No Fee Required.
Im Langacher 44 8606 Greifensee Switzerland | | | 1900 Polaris Parkway Columbus, Ohio 43240 USA | |
2022
The Secretary’s notice of the meeting and the proxy statement which appear on the following pages describefor more details and a description of the matters to be acted upon at the meeting.
| Page | | |||||
| | | | iii | | | |
| | | | 1 | | | |
| | | 3 | | | ||
| | | 7 | | | ||
| | | 15 | | | ||
| | | 17 | | | ||
| | | 19 | | | ||
| | | 20 | | | ||
| | | 22 | | | ||
| | | 38 | | | ||
| | | 39 | | | ||
| | | 40 | | | ||
| | | 41 | | |
ii
Date and 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 eight directors | |
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: | | Only shareholders of record at the close of trading on March | | |
| Annual Report: | | | A copy of our | |
| Date of Mailing: | | | On or about March 15, | |
iii
IN PERSON
2007, as well as Chair of PepsiCo Investment (China) Limited from January 1999 to March 2007 and again from March 2012 to December 2013.
2008 through March 31, 2021 and continues to support the company in marketing and other organizational matters. Mr. Filliol is a member, since March 2020, of the Board of Directors of Givaudan S.A., a company listed on the SIX Swiss Exchange, and he serves on their Audit Committee and Innovation Committee.
Mr. Filliol has broad experience across many of the company’s businesses. He led one of the company’s divisions over an eight-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 a former President and CEO of the company, Mr. Filliol also brings the board the necessary insights into understanding the global operations of the company.
company and its industries.
November 2021.
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 commercial organization. From 1998 to 2001, he held various marketing roles at Sanofi.
Marco Gadolais 55 years old and is nominated for director for the first time. If elected, he will serve on the Audit Committee. He has a degree in Business Administration and Economics from Basel University, and has completed various programs at the London School of Economics and at IMD in Lausanne.
Since 2013, Mr. Gadola has been the Chief Executive Officer of Straumann AG, a global leader in implantable, restorative, and regenerative dentistry. From 2006 to 2008 he served as Straumann’s Chief Financial Officer and Executive Vice President of Operations. In between his time at Straumann, Mr. Gadola was at Panalpina World Transport, starting as its Chief Financial Officer and, from 2012, serving as its Regional CEO for Asia/Pacific. Prior to 2006 he held executive finance positions at Hilti and Hero Group.
Mr. Gadola is a Director at Calida Group and MCH Group, both are SIX listed companies. He heads the Audit Committees at both companies and serves as Vice Chairman of the Board at Calida Group.
Mr. Gadola is an experienced CEO and CFO. He has a track record of leading successful and highly innovative global companies in different industries. Under his leadership, Straumann became the global market leader in its field and achieved excellent operating margins. He has expertise in R&D, operations, sales and marketing, and finance, and also has broad international experience.
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 Display and Graphics Business from October 2006 to October 2012. He served in various management positions in the U.S., Singapore, Korea, and Germany since he joined 3M in 1981.
, Micromeritics Instrument Corporation, and Pion Inc.
Vice-Chair.
As the former President and CEO of the company, Mr. Spoerry has long-standing experience in the global precision instrument industry and a deep knowledge of the company, including its organization, products, markets, customers, and competitors. He has a strong technical background and experience with innovation-driven companies. Mr. Spoerry has broad international experience across industries and businesses relevant to the company, including by virtue of his service on several other boards of directors.
| ✓ 87.5% of the board is independent ✓ Presiding Director as independent lead director ✓ Separate Non-Executive Board Chair and CEO roles ✓ Independent Audit, Compensation, and Nominating & Corporate Governance Committees ✓ Regular executive sessions of independent directors | | | ✓ Annual board and committee self-evaluation ✓ Policy limiting directorships ✓ Proxy access ✓ Annual director elections ✓ Mandatory director retirement at age 72 ✓ Regular director refreshment | | | ✓ Majority voting in uncontested elections ✓ No poison pill in effect ✓ Stock ownership guidelines for directors ✓ Multiple avenues for shareholders to communicate with the board ✓ Board oversight of strong ethics program and annual publication of Corporate Responsibility Report | |
Generally
Allconduct governs all actions of the company’s Board of Directors, executive officers, and employees are governed by the company’s code of conduct.employees. The board did not approve any waiver of the code of conduct by an executive officer or director in 2018.2021. A copy of the code of conduct is available atwww.mt.com under “About Us/Us / Investor Relations/Relations / Corporate Governance” and is available in print to any shareholder who requests it.
available at www.mt.com under “About Us / Investor Relations / Corporate Governance.”
Each
Beginning with the stock grants made to directors in November 2019, all directors are required to retain the shares received from a grant of stock 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 | | |
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 | $ | 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 | $ | 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 Chair, Mr. Spoerry receives an annual cash retainer, of CHF 312,000, a grant of stock options, with a grant date value of $367,034, and a grant of stock. For 2021, his annual cash retainer was $300,000. For equity grants awarded to Mr. Spoerry in November 2021, his grant of stock withoptions has a grant date approximate value of $182,760.
$333,000, and his grant of stock has a grant date approximate value of $167,000. All directors are required to retain the shares received from the grant of stock for three years following the date of grant.
The actual
Name | | | Fees Earned or Paid in Cash | | | Stock Awards(2) | | | Option Awards(2) | | | Total | | ||||||||||||
Wah-Hui Chu | | | | $ | 98,000 | | | | | $ | 44,532 | | | | | $ | 89,912 | | | | | $ | 232,444 | | |
Domitille Doat-Le Bigot | | | | | 84,000 | | | | | | 44,532 | | | | | | 89,912 | | | | | | 218,444 | | |
Elisha W. Finney | | | | | 105,000 | | | | | | 44,532 | | | | | | 89,912 | | | | | | 239,444 | | |
Richard Francis | | | | | 90,000 | | | | | | 44,532 | | | | | | 89,912 | | | | | | 224,444 | | |
Michael A. Kelly | | | | | 101,000 | | | | | | 44,532 | | | | | | 89,912 | | | | | | 235,444 | | |
Thomas P. Salice | | | | | 110,000 | | | | | | 95,002 | | | | | | 89,912 | | | | | | 294,914 | | |
Robert F. Spoerry | | | | | 300,000 | | | | | | 167,737 | | | | | | 332,918 | | | | | | 800,655 | | |
Name | Fees Earned or Paid in Cash | Stock Awards(1) | Option Awards(1) | Total | ||||||||||||
Wah-Hui Chu | $ | 81,250 | $ | 45,244 | $ | 89,956 | $ | 216,450 | ||||||||
Francis A. Contino(2) | 40,000 | 0 | 0 | 40,000 | ||||||||||||
Elisha W. Finney | 93,667 | 45,244 | 89,956 | 228,867 | ||||||||||||
Richard Francis | 83,875 | 45,244 | 89,956 | 219,075 | ||||||||||||
Constance L. Harvey(3) | 81,250 | 45,244 | 89,956 | 216,450 | ||||||||||||
Michael A. Kelly | 97,500 | 45,244 | 89,956 | 232,700 | ||||||||||||
Hans Ulrich Maerki(4) | 95,500 | 45,244 | 0 | 140,744 | ||||||||||||
Thomas P. Salice | 102,500 | 95,250 | 89,956 | 287,706 | ||||||||||||
Robert F. Spoerry | 319,153 | 182,760 | 367,035 | 868,948 |
| Stock Options | | |||||
| | ||||||
| (#) | | |||||
Wah-Hui Chu | | | | 8,700 | | | |
| | | 538 | | | ||
Elisha W. Finney | | | | 1,946 | | | |
Richard Francis | | | |||||
2,778 | | | |||||
Michael A. Kelly | | | |||||
6,592 | | | |||||
Thomas P. Salice | | | | 5,108 | | | |
Robert F. Spoerry | | |
|
|
Name | | | Audit(1) | | | Compensation(2) | | | Nominating & Corporate Governance(3) | | |||||||||
Wah-Hui Chu | | | | | X | | | | | | | | | | | | X | | |
Domitille Doat-Le Bigot | | | | | | | | | | | | | | | | | X | | |
Elisha W. Finney | | | | | X | | | | | | | | | | | | | | |
Richard Francis | | | | | | | | | | | X | | | | | | | | |
Michael A. Kelly | | | | | X | | | | | | X | | | | | | | | |
Thomas P. Salice | | | | | | | | | | | X | | | | | | X | | |
Total meetings in 2021 | | | | | 4 | | | | | | 5 | | | | | | 3 | | |
Name | Audit(1) | Compensation | 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 2018 | 4 | 4 | 3 |
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 | | | •
Develops and recommends to 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 | | | •
Advises the board | |
| • 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 | | | • Reviews and evaluates polices, practices, and initiatives of the board and the company (in the board’s oversight role, for the latter), with respect to certain ESG topics, including diversity, equity, and inclusion objectives | |
| • Assists with board oversight of the company’s compliance with legal and regulatory requirements, and of the enterprise risk assessment, which addresses topics, among others, such as those related to ESG and cybersecurity | | | • Reviews and monitors the compensation of senior management, such as the annual cash incentive program, which includes performance targets related to ESG | | | • Leads the board in its annual review of the board’s performance | |
| |
| | | Audit Fees | | | Audit-Related Fees | | | Tax Fees | | | All Other Fees | | ||||||||||||
2021 | | | | $ | 3,814,600 | | | | | $ | 70,400 | | | | | $ | 588,000 | | | | | $ | 5,900 | | |
2020 | | | | $ | 3,788,000 | | | | | $ | 86,000 | | | | | $ | 412,000 | | | | | $ | 4,000 | | |
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |||||||||||||
2018 | $ | 3,913,416 | $ | 134,178 | $ | 270,523 | $ | 8,300 | ||||||||
2017 | $ | 3,947,000 | $ | 260,000 | $ | 147,000 | $ | 12,000 |
financial reporting.
2022
Respectfully submitted by the members of theAudit Committee:
Elisha W. Finney,ChairMichael A. KellyThomas P. Salice
| | | | Respectfully submitted by the members of the Audit Committee: | |
| | | | Elisha W. Finney, Chair Wah-Hui Chu Michael A. Kelly | |
Qualifications) to ensure that the Board has an appropriate mix of relevant skills and experience.
guidelines. The Nominating and Corporate Governance Committee proceeds as follows in nominating candidates for a position on the company’s Board of Directors.
During 2018, the Nominating and Corporate Governance Committee evaluated changes in individual Directors’ professional status to evaluate their ability to continue serving on the board. They also identified and interviewed candidates to nominate to the board. They utilizedupdated the board’s skills and experience competency matrix inas part of the board’s self-evaluation process and director search process.reviewed board composition related to diversity considerations. In addition, the Committee formalized, with the board’s approval, a no-pledging policy to add to the company’s existing no-hedging policy. With regard to the current board nominees, the Nominating and& Corporate Governance Committee has recommended to the board that Mr. Gadola be nominated for election and sevenall current directors be nominated for re-election.
Hans Ulrich Maerki,
| Title | | ||
| President and Chief Executive Officer (as of April 1, 2021) | | ||
Olivier A. Filliol | | | President and Chief Executive Officer (through March 31, 2021) | |
Shawn P. Vadala | | | Chief Financial Officer | |
Peter Aggersbjerg | | | Head of | |
Marc de La Guéronnière | | | Head of European and North American Market Organizations | |
| | Head of | |
| | | | ||||||||||||||||
| 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, including quantitative ESG targets | | | Stock price appreciation, EPS growth for performance options | | | Relative total shareholder return (rTSR) | |
In 2018, we grew adjusted earnings per share by 16% due to management’s execution of its growth and productivity initiatives.
Agilent Technologies | | | AMETEK | | |
| Bio-Rad Laboratories | | | Bruker Corp. | |
| Fortive Corp. | | | Hologic | |
| IDEX Corp. | | | Intuitive Surgical | |
| Nordson Corporation | | | PerkinElmer | |
| ResMed | ||||
| | Rockwell Automation | | ||
| Roper Technologies | ||||
| | Teleflex | |||
| Waters Corp. | | | Xylem | |
targets are set taking into account the economic environment, the health of the company’s end-user markets, and the challenges and opportunities of the company’s various businesses. See “20182021 Threshold, Target, Maximum, and Actual Performance” below.
| | | Achievement vs. Target Levels | | |||||||||||||||
Name | | | <90% | | | 100% (Target) | | | 130% (Maximum) | | |||||||||
Patrick Kaltenbach & Olivier Filliol | | | | | — | | | | | | 50% | | | | | | 169.4% | | |
Shawn P. Vadala | | | | | — | | | | | | 45% | | | | | | 157.5% | | |
Other Named Executive Officers | | | | | — | | | | | | 45% | | | | | | 160.5% | | |
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 | % |
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
2021 Performance Targets | | | Threshold | | | Target | | | Maximum | | | Actual | |
Adjusted Non-GAAP Earnings Per Share(1) | | | $28.92 | | | $29.83 | | | $32.56 | | | $33.61 | |
Net Cash Flow(2) | | | $776.7 million | | | $818.7 million | | | $944.7 million | | | $966.9 million | |
Group Sales (at budgeted currency rates)(3) | | | $3,317.5 million | | | $3,385.9 million | | | $3,591.1 million | | | $3,722 million | |
2018 Performance Targets | Threshold | Target | Maximum | Actual | ||||||||||||
Adjusted Non-GAAP Earnings Per Share(1) | $19.57 | $20.50 | $22.05 | $20.20 | ||||||||||||
Net Cash Flow(2) | $521.3 million | $563.6 million | $634.1 million | $572.4 million | ||||||||||||
Group Sales (at budgeted currency rates) | $2,931 million | $3,022 million | $3,173 million | $3,000 million |
Mr. Kaltenbach | | | | 160% | | | ||
| Mr. Filliol | | | | 169% | | | |
| Mr. Vadala | | | | 147% | | | |
| Mr. Aggersbjerg | | | | 154% | | | |
| Mr. de La Guéronnière | | | | 131% | | | |
| Mr. | | | | 151% | | |
of the date of grant. The company has, in the past, also granted performance options with cliff vesting of five years or longer, including a grant oflonger. The only such options outstanding are performance options granted to the CEOMr. Filliol in 2016, described below.which had a five-year performance period and fully vested on March 1, 2022 after the company 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. All options have a term of ten years. We expect future grants will similarly have vesting schedules of five years and terms of ten years.
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 named 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.
| | | rTSR Percentile Rank | | | Shares Earned as % of Target | |
Threshold | | | ≤ 30% | | | 0% | |
| | | 45% | | | 50% | |
Target | | | 60% | | | 100% | |
| | | 67.5% | | | 150% | |
Maximum | | | ≥ 75% | | | 200% | |
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.
During 2016 the Compensation Committee made a one-time grant of performance stock options to Mr. Filliol. This one-time grant was intended to address an existing cash compensation gap that will not be closed with an increase in cash compensation over the subsequent 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.
| ||||
Value of Equity Ownership Required | | |||
CEO | | $5,500,000 | | |
CFO | | | 3x base salary | |
Other executive officers | | | 2x base salary | |
The CEO
In July 2013, the
Prior to 2018 Section 162(m) of the Internal Revenue Code prohibited the company from deducting compensation in excess of $1 million paid to certain employees, generally its CEO and its three other most highly compensated executive officers (excluding the CFO), unless that compensation qualified as performance-based compensation. Starting in 2018 there is no performance-based compensation exception to the $1 million cap, and the pool of relevant employees additionally includes the CFO and any employee subject to the limitation in a prior year. We maintain flexibility to balance the need to fairly compensate the company’s executive officers with the company’s ability to deduct compensation of relevant officers.
Name and Principal Position | | | Year | | | Base Salary ($) | | | Stock Awards ($)(3) | | | Option Awards ($)(4) | | | Non-Equity Incentive Plan Compensation ($)(5) | | | All Other Compensation ($)(6) | | | Total ($) | | |||||||||||||||||||||
Patrick Kaltenbach (2) | | | | | 2021 | | | | | | 819,073 | | | | | | 3,611,726 | | | | | | 5,721,581 | | | | | | 1,308,960 | | | | | | 349,982 | | | | | | 11,811,322 | | |
President and Chief | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Olivier A. Filliol (7) | | | | | 2021 | | | | | | 289,455 | | | | | | 44,532 | | | | | | 89,912 | | | | | | 388,651 | | | | | | 130,882 | | | | | | 943,432 | | |
Past President and Chief | | | | | 2020 | | | | | | 770,587 | | | | | | 1,860,176 | | | | | | 0 | | | | | | 958,480 | | | | | | 2,797,614 | | | | | | 6,386,857 | | |
Executive Officer | | | | | 2019 | | | | | | 917,820 | | | | | | 1,860,350 | | | | | | 3,719,816 | | | | | | 719,571 | | | | | | 1,691,038 | | | | | | 8,908,595 | | |
Shawn P. Vadala | | | | | 2021 | | | | | | 404,000 | | | | | | 440,560 | | | | | | 880,897 | | | | | | 595,092 | | | | | | 27,325 | | | | | | 2,347,874 | | |
Chief Financial Officer | | | | | 2020 | | | | | | 367,883 | | | | | | 398,129 | | | | | | 797,321 | | | | | | 369,660 | | | | | | 25,625 | | | | | | 1,958,618 | | |
| | | | | 2019 | | | | | | 386,900 | | | | | | 398,417 | | | | | | 797,384 | | | | | | 255,442 | | | | | | 25,350 | | | | | | 1,863,493 | | |
Peter Aggersbjerg | | | | | 2021 | | | | | | 476,086 | | | | | | 260,678 | | | | | | 520,438 | | | | | | 733,935 | | | | | | 157,381 | | | | | | 2,148,518 | | |
Head of Divisions | | | | | 2020 | | | | | | 432,445 | | | | | | 259,591 | | | | | | 520,178 | | | | | | 404,912 | | | | | | 133,946 | | | | | | 1,751,072 | | |
| | | | | 2019 | | | | | | 347,379 | | | | | | 260,256 | | | | | | 520,460 | | | | | | 187,918 | | | | | | 127,607 | | | | | | 1,443,620 | | |
Marc de La Guéronnière | | | | | 2021 | | | | | | 296,296 | | | | | | 359,765 | | | | | | 720,918 | | | | | | 388,563 | | | | | | 69,454 | | | | | | 1,834,996 | | |
Head of EU and NA | | | | | 2020 | | | | | | 267,694 | | | | | | 352,398 | | | | | | 703,519 | | | | | | 223,467 | | | | | | 82,564 | | | | | | 1,629,642 | | |
| | | | | 2019 | | | | | | 289,060 | | | | | | 351,828 | | | | | | 703,112 | | | | | | 180,544 | | | | | | 81,257 | | | | | | 1,605,801 | | |
Gerhard Keller | | | | | 2021 | | | | | | 336,544 | | | | | | 163,114 | | | | | | 326,033 | | | | | | 508,484 | | | | | | 50,451 | | | | | | 1,384,626 | | |
Head of Process Analytics | | | | | 2020 | | | | | | 312,585 | | | | | | 158,714 | | | | | | 315,518 | | | | | | 342,635 | | | | | | 415,688 | | | | | | 1,545,140 | | |
| | | | | 2019 | | | | | | 329,293 | | | | | | 158,242 | | | | | | 316,204 | | | | | | 215,819 | | | | | | 249,983 | | | | | | 1,269,541 | | |
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 | 2018 | 857,827 | 1,787,174 | 3,575,455 | 567,024 | 282,390 | 7,069,870 | |||||||||||||||||||||
2017 | 857,827 | 1,439,685 | 3,574,521 | 1,174,366 | 229,178 | 7,275,577 | ||||||||||||||||||||||
2016 | 857,827 | 1,199,874 | 5,074,671 | 968,830 | (731,559 | ) | 7,369,643 | |||||||||||||||||||||
Shawn P. Vadala Chief Financial Officer | 2018 | 362,500 | 383,542 | 766,711 | 201,371 | 27,100 | 1,741,224 | |||||||||||||||||||||
Peter Aggersbjerg Head of Laboratory | 2018 | 322,218 | 216,338 | 433,647 | 152,989 | 118,383 | 1,243,575 | |||||||||||||||||||||
Marc de La Guéronnière Head of EU and NA | 2018 | 282,442 | 340,274 | 680,361 | 147,715 | 79,040 | 1,529,832 | |||||||||||||||||||||
2017 | 276,220 | 246,562 | 680,615 | 240,675 | 77,424 | 1,521,496 | ||||||||||||||||||||||
2016 | 271,817 | 184,777 | 693,888 | 218,298 | 75,600 | 1,444,380 | ||||||||||||||||||||||
Simon Kirk Head of Product Inspection | 2018 | 324,371 | 197,271 | 393,794 | 107,406 | 145,574 | 1,168,416 | |||||||||||||||||||||
2017 | 320,366 | 172,256 | 398,661 | 304,695 | 258,260 | 1,454,238 | ||||||||||||||||||||||
2016 | 322,493 | 154,216 | 389,240 | 289,517 | 190,399 | 1,345,865 |
(1) All amounts shown were paid in Swiss francs, except amounts paid to Mr. Vadala and U.S. tax equalization payments, which were paid in U.S. dollars, and amounts paid to Mr. de La Guéronnière, which were paid in Euros. For purposes of this table, all amounts paid in Swiss francs were converted to U.S. dollars at a rate of CHF 0.9137 to $1.00, and amounts paid in Euros were converted to U.S. dollars at a rate of EUR 0.8451 to $1.00, in each case the respective average exchange rate in 2021. (2) Mr. Kaltenbach’s 2021 compensation, as displayed in the Summary Compensation Table above, includes January 2021 equity grants for partial replacement compensation related to his prior employment, and pro rata equity grants for fiscal year 2021 upon his assumption of CEO responsibilities in April 2021, both of which were extraordinary one-time grants related to the company’s recent CEO transition. Excluding these grants, which is necessary for a proper understanding of Mr. Kaltenbach’s ordinary compensation structure, Mr. Kaltenbach’s total compensation in 2021 was $6,478,882, consisting of $819,073 in base salary, $1,333,876 in stock awards, $2,666,991 in option awards, $1,308,960 in non-equity incentive plan compensation, and $349,982 in all other compensation. (3) With respect to Mr. Filliol’s 2021 grant, this represents the grant date fair value of stock awards granted to directors. With respect to Mr. Kaltenbach, this represents the aggregate grant date fair value of restricted stock units he received in January 2021 for partial replacement compensation related to his prior employment, performance share units he received upon assuming CEO responsibilities in April 2021 that were pro rata for fiscal year 2021, and performance share units he received in November 2021 as part of the company’s ordinary grant cycle. For all other values in this column, this represents the aggregate grant date fair value of performance share units each individual received during the company’s ordinary grant cycle. Grant date fair values in all cases are computed in accordance with ASC 718. The valuation assumptions associated with such awards are discussed in Note 12 to the company’s consolidated financial statements included in the Form 10-K for the fiscal year ending December 31, 2021. The following table lists the value of each officer’s performance share unit awards assuming the highest level of performance conditions will be achieved:
32 COMPENSATION DISCUSSION AND ANALYSIS
(4) Represents the aggregate grant date fair value of stock option awards for each individual computed in accordance with ASC 718. The valuation assumptions associated with such awards are discussed in Note 12 to the company’s consolidated financial statements included in the Form 10-K for the fiscal year ending December 31, 2021.
|
Name | | | Year | | | Tax Equalization | | | Retirement Contribution | | | Swiss Insurance | | | Allowances | | | Miscellaneous Benefits | | ||||||||||||||||||
Patrick Kaltenbach | | | | | 2021 | | | | | $ | 70,500 | | | | | $ | 190,420 | | | | | $ | 22,731 | | | | | $ | 15,972 | | | | | $ | 50,359 | | |
Olivier A. Filliol | | | | | 2021 | | | | | | 57,962 | | | | | | 51,358 | | | | | | 6,046 | | | | | | 4,268 | | | | | | 11,248 | | |
| | | | | 2020 | | | | | | 2,535,818 | | | | | | 205,433 | | | | | | 24,053 | | | | | | 17,073 | | | | | | 15,237 | | |
| | | | | 2019 | | | | | | 1,422,570 | | | | | | 205,433 | | | | | | 23,916 | | | | | | 17,073 | | | | | | 22,046 | | |
Shawn P. Vadala | | | | | 2021 | | | | | | n.a. | | | | | | 17,325 | | | | | | n.a. | | | | | | 10,000 | | | | | | 0 | | |
| | | | | 2020 | | | | | | n.a. | | | | | | 15,625 | | | | | | n.a. | | | | | | 10,000 | | | | | | 0 | | |
| | | | | 2019 | | | | | | n.a. | | | | | | 15,350 | | | | | | n.a. | | | | | | 10,000 | | | | | | 0 | | |
Peter Aggersbjerg | | | | | 2021 | | | | | | 2,434 | | | | | | 117,355 | | | | | | 14,520 | | | | | | 11,492 | | | | | | 11,580 | | |
| | | | | 2020 | | | | | | (17,966) | | | | | | 117,356 | | | | | | 14,393 | | | | | | 11,492 | | | | | | 8,671 | | |
| | | | | 2019 | | | | | | 5,452 | | | | | | 85,629 | | | | | | 10,923 | | | | | | 11,492 | | | | | | 14,111 | | |
Marc de La | | | | | 2021 | | | | | | n.a. | | | | | | 53,498 | | | | | | n.a. | | | | | | 15,956 | | | | | | 0 | | |
Guéronnière | | | | | 2020 | | | | | | n.a. | | | | | | 66,608 | | | | | | n.a. | | | | | | 15,956 | | | | | | 0 | | |
| | | | | 2019 | | | | | | n.a. | | | | | | 65,301 | | | | | | n.a. | | | | | | 15,956 | | | | | | 0 | | |
Gerhard Keller | | | | | 2021 | | | | | | (108,477) | | | | | | 82,958 | | | | | | 11,001 | | | | | | 11,492 | | | | | | 53,477 | | |
| | | | | 2020 | | | | | | 299,288 | | | | | | 82,756 | | | | | | 10,855 | | | | | | 11,492 | | | | | | 11,297 | | |
| | | | | 2019 | | | | | | 130,000 | | | | | | 81,171 | | | | | | 10,582 | | | | | | 11,492 | | | | | | 16,738 | | |
Name | Year | Tax Equalization | Retirement Contribution | Swiss Insurance | Miscellaneous Benefits | |||||||||||||||
Olivier A. Filliol | 2018 | $ | (17,185 | ) | $ | 190,385 | $ | 22,065 | $ | 87,125 | ||||||||||
2017 | (27,887 | ) | 190,385 | 25,520 | 41,160 | |||||||||||||||
2016 | (983,698 | ) | 190,385 | 25,416 | 36,338 | |||||||||||||||
Shawn P. Vadala | 2018 | n.a. | 17,100 | n.a. | 10,000 | |||||||||||||||
Peter Aggersbjerg | 2018 | 2,000 | 79,427 | 10,030 | 26,926 | |||||||||||||||
Marc de La Guéronnière | 2018 | n.a. | 64,021 | n.a. | 15,019 | |||||||||||||||
2017 | n.a. | 62,794 | n.a. | 14,630 | ||||||||||||||||
2016 | n.a. | 60,970 | n.a. | 14,630 | ||||||||||||||||
Simon Kirk | 2018 | 23,027 | 79,957 | 11,060 | 31,530 | |||||||||||||||
2017 | 85,281 | 78,970 | 12,994 | 81,015 | ||||||||||||||||
2016 | 17,730 | 79,495 | 12,937 | 80,237 |
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 ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||||||||||
Olivier A. Filliol | 0 | 428,914 | 1,453,160 | 11/08/2018 | 0 | 2,437 | 4,874 | 18,840 | 595.31 | 5,362,629 | ||||||||||||||||||||||||||||||
Shawn P. Vadala | 0 | 164,250 | 574,875 | 11/08/2018 | 0 | 523 | 1046 | 4,040 | 595.31 | 1,150,253 | ||||||||||||||||||||||||||||||
Peter Aggersbjerg | 0 | 144,998 | 517,159 | 11/08/2018 | 0 | 295 | 590 | 2,285 | 595.31 | 649,986 | ||||||||||||||||||||||||||||||
Marc de La Guéronnière | 0 | 127,879 | 456,102 | 11/08/2018 | 0 | 464 | 928 | 3,585 | 595.31 | 1,020,636 | ||||||||||||||||||||||||||||||
Simon Kirk | 0 | 146,508 | 522,544 | 11/08/2018 | 0 | 269 | 538 | 2,075 | 595.31 | 591,065 |
| | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) [POBS Plus Cash Incentive] | | | | | | | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | | All Other Option Awards: Number of Securities Underlying Options (#)(4) | | | Exercise or Base Price of Option Awards ($/Sh) | | | Grant Date Fair Value of Stock and Option Awards ($)(5) | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Threshold ($) | | | Target ($) | | | Maximum ($) | | | Grant Date | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | |||||||||||||||||||||||||||||||||||||||||||||
Patrick Kaltenbach | | | | | 0 | | | | | | 437,780 | | | | | | 1,483,200 | | | | | | 01/25/2021 | | | | | | | | | | | | | | | | | | | | | | | | 1,216 | | | | | | 4,615 | | | | | | 1,233.47 | | | | | | 2,999,129 | | |
| | | | | | | | | | | | | | | | | | | | | | | 04/01/2021 | | | | | | 0 | | | | | | 648 | | | | | | 1,296 | | | | | | | | | | | | 4,810 | | | | | | 1,175.19 | | | | | | 2,333,312 | | |
| | | | | | | | | | | | | | | | | | | | | | | 11/04/2021 | | | | | | 0 | | | | | | 875 | | | | | | 1,750 | | | | | | | | | | | | 6,585 | | | | | | 1,484.40 | | | | | | 4,000,867 | | |
Olivier A. Filliol | | | | | 0 | | | | | | 114,727 | | | | | | 388,697 | | | | | | 11/04/2021 | | | | | | | | | | | | | | | | | | | | | | | | 30 | | | | | | 222 | | | | | | 1,484.40 | | | | | | 134,444 | | |
Shawn P. Vadala | | | | | 0 | | | | | | 181,800 | | | | | | 636,300 | | | | | | 11/04/2021 | | | | | | 0 | | | | | | 289 | | | | | | 578 | | | | | | | | | | | | 2,175 | | | | | | 1,484.40 | | | | | | 1,321,457 | | |
Peter Aggersbjerg | | | | | 0 | | | | | | 214,239 | | | | | | 764,118 | | | | | | 11/04/2021 | | | | | | 0 | | | | | | 171 | | | | | | 342 | | | | | | | | | | | | 1,285 | | | | | | 1,484.40 | | | | | | 781,115 | | |
Marc de La Guéronnière | | | | | 0 | | | | | | 133,333 | | | | | | 475,556 | | | | | | 11/04/2021 | | | | | | 0 | | | | | | 236 | | | | | | 472 | | | | | | | | | | | | 1,780 | | | | | | 1,484.40 | | | | | | 1,080,683 | | |
Gerhard Keller | | | | | 0 | | | | | | 151,445 | | | | | | 540,153 | | | | | | 11/04/2021 | | | | | | 0 | | | | | | 107 | | | | | | 214 | | | | | | | | | | | | 805 | | | | | | 1,484.40 | | | | | | 489,147 | | |
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 | 6,694 | $ | 3,785,993 | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
47,070 | 0 | $ | 244.99 | 11/07/2013 | 11/07/2023 | |||||||||||||||||||||||||||||||||||
34,744 | 8,686 | $ | 263.62 | 11/06/2014 | 11/06/2024 | |||||||||||||||||||||||||||||||||||
23,112 | 15,408 | $ | 312.36 | 11/05/2015 | 11/05/2025 | |||||||||||||||||||||||||||||||||||
12,086 | 18,129 | $ | 397.95 | 11/03/2016 | 11/03/2026 | |||||||||||||||||||||||||||||||||||
12,678 | $ | 397.95 | 11/03/2016 | 11/03/2026 | ||||||||||||||||||||||||||||||||||||
3,461 | 13,844 | $ | 671.60 | 11/02/2017 | 11/02/2027 | |||||||||||||||||||||||||||||||||||
0 | 18,840 | $ | 595.31 | 11/08/2018 | 11/08/2028 | |||||||||||||||||||||||||||||||||||
Shawn P. Vadala | 1,205 | 681,524 | ||||||||||||||||||||||||||||||||||||||
1,180 | 0 | $ | 133.00 | 11/03/2010 | 11/03/2020 | |||||||||||||||||||||||||||||||||||
2,945 | 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 | |||||||||||||||||||||||||||||||||||
2,832 | 708 | $ | 263.62 | 11/06/2014 | 11/06/2024 | |||||||||||||||||||||||||||||||||||
1,938 | 1,292 | $ | 312.36 | 11/05/2015 | 11/05/2025 | |||||||||||||||||||||||||||||||||||
1,038 | 1,557 | $ | 397.95 | 11/03/2016 | 11/03/2026 | |||||||||||||||||||||||||||||||||||
355 | 1,420 | $ | 671.60 | 11/02/2017 | 11/02/2027 | |||||||||||||||||||||||||||||||||||
0 | 4,040 | $ | 595.31 | 11/08/2018 | 11/08/2028 | |||||||||||||||||||||||||||||||||||
Peter Aggersbjerg | 747 | 422,488 | ||||||||||||||||||||||||||||||||||||||
232 | 928 | $ | 671.60 | 11/02/2017 | 11/02/2027 | |||||||||||||||||||||||||||||||||||
0 | 2,285 | $ | 595.31 | 11/08/2018 | 11/08/2028 | |||||||||||||||||||||||||||||||||||
Marc de La Guéronnière | 1,149 | 649,851 | ||||||||||||||||||||||||||||||||||||||
9,225 | 0 | $ | 244.99 | 11/07/2013 | 11/07/2023 | |||||||||||||||||||||||||||||||||||
6,748 | 1,687 | $ | 263.62 | 11/06/2014 | 11/06/2024 | |||||||||||||||||||||||||||||||||||
4,488 | 2,992 | $ | 312.36 | 11/05/2015 | 11/05/2025 | |||||||||||||||||||||||||||||||||||
2,346 | 3,519 | $ | 397.95 | 11/03/2016 | 11/03/2026 | |||||||||||||||||||||||||||||||||||
659 | 2,636 | $ | 671.60 | 11/02/2017 | 11/02/2027 | |||||||||||||||||||||||||||||||||||
0 | 3,585 | $ | 595.31 | 11/08/2018 | 11/08/2028 | |||||||||||||||||||||||||||||||||||
Simon Kirk | 801 | 453,030 | ||||||||||||||||||||||||||||||||||||||
0 | 902 | $ | 263.62 | 11/06/2014 | 11/06/2024 | |||||||||||||||||||||||||||||||||||
0 | 1,676 | $ | 312.36 | 11/05/2015 | 11/05/2025 | |||||||||||||||||||||||||||||||||||
0 | 1,974 | $ | 397.95 | 11/03/2016 | 11/03/2026 | |||||||||||||||||||||||||||||||||||
386 | 1,544 | $ | 671.60 | 11/02/2017 | 11/02/2027 | |||||||||||||||||||||||||||||||||||
0 | 2,075 | $ | 595.31 | 11/08/2018 | 11/08/2028 |
| | | 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) | | ||||||||||||||||||||||||||||||
Patrick Kaltenbach | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,216 | | | | | | 2,063,807 | | | | | | 3,046 | | | | | | 5,169,702 | | |
| | | | | 0 | | | | | | 4,615 | | | | | | | | | | | $ | 1,233.47 | | | | | | 01/25/2021 | | | | | | 01/25/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 4,810 | | | | | | | | | | | $ | 1,175.19 | | | | | | 04/01/2021 | | | | | | 04/01/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 6,585 | | | | | | | | | | | $ | 1,484.40 | | | | | | 11/04/2021 | | | | | | 11/04/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Olivier A. Filliol | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,874 | | | | | | 8,272,202 | | | | | | 7,398 | | | | | | 12,555,960 | | |
| | | | | 47,070 | | | | | | 0 | | | | | | | | | | | $ | 244.99 | | | | | | 11/07/2013 | | | | | | 11/07/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 43,430 | | | | | | 0 | | | | | | | | | | | $ | 263.62 | | | | | | 11/06/2014 | | | | | | 11/06/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 38,520 | | | | | | 0 | | | | | | | | | | | $ | 312.36 | | | | | | 11/05/2015 | | | | | | 11/05/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 30,215 | | | | | | 0 | | | | | | | | | | | $ | 397.95 | | | | | | 11/03/2016 | | | | | | 11/03/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 12,678 | | | | | $ | 397.95 | | | | | | 11/03/2016 | | | | | | 11/03/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 13,844 | | | | | | 3,461 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 11,304 | | | | | | 7,536 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 7,576 | | | | | | 11,364 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 222 | | | | | | | | | | | $ | 1,484.40 | | | | | | 11/04/2021 | | | | | | 11/04/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shawn P. Vadala | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,046 | | | | | | 1,775,282 | | | | | | 2,162 | | | | | | 3,669,368 | | |
| | | | | 1,620 | | | | | | 0 | | | | | | | | | | | $ | 244.99 | | | | | | 11/07/2013 | | | | | | 11/07/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3,040 | | | | | | 0 | | | | | | | | | | | $ | 263.62 | | | | | | 11/06/2014 | | | | | | 11/06/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3,230 | | | | | | 0 | | | | | | | | | | | $ | 312.36 | | | | | | 11/05/2015 | | | | | | 11/05/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2,595 | | | | | | 0 | | | | | | | | | | | $ | 397.95 | | | | | | 11/03/2016 | | | | | | 11/03/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 1,420 | | | | | | 355 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2,424 | | | | | | 1,616 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 1,624 | | | | | | 2,436 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 561 | | | | | | 2,244 | | | | | | | | | | | $ | 1,103.74 | | | | | | 11/05/2020 | | | | | | 11/05/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 2,175 | | | | | | | | | | | $ | 1,484.40 | | | | | | 11/04/2021 | | | | | | 11/04/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Peter Aggersbjerg | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 590 | | | | | | 1,001,354 | | | | | | 1,376 | | | | | | 2,335,361 | | |
| | | | | 928 | | | | | | 232 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 1,371 | | | | | | 914 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 1,060 | | | | | | 1,590 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 366 | | | | | | 1,464 | | | | | | | | | | | $ | 1,103.74 | | | | | | 11/05/2020 | | | | | | 11/05/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 1,285 | | | | | | | | | | | $ | 1,484.40 | | | | | | 11/04/2021 | | | | | | 11/04/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 928 | | | | | | 1,575,011 | | | | | | 1,872 | | | | | | 3,177,177 | | |
de La Guéronnière | | | | | 1,173 | | | | | | 0 | | | | | | | | | | | $ | 397.95 | | | | | | 11/03/2016 | | | | | | 11/03/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2,636 | | | | | | 659 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2,151 | | | | | | 1,434 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 1,432 | | | | | | 2,148 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 495 | | | | | | 1,980 | | | | | | | | | | | $ | 1,103.74 | | | | | | 11/05/2020 | | | | | | 11/05/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 1,780 | | | | | | | | | | | $ | 1,484.40 | | | | | | 11/04/2021 | | | | | | 11/04/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gerhard Keller | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 435 | | | | | | 738,286 | | | | | | 844 | | | | | | 1,432,445 | | |
| | | | | 0 | | | | | | 158 | | | | | | | | | | | $ | 671.60 | | | | | | 11/02/2017 | | | | | | 11/02/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 948 | | | | | | 632 | | | | | | | | | | | $ | 595.31 | | | | | | 11/08/2018 | | | | | | 11/08/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 644 | | | | | | 966 | | | | | | | | | | | $ | 720.81 | | | | | | 11/07/2019 | | | | | | 11/07/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 222 | | | | | | 888 | | | | | | | | | | | $ | 1,103.74 | | | | | | 11/05/2020 | | | | | | 11/05/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0 | | | | | | 805 | | | | | | | | | | | $ | 1,484.40 | | | | | | 11/04/2021 | | | | | | 11/04/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name | | | Grant Type | | | Grant Date | | | Unvested Units (#) | | |||||||||
Patrick Kaltenbach | | | | | RSU | | | | | | 01/25/2021 | | | | | | 1,216 | | |
Gerhard Keller | | | | | RSU | | | | | | 11/02/2017 | | | | | | 25 | | |
Name | | | Grant Type | | | Grant Date | | | Unearned Units (#) | | |||||||||
Patrick Kaltenbach | | | | | PSU | | | | | | 04/01/2021 | | | | | | 1,296 | | |
| | | | | PSU | | | | | | 11/04/2021 | | | | | | 1,750 | | |
Olivier A. Filliol | | | | | PSU | | | | | | 11/07/2019 | | | | | | 4,632 | | |
| | | | | PSU | | | | | | 11/05/2020 | | | | | | 2,766 | | |
Shawn P. Vadala | | | | | PSU | | | | | | 11/07/2019 | | | | | | 992 | | |
| | | | | PSU | | | | | | 11/05/2020 | | | | | | 592 | | |
| | | | | PSU | | | | | | 11/04/2021 | | | | | | 578 | | |
Peter Aggersbjerg | | | | | PSU | | | | | | 11/07/2019 | | | | | | 648 | | |
| | | | | PSU | | | | | | 11/05/2020 | | | | | | 386 | | |
| | | | | PSU | | | | | | 11/04/2021 | | | | | | 342 | | |
Marc de La Guéronnière | | | | | PSU | | | | | | 11/07/2019 | | | | | | 876 | | |
| | | | | PSU | | | | | | 11/05/2020 | | | | | | 524 | | |
| | | | | PSU | | | | | | 11/04/2021 | | | | | | 472 | | |
Gerhard Keller | | | | | PSU | | | | | | 11/07/2019 | | | | | | 394 | | |
| | | | | PSU | | | | | | 11/05/2020 | | | | | | 236 | | |
| | | | | PSU | | | | | | 11/04/2021 | | | | | | 214 | | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||
Name | | | Number of Shares Acquired on Exercise (#) | | | Net Value Realized on Exercise ($) | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting ($) | | ||||||||||||
Patrick Kaltenbach | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Olivier A. Filliol | | | | | 59,930 | | | | | | 78,466,997 | | | | | | 2,252 | | | | | | 2,785,701 | | |
Shawn P. Vadala | | | | | 4,135 | | | | | | 4,764,652 | | | | | | 287 | | | | | | 355,016 | | |
Peter Aggersbjerg | | | | | — | | | | | | — | | | | | | 292 | | | | | | 373,357 | | |
Marc de La Guéronnière | | | | | 2,669 | | | | | | 3,168,167 | | | | | | 386 | | | | | | 477,478 | | |
Gerhard Keller | | | | | 1,137 | | | | | | 821,347 | | | | | | 70 | | | | | | 102,954 | | |
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 | — | — | — | — | ||||||||||||
Shawn P. Vadala | 900 | 417,880 | 149 | 86,675 | ||||||||||||
Peter Aggersbjerg | — | — | 103 | 63,252 | ||||||||||||
Marc de La Guéronnière | 37,525 | 17,719,242 | — | — | ||||||||||||
Simon Kirk | 3,357 | 1,030,170 | — | — |
Equity
Name | | | Net Value of Accelerated Unvested Stock Options | | |||
Patrick Kaltenbach | | | | $ | 0 | | |
Olivier A. Filliol | | | | | 3,549,636 | | |
Shawn P. Vadala | | | | | 364,092 | | |
Peter Aggersbjerg | | | | | 0 | | |
Marc de La Guéronnière | | | | | 0 | | |
Gerhard Keller | | | | | 0 | | |
Name | Net Value of Accelerated Unvested Stock Options | |||||||
Olivier A. Filliol | $ | 11,688,616 | ||||||
Shawn P. Vadala | 801,948 | |||||||
Peter Aggersbjerg | 0 | |||||||
Marc de La Guéronnière | 0 | |||||||
Simon Kirk | 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 2018, 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 2018 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 2018:
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 | | | | | 2,516,278 | | | | | | 11.0% | | |
100 Vanguard Blvd. Malvern, PA 19355 | | | | | | | | | | | | | |
BlackRock, Inc. | | | | | 2,027,377 | | | | | | 8.8% | | |
55 East 52nd Street New York, NY 10055 | | | | | | | | | | | | | |
WCM Investment Management. | | | | | 1,475,820 | | | | | | 6.4% | | |
281 Brooks Street Laguna Beach, CA 92651 | | | | | | | | | | | | | |
| | | Direct | | | Indirect(2) | | | Total | | | | | | | | |||||||||
| | | Number | | | Percent | | ||||||||||||||||||
Directors: | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert F. Spoerry(3) | | | | | 238,238 | | | | | | 32,470 | | | | | | 270,708 | | | | | | 1.2% | | |
Wah-Hui Chu(4) | | | | | 3,831 | | | | | | 8,320 | | | | | | 12,151 | | | | | | * | | |
Domitille Doat-Le Bigot | | | | | 71 | | | | | | 158 | | | | | | 229 | | | | | | * | | |
Olivier A. Filliol | | | | | 21,183 | | | | | | 179,459 | | | | | | 200,642 | | | | | | * | | |
Elisha W. Finney | | | | | 226 | | | | | | 1,566 | | | | | | 1,792 | | | | | | * | | |
Richard Francis | | | | | 463 | | | | | | 2,398 | | | | | | 2,861 | | | | | | * | | |
Michael A. Kelly | | | | | 1,587 | | | | | | 6,212 | | | | | | 7,799 | | | | | | * | | |
Thomas P. Salice(5) | | | | | 76,965 | | | | | | 4,728 | | | | | | 81,693 | | | | | | * | | |
Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | |
Patrick Kaltenbach | | | | | 455 | | | | | | 1,885 | | | | | | 2,340 | | | | | | * | | |
Shawn P. Vadala | | | | | 4,900 | | | | | | 15,714 | | | | | | 20,614 | | | | | | * | | |
Peter Aggersbjerg | | | | | 0 | | | | | | 2,725 | | | | | | 2,725 | | | | | | * | | |
Marc de La Guéronnière | | | | | 928 | | | | | | 7,887 | | | | | | 8,815 | | | | | | * | | |
Gerhard Keller | | | | | 480 | | | | | | 1,814 | | | | | | 2,294 | | | | | | * | | |
All Directors and Executive Officers as a Group (14 persons): | | | | | 349,765 | | | | | | 277,072 | | | | | | 626,837 | | | | | | 2.8% | | |
Shares Beneficially Owned(1) | ||||||||
Name of Beneficial Owner | Number | Percent | ||||||
5% Shareholders: | ||||||||
The Vanguard Group | 2,714,860 | 10.8 | ||||||
100 Vanguard Blvd. Malvern, PA 19355 | ||||||||
FMR LLC | 2,314,447 | 9.2 | ||||||
245 Summer Street Boston, MA 02210 | ||||||||
BlackRock, Inc. | 1,709,674 | 6.8 | ||||||
55 East 52nd Street New York, NY 10055 | ||||||||
WCM Investment Management | 1,497,423 | 6.0 | ||||||
281 Brooks Street Laguna Beach, CA 92651 |
Direct | Indirect(2) | Total | ||||||||||||||
Number | Percent | |||||||||||||||
Directors: | ||||||||||||||||
Robert F. Spoerry(3) | 237,720 | 50,636 | 288,356 | 1.2 | % | |||||||||||
Wah-Hui Chu | 2,854 | 12,912 | 15,766 | * | ||||||||||||
Olivier A. Filliol | 16,279 | 313,653 | 329,932 | 1.3 | % | |||||||||||
Elisha W. Finney | 93 | 238 | 331 | * | ||||||||||||
Richard Francis | 330 | 1,070 | 1,400 | * | ||||||||||||
Marco Gadola | 0 | 0 | 0 | * | ||||||||||||
Constance L. Harvey | 245 | 238 | 483 | * | ||||||||||||
Michael A. Kelly | 1,454 | 9,312 | 10,766 | * | ||||||||||||
Hans Ulrich Maerki | 6,887 | 0 | 6,887 | * | ||||||||||||
Thomas P. Salice(4) | 124,272 | 9,312 | 133,584 | * | ||||||||||||
Named Executive Officers: | ||||||||||||||||
Shawn P. Vadala | 5,010 | 16,973 | 21,983 | * | ||||||||||||
Peter Aggersbjerg | 254 | 232 | 486 | * | ||||||||||||
Marc de La Guéronnière | 11,985 | 23,466 | 35,451 | * | ||||||||||||
Simon Kirk | 1,075 | 386 | 1,461 | * | ||||||||||||
All Directors and Executive Officers as a Group (17 persons): | 408,458 | 465,703 | 878,161 | 3.5 | % |
METTLER-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. 2022 Annual Meeting Proxy Card Your vote matters — here’s how to vote! You may vote online or by phone instead of mailing this card. Votes submitted electronically must be received by 11:59pm, Eastern Time, on May 4, 2022. Online Go to www.investorvote.com/MTD or scan the QR code — login details are located in the shaded bar below. Phone Call toll free 1-800-652-VOTE (8683) within the USA, US territories and Canada Save paper, time and money! Sign up for electronic delivery at www.investorvote.com/MTD IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. A Proposals — The Board of Directors recommend a vote FOR all the nominees listed and FOR Proposals 2 and 3. 1. ELECTION OF DIRECTORS For Against Abstain For Against Abstain For Against Abstain + 1.1 — Robert F. Spoerry 1.4 — Olivier A. Filliol 1.7— Michael A. Kelly 1.2 — Wah-Hui Chu 1.5 — Elisha W. Finney 1.8 — Thomas P. Salice 1.3 — Domitille Doat-Le Bigot 1.6 — Richard Francis 2. RATIFICATION OF INDEPENDENT REGISTERED PUBLIC For Against Abstain 3. ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION For Against Abstain ACCOUNTING FIRM Authorized Signatures — This section must be completed for your vote to count. Please date and sign below. B Please 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 full title.