RSU Award(6) | | | | | | 15,714 | | | | | | | 408,407 | | | | | | | | | | | | | | | | | |
| | 2019 PSA Award(7) | | | | | | — | | | | | | | — | | | | | | | 17,500 | | | | | | | 454,825 | | | |
| | 2020 RSU Award(8) | | | | | | 17,054 | | | | | | | 443,233 | | | | | | | | | | | | | | | | | |
| | 2020 PSA Award(9) | | | | | | — | | | | | | | — | | | | | | | 17,000 | | | | | | | 441,830 | | | |
Name | | | Number of Shares Acquired on Vesting | | | Value Realized on Vesting ($)(1) | | ||||||
Jeffrey M. Solomon | | | | | 105,836 | | | | | | 1,588,184 | | |
Stephen A. Lasota | | | | | 24,987 | | | | | | 372,857 | | |
John Holmes | | | | | 24,987 | | | | | | 372,857 | | |
Owen S. Littman | | | | | 24,987 | | | | | | 372,857 | | |
| | Name | | | | Number of Shares Acquired on Vesting | | | | Value Realized on Vesting ($)(1) | | | ||||||
| | Jeffrey M. Solomon | | | | | | 116,712 | | | | | | | 1,850,854 | | | |
| | Stephen A. Lasota | | | | | | 34,305 | | | | | | | 510,619 | | | |
| | John Holmes | | | | | | 35,039 | | | | | | | 521,833 | | | |
| | Owen S. Littman | | | | | | 34,572 | | | | | | | 513,762 | | | |
| | | | Triggering Events | | | | | | | | | | | | | | | | | | Triggering Events | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Type of Payment | | Voluntary Termination ($) | | Involuntary Termination ($) | | Involuntary Termination in Connection with a Change in Control(4)(5) ($) | | Death ($) | | Disability ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jeffrey M. Solomon | | | Cash Severance(1) | | | | — | | | | | 10,206,094 | | | | | 10,206,094 | | | | | 5,206,194 | | | | | 5,206,194 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Acceleration(2) | | | | — | | | | | 3,793,803 | | | | | 3,793,803 | | | | | 3,793,803 | | | | | 3,793,803 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | | | | — | | | | | 13,999,897 | | | | | 13,999,897 | | | | | 8,999,997 | | | | | 8,999,997 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen A. Lasota | | | Cash Severance(3) | | | | — | | | | | 3,424,644 | | | | | 4,424,644 | | | | | 1,924,644 | | | | | 1,924,644 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Acceleration(2) | | | | — | | | | | 1,976,574 | | | | | 1,976,574 | | | | | 1,976,574 | | | | | 1,976,574 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | | | | — | | | | | 5,401,218 | | | | | 6,401,218 | | | | | 3,901,218 | | | | | 3,901,218 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
John Holmes | | | Cash Severance(3) | | | | — | | | | | 3,422,746 | | | | | 4,422,746 | | | | | 1,922,746 | | | | | 1,922,746 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Acceleration(2) | | | | — | | | | | 2,096,541 | | | | | 2,096,541 | | | | | 2,096,541 | | | | | 2,096,541 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | | | | — | | | | | 5,519,287 | | | | | 6,519,287 | | | | | 4,019,287 | | | | | 4,019,287 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Owen S. Littman | | | Cash Severance(3) | | | | — | | | | | 3,422,081 | | | | | 4,422,081 | | | | | 1,922,081 | | | | | 1,922,081 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Acceleration(2) | | | | — | | | | | 1,976,574 | | | | | 1,976,574 | | | | | 1,976,574 | | | | | 1,976,574 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | | | | — | | | | | 5,398,655 | | | | | 6,398,655 | | | | | 3,898,655 | | | | | 3,898,655 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | Name | | | | Type of Payment | | | | Voluntary Termination ($) | | | | Involuntary Termination ($) | | | | Involuntary Termination in Connection with a Change in Control(4)(5) ($) | | | | Death ($) | | | | Disability ($) | | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | Jeffrey M. Solomon | | | | Cash Severance(1) | | | | | | — | | | | | | | 18,285,858 | | | | | | | 22,835,858 | | | | | | | 9,755,659 | | | | | | | 9,755,659 | | | | ||||||||||||||||||||||||||||||||||
| Equity Acceleration(2) | | | | | | — | | | | | | | 9,563,332 | | | | | | | 9,563,332 | | | | | | | 9,563,332 | | | | | | | 9,563,332 | | | | |||||||||||||||||||||||||||||||||||||||
| Total | | | | | | — | | | | | | | 27,849,190 | | | | | | | 32,399,190 | | | | | | | 19,318,991 | | | | | | | 19,318,991 | | | | |||||||||||||||||||||||||||||||||||||||
| | Stephen A. Lasota | | | | Cash Severance(3) | | | | | | — | | | | | | | 4,696,473 | | | | | | | 7,146,473 | | | | | | | 3,196,473 | | | | | | | 3,196,473 | | | | ||||||||||||||||||||||||||||||||||
| Equity Acceleration(2) | | | | | | — | | | | | | | 3,156,407 | | | | | | | 3,156,407 | | | | | | | 3,156,407 | | | | | | | 3,156,407 | | | | |||||||||||||||||||||||||||||||||||||||
| Total | | | | | | — | | | | | | | 7,852,880 | | | | | | | 10,302,880 | | | | | | | 6,352,880 | | | | | | | 6,352,880 | | | | |||||||||||||||||||||||||||||||||||||||
| | John Holmes | | | | Cash Severance(3) | | | | | | — | | | | | | | 4,964,042 | | | | | | | 7,564,042 | | | | | | | 3,464,042 | | | | | | | 3,464,042 | | | | ||||||||||||||||||||||||||||||||||
| Equity Acceleration(2) | | | | | | — | | | | | | | 3,509,768 | | | | | | | 3,509,768 | | | | | | | 3,509,768 | | | | | | | 3,509,768 | | | | |||||||||||||||||||||||||||||||||||||||
| Total | | | | | | — | | | | | | | 8,473,810 | | | | | | | 11,073,810 | | | | | | | 6,973,810 | | | | | | | 6,973,810 | | | | |||||||||||||||||||||||||||||||||||||||
| | Owen S. Littman | | | | Cash Severance(3) | | | | | | — | | | | | | | 4,798,773 | | | | | | | 7,298,773 | | | | | | | 3,298,773 | | | | | | | 3,298,773 | | | | ||||||||||||||||||||||||||||||||||
| Equity Acceleration(2) | | | | | | — | | | | | | | 3,197,888 | | | | | | | 3,197,888 | | | | | | | 3,197,888 | | | | | | | 3,197,888 | | | | |||||||||||||||||||||||||||||||||||||||
| Total | | | | | | — | | | | | | | 7,996,661 | | | | | | | 10.496,661 | | | | | | | 6,496,661 | | | | | | | 6,496,661 | | | |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership | | | Percent of Class | | ||||||
Brett H. Barth | | | | | 15,000(1) | | | | | | * | | |
Katherine E. Dietze | | | | | 12,007(2) | | | | | | * | | |
Steven Kotler | | | | | 2,500(3) | | | | | | * | | |
Lawrence E. Leibowitz | | | | | —(4) | | | | | | * | | |
Jerome S. Markowitz | | | | | 144,461(5) | | | | | | * | | |
Jack H. Nusbaum | | | | | 88,939(6) | | | | | | * | | |
Douglas A. Rediker | | | | | —(7) | | | | | | * | | |
Jeffrey M. Solomon | | | | | 459,191 | | | | | | 1.5% | | |
Joseph R. Wright | | | | | 25,804(8) | | | | | | * | | |
John Holmes | | | | | 77,256 | | | | | | * | | |
Stephen A. Lasota | | | | | 136,569 | | | | | | * | | |
Owen S. Littman | | | | | 97,630(9) | | | | | | * | | |
All directors and executive officers as a group (12 persons) | | | | | 1,059,357 | | | | | | 3.6% | | |
| | Beneficial Owner | | | | Amount and Nature of Beneficial Ownership | | | | Percent of Class | | | ||||||
| | Brett H. Barth | | | | | | 66,052(1) | | | | | | | * | | | |
| | Katherine E. Dietze | | | | | | 12,007(2) | | | | | | | * | | | |
| | Gregg A. Gonsalves | | | | | | —(3) | | | | | | | * | | | |
| | Steven Kotler | | | | | | 2,500(4) | | | | | | | * | | | |
| | Lawrence E. Leibowitz | | | | | | 8,000(5) | | | | | | | * | | | |
| | Margaret L. Poster | | | | | | —(6) | | | | | | | * | | | |
| | Douglas A. Rediker | | | | | | —(7) | | | | | | | * | | | |
| | Jeffrey M. Solomon | | | | | | 526,750 | | | | | | | 2.0% | | | |
| | John Holmes | | | | | | 157,387 | | | | | | | * | | | |
| | Stephen A. Lasota | | | | | | 201,083 | | | | | | | * | | | |
| | Owen S. Littman | | | | | | 152,124(8) | | | | | | | * | | | |
�� | | All directors and executive officers as a group (11 persons) | | | | | | 1,125,903 | | | | | | | 4.2% | | | |
Name and Address of Beneficial Owner | | | Amount and Nature of Beneficial Ownership | | | Percent of Class | | ||||||
BlackRock, Inc.(1) 55 East 52nd Street New York, NY 10055 | | | | | 2,323,853 | | | | | | 7.85% | | |
Zazove Associates, LLC(2) 1001 Tahoe Boulevard Incline Village, NV 89451 | | | | | 2,067,997 | | | | | | 6.99% | | |
Philadelphia Financial Management of San Francisco, LLC(3) 450 Sansome Street, Suite 1500 San Francisco, CA 94111 | | | | | 1,728,894 | | | | | | 5.84% | | |
Arbiter Partners QP, LP(4) 530 Fifth Avenue, 20th Floor New York, NY 10036 | | | | | 1,697,260 | | | | | | 5.74% | | |
The Bank of New York Mellon Corporation(5) 240 Greenwich Street New York, NY 10286 | | | | | 1,550,000 | | | | | | 5.24% | | |
FMR LLC(6) 245 Summer Street Boston, MA 02210 | | | | | 1,525,494 | | | | | | 5.16% | | |
Ariel Investments, LLC(7) 200 E. Randolph Street Suite 2900 Chicago, IL 60601 | | | | | 1,479,113 | | | | | | 5.00% | | |
| | Name and Address of Beneficial Owner | | | | Amount and Nature of Beneficial Ownership | | | | Percent of Class | | | ||||||
| | FMR LLC(1) 245 Summer Street Boston, MA 02210 | | | | | | 2,994,518 | | | | | | | 11.15% | | | |
| | BlackRock, Inc.(2) 55 East 52nd Street New York, NY 10055 | | | | | | 2,680,545 | | | | | | | 9.98% | | | |
| | The Vanguard Group(3) 100 Vanguard Boulevard Malvern, PA 19355 | | | | | | 1,671,090 | | | | | | | 6.22% | | | |
| | Arbiter Partners Capital Management LLC(4) 530 Fifth Avenue, 20th Floor New York, NY 10036 | | | | | | 1,456,873 | | | | | | | 5.42% | | | |
| | Dimensional Fund Advisors LP(5) 6300 Bee Cave Road, Building One Austin, TX 78746 | | | | | | 1,364,007 | | | | | | | 5.08% | | | |
| | | 2018 | | | 2017 | | ||||||
Audit Fees(1) | | | | $ | 4,906,795 | | | | | $ | 3,513,580 | | |
Audit-Related Fees(2) | | | | | 113,600 | | | | | | 143,750 | | |
Tax Fees(3) | | | | | 1,332,576 | | | | | | 244,785 | | |
Total | | | | $ | 6,352,971 | | | | | $ | 3,902,115 | | |
|
| | | | | | 2020 | | | | 2019 | | | ||||||
| | Audit Fees(1) | | | | | $ | 5,653,283 | | | | | | $ | 5,222,917 | | | |
| | Audit-Related Fees(2) | | | | | | 47,274 | | | | | | | 44,038 | | | |
| | Tax Fees(3) | | | | | | 1,143,687 | | | | | | | 1,270,915 | | | |
| | All Other Fees(4) | | | | | | 86,100 | | | | | | | — | | | |
| | Total | | | | | | 6,930,345 | | | | | | $ | 6,537,870 | | | |
| | PROPOSAL 3 | | | RATIFICATION OF THE SELECTION OF OUR INDEPENDENT PUBLIC ACCOUNTANT ☑ The Board recommends a vote “FOR” ratification of the selection of KPMG LLP as our independent registered public accounting firm for 2021 | | |
| | PROPOSAL 4 | | | APPROVAL OF AN INCREASE IN THE SHARES AVAILABLE FOR ISSUANCE UNDER THE 2020 EQUITY INCENTIVE PLAN ☑ The Board recommends a vote “FOR” approval of the increase in shares available for issuance under the 2020 Equity Incentive Plan. | | |
| | PROPOSAL 5 | | | THE STOCKHOLDER PROPOSAL ☒ The Board recommends a vote “AGAINST” the stockholder proposal | | |
| | WHAT VOTE IS REQUIRED AND HOW WILL MY VOTES BE COUNTED? | | | ||||||||||||
| | | | | | Board’s Recommendation | | | | Vote Required to Adopt Proposal | | | | Effect if I do not specify how I want my shares voted* | | |
| | PROPOSAL 1: | | | | FOR | | | | The eight nominees for director will be elected by an affirmative vote of a majority of the votes cast by holders of our Class A common stock present online or by proxy and entitled to vote on the proposal at the Annual Meeting. | | | | FOR | | |
| | Election of Directors | | | ||||||||||||
| | PROPOSAL 2: | | | | FOR | | | | If the advisory vote on the compensation of our named executive officers included in this proxy statement receives more votes “for” than “against,” then it will be deemed to be approved. | | | | FOR | | |
| | Advisory Vote on Named Executive Officer Compensation | | | ||||||||||||
| | PROPOSAL 3: | | | | FOR | | | | To be approved by our stockholders, this proposal requires the affirmative vote of a majority of the votes cast by holders of our Class A common stock present online or by proxy and entitled to vote on the proposal at the Annual Meeting. | | | | FOR | | |
| | Ratification of the Selection of Our Independent Public Accountant | | | ||||||||||||
| | PROPOSAL 4: | | | | FOR | | | | To be approved by our stockholders, this proposal requires the affirmative vote of a majority of the votes cast by holders of our Class A common stock present online or by proxy and entitled to vote on the proposal at the Annual Meeting. | | | | FOR | | |
| | Approval of the Increase in the Shares Available for Issuance Under the 2020 Equity Incentive Plan | | | ||||||||||||
| | PROPOSAL 5: | | | | AGAINST | | | | To be approved by our stockholders, this non-binding proposal requires the affirmative vote of a majority of the votes cast by holders of our Class A common stock present online or by proxy and entitled to vote on the proposal at the Annual Meeting. | | | | AGAINST | | |
| | The Stockholder Proposal | | |
(Amounts in millions, except per share information) | | | Dec. 31, 2018 | | | Dec. 31, 2017 | | ||||||
Cowen Inc. stockholders’ equity | | | | $ | 794.4 | | | | | $ | 748.0 | | |
Common equity (CE) | | | | $ | 693.1 | | | | | $ | 646.7 | | |
Book value per share (CE/CSO) | | | | $ | 24.37 | | | | | $ | 21.82 | | |
Common shares outstanding (CSO) | | | | | 28.4 | | | | | | 29.6 | | |
Summary Stockholders’ Equity Information | | ||||||||||||
Cowen Inc. stockholders’ equity | | | | $ | 794.4 | | | | | $ | 748.0 | | |
Less: | | | | ||||||||||
Preferred stock | | | | | 101.3 | | | | | | 101.3 | | |
Common equity (CE) | | | | $ | 693.1 | | | | | $ | 646.7 | | |
|