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 Pursuant to §240.14a-12 |
Payment of Filing Fee (Check | ||||||||||||||
No fee required | ||||||||||||||
Fee paid previously with preliminary materials | ||||||||||||||
☐ | Fee computed on table | |||||||||||||
/s/ Calvin McDonald | ||
Calvin McDonald | ||
Chief Executive Officer |
EXECUTIVE OFFICERS & BOARD OF DIRECTORS | |||||
PROPOSAL NO. 4 - ADVISORY VOTE ON THE FREQUENCY OF SAY-ON-PAY VOTES | |||||
Date | Virtual Meeting | |||||||
June 7, 2023 at 8:00 a.m., Pacific Time Online check-in will begin at 7:30 a.m., Pacific Time | Virtual Live webcast at www.virtualshareholdermeeting.com/LULU2023 |
Proposal | Board recommends you vote: | |||||||||||||||||||
MANAGEMENT PROPOSALS | ||||||||||||||||||||
Proposal No. 1 | Election of three Class I directors to a three-year term and approval of the continuation of one Class II director to serve remainder of term | For ü | ||||||||||||||||||
Proposal No. 2 | Ratification of the selection of PricewaterhouseCoopers LLP as our independent registered public accounting firm for Fiscal 2023 | Forü | ||||||||||||||||||
Proposal No. 3 | Advisory vote to approve the compensation of our named executive officers | Forü | ||||||||||||||||||
Proposal No. 4 | Advisory vote on the frequency of say-on-pay votes | No Recommendation | ||||||||||||||||||
Proposal No. 5 | Approval of the adoption of the 2023 Equity Incentive Plan | Forü |
By order of the board of directors, | |||
/s/ | |||
Chief Executive Officer |
Proposal No. 1 | A nominee for director will be elected to the board, and a continuing director will be approved, if the votes cast for the nominee's election or approval of the continuing director exceed the votes cast against that nominee's election or the approval of the continuing director at the meeting. Abstentions and broker non-votes will have no effect on the outcome of the election and we do not have cumulative voting in the election of directors. | ||||
Proposal No. 2 | The selection of our independent registered public accounting firm will be ratified if the votes cast for this proposal exceed the votes cast against this proposal at the meeting. Abstentions and broker non-votes will have no effect on the outcome of this proposal. | ||||
Proposal No. 3 | The compensation of our named executive officers will be approved, on an advisory basis, if the votes cast for this proposal exceed the votes cast against this proposal at the meeting. Abstentions and broker non-votes will have no effect on the outcome of this proposal. | ||||
Proposal No. 4 | The stockholders' preferred frequency for how often we should include an advisory "say-on-pay" vote in our proxy materials for future stockholder meetings will be the option that receives the highest number of votes cast on this proposal. Abstentions and broker non-votes will have no effect on the outcome of this proposal. | ||||
Proposal No. 5 | The adoption of the lululemon athletica inc. 2023 Equity Incentive Plan will be approved if the votes cast for this proposal exceed the votes cast against this proposal at the meeting. Abstentions and broker non-votes will have no effect on the outcome of this proposal. |
Be human. | Be well. | Be planet. | ||||||||||||
Our vision for creating environments that are equitable, inclusive, and foster growth for our employees, ambassadors, and the people who make our products (makers). We take steps toward a more equitable world, by creating an inclusive work environment that reflects the global communities we serve, and by advancing working conditions and wellbeing of people who make our products. | Our vision for advancing equity in wellbeing and contributing to conditions that enable the communities we serve to thrive. We believe everyone has the right to be well, and that the path to wellbeing is possible when tools, support and resources are available. We are working to break barriers that prevent access to wellbeing for those most impacted by systemic inequities across the globe. | Our vision for minimizing environmental harm and contributing to restoring a healthy planet. We've set science-based climate targets that we believe are the foundations for our climate action goals. We innovate more sustainable materials to support high quality products with steps toward circularity, while reducing environmental impacts. We work across our value chain to reduce our carbon, waste and water footprint, improve chemicals management, and develop products that we believe reflect the values of our guests and key stakeholders. | ||||||||||||
Focus Area | Focus Area | Focus Area | ||||||||||||
•IDEA •Employee Empowerment •Fair Labor Practices •Wellbeing of People Who Make Our Products | •Equitable Access to Wellbeing Tools and Resources •Research Advocacy and Inclusive Innovation •Centre for Social Impact | •Climate Action •Sustainable Product and Materials Innovation •Circularity and New Guest Models •Water and Chemistry •Packaging and Waste |
Calvin McDonald, Chief Executive Officer | Officer since: 2018 Age: 51 | |||||||||||||
Calvin McDonald was appointed chief executive officer of lululemon and a member of our board of directors in August 2018. Prior to joining lululemon, Mr. McDonald served for five years as president and chief executive officer of Sephora Americas, a division of the LVMH group of luxury brands. Prior to joining Sephora in 2013, Mr. McDonald spent two years as president and chief executive officer of Sears Canada. Prior to his tenure at Sears Canada, Mr. McDonald spent 17 years at Loblaw Companies Limited, a grocery and pharmacy leader in Canada. Mr. McDonald is on the board of directors of The Walt Disney Company. Mr. McDonald received an MBA from the University of Toronto, and a Bachelor of Science degree from the University of Western Ontario. | ||||||||||||||
Meghan Frank, Chief Financial Officer | Officer since: 2020 Age: 46 | |||||||||||||
Meghan Frank has served as our chief financial officer since November 2020. She joined lululemon in 2016 as the senior vice president, financial planning and analysis, and served as interim co-chief financial officer from April 2020 until her appointment to chief financial officer. Ms. Frank is now responsible for leading finance, tax, treasury, investor relations, asset protection, facilities, operations excellence, and strategy functions of the business. Prior to joining lululemon, Ms. Frank held senior finance and merchandise planning roles at Ross Stores and J. Crew, where she served for nearly a decade. She earned her Bachelor of Arts degree from Colgate University. | ||||||||||||||
Celeste Burgoyne, President, Americas and Global Guest Innovation | Officer since: 2016 Age: 49 | |||||||||||||
Celeste Burgoyne was appointed as our president, Americas and global guest innovation in October 2020. Since joining lululemon in 2006, she has led the U.S. expansion for lululemon, and expanded to oversee all guest-facing aspects of the North America business, including e-commerce, stores and alternative channels. She is also responsible for leading our guest innovations for lululemon globally. Prior to joining lululemon, Ms. Burgoyne held various leadership positions during her ten years at Abercrombie & Fitch. Ms. Burgoyne holds a B.A. from the University of San Diego. | ||||||||||||||
Michelle (Sun) Choe, Chief Product Officer | Officer since: 2018 Age: 54 | |||||||||||||
Sun Choe has served as our chief product officer since September 2018, leading the merchandising and design teams for the company. She joined lululemon in 2016 as senior vice president, global merchandising and has been instrumental in elevating merchandising capabilities, partnering with design leadership and innovation to deliver the lululemon vision to guests through best-in-class product assortments. Prior to joining lululemon, Ms. Choe served as chief global product merchant at Marc Jacobs and worked in multi-channel merchandising at brands including West Elm, Madewell, and Urban Outfitters. Ms. Choe received her B.A. from the University of Maryland College Park. | ||||||||||||||
André Maestrini, Executive Vice President, International | Officer since: 2021 Age: 59 | |||||||||||||
André Maestrini has served as our executive vice president, international since January 2021, leading our international expansion in the People’s Republic of China, the rest of Asia Pacific, and Europe. Mr. Maestrini's responsibilities include leading our company's global offices, and continuing to grow the brand globally and across multiple channels. Prior to joining lululemon, Mr. Maestrini spent 14 years at adidas in various senior roles and across several of the company’s global offices, most recently as the global general manager of sport business units and managing director of Latin America. Prior to adidas, Mr. Maestrini held marketing roles at The Coca-Cola Company, Danone, and Kraft Jacobs Suchard. He received a master’s degree in Marketing from ESSEC Business School in Paris, France. | ||||||||||||||
Nicole (Nikki) Neuburger, Chief Brand Officer | Officer since: 2020 Age: 42 | |||||||||||||
Nikki Neuburger has served as our chief brand officer since January 2020 with the responsibility to lead our marketing, sustainable business and social impact teams - including communications, brand management, creative, events, retail marketing, sports marketing and partnerships - globally. Between 2018 and 2020, Ms. Neuburger was the global head of marketing at Uber Eats where she led the introduction and expansion of the brand around the world. Prior to that, Ms. Neuburger built a 14-year career at Nike where she most recently served as the vice president of Nike Running. Ms. Neuburger received her Bachelor of Science in Business Administration from Oregon State University. | ||||||||||||||
Martha (Marti) Morfitt, Chair of the Board | Director since: 2008 Age: 65 | |||||||||||||||||||
Marti Morfitt has been a member of our board of directors since December 2008, and has been the chair of the board since March 2022. She has served as a principal of River Rock Partners, Inc., a business and cultural transformation consulting firm, since 2008. Ms. Morfitt served as the chief executive officer of Airborne, Inc. from October 2009 to March 2012. She served as the president and chief executive officer of CNS, Inc., a manufacturer and marketer of consumer healthcare products, from 2001 through March 2007. From 1998 to 2001, she was chief operating officer of CNS, Inc. Ms. Morfitt currently serves on the board of directors of Graco, Inc. and Olaplex Holdings, Inc. She served on the board of directors of Mercer International Inc. from 2017 to 2020, and Life Time Fitness, Inc. from 2008 to 2015. She received her HBA from the Richard Ivey School of Business at the University of Western Ontario, and an MBA from the Schulich School of Business at York University. | Skills & Experience Our board of directors selected Ms. Morfitt to serve as director because she has extensive public board experience and years of leading and managing branded consumer businesses, and their operations and strategic planning. | |||||||||||||||||||
David Mussafer, Lead Director | Director since: 2014 Age: 59 | |||||||||||||||||||
David Mussafer is the lead director and has been a member of our board of directors since September 2014. Mr. Mussafer also served as a director of lululemon from 2005 until 2010. Mr. Mussafer is chairman and managing partner of Advent International Corporation which he joined in 1990. Prior to Advent, Mr. Mussafer worked at Chemical Bank and Adler & Shaykin in New York. Mr. Mussafer has led or co-led more than 30 buyout investments at Advent across a range of industries. Mr. Mussafer’s current directorships also include Olaplex Holdings Inc. and Thrasio. Mr. Mussafer previously served as a director of First Watch Restaurants, Inc., Aimbridge and Serta Simmons Holdings LLC among others. Mr. Mussafer holds a BSM, cum laude, from Tulane University and an MBA from the Wharton School of the University of Pennsylvania. | Skills & Experience Our board of directors believes Mr. Mussafer's extensive experience enables him to provide valuable insights to the board of directors regarding board processes, and operations as well as the relationship between the board of directors and shareholders. | |||||||||||||||||||
Michael Casey, Director | Director since: 2007 Age: 77 | |||||||||||||||||||
MichaelCaseyhas been a member of our board of directors since October 2007. Mr. Casey also served as co-chair of the board of directors from September 2014 to April 2017, and as chair of the board of directors from May 2014 to September 2014. He retired from Starbucks Corporation in October 2007, where he had served as senior vice president and chief financial officer from August 1995 to September 1997, and executive vice president, chief financial officer and chief administrative officer from September 1997 to October 2007. Subsequent to retirement he served as a senior advisor to Starbucks Corporation from October 2007 to May 2008, and from November 2008 to January 2015. Prior to joining Starbucks, Mr. Casey was executive vice president and chief financial officer for Family Restaurants, Inc. and president and chief executive officer of El Torito Restaurants, Inc. He was also a member of the board of directors of The Nasdaq OMX Group, Inc. from January 2001 to May 2012. Mr. Casey graduated from Harvard College with a B.A. degree in Economics, cum laude, and Harvard Business School with an MBA degree. | Skills & Experience Our board of directors selected Mr. Casey to serve as director because he has extensive experience in corporate finance and accounting, managing retail-focused industry operations, strategic planning, and public company corporate governance. | |||||||||||||||||||
Isabel Mahe, Director | Director since: 2022 Age: 49 | |||||||||||||||||||
Isabel Mahe has been a member of our board of directors since November 2022. Ms. Mahe currently serves as Vice President and Managing Director of Greater China at Apple Inc. She joined Apple in 2008 as Vice President of Wireless Technologies and oversaw the development of cellular, Wi-Fi, Bluetooth, NFC, location and motion technologies for products across the business. Prior to Apple, she served as Vice President of Wireless Software Engineering at Palm and held key managerial positions at other technology-focused organizations. Isabel served on the Board of Directors for Starbucks from 2019 to 2023, and was named to Fortune’s 50 Most Powerful Women list in 2021 and 2022. She received a Bachelor of Applied Science and a Masters of Engineering from Simon Fraser University in British Columbia, Canada and an MBA from the University of California, Berkeley. | Skills & Experience Our board of directors selected Ms. Mahe to serve as a director because she has a strong track record of driving growth in fast growing and complex markets, and industries through her knowledge of consumer and product trends. | |||||||||||||||||||
Kourtney Gibson, Director | Director since: 2020 Age: 41 | |||||||||||||||||||
Kourtney Gibsonhas been a member of our board of directors since November 2020. Ms. Gibson has been the chief institutional client officer of TIAA, a provider of secure retirements and outcome-focused investments solutions, since July 2022. Prior to joining TIAA, Ms. Gibson was most recently the executive vice chair of Loop Capital, a global investment banking and brokerage firm, where she started as an intern over 20 years ago and served as President from 2016 to March 2022. Over more than 20 years at Loop Capital, she oversaw various corporate, governmental, institutional and consultant client relations and led multiple functions, including firmwide operations, asset management, strategy, sales and trading. She is on the board of MarketAxess Holdings Inc. She also sits on the board of trustees at the University of Miami and Viterbo University as well on the boards of the Dibia Dream Foundation and Chicago Scholars Foundation. Ms. Gibson is a member of the Economic Club of Chicago and previously served on the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. Ms. Gibson received an MBA from the Kellogg School of Management at Northwestern University. | Skills & Experience Our board of directors selected Ms. Gibson to serve as a director because it believes her accomplishments as a business and finance leader provides experience in identifying opportunities for growing global consumer brands. |
Kathryn Henry, Director | Director since: 2016 Age: 57 | |||||||||||||||||||
KathrynHenry has been a member of our board of directors since January 2016. Ms. Henry is co-founder and advisor of LightBrite, where she also served as CEO from January 2022 to February 2023. From 2015 to 2022, she served as a strategic consultant for retail and technology companies, in addition to venture capital, investment and consulting firms seeking executive level guidance. Ms. Henry previously served as chief information officer, logistics & distribution at lululemon from 2010 to 2014 where she oversaw all global information and technology operations for the company. Prior to joining lululemon in 2010, Ms. Henry worked at Gap, Inc., where she served as vice president and chief information officer of international IT and Gap North America and was responsible for the systems support of key international growth initiatives. Previously, she was vice president of Dockers Business Divestiture and vice president of global IT strategy & development at Levi Strauss & Co. Ms. Henry was selected as a Global CIO Top 25 Breakaway Leader in 2013, and was a member of the National Retail Federation CIO council during her tenure with lululemon. | Skills & Experience Our board of directors believes Ms. Henry's strategic IT and retail experience as well as her experience with lululemon provides valuable insight to our board of directors. |
Alison Loehnis, Director | Director since: 2022 Age: 52 | |||||||||||||||||||
Alison Loehnis has been a member of our board of directors since January 2022. Since October 2022, Ms. Loehnis has been ad-interim CEO and president of Luxury and Fashion at Yoox Net-a-Porter where she is responsible for Net-a-Porter, Mr. Porter and the Outnet businesses, and where she was president of the luxury division from 2015 until 2021. She has held several leadership roles with expanding responsibility since she joined the company in 2007 and has been instrumental in the conception and launch of major initiatives including TheOutnet.com and MrPorter.com. Previously, Ms. Loehnis held positions with LVMH, Hachette Filipacchi and The Walt Disney Company, after starting her career with Saatchi & Saatchi. Ms. Loehnis received a degree in Art History from Brown University. | Skills & Experience Our board of directors selected Ms. Loehnis to serve as a director because it believes her experience as a leader in the retail industry, and international markets will provide valuable insight to the company. |
Jon McNeill, Director | Director since: 2016 Age: 55 | |||||||||||||||||||
Jon McNeillhas been a member of our board of directors since April 2016. Since January 2020, Mr. McNeill has served as chief executive officer of DVx Ventures. He served as chief operating officer of Lyft, Inc. from March 2018 to July 2019. From September 2015 to February 2018, he served as president, global sales, delivery and service of Tesla Motors Inc., overseeing customer-facing operations. Prior to joining Tesla, he was the chief executive officer of Enservio, Inc., a software company, from 2006 until 2015, and founder of multiple technology and retail companies, including TruMotion, Sterling, First Notice Systems and Trek Bicycles Stores, Inc. He serves on the board of directors of General Motors. Mr. McNeill began his career at Bain & Company. He is a graduate of Northwestern University. | Skills & Experience Our board of directors selected Mr. McNeill because it believes his executive experience and innovative and entrepreneurial attributes provide valuable insight and are aligned with our unique culture. | |||||||||||||||||||
Glenn Murphy, Director | Director since: 2017Age: 61 | |||||||||||||||||||
Glenn Murphy has been a member of our board of directors since April 2017 and served as non-executive chair of the board of directors from August 2018 to March 2022. Mr. Murphy is an industry executive with over 25 years of retail experience. He has led diverse retail businesses and brands in the areas of food, health & beauty, apparel and books. He is the founder and CEO of FIS Holdings, a high-impact consumer-focused investment firm deploying a combination of operating guidance and capital flexibility. Prior to FIS Holdings, Mr. Murphy served as chairman and chief executive officer at The Gap, Inc. from 2007 until 2014. Prior to that, Mr. Murphy served as the chairman and chief executive officer of Shoppers Drug Mart Corporation from 2001 to 2007. Prior to leading Shoppers Drug Mart, he served as the chief executive officer and president for the Retail Division of Chapters Inc. Mr. Murphy started his career at Loblaws where he spent 14 years. He holds a BA Degree from the University of Western Ontario. | Skills & Experience Our board of directors selected Mr. Murphy to serve as a director because it believes his extensive retail experience as a leading strategic operator will provide valuable insight to our board of directors. | |||||||||||||||||||
Emily White, Director | Director since: 2011 Age: 44 | |||||||||||||||||||
Emily White has been a member of our board of directors since November 2011. She has served as President of Anthos Capital, a Los Angeles-based investment firm since 2018. Prior to Anthos, Ms. White was chief operating officer at Snap, Inc. from January 2014 to March of 2015. Prior to joining Snap, Ms. White held several leadership roles at Facebook Inc. from 2010 to 2013 including as Director of Local Business Operations, Director of Mobile Business Operations and Head of Business Operations at Instagram. From 2001 to 2010, Ms. White worked at Google where she ran North American Online Sales and Operations, Asia Pacific & Latin America business and the Emerging Business channel. Ms. White is on the boards of directors for Northern Start Investment Corp IV, a special purpose acquisition company, Olaplex Holdings Inc., Railsbank, and Guayaki. She was on the board of directors of Graco, Inc. from 2017 to 2022. Ms. White has also served on the boards of the National Center for Women in I.T., a non-profit coalition working to increase the participation of girls and women in computing and technology, and X-Prize, a non-profit focused on creating breakthroughs that pull the future forward. She received a BA in Art History from Vanderbilt University. | Skills & Experience Our board of directors selected Ms. White to serve as a director because of her extensive experience with social networking and technology companies. | |||||||||||||||||||
Name | Age(1) | Director Since | ||||||
Class I directors (whose terms would expire at the 2026 annual meeting) | ||||||||
Michael Casey | 77 | 2007 | ||||||
Glenn Murphy | 61 | 2017 | ||||||
David Mussafer | 59 | 2014 | ||||||
Class II director (whose term would expire at the 2024 annual meeting) | ||||||||
Isabel Mahe | 49 | 2022 |
Name | Age | Occupation | Director Since | |||
Class I directors whose terms expire at the 2017 annual meeting | ||||||
Michael Casey | 70 | Retired Executive Vice President, Chief Financial Officer and Chief Administrative Officer of Starbucks Corporation | 2007 | |||
RoAnn Costin | 63 | President of Wilderness Point Investments | 2007 | |||
David M. Mussafer | 52 | Managing Partner of Advent International Corporation | 2014 | |||
Laurent Potdevin | 48 | Chief Executive Officer of lululemon | 2014 | |||
Class II directors whose terms expire at the 2018 annual meeting | ||||||
Steven J. Collins | 46 | Managing Director of Advent International Corporation | 2014 | |||
Martha A.M. Morfitt | 58 | Principal of River Rock Partners Inc. | 2008 | |||
Rhoda M. Pitcher | 61 | Managing Partner of Rhoda M Pitcher Inc. | 2005 | |||
Emily White | 37 | Founder and Chief Executive Officer of Mave, Inc. | 2011 | |||
Class III directors whose terms expire and who are nominees for election at the 2016 annual meeting | ||||||
Robert Bensoussan | 57 | Director of Sirius Equity LLP | 2013 | |||
Kathryn Henry | 50 | Strategic Consultant | 2016 | |||
Jon McNeill | 48 | President, Global Sales, Delivery and Service of Tesla Motors, Inc. | 2016 | |||
Class III director whose term expires at the 2016 annual meeting | ||||||
William H. Glenn | 59 | President and Chief Executive Officer of American Express Global Business Travel | 2012 |
Name | Occupation | Age(1) | Director Since | Tenure (Years) | Independent | Audit Committee | Corporate Responsibility, Sustainability & Governance Committee | People, Culture & Compensation Committee | ||||||||||||||||||
Class I directors (whose terms expire and are nominees for re-election at the 2023 annual meeting) | ||||||||||||||||||||||||||
Michael Casey | Retired Executive Vice President, Chief Financial Officer and Chief Administrative Officer of Starbucks Corporation | 77 | 2007 | 16 | l | Chair | l | |||||||||||||||||||
Glenn Murphy | Founder and Chief Executive Officer of FIS Holdings | 61 | 2017 | 6 | l | |||||||||||||||||||||
David Mussafer Lead Director | Chairman and Managing Partner of Advent International Corporation | 59 | 2014 | 9 | l | Chair | ||||||||||||||||||||
Class I director (whose term expires at the 2023 annual meeting) | ||||||||||||||||||||||||||
Kourtney Gibson | Chief Institutional Client Officer of TIAA | 41 | 2020 | 3 | l | l | l | |||||||||||||||||||
Class II directors (whose terms expire at the 2024 annual meeting) | ||||||||||||||||||||||||||
Calvin McDonald | Chief Executive Officer of lululemon athletica inc. | 51 | 2018 | 5 | ||||||||||||||||||||||
Isabel Mahe | Vice President and Managing Director of Greater China at Apple Inc. | 49 | 2022 | 5 months | l | l | l | |||||||||||||||||||
Martha Morfitt Chair | Principal of River Rock Partners Inc. | 65 | 2008 | 15 | l | l | l | |||||||||||||||||||
Emily White | President of Anthos Capital | 44 | 2011 | 12 | l | l | Chair | |||||||||||||||||||
Class III directors (whose terms expire at the 2025 annual meeting) | ||||||||||||||||||||||||||
Kathryn Henry | Co-Founder and Advisor of LightBrite | 57 | 2016 | 7 | l | l | l | |||||||||||||||||||
Alison Loehnis | Ad-interim CEO and President of Luxury and Fashion of Yoox Net-a-Porter | 52 | 2022 | 1 | l | l | ||||||||||||||||||||
Jon McNeill | Chief Executive Officer of DVx Ventures | 55 | 2016 | 7 | l | l |
Martha Morfitt | David Mussafer | Michael Casey | Isabel Mahe | Kourtney Gibson | Kathryn Henry | Alison Loehnis | Jon McNeill | Glenn Murphy | Emily White | |||||||||||||||||||||||
Senior Leadership | l | l | l | l | l | l | l | l | l | l | ||||||||||||||||||||||
International Markets | l | l | l | l | l | l | l | l | ||||||||||||||||||||||||
Finance/Accounting | l | l | l | l | l | l | l | |||||||||||||||||||||||||
Public Company Board Service | l | l | l | l | l | l | l | l | ||||||||||||||||||||||||
Retail Industry | l | l | l | l | l | l | l | l | l | |||||||||||||||||||||||
Digital/Technology | l | l | l | l | l | |||||||||||||||||||||||||||
Cybersecurity | l | l | ||||||||||||||||||||||||||||||
Strategy | l | l | l | l | l | l | l | l | l | |||||||||||||||||||||||
HR & Talent | l | l | l | l | l | l | ||||||||||||||||||||||||||
Environmental, Social & Governance (ESG) | l | l | l | l | l | l | l | l |
Board Diversity Matrix on record date of April 10, 2023 | ||||||||
Board Size | ||||||||
Total Number of Directors | 11 | |||||||
Female | Male | |||||||
Gender | ||||||||
Directors | 6 | 5 | ||||||
Number of Directors who self-identify as one of the below: | ||||||||
African American or Black | 1 | 0 | ||||||
Asian | 1 | 0 | ||||||
White | 4 | 5 | ||||||
LGBTQ+ | 1 |
Board Diversity Matrix on record date of April 12, 2022 | ||||||||
Board Size | ||||||||
Total Number of Directors | 11 | |||||||
Female | Male | |||||||
Gender | ||||||||
Directors | 6 | 5 | ||||||
Number of Directors who self-identify as one of the below: | ||||||||
African American or Black | 1 | 0 | ||||||
White | 5 | 5 | ||||||
LGBTQ+ | 1 |
Martha Morfitt | Isabel Mahe | Alison Loehnis | Emily White | ||||||||
David Mussafer | Kourtney Gibson | Jon McNeill | |||||||||
Michael Casey | Kathryn Henry | Glenn Murphy |
Name of Director | Audit | Compensation | Nominating and Governance | |||
Robert Bensoussan | Member | Member | ||||
Michael Casey | Member | Chair | ||||
Steven J. Collins | Member | |||||
RoAnn Costin | Member | |||||
William H. Glenn | Member | Member | ||||
Kathryn Henry(1) | ||||||
Martha A.M. Morfitt | Chair | Member | ||||
David M. Mussafer | Member | |||||
Rhoda M. Pitcher | Member | Chair | ||||
Thomas G. Stemberg(2) | ||||||
Emily White | Member | |||||
Number of meetings in fiscal 2015 | 5 | 8 | 5 |
Name of Director(1) | Audit | Corporate Responsibility, Sustainability and Governance | People, Culture and Compensation | ||||||||||||||
Martha Morfitt (Chair) | Member | ||||||||||||||||
David Mussafer (Lead Director) | Chair | ||||||||||||||||
Michael Casey | Chair | Member | |||||||||||||||
Isabel Mahe | Member | Member | |||||||||||||||
Kourtney Gibson | Member | Member | |||||||||||||||
Kathryn Henry | Member | Member | |||||||||||||||
Alison Loehnis | Member | ||||||||||||||||
Jon McNeill | Member | ||||||||||||||||
Glenn Murphy | Member | ||||||||||||||||
Emily White | Member | Chair | |||||||||||||||
Number of meetings in fiscal 2022 | 7 | 4 | 6 |
(1) Isabel Mahe joined the board of directors effective November 3, 2022. 27 |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Total ($) | ||||||||
Martha Morfitt | 229,401 | 143,090 | 372,491 | ||||||||
David Mussafer | 154,167 | 143,090 | 297,257 | ||||||||
Michael Casey | 120,833 | 143,090 | 263,923 | ||||||||
Stephanie Ferris(2) | 49,167 | 45,912 | 95,079 | ||||||||
Isabel Mahe(3) | 4,722 | 39,007 | 43,729 | ||||||||
Kourtney Gibson | 108,333 | 143,090 | 251,423 | ||||||||
Kathryn Henry | 110,833 | 143,090 | 253,923 | ||||||||
Alison Loehnis | 80,019 | 149,970 | 229,989 | ||||||||
Jon McNeill | 94,167 | 143,090 | 237,257 | ||||||||
Glenn Murphy | 135,778 | 143,090 | 278,868 | ||||||||
Emily White | 118,333 | 143,090 | 261,423 |
Fiscal 2022 Total ($) | Fiscal 2023 Total ($) | ||||||||||
Retainers | |||||||||||
All Non-Employee Directors | 85,000 | 95,000 | |||||||||
Additional Retainers | |||||||||||
Chair | 160,000 | 160,000 | |||||||||
Lead Director | 50,000 | 50,000 | |||||||||
Audit Committee Chair | 20,000 | 30,000 | |||||||||
People, Culture and Compensation Committee Chair | 20,000 | 27,500 | |||||||||
Corporate Responsibility, Sustainability and Governance Committee Chair | 10,000 | 20,000 | |||||||||
Audit Committee Member | 15,000 | 15,000 | |||||||||
People, Culture and Compensation Committee Member | 12,500 | 12,500 | |||||||||
Corporate Responsibility, Sustainability and Governance Committee Member | 10,000 | 10,000 | |||||||||
Equity Grant | |||||||||||
All Non-Employee Directors | 150,000 | 150,000 |
Position | Minimum Ownership Guidelines (Dollar Value of Shares) | |||||
5 x Annual Cash Retainer Compensation | ||||||
Name | Age | Position | Officer Since | |||
Laurent Potdevin | 48 | Chief Executive Officer | 2014 | |||
Stuart Haselden | 46 | Chief Financial Officer and Executive Vice President, Operations | 2015 | |||
Miguel Almeida | 39 | Executive Vice President, Digital | 2015 | |||
Lee Holman | 44 | Executive Vice President, Creative Director | 2015 | |||
Scott Stump | 49 | Executive Vice President, Community and Brand | 2014 |
Fiscal 2015 | Fiscal 2014 | |||||||
Audit Fees(1) | $ | 773,161 | $ | 750,262 | ||||
Audit-Related Fees(2) | $ | — | $ | — | ||||
Tax Fees(3) | $ | — | $ | 9,900 | ||||
All Other Fees(4) | $ | — | $ | — |
Fees | Fiscal 2022 | Fiscal 2021 | ||||||||||||
Audit Fees(1) | $1,658,887 | $1,377,793 | ||||||||||||
Audit-Related Fees(2) | 142,534 | 134,709 | ||||||||||||
Tax Fees(3) | — | 22,058 | ||||||||||||
All Other Fees(4) | 15,531 | 15,572 |
AUDIT COMMITTEE | |||
Michael Casey (chair) | |||
Kourtney Gibson | |||
Kathryn Henry | |||
Alison Loehnis | |||
Martha Morfitt | |||
2022 Named Executive Officers | Title | |||||||
Calvin McDonald | Chief Executive Officer | |||||||
Meghan Frank | Chief Financial Officer | |||||||
Celeste Burgoyne | President, Americas and Global Guest Innovation | |||||||
Michelle Choe | Chief Product Officer | |||||||
André Maestrini | Executive Vice President, International |
What we do | What we don't do | |||||||||||||||||||||||||
a | Align executive compensation with shareholder interests through a balance of short and long-term incentives and linked to our financial performance | a | Conduct an annual review of compensation programs and practices | x | Permit hedging or pledging of company stock | x | Provide excessive benefits or perquisites | |||||||||||||||||||
a | Set challenging performance goals for our annual incentive and PSUs | a | Retain an independent compensation consultant | x | Reprice stock options | x | Provide single-trigger severance or permit golden parachute tax gross-ups following a change in control | |||||||||||||||||||
a | Set market-competitive stock ownership guidelines for the chief executive officer, executive officers, and non-employee directors | a | Include double-trigger change in control provisions in equity awards. | x | Grant stock options at a discount to market price | |||||||||||||||||||||
a | Consider relevant market practices when establishing compensation | a | Include clawback provisions in our cash and equity incentive plans | x | Enter into employment agreements with multi-year terms | |||||||||||||||||||||
a | Assess and mitigate undue risk in compensation programs |
Burberry Group plc | Restoration Hardware | Ulta Beauty | ||||||||||||
Capri Holdings Limited | Ross Stores, Inc. | Under Armour, Inc. | ||||||||||||
Chipotle Mexican Grill | Block, Inc. (formerly Square, Inc.) | Urban Outfitters | ||||||||||||
Columbia Sportswear Company | Twitter, Inc. | VF Corp. | ||||||||||||
Deckers Outdoor | Uber Technologies, Inc. | Wayfair Inc. | ||||||||||||
PVH Corp. |
2023 Peer Group: | ||||||||||||||
Adidas AG | Hanesbrands Inc. | Tapestry, Inc. | ||||||||||||
Capri Holdings Limited | Levi Strauss & Co. | Ulta Beauty, Inc. | ||||||||||||
Chipotle Mexican Grill | Nordstrom, Inc. | Under Armour, Inc. | ||||||||||||
Columbia Sportswear Company | Puma SE | Urban Outfitters | ||||||||||||
Deckers Outdoor | PVH Corp. | V.F. Corporation | ||||||||||||
The Estee Lauder Companies Inc. | Ralph Lauren Corporation | Williams-Sonoma, Inc. |
Element | Purpose | How it Works | Link to Business Strategies | ||||||||||
Base Salary | Provides base level of earnings throughout the | Payable bi-weekly in arrears subject to deductions required by law or authorized by the executive. | Competitive base salary levels support in attracting and retaining executive talent. Base salaries are generally targeted near the market median of base salaries of similarly situated executives at peer group companies. | ||||||||||
Annual Cash Incentive | Rewards the achievement of annual financial | Generally awarded in the form of performance-based cash awards and | Performance metrics and incentive targets are set at the beginning of the fiscal year and align with our financial goals. Performance metrics typically include operating income and net revenue. | ||||||||||
Long-term Incentive Awards | Rewards the achievement of our long-term performance goals and aligns the incentives of our executives with the interests of our | Generally awarded in three equity vehicles: (1) Stock options; (2) PSU awards; and (3) RSU awards. | Stock options and RSUs provide incentives for long-term shareholder value creation and support long-term retention. PSUs are designed for our executives to deliver on long-term financial performance metrics we believe are needed to deliver company objectives. All our equity programs are designed to encourage equity ownership for our executives to align their interest with shareholders. The ultimate value received by the | ||||||||||
Named Executive Officer | Role | Fiscal 2022 Base Salary ($) | ||||||
Calvin McDonald | Chief Executive Officer | 1,250,000 | ||||||
Meghan Frank | Chief Financial Officer | 700,000 | ||||||
Celeste Burgoyne | President, Americas and Global Guest Innovation | 800,000 | ||||||
Michelle Choe | Chief Product Officer | 800,000 | ||||||
André Maestrini(1) | Executive Vice President, International | 684,966 |
Named Executive Officer | Role | Fiscal 2022 Target Bonus (as a % of Base Salary) | ||||||
Calvin McDonald | Chief Executive Officer | 175% | ||||||
Meghan Frank | Chief Financial Officer | 90% | ||||||
Celeste Burgoyne | President, Americas and Global Guest Innovation | 100% | ||||||
Michelle Choe | Chief Product Officer | 100% | ||||||
André Maestrini | Executive Vice President, International | 90% |
Company Results (100% of total bonus) | ||||||
Operating Income (60% Weight; 250% Maximum Payout) | Revenue (20% Weight; 125% Maximum Payout) | Gross Margin (20% Weight; 125% Maximum Payout) | ||||
Threshold | $343,400,000 | $1,880,800,000 | 48.5% | |||
Target | $386,700,000 | $2,043,800,000 | 49.7% | |||
Maximum | $456,400,000 | $2,089,800,000 | 50.0% | |||
Actual 2015 Result | $369,076,000 | $2,060,523,000 | 48.4% | |||
Executive Bonus Result | 79.6% | 109.1% | —% |
Named Executive Officer | Role | Fiscal 2022 Target Annual Equity Grant ($) | ||||||
Calvin McDonald | Chief Executive Officer | 10,000,000 | ||||||
Meghan Frank | Chief Financial Officer | 1,500,000 | ||||||
Celeste Burgoyne | President, Americas and Global Guest Innovation | 3,500,000 | ||||||
Michelle Choe | Chief Product Officer | 3,500,000 | ||||||
André Maestrini | Executive Vice President, International | 2,000,000 |
Equity Program | PSUs | Stock Options | ||||||
How it Works | Each PSU award represents a right to receive one share of our common stock on a specified settlement date if performance metrics have been met. | Each stock option represents a right to purchase one share of our common stock at the grant price, if the time vesting requirement has been met. Stock options are granted with an exercise price equal to the closing price of our common stock as reported on Nasdaq on the date of grant. Stock options expire on the seventh anniversary of their grant date. | ||||||
Vesting | PSUs generally vest on the third anniversary of grant day. | Stock options generally vest 1/4 on the annual anniversary of grant day. | ||||||
Payout | The attainment of goals during the performance period may earn from 0% of target for performance below threshold to 200% of target for performance at or above maximum. | Stock options only have value to the extent that, on the date they are exercised, the company's share price is higher than the exercise price. |
2013 Award (2013-2015 Performance Cycle) 3-Year Cumulative Operating Income Goals | Actual 2013-2015 Cumulative Operating Income Performance | |||||
Threshold | Target | Maximum | ||||
$1,505,494,000 | $1,771,169,000 | $2,036,845,000 | $1,136,467,000 |
Cycle | Baseline(1) | Measure(2) | Performance Period | Payout Multiplier | ||||||||||
Fiscal 2020 - 2023 | 2019 - $889.1M | Operating Income | 4 years | 0-200% multiplier | ||||||||||
Fiscal 2022 - 2024 | 2021 - $1,374.7M | Operating Income | 3 years | |||||||||||
Fiscal 2023 - 2025 | 2022 - $1,789.1M | Operating Income | 3 years |
Position | Minimum Ownership Requirements (Dollar Value of Shares) | |||||||
Chief Executive Officer | ||||||||
Other Section 16 executive officers |
Benefits | Employee Eligibility | Executive Officer Eligibility | ||||||||||||
Medical, Dental and Vision Plans | ü | ü | ||||||||||||
Life and Disability Insurance | ü | ü | ||||||||||||
Change in Control and Severance Plan | ü | ü | ||||||||||||
401(k) Plan (or other defined contribution group savings program) | ü | ü | ||||||||||||
Employee Stock Purchase Plan | ü | Not offered | ||||||||||||
Perquisites | ||||||||||||||
Employee Discount | ü | ü | ||||||||||||
Tax Preparation | ü | ü | ||||||||||||
Relocation Assistance (i.e., temporary housing, moving expenses) | ü | ü | ||||||||||||
Supplemental Life Insurance | ü | ü | ||||||||||||
Parental Leave Policy | ü | ü | ||||||||||||
Fitness Benefit | ü | ü |
Name | Title | Fiscal 2023 Base Salary ($) | Fiscal 2023 Target Annual Bonus | Fiscal 2023 Annual Equity ($) | ||||||||||
Calvin McDonald | Chief Executive Officer | 1,300,000 | 200% | 10,000,000 | ||||||||||
Meghan Frank | Chief Financial Officer | 725,000 | 90% | 2,000,000 | ||||||||||
Celeste Burgoyne | President, Americas and Global Guest Innovation | 850,000 | 100% | 4,000,000 | ||||||||||
Michelle Choe | Chief Product Officer | 825,000 | 100% | 3,750,000 | ||||||||||
André Maestrini | Executive Vice President, International | 780,000 | 90% | 2,500,000 |
PEOPLE, CULTURE AND COMPENSATION COMMITTEE | |||
Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | ||||||||||||||||||
Calvin McDonald, Chief Executive Officer | 2022 | 1,250,000 | — | 4,999,844 | 4,999,968 | 4,375,000 | 39,025 | 15,663,837 | ||||||||||||||||||
2021 | 1,250,000 | — | 4,000,112 | 4,000,028 | 4,000,000 | 15,315 | 13,265,455 | |||||||||||||||||||
2020 | 1,182,692 | — | 2,999,912 | 3,000,024 | 1,875,000 | 1,532,478 | 10,590,106 | |||||||||||||||||||
Meghan Frank, Chief Financial Officer | 2022 | 684,615 | — | 1,050,099 | 450,020 | 1,232,308 | 70,796 | 3,487,838 | ||||||||||||||||||
2021 | 567,308 | — | 699,912 | 299,988 | 850,962 | 11,782 | 2,429,952 | |||||||||||||||||||
2020 | 469,231 | — | 693,002 | 136,415 | 351,923 | 10,721 | 1,661,292 | |||||||||||||||||||
Celeste Burgoyne, President, Americas and Global Guest Innovation | 2022 | 784,615 | — | 2,449,980 | 1,050,046 | 1,569,231 | — | 5,853,872 | ||||||||||||||||||
2021 | 696,154 | — | 1,750,087 | 749,970 | 1,253,077 | 11,669 | 4,460,957 | |||||||||||||||||||
2020 | 638,654 | — | 1,050,139 | 450,024 | 607,500 | — | 2,746,317 |
Name and Principal Position | Fiscal Year | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2) | Option Awards ($)(3) | Non-Equity Incentive Plan Compensation ($)(4) | All Other Compensation ($)(5) | Total ($) | |||||||||||||||
Laurent Potdevin, Chief Executive Officer(6) | 2015 | 986,540 | — | 2,099,973 | 900,127 | 1,029,948 | 207,714 | 5,224,302 | |||||||||||||||
2014 | 846,869 | — | 1,619,982 | 1,081,097 | 520,808 | 38,019 | 4,106,775 | ||||||||||||||||
2013 | 17,308 | 1,850,000 | 2,000,041 | — | — | — | 3,867,349 | ||||||||||||||||
Stuart Haselden, Chief Financial Officer and Executive Vice President, Operations(7) | 2015 | 571,581 | 500,000 | 1,045,981 | 734,103 | 299,295 | 99,476 | 3,250,436 | |||||||||||||||
2014 | — | — | — | — | — | — | — | ||||||||||||||||
2013 | — | — | — | — | — | — | — | ||||||||||||||||
Scott Stump, Executive Vice President, Community and Brand(8) | 2015 | 533,195 | — | 545,998 | 234,028 | 279,217 | — | 1,592,438 | |||||||||||||||
2014 | 68,856 | 372,000 | 477,989 | 52,048 | — | — | 970,893 | ||||||||||||||||
2013 | — | — | — | — | — | — | — | ||||||||||||||||
Miguel Almeida, Executive Vice President, Digital(9) | 2015 | 306,735 | 450,000 | 845,939 | 234,033 | 160,116 | 19,033 | 2,015,856 | |||||||||||||||
2014 | — | — | — | — | — | — | — | ||||||||||||||||
2013 | — | — | — | — | — | — | — | ||||||||||||||||
Lee Holman, Executive Vice President, Creative Director (10) | 2015 | 443,397 | — | 258,176 | 110,651 | 178,186 | — | 990,410 | |||||||||||||||
2014 | — | — | — | — | — | — | — | ||||||||||||||||
2013 | — | — | — | — | — | — | — | ||||||||||||||||
Tara Poseley, Former Chief Product Officer(11) | 2015 | 620,753 | — | 655,237 | 280,859 | 325,032 | 14,187 | 1,896,068 | |||||||||||||||
2014 | 521,948 | — | 1,294,801 | 343,555 | 153,170 | 89,124 | 2,402,598 | ||||||||||||||||
2013 | 126,923 | 300,000 | 483,877 | 501,025 | — | — | 1,411,825 |
Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | ||||||||||||||||||
Michelle Choe, Chief Product Officer | 2022 | 784,615 | — | 2,449,980 | 1,050,046 | 1,569,231 | 39,826 | 5,893,698 | ||||||||||||||||||
2021 | 696,154 | — | 1,750,087 | 749,970 | 1,253,077 | 248,400 | 4,697,688 | |||||||||||||||||||
2020 | 638,654 | — | 1,050,139 | 450,024 | 607,500 | 166,936 | 2,913,253 | |||||||||||||||||||
André Maestrini, EVP, International(5) | 2022 | 673,104 | — | 1,399,881 | 600,026 | 1,211,587 | 70,697 | 3,955,295 | ||||||||||||||||||
2021 | 687,500 | 126,042 | 1,049,868 | 449,982 | 1,237,500 | 66,568 | 3,617,460 |
Name | Fiscal Year | Relocation Costs and Personal Tax Preparation Fees ($) | Tax Equalization Payments, Including Gross-Ups(a)(b) ($) | Company Match of 401(k) / RRSP ($) | Pension Allowance ($) | Other ($) | Total All Other Compensation ($) | ||||||||||||||||
Calvin McDonald | 2022 | 12,672 | 14,580 | 11,773 | — | — | 39,025 | ||||||||||||||||
2021 | 5,727 | 3,083 | 6,505 | — | — | 15,315 | |||||||||||||||||
2020(c) | 1,300,289 | 225,581 | 6,608 | — | — | 1,532,478 | |||||||||||||||||
Meghan Frank | 2022 | 33,522 | 37,274 | — | — | — | 70,796 | ||||||||||||||||
2021 | — | — | 11,782 | — | — | 11,782 | |||||||||||||||||
2020 | — | — | 10,721 | — | — | 10,721 | |||||||||||||||||
Celeste Burgoyne | 2022(d) | — | — | — | — | — | — | ||||||||||||||||
2021 | — | — | 11,669 | — | — | 11,669 | |||||||||||||||||
2020(d) | — | — | — | — | — | — | |||||||||||||||||
Michelle Choe | 2022 | 12,443 | 27,383 | — | — | — | 39,826 | ||||||||||||||||
2021 | 5,351 | 241,549 | — | 1,500 | 248,400 | ||||||||||||||||||
2020 | 6,022 | 159,414 | — | — | 1,500 | 166,936 | |||||||||||||||||
André Maestrini | 2022(e) | 15,234 | 14,062 | — | 32,116 | 9,285 | 70,697 | ||||||||||||||||
2021(e) | 11,659 | 6,278 | — | 34,375 | 14,256 | 66,568 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock (#) | All Other Option Awards: Number of Securities Underlying Options (#)(2) | Exercise or Base Price of Option Awards ($/Share) | Grant Date Fair Value of Stock and Option Awards ($)(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Type of Award | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#)(1) | Target (#)(1) | Maximum (#)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calvin McDonald | Stock Option | 03/30/2022 | — | — | — | — | — | — | — | 39,598 | 376.92 | 4,999,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 03/30/2022 | — | — | — | 6,633 | 13,265 | 26,530 | — | — | — | 4,999,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Cash Award(4) | 03/30/2022 | 1,093,750 | 2,187,500 | 4,375,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meghan Frank | Restricted Stock Unit(5) | 03/30/2022 | — | — | — | — | — | — | 796 | — | — | 300,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option | 03/30/2022 | — | — | — | — | — | — | — | 3,564 | 376.92 | 450,020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 03/30/2022 | — | — | — | 995 | 1,990 | 3,980 | — | — | — | 750,071 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Cash Award(4) | 03/30/2022 | 308,077 | 616,154 | 1,232,308 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Celeste Burgoyne | Restricted Stock Unit(5) | 03/30/2022 | — | — | — | — | — | — | 1,857 | — | — | 699,940 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option | 03/30/2022 | — | — | — | — | — | — | — | 8,316 | 376.92 | 1,050,046 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 03/30/2022 | — | — | — | 2,322 | 4,643 | 9,286 | — | — | — | 1,750,040 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Cash Award(4) | 03/30/2022 | 392,308 | 784,615 | 1,569,231 | — | — | — | — | — | — | — |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock (#) | All Other Option Awards: Number of Securities Underlying Options (#)(3) | Exercise or Base Price of Option Awards ($/Share) | Grant Date Fair Value of Stock and Option Awards ($)(4) | |||||||||||||||||||||||||||||
Name | Type of Award | Grant Date | Threshold ($)(1) | Target ($)(1) | Maximum ($)(1) | Threshold (#)(2) | Target (#)(2) | Maximum (#)(2) | ||||||||||||||||||||||||||
Laurent Potdevin | Stock Option | 03/30/2015 | — | — | — | — | — | — | — | 20,178 | 64.83 | 450,067 | ||||||||||||||||||||||
Stock Option | 09/14/2015 | — | — | — | — | — | — | — | 24,319 | 53.79 | 450,060 | |||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 03/30/2015 | — | — | — | 11,569 | 23,137 | 46,274 | — | — | — | 1,499,972 | |||||||||||||||||||||||
Restricted Stock Unit(5) | 03/30/2015 | — | — | — | — | — | — | 9,255 | — | — | 600,002 | |||||||||||||||||||||||
Annual Cash Incentive Plan | 03/19/2015 | 739,905 | 1,479,810 | 2,959,620 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Stuart Haselden | Stock Option | 03/30/2015 | — | — | — | — | — | — | — | 5,246 | 64.83 | 117,011 | ||||||||||||||||||||||
Stock Option | 09/14/2015 | — | — | — | — | — | — | — | 6,323 | 53.79 | 117,017 | |||||||||||||||||||||||
Stock Option (6) | 10/26/2015 | — | — | — | — | — | — | — | 30,093 | 48.30 | 500,075 | |||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 03/30/2015 | — | — | — | 3,008 | 6,016 | 12,032 | — | — | — | 390,017 | |||||||||||||||||||||||
Restricted Stock Unit(5,7) | 02/02/2015 | — | — | — | — | — | — | 7,631 | — | — | 499,983 | |||||||||||||||||||||||
Restricted Stock Unit(5) | 03/30/2015 | — | — | — | — | — | — | 2,406 | — | — | 155,981 | |||||||||||||||||||||||
Annual Cash Incentive Plan | 03/19/2015 | 214,343 | 428,686 | 857,372 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Scott Stump | Stock Option | 03/30/2015 | — | — | — | — | — | — | — | 5,246 | 64.83 | 117,011 | ||||||||||||||||||||||
Stock Option | 09/14/2015 | — | — | — | — | — | — | — | 6,323 | 53.79 | 117,017 | |||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 03/30/2015 | — | — | — | 3,008 | 6,016 | 12,032 | — | — | — | 390,017 | |||||||||||||||||||||||
Restricted Stock Unit(5) | 03/30/2015 | — | — | — | — | — | — | 2,406 | — | — | 155,981 | |||||||||||||||||||||||
Annual Cash Incentive Plan | 03/19/2015 | 199,948 | 399,896 | 799,793 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Miguel Almeida | Stock Option | 09/14/2015 | — | — | — | — | — | — | — | 12,646 | 53.79 | 234,033 | ||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 09/14/2015 | — | — | — | 3,625 | 7,250 | 14,500 | — | — | — | 389,978 | |||||||||||||||||||||||
Restricted Stock Unit(5,8) | 07/13/2015 | — | — | — | — | — | — | 4,679 | — | — | 299,971 | |||||||||||||||||||||||
Restricted Stock Unit(5) | 09/14/2015 | — | — | — | — | — | — | 2,900 | — | — | 155,991 | |||||||||||||||||||||||
Annual Cash Incentive Plan | 03/19/2015 | 115,026 | 230,051 | 460,103 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Lee Holman | Stock Option | 03/30/2015 | — | — | — | — | — | — | — | 2,186 | 64.83 | 48,758 | ||||||||||||||||||||||
Stock Option | 09/14/2015 | — | — | — | — | — | — | — | 2,635 | 53.79 | 48,765 | |||||||||||||||||||||||
Stock Option (9) | 10/26/2015 | — | — | — | — | — | — | — | 790 | 48.30 | 13,128 | |||||||||||||||||||||||
Performance-Based Restricted Stock Unit (11) | 03/30/2015 | — | — | — | 1,254 | 2,507 | 5,014 | — | — | — | 162,529 | |||||||||||||||||||||||
Performance-Based Restricted Stock Unit (9) | 10/26/2015 | — | — | — | 227 | 453 | 906 | — | — | — | 21,880 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock (#) | All Other Option Awards: Number of Securities Underlying Options (#)(2) | Exercise or Base Price of Option Awards ($/Share) | Grant Date Fair Value of Stock and Option Awards ($)(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Type of Award | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#)(1) | Target (#)(1) | Maximum (#)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michelle Choe | Restricted Stock Unit(5) | 03/30/2022 | — | — | — | — | — | — | 1,857 | — | — | 699,940 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option | 03/30/2022 | — | — | — | — | — | — | — | 8,316 | 376.92 | 1,050,046 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 03/30/2022 | — | — | — | 2,322 | 4,643 | 9,286 | — | — | — | 1,750,040 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Cash Award(4) | 03/30/2022 | 392,308 | 784,615 | 1,569,231 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
André Maestrini | Restricted Stock Unit(5) | 03/30/2022 | — | — | — | — | — | — | 1,061 | — | — | 399,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option | 03/30/2022 | — | — | — | — | — | — | — | 4,752 | 376.92 | 600,026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 03/30/2022 | — | — | — | 1,327 | 2,653 | 5,306 | — | — | — | 999,969 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Cash Award(4) | 03/30/2022 | 302,897 | 605,793 | 1,211,587 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock (#) | All Other Option Awards: Number of Securities Underlying Options (#)(3) | Exercise or Base Price of Option Awards ($/Share) | Grant Date Fair Value of Stock and Option Awards ($)(4) | |||||||||||||||||||||||||||||
Name | Type of Award | Grant Date | Threshold ($)(1) | Target ($)(1) | Maximum ($)(1) | Threshold (#)(2) | Target (#)(2) | Maximum (#)(2) | ||||||||||||||||||||||||||
Restricted Stock Unit(5) | 03/30/2015 | — | — | — | — | — | — | 1,003 | — | — | 65,024 | |||||||||||||||||||||||
Restricted Stock Unit(5,9) | 10/26/2015 | — | — | — | — | — | — | 181 | — | — | 8,742 | |||||||||||||||||||||||
Annual Cash Incentive Plan | 03/19/2015 | 127,674 | 255,348 | 510,697 | — | — | — | — | — | |||||||||||||||||||||||||
Tara Poseley | Stock Option | 03/30/2015 | — | — | — | — | — | — | — | 6,296 | 64.83 | 140,431 | ||||||||||||||||||||||
Stock Option | 09/14/2015 | — | — | — | — | — | — | — | 7,588 | 53.79 | 140,427 | |||||||||||||||||||||||
Performance-Based Restricted Stock Unit | 03/30/2015 | — | — | — | 3,610 | 7,219 | 14,438 | — | — | — | 468,008 | |||||||||||||||||||||||
Restricted Stock Unit(5) | 03/30/2015 | — | — | — | — | — | — | 2,888 | — | — | 187,229 | |||||||||||||||||||||||
Annual Cash Incentive Plan | 03/19/2015 | 232,782 | 465,564 | 931,129 | — | — | — | — | — | — | — |
Outstanding Stock Option Awards | ||||||||||||||||||||||||||||||||
Name | Grant Date(1) | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | |||||||||||||||||||||||||||
Calvin McDonald | 08/20/2018 | 60,355 | — | 136.67 | 08/20/2025 | |||||||||||||||||||||||||||
03/28/2019 | 41,968 | 13,989 | 167.54 | 03/28/2026 | ||||||||||||||||||||||||||||
03/27/2020 | 26,216 | 26,215 | 188.84 | 03/27/2027 | ||||||||||||||||||||||||||||
03/31/2021 | 10,761 | 32,281 | 306.71 | 03/31/2028 | ||||||||||||||||||||||||||||
03/30/2022 | — | 39,598 | 376.92 | 03/30/2029 | ||||||||||||||||||||||||||||
Meghan Frank | 02/16/2017 | 94 | — | 65.97 | 02/16/2024 | |||||||||||||||||||||||||||
03/31/2017 | 1,459 | — | 51.87 | 03/31/2024 | ||||||||||||||||||||||||||||
03/28/2018 | 2,181 | — | 85.96 | 03/28/2025 | ||||||||||||||||||||||||||||
03/28/2019 | 909 | 455 | — | 03/28/2026 | ||||||||||||||||||||||||||||
03/28/2019 | 933 | 466 | — | 03/28/2026 | ||||||||||||||||||||||||||||
03/27/2020 | 852 | 852 | 188.84 | 03/27/2027 | ||||||||||||||||||||||||||||
12/11/2020 | 187 | 186 | 344.32 | 12/11/2027 | ||||||||||||||||||||||||||||
03/31/2021 | 807 | 2,421 | 306.71 | 03/31/2028 | ||||||||||||||||||||||||||||
03/30/2022 | — | 3,564 | 376.92 | 03/30/2029 | ||||||||||||||||||||||||||||
Celeste Burgoyne | 03/28/2018 | 8,949 | — | 85.96 | 03/28/2025 | |||||||||||||||||||||||||||
03/28/2019 | 6,296 | 2,098 | 167.54 | 03/28/2026 | ||||||||||||||||||||||||||||
03/28/2019 | 13,989 | 4,663 | 167.54 | 03/28/2026 | ||||||||||||||||||||||||||||
03/27/2020 | 3,933 | 3,932 | 188.84 | 03/27/2027 | ||||||||||||||||||||||||||||
03/31/2021 | 2,018 | 6,052 | 306.71 | 03/31/2028 | ||||||||||||||||||||||||||||
03/30/2022 | — | 8,316 | 376.92 | 03/30/2029 |
Outstanding Stock Option Awards | ||||||||||||||||||||||||||||||||
Name | Grant Date(1) | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | |||||||||||||||||||||||||||
Michelle Choe | 12/09/2016 | 180 | — | 69.30 | 12/09/2023 | |||||||||||||||||||||||||||
03/31/2017 | 1,459 | — | 51.87 | 03/31/2024 | ||||||||||||||||||||||||||||
03/28/2018 | 2,796 | — | 85.96 | 03/28/2025 | ||||||||||||||||||||||||||||
09/20/2018 | 925 | — | 155.97 | 09/20/2025 | ||||||||||||||||||||||||||||
03/28/2019 | 2,099 | 2,098 | — | 03/28/2026 | ||||||||||||||||||||||||||||
03/28/2019 | 4,663 | 4,663 | — | 03/28/2026 | ||||||||||||||||||||||||||||
03/27/2020 | 3,933 | 3,932 | 188.84 | 03/27/2027 | ||||||||||||||||||||||||||||
03/31/2021 | 2,018 | 6,052 | 306.71 | 03/31/2028 | ||||||||||||||||||||||||||||
03/30/2022 | — | 8,316 | 376.92 | 03/30/2029 | ||||||||||||||||||||||||||||
André Maestrini | 01/12/2021 | 160 | 160 | 356.93 | 01/12/2028 | |||||||||||||||||||||||||||
03/31/2021 | 1,211 | 3,631 | 306.71 | 03/31/2028 | ||||||||||||||||||||||||||||
03/30/2022 | — | 4,752 | 376.92 | 03/30/2029 |
Outstanding Stock Awards | ||||||||||||||||||||||||||||||||
Time-Based Vesting Awards | Performance-Based Vesting Awards | |||||||||||||||||||||||||||||||
Name | Grant Date | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) | Market Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)(3) | |||||||||||||||||||||||||||
Calvin McDonald | 3/27/2020(4) | — | — | 15,886 | 4,938,163 | |||||||||||||||||||||||||||
3/31/2021(5) | — | — | 13,042 | 4,054,106 | ||||||||||||||||||||||||||||
3/30/2022(4) | — | — | 13,265 | 4,123,425 | ||||||||||||||||||||||||||||
Meghan Frank | 2/13/2020(6) | 394 | 122,475 | — | — | |||||||||||||||||||||||||||
3/27/2020(4) | 117 | 36,369 | 861 | 267,642 | ||||||||||||||||||||||||||||
6/12/2020(7) | 201 | 62,481 | — | — | ||||||||||||||||||||||||||||
12/11/2020 | 25 | 7,771 | 188 | 58,440 | ||||||||||||||||||||||||||||
3/31/2021(5) | 437 | 135,841 | 1,630 | 506,686 | ||||||||||||||||||||||||||||
3/30/2022(4) | 796 | 247,437 | 1,990 | 618,592 | ||||||||||||||||||||||||||||
Celeste Burgoyne | 3/27/2020(4) | 540 | 167,859 | 3,972 | 1,234,696 | |||||||||||||||||||||||||||
3/31/2021(5) | 1,092 | 339,448 | 4,076 | 1,267,025 | ||||||||||||||||||||||||||||
3/30/2022(4) | 1,857 | 577,248 | 4,643 | 1,443,277 | ||||||||||||||||||||||||||||
Michelle Choe | 3/27/2020(4) | 540 | 167,859 | 3,972 | 1,234,696 | |||||||||||||||||||||||||||
3/31/2021(5) | 1,092 | 339,448 | 4,076 | 1,267,025 | ||||||||||||||||||||||||||||
3/30/2022(4) | 1,857 | 577,248 | 4,643 | 1,443,277 | ||||||||||||||||||||||||||||
André Maestrini | 1/12/2021(4) | 22 | 6,839 | 162 | 50,358 | |||||||||||||||||||||||||||
1/12/2021(8) | — | — | 1,401 | 435,501 | ||||||||||||||||||||||||||||
3/31/2021(5) | 655 | 203,607 | 2,445 | 760,028 | ||||||||||||||||||||||||||||
3/30/2022(4) | 1,061 | 329,812 | 2,653 | 824,685 |
Outstanding Option Awards | |||||||||||||
Name | Grant Date(1) | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | ||||||||
Laurent Potdevin | 03/31/2014 | 6,995 | 20,984 | 52.59 | 03/31/2021 | ||||||||
09/15/2014 | 8,322 | 24,967 | 44.20 | 09/15/2021 | |||||||||
03/30/2015 | — | 20,178 | 64.83 | 03/30/2022 | |||||||||
09/14/2015 | — | 24,319 | 53.79 | 09/14/2022 | |||||||||
Stuart Haselden | 03/30/2015 | — | 5,246 | 64.83 | 03/30/2022 | ||||||||
09/14/2015 | — | 6,323 | 53.79 | 09/14/2022 | |||||||||
10/26/2015 | — | 30,093 | 48.30 | 10/26/2022 | |||||||||
Scott Stump | 12/15/2014 | 658 | 1,972 | 53.87 | 12/15/2021 | ||||||||
03/30/2015 | — | 5,246 | 64.83 | 03/30/2022 | |||||||||
09/14/2015 | — | 6,323 | 53.79 | 09/14/2022 | |||||||||
Miguel Almeida | 09/14/2015 | — | 12,646 | 53.79 | 09/14/2022 | ||||||||
Lee Holman | 12/15/2014 | 506 | 1,517 | 53.87 | 12/15/2021 | ||||||||
03/30/2015 | — | 2,186 | 64.83 | 03/30/2022 | |||||||||
09/14/2015 | — | 2,635 | 53.79 | 09/14/2022 | |||||||||
10/26/2015 | — | 790 | 48.30 | 10/26/2022 | |||||||||
Tara Poseley | 12/16/2013 | 8,785 | 8,785 | 57.88 | 12/16/2020 | ||||||||
03/31/2014 | 2,223 | 6,668 | 52.59 | 03/31/2021 | |||||||||
09/15/2014 | 2,645 | 7,934 | 44.20 | 09/15/2021 | |||||||||
03/30/2015 | — | 6,296 | 64.83 | 03/30/2022 | |||||||||
09/14/2015 | — | 7,588 | 53.79 | 09/14/2022 |
Outstanding Stock Awards | ||||||||||||||
Time-Based Vesting Awards | Performance-Based Vesting Awards | |||||||||||||
Name | Grant Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#)(2) | Equity Incentive Plan Awards: Market Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)(3) | |||||||||
Laurent Potdevin | 01/20/2014 | 14,039(4) | 871,401 | — | — | |||||||||
03/31/2014 | — | — | 30,804 | 1,912,004 | ||||||||||
03/30/2015 | — | — | 23,137 | 1,436,114 | ||||||||||
03/30/2015 | 9,255(5) | 574,458 | — | — | ||||||||||
Stuart Haselden | 02/02/2015 | 7,631(5) | 473,656 | — | — | |||||||||
03/30/2015 | — | — | 6,016 | 373,413 | ||||||||||
03/30/2015 | 2,406(5) | 149,340 | — | — | ||||||||||
Scott Stump | 12/15/2014 | — | — | 1,448 | 89,877 | |||||||||
12/15/2014 | 4,975(5) | 308,798 | — | — | ||||||||||
03/30/2015 | — | — | 6,016 | 373,413 | ||||||||||
03/30/2015 | 2,406(5) | 149,340 | — | — | ||||||||||
Miguel Almeida | 07/13/2015 | 4,679(5) | 290,426 | — | — | |||||||||
09/14/2015 | — | — | 7,250 | 450,008 | ||||||||||
09/14/2015 | 2,900(5) | 180,003 | — | — | ||||||||||
Lee Holman | 12/15/2014 | — | — | 1,114 | 69,146 | |||||||||
12/15/2014 | 622(5) | 38,608 | — | — | ||||||||||
03/30/2015 | — | — | 2,507 | 155,609 | ||||||||||
03/30/2015 | 1,003(5) | 62,256 | — | — | ||||||||||
10/26/2015 | — | — | 453 | 28,118 | ||||||||||
10/26/2015 | 181(5) | 11,235 | — | — | ||||||||||
Tara Poseley | 12/16/2013 | — | — | 8,360 | 518,905 | |||||||||
03/31/2014 | — | — | 9,789 | 607,603 | ||||||||||
09/15/2014 | 13,235(6) | 821,496 | — | — | ||||||||||
03/30/2015 | — | — | 7,219 | 448,083 | ||||||||||
03/30/2015 | 2,888(5) | 179,258 | — | — |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Grant Date | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($) | |||||||||||||||||||||||||||
Calvin McDonald | 03/28/2019 | — | — | 35,812 | 11,881,705 | |||||||||||||||||||||||||||
Meghan Frank | 02/13/2020 | — | — | 394 | 123,574 | |||||||||||||||||||||||||||
03/28/2019 | — | — | 1,940 | 643,653 | ||||||||||||||||||||||||||||
03/28/2019 | — | — | 298 | 98,870 | ||||||||||||||||||||||||||||
03/28/2019 | — | — | 132 | 43,795 | ||||||||||||||||||||||||||||
03/27/2020 | — | — | 113 | 37,491 | ||||||||||||||||||||||||||||
03/31/2021 | — | — | 215 | 78,524 | ||||||||||||||||||||||||||||
06/12/2020 | — | — | 194 | 54,045 | ||||||||||||||||||||||||||||
12/11/2020 | — | — | 25 | 8,206 | ||||||||||||||||||||||||||||
Celeste Burgoyne | 03/28/2019 | — | — | 8,954 | 2,970,758 | |||||||||||||||||||||||||||
03/28/2019 | — | — | 609 | 202,054 | ||||||||||||||||||||||||||||
03/27/2020 | — | — | 525 | 174,185 | ||||||||||||||||||||||||||||
03/31/2021 | — | — | 538 | 196,494 | ||||||||||||||||||||||||||||
Michelle Choe | 03/28/2019 | — | — | 8,954 | 2,970,758 | |||||||||||||||||||||||||||
03/28/2019 | — | — | 609 | 202,054 | ||||||||||||||||||||||||||||
03/27/2020 | — | — | 525 | 174,185 | ||||||||||||||||||||||||||||
03/31/2021 | — | — | 538 | 196,494 | ||||||||||||||||||||||||||||
André Maestrini | 01/12/2021 | — | — | 1,400 | 464,492 | |||||||||||||||||||||||||||
01/12/2021 | — | — | 22 | 6,930 | ||||||||||||||||||||||||||||
03/31/2021 | — | — | 323 | 117,969 |
Option Awards | Stock Awards | ||||||||||||||
Name | Grant Date | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($) | ||||||||||
Laurent Potdevin | 01/20/2014 | — | — | 14,038 | 785,426 | ||||||||||
Stuart Haselden | — | — | — | — | — | ||||||||||
Scott Stump | 12/15/2014 | — | — | 2,450 | 120,687 | ||||||||||
Miguel Almeida | — | — | — | — | — | ||||||||||
Lee Holman | 12/15/2014 | — | — | 306 | 15,074 | ||||||||||
Tara Poseley | 09/15/2014 | — | — | 4,412 | 235,468 |
Termination Scenario | Stock Options | PSU | ||||||||||||||||
Cause | All options immediately expire. | All PSUs are immediately forfeited. | All unvested shares of restricted stock are immediately forfeited. | All RSUs are immediately forfeited. |
Retirement(1) | ||||||||||||||||||
All unvested | All unvested shares of restricted stock are immediately forfeited. | All unvested RSUs are immediately forfeited. | ||||||||||||||||
Death | All unvested shares of restricted stock become fully vested. | All unvested RSUs become fully vested. |
Stock Options | PSU | Restricted Stock Awards (RSAs) | RSU | ||||||||||||||
Disability | All options may be exercised within 12 months to the extent they were exercisable at the time of termination. | On the PSU vesting date, a number of PSUs become fully vested equal to the number of PSUs that would have become vested if no termination had occurred. | All unvested shares of restricted stock become fully vested. | All unvested RSUs become fully vested. |
Other Termination | All options may be exercised within 90 days to the extent they were exercisable at the time of termination. All unvested options are immediately forfeited. | In the event of the participant's voluntary termination, all PSUs are immediately forfeited. In the event of termination without cause more than 12 months before the end of the performance period, all PSUs granted In the event of termination without cause within 12 months of the end of the performance period, | All unvested shares of restricted stock are immediately forfeited. | All unvested RSUs are immediately | ||||||||||||||
Change in Control | Board has discretion to determine effect of change in control. | If not assumed or substituted for, 100% of the target number of PSUs become fully vested as of the date of the change in control. If the participant's service is terminated without cause or for good reason within two years following change in control, 100% of the target number of PSUs become fully vested as of the date of such termination. | Board has discretion to determine effect of change in control on unvested shares of restricted stock. | If not assumed or substituted for, 100% of the RSUs become fully vested as of the date of the change in control. If the participant's service is terminated without cause or for good reason within two years following change in control, 100% of the RSUs become fully vested as of the date of such termination. |
Name | Termination Scenario | Severance ($)(1) | Intrinsic Value of Accelerated Equity Awards ($)(2)(3) | Total ($) | ||||||||||||||||||||||
Calvin McDonald | Cause | — | — | — | ||||||||||||||||||||||
Death | — | 18,452,593 | 18,452,593 | |||||||||||||||||||||||
Disability | — | 17,357,576 | 17,357,576 | |||||||||||||||||||||||
Change in Control(4) | 1,875,000(6) | 18,452,593 | 20,327,593 | |||||||||||||||||||||||
Involuntary (without cause)(5) | 1,875,000(6) | 9,180,045 | 11,055,045 | |||||||||||||||||||||||
Voluntary | — | — | — | |||||||||||||||||||||||
Meghan Frank | Cause | — | — | — | ||||||||||||||||||||||
Death | — | 2,309,697 | 2,309,697 | |||||||||||||||||||||||
Disability | — | 2,343,837 | 2,343,837 | |||||||||||||||||||||||
Change in Control(4) | 875,000(7) | 2,309,697 | 3,184,697 | |||||||||||||||||||||||
Involuntary (without cause)(5) | 875,000(7) | 606,186 | 1,481,186 | |||||||||||||||||||||||
Voluntary | — | — | — |
Name | Termination Scenario | Severance ($)(1) | Intrinsic Value of Accelerated Equity Awards ($)(2)(3) | Total ($) | ||||||||||||||||||||||
Celeste Burgoyne | Cause | — | — | — | ||||||||||||||||||||||
Death | — | 6,503,271 | 6,503,271 | |||||||||||||||||||||||
Disability | — | 6,090,157 | 6,090,157 | |||||||||||||||||||||||
Change in Control(4) | 1,000,000(7) | 6,503,271 | 7,503,271 | |||||||||||||||||||||||
Involuntary (without cause)(5) | 1,000,000(7) | 2,295,300 | 3,295,300 | |||||||||||||||||||||||
Voluntary | — | — | — | |||||||||||||||||||||||
Michelle Choe | Cause | — | — | — | ||||||||||||||||||||||
Death | — | 6,503,271 | 6,503,271 | |||||||||||||||||||||||
Disability | — | 6,090,157 | 6,090,157 | |||||||||||||||||||||||
Change in Control(4) | 1,000,000(7) | 6,503,271 | 7,503,271 | |||||||||||||||||||||||
Involuntary (without cause)(5) | 1,000,000(7) | 2,295,300 | 3,295,300 | |||||||||||||||||||||||
Voluntary | — | — | — | |||||||||||||||||||||||
André Maestrini | Cause | — | — | — | ||||||||||||||||||||||
Death | — | 2,625,861 | 2,625,861 | |||||||||||||||||||||||
Disability | — | 3,028,182 | 3,028,182 | |||||||||||||||||||||||
Change in Control(4) | 684,966(8) | 2,625,861 | 3,310,828 | |||||||||||||||||||||||
Involuntary (without cause)(5) | 684,966(8) | 903,211 | 1,588,177 | |||||||||||||||||||||||
Voluntary | — | — | — |
Name and Principal Position | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2) | Option Awards ($)(3) | Non-Equity Incentive Plan Compensation ($)(4) | All Other Compensation ($) | Total | |||||||||||||||||||||||||||||||||||||
Calvin McDonald, Chief Executive Officer | 1,250,000 | — | 4,999,844 | 4,999,968 | 4,375,000 | 39,025 | $15,663,837 | |||||||||||||||||||||||||||||||||||||
Educator, Median Employee | 18,131 | — | — | — | 3,856 | — | $21,987 | |||||||||||||||||||||||||||||||||||||
Pay Ratio | 712 |
Name | Termination Scenario | Severance ($)(1) | Intrinsic Value of Accelerated Equity Awards ($)(2)(3) | Total ($) | |||||||
Laurent Potdevin | Cause | — | — | — | |||||||
Death | — | 5,640,426 | 5,640,426 | ||||||||
Disability | — | 4,793,976 | 4,793,976 | ||||||||
Change in Control(4) | 1,500,000 (5) | 3,357,863 | 4,857,863 | ||||||||
Involuntary (without cause)(6) | 1,500,000 (5) | 2,018,761 | 3,518,761 | ||||||||
Voluntary | — | — | — | ||||||||
Stuart Haselden | Cause | — | — | — | |||||||
Death | — | 1,463,145 | 1,463,145 | ||||||||
Disability | — | 996,410 | 996,410 | ||||||||
Change in Control(4) | 781,250 (7) | 1,463,145 | 2,244,395 | ||||||||
Involuntary (without cause)(6) | 781,250 (7) | — | 781,250 | ||||||||
Voluntary | — | — | — | ||||||||
Scott Stump | Cause | — | — | — | |||||||
Death | — | 989,954 | 989,954 | ||||||||
Disability | — | 921,429 | 921,429 | ||||||||
Change in Control(4) | 687,500 (7) | 989,954 | 1,677,454 | ||||||||
Involuntary (without cause)(6) | 687,500 (7) | — | 687,500 | ||||||||
Voluntary | — | — | — | ||||||||
Miguel Almeida | Cause | — | — | — | |||||||
Death | — | 1,025,145 | 1,025,145 | ||||||||
Disability | — | 920,436 | 920,436 | ||||||||
Change in Control(4) | 687,500 (7) | 1,025,145 | 1,712,645 | ||||||||
Involuntary (without cause)(8) | 687,500 (7) | — | 687,500 | ||||||||
Voluntary | — | — | — | ||||||||
Lee Holman | Cause | — | — | — | |||||||
Death | — | 410,107 | 410,107 | ||||||||
Disability | — | 364,972 | 364,972 | ||||||||
Change in Control(4) | 625,000 (7) | 410,107 | 1,035,107 | ||||||||
Involuntary (without cause)(8) | 625,000 (7) | — | 625,000 | ||||||||
Voluntary | — | — | — | ||||||||
Tara Poseley | Involuntary (without cause)(9) | 615,833 | 438,825 | 1,054,658 |
Company Practice | ||||||||
Median Employee | We identify our median employee once every three years if there has been no change in the population or there has been a change in its employee population or employee compensation arrangements that we reasonably believes would result in a significant change to its pay ratio disclosure. Accordingly, we used the same median employee for the fiscal 2022 CEO pay ratio as we did for the 2021 CEO pay ratio disclosure. | |||||||
Date Selection | The | |||||||
Annualized Earnings | Permanent part-time and full-time employees with partial year earnings were annualized to full year earnings for the fiscal year, assuming consistent earnings. Annualized earnings include salary earned, bonus earned, and actual equity granted value. This does not apply to seasonal or temporary employees. | |||||||
Employee Workforce Definition | Generally, employees who worked any portion of the fiscal year and who were active earners were included. The jurisdictions included in the analysis were Australia, Canada, PRC, the United Kingdom, and the United States of America. | |||||||
De-Minimus Rule | Employee groups in certain non-U.S. jurisdictions were excluded as the aggregate total of these employees amounts less than 5% of our total employee workforce. The jurisdictions excluded were Denmark, France, Germany, Ireland, India, Japan, Malaysia, the Netherlands, New Zealand, Norway, Singapore, South Korea, Sweden, and Switzerland. The total number of employees excluded from the analysis was approximately 1,000 based on a total workforce of approximately 29,000 as of the last day of fiscal 2021. | |||||||
Exchange Rates | All figures shown are in U.S. dollars. The amounts originally in |
Meeting Attendance | ||||
In-person Board Meeting | $ | 1,500 | ||
Telephonic Board Meeting | 1,000 | |||
Committee Meeting | 1,000 | |||
Retainers | ||||
All non-employee directors | 60,000 | |||
Additional Retainers | ||||
Co-Chairmen | 125,000 | |||
Audit Committee Chair | 20,000 | |||
Compensation Committee Chair | 15,000 | |||
Nominating and Governance Committee Chair | 10,000 |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Total ($) | ||||||
Robert Bensoussan | 72,500 | 125,257 | 197,757 | ||||||
Michael Casey | 191,750 | 125,257 | 317,007 | ||||||
Steven J. Collins | 76,000 | 125,710 | 201,710 | ||||||
RoAnn Costin | 74,000 | 125,257 | 199,257 | ||||||
William H. Glenn | 71,000 | 125,257 | 196,257 | ||||||
Kathryn Henry(2) | — | — | — | ||||||
Martha A.M. Morfitt | 92,000 | 125,257 | 217,257 | ||||||
David M. Mussafer | 183,500 | 125,710 | 309,210 | ||||||
Rhoda M. Pitcher | 92,000 | 125,257 | 217,257 | ||||||
Thomas G. Stemberg(3) | 97,334 | 168,206 | 265,540 | ||||||
Emily White | 74,000 | 125,257 | 199,257 |
Name | Securities Underlying Restricted Stock Awards Granted During Fiscal 2015 (#) | Grant Date Fair Value of Securities Underlying Restricted Stock Awards Granted During Fiscal 2015(1) ($) | ||||
Robert Bensoussan | 1,892 | 125,004 | ||||
Michael Casey | 1,892 | 125,004 | ||||
Steven J. Collins | 1,892 | 125,004 | ||||
RoAnn Costin | 1,892 | 125,004 | ||||
William H. Glenn | 1,892 | 125,004 | ||||
Kathryn Henry(2) | — | — | ||||
Martha A.M. Morfitt | 1,892 | 125,004 | ||||
David M. Mussafer | 1,892 | 125,004 | ||||
Rhoda M. Pitcher | 1,892 | 125,004 | ||||
Thomas G. Stemberg | 1,892 | 125,004 | ||||
Emily White | 1,892 | 125,004 |
Value of Initial Fixed $100 Investment Based On: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | SCT Total for PEO ($)(1) | Compensation Actually Paid to PEO ($)(1)(3) | Average SCT Total for non-PEO NEOs ($)(2) | Average Compensation Actually Paid to Non-PEO NEOs ($)(2)(3) | TSR ($) | Peer Group TSR ($)(4) | Net Income ($) | Operating Income ($)(5)(6) | ||||||||||||||||||||||||||||||||||||||||||
2022 | 15,663,837 | 18,293,236 | 4,798,051 | 5,432,002 | 129.85 | 65.40 | 854,800,000 | 1,789,069,000 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 13,265,455 | 18,826,215 | 3,801,514 | 4,642,721 | 131.96 | 92.79 | 975,322,000 | 1,374,749,000 | ||||||||||||||||||||||||||||||||||||||||||
2020 | 10,590,106 | 39,322,881 | 2,017,947 | 4,622,741 | 137.30 | 95.81 | 588,913,000 | 819,986,000 |
Fiscal Year(a) | SCT Total ($) | Deductions from SCT Total($)(b) | Addition of Fair Value of Equity Awards Granted in the Year ($) | Addition (Deduction) for Change in Value of Prior Year Awards Unvested at end of Fiscal Year ($) | Addition (Deduction) for Change in Value of Prior Year Awards That Vested during Fiscal Year ($) | Compensation Actually Paid ($) | ||||||||||||||
2022 | 15,663,837 | (9,999,812) | 11,539,807 | (960,090) | 2,049,493 | 18,293,236 | ||||||||||||||
2021 | 13,265,455 | (8,000,140) | 12,739,812 | (569,174) | 1,390,262 | 18,826,215 | ||||||||||||||
2020 | 10,590,106 | (5,999,936) | 18,359,863 | 14,117,535 | 2,255,314 | 39,322,881 |
Fiscal Year(a) | SCT Total ($) | Deductions from SCT Total ($)(b) | Addition of Fair Value of Equity Awards Granted in the Year ($) | Addition (Deduction) for Change in Value of Prior Year Awards Unvested at end of Fiscal Year ($) | Addition (Deduction) for Change in Value of Prior Year Awards That Vested during Fiscal Year ($) | Compensation Actually Paid ($) | ||||||||||||||
2022 | 4,798,051 | (2,625,020) | 3,116,518 | (176,107) | 318,560 | 5,432,002 | ||||||||||||||
2021 | 3,801,514 | (1,874,966) | 2,950,245 | (92,189) | (141,883) | 4,642,721 | ||||||||||||||
2020 | 2,017,947 | (1,015,967) | 2,289,117 | 1,817,066 | (485,422) | 4,622,741 |
Administration | The 2023 Plan would generally be administered by the people, culture and compensation committee of our board of directors, which is composed entirely of independent, non-employee directors. | ||||
Fungible Share Ratio | Full-value awards (which are awards other than stock options and stock appreciation rights) are charged against the 2023 Plan share reserve at the rate of 1.7 shares for each share actually granted. | ||||
Stockholder Approval is Required for Any Additional Shares | The 2023 Plan does not contain an annual “evergreen” provision, but instead reserves a fixed maximum number of shares of common stock. Additional stockholder approval is required to increase that number. | ||||
Repricings | Stock options and stock appreciation rights may not be repriced without stockholder approval. | ||||
No Liberal Share Recycling | No Liberal Share Recycling: Shares tendered, exchanged or withheld to pay the exercise price with respect to stock options or stock appreciation rights or to satisfy withholding taxes for any awards are not available again for grant. | ||||
Award Limits for Non-Employee Directors | The aggregate value of all regular compensation paid to any non-employee director for board services rendered in any calendar year, inclusive of cash and the grant date fair value of equity awards under the 2023 Plan, is limited to $800,000. | ||||
Minimum Vesting Requirement | Awards generally vest over a period of no less than 12 months from the date of grant. | ||||
No Dividend Payment Until Underlying Shares Vest | Dividends and dividend equivalents on awards vest and are paid only if and to the extent those underlying awards become vested. | ||||
Limited Transferability | Awards are not transferable except by will or by the laws of descent and distribution, or under a domestic relations order. |
Number of shares (as of April 10, 2023) | |||||
Outstanding Award Type | |||||
Stock Options | 982,398 | ||||
Weighted-average exercise price | $263.96 | ||||
Weighted-average remaining term (years) | 3.2 | ||||
Restricted Stock Units | 248,422 | ||||
Performance Stock Units(1) | 180,964 | ||||
Restricted Shares | 4,694 | ||||
Total Shares subject to outstanding awards | 1,416,478 | ||||
Number of shares remaining available for grant(2) | 11,844,264 | ||||
Overhang(3) | 1.11% | ||||
Dilution(4) | 4.25% |
Key Equity Metric | Fiscal 2020 | Fiscal 2021 | Fiscal 2022 | ||||||||
Percentage of equity awards granted to NEOs(1) | 26.10% | 26.90% | 27.50% | ||||||||
Equity burn rate(2) | 0.42% | 0.38% | 0.34% | ||||||||
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(1) (A) | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights(2) (B) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (A))(3) (C) | ||||||||
Equity compensation plans approved by stockholders | 1,411,784 | $263.96 | 16,323,570 | ||||||||
Equity compensation plans not approved by stockholders | — | — | — | ||||||||
Total | 1,411,784 | $263.96 | 16,323,570 |
Beneficial Owner(1) | Number of Shares of Common Stock Owned | Right to Acquire(2) | Number of Shares Beneficially Owned(3) | Percent(4) | ||||||||||||||||||||||
FMR LLC(5) | 18,359,739 | — | 18,359,739 | 14.4% | ||||||||||||||||||||||
245 Summer Street | ||||||||||||||||||||||||||
Boston, MA 02210 | ||||||||||||||||||||||||||
Dennis J. Wilson(6) | 10,717,133 | — | 10,717,133 | 8.4% | ||||||||||||||||||||||
21 Water Street, Suite 600 | ||||||||||||||||||||||||||
Vancouver, BC V6B 1A1 | ||||||||||||||||||||||||||
BlackRock, Inc.(7) | 7,452,223 | — | 7,452,223 | 5.9% | ||||||||||||||||||||||
55 East 52nd Street | ||||||||||||||||||||||||||
New York, NY 10055 | ||||||||||||||||||||||||||
The Vanguard Group, Inc.(8) | 7,416,772 | — | 7,416,772 | 5.8% | ||||||||||||||||||||||
100 Vanguard Blvd. | ||||||||||||||||||||||||||
Malvern, PA 19355 | ||||||||||||||||||||||||||
Michael Casey | 57,981 | — | 57,981 | * | ||||||||||||||||||||||
Isabel Mahe | 311 | — | 311 | * | ||||||||||||||||||||||
Kourtney Gibson | 1,302 | — | 1,302 | * | ||||||||||||||||||||||
Kathryn Henry | 3,972 | — | 3,972 | * | ||||||||||||||||||||||
Alison Loehnis | 658 | — | 658 | * | ||||||||||||||||||||||
Jon McNeill | 7,423 | — | 7,423 | * | ||||||||||||||||||||||
Martha Morfitt(9) | 87,488 | — | 87,488 | * | ||||||||||||||||||||||
Glenn Murphy | 103,390 | 19,420 | 122,810 | * | ||||||||||||||||||||||
David Mussafer | 20,270 | — | 20,270 | * | ||||||||||||||||||||||
Emily White(10) | 17,690 | — | 17,690 | * |
Beneficial Owner(1) | Number of Shares Beneficially Owned (#) | Percent | ||||
Dennis J. Wilson(2) | 20,109,131 | 14.6 | % | |||
21 Water Street, Suite 600 | ||||||
Vancouver, B.C. | ||||||
V6B 1A1 | ||||||
Advent International Corporation(3) | 20,105,279 | 14.6 | % | |||
75 State Street | ||||||
Boston, MA 02109 | ||||||
FMR LLC(4) | 19,606,598 | 14.3 | % | |||
245 Summer Street | ||||||
Boston, MA 02210 | ||||||
Capital Research Global Investors(5) | 13,851,700 | 10.1 | % | |||
333 South Hope Street | ||||||
Los Angeles, CA 90071 | ||||||
Manning & Napier Advisors, LLC(6) | 9,258,486 | 6.7 | % | |||
290 Woodcliff Drive | ||||||
Fairport, NY 14450 | ||||||
The Vanguard Group, Inc.(7) | 6,833,485 | 5.0 | % | |||
100 Vanguard Blvd. | ||||||
Malvern, PA 19355 | ||||||
Lone Pine Capital LLC(8) | 6,446,607 | 4.7 | % | |||
Two Greenwich Plaza | ||||||
Greenwich, CT 06830 | ||||||
Laurent Potdevin(9) | 60,591 | * | ||||
Robert Bensoussan | 7,451 | * | ||||
Michael Casey(10) | 50,717 | * | ||||
Steven J. Collins(11) | 13,758 | * | ||||
RoAnn Costin(12) | 58,201 | * | ||||
William H. Glenn | 7,741 | * | ||||
Kathryn Henry(13) | 722 | * | ||||
Martha A.M. Morfitt | 84,339 | * | ||||
David M. Mussafer(14) | 50,072 | * | ||||
Rhoda M. Pitcher(15) | 23,968 | * | ||||
Emily White(16) | 10,426 | * | ||||
Stuart Haselden(17) | 4,648 | * | ||||
Miguel Almeida | — | — | ||||
Lee Holman(18) | 1,689 | * | ||||
Scott Stump(19) | 5,238 | * | ||||
Directors and executive officers as a group (15 persons)(9)-(19) | 379,561 | * |
Beneficial Owner(1) | Number of Shares of Common Stock Owned | Right to Acquire(2) | Number of Shares Beneficially Owned(3) | Percent(4) | ||||||||||||||||||||||
Calvin McDonald | 73,793 | 187,056 | 260,849 | * | ||||||||||||||||||||||
Meghan Frank | 6,403 | 10,467 | 16,870 | * | ||||||||||||||||||||||
Celeste Burgoyne | 11,270 | 30,665 | 41,935 | * | ||||||||||||||||||||||
Michelle Choe | 9,098 | 30,896 | 39,994 | * | ||||||||||||||||||||||
André Maestrini | 2,830 | 3,769 | 6,599 | * | ||||||||||||||||||||||
Nicole Neuburger | 2,811 | 4,469 | 7,280 | * | ||||||||||||||||||||||
Directors and executive officers as a group (16 persons) | 406,690 | 286,742 | 693,432 | * |
2022 | ||||||||||||||||||||
Gross Profit | Gross Margin | Operating Income | ||||||||||||||||||
GAAP results | $ | 4,492,340,000 | 55.4 | % | $ | 1,328,408,000 | ||||||||||||||
lululemon Studio charges: | ||||||||||||||||||||
Obsolescence provision | 62,928,000 | 0.8 | 62,928,000 | |||||||||||||||||
Impairment of goodwill | — | — | 362,492,000 | |||||||||||||||||
Impairment of intangible assets | — | — | 40,585,000 | |||||||||||||||||
Impairment of property and equipment | — | — | 4,836,000 | |||||||||||||||||
Gain on disposal of assets | — | — | (10,180,000) | |||||||||||||||||
Adjusted results (non-GAAP) | $ | 4,555,268,000 | 56.2 | % | $ | 1,789,069,000 |
2021 | ||||||||
Operating Income | ||||||||
GAAP results | $ | 1,333,355,000 | ||||||
Transaction and integration costs | 2,989,000 | |||||||
Acquisition-related compensation | 38,405,000 | |||||||
Adjusted results (non-GAAP) | $ | 1,374,749,000 |