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Patrick D. Campbell | Lawrence H. Silber | ||||
Non-executive Chairman of the Board | President, Chief Executive Officer and Director |
Date and Time: | May | ||||
Place: | Our principal executive office, located at 27500 Riverview Center Blvd., Bonita Springs, Florida 34134. | ||||
Proposals: | 1.Election of the 11 nominees named in the accompanying proxy statement to serve as directors until the next annual meeting of stockholders; | ||||
2.Approval, by a non-binding advisory vote, of the named executive officers’ compensation; | |||||
3.Ratification of the selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for | |||||
4.Transaction of any other business that may properly be brought before the annual meeting. | |||||
The Board of Directors unanimously recommends a vote FOR each director nominee and FOR Proposals 2 and 3. |
Record Date: | Only holders of record of Company common stock at the close of business on March | ||||
How to Vote: | You may vote online or by telephone by following the instructions set forth in the Notice of Internet Availability of Proxy Materials (“Notice”) and the proxy statement. If you requested a paper copy of our proxy materials, you may also vote by completing, signing, dating and returning the proxy card. If you attend the annual meeting, you may vote in person. | ||||
Date of Mailing: | This proxy statement and accompanying materials were filed with the Securities and Exchange Commission on April |
TABLE OF CONTENTS |
Page | |||||
A-1 |
Business Performance |
Meeting Information |
Date: May Time: 9:00 a.m. (local time) Record Date: March | Location: 27500 Riverview Center Blvd. Bonita Springs, Florida 34134 |
Items of Business |
Proposal | Board Voting Recommendation | Page Reference | ||||||||||||
1. Election of 11 Director Nominees to Serve for a One Year Term | FOR each nominee | |||||||||||||
2. Advisory Vote on Executive Compensation | FOR | |||||||||||||
3. Ratification of the Company’s Auditor for 2021 | FOR |
Director Nominees |
Name | Age | Director Since | Primary or Former Occupation | Other Public Company Boards | Independent | Board Committee Membership* | |||||||||||||||||||||||
A | C | G | F | ||||||||||||||||||||||||||
Patrick D. Campbell (Chairman) | 68 | 2016 | Retired Senior Vice President and Chief Financial Officer of 3M Company | 3 | ü | X | CC | ||||||||||||||||||||||
Lawrence H. Silber | 64 | 2016 | Chief Executive Officer and President of Herc Holdings | 1 | |||||||||||||||||||||||||
James H. Browning | 71 | 2016 | Retired partner at KPMG LLP | 2 | ü | X | CC | ||||||||||||||||||||||
Shari L. Burgess | 62 | 2020 | Retired Vice President and Treasurer, Lear Corporation | — | ü | X | X | ||||||||||||||||||||||
Jonathan Frates | 38 | 2019 | Managing Director at Icahn Enterprises LP | 4 | ü | X | |||||||||||||||||||||||
Jean K. Holley | 61 | 2017 | Retired Senior Vice President and Chief Information Officer for Brambles Limited | 2 | ü | X | X | ||||||||||||||||||||||
Jacob M. Katz | 68 | 2017 | Retired National Managing Partner and Global Leader of Financial Services of Grant Thornton LLP | 2 | ü | CC | X | ||||||||||||||||||||||
Michael A. Kelly | 64 | 2016 | Retired Executive Vice President of the Electronics and Energy Business of 3M Company | 1 | ü | CC | X | ||||||||||||||||||||||
Andrew N. Langham | 47 | 2020 | General Counsel of Icahn Enterprises LP | 3 | ü | X | X | ||||||||||||||||||||||
Mary Pat Salomone | 60 | 2016 | Retired Chief Operating Officer of The Babcock & Wilcox Company | 2 | ü | X | X | ||||||||||||||||||||||
Andrew J. Teno | 36 | 2021 | Portfolio Manager at Icahn Capital LP | 2 | ü | X | |||||||||||||||||||||||
* A – Audit Committee; C – Compensation Committee; G – Nominating and Governance Committee; F – Finance Committee; CC – Committee Chair; X – Committee Member |
Governance Highlights |
▪Independent Chairman ▪10 of 11 director nominees are independent ▪Annual election of directors ▪Majority voting for directors and director resignation policy in uncontested elections ▪88% Board and committee attendance in 2020 by director nominees | •Robust stock retention guidelines for senior executives and non-employee directors •Prohibition on directors and Section 16 officers pledging Company stock and prohibition on directors and all employees hedging Company stock •The Board generally will not nominate a non-management director for election at an annual meeting if that person has reached age 72 |
How to Vote |
Name | Age | Director Since | Primary or Former Occupation | Other Public Company Boards | Independent | Board Committee Membership* | |||
A | C | G | F | ||||||
Herbert L. Henkel (Chairman) | 71 | 2016 | Retired Chairman of the Board and Chief Executive Officer of Ingersoll-Rand plc | 1 | ü | X | CC | ||
Lawrence H. Silber | 63 | 2016 | Chief Executive Officer and President of Herc Holdings | --- | |||||
James H. Browning | 70 | 2016 | Retired partner at KPMG LLP | 2 | ü | CC | X | ||
Patrick D. Campbell | 67 | 2016 | Retired Senior Vice President and Chief Financial Officer of 3M Company | 3 | ü | X | CC | ||
Jonathan Frates | 37 | 2019 | Managing Director at Icahn Enterprises LP | 4 | ü | X | |||
Nicholas F. Graziano | 48 | 2018 | Portfolio Manager of Icahn Capital LP | 3 | ü | X | |||
Jean K. Holley | 60 | 2017 | Retired Senior Vice President and Chief Information Officer for Brambles Limited | 1 | ü | X | X | ||
Jacob M. Katz | 67 | 2017 | Retired National Managing Partner and Global Leader of Financial Services of Grant Thornton LLP | 2 | ü | X | X | ||
Michael A. Kelly | 63 | 2016 | Retired Executive Vice President of the Electronics and Energy Business of 3M Company | 1 | ü | X | X | ||
Andrew N. Langham | 46 | --- | General Counsel of Icahn Enterprises LP | 3 | ü | ||||
Mary Pat Salomone | 59 | 2016 | Retired Chief Operating Officer of The Babcock & Wilcox Company | 2 | ü | CC | X | ||
* A – Audit Committee; C – Compensation Committee; G – Nominating and Governance Committee; F – Finance Committee; CC – Committee Chair; X – Committee Member |
Non-Executive Chairman of the Board Age | Director of the Company Since:2016 Committees:Nominating | ||||
Business Experience | •Retired Senior Vice President and | ||||
•Former Vice President of International and | |||||
Other Public Company Directorships | Newell Brands Inc.; Stanley Black and Decker, Inc.; SPX Flow, Inc. | ||||
Former Public Company Directorships | SPX Corporation; Solera Holdings Inc. | ||||
Qualifications | Mr. | ||||
Lawrence H. Silber Age | Director of the Company Since: 2016 Committees: None | ||||
Business Experience | •President and Chief Executive Officer of Herc •Executive Advisor at Court Square Capital Partners, LLP, a private equity firm, •Chief Operating Officer of Hayward Industries, one of the world’s largest swimming pool equipment manufacturers, •Ingersoll Rand plc, a |
Other Public Company Directorships | |||||
Former Public Company Directorships | SMTC Corporation | ||||
Qualifications | Mr. Silber has | ||||
James H. Browning Independent Director Age | Director of the Company Since: 2016 Committees: | ||||
Business Experience | |||||
Other Public Company Directorships | |||||
Former Public Company Directorships | Endeavor International Corporation | ||||
Qualifications | Mr. | ||||
Independent Director Age | Director of the Company Since: Committees: | ||||
Business Experience | |||||
Other Public Company Directorships | None | ||||
Former Public Company Directorships | None | ||||
Qualifications | Ms. Burgess’ experience as the | ||||
Jonathan Frates Independent Director Age | Director of the Company Since: 2019 Committees: Finance Committee | ||||
Business Experience | |||||
Other Public Company Directorships | |||||
Former Public Company Directorships | American Railcar Industries, Inc. | ||||
Qualifications | Mr. |
Jean K. Holley Independent Director Age: | Director of the Company Since: 2017 Committees: | ||||
Business Experience | •Retired Global Senior Vice President and •Former Executive Vice President and | ||||
Other Public Company Directorships |
Former Public Company Directorships | None | ||||
Qualifications | |||||
Jacob M. Katz Independent Director Age: | Director of the Company Since: 2017 Committees: Audit Committee (Chair) and Finance Committee | ||||
Business Experience | |||||
Other Public Company Directorships | Jefferies Financial Group, Inc.; Jefferies Group LLC | ||||
Former Public Company Directorships | None | ||||
Qualifications | Mr. Katz’s experience as a former chairman of, and holding various leadership roles with, an international accounting firm brings significant experience and extensive knowledge to our board of directors in the | ||||
Michael A. Kelly Independent Director Age 64 | Director of the Company Since: 2016 Committees: Compensation Committee (Chair) and Nominating & Governance Committee | ||||
Business Experience | Retired Executive Vice President, Electronics and Energy Business of 3M Company, a diversified global technology company, from 2012 to 2016; he also served as Executive Vice President of the Display and Graphic Business from 2006 to 2012, and in various management positions in the U.S., Singapore, Korea and Germany. | ||||
Other Public Company Directorships | |||||
Former Public Company Directorships | None | ||||
Qualifications | Mr. | ||||
Independent Director Age | Director of the Company Since: Committees: Compensation Committee and Nominating | ||||
Business Experience | |||||
Other Public Company Directorships | |||||
Former Public Company Directorships | CVR Energy, Inc. | ||||
Qualifications | Mr. | ||||
Mary Pat Salomone Independent Director Age | Director of the Company Since: 2016 Committees: | ||||
Business Experience | •Retired Chief Operations Officer of The Babcock & Wilcox Company, •President and | ||||
Other Public Company Directorships | |||||
Former Public Company Directorships | None | ||||
Qualifications | Ms. | ||||
Andrew J. Teno Independent Director Age 36 | Director of the Company Since: 2021 Committees: Finance Committee | ||||
Business Experience | •Portfolio Manager of Icahn Capital LP, the entity through which Carl C. Icahn manages investment funds, since October 2020. •Director of Fir Tree Partners, a private investment firm, from 2011 to 2020. | ||||
Other Public Company Directorships | Cheniere Energy, Inc., FirstEnergy Corp. | ||||
Former Public Company Directorships | Eco-Stim Energy | ||||
Qualifications | Mr. Teno has extensive financial and investment experience and a strong understanding of the complex business and financial issues encountered by companies in a variety of industries. His knowledge of financial matters, company capitalization structures and the capital markets gained through his tenure with investment banking firms and an M&A advisory boutique provides him with insight into issues applicable to us. Mr. Teno is a director nominee designated by Mr. Icahn pursuant to the Nominating and Standstill Agreement we entered into with Mr. Icahn described under “Certain Relationships and Related Person Transactions –– Agreements with Carl C. Icahn.” | ||||
CORPORATE GOVERNANCE |
Members | Roles and Responsibilities | |||||||
Katz (Chair) Browning Salomone | •Oversees our accounting, financial and external reporting policies and practices as well as the integrity of our financial statements. •Monitors the independence, qualifications and performance of our independent registered public accounting firm. •Oversees the performance of our internal audit function and operational policies and practices that affect our internal controls. •Monitors our compliance with legal and regulatory requirements. •Reviews the annual internal audit plan and the commitment of internal audit resources, in each case as they relate to risk management. •Prepares our Audit Committee’s report included in our annual proxy statement. | |||||||
Number of Meetings in | ||||||||
8 |
Members | Roles and Responsibilities | |||||||
Campbell Holley Langham | •Evaluates the performance of our CEO as it relates to all elements of compensation, as well as the goals and objectives of our senior executives. •Approves the annual incentive compensation targets and payouts and grants to our most senior executives under our long-term incentive plan. •Prepares a report on executive compensation required for inclusion in our annual proxy statement. | |||||||
Number of Meetings in | ||||||||
Members | Roles and Responsibilities | |||||||
Holley Kelly Langham | •Assists our Board in determining the skills, qualities and eligibility of individuals recommended for membership on our Board. •Reviews the composition of our Board and its committees to determine whether it may be appropriate to add or remove individuals. •Reviews and evaluates directors for re-nomination and re-appointment to committees. •Reviews and assesses the adequacy of our Corporate Governance Guidelines and Directors’ Code of Business Conduct and Ethics. •Reviews and recommends to the Board the form and amount of compensation paid to directors. •Reviews issues related to corporate social responsibility and our relationships and visibility as a corporate citizen, both locally and globally. | |||||||
Number of Meetings in | ||||||||
Members | Roles and Responsibilities | |||||||
Burgess Frates Katz Salomone Teno | • Assists our Board in its oversight of the Company’s financing policies. • Reviews, approves and recommends to our Board matters pertaining to our financial structure, short and long-term financing in both the public and private markets, and other financial matters of importance. • Approves certain mergers, acquisitions and divestitures. • Reviews and recommends to our Board matters pertaining to our dividend policy and share repurchases. • Periodically reviews funding, asset performance and strategies for our pension and other post-retirement benefit plans and delegation of authority policy. | |||||||
Number of Meetings in | ||||||||
PROPOSAL 2: Advisory Vote To Approve Executive Compensation |
COMPENSATION DISCUSSION AND ANALYSIS |
Our Executive Compensation Practices | |||||||||||
ü | Significant percentage of target total compensation is performance based | ||||||||||
ü | Long-term objectives designed to be aligned with the creation of stockholder value | ||||||||||
ü | Market comparison of executive compensation against an industry and size appropriate peer group | ||||||||||
ü | Use of an independent compensation consultant reporting directly to the Compensation Committee | ||||||||||
ü | Double-trigger vesting for equity awards in the event of a change in control | ||||||||||
ü | Stock ownership guidelines | ||||||||||
ü | Clawback policy | ||||||||||
ü | Annual say-on-pay vote | ||||||||||
û | We do not have tax gross-ups | ||||||||||
û | We do not have excessive severance benefits | ||||||||||
û | We do not allow dividends or dividend equivalents on unearned or unvested awards | ||||||||||
û | We do not allow repricing of underwater stock options without stockholder approval | ||||||||||
û | We do not allow hedging, short sales or pledging of our securities |
Aggreko plc | H&E Equipment Services | Ritchie Bros Auctioneers Inc. | ||||||
Applied Industrial Tech Inc. | KAR Auction Services Inc. | Triton International Ltd. | ||||||
Ashtead Group plc | McGrath Rentcorp | United Rentals, Inc. | ||||||
Beacon Roofing Supply, Inc. | Mobile Mini, Inc.(1) | Watsco Inc. | ||||||
Fastenal Company | NOW Inc. | |||||||
GATX Corp. | Pool Corp. |
Element | Type | How and Why We Pay It | ||||||||||||
Salary | Fixed Cash | |||||||||||||
Annual Cash Bonus | Performance-Based Cash | |||||||||||||
Long-Term Equity | PSUs RSUs |
2020 Salary | 2019 Salary | Increase | ||||||||||||||||||
Name | ($) | ($) | (%) | |||||||||||||||||
Mr. Silber | 925,000 | 925,000 | — | |||||||||||||||||
Mr. Irion | 475,000 | 450,000 | 5.6 | |||||||||||||||||
Mr. Birnbaum (1) | 450,000 | — | — | |||||||||||||||||
Mr. Peres | 430,000 | 430,000 | — | |||||||||||||||||
Mr. Cunningham | 420,000 | 420,000 | — |
2019 Salary | 2018 Salary | Increase | ||||||
Name | ($) | ($) | (%) | |||||
Mr. Silber | 925,000 | 900,000 | 2.8 | |||||
Mr. Irion | 450,000 | 450,000 | — | |||||
Mr. Cunningham | 420,000 | 400,000 | 5.0 | |||||
Mr. Peres | 430,000 | 410,000 | 4.9 | |||||
Mr. Dressel | 525,000 | 525,000 | — |
Base Salary | X | Target Percentage | X | Company Performance Score | X | Individual Performance Score | = | EICP Award |
Target Award as a % of 2019 Salary | Target Award | Target Award as a % of 2020 Salary | Target Award | |||||||||||||||||
Named Executive Officer | (%) | ($) | Named Executive Officer | (%) | ($) | |||||||||||||||
Mr. Silber | 100 | 925,000 | Mr. Silber | 100 | 925,000 | |||||||||||||||
Mr. Irion | 75 | 337,500 | Mr. Irion | 75 | 356,250 | |||||||||||||||
Mr. Birnbaum | Mr. Birnbaum | 75 | 337,500 | |||||||||||||||||
Mr. Cunningham | 75 | 315,000 | Mr. Cunningham | 75 | 315,000 | |||||||||||||||
Mr. Peres | 75 | 322,500 | Mr. Peres | 75 | 322,500 | |||||||||||||||
Mr. Dressel | 85 | 446,250 |
Adjusted EBITDA(1) (in millions) | Return on Revenue Earning Equipment(1) | Equipment Rental Revenue Growth | Free Cash Flow (in millions) | |||||||||||||||||||||||
Threshold(2) | $ | 726.0 | 18.5 | % | 2.1 | % | $ | 125.0 | ||||||||||||||||||
Target | $ | 779.0 | 19.9 | % | 3.5 | % | $ | 150.0 | ||||||||||||||||||
Maximum | $ | 883.0 | 21.5 | % | 4.6 | % | $ | 175.0 | ||||||||||||||||||
Weighting | 50 | % | 30 | % | 10 | % | 10 | % |
Adjusted EBITDA(1) (in millions) | Return on Revenue Earning Equipment(1) | Equipment Rental Revenue Growth | Free Cash Flow (in millions) | |||||||||||||||||||||||
Threshold(2) | $ | 625.0 | 16.6 | % | (12.1) | % | $ | 305.0 | ||||||||||||||||||
Target(3) | $ | 649.3 | 17.1 | % | (11.5) | % | $ | 329.8 | ||||||||||||||||||
Weighting | 50 | % | 30 | % | 10 | % | 10 | % |
($ in millions) | Target | Actual | Performance a % of Target | Weighted Score | ||||||||||||||||||||||
Adjusted EBITDA | $ | 649.3 | $ | 689.4 | 106.2 | % | 〉 | 110.2% | ||||||||||||||||||
Return on Revenue Earning Equipment | 17.1 | % | 18.4 | % | 107.6 | % | ||||||||||||||||||||
Equipment Rental Revenue Growth | (11.5) | % | (9.3) | % | 119.1 | % | ||||||||||||||||||||
Free Cash Flow | $ | 329.8 | $ | 424.5 | 128.7 | % | ||||||||||||||||||||
Target | Performance as % of Target | Weighted Score | ||||||||||||||||||||||||
MBOs | (1) Safety; (2) Finance; (3) Operations; (4) Information Technology; and (5) People and Culture | 100 | % | 〉 | 100% | |||||||||||||||||||||
Company Performance Score | 90% |
Adjusted EBITDA(1) (50% Weighting) | ||||||||||
Adjusted EBITDA (in millions) | Payout Percentage(2) | Adjusted EBITDA as % of Target | ||||||||
Threshold(3) | $ | 697.0 | 50 | % | 90 | % | ||||
Target | $ | 775.0 | 100 | % | 100 | % | ||||
Maximum(4) | $ | 852.0 | 200 | % | 110 | % | ||||
Actual Performance | $ | 741.0 | 78.1 | % | 95.6 | % |
Return on Revenue Earning Equipment(1) (30% Weighting) | |||||||||
Return on Revenue Earning Equipment | Payout Percentage(2) | Return on Revenue Earning Equipment as % of Target | |||||||
Threshold(3) | 17.8 | % | 50 | % | 90 | % | |||
Target | 19.8 | % | 100 | % | 100 | % | |||
Maximum(4) | 21.7 | % | 200 | % | 110 | % | |||
Actual Performance | 19.3 | % | 86.8 | % | 97.4 | % |
Equipment Rental Revenue Growth (20% Weighting) | |||||||||
Equipment Rental Revenue Growth | Payout Percentage(2) | Equipment Rental Revenue Growth as % of Target | |||||||
Threshold(3) | 4.1 | % | 50 | % | 60 | % | |||
Target | 6.9 | % | 100 | % | 100 | % | |||
Maximum(4) | 9.0 | % | 200 | % | 130 | % | |||
Actual Performance | 2.6 | % | 0.0 | % | 37.7 | % |
3-Year Average ROIC(1) | 3-Year Average ROIC(1) | 3-Year Average ROIC(1) | |||||||||||||||||||||||
ROIC | Payout Percentage | as a % of Target | ROIC | Payout Percentage | as a % of Target | ||||||||||||||||||||
Threshold | 5.2 | % | 50 | % | 82 | % | Threshold | 6.0 | % | 50 | % | 82 | % | ||||||||||||
Target | 6.3 | % | 100 | % | 100 | % | Target | 7.3 | % | 100 | % | 100 | % | ||||||||||||
Maximum | 7.4 | % | 200 | % | 118 | % | Maximum | 8.6 | % | 200 | % | 118 | % | ||||||||||||
Actual Performance | 6.9 | % | 152.9 | % | 109.5 | % | Actual Performance | 7.7 | % | 130.8 | % | 105.5 | % |
(1) |
Named Executive Officer | Target Granted PSUs (#) | 2017–2019 Performance PSUs Earned (#) | Named Executive Officer | Target Granted PSUs (#) | 2018–2020 PSUs Earned (#) | |||||||||||||||
Mr. Silber | 33,313 | 50,936 | Mr. Silber | 24,149 | 31,587 | |||||||||||||||
Mr. Dressel | 10,863 | 16,610 | ||||||||||||||||||
Mr. Irion | Mr. Irion | 9,016 | 11,793 | |||||||||||||||||
Mr. Birnbaum | Mr. Birnbaum | 3,150 | 4,120 | |||||||||||||||||
Mr. Cunningham | 5,287 | 8,084 | Mr. Cunningham | 4,358 | 5,700 | |||||||||||||||
Mr. Peres | 4,587 | 7,014 | 3,150 | 4,120 |
COMPENSATION COMMITTEE REPORT |
Salary | Bonus | Stock Awards(1) | Option Awards(2) | Non-Equity Incentive Plan Compensation(3) | All Other Compensation(4) | Total | |||||||||||||||||
Name and Principal Position | Year | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||
Lawrence H. Silber | 2019 | 908,173 | — | 2,400,060 | — | 692,825 | 182,209 | 4,183,267 | |||||||||||||||
Chief Executive Officer | 2018 | 850,962 | — | 2,400,096 | — | 1,419,300 | 157,405 | 4,827,763 | |||||||||||||||
2017 | 840,384 | — | 2,300,024 | — | 924,800 | 112,606 | 4,177,814 | ||||||||||||||||
Mark H. Irion | 2019 | 450,000 | — | 800,047 | — | 278,066 | 35,880 | 1,563,993 | |||||||||||||||
Chief Financial Officer | 2018 | 216,346 | 40,000 | 1,700,068 | — | 292,731 | 17,106 | 2,266,251 | |||||||||||||||
Christian J. Cunningham | 2019 | 416,539 | — | 450,024 | — | 271,325 | 37,268 | 1,175,156 | |||||||||||||||
Chief Human Resources Officer | 2018 | 387,058 | — | 415,087 | — | 551,950 | 39,620 | 1,393,715 | |||||||||||||||
2017 | 365,000 | — | 365,037 | — | 274,013 | 35,164 | 1,039,214 | ||||||||||||||||
Tamir Peres | 2019 | 426,538 | — | 400,044 | — | 289,863 | 42,809 | 1,159,254 | |||||||||||||||
Chief Information Officer | 2018 | 399,231 | — | 300,016 | — | 525,338 | 37,350 | 1,261,935 | |||||||||||||||
James Bruce Dressel | 2019 | 525,000 | — | 2,006,288 | 143,908 | 334,241 | 1,095,200 | 4,104,637 | |||||||||||||||
Former Chief Operating Officer | 2018 | 511,058 | — | 800,040 | — | 774,110 | 36,535 | 2,121,743 | |||||||||||||||
2017 | 500,000 | — | 749,985 | — | 530,400 | 32,741 | 1,813,126 |
Salary | Bonus | Stock Awards(1) | Option Awards | Non-Equity Incentive Plan Compensation(2) | Change in Pension Value and Nonqualified Deferred Compensation Earnings (3) | All Other Compensation(4) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Name and Principal Position | Year | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||||||||||||||||
Lawrence H. Silber | 2020 | 960,577 | — | 2,400,049 | — | 915,750 | — | 181,346 | 4,457,722 | |||||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer | 2019 | 908,173 | — | 2,400,060 | — | 692,825 | — | 182,209 | 4,183,267 | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 850,962 | — | 2,400,096 | — | 1,419,300 | — | 157,405 | 4,827,763 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mark H. Irion | 2020 | 488,942 | — | 800,042 | — | 352,688 | — | 35,834 | 1,677,506 | |||||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer | 2019 | 450,000 | — | 800,047 | — | 278,066 | — | 35,880 | 1,563,993 | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 216,346 | 40,000 | 1,700,068 | — | 292,731 | — | 17,106 | 2,266,251 | ||||||||||||||||||||||||||||||||||||||||||||||||
Aaron D. Birnbaum | 2020 | 461,543 | — | 600,041 | — | 334,125 | 47,800 | 125,932 | 1,569,441 | |||||||||||||||||||||||||||||||||||||||||||||||
Chief Operating Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tamir Peres | 2020 | 446,538 | — | 800,042 | — | 319,275 | — | 69,952 | 1,635,807 | |||||||||||||||||||||||||||||||||||||||||||||||
Chief Information Officer | 2019 | 426,538 | — | 400,044 | — | 289,863 | — | 42,809 | 1,159,254 | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 399,231 | — | 300,016 | — | 525,338 | — | 37,350 | 1,261,935 | ||||||||||||||||||||||||||||||||||||||||||||||||
Christian J. Cunningham | 2020 | 436,154 | — | 450,011 | — | 311,850 | — | 50,226 | 1,248,241 | |||||||||||||||||||||||||||||||||||||||||||||||
Chief Human Resources Officer | 2019 | 416,539 | — | 450,024 | — | 271,325 | — | 37,268 | 1,175,156 | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 387,058 | — | 415,087 | — | 551,950 | — | 39,620 | 1,393,715 |
Name | Personal Use of Car ($)(a) | Life Insurance Premiums ($) | Executive Health Premiums ($)(b) | Company 401(k) Matching Contribution and Deferred Compensation Contributions ($) | Tax & Financial Planning ($) | Personal Aircraft Usage ($)(c) | Separation Benefits ($)(d) | Total Perquisites and Other Compensation ($) | Name | Personal Use of Car ($)(a) | Life Insurance Premiums ($) | Executive Health Premiums ($)(b) | Company 401(k) Matching Contribution and Deferred Compensation Contributions ($) | Tax & Financial Planning ($)(c) | Personal Aircraft Usage ($)(d) | Relocation ($)(e) | Total Perquisites and Other Compensation ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Silber | 10,688 | 2,218 | 6,000 | 93,099 | 7,500 | 62,704 | N/A | 182,209 | Mr. Silber | 18,153 | 3,168 | 6,000 | 66,093 | 7,500 | 80,432 | — | 181,346 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Irion | 13,250 | 540 | 6,000 | 8,615 | 7,475 | N/A | N/A | 35,880 | Mr. Irion | 13,250 | 684 | 6,000 | 11,400 | 4,500 | N/A | — | 35,834 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Birnbaum | Mr. Birnbaum | 9,170 | 648 | 6,000 | 25,206 | 1,975 | N/A | 82,933 | 125,932 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Peres | Mr. Peres | 8,621 | 619 | 6,000 | 25,954 | 15,000 | N/A | 13,758 | 69,952 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Cunningham | 5,600 | 899 | 6,000 | 24,769 | — | N/A | N/A | 37,268 | Mr. Cunningham | 10,063 | 1,048 | 6,000 | 25,615 | 7,500 | N/A | — | 50,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Peres | 11,269 | 448 | 6,000 | 25,092 | — | N/A | N/A | 42,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Dressel | — | 1,003 | 6,000 | 51,964 | 7,500 | N/A | 1,028,733 | 1,095,200 |
(a) This amount reflects the annual lease value and fuel reimbursement for company-provided cars. |
Estimated possible payouts under non-equity incentive plan awards | Estimated future payouts under equity incentive plan awards | All Other Stock Awards (#) | All Other Option Awards (#) | Exercise Price of Option Awards ($/Sh.) | Grant Date Fair Value of Stock Awards(1) ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Threshold ($) | Target ($) | Max ($) | Threshold (#) | Target (#) | Max (#) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lawrence H. Silber | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EICP(2) | — | 462,500 | 925,000 | 1,850,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs(3) | 02/25/20 | — | — | — | — | — | — | 18,746 | — | — | 720,034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs(4) | 02/25/20 | — | — | — | 21,870 | 43,739 | 87,478 | — | — | — | 1,680,015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark H. Irion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EICP(2) | — | 178,125 | 356,250 | 712,500 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs(3) | 02/25/20 | — | — | — | — | — | — | 6,249 | — | — | 240,024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs(4) | 02/25/20 | — | — | — | 7,290 | 14,580 | 29,160 | — | — | — | 560,018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aaron D. Birnbaum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EICP(2) | — | 168,750 | 337,500 | 675,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs(3) | 02/25/20 | — | — | — | — | — | — | 4,687 | — | — | 180,028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs(4) | 02/25/20 | — | — | — | 5,468 | 10,935 | 21,870 | — | — | — | 420,013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tamir Peres | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EICP(2) | — | 161,250 | 322,500 | 645,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs(3) | 02/25/20 | — | — | — | — | — | — | 3,125 | — | — | 120,031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs(4) | 02/25/20 | — | — | — | 3,645 | 7,290 | 14,580 | — | — | — | 280,009 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs(5) | 02/25/20 | — | — | — | — | 10,414 | — | — | — | — | 400,002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christian J. Cunningham | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EICP(2) | — | 157,500 | 315,000 | 630,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs(3) | 02/25/20 | — | — | — | — | — | — | 3,515 | — | — | 135,011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSUs(4) | 02/25/20 | — | — | — | 4,101 | 8,201 | 16,402 | — | — | — | 315,000 |
Estimated possible payouts under non-equity incentive plan awards | Estimated future payouts under equity incentive plan awards | All Other Stock Awards (#) | All Other Option Awards (#) | Exercise Price of Option Awards ($/Sh.) | Grant Date Fair Value of Stock Awards(1) ($) | ||||||||||||||||||||||||||||
Name | Grant Date | Threshold ($) | Target ($) | Max ($) | Threshold (#) | Target (#) | Max (#) | ||||||||||||||||||||||||||
Lawrence H. Silber | |||||||||||||||||||||||||||||||||
EICP(2) | — | 462,500 | 925,000 | 1,850,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||
RSUs(3) | 02/26/19 | — | — | — | — | — | — | 17,648 | — | — | 720,038 | ||||||||||||||||||||||
PSUs(4) | 02/26/19 | — | — | — | 20,589 | 41,177 | 82,354 | — | — | — | 1,680,022 | ||||||||||||||||||||||
Mark H. Irion | |||||||||||||||||||||||||||||||||
EICP(2) | — | 168,750 | 337,500 | 675,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||
RSUs(3) | 02/26/19 | — | — | — | — | — | — | 5,883 | — | — | 240,026 | ||||||||||||||||||||||
PSUs(4) | 02/26/19 | — | — | — | 6,863 | 13,726 | 27,452 | — | — | — | 560,021 | ||||||||||||||||||||||
Christian J. Cunningham | |||||||||||||||||||||||||||||||||
EICP(2) | — | 157,500 | 315,000 | 630,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||
RSUs(3) | 02/26/19 | — | — | — | — | — | — | 3,309 | — | — | 135,007 | ||||||||||||||||||||||
PSUs(4) | 02/26/19 | — | — | — | 3,861 | 7,721 | 15,442 | — | — | — | 315,017 | ||||||||||||||||||||||
Tamir Peres | |||||||||||||||||||||||||||||||||
EICP(2) | — | 161,250 | 322,500 | 645,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||
RSUs(3) | 02/26/19 | — | — | — | — | — | — | 2,942 | — | — | 120,034 | ||||||||||||||||||||||
PSUs(4) | 02/26/19 | — | — | — | 3,432 | 6,863 | 13,726 | — | — | — | 280,010 | ||||||||||||||||||||||
James Bruce Dressel | |||||||||||||||||||||||||||||||||
EICP(2) | — | 223,125 | 446,250 | 892,500 | — | — | — | — | — | — | — | ||||||||||||||||||||||
RSUs(3) | 02/26/19 | — | — | — | — | — | — | 6,618 | — | — | 270,014 | ||||||||||||||||||||||
PSUs(4) | 02/26/19 | — | — | — | 7,721 | 15,442 | 30,884 | — | — | — | 630,034 |
(3) Represents |
Option Awards | Stock Awards | |||||||||||||||||||||||
| Number of securities underlying unexercised options Exercisable | Number of securities underlying unexercised options Unexercisable | Option exercise price | Option expiration date | Number of shares or units of stock that have not vested | Market value of shares or units of stock that have not vested (1) | 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 (1) | ||||||||||||||||
Name | (#) | (#) | ($) | (#) | ($) | (#) | ($) | |||||||||||||||||
Lawrence H. Silber | 26,714 | — | (2) | 58.76 | 6/1/2025 | 33,313 | 1,630,338 | (4) | — | — | ||||||||||||||
52,632 | 17,544 | (3) | 33.19 | 8/18/2023 | — | — | 24,149 | (5) | 1,181,852 | |||||||||||||||
— | — | — | — | — | — | 1,375 | (5) | 67,293 | ||||||||||||||||
— | — | — | — | — | — | 41,177 | (6) | 2,015,202 | ||||||||||||||||
— | — | — | — | 14,277 | 698,716 | (7) | — | — | ||||||||||||||||
— | — | — | — | 6,395 | 312,971 | (8) | — | — | ||||||||||||||||
— | — | — | — | 395 | 19,331 | (9) | — | — | ||||||||||||||||
— | — | — | — | 17,648 | 863,693 | (10) | — | — | ||||||||||||||||
Mark Irion | — | — | — | — | — | — | 9,016 | (5) | 441,243 | |||||||||||||||
— | — | — | — | — | — | 13,726 | (6) | 671,750 | ||||||||||||||||
— | — | — | — | 2,589 | 126,706 | (11) | — | — | ||||||||||||||||
— | — | — | — | 12,328 | 603,332 | (11) | — | — | ||||||||||||||||
— | — | — | — | 5,883 | 287,914 | (10) | — | — | ||||||||||||||||
Christian J. Cunningham | 6,607 | — | 70.14 | 2/17/2025 | 5,287 | 258,746 | (4) | — | — | |||||||||||||||
13,421 | 4,474 | 33.19 | 8/18/2023 | — | — | 4,358 | (5) | 213,281 | ||||||||||||||||
— | — | — | — | — | — | 7,721 | (6) | 377,866 | ||||||||||||||||
— | — | — | — | 2,266 | 110,898 | (7) | — | — | ||||||||||||||||
— | — | — | — | 1,252 | 61,273 | (8) | — | — | ||||||||||||||||
— | — | — | — | 3,309 | 161,942 | (10) | — | — | ||||||||||||||||
Tamir Peres | — | — | — | — | 4,587 | 224,488 | (4) | — | — | |||||||||||||||
— | — | — | — | — | — | 3,150 | (5) | 154,161 | ||||||||||||||||
— | — | — | — | — | — | 6,863 | (6) | 335,875 | ||||||||||||||||
— | — | — | — | 1,966 | 96,216 | (12) | — | — | ||||||||||||||||
— | — | — | — | 905 | 44,291 | (8) | — | — | ||||||||||||||||
— | — | — | — | 2,942 | 143,981 | (10) | — | — | ||||||||||||||||
James Bruce Dressel | 15,353 | — | (2) | 52.49 | 12/31/2020 | 10,863 | 531,635 | (4) | — | — | ||||||||||||||
42,032 | — | (3) | 33.19 | 12/31/2020 | — | — | — | — |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||
| Grant date | Number of securities underlying unexercised options Exercisable | Number of securities underlying unexercised options Unexercisable | Option exercise price | Option expiration date | Number of shares or units of stock that have not vested | Market value of shares or units of stock that have not vested (1) | 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 (1) | |||||||||||||||||||||||||||||||||||||||||
Name | (#) | (#) | ($) | (#) | ($) | (#) | ($) | |||||||||||||||||||||||||||||||||||||||||||
Lawrence H. | 06/01/2015 | 26,714 | — | (2) | 58.76 | 06/01/2025 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Silber | 03/01/2018 | — | — | — | — | 24,149 | 1,603,735 | (3) | — | — | ||||||||||||||||||||||||||||||||||||||||
08/16/2018 | — | — | — | — | 1,375 | 91,314 | (3) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | — | — | 41,177 | (3) | 2,734,565 | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | — | — | 43,739 | (3) | 2,904,707 | |||||||||||||||||||||||||||||||||||||||||
03/01/2018 | — | — | — | — | 3,519 | 233,697 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
08/16/2018 | — | — | — | — | 201 | 13,348 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | 11,825 | 785,298 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | 18,746 | 1,244,922 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
Mark H. Irion | 06/25/2018 | — | — | — | — | 9,016 | 598,753 | (3) | — | — | ||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | — | — | 13,726 | (3) | 911,544 | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | — | — | 14,580 | (3) | 968,258 | |||||||||||||||||||||||||||||||||||||||||
06/25/2018 | — | — | — | — | 1,314 | 87,263 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
06/25/2018 | — | — | — | — | 6,256 | 415,461 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | 3,942 | 261,788 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | 6,249 | 414,996 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
Aaron D. | 03/01/2011 | 629 | — | (2) | 43.59 | 03/01/2021 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Birnbaum | 02/17/2015 | 1,278 | — | (2) | 70.14 | 02/17/2025 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
08/18/2016 | 6,141 | — | (2) | 33.19 | 08/18/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
03/01/2018 | — | — | — | — | 3,150 | 209,192 | (3) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | — | — | 5,148 | (3) | 341,879 | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | — | — | 10,935 | (3) | 726,193 | |||||||||||||||||||||||||||||||||||||||||
03/01/2018 | — | — | — | — | 459 | 30,482 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | 1,479 | 98,220 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | 4,687 | 311,264 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
Tamir Peres | 03/01/2018 | — | — | — | — | 3,150 | 209,192 | (3) | — | — | ||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | — | — | 6,863 | (3) | 455,772 | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | — | — | 7,290 | (3) | 484,129 | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | — | — | 10,414 | (5) | 691,594 | |||||||||||||||||||||||||||||||||||||||||
03/01/2018 | — | — | — | — | 459 | 30,482 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | 1,972 | 130,961 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | 3,125 | 207,531 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
Christian J. | 02/17/2015 | 6,607 | — | (2) | 70.14 | 02/17/2025 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Cunningham | 08/18/2016 | 17,895 | — | (2) | 33.19 | 08/18/2023 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
03/01/2018 | — | — | — | — | 4,358 | 289,415 | (3) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | — | — | 7,721 | (3) | 512,752 | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | — | — | 8,201 | (3) | 544,628 | |||||||||||||||||||||||||||||||||||||||||
03/01/2018 | — | — | — | — | 636 | 42,237 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/26/2019 | — | — | — | — | 2,218 | 147,297 | (4) | — | — | |||||||||||||||||||||||||||||||||||||||||
02/25/2020 | — | — | — | — | 3,515 | 233,431 | (4) | — | — |
Option Awards | Stock Awards | Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
| Number of shares acquired on exercise | Value realized on exercise | Number of shares acquired on vesting | Value realized on vesting | | Number of shares acquired on exercise | Value realized on exercise | Number of shares acquired on vesting | Value realized on vesting | |||||||||||||||||||||||||||||
Name | (#) | ($) | (#) | ($) | Name | (#) | ($) | (#) | ($) | |||||||||||||||||||||||||||||
Lawrence H. Silber | — | — | 23,746 | 1,067,685 | Lawrence H. Silber | 70,176 | 2,291,948 | 74,646 | 1,638,060 | |||||||||||||||||||||||||||||
Mark H. Irion | — | — | 7,347 | 321,872 | Mark H. Irion | — | — | 9,288 | 279,223 | |||||||||||||||||||||||||||||
Aaron D. Birnbaum | Aaron D. Birnbaum | — | — | 8,721 | 192,482 | |||||||||||||||||||||||||||||||||
Tamir Peres | Tamir Peres | — | — | 10,396 | 420,429 | |||||||||||||||||||||||||||||||||
Christian J. Cunningham | — | — | 20,573 | 881,296 | Christian J. Cunningham | — | — | 12,057 | 267,582 | |||||||||||||||||||||||||||||
Tamir Peres | — | — | 5,905 | 266,872 | ||||||||||||||||||||||||||||||||||
James Bruce Dressel | — | — | 59,437 | 2,665,846 |
Executive Contributions in Last FY | Registrant Contributions in Last FY | Aggregate Earnings in Last FY | Aggregate Withdrawals/ Distributions | Aggregate Balance at FYE | Executive Contributions in Last FY | Registrant Contributions in Last FY | Aggregate Earnings in Last FY | Aggregate Withdrawals/ Distributions | Aggregate Balance at FYE | ||||||||||||||||||||||||||||||||||||||
Name | ($) | ($) | ($) | ($) | ($)(1) | Name | ($) | ($) | ($) | ($) | ($)(1) | ||||||||||||||||||||||||||||||||||||
Lawrence H. Silber | 102,374 | 81,995 | 77,967 | — | 538,589 | Lawrence H. Silber | 68,420 | 54,736 | 88,148 | — | 749,893 | ||||||||||||||||||||||||||||||||||||
Mark H. Irion | — | — | — | — | — | Mark H. Irion | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Aaron D. Birnbaum | Aaron D. Birnbaum | 27,611 | 13,806 | 9,550 | — | 154,294 | |||||||||||||||||||||||||||||||||||||||||
Tamir Peres | Tamir Peres | 18,192 | 14,554 | 238 | — | 82,848 | |||||||||||||||||||||||||||||||||||||||||
Christian J. Cunningham | 16,961 | 13,569 | 14,725 | — | 93,335 | Christian J. Cunningham | 17,769 | 14,215 | 20,278 | — | 145,597 | ||||||||||||||||||||||||||||||||||||
Tamir Peres | 17,365 | 13,892 | 637 | — | 49,864 | ||||||||||||||||||||||||||||||||||||||||||
James Bruce Dressel | 50,956 | 40,764 | 20,614 | — | 146,679 |
Name | Pension Plan | Number of years credited service(1) (#) | Present value of accumulated benefit(2) ($) | Payments during last fiscal year ($) | ||||||||||||||||||||||
Aaron Birnbaum | Herc Rentals Qualified Pension Plan | 26 | 398,900 | — | ||||||||||||||||||||||
Aaron Birnbaum | Herc Rentals Non-Qualified Pension Plan | 19 | 22,400 | — |
Discount Rate Qualified Plan | 2.3% | ||||
Discount Rate Non-Qualified Plan | 2.5% | ||||
Retirement Age | 65 or current age if older (earliest unreduced retirement age) | ||||
Pre-retirement Decrements | None assumed |
Lawrence H. Silber | ||||||||||||||||||||||||||||||||||||||
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||
Severance Payment | — | 3,700,000 | — | — | 4,625,000 | — | ||||||||||||||||||||||||||||||||
Continued Benefits(1) | — | 19,020 | — | — | 24,599 | — | ||||||||||||||||||||||||||||||||
Outplacement | — | 25,000 | — | — | 25,000 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 866,717 | — | 1,817,641 | 1,817,641 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 4,063,628 | — | 4,063,628 | 7,334,321 | — | ||||||||||||||||||||||||||||||||
Total | — | 8,674,365 | — | 5,881,269 | 13,826,561 | — |
Mark H. Irion | ||||||||||||||||||||||||||||||||||||||
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||
Severance Payment | — | 831,250 | — | — | 1,662,500 | — | ||||||||||||||||||||||||||||||||
Continued Benefits(1) | — | 4,778 | — | — | 9,910 | — | ||||||||||||||||||||||||||||||||
Outplacement | — | 25,000 | — | — | 25,000 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 470,249 | — | 1,179,508 | 1,179,508 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 1,324,946 | — | 1,324,946 | 2,478,555 | — | ||||||||||||||||||||||||||||||||
Total | — | 2,656,223 | — | 2,504,454 | 5,355,473 | — |
Aaron D. Birnbaum | ||||||||||||||||||||||||||||||||||||||
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||
Severance Payment | — | 787,500 | — | — | 1,575,000 | — | ||||||||||||||||||||||||||||||||
Continued Benefits(1) | — | 9,287 | — | — | 19,372 | — | ||||||||||||||||||||||||||||||||
Outplacement | — | 25,000 | — | — | 25,000 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 86,466 | — | 439,966 | 439,966 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 201,754 | — | 608,250 | 1,277,264 | — | ||||||||||||||||||||||||||||||||
Total | — | 1,110,007 | — | 1,048,216 | 3,336,602 | — |
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||
Severance Payment | $ | — | $ | 3,700,000 | $ | — | $ | — | $ | 4,625,000 | $ | — | ||||||||||||
Continued Benefits(1) | — | 20,307 | — | — | 36,199 | — | ||||||||||||||||||
Outplacement | — | 25,000 | — | — | 25,000 | — | ||||||||||||||||||
Payment for Outstanding Stock Options(2) | — | — | — | 276,318 | — | 276,318 | ||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 1,096,403 | — | 1,921,139 | 1,921,139 | — | ||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 2,806,416 | — | 2,806,416 | 4,984,685 | — | ||||||||||||||||||
Total | $ | — | $ | 7,648,126 | $ | — | $ | 5,003,873 | $ | 11,592,023 | $ | 276,318 |
Tamir Peres | ||||||||||||||||||||||||||||||||||||||
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||
Severance Payment | — | 752,500 | — | — | 1,505,000 | — | ||||||||||||||||||||||||||||||||
Continued Benefits(1) | — | 11,914 | — | — | 24,792 | — | ||||||||||||||||||||||||||||||||
Outplacement | — | 25,000 | — | — | 25,000 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 136,871 | — | 368,974 | 368,974 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 802,698 | — | 802,698 | 1,840,687 | — | ||||||||||||||||||||||||||||||||
Total | — | 1,728,983 | — | 1,171,672 | 3,764,453 | — |
Christian J. Cunningham | ||||||||||||||||||||||||||||||||||||||
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||
Severance Payment | — | 735,000 | — | — | 1,470,000 | — | ||||||||||||||||||||||||||||||||
Continued Benefits(1) | — | 11,839 | — | — | 24,477 | — | ||||||||||||||||||||||||||||||||
Outplacement | — | 25,000 | — | — | 25,000 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 160,381 | — | 422,965 | 422,965 | — | ||||||||||||||||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 737,948 | — | 737,948 | 1,346,795 | — | ||||||||||||||||||||||||||||||||
Total | — | 1,670,168 | — | 1,160,913 | 3,289,237 | — |
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||
Severance Payment | $ | — | $ | 787,500 | $ | — | $ | — | $ | 1,575,000 | $ | — | ||||||||||||
Continued Benefits(1) | — | 4,900 | — | — | 10,344 | — | ||||||||||||||||||
Outplacement | — | 25,000 | — | — | 25,000 | — | ||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 445,011 | — | 1,017,952 | 1,017,952 | — | ||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 407,230 | — | 407,230 | 1,112,993 | — | ||||||||||||||||||
Total | $ | — | $ | 1,669,641 | $ | — | $ | 1,425,182 | $ | 3,741,289 | $ | — |
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||
Severance Payment | $ | — | $ | 735,000 | $ | — | $ | — | $ | 1,470,000 | $ | — | ||||||||||||
Continued Benefits(1) | — | 12,985 | — | — | 27,216 | — | ||||||||||||||||||
Outplacement | — | 25,000 | — | — | 25,000 | — | ||||||||||||||||||
Payment for Outstanding Stock Options(2) | — | 23,499 | — | 70,466 | — | 70,466 | ||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 184,063 | — | 334,113 | 334,113 | — | ||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 472,466 | — | 472,466 | 849,893 | — | ||||||||||||||||||
Total | $ | — | $ | 1,453,013 | $ | — | $ | 877,045 | $ | 2,706,222 | $ | 70,466 |
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||
Severance Payment | $ | — | $ | 752,500 | $ | — | $ | — | $ | 1,505,000 | $ | — | ||||||||||||
Continued Benefits(1) | — | 12,278 | — | — | 25,964 | — | ||||||||||||||||||
Outplacement | — | 25,000 | — | — | 25,000 | — | ||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 140,311 | — | 284,488 | 284,488 | — | ||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 355,844 | — | 355,844 | 714,524 | — | ||||||||||||||||||
Total | $ | — | $ | 1,285,933 | $ | — | $ | 640,332 | $ | 2,554,976 | $ | — |
Termination for Cause | Termination Without Cause | Termination by reason of Retirement | Termination by reason of Death, Disability | Termination following a Change in Control | Change in Control | |||||||||||||||||||
Benefit | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||
Severance Payment | $ | — | $ | 971,250 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Continued Benefits(1) | — | 12,291 | — | — | — | — | ||||||||||||||||||
Outplacement | — | 25,000 | — | — | — | — | ||||||||||||||||||
Payment for Outstanding Stock Options(2) | — | 143,908 | — | — | — | — | ||||||||||||||||||
Payment for Outstanding RSUs(2) | — | 450,640 | — | — | — | — | ||||||||||||||||||
Payment for Outstanding PSUs(2) | — | 655,600 | — | — | — | — | ||||||||||||||||||
Total | $ | — | $ | 2,258,689 | $ | — | $ | — | $ | — | $ | — |
DIRECTOR COMPENSATION |
Board/Committee | Non- Employee Director Compensation | |||||||||||||||||||||||||
Board | • Annual Cash Retainer: | $80,000 | ||||||||||||||||||||||||
• Annual RSU Grant: | $105,000 | |||||||||||||||||||||||||
Audit | • Annual Chair Fee: | $20,000 | • Annual Member Fee: | $10,000 | ||||||||||||||||||||||
Compensation | • Annual Chair Fee: | $15,000 | • Annual Member Fee: | $7,500 | ||||||||||||||||||||||
Nominating and Governance | • Annual Chair Fee: | $10,000 | • Annual Member Fee: | $5,000 | ||||||||||||||||||||||
Finance | • Annual Chair Fee: | $10,000 | • Annual Member Fee: | $5,000 |
•The RSUs are granted to directors after the annual stockholder meeting and have a fair market value equivalent to the dollar amount noted above on the date of grant. These RSUs vest on the business day immediately preceding the next annual meeting of stockholders. These RSUs also vest in full upon such director’s death or disability or a change in control of the Company. • |
Name | Fees Earned or Paid in Cash(1) ($) | Stock Awards(2) ($) | Total ($) | |||||||||||||||||
Patrick D. Campbell | 95,833 | 162,356 | 258,189 | |||||||||||||||||
James H. Browning | 101,667 | 105,006 | 206,673 | |||||||||||||||||
Shari L. Burgess(3) | 5,133 | 46,352 | 51,485 | |||||||||||||||||
Jonathan Frates | 85,000 | 105,006 | 190,006 | |||||||||||||||||
Nicholas F. Graziano(3) | 90,067 | 105,006 | 195,073 | |||||||||||||||||
Herbert L. Henkel(3) | 90,064 | 235,027 | 325,091 | |||||||||||||||||
Jean K. Holley | 93,334 | 105,006 | 198,340 | |||||||||||||||||
Jacob M. Katz | 101,667 | 105,006 | 206,673 | |||||||||||||||||
Michael A. Kelly | 97,500 | 105,006 | 202,506 | |||||||||||||||||
Andrew N. Langham | 56,667 | 105,006 | 161,673 | |||||||||||||||||
Louis J. Pastor(3) | 30,833 | — | 30,833 | |||||||||||||||||
Mary Pat Salomone | 96,666 | 105,006 | 201,672 |
Name | Fees Earned or Paid in Cash(1) ($) | Stock Awards(2) ($) | All Other Compensation ($) | Total ($) | ||||||||
Herbert L. Henkel | 94,198 | 235,071 | — | 329,269 | ||||||||
James H. Browning | 101,667 | 105,028 | — | 206,695 | ||||||||
Patrick D. Campbell | 96,667 | 105,028 | — | 201,695 | ||||||||
Jonathan Frates(3) | 42,500 | 78,780 | — | 121,280 | ||||||||
Nicholas F. Graziano | 80,029 | 105,028 | — | 185,057 | ||||||||
Jean K. Holley | 91,666 | 105,028 | — | 196,694 | ||||||||
Jacob M. Katz | 91,666 | 105,028 | — | 196,694 | ||||||||
Michael A. Kelly | 89,167 | 105,028 | — | 194,195 | ||||||||
Louis J. Pastor | 89,167 | 105,028 | — | 194,195 | ||||||||
Mary Pat Salomone | 96,667 | 105,028 | — | 201,695 |
PROPOSAL 3: Ratification of the |
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||
Audit fees(1) | $ | 4,615,218 | $ | 4,068,222 | Audit fees(1) | $ | 3,145,050 | $ | 4,615,218 | |||||||||||||
Audit-related fees | — | — | Audit-related fees | — | — | |||||||||||||||||
Tax fees(2) | — | 64,375 | ||||||||||||||||||||
All other fees(3) | — | 203,854 | ||||||||||||||||||||
Tax fees | Tax fees | — | — | |||||||||||||||||||
All other fees(2) | All other fees(2) | — | — | |||||||||||||||||||
Total | $ | 4,615,218 | $ | 4,336,451 | Total | $ | 3,145,050 | $ | 4,615,218 |
AUDIT COMMITTEE REPORT |
BENEFICIAL OWNERSHIP OF COMMON STOCK |
Shares Beneficially Owned | Shares Beneficially Owned | |||||||||||||||||||
Name of Beneficial Owner | Number | Percent % | Name of Beneficial Owner | Number | Percent % | |||||||||||||||
Carl C. Icahn(1) | Carl C. Icahn(1) | 4,494,789 | 15.2 | % | ||||||||||||||||
GAMCO Investors, Inc. | 4,944,397 | 17.0 | % | 3,829,200 | 12.9 | % | ||||||||||||||
Carl C. Icahn(2) | 4,494,789 | 15.5 | % | |||||||||||||||||
The Vanguard Group(3) | 2,556,310 | 8.8 | % | The Vanguard Group(3) | 2,178,144 | 7.4 | % | |||||||||||||
Blackrock, Inc.(4) | 1,983,195 | 6.8 | % | Blackrock, Inc.(4) | 2,243,101 | 7.6 | % | |||||||||||||
Named Executive Officers(5) | Named Executive Officers(5) | |||||||||||||||||||
Lawrence H. Silber | 175,637 | * | Lawrence H. Silber | 151,763 | * | |||||||||||||||
James Bruce Dressel | 121,858 | * | ||||||||||||||||||
Aaron D. Birnbaum | Aaron D. Birnbaum | 24,287 | * | |||||||||||||||||
Christian Cunningham | 50,710 | * | Christian Cunningham | 56,996 | * | |||||||||||||||
Mark. H. Irion | 8,757 | * | Mark. H. Irion | 18,543 | * | |||||||||||||||
Tamir Peres | 9,405 | * | Tamir Peres | 19,158 | * | |||||||||||||||
Directors and Director Nominees (excluding Mr. Silber)(6) | Directors and Director Nominees (excluding Mr. Silber)(6) | |||||||||||||||||||
Herbert L. Henkel | 51,132 | * | ||||||||||||||||||
James H. Browning | 11,899 | * | James H. Browning | 16,718 | * | |||||||||||||||
Shari L. Burgess | Shari L. Burgess | 760 | * | |||||||||||||||||
Patrick D. Campbell | 9,399 | * | Patrick D. Campbell | 15,112 | * | |||||||||||||||
Jonathan Frates | 2,000 | * | Jonathan Frates | 6,819 | * | |||||||||||||||
Nicholas F. Graziano | 5,909 | * | ||||||||||||||||||
Jean K. Holley | 7,724 | * | Jean K. Holley | 12,543 | * | |||||||||||||||
Jacob M. Katz | 6,324 | * | Jacob M. Katz | 11,143 | * | |||||||||||||||
Michael A. Kelly | 9,399 | * | Michael A. Kelly | 14,218 | * | |||||||||||||||
Andrew N. Langham | — | * | Andrew N. Langham | 4,819 | * | |||||||||||||||
Louis J. Pastor | 9,399 | * | ||||||||||||||||||
Mary Pat Salomone(7) | 9,831 | * | Mary Pat Salomone(7) | 14,650 | * | |||||||||||||||
All directors and executive officers as a group (19 persons) | 508,960 | 1.8 | % | |||||||||||||||||
Andrew J. Teno | Andrew J. Teno | — | * | |||||||||||||||||
All directors and executive officers as a group (17 persons) | All directors and executive officers as a group (17 persons) | 378,838 | 1.3 | % |
(3) Based on Amendment No. 7 to Schedule 13G filed on February 10, 2021 by The Vanguard Group, which disclosed that The Vanguard Group beneficially owned 2,178,144 shares of common stock as of December 31, 2020, and had (i) shared voting power over 28,958 shares of common stock, (ii) sole dispositive power over 2,127,637 shares of common stock and (iii) shared dispositive power over 50,507 shares of common stock. The principal business address of The Vanguard Group is 100 Vanguard Blvd., Malvern, PA 19355. (4) Based on Amendment No. 3 to the Schedule 13G filed on January 29, 2021 by Blackrock, Inc., which disclosed that Blackrock, Inc. beneficially owned 2,243,101 shares of common stock as of December 31, 2020, and had (i) sole voting power over 2,119,740 shares of common stock and (ii) sole dispositive power over 2,243,101 shares of common stock. The principal business address of BlackRock Inc. is 55 East 52nd Street, New York, NY 10055. (5) Shares shown as beneficially owned by the executive officers include shares underlying stock options which are exercisable or may be exercised within 60 days as follows: 26,714 shares for Mr. Silber, 7,419 for Mr. Birnbaum and 24,502 for Mr. Cunningham. (6) Shares shown as beneficially owned by the directors include compensation deferred into phantom stock units that vest after the director retires from the Board as follows: 9,657 units for Mr. Browning; 760 units for Ms. Burgess; 6,819 units for Mr. Frates; 8,291 units for Mr. Campbell; 9,101 units for Ms. Holley; 7,397 units for Mr. Katz; and 14,218 units for Ms. Salomone. (7) Of the shares indicated, 366 shares are held indirectly by a trust established for Ms. Salomone’s estate planning purposes. |
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS |
IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING AND VOTING |
Proposal | Vote Required for Adoption | Effect of Abstentions | Effect of Broker Non-Votes | ||||||||
1. Election of 11 Director Nominees to Serve for a One Year Term | Majority of shares cast | No effect | No effect | ||||||||
2. Advisory Vote on Executive Compensation | Majority of shares present | Vote “against” | No effect | ||||||||
3. Ratification of the Company’s Auditor for | Majority of shares present | Vote “against” | N/A |
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Year Ended December 31, 2019 | Year Ended December 31, 2018 | (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||
Net income | $ | 47.5 | $ | 69.1 | Net income | 73.7 | $ | 47.5 | $ | 69.1 | 160.3 | (20.5) | ||||||||||||||||||||||||||||
Income tax provision (benefit) | 16.1 | (0.3 | ) | Income tax provision (benefit) | 20.4 | 16.1 | (0.3) | (224.7) | 15.6 | |||||||||||||||||||||||||||||||
Interest expense, net | 173.5 | 137.0 | Interest expense, net | 92.6 | 173.5 | 137.0 | 140.0 | 84.2 | ||||||||||||||||||||||||||||||||
Depreciation of rental equipment | 409.1 | 387.5 | Depreciation of rental equipment | 403.9 | 409.1 | 387.5 | 378.9 | 350.5 | ||||||||||||||||||||||||||||||||
Non-rental depreciation and amortization | 61.0 | 57.3 | Non-rental depreciation and amortization | 62.5 | 61.0 | 57.3 | 51.5 | 44.8 | ||||||||||||||||||||||||||||||||
EBITDA | 707.2 | 650.6 | EBITDA | 653.1 | 707.2 | 650.6 | 506.0 | 474.6 | ||||||||||||||||||||||||||||||||
Restructuring | 7.7 | 5.0 | Restructuring | 0.7 | 7.7 | 5.0 | 5.5 | 4.0 | ||||||||||||||||||||||||||||||||
Restructuring related | — | 0.3 | Restructuring related | — | — | 0.3 | — | 2.9 | ||||||||||||||||||||||||||||||||
Spin-off costs | 0.5 | 14.4 | Spin-off costs | 0.6 | 0.5 | 14.4 | 35.2 | 49.2 | ||||||||||||||||||||||||||||||||
Non-cash stock-based compensation charges | 19.5 | 13.4 | Non-cash stock-based compensation charges | 16.4 | 19.5 | 13.4 | 10.1 | 5.5 | ||||||||||||||||||||||||||||||||
Loss on sale of business | Loss on sale of business | 2.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Impairment | 5.1 | — | Impairment | 15.4 | 5.1 | — | 29.7 | — | ||||||||||||||||||||||||||||||||
Other (1) | 1.0 | 1.1 | Other (1) | 0.4 | 1.0 | 1.1 | (1.1) | — | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 741.0 | $ | 684.8 | Adjusted EBITDA | $ | 689.4 | $ | 741.0 | $ | 684.8 | $ | 585.4 | $ | 536.2 | |||||||||||||||||||||||||
Average Revenue Earning Equipment at OEC | $ | 3,844.2 | $ | 3,828.9 | Average Revenue Earning Equipment at OEC | $ | 3,753.2 | $ | 3,844.2 | $ | 3,828.9 | 3,654.7 | 3,507.8 | |||||||||||||||||||||||||||
Return on Revenue Earning Equipment | 19.3 | % | 17.9 | % | Return on Revenue Earning Equipment | 18.4 | % | 19.3 | % | 17.9 | % | 16.0 | % | 15.3 | % |
Years ended December 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
Long-term debt, net | $ | 1,651.5 | $ | 2,051.5 | $ | 2,129.9 | $ | 2,137.1 | $ | 2,178.6 | ||||||||||||||||||||||
(Plus) Current maturities of long-term debt | 12.2 | 27.0 | 26.9 | 22.7 | 15.7 | |||||||||||||||||||||||||||
(Plus) Unamortized debt issuance costs | 7.2 | 7.9 | 10.6 | 14.5 | 21.0 | |||||||||||||||||||||||||||
(Less) Cash and cash equivalents | (33.0) | (33.0) | (27.8) | (41.5) | (24.0) | |||||||||||||||||||||||||||
Net debt | 1,637.9 | 2,053.4 | 2,139.6 | 2,132.8 | 2,191.3 | |||||||||||||||||||||||||||
Trailing twelve-month Adjusted EBITDA | $ | 689.4 | $ | 741.0 | 684.8 | 585.4 | 536.2 | |||||||||||||||||||||||||
Net Leverage | 2.4x | 2.8x | 3.1x | 3.6x | 4.1x |
Period | ROIC | |||||||
2018 | 7.4 | % | ||||||
2019 | 8.3 | % | ||||||
2020 | 7.2 | % | ||||||
Average ROIC | 7.7 | % |
Period | ROIC | ||
2017 | 4.7 | % | |
2018 | 7.4 | % | |
2019 | 8.3 | % | |
Average ROIC | 6.9 | % |