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| Proposal 1: Election of Directors | | | The nine nominees for director will be elected by an affirmative vote of a majority of the votes cast by holders of our Class A common stock present in person or by proxy and entitled to vote on the proposal at the Annual Meeting. | |
| Proposal 2: Advisory Vote on Named Executive Officer Compensation | | | If the advisory vote on the compensation of our named executive officers included in this proxy statement receives more votes “for” than “against,” then it will be deemed to be approved. | |
| Proposal 3: Ratification of the Selection of Our Independent Public Accountant | | | To be approved by our stockholders, this proposal requires the affirmative vote of a majority of the votes cast by holders of our Class A common stock present in person or by proxy and entitled to vote on the proposal at the Annual Meeting. | |
Director | | Fees Earned Paid in Cash ($) | | Stock Awards ($)(1) | | Total | | | Fees Earned Paid in Cash ($) | | Stock Awards ($)(1) | | All Other Compensation ($) | | Total | | ||||||||||||||||||||||||||||
Brett H. Barth | | | | — | | | | | 187,500 | | | | | — | | | | | 187,500 | | | |||||||||||||||||||||||
Katherine E. Dietze | | | | 100,000 | | | | | 100,000 | | | | | 200,000 | | | | | | 108,750 | | | | | 108,750 | | | | | — | | | | | 217,500 | | | |||||||
Steven Kotler | | | | 90,000 | | | | | 90,000 | | | | | 180,000 | | | | | | 98,750 | | | | | 98,750 | | | | | — | | | | | 197,500 | | | |||||||
Lawrence E. Leibowitz | | | | 46,875 | | | | | 140,625 | | | | | — | | | | | 187,500 | | | |||||||||||||||||||||||
Jerome S. Markowitz(2) | | | | — | | | | | 230,000 | | | | | 230,000 | | | | | | — | | | | | 247,500 | | | | | — | | | | | 247,500 | | | |||||||
Jack H. Nusbaum(2) | | | | — | | | | | 175,000 | | | | | 175,000 | | | | | | — | | | | | 187,500 | | | | | — | | | | | 187,500 | | | |||||||
Douglas A. Rediker | | | | 87,500 | | | | | 87,500 | | | | | 175,000 | | | | | | — | | | | | 187,500 | | | | | — | | | | | 187,500 | | | |||||||
Joseph R. Wright(2) | | | | — | | | | | 175,000 | | | | | 175,000 | | | | | | — | | | | | 187,500 | | | | | — | | | | | 187,500 | | | |||||||
Peter A. Cohen(3) | | | | 230,343 | | | | | — | | | | | 383,367(4) | | | | | 613,710 | | |
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| | What We Heard from Stockholders | | | | Action Taken by the Compensation Committee | | |
| | • Concerns over the evergreen nature of the 2010 Plan. | | | | • After careful review, decided to retain the evergreen provision of the 2010 Plan to support incentive and retention needs for the business. • Continued to carefully monitor the impact of the 2010 Plan to ensure judicious use of equity consistent with our compensation philosophy. | | |
| | • A portion of executive compensation should be performance-based. | | | | • As of April 2015, eliminated minimum bonus guarantees for all named executive officers. • Approved the issuance of performance share awards, or PSAs, to our named executive officers in 2016 as a component of 2015 year-end | | |
| | • No concern over the absolute amounts of compensation awarded to any of our named executive officers or the manner in which compensation is allocated. | | | | • Continued to deliver compensation consistent with our compensation philosophy, the Compensation Committee’s evaluation of Company and individual performance and industry norms. • Continued to deliver a significant portion of total compensation as stock-based | | |
| | • Support for our compensation governance practices. | | | | • In March 2015, adopted stock ownership and retention guidelines for executive officers. • In March 2015, implemented a clawback policy for executive officers with respect to • Adopted an annual (rather than triennial) say-on-pay vote. | | |
| What We Do | | | What We Don’t Do | |
| • We pay for performance through a careful year-end review of financial results and individual performance • We consider peer groups in establishing compensation • Meaningful annual equity awards are granted in lieu of — not in addition to — annual cash incentives • We introduced PSAs as a component of executive officer compensation in 2016. The 2016 PSAs are earned based on forward-looking performance metrics that consider long-term performance from 2016 through 2020 • We granted PSAs to executive officers in April 2019. The 2019 PSAs are earned based on forward-looking performance metrics that consider long-term performance from 2019 through 2021 • We have implemented stock ownership guidelines for our directors and executive officers • We have double-trigger equity vesting in the event of a change in control • We require our executive officers to comply with reasonable restrictive covenants • We subject our deferred bonus awards to executive officers to a clawback policy • We seek to maintain a conservative compensation risk profile. • The Compensation Committee retains an independent compensation consultant • We have an anti-hedging policy, and, during | | | • We do not pay dividend equivalents on unvested RSUs or PSAs • We do not pay tax gross-ups on our limited perquisites • We do not provide “single-trigger” equity vesting in the event of a change in control • We do not provide golden parachute excise tax gross-ups • We do not provide minimum guaranteed bonuses to our executive officers | |
| | | Mr. Solomon | | | Mr. Holmes | | | Mr. Lasota | | | Mr. Littman | | ||||||||||||
Base Salary | | | | | 950,000 | | | | | | 500,000 | | | | | | 500,000 | | | | | | 500,000 | | |
Cash Bonus | | | | | 725,000 | | | | | | 725,000 | | | | | | 725,000 | | | | | | 725,000 | | |
Deferred Equity Award | | | | | 1,024,000 | | | | | | 270,000 | | | | | | 270,000 | | | | | | 270,000 | | |
Deferred Cash-Based Award | | | | | 1,536,000 | | | | | | 405,000 | | | | | | 405,000 | | | | | | 405,000 | | |
2017 Annual Compensation Total | | | | | 4,235,000 | | | | | | 1,900,000 | | | | | | 1,900,000 | | | | | | 1,900,000 | | |
Annual Compensation Change vs. 2016 | | | | | 39% | | | | | | 21% | | | | | | 21% | | | | | | 21% | | |
Long-Term Incentive Compensation – RSU Rights(1) | | | | | — | | | | | | 250,000 | | | | | | 125,000 | | | | | | 125,000 | | |
2017 Total Compensation with Long-Term Incentive Compensation | | | | | 4,235,000 | | | | | | 2,150,000 | | | | | | 2,025,000 | | | | | | 2,025,000 | | |
Total Compensation Change vs. 2016 | | | | | 30% | | | | | | 21% | | | | | | 16% | | | | | | 16% | | |
| Performance Level* | | | AROE | | | Payout Rate | |
| Below Threshold | | | Below 5% | | | 0% Payout | |
| Threshold | | | 5% | | | 50% Payout | |
| Above Threshold | | | 7.5% | | | 75% Payout | |
| Target | | | 10% | | | 100% Payout | |
| Maximum (capped) | | | 12% | | | 150% Payout | |
| Relative TSR Position | | | Modifier* | |
| 25th percentile and below | | | 0.8 | |
| 50th percentile | | | 1.0 | |
| 75th percentile and above | | | 1.2 | |
| | PSA Awards | | | 2016 PSA Awards | | ||||||||||||||||||||||||||||||||
| | Tranche 1(1) | | Tranche 2(2) | | Tranche 3(3) | | | Tranche 1(1) | | Tranche 2(2) | | Tranche 3(3) | | ||||||||||||||||||||||||
Jeffrey M. Solomon | | | | 29,167 | | | | | 29,167 | | | | | 29,166 | | | | | | 29,167 | | | | | 29,167 | | | | | 29,166 | | | ||||||
Stephen A. Lasota | | | | 25,000 | | | | | 25,000 | | | | | 25,000 | | | | | | 25,000 | | | | | 25,000 | | | | | 25,000 | | | ||||||
John Holmes | | | | 25,000 | | | | | 25,000 | | | | | 25,000 | | | | | | 25,000 | | | | | 25,000 | | | | | 25,000 | | | ||||||
Owen S. Littman | | | | 25,000 | | | | | 25,000 | | | | | 25,000 | | | | | | 25,000 | | | | | 25,000 | | | | | 25,000 | | | ||||||
Peter A. Cohen | | | | 29,167 | | | | | 29,167 | | | | | 29,166 | | |
| Performance Level* | | | AROCE | | | Payout Rate | |
| Below Threshold | | | Below 8% | | | 0% Payout | |
| Threshold | | | 8% | | | 50% Payout | |
| Target | | | 10% | | | 100% Payout | |
| Above Target | | | 12% | | | 150% Payout | |
| Maximum (capped) | | | Greater than 15% | | | 200% Payout | |
| | Chief Executive Officer | | | | 8× Base Salary | | | | | $ | 7,600,000 | | | | | Chief Executive Officer | | | | 8× Base Salary | | | | | $ | 7,600,000 | | | |
| | Other Executive Officers | | | | 3× Base Salary | | | | | $ | 1,500,000 | | | | | Other Executive Officers | | | | 3× Base Salary | | | | | $ | 2,100,000 | | | |
Name & Principal Position | | | Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||||||||
Jeffrey M. Solomon Chief Executive Officer | | | | | 2017 | | | | | | 950,000 | | | | | | 725,000 | | | | | | 839,377 | | | | | | 874,205 | | | | | | 3,388,582 | | |
| | | 2016 | | | | | | 950,000 | | | | | | 515,000 | | | | | | 3,142,232 | | | | | | 487,508 | | | | | | 5,094,740 | | | ||
| | | 2015 | | | | | | 950,000 | | | | | | 2,027,500 | | | | | | 2,027,424 | | | | | | 166,331 | | | | | | 5,171,255 | | | ||
Stephen A. Lasota Chief Financial Officer | | | | | 2017 | | | | | | 500,000 | | | | | | 725,000 | | | | | | 411,800 | | | | | | 257,472 | | | | | | 1,894,272 | | |
| | | 2016 | | | | | | 500,000 | | | | | | 515,000 | | | | | | 1,375,362 | | | | | | 181,170 | | | | | | 2,571,532 | | | ||
| | | 2015 | | | | | | 450,000 | | | | | | 925,000 | | | | | | 405,585 | | | | | | 88,926 | | | | | | 1,869,511 | | | ||
John Holmes Chief Operating Officer | | | | | 2017 | | | | | | 500,000 | | | | | | 725,000 | | | | | | 411,800 | | | | | | 257,472 | | | | | | 1,894,272 | | |
| | | 2016 | | | | | | 500,000 | | | | | | 515,000 | | | | | | 1,375,362 | | | | | | 181,170 | | | | | | 2,571,532 | | | ||
| | | 2015 | | | | | | 450,000 | | | | | | 925,000 | | | | | | 405,585 | | | | | | 88,926 | | | | | | 1,869,511 | | | ||
Owen S. Littman General Counsel and Secretary | | | | | 2017 | | | | | | 500,000 | | | | | | 725,000 | | | | | | 411,800 | | | | | | 257,472 | | | | | | 1,894,272 | | |
| | | 2016 | | | | | | 500,000 | | | | | | 515,000 | | | | | | 1,375,362 | | | | | | 181,170 | | | | | | 2,571,532 | | | ||
| | | 2015 | | | | | | 450,000 | | | | | | 925,000 | | | | | | 405,585 | | | | | | 88,926 | | | | | | 1,869,511 | | | ||
Peter A. Cohen Chairman of the Board and Former Chief Executive Officer | | | | | 2017 | | | | | | 950,000 | | | | | | 2,625,000 | | | | | | 1,068,070 | | | | | | 11,131,410 | | | | | | 15,774,480 | | |
| | | 2016 | | | | | | 950,000 | | | | | | 515,000 | | | | | | 2,912,717 | | | | | | 751,608 | | | | | | 5,129,323 | | | ||
| | | 2015 | | | | | | 950,000 | | | | | | 1,465,000 | | | | | | 2,505,075 | | | | | | 152,782 | | | | | | 5,072,857 | | |
Other Compensation ($) | | | Jeffrey M. Solomon | | | Stephen A. Lasota | | | John Holmes | | | Owen S. Littman | | | Peter A. Cohen | | |||||||||||||||
Transition Agreement Payments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Payment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,000,000 | | |
Cash Value of Unvested Equity Awards | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,575,622 | | |
Unvested Deferred Cash | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,679,000 | | |
COBRA Premiums | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 52,851 | | |
Attorney’s fees | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 95,000 | | |
Deferred Cash Awards | | | | | 838,885 | | | | | | 257,472 | | | | | | 257,472 | | | | | | 257,472 | | | | | | 592,313 | | |
Group Term Life and Long-Term Disability Insurance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 23,949 | | |
Tax and Financial Planning | | | | | 35,320 | | | | | | | | | | | | | | | | | | | | | | | | 37,696 | | |
60% of the Total Cost of Car and Driver | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 74,979 | | |
Name & Principal Position | | | Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||||||||
Jeffrey M. Solomon Chief Executive Officer | | | | | 2018 | | | | | | 950,000 | | | | | | 1,875,000 | | | | | | 1,053,481 | | | | | | 1,210,376(3) | | | | | | 5,088,857 | | |
| | | 2017 | | | | | | 950,000 | | | | | | 725,000 | | | | | | 839,377 | | | | | | 874,205 | | | | | | 3,388,582 | | | ||
| | | 2016 | | | | | | 950,000 | | | | | | 515,000 | | | | | | 3,142,232 | | | | | | 487,508 | | | | | | 5,094,740 | | | ||
Stephen A. Lasota Chief Financial Officer | | | | | 2018 | | | | | | 500,000 | | | | | | 1,625,000 | | | | | | 396,485 | | | | | | 311,652(4) | | | | | | 2,833,137 | | |
| | | 2017 | | | | | | 500,000 | | | | | | 725,000 | | | | | | 411,800 | | | | | | 257,472 | | | | | | 1,894,272 | | | ||
| | | 2016 | | | | | | 500,000 | | | | | | 515,000 | | | | | | 1,375,362 | | | | | | 181,170 | | | | | | 2,571,532 | | | ||
John Holmes Chief Operating Officer | | | | | 2018 | | | | | | 500,000 | | | | | | 1,675,000 | | | | | | 515,193 | | | | | | 311,652(4) | | | | | | 3,001,845 | | |
| | | 2017 | | | | | | 500,000 | | | | | | 725,000 | | | | | | 411,800 | | | | | | 257,472 | | | | | | 1,894,272 | | | ||
| | | 2016 | | | | | | 500,000 | | | | | | 515,000 | | | | | | 1,375,362 | | | | | | 181,170 | | | | | | 2,571,532 | | | ||
Owen S. Littman General Counsel and Secretary | | | | | 2018 | | | | | | 500,000 | | | | | | 1,650,000 | | | | | | 396,485 | | | | | | 311,652(4) | | | | | | 2,858,137 | | |
| | | 2017 | | | | | | 500,000 | | | | | | 725,000 | | | | | | 411,800 | | | | | | 257,472 | | | | | | 1,894,272 | | | ||
| | | 2016 | | | | | | 500,000 | | | | | | 515,000 | | | | | | 1,375,362 | | | | | | 181,170 | | | | | | 2,571,532 | | |
Other Compensation ($) | | | Jeffrey M. Solomon | | | Stephen A. Lasota | | | John Holmes | | | Owen S. Littman | | ||||||||||||
Vested Deferred Cash Awards | | | | | 1,165,287 | | | | | | 311,652 | | | | | | 311,652 | | | | | | 311,652 | | |
Tax and Financial Planning | | | | | 45,089 | | | | | | — | | | | | | — | | | | | | — | | |
| | | Grant Date | | | Corporate Action Date | | | All Other Stock Awards: Number of Shares of Stock or Units (#) | | | Grant Date Fair Value of Stock Awards ($)(1) | | ||||||||||||
Jeffrey M. Solomon | | | | | 2/21/2018 | | | | | | 1/12/2018 | | | | | | 73,670(2) | | | | | | 1,053,481 | | |
Stephen A. Lasota | | | | | 2/21/2018 | | | | | | 1/12/2018 | | | | | | 19,425(2) | | | | | | 277,778 | | |
| | | 3/29/2018 | | | | | | 1/12/2018 | | | | | | 8,993(3) | | | | | | 118,708 | | | ||
John Holmes | | | | | 2/21/2018 | | | | | | 1/12/2018 | | | | | | 19,425(2) | | | | | | 277,778 | | |
| | | 3/29/2018 | | | | | | 1/12/2018 | | | | | | 17,896(3) | | | | | | 237,415 | | | ||
Owen S. Littman | | | | | 2/21/2018 | | | | | | 1/12/2018 | | | | | | 19,425(2) | | | | | | 277,778 | | |
| | | 3/29/2018 | | | | | | 1/12/2018 | | | | | | 8,993(3) | | | | | | 118,708 | | |
| | | Option Awards | | | Stock Awards | |||||||||||||||||||||||||||||||||||||||||
| | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares that Have Not Vested (#) | | | Market Value of Shares that Have Not Vested ($)(1) | | | Equity Incentive Plan Awards: Number of Unearned Units That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market Value of Unearned Units That Have Not Vested ($)(1) | |||||||||||||||||||||||
Jeffrey M. Solomon | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 RSU Award(2) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,885 | | | | | | 353,330 | | | | | | — | | | | | | — |
2014 RSU Award(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 46,416 | | | | | | 633,578 | | | | | | — | | | | | | — |
2015 RSU Award(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 104,240 | | | | | | 1,422,876 | | | | | | — | | | | | | — |
2015 PSA Award(5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 35,000 | | | | | | 477,500 |
2016 RSU Award(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,083 | | | | | | 301,433 | | | | | | | | | | | | |
2016 Incentive Award(7) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,435 | | | | | | 415,438 | | | | | | | | | | | | |
Stephen A. Lasota | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 SAR Award(8) | | | | | — | | | | | | 25,000 | | | | | $ | 11.60 | | | | | | 3/15/2018 | | | | | | — | | | | | | — | | | | | | — | | | | | | — |
2013 RSU Award(2) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,168 | | | | | | 56,893 | | | | | | — | | | | | | — |
2014 RSU July Award(9) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,000 | | | | | | 136,500 | | | | | | — | | | | | | — |
2014 RSU Award(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,286 | | | | | | 126,754 | | | | | | — | | | | | | — |
2015 RSU Award(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,581 | | | | | | 212,681 | | | | | | — | | | | | | — |
2015 PSA Award(5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,000 | | | | | | 409,500 |
2016 RSU Award(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,005 | | | | | | 177,518 | | | | | | | | | | | | |
2016 Incentive Award(7) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,100 | | | | | | 178,815 | | | | | | | | | | | | |
John Holmes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 SAR Award(8) | | | | | — | | | | | | 25,000 | | | | | $ | 11.60 | | | | | | 3/15/2018 | | | | | | — | | | | | | — | | | | | | — | | | | | | — |
2013 RSU Award(2) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,168 | | | | | | 56,893 | | | | | | — | | | | | | — |
2014 RSU July Award(9) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,000 | | | | | | 136,500 | | | | | | — | | | | | | — |
2014 RSU Award(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,286 | | | | | | 126,754 | | | | | | — | | | | | | — |
2015 RSU Award(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,581 | | | | | | 212,681 | | | | | | — | | | | | | — |
2015 PSA Award(5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,000 | | | | | | 409,500 |
2016 RSU Award(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,005 | | | | | | 177,518 | | | | | | | | | | | | |
2016 Incentive Award(7) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,100 | | | | | | 178,815 | | | | | | | | | | | | |
Owen S. Littman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 SAR Award(8) | | | | | — | | | | | | 25,000 | | | | | $ | 11.60 | | | | | | 3/15/2018 | | | | | | — | | | | | | — | | | | | | — | | | | | | — |
2013 RSU Award(2) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,168 | | | | | | 56,893 | | | | | | — | | | | | | — |
2014 RSU July Award(9) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,000 | | | | | | 136,500 | | | | | | — | | | | | | — |
2014 RSU Award(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,286 | | | | | | 126,754 | | | | | | — | | | | | | — |
2015 RSU Award(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,581 | | | | | | 212,681 | | | | | | — | | | | | | — |
2015 PSA Award(5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,000 | | | | | | 409,500 |
2016 RSU Award(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,005 | | | | | | 177,518 | | | | | | | | | | | | |
2016 Incentive Award(7) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,100 | | | | | | 178,815 | | | | | | | | | | | | |
Peter A. Cohen | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2015 PSA Award(5) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 35,000 | | | | | | 477,500 |
| | | Stock Awards | | |||||||||||||||||||||
| | | Number of Shares that Have Not Vested (#) | | | Market Value of Shares that Have Not Vested ($)(1) | | | Equity Incentive Plan Awards: Number of Unearned Units That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market Value of Unearned Units That Have Not Vested ($)(1) | | ||||||||||||
Jeffrey M. Solomon | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 RSU Award(2) | | | | | 23,209 | | | | | | 309,608 | | | | | | — | | | | | | — | | |
2015 RSU Award(3) | | | | | 69,493 | | | | | | 927,037 | | | | | | — | | | | | | — | | |
2015 PSA Award(4) | | | | | — | | | | | | — | | | | | | 35,000 | | | | | | 466,900 | | |
2016 RSU Award(5) | | | | | 22,083 | | | | | | 294,587 | | | | | | | | | | | | | | |
2016 Incentive Award(6) | | | | | 26,855 | | | | | | 358,246 | | | | | | | | | | | | | | |
2017 RSU Award(7) | | | | | 55,253 | | | | | | 737,075 | | | | | | | | | | | | | | |
Stephen A. Lasota | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 RSU July Award(8) | | | | | 10,000 | | | | | | 133,400 | | | | | | — | | | | | | — | | |
2014 RSU Award(2) | | | | | 4,644 | | | | | | 61,951 | | | | | | — | | | | | | — | | |
2015 RSU Award(3) | | | | | 10,388 | | | | | | 138,576 | | | | | | — | | | | | | — | | |
2015 PSA Award(4) | | | | | | | | | | | — | | | | | | 30,000 | | | | | | 400,200 | | |
2016 RSU Award(5) | | | | | 11,475 | | | | | | 153,077 | | | | | | — | | | | | | — | | |
2016 Incentive Award(6) | | | | | 13,100 | | | | | | 174,754 | | | | | | — | | | | | | — | | |
2017 RSU Award(7) | | | | | 14,569 | | | | | | 194,350 | | | | | | — | | | | | | — | | |
2017 Incentive Award(9) | | | | | 8,993 | | | | | | 119,967 | | | | | | — | | | | | | — | | |
John Holmes | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 RSU July Award(8) | | | | | 10,000 | | | | | | 133,400 | | | | | | — | | | | | | — | | |
2014 RSU Award(2) | | | | | 4,644 | | | | | | 61,951 | | | | | | — | | | | | | — | | |
2015 RSU Award(3) | | | | | 10,388 | | | | | | 138,576 | | | | | | — | | | | | | — | | |
2015 PSA Award(4) | | | | | | | | | | | — | | | | | | 30,000 | | | | | | 400,200 | | |
2016 RSU Award(5) | | | | | 11,475 | | | | | | 153,077 | | | | | | — | | | | | | — | | |
2016 Incentive Award(6) | | | | | 13,100 | | | | | | 174,754 | | | | | | — | | | | | | — | | |
2017 RSU Award(7) | | | | | 14,569 | | | | | | 194,350 | | | | | | — | | | | | | — | | |
2017 Incentive Award(9) | | | | | 17,986 | | | | | | 239,933 | | | | | | — | | | | | | — | | |
| | | Stock Awards | | |||||||||||||||||||||
| | | Number of Shares that Have Not Vested (#) | | | Market Value of Shares that Have Not Vested ($)(1) | | | Equity Incentive Plan Awards: Number of Unearned Units That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market Value of Unearned Units That Have Not Vested ($)(1) | | ||||||||||||
Owen S. Littman | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 RSU July Award(8) | | | | | 10,000 | | | | | | 133,400 | | | | | | — | | | | | | — | | |
2014 RSU Award(2) | | | | | 4,644 | | | | | | 61,951 | | | | | | — | | | | | | — | | |
2015 RSU Award(3) | | | | | 10,388 | | | | | | 138,576 | | | | | | — | | | | | | — | | |
2015 PSA Award(4) | | | | | — | | | | | | — | | | | | | 30,000 | | | | | | 400,200 | | |
2016 RSU Award(5) | | | | | 11,475 | | | | | | 153,077 | | | | | | — | | | | | | — | | |
2016 Incentive Award(6) | | | | | 13,100 | | | | | | 174,754 | | | | | | — | | | | | | — | | |
2017 RSU Award(7) | | | | | 14,569 | | | | | | 194,350 | | | | | | — | | | | | | — | | |
2017 Incentive Award(9) | | | | ��� | 8,993 | | | | | | 119,967 | | | | | | — | | | | | | — | | |
Name | | Number of Shares Acquired on Vesting | | Value Realized on Vesting ($)(1) | | | Number of Shares Acquired on Vesting | | Value Realized on Vesting ($)(1) | | ||||||||||||||||
Jeffrey M. Solomon | | | | 130,715 | | | | | 1,868,806 | | | | | | 105,836 | | | | | 1,588,184 | | | ||||
Stephen A. Lasota | | | | 25,877 | | | | | 372,762 | | | | | | 24,987 | | | | | 372,857 | | | ||||
John Holmes | | | | 25,877 | | | | | 372,762 | | | | | | 24,987 | | | | | 372,857 | | | ||||
Owen S. Littman | | | | 25,877 | | | | | 372,762 | | | | | | 24,987 | | | | | 372,857 | | | ||||
Peter A. Cohen(2) | | | | 349,727 | | | | | 4,913,517 | | |
| | | | Triggering Events | | | | | Triggering Events | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Type of Payment | | Voluntary Termination ($) | | Involuntary Termination ($) | | Involuntary Termination in Connection with a Change in Control(4)(5) ($) | | Death ($) | | Disability ($) | | | Type of Payment | | Voluntary Termination ($) | | Involuntary Termination ($) | | Involuntary Termination in Connection with a Change in Control(4)(5) ($) | | Death ($) | | Disability ($) | | ||||||||||||||||||||||||||||||||||||||||||
Jeffrey M. Solomon | | Cash Severance(1) | | | | — | | | | | 10,828,060 | | | | | 10,828,060 | | | | | 5,828,060 | | | | | 5,828,060 | | | | | Cash Severance(1) | | | | — | | | | | 10,206,094 | | | | | 10,206,094 | | | | | 5,206,194 | | | | | 5,206,194 | | | |||||||||||
| | Equity Acceleration(2) | | | | — | | | | | 4,321,030 | | | | | 4,321,030 | | | | | 4,321,030 | | | | | 4,321,030 | | | ||||||||||||||||||||||||||||||||||||||||
| | Total | | | | — | | | | | 15,149,090 | | | | | 15,149,090 | | | | | 10,149,090 | | | | | 10,149,090 | | | ||||||||||||||||||||||||||||||||||||||||
Jeffrey M. Solomon | | | Equity Acceleration(2) | | | | — | | | | | 3,793,803 | | | | | 3,793,803 | | | | | 3,793,803 | | | | | 3,793,803 | | | |||||||||||||||||||||||||||||||||||||||
| Total | | | | — | | | | | 13,999,897 | | | | | 13,999,897 | | | | | 8,999,997 | | | | | 8,999,997 | | | |||||||||||||||||||||||||||||||||||||||||
| Cash Severance(3) | | | | — | | | | | 3,371,883 | | | | | 4,371,883 | | | | | 1,871,883 | | | | | 1,871,833 | | | | Cash Severance(3) | | | | — | | | | | 3,424,644 | | | | | 4,424,644 | | | | | 1,924,644 | | | | | 1,924,644 | | | |||||||||||||
| | Equity Acceleration(2) | | | | — | | | | | 1,964,161 | | | | | 1,964,161 | | | | | 1,964,161 | | | | | 1,964,161 | | | ||||||||||||||||||||||||||||||||||||||||
| | Total | | | | — | | | | | 5,336,044 | | | | | 6,336,044 | | | | | 3,836,044 | | | | | 3,836,044 | | | ||||||||||||||||||||||||||||||||||||||||
Stephen A. Lasota | | | Equity Acceleration(2) | | | | — | | | | | 1,976,574 | | | | | 1,976,574 | | | | | 1,976,574 | | | | | 1,976,574 | | | |||||||||||||||||||||||||||||||||||||||
| Total | | | | — | | | | | 5,401,218 | | | | | 6,401,218 | | | | | 3,901,218 | | | | | 3,901,218 | | | |||||||||||||||||||||||||||||||||||||||||
| Cash Severance(3) | | | | — | | | | | 3,379,872 | | | | | 4,371,883 | | | | | 1,898,751 | | | | | 1,898,751 | | | | Cash Severance(3) | | | | — | | | | | 3,422,746 | | | | | 4,422,746 | | | | | 1,922,746 | | | | | 1,922,746 | | | |||||||||||||
| | Equity Acceleration(2) | | | | — | | | | | 1,964,161 | | | | | 1,964,161 | | | | | 1,964,131 | | | | | 1,964,131 | | | ||||||||||||||||||||||||||||||||||||||||
| | Total | | | | — | | | | | 5,344,033 | | | | | 6,336,044 | | | | | 3,862,882 | | | | | 3,862,882 | | | ||||||||||||||||||||||||||||||||||||||||
John Holmes | | | Equity Acceleration(2) | | | | — | | | | | 2,096,541 | | | | | 2,096,541 | | | | | 2,096,541 | | | | | 2,096,541 | | | |||||||||||||||||||||||||||||||||||||||
| Total | | | | — | | | | | 5,519,287 | | | | | 6,519,287 | | | | | 4,019,287 | | | | | 4,019,287 | | | |||||||||||||||||||||||||||||||||||||||||
| Cash Severance(3) | | | | — | | | | | 3,371,883 | | | | | 4,371,883 | | | | | 1,871,883 | | | | | 1,871,883 | | | | Cash Severance(3) | | | | — | | | | | 3,422,081 | | | | | 4,422,081 | | | | | 1,922,081 | | | | | 1,922,081 | | | |||||||||||||
| | Equity Acceleration(2) | | | | — | | | | | 1,964,161 | | | | | 1,964,161 | | | | | 1,964,161 | | | | | 1,964,161 | | | ||||||||||||||||||||||||||||||||||||||||
| | Total | | | | — | | | | | 5,336,044 | | | | | 6,336,044 | | | | | 3,836,044 | | | | | 3,836,044 | | | ||||||||||||||||||||||||||||||||||||||||
Peter A. Cohen | | Equity Acceleration(6) | | | | — | | | | | 1,194,375 | | | | | 1,194,375 | | | | | 1,194,375 | | | | | 1,194,375 | | | ||||||||||||||||||||||||||||||||||||||||
| | Total | | | | — | | | | | 1,194,375 | | | | | 1,194,375 | | | | | 1,194,375 | | | | | 1,194,375 | | | ||||||||||||||||||||||||||||||||||||||||
Owen S. Littman | | | Equity Acceleration(2) | | | | — | | | | | 1,976,574 | | | | | 1,976,574 | | | | | 1,976,574 | | | | | 1,976,574 | | | |||||||||||||||||||||||||||||||||||||||
| Total | | | | — | | | | | 5,398,655 | | | | | 6,398,655 | | | | | 3,898,655 | | | | | 3,898,655 | | |
Name of Beneficial Owner | | Amount and Nature of Beneficial Ownership | | Percent of Class | | | Amount and Nature of Beneficial Ownership | | Percent of Class | | ||||||||||||||||
Peter A. Cohen | | | | 750,875 | | | | | 2.6% | | | |||||||||||||||
Brett H. Barth | | | | 15,000(1) | | | | | * | | | |||||||||||||||
Katherine E. Dietze | | | | 12,007(1) | | | | | * | | | | | | 12,007(2) | | | | | * | | | ||||
Steven Kotler | | | | 2,500(2) | | | | | * | | | | | | 2,500(3) | | | | | * | | | ||||
Lawrence E. Leibowitz | | | | —(4) | | | | | * | | | |||||||||||||||
Jerome S. Markowitz | | | | 129,301(3) | | | | | * | | | | | | 144,461(5) | | | | | * | | | ||||
Jack H. Nusbaum | | | | 77,396(4) | | | | | * | | | | | | 88,939(6) | | | | | * | | | ||||
Douglas A. Rediker | | | | —(5) | | | | | * | | | | | | —(7) | | | | | * | | | ||||
Jeffrey M. Solomon | | | | 405,186 | | | | | 1.4% | | | | | | 459,191 | | | | | 1.5% | | | ||||
Joseph R. Wright | | | | 25,804(6) | | | | | * | | | | | | 25,804(8) | | | | | * | | | ||||
John Holmes | | | | 58,939 | | | | | * | | | | | | 77,256 | | | | | * | | | ||||
Stephen A. Lasota | | | | 123,821 | | | | | * | | | | | | 136,569 | | | | | * | | | ||||
Owen S. Littman | | | | 84,610 | | | | | * | | | | | | 97,630(9) | | | | | * | | | ||||
All directors and executive officers as a group (11 persons) | | | | 1,670,439 | | | | | 5.7% | | | |||||||||||||||
All directors and executive officers as a group (12 persons) | | | | 1,059,357 | | | | | 3.6% | | |
Name and Address of Beneficial Owner | | | Amount and Nature of Beneficial Ownership | | | Percent of Class | | ||||||
FMR LLC(1) 245 Summer Street Boston, MA 02210 | | | | | 2,324,081 | | | | | | 7.88% | | |
Ariel Investments, LLC(2) 200 E. Randolph Street Suite 2900 Chicago, IL 60601 | | | | | 2,129,096 | | | | | | 7.22% | | |
BlackRock, Inc.(3) 55 East 52nd Street New York, NY 10055 | | | | | 2,002,520 | | | | | | 6.79% | | |
Zazove Associates, LLC(4) 1001 Tahoe Boulevard Incline Village, NV 89451 | | | | | 1,840,785 | | | | | | 6.24% | | |
Arbiter Partners QP, LP(5) 530 Fifth Avenue, 20th Floor New York, NY 10036 | | | | | 1,579,608 | | | | | | 5.36% | | |
Name and Address of Beneficial Owner | | | Amount and Nature of Beneficial Ownership | | | Percent of Class | | ||||||
BlackRock, Inc.(1) 55 East 52nd Street New York, NY 10055 | | | | | 2,323,853 | | | | | | 7.85% | | |
Zazove Associates, LLC(2) 1001 Tahoe Boulevard Incline Village, NV 89451 | | | | | 2,067,997 | | | | | | 6.99% | | |
Philadelphia Financial Management of San Francisco, LLC(3) 450 Sansome Street, Suite 1500 San Francisco, CA 94111 | | | | | 1,728,894 | | | | | | 5.84% | | |
Arbiter Partners QP, LP(4) 530 Fifth Avenue, 20th Floor New York, NY 10036 | | | | | 1,697,260 | | | | | | 5.74% | | |
The Bank of New York Mellon Corporation(5) 240 Greenwich Street New York, NY 10286 | | | | | 1,550,000 | | | | | | 5.24% | | |
FMR LLC(6) 245 Summer Street Boston, MA 02210 | | | | | 1,525,494 | | | | | | 5.16% | | |
Ariel Investments, LLC(7) 200 E. Randolph Street Suite 2900 Chicago, IL 60601 | | | | | 1,479,113 | | | | | | 5.00% | | |
| | 2017 | | 2016 | | | 2018 | | 2017 | | ||||||||||||||||
Audit Fees(1) | | | $ | 3,513,580 | | | | $ | 4,007,540 | | | | | $ | 4,906,795 | | | | $ | 3,513,580 | | | ||||
Audit-Related Fees(2) | | | | 143,750 | | | | | 256,988 | | | | | | 113,600 | | | | | 143,750 | | | ||||
Tax Fees(3) | | | | 244,785 | | | | | 710,935 | | | | | | 1,332,576 | | | | | 244,785 | | | ||||
Total | | | $ | 3,902,115 | | | | $ | 4,975,463 | | | | | $ | 6,352,971 | | | | $ | 3,902,115 | | | |
Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | | | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | | | Number of Securities Remaining Available for Future Issuance Under the Equity Compensation Plans (Excluding Shares in First Column)(1) | | |||||||||
Equity compensation plans approved by security holders | | | | | — | | | | | | — | | | | | | | | |
Equity compensation plans not approved by security holders | | | | | None | | | | | | N/A | | | | | | None | | |
(Amounts in millions, except per share information) | | Dec. 31, 2017 | | Dec. 31, 2016 | | | Dec. 31, 2018 | | Dec. 31, 2017 | | ||||||||||||||||
Cowen Inc. stockholders’ equity | | | $ | 748.0 | | | | $ | 772.7 | | | | | $ | 794.4 | | | | $ | 748.0 | | | ||||
Common equity (CE) | | | $ | 646.7 | | | | $ | 671.3 | | | | | $ | 693.1 | | | | $ | 646.7 | | | ||||
Tangible common equity (TCE) | | | $ | 556.1 | | | | $ | 584.9 | | | |||||||||||||||
Book value per share (CE/CSO) | | | $ | 21.82 | | | | $ | 25.11 | | | | | $ | 24.37 | | | | $ | 21.82 | | | ||||
Tangible book value per share (TCE/CSO) | | | $ | 18.77 | | | | $ | 21.88 | | | |||||||||||||||
Common shares outstanding (CSO) | | | | 29.6 | | | | | 26.7 | | | | | | 28.4 | | | | | 29.6 | | | ||||
Reconciliation of GAAP Cowen Inc. stockholders’ equity to tangible common equity: | | | ||||||||||||||||||||||||
Summary Stockholders’ Equity Information | Summary Stockholders’ Equity Information | | ||||||||||||||||||||||||
Cowen Inc. stockholders’ equity | | | $ | 748.0 | | | | $ | 772.7 | | | | | $ | 794.4 | | | | $ | 748.0 | | | ||||
Less: | | | | | | | | | | | | | | |||||||||||||
Preferred stock | | | | 101.3 | | | | | 101.3 | | | | | | 101.3 | | | | | 101.3 | | | ||||
Common equity (CE) | | | $ | 646.7 | | | | $ | 671.3 | | | | | $ | 693.1 | | | | $ | 646.7 | | | ||||
Less: | | | | | | | | | | | | |||||||||||||||
Goodwill & intangibles | | | | 90.6 | | | | | 86.4 | | | |||||||||||||||
Tangible common equity (TCE) | | | $ | 556.1 | | | | $ | 584.9 | | | |||||||||||||||
| |