Filed by the Registrant | | | ☒ | | | Filed by a Party other than the Registrant | | | ☐ |
☐ | | | Preliminary Proxy Statement |
☐ | | | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
☒ | | | Definitive Proxy Statement |
☐ | | | Definitive Additional Materials |
☐ | | | Soliciting Material under §240.14a-12 |
☒ | | | No fee required. |
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☐ | | | Fee paid previously with preliminary materials. |
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☐ | | | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
1. | To elect the Board of Directors’ nominees, Teresa Briggs, Blake J. Irving, and Daniel D. Springer, to the Board of Directors to hold office until the 2025 Annual Meeting of Stockholders. |
2. | To ratify the selection of PricewaterhouseCoopers LLP by the Audit Committee of the Board of Directors as the independent registered public accounting firm of the Company for its fiscal year ending January 31, 2023. |
3. | To conduct an advisory vote on our named executive officers’ compensation. |
4. | To conduct any other business properly brought before the meeting. |
| | By Order of the Board of Directors, | |
| | ||
| | /s/ Daniel D. Springer | |
| | Daniel D. Springer | |
| | President & Chief Executive Officer | |
| | ||
| | San Francisco, California | |
| | April 22, 2022 |
1. | Election of three Class I directors (Proposal 1); |
2. | Ratification of the selection of PricewaterhouseCoopers LLP by the Audit Committee of the Board as independent registered public accounting firm of the Company for its fiscal year ending January 31, 2023 (Proposal 2); and |
3. | Advisory vote on our named executive officers’ compensation (Proposal 3). |
Proposal Number | | | Proposal Description | | | Voting Choices | | | Board’s Recommendation | ||
Election of Directors | | | For(1) Withhold(1) | | | For(1) | |||||
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2. | | | Ratification of the selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for fiscal year ending January 31, | | | For Against Abstain | | | For | ||
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3. | | | Approval, on an advisory basis, of our named executive officers’ compensation | | | For Against Abstain | | | For | ||
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(1) | The voting choices and Board recommendation are with respect to each director nominee. |
Proposal Number | | | Proposal Description | | | Vote Required for Approval | | | Effect of Abstentions | | | Effect of Broker Non-Votes | ||
1. | | | Election of Directors | | | Nominees receiving the most “For” votes will be elected; withheld votes will have no effect | | | Not applicable | | | No effect | ||
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2. | | | Ratification of the selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for fiscal year ending January 31, | | | “For” votes from the holders of a majority of shares present or represented by proxy and entitled to vote on the matter | | Against | | | Not applicable(1) | |||
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3. | | | Approval, on an advisory basis, of our named executive officers’ compensation | | | “For” votes from the holders of a majority of shares present or represented by proxy and entitled to vote on the matter | | | Against | | | No effect | ||
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(1) | This proposal is considered to be a “routine” matter. Accordingly, if you hold your shares in street name and do not provide voting instructions to your broker, bank or other agent that holds your shares, your broker, bank or other agent has discretionary authority under applicable exchange rules to vote your shares on this proposal. |
1. | To vote in person, come to the Annual Meeting and we will give you a ballot when you arrive. |
2. | To vote using the proxy card, simply complete, sign and date the proxy card and return it promptly in the envelope provided (if you elected to receive printed materials). If you return your signed proxy card to us before the Annual Meeting, we will vote your shares as you direct. |
3. | To vote over the telephone, dial 1-800-690-6903 (toll-free within the United States) using a touch-tone phone and follow the recorded instructions (have your Notice or proxy card in hand when you call). You will be asked to provide the company number and 16-digit control number from the Notice. Your telephone vote must be received by 11:59 p.m. Eastern Time on June 2, 2022 to be counted. |
4. | To vote through the Internet, go to www.proxyvote.com to complete an electronic proxy card (have your Notice or proxy card in hand when you visit the website). You will be asked to provide the company number and 16-digit control number from the Notice. Your Internet vote must be received by 11:59 p.m. Eastern Time on June 2, 2022 to be counted. |
1. | You may submit another properly completed proxy card with a later date. |
2. | You may grant a subsequent proxy by telephone or through the Internet. |
3. | You may send a timely written notice that you are revoking your proxy to DocuSign’s Corporate Secretary at 221 Main Street, Suite 1550, San Francisco, California 94105. |
4. | You may attend the Annual Meeting and vote. Simply attending the meeting will not, by itself, revoke your proxy. |
* | Statements regarding the Company’s goals are aspirational and not guarantees or promises that they will be met. Content available at websites and in documents referenced are not incorporated herein and are not part of this proxy statement. |
Name | | | Age | | | |||||||||||||||||||
Director Since | ||||||||||||||||||||||||
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| | Audit Committee | | | Compensation Committee(1) | Nominating Committee(2) | ||||||||||||||||||
Class | ||||||||||||||||||||||||
60 | | | May 2020 | | | Yes | | | C | | | | | |||||||||||
| 62 | | | August 2018 | | | Yes | | | | | C | | | ✔ | |||||||||
Daniel D. Springer* | | | 58 | | | January 2017 | | | No | | | | | | | |||||||||
Class | ||||||||||||||||||||||||
James Beer | | | 60 | | | August 2020 | | | Yes | | | ✔ | | | | | ||||||||
Cain A. Hayes | | | 52 | | | December 2020 | | | Yes | | | | | ✔ | | | ||||||||
Class III Directors - Continuing in Office until the 2024 Annual Meeting | ||||||||||||||||||||||||
Enrique Salem | | | 56 | | | August 2013 | | | Yes | | | ✔ | | | | | ||||||||
Peter Solvik | | | 63 | | | March 2006 | | | Yes | | | | | ✔ | | | C | |||||||
Inhi Cho Suh | | | 46 | | | August 2018 | | | Yes | | | | | ✔ | | | ✔ | |||||||
Mary Agnes “Maggie” Wilderotter** | | 67 | | | March 2018 | |||||||||||||||||||
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(1) | Formally named the Compensation and Leadership Development Committee (the “Compensation Committee”) |
(2) | Formally named the Nominating and Corporate Governance Committee (the “Nominating Committee”) |
Board Diversity Matrix (As of March 31, 2022) | ||||||||||||
Board Size: 9 | | | | | | | | | ||||
Part I: Gender | | | Male | | | Female | | | Non-Binary | | | Undisclosed |
Number of Directors | | | 6 | | | 3 | | | — | | | — |
Part II: Number of directors who identify in any of the categories below | ||||||||||||
African American or Black | | | 1 | | | — | | | — | | | — |
Alaskan Native or American Indian | | | — | | | — | | | — | | | — |
Asian | | | — | | | 1 | | | — | | | — |
Hispanic or Latinx | | | 1 | | | — | | | — | | | — |
Native Hawaiian or Pacific Islander | | | — | | | — | | | — | | | — |
White | | | 4 | | | 2 | | | — | | | — |
Two or More Races or Ethnicities | | | — | | | — | | | — | | | — |
LGBTQ+ | | | | | — | | | |||||
Undisclosed | | | | | — | | |
Class I Directors | |||
![]() | | | Teresa Briggs has served on our Board since May 2020. From June 2013 to August 2019, Ms. Briggs served as Vice Chair & West Region Managing Partner of Deloitte LLP and from June 2011 to August 2019 as Managing Partner, San Francisco. Ms. Briggs also served as an adjunct member of Deloitte’s Center for Board Effectiveness. Ms. Briggs currently serves on the boards of directors of ServiceNow, Inc., a provider of software-as-a-service for managing businesses’ digital workflows; Snowflake Inc., a cloud-based data management company; and Warby Parker Inc., an eyeglasses brand company. Ms. Briggs previously served on the boards of directors of VG Acquisition Corp., a special purpose acquisition company and Deloitte USA LLP. Ms. Briggs is a CPA and holds a B.S. in Accounting from the University of Arizona, Eller College of Management. The Nominating Committee believes that Ms. Briggs possesses specific skills that qualify her to serve as a member of the Board, including her extensive finance and audit background and board governance experience. |
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![]() | | | Blake J. Irving has served on our Board since August 2018. From January 2013 to January 2018, Mr. Irving served as the Chief Executive Officer of GoDaddy, Inc., a domain registrar and web hosting company. Mr. Irving previously served as the Executive Vice President and the Chief Product Officer at Yahoo! Inc, a web services provider; as Professor in the M.B.A. program at Pepperdine University; and in various senior and management roles at Microsoft Corporation, a multinational technology company, including most recently as Corporate Vice President of the Windows Live Platform Group. Mr. Irving currently serves on the boards of directors of Autodesk Inc., a software company, and ZipRecruiter, Inc. Mr. Irving previously served on the board of directors of GoDaddy Inc. Mr. Irving holds a B.A. in Fine Arts from San Diego State University and an M.B.A. from Pepperdine University. The Nominating Committee believes that Mr. Irving possesses specific attributes that qualify him to serve as a member of the Board, including his significant public company leadership experience in the operations of large, complex companies |
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![]() | | | Daniel D. Springer has served as our Chief Executive Officer, President and member of the Board since January 2017. From May 2015 to January 2017, Mr. Springer served as an Operating Partner at Advent International Corp., a private equity investment firm. Prior to Advent International Corp., Mr. Springer served as Chairman and Chief Executive Officer of Responsys, Inc., a marketing software company that was acquired by Oracle Corp. in 2014. Prior to joining Responsys, Inc., Mr. Springer served as the Managing Director of Modem Media, Inc., a marketing strategy and services firm, the Chief Executive Officer of Telleo, Inc., an internet services company, and Chief Marketing Officer of NextCard, Inc., a consumer credit company. Mr. Springer currently serves on the boards of directors of UI Path, a software company, and the Boys and Girls Club of San Francisco. Mr. Springer previously served on the board of directors of YuMe Inc., a digital advertising company. Mr. Springer holds a B.A. in Mathematics and Economics from Occidental College and an M.B.A. from Harvard University. The Nominating Committee believes that Mr. Springer possesses specific attributes that qualify him to serve as a member of the Board, including his service as our Chief Executive Officer and his experience in senior management and board service at other technology and software companies. |
TABLE OF EACH NOMINEE.CONTENTS
Class II Directors | |||
![]() | | | James Beer has served on our Board since August 2020. Since February 2018, Mr. Beer has served as Chief Financial Officer of Atlassian Corporation Plc, an enterprise software company. From September 2013 to December 2017, Mr. Beer served as Executive Vice President and Chief Financial Officer of McKesson Corporation, a healthcare services and information technology company. Prior to McKesson Corporation, Mr. Beer served as Executive Vice President and Chief Financial Officer of Symantec Corporation, now known as NortonLifeLock Inc., a cybersecurity company, where he managed the worldwide finance organization. Prior to his work at Symantec, Mr. Beer served as Chief Financial Officer of AMR Corp. and American Airlines Group Inc., AMR’s principal subsidiary. Mr. Beer currently serves on the board of directors of Alaska Air Group, parent company of Alaska Airlines. Mr. Beer previously served on the board of directors of Forescout Technologies, Inc., a network security software company. Mr. Beer holds a B.S. in Aeronautical Engineering from Imperial College, London University, and an M.B.A. from Harvard University. The Nominating Committee believes that Mr. Beer possesses specific attributes that qualify him to serve as a member of the Board, including his substantial experience in corporate finance and with public technology companies. |
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![]() | | | Cain A. Hayes has served on our board of directors since December 2020. Since July 2021, Mr. Hayes has served as chief executive officer of Point32Health, a leading health and well-being organization that includes Harvard Pilgrim Health Care and Tufts Health Plan. From November 2018 to June 2021, Mr. Hayes served as President and Chief Executive Officer of Gateway Health Plan, a leading managed care organization. From April 2017 to November 2018, Mr. Hayes served as President and Chief Operating Officer of the Health Business for Blue Cross and Blue Shield of Minnesota, a Minnesota health plan organization. From November 2010 to March 2017, Mr. Hayes held a variety of senior executive leadership roles at Aetna, a managed care company, including President of National Accounts. Prior to Aetna, Mr. Hayes held senior executive roles at Nationwide Insurance and Principal Financial Group. Mr. Hayes holds a B.S. in Business Administration from Drake University, and an M.B.A. from Webster University. In addition, he has earned the Certified Employee Benefit Specialist (CEBS) designation from The Wharton School, University of Pennsylvania. The Nominating Committee believes that Mr. Hayes possesses specific attributes that qualify him to serve as a member of the Board, including his substantial experience in managing and growing large complex organizations, and his experience in the financial services and healthcare industries, which are key market segments for DocuSign. |
Class III Directors | |||
![]() | | | Enrique Salem has served on our Board since August 2013. Since July 2014, Mr. Salem has been a Managing Director at Bain Capital Ventures, a venture capital firm. Prior to Bain Capital, Mr. Salem served as President, Chief Executive Officer, and Chief Operating Officer, at Symantec Corp., now known as NortonLifeLock Inc., a cybersecurity company. Mr. Salem currently serves on the boards of directors of FireEye, Inc., an enterprise cybersecurity company, and Atlassian Corporation Plc, an enterprise software company. Mr. Salem previously served on the boards of directors of ForeScout Technologies, Inc., a network security software company, and Symantec Corp, now known as NortonLifeLock Inc. Mr. Salem holds an A.B. in Computer Science from Dartmouth College. The Nominating Committee believes that Mr. Salem possesses specific attributes that qualify him to serve as a member of the Board, including his substantial board experience in addition to his cybersecurity, investment, management and senior leadership experience at technology companies. |
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![]() | | | Peter Solvik has served on our Board since 2006. Since 2011, Mr. Solvik has been a Managing Director at Jackson Square Ventures, a venture capital firm. Since 2002, Mr. Solvik has been a Managing Director at Sigma Partners, a venture capital firm. Previously, Mr. Solvik served as Chief Information Officer and Senior Vice President at Cisco Systems, Inc., an information technology and networking company. Mr. Solvik holds a B.S. in Business Administration from the University of Illinois at Urbana-Champaign College of Business. The Nominating Committee believes that Mr. Solvik possesses specific attributes that qualify him to serve as a member of the Board, including his extensive experience investing in and serving in senior leadership positions at technology companies. |
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![]() | | | Inhi Cho Suh has served on our Board since August 2018. Since January 2021, Ms. Suh has served as the Head of Business Development for Strategic Partnerships at IBM. Ms. Suh previously served in various senior and management roles at IBM, including, General Manager of Watson Customer Engagement from January 2018 to January 2021; General Manager for IBM Collaboration Solutions from February 2016 to January 2018; Vice President, Strategy and Business Development; General Manager, Big Data; Vice President, Product Management and Strategy, Information Management Software; and as Vice President, Marketing for Information Management Software. Ms. Suh holds a B.S. in Biology, History and Women’s Studies from Duke University and a J.D. from North Carolina Central University School of Law. The Nominating Committee believes that Ms. Suh possesses specific attributes that qualify her to serve as a member of the Board, including her technology and management expertise and her leadership experience in the operations of large, complex companies. |
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![]() | | | Mary Agnes “Maggie” Wilderotter has served on our Board since March 2018 and as Board Chair since January 2019. Since August 2016, Ms. Wilderotter has been Chairman and Chief Executive Officer of the Grand Reserve Inn, a luxury inn on Wilderotter Vineyards. Prior to Ms. Wilderotter’s role at Grand Reserve Inn, she served in various senior and management roles at Frontier Communications Corp., a telecommunications company, including as President and Chief Executive Officer. Ms. Wilderotter currently serves on the boards of directors of Costco Wholesale Corp., a wholesale retailer; Lyft, Inc., a ride-sharing service company; and Sana Biotechnologies, a biotechnology company. Ms.Wilderotter previously served on the boards of directors of Hewlett Packard Enterprise Co., a technology company; Frontier Communications Corp; Xerox Corp; DreamWorks Animation SKG Inc., an entertainment company; The Procter & Gamble Company, a consumer products company; Juno Therapeutics, Inc., a biopharmaceutical company; and Cadence Design Systems, an electronic design automation software and engineering services company. Ms. Wilderotter holds a B.A. in Economics from the College of the Holy Cross. The Nominating Committee believes that Ms. Wilderotter possesses specific skills and attributes that qualify her to serve as a member of the Board and as our Board Chair, including her significant public company leadership experience as both a board member and an officer, as well as her broad-ranging corporate experiences, including senior leadership positions in the areas of marketing and technology. |
| AUDIT COMMITTEE | |
| Members: Teresa Briggs (Chair), James Beer, Enrique Salem Meetings held in FY22: Five Committee Report: Page 55 All Committee members are independent and each member is determined to be an “audit committee financial expert,” as defined in applicable SEC rules and “financially sophisticated” as defined in applicable NASDAQ rules. | |
1. | helping our Board oversee the Company’s corporate accounting and financial reporting processes, systems of internal control, and financial statement audits and the integrity of the Company’s financial statements; |
2. | managing the selection, engagement terms, fees, qualifications, independence, and performance of the registered public accounting firm engaged as the Company’s independent outside auditor for the purpose of preparing or issuing an audit report or performing audit services and for performing any non-audit services for which the Company may engage the auditor; |
3. | reviewing any reports or disclosures required by applicable rules and regulations of the SEC and applicable Nasdaq rules, regulations and listing requirements, or such other stock exchange on which any of the Company’s capital stock is then listed; |
4. | overseeing the organization and performance of the Company’s internal audit function; |
5. | overseeing the Company’s risk assessment and risk management practices and policies; |
6. | helping our Board oversee the Company’s legal and regulatory compliance; |
7. | providing regular reports and information to the Board with respect to material issues within the scope of its responsibilities; and |
8. | assisting with any additional duties and responsibilities that the Board mandates. |
| COMPENSATION COMMITTEE | |
| Members: Blake Irving (Chair), Cain Hayes, Peter Solvik, Inhi Cho Suh Meetings held in FY22: Five Committee Report: Page 55 All Committee members are independent. | |
1. | acting on behalf of the Board, pursuant to delegated authority, in order to oversee the Company’s compensation policies, plans and programs and review and determine the compensation to be paid to the Company’s executive officers and directors or recommend the same to the Board for approval; |
2. | reviewing and discussing with management the Company’s disclosures contained under the caption “Compensation Discussion and Analysis” for use in any of the Company’s annual reports on Form 10-K, registration statements, proxy statements, information statements or similar documents; |
3. | preparing and reviewing the Compensation Committee report on executive compensation included in the Company’s annual proxy statement (and incorporated by reference in the Company’s Form 10-K) in accordance with applicable rules and regulations of the SEC in effect from time to time; |
4. | reviewing the Company’s strategy and policies relating to human capital management, including leadership development and succession planning for the Company’s Chief Executive Officer and other members of senior management; and |
5. | performing the other responsibilities set forth in its charter as in effect from time to time. |
| NOMINATING COMMITTEE | |
| Members: Peter Solvik (Chair), Blake Irving, Inhi Cho Suh Meetings held in FY22: Five All Committee members are independent. | |
1. | overseeing all aspects of the Company’s corporate governance functions on behalf of our Board; |
2. | making recommendations to our Board regarding corporate governance issues; |
3. | periodically reviewing and recommending, as appropriate, desired Board qualifications, expertise, diversity |
4. | identifying, reviewing and evaluating candidates to serve as directors of the Company consistent with criteria approved by the Board; |
5. | serving as a focal point for communication between such candidates, non-committee directors and the Company’s management; |
6. | reviewing and evaluating incumbent directors; |
7. | recommending that the Board select nominees for election or appointment to the Board; and |
8. | making other recommendations to the Board regarding affairs relating to the directors of the Company, including director compensation. |
| Committee | | | Areas of Focus | |
| Audit Committee | | | • Considers and discusses any major financial risk exposures and the steps management has taken to monitor and control these exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken. • Oversees risks associated with cybersecurity, information security and data privacy, and regularly reviews with management the Company’s data security programs and assessment, management and mitigation of such risks. • Monitors compliance with legal and regulatory requirements, in addition to oversight of the performance of our internal audit function. | |
| Nominating & Corporate Governance Committee | | | • Oversees risks related to our overall corporate governance, including Board and committee composition, Board size and structure and director independence, as well as succession planning. | |
| Compensation & Leadership Development Committee | | | • Assesses and monitors whether any of our compensation policies and programs has the potential to encourage excessive risk-taking. | |
| Audit Committee | | | Nominating Committee | | | Compensation Committee | |
| • ethical compliance | | | Central ESG oversight role, focusing on: • social responsibility • environmental impact & sustainability • governance, director | | | Supporting ESG oversight role, focusing on: • executive compensation • pay equity • diversity, equity & inclusion • human capital management • leadership development & executive succession | |
| Full Board maintains overall responsibility for ESG oversight & risk oversight | |
Board Fees(1) | | | Fiscal Year 2021 | | | Fiscal Year 2022 |
Cash Retainer | | | $33,500 | | | $40,000 |
Annual Equity Awards for Continuing Directors(2): | | | | | ||
Restricted Stock Units | | | Equal to $200,000 divided by the closing price of the Company’s common stock on the grant date | | | Equal to $225,000 divided by the closing price of the Company’s common stock on the grant date |
Initial Equity Awards for New Directors(3): | | | | | ||
Restricted Stock Units | | | Equal to $400,000 divided by the closing price of the Company’s common stock on the grant date | | | Equal to $450,000 divided by the closing price of the Company’s common stock on the grant date |
Committees and Non-Employee Chair Fees | ||||||
Board Chair(4) | | | $44,000 | | | $90,000 |
Lead Independent Director(4) | | | $44,000 | | | $90,000 |
Audit Committee Chair | | | $20,000 | | | $25,000 |
Compensation Committee Chair | | | $13,500 | | | $18,000 |
Nominating Committee Chair | | | $7,800 | | | $10,000 |
Non-chair Audit Committee Member | | | $10,000 | | | $12,500 |
Non-chair Compensation Committee Member | | | $6,600 | | | $9,000 |
Non-chair Nominating Committee Member | | | $4,000 | | | $5,000 |
(1) | ||||||||||||||
(2) | The annual restricted stock unit awards are granted annually on the date of our annual meeting of stockholders and generally vest in |
(3) | Each new non-employee director receives a restricted stock unit grant upon joining the Board. The restricted stock |
(4) | The fee is only paid to a non-employee Board | Chair or Lead Independent Director, as applicable, and is in lieu of the base cash retainer fee of $40,000. |
Name | | | Fees Earned and Paid in Cash ($) | | | Stock Awards ($)(1) | | | Total ($) |
James Beer | | | 47,340 | | | 224,806 | | | 272,146 |
Teresa Briggs | | | 58,406 | | | 224,806 | | | 283,212 |
Cain A. Hayes | | | 40,628 | | | — | | | 40,628 |
Blake J. Irving | | | 54,760 | | | 224,806 | | | 279,566 |
Enrique Salem | | | 47,340 | | | 224,806 | | | 272,146 |
Peter Solvik | | | 52,636 | | | 224,806 | | | 277,442 |
Inhi Cho Suh | | | 46,080 | | | 224,806 | | | 270,886 |
Mary Agnes Wilderotter | | | 82,833 | | | 224,806 | | | 307,639 |
(1) | The amounts reflect the full grant date fair value for awards granted during fiscal 2022. The grant date fair value was computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation. This calculation does not give effect to any estimate of forfeitures related to service-based vesting, but assumes that the director will perform the requisite service for the award to vest in full. See Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022, for the valuation assumptions and other related information. These amounts do not necessarily correspond to the actual value recognized or that may be recognized by the directors. |
Fiscal Year Ended | ||||||||||||||||||||
2020 ($) | 2019 ($) | |||||||||||||||||||
Audit Fees(1) | 2,558,000 | 4,282,000 | ||||||||||||||||||
Audit-related Fees(2) | 211,308 | 232,912 | ||||||||||||||||||
Tax Fees(3) | 943,073 | 682,327 | ||||||||||||||||||
All Other Fees(4) | 2,700 | 2,700 | ||||||||||||||||||
Total Fees | 3,715,081 | 5,199,939 | ||||||||||||||||||
(1) Audit Fees are for the annual audit and quarterly reviews of the Company’s consolidated financial statements, audits required by public company regulation, registration statement filings and issuance of consents and similar matters. | ||||||||||||||||||||
(2) Audit-Related Fees are fees for assurance and related services that are reasonably associated to the performance of the audit or review of our consolidated financial statements or internal control over financial reporting and are not included in “Audit Fees.” These services primarily include fees for procedures in connection with our Service Organizational Control (“SOC”) reports. | ||||||||||||||||||||
(3) Tax Fees are billed for tax consulting and compliance. | ||||||||||||||||||||
(4) All Other Fees are fees for products and services other than the services described above. |
Name | | | Outstanding RSU Awards | | | Shares subject to Outstanding Options |
James Beer | | | 1,642 | | | — |
Teresa Briggs | | | 1,989 | | | — |
Cain A. Hayes | | | 1,236 | | | — |
Blake J. Irving | | | 558 | | | — |
Enrique Salem | | | 558 | | | 12,500 |
Peter Solvik | | | 558 | | | — |
Inhi Cho Suh | | | 558 | | | — |
Mary Agnes Wilderotter | | | 558 | | | 3,000 |
Name and Address of Beneficial Owner | | | Number of Shares Beneficially Owned | | | Percent of Class |
Vanguard Group Inc.(1) 100 Vanguard Boulevard, Malvern, PA 19355 | | | 14,391,194 | | | 7.21% |
BlackRock, Inc.(2) 55 East 52nd Street, New York, New York 10055 | | | 11,558,144 | | | 5.79% |
T. Rowe Price Associates Inc.(3) 100 East Pratt Street, Baltimore, Maryland 21202 | | | 10,555,002 | | | 5.29% |
Directors and Named Executive Officers | | | | | ||
James Beer(4) | | | 7,308 | | | * |
Teresa Briggs | | | 2,505 | | | * |
Cain A. Hayes | | | 772 | | | * |
Blake J. Irving | | | 11,951 | | | * |
Enrique Salem(5) | | | 165,676 | | | * |
Peter Solvik(6) | | | 242,100 | | | * |
Inhi Cho Suh | | | 11,951 | | | * |
Mary Agnes Wilderotter(7) | | | 29,956 | | | * |
Daniel D. Springer(8) | | | 3,578,338 | | | 1.78% |
Cynthia Gaylor(9) | | | 17,436 | | | * |
Loren Alhadeff(10) | | | 310,572 | | | * |
Scott Olrich(11) | | | 752,661 | | | * |
Trâm T. Phi(12) | | | 28,842 | | | * |
Current Directors and Executive Officers as a Group (13 Persons)(13) | | | 5,160,068 | | | 2.55% |
* | Represents beneficial ownership of less than one percent. |
(1) | Based upon a Schedule 13G/A filed with the SEC on February 9, 2022 by The Vanguard Group. The Vanguard Group, Inc. reported that it has no sole voting power, sole dispositive power with respect to 13,966,550 shares of common stock, shared voting power of 187,245 shares of common stock and shared dispositive power of 424,644 shares of common stock. |
(2) | Based upon a Schedule 13G/A filed with the SEC on February 1, 2022 by BlackRock, Inc., on behalf of itself, BlackRock Life Limited, BlackRock International Limited, Aperio Group, LLC, BlackRock Advisors, LLC, BlackRock (Netherlands) B.V., BlackRock Institutional Trust Company, N.A., BlackRock Asset Management Ireland Limited, BlackRock Financial Management, Inc., BlackRock Japan Co. Ltd., BlackRock Asset Management Schweiz AG, BlackRock Investment Management, LLC, BlackRock Investment Management (UK) Ltd., BlackRock Asset Management Canada Limited, BlackRock Asset Management Deutschland AG, BlackRock (Luxembourg) S.A., BlackRock Investment Management (Australia) Limited, BlackRock Advisors (UK) Limited, BlackRock Fund Advisors, BlackRock Asset Management North Asia Limited, BlackRock (Singapore) Limited and BlackRock Fund Managers Ltd. BlackRock, Inc. reported that it has sole voting power with respect to 10,165,959 shares of common stock, sole dispositive power with respect to 11,588,144 shares of common stock, and no shared voting or shared dispositive power. |
(3) | Based upon a Schedule 13G/A filed with the SEC on February 14, 2022 by T. Rowe Price Associates, Inc., which reported that it has sole voting power with respect to 3,588,483 shares of common stock, sole dispositive power with respect to 10,555,002 shares of common stock, and no shared voting or shared dispositive power. |
(4) | Includes 5,543 shares of common stock held indirectly by Mr. Beer in trust. |
(5) | Includes options exercisable for 12,500 shares of common stock within 60 days of March 15, 2022. |
(6) | Includes 232,272 shares of common stock held indirectly by Mr. Solvik in trust, in children’s trusts, in family partnership and by spouse. |
(7) | Includes options exercisable for 3,000 shares of common stock within 60 days of March 15, 2022. |
(8) | Includes (i) options exercisable for 1,799,686 shares of common stock within 60 days of March 15, 2022; (ii) 27,701 RSUs that vest within 60 days of March 15, 2022; and (iii) 139,825 shares of common stock held indirectly by Mr. Springer in trust. |
(9) | Includes 1,200 RSUs that vest within 60 days of March 15, 2022. |
(10) | Includes (i) options exercisable for 60,227 shares of common stock within 60 days of March 15, 2022; and (ii) 10,537 RSUs that vest within 60 days of March 15, 2022. |
(11) | Includes (i) options exercisable for 475,000 shares of common stock within 60 days of March 15, 2022; (ii) 5,848 RSUs that vest within 60 days of March 15, 2022; and (iii) 41,150 shares of common stock held indirectly by Mr. Olrich in trust. |
(12) | Includes (i) 5,181 RSUs that vest within 60 days of March 15, 2022; and (ii) 16,176 shares of common stock held indirectly by Ms. Phi in trust and by daughter and son. |
(13) | Includes (i) options exercisable for 2,350,413 shares of common stock within 60 days of March 15, 2022; and (ii) 50,467 RSUs that vest within 60 days of March 15, 2022. |
| | Name | | | Age* | | | Position(s) | |
![]() | |||||||||
Daniel D. Springer | | 58 | | | President and Chief Executive Officer | ||||
![]() | | Cynthia Gaylor | | | 48 | | | Chief Financial Officer | |
![]() | | | Loren Alhadeff | | | 42 | | | Chief Revenue Officer |
![]() | | | Scott V. Olrich | | 50 | | | Chief Operating Officer | |
![]() | |||||||||
Trâm | | 51 | | | Senior Vice President and General Counsel | ||||
* | Ages as of January 31, 2022 |
For Our CEO and All NEOs Other than Revenue Officer | | | For Our Chief Revenue Officer | |||||||||||||||||
• | | | | | • | | | |||||||||||||
• | | | Adjusted Operating Income | | | • | | | Adjusted Operating Income | |||||||||||
• | | | Revenue | | | • | | | Relative TSR | |||||||||||
• | | | Relative TSR | | | | |
Pay Element | | | Fiscal 2022 Compensation | |||||
Base Salary | | | | | Maintained CEO base salary at same level as in fiscal | |||
| | | Adjusted base salary of | |||||
| | | ||||||
Semi-Annual Cash Incentive | | | | | Target Bonuses: Maintained target bonus | |||
| | | Performance Goals and Achievement: The payout for our CEO and other NEOs in our Company Incentive Plan was | |||||
| ||||||||
| See the sections entitled “Cash Incentives” and “Sales Commission Plan for Mr. Alhadeff” | |||||||
| | | ||||||
Long-Term Equity Awards | | | Granted long-term equity awards in the form of: | |||||
| | | Restricted stock units: Generally vesting over four years based on continued employment | |||||
| | | Performance-based restricted stock units: | |||||
| ||||||||
| See the section entitled “Long-Term Equity Incentives” |
What We Do | | | What We Don’t | ||
Maintain a Compensation and Leadership Development Committee consisting entirely of independent members | | | Permit any of our employees or directors to engage in short sales, hedging, pledging or transactions in derivatives of our securities | ||
| | ||||
Use an independent compensation consultant, retained directly by the Compensation and Leadership Development Committee | | | Offer fixed term (vs. | ||
| | ||||
Maintain stock ownership guidelines for our NEOs and non-employee directors | | | Provide our NEOs any deferred compensation or access to special retirement or pension plans that are not generally available to all our employees | ||
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Align NEO compensation with stockholder interests using equity compensation, a | | | Provide tax reimbursements or gross-ups on executive change-in-control payments | ||
| | ||||
Use a representative peer group of comparable software and services companies, as well as relevant compensation survey data, when setting executive compensation | | | Offer special health benefits; NEOs are eligible for the same health benefits as other employees | ||
| | ||||
Set a reasonable limit on compensation granted or paid to a non-employee director in any fiscal year | | | No “single trigger” vesting acceleration for NEOs for future grants | ||
| | ||||
Annually assess the risks of our compensation | | | Provide significant perquisites to NEOs |
| Fiscal 2022 Peer Group | | |||||||||
| Autodesk | | | Okta | | | Slack Technologies | | | Veeva Systems | |
| CoStar Group | | | Paycom Software | | | Snowflake | | | Workday | |
| CrowdStrike Holdings | | | RingCentral | | | Splunk | | | Zendesk | |
| Dropbox | | | ServiceNow | | | The Trade Desk | | | Zoom Video Communications | |
| HubSpot | | | Shopify | | | Twilio | | | — | |
![]() | ![]() |
| | Pay Element | | | Metrics | | | Rationale | ||||||||||||
Base Salary | | Cash | | | N/A | | | Provides a fixed and stable level of income for performance of day-to-day responsibilities | ||||||||||||
| | | | | | |||||||||||||||
Semi-Annual Cash Incentive & Sales Commission Plans | | | Performance-Based Cash Incentive | | NEOs (excluding Chief Revenue Officer): Revenue, NNMRR & Adjusted Chief Revenue Officer: NNMRR & Adjusted Operating Income | | | Motivates achievement of key semi-annual and annual financial and operational goals | ||||||||||||
| | | | | | |||||||||||||||
| | |||||||||||||||||||
Time-Based RSUs | | Stock Price Performance | | | Establishes direct alignment of NEOs’ and stockholders’ interests by rewarding creation of long-term stockholder value | |||||||||||||||
| | | | | | |||||||||||||||
Long-Term Equity Awards | | | ||||||||||||||||||
Performance-Based RSUs | | | Stock Price Relative to Nasdaq Composite Index over three-year performance period | | | Promotes long-term retention through multi-year vesting schedule (for RSUs) and multi-year performance period (for PSUs) | ||||||||||||||
| | | | | |
Fiscal 2019 Base Salary | Fiscal 2020 Base Salary | Percentage Change | ||||||||||||||||||
Daniel D. Springer | $350,000 | $350,000 | 0% | |||||||||||||||||
Michael J. Sheridan | $400,000 | $425,000 | 6% | |||||||||||||||||
Loren Alhadeff(1) | $250,000 | $300,000 | 20% | |||||||||||||||||
Scott V. Olrich | $300,000 | $350,000 | 17% | |||||||||||||||||
Trâm Phi(2) | N/A | $350,000 | N/A | |||||||||||||||||
(1) Mr. Alhadeff's annual base salary was adjusted when he was promoted to the role of Chief Revenue Officer in February 2019; as a result, the Committee did not increase his base salary in May 2019. | ||||||||||||||||||||
(2) Ms. Phi joined DocuSign as our Senior Vice President and General Counsel on June 17, 2019. See “General Counsel Offer Letter & New Hire Award” below for a description of Ms. Phi’s compensation. |
Executive | | | Fiscal 2021 Base Salary | | | Fiscal 2022 Base Salary | | | Percentage Change |
Daniel D. Springer | | | $350,000 | | | $350,000 | | | — |
Cynthia Gaylor | | | $460,000 | | | $483,333 | | | 5% |
Loren Alhadeff | | | $350,000 | | | $365,000 | | | 4% |
Scott V. Olrich | | | $400,000 | | | $433,333 | | | 8% |
Trâm Phi | | | $364,286 | | | $390,000 | | | 7% |
Executive | Fiscal Year 2019 Target Annual Incentive (as a % of base salary) | Fiscal Year 2020 Target Annual Incentive (as a % of base salary) | ||||||||||||||||||||||||
Daniel D. Springer | 100% | 100% | ||||||||||||||||||||||||
Michael J. Sheridan | 40% | 40% | ||||||||||||||||||||||||
Scott V. Olrich | 50% | 50% | ||||||||||||||||||||||||
Trâm Phi(1) | N/A | 40% | ||||||||||||||||||||||||
(1) Ms. Phi joined DocuSign as our Senior Vice President and General Counsel on June 17, 2019. See “General Counsel Offer Letter & New Hire Award” below for a description of Ms. Phi’s compensation. |
1st Half Fiscal 2020 | Full Year Fiscal 2020 | |||||||||||||||||||||||||||||||||||||||||||
Weight | Actual | Target1 | Overall Funding (as a % of Target) | Weight | Actual | Target1 | Overall Funding (as a % of Target) | |||||||||||||||||||||||||||||||||||||
Revenue | 10% | $449.6M | $446.9M | 86.6% | 15% | $974.0M | $959.4M | 99.4% | ||||||||||||||||||||||||||||||||||||
NNMRR | 20% | $*2 | $*2 | 30% | $*2 | $*2 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA3 | 10% | $25.1M | $32.1M | 15% | $79.8M | $76.2M |
1st Half | Base Salary | Incentive Target | Weighting | Company Performance | 1st Half Payout | 1st Half Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daniel D. Springer | $350,000 | 100% | 40% | 86.6% | $121,240 | $140,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael J. Sheridan | $425,000 | 40% | 40% | 86.6% | $58,888 | $68,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott V. Olrich | $350,000 | 50% | 40% | 86.6% | $60,620 | $70,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trâm Phi(1) | $350,000 | 40% | 40% | 86.6% | $8,083 | $9,333 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Ms. Phi's 1st half target bonus and payment were pro-rated to reflect her June 17, 2019 hire date. |
2nd Half Payout | Base Salary | Incentive Target | Weighting | Company Performance | 2nd Half(1) Payout | 2nd Half(1) Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daniel D. Springer | $350,000 | 100% | 60% | 99.4% | $208,740 | $210,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael J. Sheridan | $425,000 | 40% | 60% | 99.4% | $101,388 | $102,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott V. Olrich | $350,000 | 50% | 60% | 99.4% | $104,370 | $105,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trâm Phi | $350,000 | 40% | 60% | 99.4% | $83,496 | $84,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) 2nd half payout based on full year results. |
Executive | | | Fiscal 2021 Target Annual Incentive (% of base salary) | | | Fiscal 2022 Target Annual Incentive (% of base salary) |
Daniel D. Springer | | | 100% | | | 100% |
Cynthia Gaylor | | | 50% | | | 50% |
Scott V. Olrich | | | 50% | | | 50% |
Trâm Phi | | | 40% | | | 50% |
| Fiscal 2022 Peer Group | | |||||||||||||||
Autodesk | | Okta | | | Slack Technologies | | | Veeva Systems | | ||||||||
CoStar Group | | Paycom Software | | | Snowflake | | | Workday | | ||||||||
| RingCentral | | | Splunk | | | Zendesk | | |||||||||
| ServiceNow | | | The Trade Desk | | | Zoom Video Communications | | |||||||||
| HubSpot | | | Shopify | | | Twilio | | | — | |
Weighting | Actual | Target | Overall Funding (as a % of target | |||||||||||||||||||||||||||||
1st Half Fiscal 2020 | Q1 NNMRR | 17.5% | *1 | *1 | 60.9% | |||||||||||||||||||||||||||
Q2 NNMRR | 17.5% | *1 | *1 | |||||||||||||||||||||||||||||
Consumption | 7.5% | *2 | *2 | |||||||||||||||||||||||||||||
Adjusted EBITDA | 6% | $25.1M | $32.1M | |||||||||||||||||||||||||||||
2nd Half Fiscal 2020 | Q3 NNMRR | 17.5% | *1 | *1 | 68.1% | |||||||||||||||||||||||||||
Q4 NNMRR | 17.5% | *1 | *1 | |||||||||||||||||||||||||||||
Consumption | 7.5% | *2 | *2 | |||||||||||||||||||||||||||||
Adjusted EBITDA | 9% | $79.8M | $76.2M | |||||||||||||||||||||||||||||
(1) We are not disclosing achievement or funding levels for this performance metric, because our net new monthly recurring revenue figures represent confidential commercial information the disclosure of which would result in competitive harm (for example, by providing competitors insight into our sales strategy and business operations). The aggregate target levels for NNMRR represented a significant increase from fiscal 2019. | ||||||||||||||||||||||||||||||||
(2) We are not disclosing achievement levels for this performance metric, because our consumption figures represent confidential commercial information the disclosure of which would result in competitive harm (for example, by providing competitors insight into our customers’ levels of adoption of our solutions). Attaining our consumption goal (at target achievement level) would have resulted in the highest achievement of this metric within the past three years. |
Base Salary | Incentive Target | Weighting | Company Performance | Payout | Target | |||||||||||||||
1st Half | $300,000 | 100% | 48.5% | 60.9% | $88,675 | $145,500 | ||||||||||||||
2nd Half | $300,000 | 100% | 51.5% | 68.1% | $105,190 | $154,500 |
| | Pay Element | | | Metrics | | | Rationale | |
Base Salary | | | Cash | | | N/A | | | Provides a fixed and stable level of income for performance of day-to-day responsibilities |
| | | | | | ||||
Semi-Annual Cash Incentive & Sales Commission Plans | | | Performance-Based Cash Incentive | | | NEOs (excluding Chief Revenue Officer): Revenue, NNMRR & Adjusted Operating Income Chief Revenue Officer: NNMRR & Adjusted Operating Income | | | Motivates achievement of key semi-annual and annual financial and operational goals |
| | | | | | ||||
| | Time-Based RSUs | | | Stock Price Performance | | | Establishes direct alignment of NEOs’ and stockholders’ interests by rewarding creation of long-term stockholder value | |
| | | | | | ||||
Long-Term Equity Awards | | | Performance-Based RSUs (PSUs) | | | Stock Price Relative to Nasdaq Composite Index over three-year performance period | | | Promotes long-term retention through multi-year vesting schedule (for RSUs) and multi-year performance period (for PSUs) |
| | | | | |
Executive | | | Fiscal 2021 Base Salary | | | Fiscal 2022 Base Salary | | | Percentage Change |
Daniel D. Springer | | | $350,000 | | | $350,000 | | | — |
Cynthia Gaylor | | | $460,000 | | | $483,333 | | | 5% |
Loren Alhadeff | | | $350,000 | | | $365,000 | | | 4% |
Scott V. Olrich | | | $400,000 | | | $433,333 | | | 8% |
Trâm Phi | | | $364,286 | | | $390,000 | | | 7% |
Target PSU Award(1) | Target RSU Award(1) | Total Target Equity Compensation1 | ||||||||||||||||||
Daniel D. Springer | $4,600,000 | $4,600,000 | $9,200,000 | |||||||||||||||||
Michael J. Sheridan | $875,000 | $2,625,000 | $3,500,000 | |||||||||||||||||
Scott V. Olrich | $875,000 | $2,625,000 | $3,500,000 | |||||||||||||||||
(1) The number of shares of our common stock subject to these awards was determined by the weighting of PSUs and RSUs and the average closing stock price over the 10 trading days prior to the vesting start date. |
Executive | | | Fiscal 2021 Target Annual Incentive (% of base salary) | | | Fiscal 2022 Target Annual Incentive (% of base salary) |
Daniel D. Springer | | | 100% | | | 100% |
Cynthia Gaylor | | | 50% | | | 50% |
Scott V. Olrich | | | 50% | | | 50% |
Trâm Phi | | | 40% | | | 50% |
| Fiscal 2022 Peer Group | | ||||||||||||||||||
Autodesk | Okta | | | Slack Technologies | | | Veeva Systems | | ||||||||||||
CoStar Group | | | Paycom Software | | Snowflake | | | Workday | | |||||||||||
CrowdStrike Holdings | RingCentral | | | Splunk | | | Zendesk | | ||||||||||||
Dropbox | ServiceNow | | | The Trade Desk | | | Zoom Video Communications | | ||||||||||||
HubSpot | Shopify | | | Twilio | | | — | |
| | Pay Element | | | Metrics | | | Rationale | |
Base Salary | | | Cash | | | N/A | | | Provides a fixed and stable level of income for performance of day-to-day responsibilities |
| | | | | | ||||
Semi-Annual Cash Incentive & Sales Commission Plans | | | Performance-Based Cash Incentive | | | NEOs (excluding Chief Revenue Officer): Revenue, NNMRR & Adjusted Operating Income Chief Revenue Officer: NNMRR & Adjusted Operating Income | | | Motivates achievement of key semi-annual and annual financial and operational goals |
| | | | | | ||||
| | Time-Based RSUs | | | Stock Price Performance | | | Establishes direct alignment of NEOs’ and stockholders’ interests by rewarding creation of long-term stockholder value | |
| | | | | | ||||
Long-Term Equity Awards | | | Performance-Based RSUs (PSUs) | | | Stock Price Relative to Nasdaq Composite Index over three-year performance period | | | Promotes long-term retention through multi-year vesting schedule (for RSUs) and multi-year performance period (for PSUs) |
| | | | | |
Executive | | | Fiscal 2021 Base Salary | | | Fiscal 2022 Base Salary | | | Percentage Change |
Daniel D. Springer | | | $350,000 | | | $350,000 | | | — |
Cynthia Gaylor | | | $460,000 | | | $483,333 | | | 5% |
Loren Alhadeff | | | $350,000 | | | $365,000 | | | 4% |
Scott V. Olrich | | | $400,000 | | | $433,333 | | | 8% |
Trâm Phi | | | $364,286 | | | $390,000 | | | 7% |
Executive | | | Fiscal 2021 Target Annual Incentive (% of base salary) | | | Fiscal 2022 Target Annual Incentive (% of base salary) |
Daniel D. Springer | | | 100% | | | 100% |
Cynthia Gaylor | | | 50% | | | 50% |
Scott V. Olrich | | | 50% | | | 50% |
Trâm Phi | | | 40% | | | 50% |
Performance Metric | | | Definition | | | Why Used |
Revenue | | | Revenue as reported in our audited financial statements | | | Primary external indicator of growth |
| | | | |||
Net New Monthly Recurring Revenue (NNMRR) | | | Monthly recurring revenue (MRR) from new customers, volume expansions and sales of additional products and services to existing customers, net of MRR losses | | | Primary internal indicator of future subscription revenue growth |
| | | | |||
Adjusted Operating Income | | | GAAP income from operations, then excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, acquisition-related expenses and, as applicable, other special items. | | | Measure of operating profitability excluding impacts from financing, capital expenditures and stock-based compensation |
| | First Half Fiscal 2022 | | | Full Year Fiscal 2022 | |||||||||||||||||||
| | Weight | | | Actual(1) | | | Target(1) | | | Overall Funding (as a % of Target) | | | Weight | | | Actual(1) | | | Target(1) | | | Overall Funding (as a % of Target) | |
Revenue | | | 10% | | | $980.9M | | | $934.8M | | | 112.6% | | | 15% | | | $2,107.2M | | | $2,058.8M | | | 63.5% |
NNMRR2 | | | 20% | | | — | | | — | | | 30% | | | — | | | — | | |||||
Adjusted Operating Income3 | | | 10% | | | $193.5M | | | $117.7M | | | 15% | | | $421.5M | | | $309.2M | |
(1) | If the threshold level of achievement for any of the metrics was not achieved, that portion of the CIP did not fund. Achievement above the threshold resulted in funding on a linear basis up to a maximum funding percentage, which ranged from 130% to 150% for each metric. Our first half and full year actual achievement excludes results from the Clause.io acquisition. The exclusion of the financial performance of the acquired company was based on the size and the timing of the acquisition. |
(2) | We are not disclosing achievement or funding levels for this performance metric, because our NNMRR figures represent confidential commercial information, the disclosure of which would result in competitive harm (for example, by providing competitors insight into our sales strategy and business operations). The aggregate target levels for NNMRR in fiscal 2022 represented a significant increase from fiscal 2021. |
(3) | For this purpose, “Adjusted Operating Income” meant GAAP income from operations, then excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, acquisition-related expenses and, as applicable, other special items. |
First Half Fiscal 2022 | | | Base Salary | | | Incentive Target | | | Weighting | | | Company Performance | | | First Half Payout |
Daniel D. Springer | | | $350,000 | | | 100% | | | 40% | | | 112.6% | | | $157,640 |
Cynthia Gaylor | | | $483,333 | | | 50% | | | 40% | | | 112.6% | | | $108,847 |
Scott V. Olrich | | | $433,333 | | | 50% | | | 40% | | | 112.6% | | | $97,587 |
Trâm Phi | | | $390,000 | | | 50% | | | 40% | | | 112.6% | | | $87,828 |
Second Half and Full Fiscal 2022 | | | Base Salary | | | Incentive Target | | | Weighting | | | Company Performance | | | Second Half Payout | | | Full Year Payout | |||
Daniel D. Springer | | | $350,000 | | | 100% | | | 60% | | | 63.5% | | | $133,350 | | | $290,990 | | | 83.1% |
Cynthia Gaylor | | | $483,333 | | | 50% | | | 60% | | | 63.5% | | | $92,075 | | | $200,922 | | | 83.1% |
Scott V. Olrich | | | $433,333 | | | 50% | | | 60% | | | 63.5% | | | $82,550 | | | $180,137 | | | 83.1% |
Trâm Phi | | | $390,000 | | | 50% | | | 60% | | | 63.5% | | | $74,295 | | | $162,123 | | | 83.1% |
| | | | Weighting | | | Actual(1)(2) | | | Target(1)(2) | | | Overall Funding (as a % of target | ||
First Half Fiscal 2022 | | | Q1 NNMRR | | | 20% | | | — | | | — | | | 93.4% |
| Q2 NNMRR | | | 20% | | | — | | | — | | ||||
| Adjusted Operating Income | | | 8% | | | $193.5M | | | $117.7M | | ||||
Second Half Fiscal 2022 | | | Q3 NNMRR | | | 20% | | | — | | | — | | | 32.3% |
| Q4 NNMRR | | | 20% | | | — | | | — | | ||||
| Adjusted Operating Income | | | 12% | | | $421.5M | | | $309.2M | |
(1) | We are not disclosing achievement or funding levels for this performance metric, because our NNMRR figures represent confidential commercial information, the disclosure of which would result in competitive harm (for example, by providing competitors insight into our sales strategy and business operations). The aggregate target levels for NNMRR in fiscal 2022 represented a significant increase from fiscal 2021. |
(2) | Our first half and second half actuals exclude results from the Clause.io acquisition. The exclusion of the financial performance of the acquired company was based on the size and the timing of the acquisition. |
| | Base Salary | | | Incentive Target | | | Weighting | | | Company Performance | | | Payout | |
First Half Fiscal 2022 | | | $365,000 | | | 100% | | | 48% | | | 93.4% | | | $160,813 |
Second Half Fiscal 2022 | | | $365,000 | | | 100% | | | 52% | | | 32.3% | | | $61,320 |
• | Restricted Stock Units (“RSUs”), which generally vest over a four-year period subject to the recipient’s continued employment with us; and |
• | Performance-Based Restricted Stock Units (“PSUs”), which generally are earned based on the achievement of one or more pre-established business or financial performance metrics, as described below, and subject to the recipient’s continued employment with us through the performance period. |
| | Target RSU Award(1) | | | Target PSU Award(1) | | | Total Target Equity Compensation1 | |
Daniel D. Springer | | | $7,500,000 | | | $7,500,000 | | | $15,000,000 |
Cynthia Gaylor | | | $4,125,000 | | | $1,375,000 | | | $5,500,000 |
Loren Alhadeff | | | $3,000,000 | | | $1,000,000 | | | $4,000,000 |
Scott V. Olrich | | | $4,500,000 | | | $1,500,000 | | | $6,000,000 |
Trâm Phi | | | $2,625,000 | | | $875,000 | | | $3,500,000 |
(1) | The number of shares of our common stock subject to these awards was determined by dividing the target amount of PSU and RSU awards by the average closing market price of our common stock over the 10 trading days prior to the June 10, 2021 grant date. |
Payout Level | | | Relative TSR Performance | | | PSU Vesting Amount (% of Target) |
Max | | | >= +50 Points vs. Index | | | 200% |
Target | | | DOCU TSR = Index | | | 100% |
Threshold | | | -25 Points vs. Index | | | 50% |
None | | | < -25 Points vs. Index | | | 0% |
CEO | | | Executive Staff* | | | Non-Employee Directors | ||||||||
5.0x base salary | | | 1.0x base salary | | | 3.0x Board retainer | ||||||||
* | Includes all NEOs other than CEO. |
Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Option Awards ($) | | | Stock Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($)(2) | | | Other Bonus ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) |
Daniel D. Springer President and Chief Executive Officer | | | 2022 | | | 350,000 | | | — | | | 20,051,358 | | | 290,990 | | | — | | | 8,700 | | | 20,701,048 |
| 2021 | | | 350,000 | | | — | | | 18,933,688 | | | 498,750 | | | — | | | 16,730(5) | | | 19,799,168 | ||
| 2020 | | | 348,654 | | | — | | | 8,047,073 | | | 329,980 | | | — | | | 7,973 | | | 8,733,680 | ||
Cynthia Gaylor Chief Financial Officer(6) | | | 2022 | | | 483,333 | | | — | | | 6,788,017 | | | 200,922 | | | — | | | 8,700 | | | 7,480,972 |
| 2021 | | | 184,000 | | | — | | | 11,098,253 | | | 163,875 | | | — | | | 2,143 | | | 11,448,271 | ||
| 2020 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | ||
Scott V. Olrich Chief Operating Officer | | | 2022 | | | 433,333 | | | — | | | 7,404,985 | | | 180,137 | | | — | | | 8,690 | | | 8,027,145 |
| 2021 | | | 387,692 | | | — | | | 5,096,056 | | | 285,000 | | | — | | | 8,147 | | | 5,776,895 | ||
| 2020 | | | 330,000 | | | — | | | 3,113,298 | | | 164,990 | | | — | | | 8,452 | | | 3,616,740 | ||
Loren Alhadeff Chief Revenue Officer | | | 2022 | | | 365,000 | | | — | | | 4,936,628 | | | 222,133 | | | — | | | 29,694(7) | | | 5,553,455 |
| 2021 | | | 337,692 | | | — | | | 4,140,695 | | | 565,469 | | | — | | | 4,459 | | | 5,048,315 | ||
| 2020 | | | 297,115 | | | — | | | 3,971,439 | | | 193,865 | | | — | | | 4,832 | | | 4,467,251 | ||
Trâm T. Phi SVP, General Counsel and Secretary | | | 2022 | | | 390,000 | | | — | | | 4,319,417 | | | 162,123 | | | — | | | 8,700 | | | 4,880,240 |
| 2021 | | | 360,769 | | | — | | | 2,548,102 | | | 207,643 | | | — | | | 8,416 | | | 3,124,930 | ||
| 2020 | | | 255,198 | | | — | | | 3,025,953 | | | 91,579 | | | 25,000 | | | 808 | | | 3,398,538 |
Name and Principal Position | Fiscal Year | Salary ($) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($)(2) | Other Bonus ($)(3) | All Other Compensation ($)(4) | Total ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daniel D. Springer President and Chief Executive Officer | 2020 | 348,654 | 8,047,073 | 329,980 | — | 7,973 | 8,733,680 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 350,000 | 14,257,188 | 484,575 | — | 2,026 | 15,093,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 360,769 | — | 430,500 | — | — | 791,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael J. Sheridan Chief Financial Officer | 2020 | 414,038 | 3,113,298 | 160,276 | — | — | 3,687,612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 382,445 | 3,978,750 | 221,520 | — | — | 4,582,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 331,887 | 871,459 | 165,172 | — | — | 1,368,518 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott V. Olrich Chief Operating Officer | 2020 | 330,000 | 3,113,298 | 164,990 | — | 8,452 | 3,616,740 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 312,000 | — | 207,675 | — | 1,154 | 520,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 242,308 | 14,840,280 | 161,800 | — | — | 15,244,388 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loren Alhadeff Chief Revenue Officer(5) | 2020 | 297,115 | 3,971,439 | 193,865 | — | 4,832 | 4,467,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trâm T. Phi SVP, General Counsel and Secretary(6) | 2020 | 255,198 | 3,025,953 | 91,579 | 25,000 | 808 | 3,398,538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) This column reflects the aggregate grant date fair value of RSUs and PSUs without regard to forfeitures granted during the year measured pursuant to Financial Accounting Standards Board Accounting Standards Codification Topic 718 (ASC 718). The values for PSUs granted in 2019 and 2020 reflect the probable outcome of the performance vesting conditions which is also equal to the value assuming the highest level of performance conditions will be achieved. The PSUs granted with performance-based conditions are valued using the closing stock price on the grant date. The PSUs granted with a market condition are valued using a lattice model simulation analysis, specifically a Monte Carlo simulation, incorporating the following assumptions: Risk-free interest rate 2.73% Expected dividend yield - Expected life of grant (in years) 3.81 Expected volatility 40.00% The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the award. Our computation of expected life was based on the remaining performance period at the time of grant. We have not declared, nor do we expect to declare dividends. Due to our short trading history at time of grant, our computation of expected volatility is based on a calculation using the historical stock information of companies deemed comparable to us, for the period matching the expected term of the award. Refer to Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2020. Note that the amounts reported in this column reflect the accounting value for these equity awards and do not correspond to the actual economic value that may be received by our NEOs from the equity awards. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The amounts shown represent the performance bonus earned for the respective year pursuant to the FY20 Company Incentive Plan, FY20 Chief Revenue Officer Incentive Plan, FY19 Company Incentive Plan or FY18 EBITDA Bonus Plan as applicable. See “Performance Bonus Compensation” below for further discussion of the performance bonuses for fiscal year 2020. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) The amount shown represents a signing bonus. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) The amount shown includes 401(k) matching payments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) Mr. Alhadeff was not a NEO in fiscal year 2018 or fiscal year 2019. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) Ms. Phi was not a NEO in fiscal year 2018 or fiscal year 2019. |
(1) | This column reflects the aggregate grant date fair value of RSUs and PSUs without regard to forfeitures granted during the year measured pursuant to Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“ASC 718”). The PSUs granted in fiscal 2020 – fiscal 2022 are considered to have a “market condition” for accounting purposes and are therefore valued using a lattice model simulation analysis, specifically a Monte Carlo simulation, incorporating the following assumptions (i) for the fiscal 2020 PSUs, a risk-free interest rate of 1.87%, an expected dividend yield of zero, 3.0 expected life of grant (in years), and 35.2% expected volatility; (ii) for the fiscal 2021 PSUs, a risk-free interest rate of 0.22%, an expected dividend yield of zero, 3.0 expected life of grant (in years), and 40.1% expected volatility; and (iii) for the fiscal 2022 PSUs, a risk-free interest rate of 0.30 %, an expected dividend yield of zero, 3.0 expected life of grant (in years), and 45.9% expected volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the award. Our computation of expected life was based on the remaining performance period at the time of grant. We have not declared, nor do we expect to declare dividends. Due to our short trading history at time of grant, our computation of expected volatility is based on a calculation using the historical stock information of companies deemed comparable to us, for the period matching the expected term of the award. Refer to Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2022. Note that the amounts reported in this column reflect the accounting value for these equity awards and do not correspond to the actual economic value that may be received by our NEOs from the equity awards. |
(2) | The amounts shown represent the performance bonus earned for the respective fiscal year pursuant to the Company Incentive Plan, or Chief Revenue Officer Sales Commission Plan, as applicable, applicable to each such fiscal year. See the section entitled “Executive Compensation Discussion and Analysis—Fiscal 2022 Cash Incentive Payments” for further discussion of the performance bonuses for fiscal 2022. |
(3) | The amount shown represents a signing bonus. |
(4) | The amount shown includes Company contributions to the Company 401(k) plan. |
(5) | The amount shown includes legal fees incurred in connection with HSR filings made by Mr. Springer in FY21, which was required due to his participation in our equity compensation programs. |
(6) | Ms. Gaylor was not a DocuSign employee in fiscal 2020. |
(7) | The amount shown represents (1) a one-time cash payout of accrued paid-time off (“PTO”) that resulted during a transition to unlimited PTO pursuant to the Company’s PTO policy for similarly situated executives and (2) a tax gross up related to a discretionary Company gift for appreciation of service costing approximately $700. |
| | | | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(2) | | | Estimated Possible Payouts Under Equity Incentive Plan Awards(3) | | | | | |||||||||||||||||
Name | | | Award Type(1) | | | Grant Date | | | Threshold ($) | | | Target ($) | | | Maximum ($) | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | | Awards: Number of Shares of Stock or Units (#) | | | Grant Date Fair Value of Stock and Option Award ($)(4) |
Daniel D. Springer | | | Cash | | | — | | | 175,000 | | | 350,000 | | | 498,750 | | | — | | | — | | | — | | | — | | | — |
| RSUs | | | 6/10/2021 | | | — | | | — | | | — | | | — | | | 34,912 | | | — | | | 34,912 | | | 8,486,409 | ||
| PSUs | | | 6/10/2021 | | | — | | | — | | | — | | | 17,456 | | | 34,912 | | | 69,824 | | | 34,912 | | | 11,564,949 | ||
Cynthia Gaylor | | | Cash | | | — | | | 120,833 | | | 241,667 | | | 344,375 | | | — | | | — | | | — | | | — | | | — |
| RSUs | | | 6/10/2021 | | | — | | | — | | | — | | | — | | | 19,202 | | | — | | | 19,202 | | | 4,667,622 | ||
| PSUs | | | 6/10/2021 | | | — | | | — | | | — | | | 3,201 | | | 6,401 | | | 12,802 | | | 6,401 | | | 2,120,395 | ||
Scott V. Olrich | | | Cash | | | — | | | 108,333 | | | 216,667 | | | 308,750 | | | — | | | — | | | — | | | — | | | — |
| RSUs | | | 6/10/2021 | | | — | | | — | | | — | | | — | | | 20,947 | | | — | | | 20,947 | | | 5,091,797 | ||
| PSUs | | | 6/10/2021 | | | — | | | — | | | — | | | 3,492 | | | 6,983 | | | 13,966 | | | 6,983 | | | 2,313,189 | ||
Loren Alhadeff | | | Cash | | | — | | | 181,000 | | | 362,000 | | | 608,160 | | | — | | | — | | | — | | | — | | | — |
| RSUs | | | 6/10/2021 | | | — | | | — | | | — | | | — | | | 13,965 | | | — | | | 13,965 | | | 3,394,612 | ||
| PSUs | | | 6/10/2021 | | | — | | | — | | | — | | | 2,328 | | | 4,655 | | | 9,310 | | | 4,655 | | | 1,542,015 | ||
Trâm T. Phi | | | Cash | | | — | | | 97,500 | | | 195,000 | | | 277,875 | | | — | | | — | | | — | | | — | | | — |
| RSUs | | | 6/10/2021 | | | — | | | — | | | — | | | — | | | 12,219 | | | — | | | 12,219 | | | 2,970,195 | ||
| PSUs | | | 6/10/2021 | | | — | | | — | | | — | | | 2,037 | | | 4,073 | | | 8,146 | | | 4,073 | | | 1,349,222 |
Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(2) | Estimated Possible Payouts Under Equity Incentive Plan Awards(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Award Type(1) | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | Awards: Number of Shares of Stock or Units (#) | Grant Date Fair Value of Stock and Option Award ($)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daniel D. Springer | Cash | — | 181,489 | 329,980 | 471,871 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs | 6/10/2019 | — | — | — | — | 86,111 | — | 86,111 | 4,160,022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs | 6/10/2019 | — | — | — | 43,056 | 86,111 | 172,222 | 86,111 | 3,887,051 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael J. Sheridan | Cash | — | 88,152 | 160,276 | 229,195 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs | 6/10/2019 | — | — | — | — | 49,139 | — | 49,139 | 2,373,905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs | 6/10/2019 | — | — | — | 8,190 | 16,380 | 32,760 | 16,380 | 739,393 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott V. Olrich | Cash | — | 90,745 | 164,990 | 235,936 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs | 6/10/2019 | — | — | — | — | 49,139 | — | 49,139 | 2,373,905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs | 6/10/2019 | — | — | — | 8,190 | 16,380 | 32,760 | 16,380 | 739,393 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loren Alhadeff | Cash | — | 106,626 | 193,865 | 277,227 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs | 3/25/2019 | — | — | — | — | 75,517 | — | 75,517 | 3,971,439 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trâm T. Phi | Cash | — | 50,368 | 91,579 | 130,958 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs | 7/10/2019 | — | — | — | — | 58,928 | — | 58,928 | 3,025,953 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) This column reflects the aggregate grant date fair value of RSUs and PSUs without regard to forfeitures granted during the year measured pursuant to ASC 718. The assumptions used in the valuation of these awards are set forth in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2020. Note that the amounts reported in this column reflect the accounting value for these equity awards and do not correspond to the actual economic value that may be received by our NEOs from the equity awards. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Represents the range of possible payouts to our NEOs under the FY20 CIP or, for Mr. Alhadeff, under the Sales Commission Plan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Represents the range of possible PSU awards under the 2018 Equity Incentive Plan described in the "Long Term Equity Incentive Awards" section of the "Compensation Discussion and Analysis" section. The number of earned PSUs are based on our relative total stockholder return against the Nasdaq Composite Index over a three-year period and the NEO’s continued employment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) The grant date fair value of each equity award is computed in accordance with FASB ASC 718. For the PSUs the amounts shown assume the target level of performance would be achieved with respect to the performance conditions. |
(1) | This column reflects the aggregate grant date fair value of RSUs and PSUs without regard to forfeitures granted during the year measured pursuant to ASC 718. The assumptions used in the valuation of these awards are set forth in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2022. Note that the amounts reported in this column reflect the accounting value for these equity awards and may not correspond to the actual economic value that may be received by our NEOs from the equity awards. |
(2) | Represents the range of possible payouts to our NEOs under the fiscal 2022 CIP or, for Mr. Alhadeff, under the Sales Commission Plan. |
(3) | Represents the range of possible PSU awards under the 2018 Equity Incentive Plan (the “2018 Plan”) described in the sections above entitled “Executive Compensation Discussion and Analysis—Performance Metrics for Fiscal 2022 PSU Awards” and “—Performance Metrics for Fiscal 2020 and 2021 PSU Awards”. The number of earned PSUs are based on our relative total stockholder return against the Nasdaq Composite Index over a three-year period and the NEO’s continued employment. |
(4) | The grant date fair value of each equity award is computed in accordance with ASC 718. For the PSUs, the amounts shown assume the target level of performance would be achieved with respect to the performance conditions. |
Option Awards(1) | Stock Awards(1) | | | | Option Awards(1) | | Stock Awards(1) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Securities Underlying Unexercised Options (#) | | | | Number of Securities Underlying Unexercised Options (#) | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Name | Grant Date | Exercisable | Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares, Units or Other Rights That Have Not Vested | Market or Payout Value of Shares, Units or Other Rights That Have Not Vested ($) (2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(3) | | Grant Date | | Exercisable | | Unexercisable | | Option Exercise Price ($) | | Option Expiration Date | | Number of Shares, Units or Other Rights That Have Not Vested | | Market or Payout Value of Shares, Units or Other Rights That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(3) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Daniel D. Springer | Daniel D. Springer | 01/23/2017(4) | 1,489,592 | 500,230 | 18.02 | 1/23/2027 | — | | | 1/23/2017(8) | | 1,799,686 | | — | | 18.02 | | 1/23/2027 | | — | | — | | — | | — | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
01/23/2017(5) | — | 500,230 | 39,273,057 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
07/18/2018(6) | — | 50,392 | 3,956,276 | 80,625 | 6,329,869 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
07/18/2018(7) | — | 67,188 | 5,274,930 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/10/2019(8) | — | 75,348 | 5,915,571 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/10/2019(9) | — | — | 86,111 | 6,760,575 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael J. Sheridan | 09/15/2015(10) | 826,187 | — | 17.38 | 9/15/2025 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/15/2015(10) | 111 | — | 17.38 | 9/15/2025 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/20/2016(10) | 100,000 | — | 18.87 | 9/20/2026 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06/14/2017(11) | — | 18,750 | 1,472,063 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
07/18/2018(7) | — | 46,875 | 3,680,156 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/10/2019(8) | — | 42,997 | 3,375,694 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/10/2019(9) | — | — | 16,380 | 1,285,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daniel D. Springer | | | 7/18/2018(4) | | — | | — | | — | | — | | 20,159 | | 2,535,397 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7/18/2018(5) | | — | | — | | — | | — | | 13,438 | | 1,690,097 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2019(6) | | — | | — | | — | | — | | 32,292 | | 4,061,365 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2019(7) | | — | | — | | — | | — | | — | | — | | 86,111 | | 10,830,180 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2020(7) | | — | | — | | — | | — | | | | 53,396 | | 6,715,615 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2020(11) | | — | | — | | — | | — | | 33,373 | | 4,197,322 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2021(13) | | — | | — | | — | | — | | 30,548 | | 3,842,022 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2021(7) | | — | | — | | — | | — | | — | | — | | 34,912 | | 4,390,882 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 10/10/2020(12) | | — | | — | | — | | — | | 33,212 | | 4,177,073 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cynthia Gaylor | | | 6/10/2021(13) | | — | | — | | — | | — | | 16,802 | | 2,113,188 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2021(7) | | — | | — | | — | | — | | — | | — | | 6,401 | | 805,054 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott V. Olrich | 4/17/2017(12) | 412,500 | 187,500 | 16.21 | 4/17/2027 | — | | 4/17/2017(8) | | 487,500 | | — | | 16.21 | | 4/17/2027 | | — | | — | | — | | — | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/17/2017(13) | — | 125,000 | 9,813,750 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/10/2019(8) | — | 42,997 | 3,375,694 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/10/2019(9) | — | — | 16,380 | 1,285,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott V. Olrich | | | 6/10/2019(6) | | — | | — | | — | | — | | 18,428 | | 2,317,690 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2019(7) | | — | | — | | — | | — | | — | | — | | 16,380 | | 2,060,113 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2020(11) | | — | | — | | — | | — | | 14,685 | | 1,846,932 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2020(7) | | — | | — | | — | | — | | — | | — | | 7,832 | | 985,031 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2021(13) | | — | | — | | — | | — | | 18,329 | | 2,305,238 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2021(7) | | — | | — | | — | | — | | — | | — | | 6,983 | | 878,252 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loren Alhadeff | 12/13/2011(10) | 119,927 | — | 0.97 | 12/13/2021 | — | | 1/31/2014(8) | | 42,112 | | — | | 4.75 | | 1/31/2024 | | — | | — | | — | | — | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/26/2013(10) | 25,000 | — | 2.14 | 7/26/2023 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1/31/2014(10) | 89,926 | — | 4.75 | 1/31/2024 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2014(10) | 100 | — | 7.55 | 4/30/2024 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2015(10) | 111 | — | 13.43 | 3/11/2025 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/11/2015(10) | 89,943 | — | 16.65 | 6/11/2025 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/9/2016(14) | — | 7,500 | 588,825 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/20/2016(15) | — | 9,375 | 736,031 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/14/2017(11) | — | 15,000 | 1,177,650 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/18/2018(7) | — | 37,500 | 2,944,125 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/25/2019(16) | — | 61,358 | 4,817,217 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loren Alhadeff | | | 4/30/2014(8) | | 100 | | — | | 7.55 | | 4/30/2024 | | — | | — | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/11/2015(8) | | 111 | | — | | 13.43 | | 3/11/2025 | | — | | — | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/11/2015(8) | | 69,943 | | — | | 16.65 | | 6/11/2025 | | — | | — | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7/18/2018(5) | | — | | — | | — | | — | | 7,500 | | 943,275 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/25/2019(9) | | — | | — | | — | | — | | 23,600 | | 2,968,172 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/202011) | | — | | — | | — | | — | | 11,932 | | 1,500,688 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2020(7) | | — | | — | | — | | — | | — | | — | | 6,364 | | 800,400 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2021(13) | | — | | — | | — | | — | | 12,220 | | 1,536,909 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2021(7) | | — | | — | | — | | — | | — | | — | | 4,655 | | 585,459 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trâm T. Phi | 7/10/2019(17) | — | 58,928 | 4,626,437 | — | | 7/10/2019(10) | | — | | — | | — | | — | | 22,098 | | 2,779,265 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trâm T. Phi | | | 6/10/2020(11) | | — | | — | | — | | — | | 7,343 | | 923,529 | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2020(7) | | — | | — | | — | | — | | — | | — | | 3,916 | | 492,515 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2021(7) | | — | | — | | — | | — | | — | | — | | 4,073 | | 512,261 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/10/2021(13) | | — | | — | | — | | — | | 10,692 | | 1,344,733 | | — | | — |
(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents the market value of the shares underlying the number of unvested RSUs as of January 31, | 2022. |
(3) | Represents the market value of the shares underlying the number of unvested PSUs as of January 31, | 2022. |
(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | ||||||||||||||||||||||||||||||||
(6) | ||||||||||||||||||||||||||||||||
(7) | ||||||||||||||||||||||||||||||||
(8) | ||||||||||||||||||||||||||||||||
(9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(10) | ||||||||||||||||||||||||||||||||
(11) | The shares underlying the RSUs vest in sixteen equal quarterly installments beginning on May 10, 2020, subject to continuous service. |
(12) | Twenty-five percent of the shares subject to the RSUs will vest on September 10, 2021 and the balance of the shares shall vest in equal quarterly installments thereafter for 36 months, subject to continuous service. |
(13) | The shares underlying the RSUs vest in sixteen equal quarterly installments beginning on May 10, 2020, subject to continuous service. |
| | Option Awards | | | Stock Awards | |||||||
Name | | | Number of Shares Acquired on Exercise | | | Value Realized on Exercise ($) | | | Number of Shares Acquired on Vesting (#)(1) | | | Value Realized on Vesting ($)(2) |
Daniel D. Springer | | | 190,136 | | | 40,230,458 | | | 231,486 | | | 49,659,599 |
Cynthia Gaylor | | | — | | | — | | | 21,427 | | | 5,034,522 |
Scott V. Olrich | | | 112,500 | | | 24,322,984 | | | 70,776 | | | 16,224,864 |
Loren Alhadeff | | | 137,177 | | | 27,236,430 | | | 43,396 | | | 10,032,474 |
Trâm T. Phi | | | — | | | — | | | 19,196 | | | 4,202,230 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||
Name | Number of Shares Acquired on Exercise | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting ($)(1) | Value Realized on Vesting ($)(2) | ||||||||||||||||||||||||||||||||||||||||
Daniel D. Springer | 5,549 | 309,079 | 1,177,077 | 68,323,262 | ||||||||||||||||||||||||||||||||||||||||
Michael J. Sheridan | — | — | 192,303 | 11,085,199 | ||||||||||||||||||||||||||||||||||||||||
Scott V. Olrich | — | — | 326,142 | 18,714,801 | ||||||||||||||||||||||||||||||||||||||||
Loren Alhadeff | 124,000 | 7,394,144 | 69,159 | 4,212,017 | ||||||||||||||||||||||||||||||||||||||||
Trâm T. Phi | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
(1) Represents the total number of shares of our common stock issuable upon settlement of vested RSUs and PSUs during the year ended January 31, 2020. The amount does not represent the number of shares actually received by each NEO, as a portion of the shares was withheld by DocuSign to satisfy the NEO’s tax withholding obligations. | ||||||||||||||||||||||||||||||||||||||||||||
(2) The value realized on vesting of RSUs for each NEO is calculated by: (a) multiplying the number of RSUs vested by the closing price of DocuSign common stock on the settlement date and (b) aggregating the value realized upon vesting for all RSUs that vested during the year ended January 31, 2020. The value realized on vesting does not reflect the actual value received by each NEO because a portion of the shares were withheld by DocuSign to satisfy the NEO’s tax withholding obligations. |
(1) | Represents the total number of shares of our common stock issuable upon settlement of vested RSUs and PSUs during the year ended January 31, 2022. The amount does not represent the number of shares actually received by each NEO, as a portion of the shares was withheld by DocuSign to satisfy the NEO’s tax withholding obligations. |
(2) | The value realized on vesting of RSUs for each NEO is calculated by: (a) multiplying the number of RSUs vested by either (i) the closing price of DocuSign common stock on the settlement date or (ii) the closing price of DocuSign common stock on the day prior to the settlement date; and (b) aggregating the value realized upon vesting for all RSUs that vested during the year ended January 31, 2022. The value realized on vesting does not reflect the actual value received by each NEO because a portion of the shares were withheld by DocuSign to satisfy the NEO’s tax withholding obligations. |
Executive | | | Cash Severance (salary equivalent) | | | Bonus Severance (% of target) | | | COBRA | | | Equity Awards(1) |
Daniel Springer | | | 12 months | | | 100% | | | 18 months | | | Equivalent to 12 additional months’ vesting |
All other NEOs | | | 6 months | | | 50% | | | 6 months | | | Equivalent to 6 additional months’ vesting |
(1) | Excludes PSUs |
Executive | | | Cash Severance (salary equivalent) | | | Bonus Severance (% of target) | | | COBRA | | | Equity Awards(1)(2) |
Daniel Springer | | | 12 months | | | — | | | 12 months | | | 100% vesting acceleration* |
All other NEOs | | | 12 months | | | — | | | 12 months | | | 100% vesting acceleration* |
(1) | Excludes PSUs |
(2) | For awards granted after March 2021. |
Name | | | Cash Severance ($) | | | Payment for Continued Health Insurance Coverage ($) | | | Value from Acceleration of Unvested Options ($) | | | Value from Acceleration of Unvested RSUs(1) ($) | | | Value from Acceleration of Unvested PSUs(2)(3) ($) | | | Total ($) |
Daniel D. Springer | | | | | | | | | | | | | ||||||
change in control with no qualifying termination | | | — | | | — | | | n/a | | | — | | | — | | | — |
change in control and qualifying termination | | | 350,000 | | | 16,992 | | | n/a | | | 13,790,806 | | | 28,936,983 | | | 43,094,781 |
qualifying termination outside of change in control period | | | 350,000 | | | 25,487 | | | n/a | | | 7,174,298 | | | 2,535,397 | | | 10,085,183 |
Cynthia Gaylor | | | | | | | | | | | | | ||||||
change in control with no qualifying termination | | | — | | | — | | | n/a | | | — | | | n/a | | | — |
change in control and qualifying termination | | | 483,333 | | | 27,355 | | | n/a | | | 6,290,261 | | | n/a | | | 6,800,929 |
qualifying termination outside of change in control period | | | 241,667 | | | 13,677 | | | n/a | | | 1,061,247 | | | n/a | | | 1,316,591 |
Scott V. Olrich | | | | | | | | | | | | | ||||||
change in control with no qualifying termination | | | — | | | — | | | n/a | | | 1,041,156 | | | — | | | 1,041,156 |
change in control and qualifying termination | | | 433,333 | | | 27,355 | | | n/a | | | 6,469,860 | | | 4,815,657 | | | 11,746,185 |
qualifying termination outside of change in control period | | | 300,000 | | | 13,677 | | | n/a | | | 1,471,257 | | | — | | | 1,701,601 |
Loren Alhadeff | | | | | | | | | | | | | ||||||
change in control with no qualifying termination | | | — | | | — | | | n/a | | | 1,353,034 | | | — | | | 1,353,034 |
change in control and qualifying termination | | | 365,000 | | | 27,355 | | | n/a | | | 6,949,044 | | | 565,083 | | | 7,906,461 |
qualifying termination outside of change in control period | | | 350,000 | | | 13,677 | | | n/a | | | 2,650,351 | | | — | | | 2,846,528 |
Trâm T. Phi | | | | | | | | | | | | | ||||||
change in control with no qualifying termination | | | — | | | — | | | n/a | | | 925,699 | | | — | | | 925,699 |
change in control and qualifying termination | | | 390,000 | | | 27,355 | | | n/a | | | 5,047,527 | | | 347,716 | | | 5,812,578 |
qualifying termination outside of change in control period | | | 255,000 | | | 13,677 | | | n/a | | | 1,303,229 | | | — | | | 1,511,906 |
Name | Cash Severance ($) | Payment for Continued Health Insurance Coverage ($) | Value from Acceleration of Unvested Options(1) ($) | Value from Acceleration of Unvested RSUs(2) ($) | Value from Acceleration of Unvested PSUs(3)(4) ($) | Total ($) | ||||||||||||||||||||||||||||||||
Daniel D. Springer | ||||||||||||||||||||||||||||||||||||||
change in control and successor assumed equity awards | — | — | 15,129,456 | 25,231,779 | — | 40,361,236 | ||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards | — | — | 30,258,913 | 50,463,559 | 14,948,970 | 95,671,442 | ||||||||||||||||||||||||||||||||
change in control, successor assumed equity awards, and qualifying termination | 350,000 | 25,232 | 30,258,913 | 50,463,559 | 14,948,970 | 96,046,673 | ||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards, and qualifying termination | 350,000 | 25,232 | 30,258,913 | 50,463,559 | 14,948,970 | 96,046,673 | ||||||||||||||||||||||||||||||||
qualifying termination outside of change in control period | 700,000 | 37,848 | 30,258,913 | 43,073,177 | 1,582,448 | 75,652,385 | ||||||||||||||||||||||||||||||||
Michael Sheridan | ||||||||||||||||||||||||||||||||||||||
change in control and successor assumed equity awards | — | — | n/a | — | — | — | ||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards | — | — | n/a | — | 2,091,026 | 2,091,026 | ||||||||||||||||||||||||||||||||
change in control, successor assumed equity awards, and qualifying termination | 425,000 | 12,616 | n/a | 8,527,913 | 2,091,026 | 11,056,555 | ||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards, and qualifying termination | 425,000 | 12,616 | n/a | 8,527,913 | 2,091,026 | 11,056,555 | ||||||||||||||||||||||||||||||||
qualifying termination outside of change in control period | 297,500 | 12,616 | n/a | 1,708,927 | — | 2,019,043 | ||||||||||||||||||||||||||||||||
Scott V. Olrich | ||||||||||||||||||||||||||||||||||||||
change in control and successor assumed equity awards | — | — | 2,920,313 | 3,297,361 | — | 3,297,361 | ||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards | — | — | 2,920,313 | 3,297,361 | 2,091,026 | 5,388,387 | ||||||||||||||||||||||||||||||||
change in control, successor assumed equity awards, and qualifying termination | 350,000 | 25,232 | 11,681,250 | 13,189,444 | 2,091,026 | 15,655,702 | ||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards, and qualifying termination | 350,000 | 25,232 | 11,681,250 | 13,189,444 | 2,091,026 | 15,655,702 | ||||||||||||||||||||||||||||||||
qualifying termination outside of change in control period | 262,500 | 12,616 | 4,672,500 | 4,407,708 | — | 4,682,824 | ||||||||||||||||||||||||||||||||
Loren Alhadeff |
(1) | Value based on the closing price of our common stock on January 29, 2022. |
(2) | Value of FY 2020, FY 2021 and FY 2022 PSUs based on the closing price of our common stock on January 31, 2022, multiplied by the number of shares that would become earned and vested under the award assuming a change in control occurred on January 31, 2022. Upon a change in control, the number of shares that will become earned under the FY 20/21/22 PSUs is determined based on the relative TSR as of the date of the change in control (assumed to be January 31, 2022 for purposes of the table). Our relative TSR as of January 31, 2022 |
Name | Cash Severance ($) | Payment for Continued Health Insurance Coverage ($) | Value from Acceleration of Unvested Options(1) ($) | Value from Acceleration of Unvested RSUs(2) ($) | Value from Acceleration of Unvested PSUs(3)(4) ($) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in control and successor assumed equity awards | — | — | n/a | 2,565,962 | n/a | 2,565,962 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards | — | — | n/a | 2,565,962 | n/a | 2,565,962 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in control, successor assumed equity awards, and qualifying termination | 300,000 | 25,232 | n/a | 10,263,848 | n/a | 10,589,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards, and qualifying termination | 300,000 | 25,232 | n/a | 10,263,848 | n/a | 10,589,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
qualifying termination outside of change in control period | 300,000 | 12,616 | n/a | 2,802,022 | n/a | 3,114,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trâm T. Phi | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in control and successor assumed equity awards | — | — | n/a | 1,156,609 | n/a | 1,156,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards | — | — | n/a | 1,156,609 | n/a | 1,156,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in control, successor assumed equity awards, and qualifying termination | 350,000 | 25,232 | n/a | 4,626,437 | n/a | 5,001,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in control, successor did not assume equity awards, and qualifying termination | 350,000 | 25,232 | n/a | 4,626,437 | n/a | 5,001,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
qualifying termination outside of change in control period | 245,000 | 12,616 | n/a | 1,156,609 | n/a | 1,414,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Value based on the difference between the closing price of our common stock on January 31, 2020 and the exercise price of the accelerated stock option awards. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Value based on the closing price of our common stock on January 31, 2020. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Value of FY 2020 PSUs based on the closing price of our common stock on January 31, 2020, multiplied by the number of earned and vested shares under the award on that date. Upon a change in control, the number of shares that will become earned under the FY 2020 PSUs is determined based on the relative TSR as of the date of the change in control (assumed to be January 31, 2020 for purposes of the table). Our relative TSR as of January 31, 2020 would result in the FY 2020 PSUs being earned at 162%. Any shares so earned upon a change in control become subject to time-based vesting (and subject to acceleration upon a qualifying termination in connection with a change in control or non-assumption of awards in a change in control). Upon a qualifying termination outside of a change in control, the NEO will be eligible to receive a pro rata portion of the shares ultimately earned under the PSU following the expiration of the performance period, based on service through the date of termination. The final number of shares earned under the FY 2020 PSU depends on the future price of our common stock and is not currently ascertainable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Value of FY 2019 PSUs based on the closing price of our common stock on January 31, 2020, multiplied by the number of shares actually earned under the award as of that date. As noted above, (i) the operating performance condition (which applies to half of the FY 2019 PSUs) had been achieved prior to January 31, 2020, so that these PSUs were earned and subject to time-based vesting as of January 31, 2020 and (ii) the share price condition (which applies to the other half of the FY 2019 PSUs) had not been achieved as of January 31, 2020, so that these PSUs remained unearned as of such date |
Plan Category | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | (b) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | (c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | ||||||||||||||||||||
Equity compensation plans approved by stockholders(1) | 6,881,497(2) | $14.389 (3) | 24,725,551(4) | ||||||||||||||||||||
Equity compensation plans not approved by stockholders | — | — | — | ||||||||||||||||||||
Total | 6,881,497 | $14.389 | 24,725,551 | ||||||||||||||||||||