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| Im Langacher 44 8606 Greifensee Switzerland | | | 1900 Polaris Parkway Columbus, Ohio 43240 USA | |
16, 2020
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Time: | | | 8:00 a.m. on Thursday, May | | |
| Place: | | | Fried, Frank, Harris, Shriver & Jacobson LLP, 375 Park Avenue, New York, New York | |
| Items of Business: | | | 1. To elect | |
| | | | 2. To ratify the appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm | |
| | | | 3. Advisory vote to approve executive compensation | |
| | | | 4. To transact any other business properly brought before the meeting | |
| Who Can Vote: | | | You can vote if you were a shareholder of record at the close of trading on March | |
| Annual Report: | | | A copy of our | |
| Date of Mailing: | | | On or about March | |
James T. Bellerjeau
iii
company.
2007, as well as Chairman of PepsiCo Investment (China) Limited from January 1999 to March 2007 and again from March 2012 to December 2013.
ESSEC Business School and the Melbourne Business School. She has been Chief Digital Officer at Danone since 2016, and is a member of the Board of Carlsberg Group.
On March 25, 2020, Mr. Filliol will stand for election to the Board of Directors of Givaudan S.A., a company listed on the SIX Swiss Exchange.
Mr. Filliol has broad experience across many of the company’s businesses. He led one of the company’s divisions over an eight yeareight-year period and he was the principal architect behind the company’s growth initiative in sales and marketing. He has particular strengths in both strategy development and execution. As CEO of the company, Mr. Filliol also brings the board the necessary insights into understanding the global operations of the company.
June 2019.
and was a member of the Executive Committee of Novartis. Prior to his current position,that, Mr. Francis spent 13 years at Biogen Idec, where he held various global and country leadership positions. Immediately prior to leaving Biogen in 2014, Mr. Francis was Senior Vice President of their US Commercialcommercial organization. From 1998 to 2001, he held various marketing roles at Sanofi.
Constance L. Harvey is 56 years old and has been a director since July 2015. She serves on the Nominating and Corporate Governance Committee. She has a Bachelor of Science in Industrial Engineering from Iowa State University.
Ms. Harvey was an executive with Conduent (formerly Xerox Services) since 2001, most recently serving as Chief Operating Officer, Commercial Healthcare Business Group starting in 2014 and Vice President starting in 2012. She held both positions until her retirement in January 2017. Prior to that she served as Chief Operating Officer for Commercial Business Process Outsourcing starting in 2011, and before that Group President of the healthcare payer and insurance delivery unit.
In her role at Conduent, Ms. Harvey developed strong leadership experience. Her group encompassed service offerings for the healthcare industry including payers, providers, and pharmaceutical and life science companies, some of which are key end-user markets for the company. She also has significant experience in relevant topics, including business process engineering and building a service business through organic growth and mergers and acquisitions.
Mr. Kelly spent many years as an executive at 3M Company, serving as Executive Vice President of the Electronics and Energy Business from October 2012 to January 2016, and Executive Vice President of the
Hans Ulrich Maerkiis 71 years old and has been a director since September 2002. He serves on the Compensation Committee and as Chairman of the Nominating & Corporate Governance Committee. He has a Master’s in Business Administration from the University of Basel, Switzerland, and a 2010 Senior Fellowship of Advanced Leadership at Harvard University.
Mr. Maerki spent many years as an executive at IBM, serving as the: Chairman of IBM Europe/Middle East/Africa (EMEA) from August 2001 to March 2008; Chief Executive Officer of IBM EMEA from July 2003 to May 2005; General Manager of IBM Global Services, EMEA from 1996 to July 2001; and various other positions at IBM beginning in 1973. He was a director at ABB Ltd. for 12 years, from 2002 until 2014, and at Swiss Re for nine years, from 2007 to March 2016.
In his 35-year tenure at IBM, including ultimately running a business with approximately $35 billion in revenue across 124 countries, Mr. Maerki has made extensive contributions in addressing service, software, and other IT-related topics, and also has deep experience in marketing and sales. These are areas of increasing importance to the company’s business, and as a result this experience is very relevant. By virtue of his service on the board of ABB, Mr. Maerki also had insight into the industrial end-user market, which is another key market for the company.
Micromeritics Instrument Corporation.
Mr. Spoerry was President and Chief Executive Officer of the company from 1993 to 2007 and served as its Executive Chairman in 2008, and has been its non-executive Chairman since 2009. Mr. Spoerry is also a Director of Conzzeta Holding AG, where he serves on the Human Resources Committee, and also Sonova Holding AG, where he has servedserves as Chairman, since March 2011.2011, and also serves as Chair of the Nomination and Compensation Committee. Mr. Spoerry was previously a Director of Geberit AG, from 2009 to April 2016.
2016, where he also served as Vice Chairman, lead independent director, and Chair of the Nomination and Compensation Committee prior to his retirement from that board.
To ensure
Beginning with the stock grants made to directors in November 2019, all directors are required to retain the shares received for three years following the date of grant.
| | | | Annual cash retainer | | | | $ | 80,000 | | |
| | | | Annual grant of stock options – approximate value | | | | $ | 90,000 | | |
| | | | Annual grant of stock – approximate value | | | | $ | 45,000 | | |
| | | | Annual grant of stock to the Presiding Director – approximate value | | | | $ | 50,000 | | |
| | | | Committee member fees: | | | | | | | |
| | | | • Audit | | | | $ | 12,000 | | |
| | | | • Compensation | | | | $ | 9,000 | | |
| | | | • Nominating & Corporate Governance | | | | $ | 6,000 | | |
| | | | Committee Chair fees: | | | | | | | |
| | | | • Audit | | | | $ | 25,000 | | |
| | | | • Compensation | | | | $ | 20,000 | | |
| | | | • Nominating & Corporate Governance | | | | $ | 10,000 | | |
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Annual cash retainer | $ | 70,000 | ||
Fee per board meeting attended | $ | 1,000 | ||
Fee per committee meeting attended | $ | 750 | ||
Annual grant of stock options – approximate value | $ | 98,500 | ||
Annual grant of stock – approximate value | $ | 23,500 | ||
Annual grant of stock to the Presiding Director – approximate value | $ | 70,000 | ||
Committee member fees: | ||||
• Audit | $ | 10,000 | ||
• Compensation | $ | 7,500 | ||
• Nominating and Corporate Governance | $ | 5,000 | ||
Committee Chair fees (in addition to member fees): | ||||
• Audit | $ | 20,000 | ||
• Compensation | $ | 12,500 | ||
• Nominating and Corporate Governance | $ | 8,000 |
As Chairman of the Board, Mr. Spoerry receives an annual cash retainer of CHF 312,000 and$319,153, a grant of stock options with a grant date approximate value of approximately $550,000. The Chairman’s compensation also includes$367,000, and a contributiongrant of stock with a grant date approximate value of $183,000. All directors are required to an individual retirement account, coverageretain the shares received from the grant of stock for certain accident and disability insurance, and certain miscellaneous benefits described below.
three years following the date of grant .
Name | | | Fees Earned or Paid in Cash | | | Stock Awards(1) | | | Option Awards(1) | | | Total | | ||||||||||||
Wah-Hui Chu | | | | $ | 86,500 | | | | | $ | 44,690 | | | | | $ | 89,951 | | | | | $ | 221,141 | | |
Elisha W. Finney | | | | | 105,000 | | | | | | 44,690 | | | | | | 89,951 | | | | | | 239,641 | | |
Richard Francis | | | | | 93,000 | | | | | | 44,690 | | | | | | 89,951 | | | | | | 227,641 | | |
Marco Gadola(2) | | | | | 57,500 | | | | | | 27,391 | | | | | | 89,951 | | | | | | 174,842 | | |
Constance L. Harvey(3) | | | | | 28,667 | | | | | | 0 | | | | | | 0 | | | | | | 28,667 | | |
Michael A. Kelly | | | | | 101,000 | | | | | | 44,690 | | | | | | 89,951 | | | | | | 235,641 | | |
Hans Ulrich Maerki(4) | | | | | 33,000 | | | | | | 0 | | | | | | 0 | | | | | | 33,000 | | |
Thomas P. Salice | | | | | 111,667 | | | | | | 94,426 | | | | | | 89,951 | | | | | | 296,044 | | |
Robert F. Spoerry | | | | | 319,153 | | | | | | 183,086 | | | | | | 366,875 | | | | | | 869,114 | | |
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Name | Fees Earned or Paid in Cash | Stock Awards(1) | Option Awards(1) | All Other Compensation(2) | Total | |||||||||||||||
Wah-Hui Chu | $ | 80,500 | $ | 23,506 | $ | 98,323 | $ | — | $ | 202,329 | ||||||||||
Francis A. Contino(3) | 97,750 | 23,506 | 0 | — | 121,256 | |||||||||||||||
Elisha W. Finney(4) | 15,083 | 11,417 | 98,323 | — | 124,823 | |||||||||||||||
Richard Francis | 74,000 | 23,506 | 98,323 | — | 195,829 | |||||||||||||||
Constance L. Harvey | 80,500 | 23,506 | 98,323 | — | 202,329 | |||||||||||||||
Michael A. Kelly | 97,500 | 23,506 | 98,323 | — | 219,329 | |||||||||||||||
Hans Ulrich Maerki | 95,500 | 23,506 | 98,323 | — | 217,329 | |||||||||||||||
Thomas P. Salice | 102,500 | 93,352 | 98,323 | — | 294,175 | |||||||||||||||
Robert F. Spoerry | 316,848 | — | 550,482 | 443,965 | 1,311,295 |
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| | | | | Stock Options | | |||||
| | | | | | | | | (#) | | |
| | | | Wah-Hui Chu | | | | 13,082 | | | |
| | ||||||||||
Elisha W. Finney | | | | 1,408 | | | |||||
| | | | Richard Francis | | | | 2,240 | | | |
| | | | Marco Gadola | | | | | 0 | | |
| | | | Constance L. Harvey | | | | 0 | | | |
| | | | Michael A. Kelly | | | | 10,482 | | | |
| | | | Hans Ulrich Maerki | | | | 0 | | | |
| | | | Thomas P. Salice | | | | 10,482 | | | |
| | | | Robert F. Spoerry | | | | 57,147 | | |
(2) |
| | | | Name | | | Audit(1) | | | Compensation(2) | | | Nominating & Corporate Governance(3) | | |||||||||
| | | | Wah-Hui Chu | | | | | X | | | | | | | | | | | | X | | |
| | | | Domitille Doat-Le Bigot | | | | | | | | | | | | | | | | | | | |
| | | | Elisha W. Finney | | | | | X | | | | | | | | | | | | | | |
| | | | Richard Francis | | | | | | | | | | | X | | | | | | X | | |
| | | | Marco Gadola | | | | | X | | | | | | | | | | | | | | |
| | | | Constance L. Harvey | | | | | | | | | | | | | | | | | X | | |
| | | | Michael A. Kelly | | | | | X | | | | | | X | | | | | | | | |
| | | | Hans Ulrich Maerki | | | | | | | | | | | X | | | | | | X | | |
| | | | Thomas P. Salice | | | | | X | | | | | | X | | | | | | X | | |
| | | | Total meetings in 2019 | | | | | 4 | | | | | | 4 | | | | | | 5 | | |
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Name | Audit(1) | Compensation(2) | Nominating & Corporate Governance | |||||||||
Wah-Hui Chu | X | |||||||||||
Francis A. Contino | X | |||||||||||
Elisha W. Finney | X | |||||||||||
Richard Francis | X | |||||||||||
Constance L. Harvey | X | |||||||||||
Michael A. Kelly | X | X | ||||||||||
Hans Ulrich Maerki | X | X | ||||||||||
Thomas P. Salice | X | X | ||||||||||
Total meetings in 2017 | 4 | 4 | 3 |
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Audit | | | Compensation | | | Nominating & Corporate Governance | | |
| • Oversees the accounting and financial reporting process of the company | | | • Discharges the responsibilities of the company’s Board of Directors relating to compensation of the company’s executives | | | • Identifies, screens, and recommends qualified candidates to serve as directors of the company | |
| • Assists with board oversight of the integrity of the company’s consolidated financial statements, and the sufficiency of the independent registered public accounting firm’s review of the company’s consolidated financial statements | | | • Reviews and monitors compensation arrangements so that the company continues to retain, attract, and motivate quality employees | | | • Advises the board on the structure and membership of committees of the board | |
| • Assists with board oversight of the performance of the company’s internal audit function | | | • Reviews an annual report on executive compensation for inclusion in the company’s proxy statement | | | • Develops and recommends to the board corporate governance guidelines applicable to the company | |
| • Oversees the appointment, engagement, and performance of the company’s independent registered public accounting firm | | | • Reviews the Compensation Discussion and Analysis included in the company’s proxy statement | | | • Leads the board in its annual review of the board’s performance | |
| • Assists with board oversight of the company’s compliance with legal and regulatory requirements, and of the enterprise risk assessment, including cybersecurity risk management | | | | | | | |
| | | Audit Fees | | | Audit-Related Fees | | | Tax Fees | | | All Other Fees | | ||||||||||||
2019 | | | | $ | 4,167,000 | | | | | $ | 33,000 | | | | | $ | 539,000 | | | | | $ | 3,000 | | |
2018 | | | | $ | 3,913,416 | | | | | $ | 134,178 | | | | | $ | 270,523 | | | | | $ | 8,300 | | |
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Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |||||||||||||
2017 | $ | 3,947,000 | $ | 260,000 | $ | 147,000 | $ | 12,000 | ||||||||
2016 | $ | 3,782,000 | $ | 0 | $ | 135,000 | $ | 10,000 |
2020
Respectfully submitted by the members of theAudit Committee:
Francis A. Contino,ChairElisha W. FinneyMichael A. KellyThomas P. Salice
| | | | Respectfully submitted by the members of the Audit Committee: | |
| | | | Elisha W. Finney, Chair Wah-Hui Chu Michael A. Kelly | |
company’s business, and an ability to work well together. Diversity in business background, area of expertise, gender, and ethnicity will be considered. Longer-term board succession will also be considered, taking into account the demographics of respective board members. The Nominating & Corporate Governance Committee evaluates current and prospective directors according to a skills and experience competency matrix (described under Board of Directors — General Information — Minimum Qualifications for Directors) to ensure that the Board has an appropriate mix of relevant skills and experience.
The Nominating and Corporate Governance Committee proceeds as follows in nominating candidates for a position on the company’s Board of Directors.
| • 87.5% of the board • Presiding Director as independent lead director • Separate Non-Executive Chairman and • Independent Audit, Compensation, and |
| | | • Regular executive sessions of • Annual board and committee self-evaluation • Policy limiting directorships • Proxy access • Annual director elections • Regular director refreshment • Majority voting in uncontested elections | | | • No poison pill in effect • Stock ownership guidelines for directors • Multiple avenues for shareholders to • Board oversight of strong ethics program and | |
During 2017,2019, the Nominating and& Corporate Governance Committee evaluated changes in individual Directors’directors’ professional status to evaluate their ability to continue serving on the board. They also identified and interviewed candidates to nominate to the board and appointed a new DirectorMs. Doat-Le Bigot to the board. They developedutilized the board’s skills and experience competency matrix and made use of it in the board’s self-evaluation and director search process.process, and they approved updates to the corporate governance guidelines. With regard to the current board nominees, the Nominating and& Corporate Governance Committee has recommended to the board that nineall current directors be nominated for re-election.
Hans Ulrich Maerki,
The primary elements of our executive compensation program are as follows (all elements are reviewed annually):
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Our named executive officers for 2017 were:
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The Compensation Committee oversees
| | | | Name | | | Title | |
| | | | Olivier A. Filliol | | | President and Chief Executive Officer | |
| | | | Shawn P. Vadala | | | Chief Financial Officer | |
| | | | Peter Aggersbjerg | | | Head of Divisions and Operations | |
| | | | Marc de La Guéronnière | | | Head of European and North American Market Organizations | |
| | | | Gerhard Keller | | | Head of Process Analytics | |
In establishing executive compensation policies the Compensation Committee considers, among other things, the results of the Advisory Vote to Approve Executive Compensation from the prior year’s Annual Meeting of Shareholders. The result of last year’s advisory vote was very positive with 95% of votes cast in favor of the company’s compensation of its named executive officers.
The Compensation Committee uses independent compensation consultant Pearl Meyer & Partners. They provide market surveys of executive compensation in technology firms in comparable industries (including scientific instrument firms), which are considered in setting compensation levels. See the Compensation Committee Report for a discussion of the Committee’s review of Pearl Meyer & Partners’s independence.
The objectivesProgram
| | | | | | | | | Long-Term Incentives | | |||
Pay Element | | | Base Salary | | | Cash Incentive | | | Stock Options | | | Performance Share Units | |
Type | | | Cash | | | Cash | | | Equity | | | Equity | |
Performance Period | | | N/A | | | 1 year | | | 5-year vesting pro rata; cliff vesting for performance options | | | 3-year performance period, cliff vesting | |
Performance Measures | | | N/A | | | EPS, net cash flow, sales, individual targets | | | Stock price appreciation, EPS growth for performance options | | | Relative total shareholder return (rTSR) | |
Our
The key componentscompensation is appropriate.
| | | | Agilent Technologies | | | AMETEK | |
| | | | Bio-Rad Laboratories | | | Bruker Corp. | |
| | | | Fortive Corp. | | | Hologic | |
| | | | IDEX Corp. | | | Intuitive Surgical | |
| | | | PerkinElmer | | | ResMed | |
| | | | Rockwell Automation | | | Roper Technologies | |
| | | | Teleflex | | | Varian Medical Systems | |
| | | | Waters Corp. | | | Xylem | |
Our goal is to ensure that the three main elements of compensation are carefully considered and fair, and that executives are motivated to further the interests of shareholders, both short-term and long-term.
Based on the quality of leadership of the management team, and the overall performance of the company, the committee believes management’s compensation is appropriate.
| | | Achievement vs. Target Levels | | |||||||||||||||
Name | | | <90% | | | 100% (Target) | | | 130% (Maximum) | | |||||||||
Olivier A. Filliol | | | | | — | | | | | | 50% | | | | | | 169.4% | | |
Shawn P. Vadala | | | | | — | | | | | | 45% | | | | | | 157.5% | | |
Other Named Executive Officers | | | | | — | | | | | | 45% | | | | | | 160.5% | | |
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Achievement vs. Target Levels | ||||||||||||
Name | <90% | 100% (Target) | 130% (Maximum) | |||||||||
Olivier A. Filliol | — | 50 | % | 169.4 | % | |||||||
William P. Donnelly | — | 45 | % | 157.5 | % | |||||||
Other Named Executive Officers | — | 45 | % | 160.5 | % |
The plan provides that targets for 100% achievement should be challenging and ambitious, but also realistic and attainable such that it is possible to achieve and exceed them. The impact of over- or under-achieving targets on the annual incentive can be significant. The company and Board of Directors therefore approach the target setting process with care and consideration. We believe targets are set consistently with the philosophy of the POBS Plus plan that they be challenging and ambitious. In the last five years the average target achievement for the named executive officers was 107%.
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2017 Performance Targets | Threshold | Target | Maximum | Actual | ||||||||||||
Adjusted Non-GAAP Earnings Per Share(1) | $15.89 | $16.39 | $17.89 | $17.55 | ||||||||||||
Net Cash Flow(2) | $455.5 million | $480.1 million | $553.9 million | $517.2 million | ||||||||||||
Group Sales (at budgeted currency rates) | $2,516.5 million | $2,568.4 million | $2,724.1 million | $2,646.3 million |
2019 Performance Targets | Threshold | | | Target | | | Maximum | | | Actual | | ||
Adjusted Non-GAAP Earnings Per Share(1) | | | $21.68 | | | $22.70 | | | $24.40 | | | $22.62 | |
Net Cash Flow(2) | | | $608.6 million | | | $657.9 million | | | $740.2 million | | | $650.5 million | |
Group Sales (at budgeted currency rates) | | | $2,934.7 million | | | $3,025.4 million | | | $3,176.7 million | | | $3,022.6 million | |
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| Mr. Filliol | | | | 78% | | | ||||
| | | | Mr. | | | | 66% | | | |
| | | | Mr. | | | | 54% | | | |
| | | | Mr. de La Guéronnière | | | | 62% | | | |
| | | | Mr. | | | | 66% | | |
The board believes it is good corporate governance and in the interests of shareholders to have a recoupment or “clawback” policy concerning incentive-based compensation, specifically with regard to the company’s variable cash compensation, the POBS Plus plan. As a matter of basic fairness, the board wishes to correct for errors in the event of certain accounting restatements affecting incentive-based compensation to ensure that amounts are not erroneously awarded.
In July 2013, the board adopted a clawback policy that applies to all executive officers and certain other individuals. In the event the company is required to prepare an accounting restatement due to the material noncompliance of the company with any financial reporting requirement under the securities laws (other than a restatement caused by a change in applicable accounting rules or interpretations), the board will review the specific facts and circumstances and take such actions as it considers appropriate in its sole discretion with respect to the incentive-based compensation of covered individuals as follows:
With respect to POBS Plus cash incentives, the board will determine the amount that would have been due under the restated financial results, and whether to seek reimbursement of any excess amount that was paid (net of any taxes paid but taking into account any deductions that may be taken upon repayment) for cash incentives paid within the three-year period prior to the determination of the necessary restatement.
The 2016 compensation market data provided by Pearl Meyer & Partners revealed certain gaps in both cash and long-term incentive compensation compared to market and peer companies. The gaps were the result of strong growth in market capitalization, no or minimal increases in cash compensation over the last several years, and long-term incentive increases that were lower than market and peer companies. Reflecting input from Pearl Meyer & Partners on current market practices, the Compensation Committee generally determined to close the equity gaps by granting a new type of performance-based long-term incentive:
performance share units, described below. The gap in the CEO’s cash compensation was addressed with a one-time grant of performance stock options in 2016, as described below. With these changes, a greater proportion of the namedNamed executive officers’ total compensation is being made in the form of long-term incentives that further align management’s long-term interests with those of the company’s shareholders.
In 2016 and 2017, each named executive officerofficers also received a target awardawards of performance share units, under which the individual will earn shares of common stock in the future if certain performance conditions (including market criteria) are met. The company’s performance share units are based on relative total shareholder return (rTSR) over a three-year period, specifically, the company’s relative performance against each of the companies that make up the S&P 500 Healthcare Index and the S&P 500 Industrials Index. The units have three-year cliff vesting. The company must achieve at least a 30th percentile performance for the performance share units to start vesting. The units will vest at 100% if the company achieves a 60th percentile performance, and the units will vest at 200% if the company’s relative performance is at the 75th percentile or better.
| | | | | | | rTSR Percentile Rank | | | Shares Earned as % of Target | |
| | | | Threshold | | | ≤ 30% | | | 0% | |
| | | | | | | 45% | | | 50% | |
| | | | Target | | | 60% | | | 100% | |
| | | | | | | 67.5% | | | 150% | |
| | | | Maximum | | | ≥ 75% | | | 200% | |
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rTSR Percentile Rank | Shares Earned as % of Target | |||||||
Threshold | ≤ 30% | 0% | ||||||
45% | 50% | |||||||
Target | 60% | 100% | ||||||
67.5% | 150% | |||||||
Maximum | ≥ 75% | 200% |
The vesting percentage of the performance share units is capped at 100% of target when the company’s absolute TSR is negative.
In Mr. Filliol’s case, in 2016 the Compensation Committee additionally made a one-time grant of performance stock options. This one-time grant is intended to address an existing cash compensation gap that will not be closed with an increase in cash compensation over the coming 5-year period. The performance stock options have a five-year performance period and fully vest in 2022 if the service and performance conditions are met. The performance stock options will only vest if the company has achieved at least 12% compound annual growth in its fully diluted earnings per share, subject to certain adjustments, over the five year period from January 1, 2017 through December 31, 2021. The Compensation Committee determined that at this time it would be appropriate for a greater proportion of the CEO’s total compensation to be long-term performance-based and therefore decided to address his existing cash compensation gap with this one-time performance stock option grant.
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| Category | | | Value of Equity Ownership Required | | |||
| | | | CEO | | | 5x base salary | |
| | | CFO | | | 3x base salary | | |
| | | | Other executive officers | | | 2x base salary | |
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Name and Principal Position | Year | Base Salary ($) | Stock Awards ($)(2) | Option Awards ($)(3) | Non-Equity Incentive Plan Compensation ($)(4) | All Other Compensation ($)(5) | Total ($) | |||||||||||||||||||||
Olivier A. Filliol President and Chief Executive Officer | 2017 | $ | 851,642 | $ | 1,439,685 | $ | 3,574,521 | $ | 1,165,898 | $ | 227,339 | $ | 7,259,085 | |||||||||||||||
2016 | 851,642 | 1,199,874 | 5,074,671 | 961,844 | (733,362 | ) | 7,354,669 | |||||||||||||||||||||
2015 | 896,466 | — | 3,575,041 | 650,386 | 1,531,967 | 6,653,860 | ||||||||||||||||||||||
William P. Donnelly Executive Vice President | 2017 | 271,225 | 162,967 | 583,532 | 264,443 | 26,125 | 1,308,292 | |||||||||||||||||||||
2016 | 408,875 | 77,108 | 647,156 | 387,069 | 24,575 | 1,544,783 | ||||||||||||||||||||||
2015 | 404,797 | — | 1,293,771 | 251,839 | 26,178 | 1,976,585 | ||||||||||||||||||||||
Thomas Caratsch Head of Laboratory | 2017 | 304,291 | 124,970 | 432,743 | 325,104 | 225,794 | 1,412,902 | |||||||||||||||||||||
2016 | 307,460 | 64,883 | 492,761 | 247,845 | 11,167 | 1,124,117 | ||||||||||||||||||||||
2015 | 316,970 | — | 493,285 | 213,669 | 314,155 | 1,338,079 | ||||||||||||||||||||||
Marc de La Guéronnière Head of EU and NA | 2017 | 263,434 | 246,562 | 680,615 | 229,535 | 73,841 | 1,493,986 | |||||||||||||||||||||
2016 | 259,235 | 184,777 | 693,888 | 208,193 | 72,100 | 1,418,194 | ||||||||||||||||||||||
2015 | 254,176 | — | 694,219 | 174,487 | 69,474 | 1,192,356 | ||||||||||||||||||||||
Simon Kirk Head of Product Inspection | 2017 | 318,056 | 172,256 | 398,661 | 302,498 | 257,027 | 1,448,497 | |||||||||||||||||||||
2016 | 320,168 | 154,216 | 389,240 | 287,430 | 189,169 | 1,340,222 | ||||||||||||||||||||||
2015 | 330,070 | — | 388,874 | 151,073 | 195,677 | 1,065,694 |
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Name | Year | Maximum Value of Award ($) | ||||||
Olivier A. Filliol | 2017 | $ | 2,879,370 | |||||
2016 | 2,399,748 | |||||||
William P. Donnelly | 2017 | 325,935 | ||||||
2016 | 154,216 | |||||||
Thomas Caratsch | 2017 | 249,939 | ||||||
2016 | 129,767 | |||||||
Marc de La Guéronnière | 2017 | 493,124 | ||||||
2016 | 369,554 | |||||||
Simon Kirk | 2017 | 344,511 | ||||||
2016 | 308,432 |
Miscellaneous personal benefits, none of which individually exceeds $25,000 in value unless otherwise stated, include car allowances, expense allowances, tax equalization calculation, the company’s contribution to certain Swiss insurances beyond what’s available to all employees, the value of meals in the company cafeteria, and the company’s contributions to individual retirement accounts. In Mr. Kirk’s case, benefits include a schooling allowance of $44,999 in 2017, $48,508 in 2016, and $84,499 in 2015.
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Name | Year | Tax Equalization | Retirement Contribution | Swiss Insurance | Miscellaneous Benefits | |||||||||||||||
Olivier A. Filliol | 2017 | $ | (27,887 | ) | $ | 189,012 | $ | 25,335 | $ | 40,878 | ||||||||||
2016 | (983,698 | ) | 189,012 | 25,233 | 36,091 | |||||||||||||||
2015 | 1,286,554 | 189,012 | 21,987 | 34,414 | ||||||||||||||||
William P. Donnelly | 2017 | n.a. | 16,125 | n.a. | 10,000 | |||||||||||||||
2016 | n.a. | 14,575 | n.a. | 10,000 | ||||||||||||||||
2015 | n.a. | 16,178 | n.a. | 10,000 | ||||||||||||||||
Thomas Caratsch | 2017 | 107,018 | 75,008 | 13,909 | 29,860 | |||||||||||||||
2016 | (101,655 | ) | 75,789 | 13,993 | 23,041 | |||||||||||||||
2015 | 200,897 | 78,133 | 11,222 | 23,903 | ||||||||||||||||
Marc de La Guéronnière | 2017 | n.a. | 59,887 | n.a. | 13,953 | |||||||||||||||
2016 | n.a. | 58,147 | n.a. | 13,953 | ||||||||||||||||
2015 | n.a. | 55,521 | n.a. | 13,953 | ||||||||||||||||
Simon Kirk | 2017 | 85,281 | 78,401 | 12,900 | 80,445 | |||||||||||||||
2016 | 17,730 | 78,921 | 12,844 | 79,673 | ||||||||||||||||
2015 | (12,235 | ) | 81,362 | 11,547 | 115,003 |
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Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) [POBS Plus Cash Incentive] | Grant Date | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All Other Option Awards: Number of Securities Underlying Options (#)(3) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($)(4) | |||||||||||||||||||||||||||||||||||
Name | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||||||||||
Olivier A. Filliol | 0 | $ | 425,821 | $ | 1,442,682 | 11/02/2017 | 0 | 1,705 | 3,410 | 17,305 | $ | 671.60 | $ | 5,014,206 | ||||||||||||||||||||||||||
William P. Donnelly | 0 | 101,250 | 354,375 | 11/02/2017 | 0 | 193 | 386 | 2,825 | 671.60 | 746,499 | ||||||||||||||||||||||||||||||
Thomas Caratsch | 0 | 136,931 | 488,386 | 11/02/2017 | 0 | 148 | 296 | 2,095 | 671.60 | 557,713 | ||||||||||||||||||||||||||||||
Marc de La Guéronnière | 0 | 118,985 | 424,379 | 11/02/2017 | 0 | 292 | 584 | 3,295 | 671.60 | 927,177 | ||||||||||||||||||||||||||||||
Simon Kirk | 0 | 143,304 | 511,116 | 11/02/2017 | 0 | 204 | 408 | 1,930 | 671.60 | 570,916 |
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Option Awards(1) | Stock Awards(2) | |||||||||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Grant Date | Option Expiration Date | 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 | ||||||||||||||||||||||||||||||||
Olivier A. Filliol | 4,257 | $ | 2,637,297 | |||||||||||||||||||||||||||||||||||||
68,100 | 0 | $ | 90.76 | 10/28/2009 | 10/28/2019 | |||||||||||||||||||||||||||||||||||
67,260 | 0 | $ | 133.00 | 11/03/2010 | 11/03/2020 | |||||||||||||||||||||||||||||||||||
65,990 | 0 | $ | 149.95 | 11/02/2011 | 11/02/2021 | |||||||||||||||||||||||||||||||||||
59,930 | 0 | $ | 169.37 | 10/31/2012 | 10/31/2022 | |||||||||||||||||||||||||||||||||||
37,656 | 9,414 | $ | 244.99 | 11/07/2013 | 11/07/2023 | |||||||||||||||||||||||||||||||||||
26,058 | 17,372 | $ | 263.62 | 11/06/2014 | 11/06/2024 | |||||||||||||||||||||||||||||||||||
15,408 | 23,112 | $ | 312.36 | 11/05/2015 | 11/05/2025 | |||||||||||||||||||||||||||||||||||
6,043 | 24,172 | $ | 397.95 | 11/03/2016 | 11/03/2026 | |||||||||||||||||||||||||||||||||||
12,678 | $ | 397.95 | 11/03/2016 | 11/03/2026 | ||||||||||||||||||||||||||||||||||||
0 | 17,305 | $ | 671.60 | 11/02/2017 | 11/02/2027 | |||||||||||||||||||||||||||||||||||
William P. Donnelly | 357 | 221,169 | ||||||||||||||||||||||||||||||||||||||
10,105 | 0 | $ | 133.00 | 11/03/2010 | 11/03/2020 | |||||||||||||||||||||||||||||||||||
24,745 | 0 | $ | 149.95 | 11/02/2011 | 11/02/2021 | |||||||||||||||||||||||||||||||||||
20,633 | 0 | $ | 169.37 | 10/31/2012 | 10/31/2022 | |||||||||||||||||||||||||||||||||||
12,446 | 3,556 | $ | 244.99 | 11/07/2013 | 11/07/2023 | |||||||||||||||||||||||||||||||||||
7,973 | 6,378 | $ | 263.62 | 11/06/2014 | 11/06/2024 | |||||||||||||||||||||||||||||||||||
4,182 | 8,364 | $ | 312.36 | 11/05/2015 | 11/05/2025 | |||||||||||||||||||||||||||||||||||
1,094 | 4,376 | $ | 397.95 | 11/03/2016 | 11/03/2026 | |||||||||||||||||||||||||||||||||||
0 | 2,825 | $ | 671.60 | 11/02/2017 | 11/02/2027 | |||||||||||||||||||||||||||||||||||
Thomas Caratsch | 286 | 177,183 | ||||||||||||||||||||||||||||||||||||||
720 | 0 | $ | 90.76 | 10/28/2009 | 10/28/2019 | |||||||||||||||||||||||||||||||||||
570 | 0 | $ | 133.00 | 11/03/2010 | 11/03/2020 | |||||||||||||||||||||||||||||||||||
780 | 0 | $ | 149.95 | 11/02/2011 | 11/02/2021 | |||||||||||||||||||||||||||||||||||
2,745 | 0 | $ | 169.37 | 10/31/2012 | 10/31/2022 | |||||||||||||||||||||||||||||||||||
5,420 | 1,355 | $ | 244.99 | 11/07/2013 | 11/07/2023 | |||||||||||||||||||||||||||||||||||
3,630 | 2,420 | $ | 263.62 | 11/06/2014 | 11/06/2024 | |||||||||||||||||||||||||||||||||||
2,126 | 3,189 | $ | 312.36 | 11/05/2015 | 11/05/2025 | |||||||||||||||||||||||||||||||||||
0 | 3,332 | $ | 397.95 | 11/03/2016 | 11/03/2026 | |||||||||||||||||||||||||||||||||||
0 | 2,095 | $ | 671.60 | 11/02/2017 | 11/02/2027 | |||||||||||||||||||||||||||||||||||
Marc de La Guéronnière | 685 | 424,371 | ||||||||||||||||||||||||||||||||||||||
12,555 | 0 | $ | 133.00 | 11/03/2010 | 11/03/2020 | |||||||||||||||||||||||||||||||||||
12,725 | 0 | $ | 149.95 | 11/02/2011 | 11/02/2021 | |||||||||||||||||||||||||||||||||||
12,245 | 0 | $ | 169.37 | 10/31/2012 | 10/31/2022 | |||||||||||||||||||||||||||||||||||
7,380 | 1,845 | $ | 244.99 | 11/07/2013 | 11/07/2023 | |||||||||||||||||||||||||||||||||||
5,061 | 3,374 | $ | 263.62 | 11/06/2014 | 11/06/2024 | |||||||||||||||||||||||||||||||||||
2,992 | 4,488 | $ | 312.36 | 11/05/2015 | 11/05/2025 | |||||||||||||||||||||||||||||||||||
1,173 | 4,692 | $ | 397.95 | 11/03/2016 | 11/03/2026 | |||||||||||||||||||||||||||||||||||
0 | 3,295 | $ | 671.60 | 11/02/2017 | 11/02/2027 | |||||||||||||||||||||||||||||||||||
Simon Kirk | 532 | 329,585 | ||||||||||||||||||||||||||||||||||||||
0 | 959 | $ | 244.99 | 11/07/2013 | 11/07/2023 | |||||||||||||||||||||||||||||||||||
0 | 1,804 | $ | 263.62 | 11/06/2014 | 11/06/2024 | |||||||||||||||||||||||||||||||||||
0 | 2,514 | $ | 312.36 | 11/05/2015 | 11/05/2025 | |||||||||||||||||||||||||||||||||||
0 | 2,632 | $ | 397.95 | 11/03/2016 | 11/03/2026 | |||||||||||||||||||||||||||||||||||
0 | 1,930 | $ | 671.60 | 11/02/2017 | 11/02/2027 |
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Option Awards | Stock Awards | |||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Net Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||||||||
Olivier A. Filliol | 67,800 | $ | 28,510,256 | — | $ | — | ||||||||||
William P. Donnelly | 47,490 | 21,764,947 | — | — | ||||||||||||
Thomas Caratsch | 26,333 | 9,829,254 | — | — | ||||||||||||
Marc de La Guéronnière | 0 | 0 | — | — | ||||||||||||
Simon Kirk | 9,160 | 3,019,127 | 218 | 100,579 |
The named executive officers are not entitled to any payment upon a change in control or upon termination of employment, regardless of the type of termination.
The company may terminate the employment of each of the named executive officers after giving the requisite 6 - 12 months’ notice. Named executive officers continue receiving their base salary, cash incentive, and benefits during the contractual notice period. Equity grants continue to vest so long as an individual remains employed or serves as a director, and vesting ceases on their last day of employment, regardless of the type of termination. Named executive officers forfeit unvested equity grants, and vested equity grants in a termination for cause, on the last day of employment.
Equity grants to the named executive officers (except Messrs. Filliol and Donnelly) made from 2013 onwards do not accelerate and do not vest automatically upon a change in control. The table below shows the value of those options that are still subject to accelerated vesting, assuming a change of control event occurred as of December 31, 2017. The expense associated with this acceleration is the same as absent a change in control, but would be incurred by the company earlier than over the normal course of the vesting period. The values shown below are calculated as the difference between $619.52, the share price on the last day the markets were open before December 31, 2017, and the respective exercise price.
![]() | ![]() | ![]() | ||||||
Name | Net Value of Accelerated Unvested Stock Options | |||||||
Olivier A. Filliol | $ | 24,972,457 | ||||||
William P. Donnelly | 7,140,435 | |||||||
Thomas Caratsch | 0 | |||||||
Marc de La Guéronnière | 0 | |||||||
Simon Kirk | 0 |
Name and Principal Position | | | Year | | | Base Salary ($) | | | Stock Awards ($)(2) | | | Option Awards ($)(3) | | | Non-Equity Incentive Plan Compensation ($)(4) | | | All Other Compensation ($)(5) | | | Total ($) | | |||||||||||||||||||||
Olivier A. Filliol | | | | | 2019 | �� | | | | | 843,929 | | | | | | 1,860,350 | | | | | | 3,719,816 | | | | | | 661,640 | | | | | | 1,669,585 | | | | | | 8,755,320 | | |
President and | | | | | 2018 | | | | | | 843,929 | | | | | | 1,787,174 | | | | | | 3,575,455 | | | | | | 557,837 | | | | | | 277,569 | | | | | | 7,041,964 | | |
Chief Executive Officer | | | | | 2017 | | | | | | 843,929 | | | | | | 1,439,685 | | | | | | 3,574,521 | | | | | | 1,155,339 | | | | | | 225,046 | | | | | | 7,238,520 | | |
Shawn P. Vadala | | | | | 2019 | | | | | | 386,900 | | | | | | 398,417 | | | | | | 797,384 | | | | | | 255,442 | | | | | | 25,350 | | | | | | 1,863,493 | | |
Chief Financial Officer | | | | | 2018 | | | | | | 362,500 | | | | | | 383,542 | | | | | | 766,711 | | | | | | 201,371 | | | | | | 27,100 | | | | | | 1,741,224 | | |
Peter Aggersbjerg | | | | | 2019 | | | | | | 319,412 | | | | | | 260,256 | | | | | | 520,460 | | | | | | 172,789 | | | | | | 117,934 | | | | | | 1,390,851 | | |
Head of Divisions and Operations | | | | | 2018 | | | | | | 316,997 | | | | | | 216,338 | | | | | | 433,647 | | | | | | 150,510 | | | | | | 116,530 | | | | | | 1,234,022 | | |
Marc de La Guéronnière | | | | | 2019 | | | | | | 273,525 | | | | | | 351,828 | | | | | | 703,112 | | | | | | 170,841 | | | | | | 76,890 | | | | | | 1,576,196 | | |
Head of EU and NA | | | | | 2018 | | | | | | 267,800 | | | | | | 340,274 | | | | | | 680,361 | | | | | | 140,057 | | | | | | 74,942 | | | | | | 1,503,434 | | |
| | | | | 2017 | | | | | | 261,900 | | | | | | 246,562 | | | | | | 680,615 | | | | | | 228,198 | | | | | | 73,411 | | | | | | 1,490,686 | | |
Gerhard Keller | | | | | 2019 | | | | | | 302,782 | | | | | | 158,242 | | | | | | 316,204 | | | | | | 198,444 | | | | | | 240,484 | | | | | | 1,216,156 | | |
Head of Process Analytics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Name | | | Year | | | Maximum Value of Award ($) | | ||||||
| | | | Olivier A. Filliol | | | | | 2019 | | | | | | 3,720,700 | | |
| | | | | | | | | 2018 | | | | | | 3,574,348 | | |
| | | | | | | | | 2017 | | | | | | 2,879,370 | | |
| | | | Shawn P. Vadala | | | | | 2019 | | | | | | 796,834 | | |
| | | | | | | | | 2018 | | | | | | 767,084 | | |
| | | | Peter Aggersbjerg | | | | | 2019 | | | | | | 520,512 | | |
| | | | | | | | | 2018 | | | | | | 432,677 | | |
| | | | Marc de La Guéronnière | | | | | 2019 | | | | | | 703,656 | | |
| | | | | | | | | 2018 | | | | | | 680,549 | | |
| | | | | | | | | 2017 | | | | | | 493,124 | | |
| | | | Gerhard Keller | | | | | 2019 | | | | | | 316,484 | | |
| | | | Name | | | Year | | | Tax Equalization | | | Retirement Contribution | | | Swiss Insurance | | | Allowances | | | Miscellaneous Benefits | | ||||||||||||||||||
| | | | Olivier A. Filliol | | | | | 2019 | | | | | $ | 1,422,570 | | | | | $ | 188,894 | | | | | $ | 21,990 | | | | | $ | 15,699 | | | | | $ | 20,432 | | |
| | | | | | | | | 2018 | | | | | | (17,185) | | | | | | 187,300 | | | | | | 21,708 | | | | | | 15,699 | | | | | | 70,047 | | |
| | | | | | | | | 2017 | | | | | | (27,887) | | | | | | 187,300 | | | | | | 25,106 | | | | | | 15,699 | | | | | | 24,828 | | |
| | | | Shawn P. Vadala | | | | | 2019 | | | | | | n.a. | | | | | | 15,350 | | | | | | n.a. | | | | | | 10,000 | | | | | | 0 | | |
| | | | | | | | | 2018 | | | | | | n.a. | | | | | | 17,100 | | | | | | n.a. | | | | | | 10,000 | | | | | | 0 | | |
| | | | Peter Aggersbjerg | | | | | 2019 | | | | | | 5,452 | | | | | | 78,735 | | | | | | 10,044 | | | | | | 10,567 | | | | | | 13,136 | | |
| | | | | | | | | 2018 | | | | | | 2,000 | | | | | | 78,140 | | | | | | 9,867 | | | | | | 10,567 | | | | | | 15,956 | | |
| | | | Marc de La Guéronnière | | | | | 2019 | | | | | | n.a. | | | | | | 61,792 | | | | | | n.a. | | | | | ��� | 15,098 | | | | | | 0 | | |
| | | | | | | | | 2018 | | | | | | n.a. | | | | | | 60,702 | | | | | | n.a. | | | | | | 14,240 | | | | | | 0 | | |
| | | | | | | | | 2017 | | | | | | n.a. | | | | | | 59,539 | | | | | | n.a. | | | | | | 13,872 | | | | | | 0 | | |
| | | | Gerhard Keller | | | | | 2019 | | | | | | 130,000 | | | | | | 74,636 | | | | | | 9,730 | | | | | | 10,567 | | | | | | 15,551 | | |
| | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) [POBS Plus Cash Incentive] | | | | | | | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Option Awards: Number of Securities Underlying Options (#)(3) | | | Exercise or Base Price of Option Awards ($/Sh) | | | Grant Date Fair Value of Stock and Option Awards ($)(4) | | |||||||||||||||||||||||||||||||||||||||
Name | | | Threshold ($) | | | Target ($) | | | Maximum ($) | | | Grant Date | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | |||||||||||||||||||||||||||||||||||||||
Olivier A. Filliol | | | | | 0 | | | | | | 421,964 | | | | | | 1,429,615 | | | | | | 11/07/2019 | | | | | | 0 | | | | | | 2,316 | | | | | | 4,632 | | | | | | 18,940 | | | | | | 720.81 | | | | | | 5,580,166 | | |
Shawn P. Vadala | | | | | 0 | | | | | | 177,390 | | | | | | 620,865 | | | | | | 11/07/2019 | | | | | | 0 | | | | | | 496 | | | | | | 992 | | | | | | 4,060 | | | | | | 720.81 | | | | | | 1,195,801 | | |
Peter Aggersbjerg | | | | | 0 | | | | | | 144,098 | | | | | | 513,949 | | | | | | 11/07/2019 | | | | | | 0 | | | | | | 324 | | | | | | 648 | | | | | | 2,650 | | | | | | 720.81 | | | | | | 780,716 | | |
Marc de La Guéronnière | | | | | 0 | | | | | | 123,698 | | | | | | 441,191 | | | | | | 11/07/2019 | | | | | | 0 | | | | | | 438 | | | | | | 876 | | | | | | 3,580 | | | | | | 720.81 | | | | | | 1,054,940 | | |
Gerhard Keller | | | | | 0 | | | | | | 137,894 | | | | | | 491,821 | | | | | | 11/07/2019 | | | | | | 0 | | | | | | 197 | | | | | | 394 | | | | | | 1,610 | | | | | | 720.81 | | | | | | 474,446 | | |
| | | Option Awards(1) | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Grant Date | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#)(2) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(3) | | ||||||||||||||||||||||||||||||
Olivier A. Filliol | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,716 | | | | | | 2,947,828 | | | | | | 12,916 | | | | | | 10,246,004 | | |
| | | | | 65,990 | | | | | | 0 | | | | | | | | | | | $ | 149.95 | | | | | | 11/02/2011 | | | | | | 11/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 59,930 | | | | | | 0 | | | | | | | | | | | $ | 169.37 | | | | | | 10/31/2012 | | | | | | 10/31/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 47,070 | | | | | | 0 | | | | | | | | | | | $ | 244.99 | | | | | | 11/07/2013 | | | | | | 11/07/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 43,430 | | | | | | 0 | | | | | | | | | | | $ | 263.62 | | | | | | 11/06/2014 | | | | | | 11/06/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 30,816 | | | | | | 7,704 | | | | | | | | | | | $ | 312.36 | | | | | | 11/05/2015 | | | | | | 11/05/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 18,129 | | | | | | 12,086 | | | | | | | | | | | $ | 397.95 | | | | | | 11/03/2016 | | | | | | 11/03/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 12,678 | | | | | $ | 397.95 | | | | | | 11/03/2016 | | | | | | 11/03/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 6,922 | | | | | | 10,383 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3,768 | | | | | | 15,072 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 18,940 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shawn P. Vadala | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 517 | | | | | | 410,126 | | | | | | 2,472 | | | | | | 1,960,988 | | |
| | | | | 1,740 | | | | | | 0 | | | | | | | | | | | $ | 149.95 | | | | | | 11/02/2011 | | | | | | 11/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3,585 | | | | | | 0 | | | | | | | | | | | $ | 169.37 | | | | | | 10/31/2012 | | | | | | 10/31/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3,770 | | | | | | 0 | | | | | | | | | | | $ | 244.99 | | | | | | 11/07/2013 | | | | | | 11/07/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3,540 | | | | | | 0 | | | | | | | | | | | $ | 263.62 | | | | | | 11/06/2014 | | | | | | 11/06/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2,584 | | | | | | 646 | | | | | | | | | | | $ | 312.36 | | | | | | 11/05/2015 | | | | | | 11/05/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 1,557 | | | | | | 1,038 | | | | | | | | | | | $ | 397.95 | | | | | | 11/03/2016 | | | | | | 11/03/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 710 | | | | | | 1,065 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 808 | | | | | | 3,232 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 4,060 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Peter Aggersbjerg | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 207 | | | | | | 164,209 | | | | | | 1,522 | | | | | | 1,207,372 | | |
| | | | | 464 | | | | | | 696 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 457 | | | | | | 1,828 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 2,650 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marc de La Guéronnière | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 572 | | | | | | 453,756 | | | | | | 2,388 | | | | | | 1,894,353 | | |
| | | | | 4,435 | | | | | | 0 | | | | | | | | | | | $ | 263.62 | | | | | | 11/06/2014 | | | | | | 11/06/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 5,984 | | | | | | 1,496 | | | | | | | | | | | $ | 312.36 | | | | | | 11/05/2015 | | | | | | 11/05/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3,519 | | | | | | 2,346 | | | | | | | | | | | $ | 397.95 | | | | | | 11/03/2016 | | | | | | 11/03/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 1,318 | | | | | | 1,977 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 717 | | | | | | 2,868 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 3,580 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gerhard Keller | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 219 | | | | | | 173,728 | | | | | | 804 | | | | | | 637,797 | | |
| | | | | 162 | | | | | | 0 | | | | | | | | | | | $ | 244.99 | | | | | | 11/07/2013 | | | | | | 11/07/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 309 | | | | | | 0 | | | | | | | | | | | $ | 263.62 | | | | | | 11/06/2014 | | | | | | 11/06/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 291 | | | | | | 97 | | | | | | | | | | | $ | 312.36 | | | | | | 11/05/2015 | | | | | | 11/05/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 303 | | | | | | 202 | | | | | | | | | | | $ | 397.95 | | | | | | 11/03/2016 | | | | | | 11/03/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 316 | | | | | | 474 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 316 | | | | | | 1,264 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 1,610 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Name | | | Grant Type | | | Grant Date | | | Unvested Units (#) | | |||||||||
| | | | Shawn P. Vadala | | | | | RSU | | | | | | 11/05/2015 | | | | | | 44 | | |
| | | | Peter Aggersbjerg | | | | | RSU | | | | | | 02/04/2016 | | | | | | 96 | | |
| | | | | | | | | RSU | | | | | | 11/03/2016 | | | | | | 111 | | |
| | | | Gerhard Keller | | | | | RSU | | | | | | 11/05/2015 | | | | | | 54 | | |
| | | | | | | | | RSU | | | | | | 11/03/2016 | | | | | | 91 | | |
| | | | | | | | | RSU | | | | | | 11/02/2017 | | | | | | 74 | | |
| | | | Name | | | Grant Type | | | Grant Date | | | Unearned Units (#) | | |||||||||
| | | | Olivier A. Filliol | | | | | PSU | | | | | | 11/02/2017 | | | | | | 3,410 | | |
| | | | | | | | | PSU | | | | | | 11/08/2018 | | | | | | 4,874 | | |
| | | | | | | | | PSU | | | | | | 11/07/2019 | | | | | | 4,632 | | |
| | | | Shawn P. Vadala | | | | | PSU | | | | | | 11/02/2017 | | | | | | 434 | | |
| | | | | | | | | PSU | | | | | | 11/08/2018 | | | | | | 1,046 | | |
| | | | | | | | | PSU | | | | | | 11/07/2019 | | | | | | 992 | | |
| | | | Peter Aggersbjerg | | | | | PSU | | | | | | 11/02/2017 | | | | | | 284 | | |
| | | | | | | | | PSU | | | | | | 11/08/2018 | | | | | | 590 | | |
| | | | | | | | | PSU | | | | | | 11/07/2019 | | | | | | 648 | | |
| | | | Marc de La Guéronnière | | | | | PSU | | | | | | 11/02/2017 | | | | | | 584 | | |
| | | | | | | | | PSU | | | | | | 11/08/2018 | | | | | | 928 | | |
| | | | | | | | | PSU | | | | | | 11/07/2019 | | | | | | 876 | | |
| | | | Gerhard Keller | | | | | PSU | | | | | | 11/08/2018 | | | | | | 410 | | |
| | | | | | | | | PSU | | | | | | 11/07/2019 | | | | | | 394 | | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||
Name | | | Number of Shares Acquired on Exercise (#) | | | Net Value Realized on Exercise ($) | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting ($) | | ||||||||||||
Olivier A. Filliol | | | | | 135,360 | | | | | | 78,705,313 | | | | | | — | | | | | | — | | |
Shawn P. Vadala | | | | | 2,385 | | | | | | 1,338,301 | | | | | | 96 | | | | | | 68,342 | | |
Peter Aggersbjerg | | | | | — | | | | | | — | | | | | | 103 | | | | | | 70,121 | | |
Marc de La Guéronnière | | | | | 13,225 | | | | | | 6,410,645 | | | | | | — | | | | | | — | | |
Gerhard Keller | | | | | 157 | | | | | | 85,151 | | | | | | 185 | | | | | | 131,862 | | |
| | | | Name | | | Net Value of Accelerated Unvested Stock Options | | |||
| | | | Olivier A. Filliol | | | | $ | 14,758,363 | | |
| | | | Shawn P. Vadala | | | | | 850,616 | | |
| | | | Peter Aggersbjerg | | | | | 0 | | |
| | | | Marc de La Guéronnière | | | | | 0 | | |
| | | | Gerhard Keller | | | | | 0 | | |
Pursuant to its charter, the Compensation Committee has the sole authority to retain, terminate, obtain advice from, oversee, and compensate its outside advisors, including its compensation consultant. The company has provided appropriate funding to the Committee to do so. In 2017, the Compensation Committee retained Pearl Meyer & Partners (“PM&P”) as its independent executive compensation consultant. PM&P reports directly to the Compensation Committee, and the Compensation Committee may replace PM&P or hire additional consultants at any time. PM&P attends meetings of the Compensation Committee, as requested, and communicates with the Chair of the Compensation Committee between meetings; however, the Compensation Committee makes all decisions regarding the compensation of the company’s executive officers.
PM&P provides various executive compensation services to the Compensation Committee at its request with respect to the company’s executive officers and other key employees, as well as the Board of Directors and Chairman of the Board. The services PM&P provides include advising the Compensation Committee on the principal aspects of the executive compensation program and evolving best practices, and providing market information and analysis regarding the competitiveness of the company’s program design and awards in relation to the company’s performance.
The Compensation Committee reviews the services provided by its outside consultants and believes that PM&P is independent in providing executive compensation consulting services. The Compensation Committee conducted a specific review of its relationship with PM&P, and determined that PM&P’s work for the Committee in 2017 did not raise any conflicts of interest, consistent with the guidance provided under the Dodd-Frank Act, or applicable rules and regulations of the SEC and the NYSE. In making this determination, the Compensation Committee noted that during 2017:
The Compensation Committee monitors the independence of its compensation consultant on an annual basis.
The Compensation Committee has reviewed and discussed with management the Compensation Discussion and Analysis contained in this Proxy Statement. On the basis of such review and discussions, the Compensation Committee recommended to the Board of Directors, and the board approved, that the Compensation Discussion and Analysis be included in this Proxy Statement.
| | | | | | | Shares Beneficially Owned(1) | | |||||||||
| | | | Name of Beneficial Owner | | | Number | | | Percent | | ||||||
| | | | 5% Shareholders: | | | | | | | | | | | | | |
| | | | The Vanguard Group | | | | | 2,775,467 | | | | | | 11.4% | | |
| | | | 100 Vanguard Blvd. Malvern, PA 19355 | | | | | | | | | | | | | |
| | | | FMR LLC | | | | | 2,074,316 | | | | | | 8.5% | | |
| | | | 245 Summer Street Boston, MA 02210 | | | | | | | | | | | | | |
| | | | BlackRock, Inc. | | | | | 1,755,503 | | | | | | 7.2% | | |
| | | | 55 East 52nd Street New York, NY 10055 | | | | | | | | | | | | | |
| | | | | | | Direct | | | Indirect(2) | | | Total | | | ||||||||||||||
| | | | | | | Number | | | Percent | | ||||||||||||||||||
| | | | Directors: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Robert F. Spoerry(3) | | | | | 237,974 | | | | | | 49,668 | | | | | | 287,642 | | | | | | 1.2% | | |
| | | | Wah-Hui Chu(4) | | | | | 2,916 | | | | | | 12,387 | | | | | | 15,303 | | | | | | * | | |
| | | | Domitille Doat-Le Bigot | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | * | | |
| | | | Olivier A. Filliol | | | | | 16,279 | | | | | | 242,936 | | | | | | 259,215 | | | | | | 1.1% | | |
| | | | Elisha W. Finney | | | | | 155 | | | | | | 713 | | | | | | 868 | | | | | | * | | |
| | | | Richard Francis | | | | | 392 | | | | | | 1,545 | | | | | | 1,937 | | | | | | * | | |
| | | | Michael A. Kelly | | | | | 1,516 | | | | | | 5,359 | | | | | | 6,875 | | | | | | * | | |
| | | | Thomas P. Salice(5) | | | | | 116,403 | | | | | | 9,787 | | | | | | 126,190 | | | | | | * | | |
| | | | Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Shawn P. Vadala | | | | | 5,010 | | | | | | 17,409 | | | | | | 22,419 | | | | | | * | | |
| | | | Peter Aggersbjerg | | | | | 357 | | | | | | 921 | | | | | | 1,278 | | | | | | * | | |
| | | | Marc de La Guéronnière | | | | | 12,557 | | | | | | 15,973 | | | | | | 28,530 | | | | | | * | | |
| | | | Gerhard Keller | | | | | 0 | | | | | | 1,697 | | | | | | 1,697 | | | | | | * | | |
| | | | All Directors and Executive Officers as a Group (13 persons): | | | | | 393,710 | | | | | | 378,347 | | | | | | 772,057 | | | | | | 3.2% | | |
![]() | ![]() | ![]() | ||||||
Shares Beneficially Owned(1) | ||||||||
Name of Beneficial Owner | Number | Percent | ||||||
5% Shareholders: | ||||||||
The Vanguard Group | 2,697,785 | 10.5 | % | |||||
100 Vanguard Blvd. Malvern, PA 19355 | ||||||||
FMR LLC | 2,495,109 | 9.7 | % | |||||
245 Summer Street Boston, MA 02210 | ||||||||
BlackRock, Inc. | 1,847,591 | 7.2 | % | |||||
55 East 52nd Street New York, NY 10055 |
![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||
Section 16(a) of the Securities Exchange Act of 1934 requires the company’s executive officers and directors, and persons who own more than ten percent of a registered class of the company’s equity securities, to file reports of ownership and changes in ownership with the Securities and Exchange Commission (the “SEC”) and The New York Stock Exchange. Executive officers, directors and greater than 10% shareholders are required by SEC regulation to furnish us with copies of all Section 16(a) forms they file. Based on our review of the copies of such forms we received, or written representations from certain reporting persons, we believe that in the last fiscal year all filing requirements applicable to our executive officers and directors and greater than 10% shareholders were complied with except the filing of a Form 4 on November 24, 2017 reporting a stock purchase by Mr. Francis made on November 17, 2017.
1.1 - Robert F. Spoerry1.2 - Wah-Hui Chu1.3 - Domitille Doat-Le Bigot1.4 - Olivier A. Filliol1.5 - Elisha W. Finney1.6 - Richard Francis1.7 - Michael A. Kelly1.8 - Thomas P. SaliceFor Against Abstain For Against Abstain For Against Abstain1 U P XMETTLER-TOLEDO INTERNATIONAL INC.Using a black ink pen, mark your votes with an X as shown in this example.Please do not write outside the designated areas.036MGA++Proposals — The Board of Directors recommend a vote FOR all the nominees listed and FOR A Proposals 2 and 3.2. RATIFICATION OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM3. ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION1. ELECTION OF DIRECTORSFor Against AbstainPlease sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give fulltitle.Date (mm/dd/yyyy) — Please print date below. Signature 1 — Please keep signature within the box. Signature 2 — Please keep signature within the box.B Authorized Signatures — This section must be completed for your vote to count. Please date and sign below.qIF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.q2020 Annual Meeting Proxy CardFor Against AbstainYou may vote online or by phone instead of mailing this card.OnlineGo to www.investorvote.com/MTD or scanthe QR code — login details are located inthe shaded bar below.Save paper, time and money!Sign up for electronic delivery atwww.investorvote.com/MTDPhoneCall toll free 1-800-652-VOTE (8683) withinthe USA, US territories and CanadaVotes submitted electronically must bereceived by 11:59pm, (Eastern Time), onMay 6, 2020.Your vote matters – here’s how to vote!