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Notice of 2024 Annual Meeting and Proxy Statement | |||||
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| | We are pleased to provide access to our proxy materials via the internet. Our Notice of 2024 Annual Meeting, Proxy Statement and Annual Report for the fiscal year ended December 31, 2023, are available at www.proxyvote.com We began making our proxy materials available on or about April 9, 2024. If you receive a Notice of Internet Availability of Proxy Materials by mail, you will not receive a paper copy of our Notice of 2024 Annual Meeting, Proxy Statement and Annual Report unless you specifically request a copy. You may request a copy by following the instructions on the Notice of Internet Availability of Proxy Materials. | | |
Items of Business: | | |||
1. | | | Election of three director nominees to our Board of Directors; | |
2. | | | Ratification of the appointment of Ernst & Young LLP as our independent auditor for the fiscal year ending December 31, 2024; | |
3. | | | Approval, on an advisory basis, of the compensation of our named executive officers; and | |
4. | | | Transaction of any other business properly brought before the 2024 Annual Meeting. | |
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| Director Nominees for Election at the 2024 Annual Meeting (Class III) | | | | | 3 | | |
| Incumbent Directors | | | | | 5 | | |
| Corporate Governance | | | | | 8 | | |
| Board Committees and Membership | | | | | 10 | | |
| Risk Oversight | | | | | 17 | | |
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| Audit Committee Report | | | | | 24 | | |
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| Compensation Discussion and Analysis | | | | | 28 | | |
| Compensation Committee Report | | | | | 49 | | |
| 2023 Summary Compensation Table | | | | | 50 | | |
| 2023 Grants of Plan-Based Awards | | | | | 52 | | |
| Outstanding Equity Awards at 2023 Fiscal Year-End | | | | | 54 | | |
| 2023 Option Exercises and Stock Vested | | | | | 56 | | |
| Potential Payments Upon Termination or Change in Control | | | | | 57 | | |
| CEO Pay Ratio | | | | | 61 | | |
| Pay Versus Performance Disclosure | | | | | 62 | | |
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| PROXY STATEMENT | | | |
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1 | | | |
| | | 2 | | | | |
| | | 3 | | | | |
| | | | The Board of Directors recommends that stockholders vote FOR the election of each Class III director nominee to our Board of Directors. | | |
| | | 4 | | | | |
| | | 5 | | | | |
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| | | 8 | | | | |
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10 | | | | |
| Director | | | | Audit | | | | Compensation | | | | Governance | |
| Colin Farmer | | | | | | | | Chair | | | | X | |
| Jennifer Feikin | | | | X | | | | | | | | X | |
| Mark Fields | | | | | | | | | | | | | |
| Vincent J. Intrieri | | | | Chair | | | | | | | | | |
| M. Gregory O’Hara | | | | | | | | | | | | | |
| Andrew Shannahan | | | | | | | | X | | | | Chair | |
| Evangeline Vougessis | | | | X | | | | | | | | X | |
| Thomas Wagner | | | | | | | | | | | | | |
| Wayne “Gil” West | | | | | | | | | | | | | |
| Audit Committee | |
| | | 11 | | | | |
| | | 12 | | | | |
| Compensation Committee | |
| | | 13 | | | | |
| | | 14 | | | | |
| Governance Committee | |
| | | 15 | | | | |
| | Board Diversity Matrix | | | ||||||||||||||||
| | Total Number of Directors | | | | 9 | | | ||||||||||||
| | | | | | Female | | | | Male | | | | Non-Binary | | | | Did Not Disclose Gender | | |
| | Part I: Gender Identity | | | ||||||||||||||||
| | Directors | | | | 2 | | | | 7 | | | | 0 | | | | 0 | | |
| | Part II: Demographic Background | | | ||||||||||||||||
| | African American or Black | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | |
| | Alaskan Native or Native American | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | |
| | Asian | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | |
| | Hispanic or Latinx | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | |
| | Native Hawaiian or Pacific Islander | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | |
| | White | | | | 2 | | | | 7 | | | | 0 | | | | 0 | | |
| | Two or More Races or Ethnicities | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | |
| | LGBTQ+ | | | | 0 | | | ||||||||||||
| | Did Not Disclose Demographic | | | | 0 | | |
| | | 16 | | | | |
| | | 17 | | | | |
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18 | | | | |
| | Audit Committee Chair | | | | $50,000 | | |
| | Compensation Committee Chair | | | | $25,000 | | |
| | Governance Committee Chair | | | | $15,000 | | |
| | | 19 | | | | |
| | | 20 | | | | |
| Name | | | | Fees Earned or Paid in Cash(1) ($) | | | | Stock Awards(2)(3) ($) | | | | All Other Compensation(4) ($) | | | | Total ($) | |
| Fran Bermanzohn(5) | | | | 95,556 | | | | 227,899 | | | | — | | | | 323,455 | |
| Colin Farmer | | | | 1 | | | | — | | | | 7,883 | | | | 7,884 | |
| Jennifer Feikin | | | | 100,000 | | | | 174,994 | | | | 1,885 | | | | 276,879 | |
| Mark Fields | | | | 100,000 | | | | 174,994 | | | | 6,526 | | | | 281,520 | |
| Vincent J. Intrieri | | | | 150,000 | | | | 174,994 | | | | 3,456 | | | | 328,450 | |
| Jeffrey Nedelman(5) | | | | 1 | | | | — | | | | 4,417 | | | | 4,418 | |
| M. Gregory O’Hara | | | | 1 | | | | — | | | | 27,657 | | | | 27,658 | |
| Andrew Shannahan | | | | 1 | | | | — | | | | 272 | | | | 273 | |
| Evangeline Vougessis | | | | 100,000 | | | | 174,994 | | | | 4,711 | | | | 279,705 | |
| Thomas Wagner | | | | 1 | | | | — | | | | 3,689 | | | | 3,690 | |
| | | 21 | | | | |
| Name | | | | Unvested RSUs Outstanding (#) | | | | Vested Deferred Awards (#) | |
| Fran Bermanzohn | | | | 10,703 | | | | — | |
| Colin Farmer | | | | — | | | | — | |
| Jennifer Feikin | | | | 10,703 | | | | 27,918 | |
| Mark Fields | | | | 10,703 | | | | 10,031 | |
| Vincent J. Intrieri | | | | 10,703 | | | | 18,684 | |
| Jeffrey Nedelman | | | | — | | | | — | |
| M. Gregory O’Hara | | | | — | | | | — | |
| Andrew Shannahan | | | | — | | | | — | |
| Evangeline Vougessis | | | | 10,703 | | | | 31,050 | |
| Thomas Wagner | | | | — | | | | — | |
| | | 22 | | | | |
2017 Non-Employee Director Compensation Table | ||||||
Name | Fees Earned or Paid in Cash(1) ($) | Stock Awards(2) ($) | Total ($) | |||
David Barnes | 151,637 | 125,000 | 276,637 | |||
SungHwan Cho | 51,374 | 125,000 | 176,374 | |||
Carolyn Everson(3)(4) | 135,971 | 125,000 | 260,971 | |||
Vincent Intrieri(3)(4) | 136,943 | 125,000 | 261,943 | |||
Henry Keizer | 393,472 | 125,000 | 518,472 | |||
Linda Fayne Levinson(5) | 42,797 | — | 42,797 | |||
Samuel Merksamer(5) | 55,000 | — | 55,000 | |||
Daniel Ninivaggi | 136,637 | 125,000 | 261,637 |
| Audit and Other Fees (in millions) | | | | 2023 | | | | 2022 | |
| Audit Fees(1) | | | | $12 | | | | $10 | |
| Audit-Related Fees(2) | | | | $2 | | | | $1 | |
| Tax Fees | | | | — | | | | — | |
| All Other Fees | | | | — | | | | — | |
| Total | | | | $14 | | | | $11 | |
Audit and Other Fees (in millions) | 2017 | 2016 | ||||
Audit fees(1) | $ | 14 | $ | 14 | ||
Audit-related fees(2) | 2 | 1 | ||||
Tax fees(3) | 1 | 1 | ||||
Total | $ | 17 | $ | 16 |
| | | 23 | | | | |
| | | | The Board of Directors recommends that stockholders vote FOR the ratification of the appointment of Ernst & Young LLP as our independent auditor for the fiscal year ending December 31, 2024. | | |
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26 | | | | |
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| The Board of Directors recommends that stockholders vote | | |
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27 | | | | |
| Name | | | | Title | |
| Stephen Scherr | | | | Former Chief Executive Officer (CEO)(1) | |
| Alexandra Brooks | | | | Executive Vice President and Chief Financial Officer (“CFO”)(2) | |
| Colleen Batcheler | | | | Executive Vice President, General Counsel and Secretary | |
| Justin Keppy | | | | Executive Vice President and Chief Operating Officer(2) | |
| Eric Leef | | | | Executive Vice President and Chief Human Resources Officer | |
| Kenny Cheung | | | | Former CFO(3) | |
| Paul Stone | | | | Former President and Chief Operating Officer(3) | |
| | | 28 | | | | |
| | Element | | | | Description | | | | Objective | | | | Factors Influencing Amount | | | ||||
| | Base Salary | | | | Fixed compensation delivered in cash; reviewed annually and adjusted if appropriate | | | | Provides base amount of market competitive pay | | | | Experience, market data, individual role and responsibilities, retention considerations and individual performance | | | ||||
| | Annual Incentive Award | | | | Variable cash compensation based on company, business unit and/or individual performance | | | | Motivates and rewards achievement of key strategic initiatives and financial results, and encourages individual performance | | | | Intended target value is set based on market data, individual role and responsibilities; payout based on company and individual performance | | | ||||
| | Long-Term Incentive Awards | | | | Performance Stock Units (PSUs) | | | | Variable compensation with payout in shares of common stock based on company performance and continued employment | | | | Aligns NEO interests with those of stockholders by linking payouts to performance against financial metrics that are of importance to investors; promotes retention | | | | Intended target value is set based on market data, individual role and responsibilities; payout based on company performance and time worked | | |
| Restricted Stock Units (RSUs) | | | | Variable compensation with payout in shares of common stock based on continued employment | | | | Aligns interests of executives with long-term stockholder value creation and promotes retention | | |
| | | 29 | | | | |
| What We Do | |
| We evaluate risk in light of our overall compensation program We use metrics in our incentive compensation plans that are aligned to the metrics management uses to assess the business day-to-day We cap payouts in our incentive programs We use double-trigger vesting provisions in change of control scenarios We believe a substantial portion of our NEOs’ compensation should be subject to satisfaction of performance objectives We use a variety of equity award structures to incent both performance and retention We have a robust stock ownership policy for executives and the Board We maintain a robust compensation recovery policy beyond that which is required by law We use an independent compensation consultant We utilize a representative and relevant peer group | |
| What We Don’t Do | |
| We don’t use financial or operational metrics that promote undue risk We don’t provide preferential payments or above market returns in deferred compensation plans We don’t provide excessive perquisites to our senior management We don’t allow our NEOs or directors to hedge or pledge our stock We don’t re-price underwater options without stockholder approval We don’t provide for automatic salary increases or guaranteed annual incentives to NEOs We don’t use excise tax gross ups We don’t award dividends or dividend equivalents on unvested equity awards | |
| | | 30 | | | | |
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31 | | | | |
| Name | | | | Annualized Base Salary | | | | Target Annual Incentive | | | | Target Long-Term Incentive | | | | Target Pay | |
| Stephen Scherr | | | | $1,500,000 | | | | $2,400,000 | | | | See Discussion of CEO Sign-On Compensation(1) | | ||||
| Alexandra Brooks(2) | | | | $600,000 | | | | $480,000 | | | | $1,000,000 | | | | $2,080,000 | |
| Colleen Batcheler | | | | $600,000 | | | | $600,000 | | | | $1,800,000 | | | | $3,000,000 | |
| Justin Keppy(3) | | | | $1,250,000 | | | | $1,250,000 | | | | $2,500,000 | | | | $5,000,000 | |
| Eric Leef | | | | $500,000 | | | | $400,000 | | | | $850,000 | | | | $1,750,000 | |
| Others Required to Be Discussed | | ||||||||||||||||
| Kenny Cheung(4) | | | | $700,000 | | | | $700,000 | | | | $1,600,000 | | | | $3,000,000 | |
| Paul Stone(4) | | | | $1,000,000 | | | | $1,400,000 | | | | $2,500,000 | | | | $4,900,000 | |
| | | 32 | | | | |
| | | 33 | | | | |
| Name | | | | 2023 Base Salary Rate | | | | 2022 Base Salary Rate | |
| Stephen Scherr | | | | $1,500,000 | | | | $1,500,000 | |
| Alexandra Brooks | | | | $600,000 | | | | $450,000 | |
| Colleen Batcheler | | | | $600,000 | | | | $600,000 | |
| Justin Keppy | | | | $1,250,000 | | | | N/A | |
| Eric Leef | | | | $500,000 | | | | $500,000 | |
| Others Required to Be Discussed | | ||||||||
| Kenny Cheung | | | | $700,000 | | | | $600,000 | |
| Paul Stone | | | | $1,000,000 | | | | $1,000,000 | |
Name | 2016 Base Salary ($) | 2017 Base Salary ($) |
Ms. Marinello | N/A | 1,450,000 |
Mr. Kennedy | 775,000 | 775,000 |
Mr. Best | 600,000 | 600,000 |
Mr. Taride(1) | 537,636 | 517,556 |
Mr. Frecker | 455,000 | 455,000 |
Mr. Tague | 1,450,000 | 1,450,000 |
Mr. Foland | 850,000 | 850,000 |
Ms. Marren | 600,000 | 600,000 |
| | | 34 | | | | |
| 2023 EICP for Continuing NEOs(1) | | ||||||||||||||||||||||||||||
| | | | | Adjusted Corporate EBITDA (in millions) | | | | Adjusted Corporate EBITDA Payout (% of Target) | | | | RPU | | | | RPU Payout (% of Target) | | | | NPS | | | | NPS Payout (% of Target) | | | | Board Discretion (% of Target) | |
| Threshold | | | | $1,367.71 | | | | 80% | | | | $1,502.50 | | | | 25% | | | | 39 | | | | 25% | | | | 0% | |
| Target | | | | $1,709.63 | | | | 100% | | | | $1,581.57 | | | | 100% | | | | 42 | | | | 100% | | | | 100% | |
| Maximum | | | | $2,051.56 | | | | 250% | | | | $1,660.65 | | | | 200% | | | | 47 | | | | 200% | | | | 200% | |
| EICP Results | | | | $560.53 | | | | 0% | | | | $1,479.03 | | | | 0% | | | | 34 | | | | 0% | | | | 200% | |
| Adjusted Corporate EBITDA | | | | RPU | | | | NPS | | | | Board Discretion | |
| 0% of Target x Weighting of 40% = No Funding | | | | 0% of Target x Weighting of 15% = No Funding | | | | 0% of Target x Weighting of 20% = No Funding | | | | 200% of Target x Weighting of 25% = 50 Points of Funding | |
| | | 35 | | | | |
| Name | | | | Column (A) | | | | Column (B) | | | | Column (C) | |
| 2023 Target EICP Opportunity as a % of Salary | | | | 2023 Target Award (Column A x Base Salary Received) | | | | 2023 Actual Award (Column B x 50%)(1) | | ||||
| Stephen Scherr | | | | 160% | | | | $2,400,000 | | | | $1,200,000 | |
| Alexandra Brooks | | | | 80% | | | | $412,603 | | | | $206,301 | |
| Colleen Batcheler | | | | 100% | | | | $600,000 | | | | $300,000 | |
| Justin Keppy | | | | 100% | | | | $160,959 | | | | $80,479 | |
| Eric Leef | | | | 80% | | | | $400,000 | | | | $200,000 | |
| | | | | | | | | | | | | | |
Name | 2017 Base Salary ($) | Target Award as a % of Salary (%) | 2017 Target Award ($) | 2017 Payout ($) |
Ms. Marinello | 1,450,000 | 150 | 2,175,000 | 1,305,000(1) |
Mr. Kennedy | 775,000 | 135 | 1,046,250 | — |
Mr. Best | 600,000 | 100 | 600,000 | — |
Mr. Taride(2) | 517,556 | 120 | 621,067 | 250,000(3) |
Mr. Frecker | 455,000 | 60 | 273,000 | 125,000(3) |
Mr. Tague | 1,450,000 | 150 | 2,175,000 | — |
Mr. Foland | 850,000 | 135 | 1,147,500 | — |
Ms. Marren | 600,000 | 100 | 600,000 | — |
2017 EICP Adjusted Corporate EBITDA Payout Criteria | ||
Performance | 2017 Adjusted Corporate EBITDA ($) | Payout Percentage (%) |
Threshold | 530 | 50 |
Target | 625 | 100 |
Maximum | 750 | 160 |
Actual Results | 267 | 0 |
| | | 36 | | | | |
| Name | | | | 2023 Total Target Award Values | |
| Stephen Scherr | | | | See Discussion of CEO Sign-On Compensation | |
| Alexandra Brooks(1) | | | | $1,000,000 | |
| Colleen Batcheler | | | | $1,800,000 | |
| Justin Keppy(2) | | | | — | |
| Eric Leef | | | | $850,000 | |
| Others Required to Be Discussed(3) | | ||||
| Kenny Cheung | | | | $1,600,000 | |
| Paul Stone | | | | $2,500,000 | |
| | | 37 | | | | |
| Name | | | | 2023 PSUs Granted (#) | | | | 2023 RSUs Granted (#) | |
| Stephen Scherr | | | | N/A | | | | N/A | |
| Alexandra Brooks(1) | | | | 27,233 | | | | 18,155 | |
| Colleen Batcheler | | | | 57,539 | | | | 38,359 | |
| Justin Keppy(2) | | | | — | | | | — | |
| Eric Leef | | | | 27,171 | | | | 18,114 | |
| Others Required to Be Discussed(3) | | ||||||||
| Kenny Cheung | | | | 51,145 | | | | 34,097 | |
| Paul Stone | | | | 79,915 | | | | 53,277 | |
| | | 38 | | | | |
2017 Performance Shares Performance Criteria | ||
2017 Adjusted Corporate EBITDA | Earned Percentage | |
Threshold | $530 | 12.5% |
Target | $625 | 25% |
Actual Results | $267 | 0% |
| 2023 Tranche of 2022 – 2024 PSUs | | ||||||||
| Performance | | | | Adjusted Corporate EBITDA (millions) | | | | Percentage Earned | |
| Threshold | | | | $1,367.71 | | | | 80% | |
| Target | | | | $1,709.63 | | | | 100% | |
| Maximum | | | | $1,966.08 | | | | 200% | |
| 2023 Results | | | | $560.53 | | | | 0% | |
| | | 39 | | | | |
| 2023 Tranche of 2023 – 2025 PSUs | | ||||||||
| Performance | | | | Adjusted Corporate EBITDA (millions) | | | | Percentage Earned | |
| Threshold | | | | $1,367.71 | | | | 80% | |
| Target | | | | $1,709.63 | | | | 100% | |
| Maximum | | | | $1,966.08 | | | | 200% | |
| 2023 Results | | | | $560.53 | | | | 0% | |
| CEO Sign-On Equity Awards That Vested During 2023 | | ||||||||||||
| Type of Equity | | | | Shares Underlying Awards Granted (#) | | | | Number Vested as of December 31, 2023 (#) | | | | Value Vested as of December 31, 2023(1) | |
| Time-based RSUs | | | | 2,802,590 | | | | 560,518 | | | | $5,823,782 | |
| Performance-Based RSUs – Stock Price | | | | 6,539,378 | | | | 560,518 | | | | $5,823,782 | |
| Performance-Based RSUs – Stock Price and Transaction | | | | 3,113,989 | | | | None | | | | None | |
Name | 2017 Maximum Performance Shares Granted | 2017 Target Performance Shares Granted | 2017 Performance Shares Earned |
Ms. Marinello | 104,946 | 69,964 | 0 |
Mr. Kennedy | 81,117 | 54,078 | 0 |
Mr. Best | 64,895 | 43,263 | 0 |
Mr. Taride | 64,895 | 43,263 | 0 |
Mr. Frecker | 24,336 | 16,224 | 0 |
Name | 2017 Restricted Shares Granted | 2017 Restricted Shares Earned |
Ms. Marinello | 23,321 | 23,321 |
Mr. Kennedy | 18,026 | 18,026 |
Mr. Best | 14,421 | 14,421 |
Mr. Taride | 14,421 | 14,421 |
Mr. Frecker | 5,408 | 5,408 |
| ||||
| |
2016 PSU Performance Elements | |||
Adjusted Corporate EBITDA | Relative EBITDA Margin | Customer Satisfaction | |
Threshold(1) | $1,828 | –50 bp | +1.00 |
Target(2) | $2,151 | +100 bp | +1.50 |
Actual Results | $820 | -433 | >+1.50 |
Payout Factor | 0% | 0% | 100% |
2016 PSUs | |||||||
Name | Target Adjusted Corporate EBITDA PSUs Remain Subject to Vesting | Target Relative EBITDA Margin PSUs Remain Subject to Vesting | Target Customer Satisfaction PSUs Remain Subject to Vesting | Adjusted Corporate EBITDA and Relative EBITDA Margin PSUs Earned | Customer Satisfaction PSUs Earned | Total PSUs at Target | PSUs Earned as a % of Target |
Mr. Kennedy | 13,163 | 13,162 | 6,581 | — | 3,291 | 32,906 | 10% |
Mr. Best | 9,605 | 9,605 | 4,802 | — | 2,401 | 24,012 | 10% |
Mr. Taride | 9,148 | 9,147 | 6,098 | — | 3,049 | 24,393 | 12.5% |
Mr. Frecker | 1,086 | 1,086 | 724 | — | 362 | 2,896 | 12.5% |
2015 PSUs | |||||||
Name | Target Adjusted Corporate EBITDA PSUs | Target Relative EBITDA Margin PSUs | Target Customer Satisfaction PSUs | Adjusted Corporate EBITDA and Relative EBITDA Margin PSUs Earned | Customer Satisfaction PSUs Earned | Total PSUs at Target | PSUs Earned and Vested as a % of Target |
Mr. Kennedy | 6,254 | 6,253 | 3,127 | — | 3,127 | 15,634 | 20% |
Mr. Best | 4,927 | 4,927 | 2,464 | — | 2,464 | 12,318 | 20% |
Mr. Taride | 2,394 | 2,394 | 1,596 | — | 1,596 | 6,384 | 25% |
Mr. Frecker | 449 | 449 | 299 | — | 299 | 1,197 | 25% |
| | | 41 | | | | |
| | | 42 | | | | |
| Performance-Based RSUs – Stock Price (#) | | | | Required 90-Day VWAP | |
| 1,401,295 | | | | $15.00 | |
| 1,401,295 | | | | $20.00 | |
| 1,401,295 | | | | $25.00 | |
| 1,401,296 | | | | $30.00 | |
| 934,197 | | | | $35.00 | |
| Portion of Award | | | | Required Stock Price | |
| 50% | | | | $35.00 | |
| 100% | | | | $40.00 | |
| | | 43 | | | | |
| Time-Based RSUs | | | | Vesting through December 31st of the year in which the termination occurred | |
| Performance-Based RSUs – Stock Price | | | | Vesting through December 31st of the year in which the termination occurred, to the extent that a required 90-day VWAP had been achieved prior to the date of his separation | |
| Performance-Based RSUs – Stock Price and Transaction | | | | Accelerated vesting of any fully earned portion of the award with payment at termination rather than 12 months after the change in control | |
| | | 44 | | | | |
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| | | 46 | | | | |
| Position | | | | ||
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| | | 5x | | ||
| | | 3x | |
| | | 47 | | | | |
| | | 48 | | | | |
| | |||||||
Alaska Air Group, Inc. | | | Lithia Motors, Inc. | | | |||
| | AutoNation, Inc. | ||||||
| Norwegian Cruise Line Holdings Ltd. | | | |||||
| Avis Budget Group, Inc. | | | | Penske Automotive Group, Inc. | |||
| CarMax, Inc. | | | | Royal Caribbean Cruises Ltd. | | | |
| Carvana Co. | | | | Ryder Systems, Inc. | | ||
| Element Fleet Management Corp. | | | | Sonic Automotive, Inc. | | | |
| | Group 1 Automotive, Inc. | | | | Southwest Airlines Co. | | |
| | Hilton Worldwide Holdings, Inc. | | | United Rentals, Inc. | | | |
| | JetBlue Airways | ||||||
| | Travel + Leisure Co. | | |
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49 | | | | |
| | Name and Principal Position | | | | Year | | | | Salary(1) ($) | | | | Bonus(2) ($) | | | | Stock Awards(3) ($) | | | | Option Awards ($) | | | | Non-Equity Incentive Plan Compen- sation(4) ($) | | | | All Other Compen- sation(5) ($) | | | | Total ($) | | |
| | Stephen Scherr Former Chair and CEO | | | | 2023 | | | | 1,500,000 | | | | — | | | | — | | | | — | | | | 1,200,000 | | | | 200,417 | | | | 2,900,417 | | |
| 2022 | | | | 1,269,231 | | | | — | | | | 178,319,484 | | | | — | | | | 2,119,562 | | | | 427,860 | | | | 182,136,137(6) | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | Alexandra Brooks EVP and Chief Financial Officer | | | | 2023 | | | | 515,769 | | | | — | | | | 505,485 | | | | — | | | | 206,301 | | | | 43,662 | | | | 1,271,218 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | Colleen Batcheler EVP, General Counsel and Secretary | | | | 2023 | | | | 600,000 | | | | — | | | | 1,416,096 | | | | — | | | | 300,000 | | | | 20,379 | | | | 2,336,475 | | |
| 2022 | | | | 371,539 | | | | 1,075,000 | | | | 4,528,717 | | | | — | | | | 390,082 | | | | 187,196 | | | | 6,552,534 | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | Justin Keppy EVP and Chief Operating Officer | | | | 2023 | | | | 158,654 | | | | 750,000 | | | | 15,000,003 | | | | — | | | | 80,479 | | | | 172,512 | | | | 16,161,648 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | Eric Leef EVP and Chief Human Resources Officer | | | | 2023 | | | | 500,000 | | | | — | | | | 635,764 | | | | — | | | | 200,000 | | | | 44,482 | | | | 1,382,793 | | |
| 2022 | | | | 492,500 | | | | — | | | | 510,013 | | | | — | | | | 315,000 | | | | 26,394 | | | | 1,343,907 | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | Others | | | ||||||||||||||||||||||||||||||||
| | Kenny Cheung Former EVP and Chief Financial Officer | | | | 2023 | | | | 201,923 | | | | — | | | | 1,181,933 | | | | — | | | | — | | | | 15,408 | | | | 1,403,760 | | |
| 2022 | | | | 600,000 | | | | — | | | | 900,001 | | | | — | | | | 504,000 | | | | 24,606 | | | | 2,028,607 | | | |||||
| 2021 | | | | 600,000 | | | | 660,000 | | | | 1,570,200 | | | | 3,081,600 | | | | 846,891 | | | | 27,537 | | | | 6,786,228 | | | |||||
| | Paul Stone Former President and Chief Operating Officer | | | | 2023 | | | | 846,154 | | | | — | | | | 1,869,902 | | | | — | | | | — | | | | 49,104 | | | | 2,772,653 | | |
| 2022 | | | | 1,000,000 | | | | 2,031,638 | | | | 1,499,995 | | | | — | | | | 1,470,000 | | | | 37,198 | | | | 6,038,831 | | | |||||
| 2021 | | | | 1,000,000 | | | | 1,400,000 | | | | 2,617,000 | | | | 5,136,000 | | | | 2,470,099 | | | | 30,070 | | | | 12,653,169 | | |
Name and Principal Position | Year | Salary ($) | Bonus(1) ($) | Stock Awards(2) ($) | Option Awards(2) ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(3) ($) | All Other Compensation(4) ($) | Total ($) |
Katheryn Marinello President and CEO | 2017 | 1,416,539 | 1,305,000 | 2,069,994 | 3,105,001 | — | — | 116,265 | 8,012,799 |
Thomas Kennedy Senior Executive Vice President and Chief Financial Officer | 2017 | 775,000 | — | 1,599,988 | 400,001 | — | — | 19,379 | 2,794,368 |
2016 | 754,808 | — | 1,637,934 | 555,000 | — | — | 18,114 | 2,965,856 | |
2015 | 697,539 | 945,000 | 1,959,112 | 2,000,001 | — | — | 16,505 | 5,618,157 | |
Tyler Best Executive Vice President and Chief Information Officer | 2017 | 600,000 | — | 1,280,008 | 319,999 | — | — | 50,541 | 2,250,548 |
2016 | 600,000 | — | 1,215,193 | 404,999 | — | — | 82,529 | 2,302,721 | |
2015 | 553,846 | 2,780,000 | 1,543,625 | 1,600,002 | — | — | 78,648 | 6,556,121 | |
Michael Taride(5) Group President, Rent A Car International | 2017 | 517,556 | 250,000 | 1,280,008 | 319,999 | — | 93,160 | 112,467 | 2,573,190 |
2016 | 533,341 | — | 1,740,023 | — | — | 693,550 | 92,263 | 3,059,177 | |
2015 | 591,710 | — | 800,007 | 800,007 | 319,819 | — | 104,764 | 2,616,307 | |
Richard Frecker Executive Vice President, General Counsel and Secretary | 2017 | 455,000 | 125,000 | 480,014 | 120,003 | — | 5,200 | 34,333 | 1,219,550 |
John Tague(6) Former President and CEO | 2017 | 33,462 | — | — | — | — | — | 3,786,620 | 3,820,082 |
2016 | 1,450,000 | — | 2,099,996 | 1,256,278 | — | — | 271,077 | 5,077,351 | |
2015 | 1,450,000 | 1,305,000 | 7,294,000 | 3,160,500 | — | — | 134,915 | 13,344,415 | |
Jeffrey Foland(6) Former Senior Executive Vice President and Chief Revenue Officer | 2017 | 153,654 | — | — | — | — | — | 2,176,840 | 2,330,494 |
2016 | 850,000 | — | 1,728,481 | 555,000 | — | — | 32,221 | 3,165,702 | |
2015 | 800,962 | 2,647,500 | 9,906,040 | 2,500,004 | — | — | 171,768 | 16,026,274 | |
Alexandria Marren(7) Former Executive Vice President, North American Rental Car Operations | 2017 | 512,308 | — | 799,994 | 199,996 | — | — | 956,820 | 2,469,118 |
| |||||||
50 | | | | |
Name | Personal Use of Aircraft(a) | Personal Use of Car(b) | Travel(c) | Financial Assistance and Legal Fees(d) | Perquisites Subtotal | Life Insurance Premiums | Company Match on Plans(e) | Relocation(f) | Severance and Other(g) | Total Perquisites and Other Compensation |
Ms. Marinello | 29,685 | 14,994 | 25,000 | 35,250 | 104,929 | 1,336 | — | 10,000 | — | 116,265 |
Mr. Kennedy | — | 18,258 | — | — | 18,258 | 1,121 | — | — | — | 19,379 |
Mr. Best | — | 19,604 | 12,869 | 4,000 | 36,473 | 868 | 13,200 | — | — | 50,541 |
Mr. Taride | — | 4,248 | — | 15,035 | 19,283 | 4,899 | — | — | 88,285(5) | 24,182 |
Mr. Frecker | — | 15,250 | — | — | 15,250 | 483 | 18,600 | — | — | 34,333 |
Mr. Tague | — | 4,807 | — | — | 4,807 | 2 | 1,338 | — | 3,780,473 | 3,786,620 |
Mr. Foland | — | 3,952 | — | — | 3,952 | 139 | 6,146 | — | 2,166,603 | 2,176,840 |
Ms. Marren | — | 10,750 | — | 4,000 | 14,750 | 1,139 | 7,269 | — | 933,662 | 956,820 |
| | Name | | | | Perquisites and Personal Benefits(a) | | | | Tax Gross Ups ($) | | | | Company Contributions to Qualified 401(k) Plan(b) ($) | | | ||||||||||||||||||||||||
| Personal Use of Aircraft ($) | | | | Personal Use of Vehicle ($) | | | | Financial Planning Assistance ($) | | | | Reimburse- ment of Legal Fees ($) | | | | Relocation Related Benefits ($) | | | | Executive Physical ($) | | | | Life Insurance Premiums ($) | | | |||||||||||||
| | Mr. Scherr | | | | 167,016 | | | | 17,587 | | | | 13,888 | | | | — | | | | — | | | | — | | | | 1,926 | | | | — | | | | — | | |
| | Ms. Brooks | | | | — | | | | 17,925 | | | | 11,767 | | | | — | | | | — | | | | — | | | | 770 | | | | — | | | | 13,200 | | |
| | Ms. Batcheler | | | | — | | | | 6,408 | | | | — | | | | — | | | | — | | | | — | | | | 770 | | | | — | | | | 13,200 | | |
| | Mr. Keppy | | | | — | | | | — | | | | — | | | | 7,364 | | | | 100,000 | | | | — | | | | 268 | | | | 64,880 | | | | — | | |
| | Mr. Leef | | | | — | | | | 19,782 | | | | 10,858 | | | | — | | | | — | | | | — | | | | 642 | | | | — | | | | 13,200 | | |
| | Others | | | ||||||||||||||||||||||||||||||||||||
| | Mr. Cheung | | | | — | | | | 1,951 | | | | — | | | | — | | | | — | | | | — | | | | 257 | | | | — | | | | 13,200 | | |
| | Mr. Stone | | | | — | | | | 23,076 | | | | 9,545 | | | | — | | | | — | | | | 2,227 | | | | 1,056 | | | | — | | | | 13,200 | | |
| |||||||
51 | | | | |
| | Name | | | | Type of Award | | | | Grant Date | | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | | All Other Stock Awards: Number of Shares of Stock or Units(3) (#) | | | | Grant Date Fair Value of Stock and Option Awards(4) ($) | | | ||||||||||||||||
| Threshold ($) | | | | Target ($) | | | | Maximum ($) | | | | Threshold (#) | | | | Target (#) | | | | Maximum (#) | | | |||||||||||||||||||||
| | Stephen Scherr | | | ||||||||||||||||||||||||||||||||||||||||
| | Annual Cash Incentive | | | | | | | | 90,000 | | | | 2,400,000 | | | | 5,280,000 | | | | — | | | | — | | | | — | | | | — | | | | — | | | ||||
| | Alexandra Brooks | | | ||||||||||||||||||||||||||||||||||||||||
| | Annual Cash Incentive | | | | | | | | 15,473 | | | | 412,603 | | | | 907,726 | | | | — | | | | — | | | | — | | | | — | | | | — | | | ||||
| | 2023 Tranche of 2022 PSUs | | | | 3/31/2023 | | | | — | | | | — | | | | — | | | | 3,633 | | | | 4,541 | | | | 9,083 | | | | — | | | | 73,978 | | | ||||
| | 2023 Tranche of 2023 PSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | 4,262 | | | | 5,328 | | | | 10,655 | | | | — | | | | 100,000 | | | ||||
| | 2023 Tranche of 2023 PSUs | | | | 10/2/23 | | | | — | | | | — | | | | — | | | | 3,000 | | | | 3,750 | | | | 7,500 | | | | — | | | | 43,838 | | | ||||
| | RSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 10,655 | | | | 199,994 | | | ||||
| | RSUs | | | | 10/2/23 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 7,500 | | | | 87,675 | | | ||||
| | Colleen Batcheler | | | ||||||||||||||||||||||||||||||||||||||||
| | Annual Cash Incentive | | | | | | | | 22,500 | | | | 600,000 | | | | 1,320,000 | | | | — | | | | — | | | | — | | | | — | | | | — | | | ||||
| | 2023 Tranche of 2022 PSUs | | | | 3/31/2023 | | | | — | | | | — | | | | — | | | | 16,506 | | | | 20,632 | | | | 41,264 | | | | — | | | | 336,095 | | | ||||
| | 2023 Tranche of 2023 PSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | 15,344 | | | | 19,180 | | | | 38,359 | | | | — | | | | 360,002 | | | ||||
| | RSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 38,359 | | | | 719,998 | | | ||||
| | Justin Keppy | | | ||||||||||||||||||||||||||||||||||||||||
| | Annual Cash Incentive | | | | | | | | 6,036 | | | | 160,959 | | | | 354,110 | | | | — | | | | — | | | | — | | | | — | | | | — | | | ||||
| | RSUs | | | | 11/15/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,137,657 | | | | 10,000,005 | | | ||||
| | RSUs | | | | 11/15/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 568,828 | | | | 4,999,998 | | | ||||
| | Eric Leef | | | ||||||||||||||||||||||||||||||||||||||||
| | Annual Cash Incentive | | | | | | | | 15,000 | | | | 400,000 | | | | 880,000 | | | | — | | | | — | | | | — | | | | — | | | | — | | | ||||
| | 2023 Tranche of 2022 PSUs | | | | 3/31/2023 | | | | — | | | | — | | | | — | | | | 6,176 | | | | 7,720 | | | | 15,441 | | | | — | | | | 125,764 | | | ||||
| | 2023 Tranche of 2023 PSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | 7,246 | | | | 9,057 | | | | 18,114 | | | | — | | | | 170,000 | | | ||||
| | RSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 18,114 | | | | 340,000 | | | ||||
| | Others | | | ||||||||||||||||||||||||||||||||||||||||
| | Kenny Cheung | | | ||||||||||||||||||||||||||||||||||||||||
| | Annual Cash Incentive | | | | | | | | 7,479 | | | | 199,452 | | | | 438,795 | | | | — | | | | — | | | | — | | | | — | | | | — | | | ||||
| | 2023 Tranche of 2022 PSUs | | | | 3/31/2023 | | | | — | | | | — | | | | — | | | | 10,899 | | | | 13,624 | | | | 27,248 | | | | — | | | | 221,935 | | |
| | | 52 | | | | |
| | Name | | | | Type of Award | | | | Grant Date | | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | | All Other Stock Awards: Number of Shares of Stock or Units(3) (#) | | | | Grant Date Fair Value of Stock and Option Awards(4) ($) | | | ||||||||||||||||
| Threshold ($) | | | | Target ($) | | | | Maximum ($) | | | | Threshold (#) | | | | Target (#) | | | | Maximum (#) | | | |||||||||||||||||||||
| | 2023 Tranche of 2023 PSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | 13,639 | | | | 17,048 | | | | 34,097 | | | | — | | | | 319,997 | | | ||||
| | RSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 34,097 | | | | 640,001 | | | ||||
| | Paul Stone | | | ||||||||||||||||||||||||||||||||||||||||
| | Annual Cash Incentive | | | | | | | | 43,726 | | | | 1,166,027 | | | | 2,565,260 | | | | — | | | | — | | | | — | | | | — | | | | — | | | ||||
| | 2023 Tranche of 2022 PSUs | | | | 3/31/2023 | | | | — | | | | — | | | | — | | | | 18,165 | | | | 22,707 | | | | 45,413 | | | | — | | | | 369,892 | | | ||||
| | 2023 Tranche of 2023 PSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | 21,311 | | | | 26,638 | | | | 53,277 | | | | — | | | | 500,002 | | | ||||
| | RSUs | | | | 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 53,277 | | | | 1,000,009 | | |
Estimated future payouts under non-equity incentive plan awards(1) | Estimated future payouts under equity incentive plan awards | All Other Stock Awards (#) | All Other Option Awards (#) | Exercise Price of Option Awards ($/Sh.) | Grant Date Fair Value of Stock Awards(2) ($) | |||||||
Name | Grant Date | Threshold ($) | Target ($) | Max ($) | Threshold (#) | Target (#) | Max (#) | |||||
Kathryn Marinello | ||||||||||||
Annual Cash Incentive | 1,305,000 | 2,175,000 | 3,480,000 | |||||||||
Performance Options(3) | 3/2/2017 | 163,251 | 326,502 | 326,502 | 22.19 | 3,105,001 | ||||||
Performance Shares(4) | 3/2/2017 | 34,982 | 69,964 | 104,946 | 1,552,501 | |||||||
Restricted Shares(5) | 3/2/2017 | 23,321 | 517,493 | |||||||||
Thomas Kennedy | ||||||||||||
Annual Cash Incentive | 1,046,250 | 1,674,000 | ||||||||||
Options(6) | 3/2/2017 | 42,769 | 22.19 | 400,001 | ||||||||
Performance Shares(4) | 3/2/2017 | 27,039 | 54,078 | 81,117 | 1,199,991 | |||||||
Restricted Shares(5) | 3/2/2017 | 18,026 | 399,997 | |||||||||
Tyler Best | ||||||||||||
Annual Cash Incentive | 600,000 | 900,000 | ||||||||||
Options(6) | 3/2/2017 | 34,215 | 22.19 | 319,999 | ||||||||
Performance Shares(4) | 3/2/2017 | 21,632 | 43,263 | 64,895 | 960,006 | |||||||
Restricted Shares(5) | 3/2/2017 | 14,421 | 320,002 | |||||||||
Michel Taride | ||||||||||||
Annual Cash Incentive | 621,067 | 993,708 | ||||||||||
Options(6) | 3/2/2017 | 34,215 | 22.19 | 319,999 | ||||||||
Performance Shares(4) | 3/2/2017 | 21,632 | 43,263 | 64,895 | 960,006 | |||||||
Restricted Shares(5) | 3/2/2017 | 14,421 | 320,002 | |||||||||
Richard Frecker | ||||||||||||
Annual Cash Incentive | 273,000 | 436,800 | ||||||||||
Options(6) | 3/2/2017 | 12,831 | 22.19 | 120,003 | ||||||||
Performance Shares(4) | 3/2/2017 | 8,112 | 16,224 | 24,336 | 360,011 | |||||||
Restricted Shares(5) | 3/2/2017 | 5,408 | 120,004 | |||||||||
John Tague(7) | ||||||||||||
Jeffrey Foland(8) | ||||||||||||
Annual Cash Incentive | 185,486 | 296,778 | ||||||||||
Alexandria Marren(9) | ||||||||||||
Annual Cash Incentive | 499,726 | 799,562 | ||||||||||
Options(6) | 3/2/2017 | 21,384 | 22.19 | 199,996 | ||||||||
Performance Shares(4) | 3/2/2017 | 13,520 | 27,039 | 40,559 | 599,995 | |||||||
Restricted Shares(5) | 3/2/2017 | 9,013 | 199,998 |
| |||||||
53 | | | | |
Option Awards | Stock Awards | ||||||||
Name | Number of securities underlying unexercised options Exercisable (#) | Number of securities underlying unexercised options Unexercisable (#) | Number of securities underlying unexercised unearned options (#) | Option exercise price ($) | Option expiration date | Number of shares or units of stock that have not vested (#) | Market value of shares or units of stock that have not vested(1) ($) | Number of unearned shares, units or other rights that have not vested (#) | Market or payout value of unearned shares, units or other rights that have not vested(1) ($) |
Kathryn Marinello | — | — | 163,251(2) | $22.19 | 3/2/2024 | 23,321(3) | 515,394 | ||
34,982(4) | 773,102 | ||||||||
Thomas Kennedy | 35,272(5) | 35,272(5) | $85.29 | 1/20/2020 | 18,026(3) | 398,375 | |||
35,015(6) | $39.36 | 3/3/2023 | 9,381(8) | 207,320 | |||||
42,769(7) | $22.19 | 3/2/2024 | 19,744(9) | 436,342 | |||||
27,039(4) | 597,562 | ||||||||
Tyler Best | 37,941(4) | 18,971(5) | $86.60 | 2/25/2020 | 14,421(3) | 318,704 | |||
25,551(6) | $39.36 | 3/3/2023 | 7,392(8) | 163,363 | |||||
34,215(7) | $22.19 | 3/2/2024 | 14,408(9) | 318,417 | |||||
21,632(4) | 478,067 | ||||||||
Michel Taride | 8,015 | $38.45 | 3/4/2020 | 16,263(10) | 359,412 | ||||
10,879 | $57.86 | 3/1/2021 | 14,421(3) | 318,704 | |||||
12,844(5) | 12,845(5) | $93.09 | 2/17/2020 | 3,990(8) | 88,179 | ||||
34,215(7) | $22.19 | 3/2/2024 | 15,246(9) | 336,937 | |||||
21,632(4) | 478,067 | ||||||||
Richard Frecker | 898 | $57.86 | 3/1/2021 | 1,931(11) | 42,675 | ||||
802(5) | 803(5) | $93.09 | 2/17/2020 | 5,208(11) | 115,097 | ||||
12,831(7) | $22.19 | 3/2/2024 | 5,408(3) | 119,517 | |||||
749(8) | 16,553 | ||||||||
1,810(9) | 40,001 | ||||||||
8,112(4) | 179,275 | ||||||||
John Tague(12) | — | — | — | — | — | — | — | — | — |
Jeffrey Foland(12) | — | — | — | — | — | — | — | — | — |
Alexandria Marren(12) | — | — | — | — | — | — | — | — | — |
| | Name | | | | Grant Date | | | | Option Awards | | | | Stock Awards | | | ||||||||||||||||||||||||
| Number of Securities Underlying Unexercised Options Exercisable (#) | | | | Number of Securities Underlying Unexercised Options Unexercisable(2) (#) | | | | Option Exercise Price ($) | | | | Option Expiration Date | | | | Number of Shares or Units of Stock That Have Not Vested(3) (#) | | | | Market Value of Shares or Units of Stock That Have Not Vested(4) ($) | | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(5) (#) | | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(4) ($) | | | |||||||||
| | Stephen Scherr(1) | | | ||||||||||||||||||||||||||||||||||||
| | | | | | 2/28/2022 | | | | — | | | | — | | | | — | | | | — | | | | 1,121,036 | | | | 11,647,564 | | | | — | | | | — | | |
| 2/28/2022 | | | | — | | | | — | | | | — | | | | — | | | | 1,681,554 | | | | 17,471,346 | | | | — | | | | — | | | |||||
| 2/28/2022 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,736,788 | | | | 38,825,227 | | | |||||
| 2/28/2022 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,113,989 | | | | 32,354,346 | | | |||||
| | Alexandra Brooks | | | ||||||||||||||||||||||||||||||||||||
| | | | | | 11/9/2021 | | | | | | | | | | | | | | | | | | | | 6,667 | | | | 69,270 | | | | — | | | | — | | |
| 11/9/2021 | | | | 40,000 | | | | 20,000 | | | | 26.17 | | | | 11/9/2031 | | | | — | | | | — | | | | — | | | | — | | | |||||
| 3/30/2022 | | | | — | | | | — | | | | — | | | | — | | | | 6,056 | | | | 62,922 | | | | — | | | | — | | | |||||
| 3/30/2022 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 4,541 | | | | 47,184 | | | |||||
| 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | 10,655 | | | | 110,705 | | | | — | | | | — | | | |||||
| 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 5,328 | | | | 55,354 | | | |||||
| 3/31/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 4,541 | | | | 47,184 | | | |||||
| 10/2/2023 | | | | — | | | | — | | | | — | | | | — | | | | 7,500 | | | | 77,925 | | | | — | | | | — | | | |||||
| 10/2/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,750 | | | | 38,963 | | | |||||
| | Colleen Batcheler | | | ||||||||||||||||||||||||||||||||||||
| | | | | | 7/1/2022 | | | | — | | | | — | | | | — | | | | — | | | | 27,510 | | | | 285,829 | | | | — | | | | — | | |
| 7/1/2022 | | | | — | | | | — | | | | — | | | | — | | | | 63,177 | | | | 656,409 | | | | — | | | | — | | | |||||
| 7/1/2022 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 20,632 | | | | 214,366 | | | |||||
| 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | 38,359 | | | | 398,550 | | | | — | | | | — | | | |||||
| 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 19,180 | | | | 199,277 | | | |||||
| 3/31/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 20,632 | | | | 214,366 | | | |||||
| | Justin Keppy | | | ||||||||||||||||||||||||||||||||||||
| | | | | | 11/15/2023 | | | | — | | | | — | | | | — | | | | — | | | | 1,137,657 | | | | 11,820,256 | | | | — | | | | — | | |
| 11/15/2023 | | | | — | | | | — | | | | — | | | | — | | | | 568,828 | | | | 5,910,123 | | | | — | | | | — | | |
| |||||||
54 | | | | |
| | Name | | | | Grant Date | | | | Option Awards | | | | Stock Awards | | | ||||||||||||||||||||||||
| Number of Securities Underlying Unexercised Options Exercisable (#) | | | | Number of Securities Underlying Unexercised Options Unexercisable(2) (#) | | | | Option Exercise Price ($) | | | | Option Expiration Date | | | | Number of Shares or Units of Stock That Have Not Vested(3) (#) | | | | Market Value of Shares or Units of Stock That Have Not Vested(4) ($) | | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(5) (#) | | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(4) ($) | | | |||||||||
| | Eric Leef | | | ||||||||||||||||||||||||||||||||||||
| | | | | | 11/9/2021 | | | | — | | | | — | | | | — | | | | — | | | | 10,667 | | | | 110,830 | | | | — | | | | — | | |
| 11/9/2021 | | | | 64,000 | | | | 32,000 | | | | 26.17 | | | | 11/9/2031 | | | | — | | | | — | | | | — | | | | — | | | |||||
| 3/30/2022 | | | | — | | | | — | | | | — | | | | — | | | | 10,295 | | | | 106,965 | | | | — | | | | — | | | |||||
| 3/30/2022 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 7,720 | | | | 80,214 | | | |||||
| 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | 18,114 | | | | 188,204 | | | | — | | | | — | | | |||||
| 3/3/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 9,057 | | | | 94,102 | | | |||||
| 3/31/2023 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 7,720 | | | | 80,214 | | | |||||
| | Others(1) | | | ||||||||||||||||||||||||||||||||||||
| | Kenny Cheung | | | ||||||||||||||||||||||||||||||||||||
| | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
| | Paul Stone | | | ||||||||||||||||||||||||||||||||||||
| | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Option Awards | Stock Awards | |||
Name | Number of shares acquired on exercise (#) | Value realized on exercise ($) | Number of shares acquired on vesting (#) | Value realized on vesting ($) |
Kathryn Marinello | — | — | — | — |
Thomas Kennedy | — | — | — | — |
Tyler Best | — | — | — | — |
Michel Taride | — | — | — | — |
Richard Frecker | — | — | — | — |
John Tague | — | — | 60,174 | 1,297,351 |
Jeffrey Foland | — | — | 44,467 | 1,010,290 |
Alexandria Marren | — | — | — | — |
Name | Plan name | Number of years credited service (#) | Present value of accumulated benefit(1) ($) | Payments during last fiscal year ($) |
Michel Taride(2) | Hertz UK Pension Plan | 11 | 2,074,106 | 0 |
Michel Taride | Hertz UK Supplemental Plan | 11 | 1,757,103 | 0 |
Richard Frecker(3) | Hertz US Pension Plan | 6 | 67,700 | 0 |
Name | Executive Contributions in 2017 ($)(1) | Registrant Contributions in 2017 ($)(2) | Aggregate Earnings in 2017 ($) | Aggregate Withdrawals/ Distributions in 2017 ($) | Aggregate Balance as of December 31, 2017(3) ($) |
Tyler Best | 16,500 | 13,200 | 20,739 | — | 156,119 |
Richard Frecker | 27,750 | 11,100 | 1,938 | — | 67,016 |
John Tague(4) | — | — | 26,217 | — | 136,141 |
Alexandria Marren | 7,269 | 7,269 | 891 | — | 15,429 |
| | | 55 | | | | |
| | Name | | | | Stock Awards | | | ||||
| Number of Shares Acquired on Vesting (#) | | | | Value Realized on Vesting ($) | | | |||||
| | Stephen Scherr | | | | 1,121,036 | | | | $11,647,564 | | |
| | Alexandra Brooks | | | | 9,694 | | | | $108,769 | | |
| | Colleen Batcheler | | | | 161,167 | | | | $2,927,963 | | |
| | Justin Keppy | | | | — | | | | — | | |
| | Eric Leef | | | | 15,813 | | | | $178,807 | | |
| | Others | | | ||||||||
| | Kenny Cheung | | | | 9,082 | | | | $143,314 | | |
| | Paul Stone | | | | 15,137 | | | | $238,862 | | |
| | | 56 | | | | |
| | | 57 | | | | |
Benefit | Termination For Cause ($) | Termination Without Cause/with Good Reason ($) | Termination by Reason of Retirement ($) | Termination by Reason of Death/ Disability ($) | Termination Following a Change in Control ($) |
Severance payment | — | 4,132,500 | — | — | 9,062,500 |
Bonus | — | 1,305,000(1) | — | — | 2,175,000 |
Continued Benefits | — | 17,874 | — | — | 34,015(2) |
Outplacement | — | 25,000 | — | — | 25,000 |
Life Insurance Payment | — | — | — | 1,450,000(3) | — |
Payment for Awarded Performance Shares | — | 513,516 | — | 513,516(4) | 1,546,204 |
Payment for Awarded Restricted Shares | — | 171,165 | — | 171,165 | 515,394 |
Total | — | 6,165,055 | — | 2,134,681 | 13,358,113 |
Benefit | Termination For Cause ($) | Termination Without Cause/with Good Reason ($) | Termination by Reason of Retirement ($) | Termination by Reason of Death/ Disability ($) | Termination Following a Change in Control ($) |
Severance payment | — | 1,635,000 | — | — | 2,180,000 |
Bonus | — | 0(1) | — | 1,046,250 | |
Continued benefits | — | 18,024 | — | — | 25,838(2) |
Outplacement | — | 25,000 | — | — | 25,000 |
Life Insurance Payment | — | — | — | 775,000(3) | — |
Payment for Awarded Performance Shares/PSUs | — | — | — | 1,059,519(4) | 2,267,857 |
Payment for Awarded Restricted Shares | — | — | — | 398,375(4) | 398,375 |
Total | — | 1,678,024 | — | 2,232,894 | 5,943,320 |
Benefit | Termination For Cause ($) | Termination Without Cause/with Good Reason ($) | Termination by Reason of Retirement ($) | Termination by Reason of Death/ Disability ($) | Termination Following a Change in Control ($) |
Severance payment | — | 1,290,000 | — | — | 1,290,000 |
Bonus | — | 0(1) | — | 600,000 | |
Continued Benefits | — | 19,449 | — | — | 20,391(2) |
Outplacement | — | 25,000 | — | — | 25,000 |
Life Insurance Payment | — | — | — | 600,000(3) | — |
Payment for Awarded Performance Shares/PSUs | — | — | — | 811,490(4) | 1,759,006 |
Payment for Awarded Restricted Shares | — | — | — | 318,704(4) | 318,704 |
Total | — | 1,334,449 | — | 1,730,194 | 4,013,101 |
Benefit | Termination For Cause ($) | Termination Without Cause/with Good Reason ($) | Termination by Reason of Retirement ($) | Termination by Reason of Death/ Disability ($) | Termination Following a Change in Control ($) |
Severance Payment | — | 1,258,967 | — | — | 1,573,708 |
Bonus | — | 0(1) | — | — | 643,200 |
Continued Benefits | — | 71,974 | — | — | 102,650(2) |
Outplacement | — | 25,000 | — | — | 25,000 |
Life Insurance Payment | — | — | — | 2,144,000(3) | — |
Payment for Awarded Performance Shares/PSUs | — | — | 553,496 | 671,776(4) | 1,636,284 |
Payment for Awarded Restricted Shares/RSUs | — | — | 289,334 | 678,116(4) | 678,116 |
Retiree Car Benefit | — | 301,000 | 301,000 | 301,000(5) | 301,000 |
Total | — | 1,656,941 | 1,143,830 | 3,794,892 | 4,959,958 |
Benefit | Termination For Cause ($) | Termination Without Cause/with Good Reason ($) | Termination by Reason of Retirement ($) | Termination by Reason of Death/ Disability ($) | Termination Following a Change in Control ($) |
Severance Payment | — | 710,354 | — | — | 710,354 |
Bonus | — | 0(1) | — | — | 0(1) |
Continued Benefits | — | 19,037 | — | — | 19,037(2) |
Outplacement | — | 25,000 | — | — | 25,000 |
Life Insurance Payment | — | — | — | 455,000(3) | — |
Payment for Awarded Performance Shares/PSUs | — | — | — | 149,153(4) | 449,006 |
Payment for Awarded Restricted Shares/RSUs | — | — | — | 277,289(4) | 277,289 |
Total | — | 754,391 | — | 881,442 | 1,480,686 |
| | | 58 | | | | |
| | Name | | | | Involuntary Termination Without “Cause”(1) ($) | | | | Death or Disability(2) ($) | | | | Voluntary Termination for “Good Reason”(3) ($) | | | | Involuntary Termination Without “Cause” in Connection with a Change in Control(4) ($) | | | | Voluntary Termination for “Good Reason” in Connection with a Change in Control(4)(5) ($) | | |
| | Stephen Scherr | | | | | | | | | | | | | | | | | | | | | | |
| | Cash Severance | | | | 5,850,000 | | | | — | | | | 5,850,000 | | | | 7,800,000 | | | | 7,800,000 | | |
| | Annual Incentive Award | | | | 1,200,000 | | | | 1,200,000 | | | | 1,200,000 | | | | 1,200,000 | | | | 1,200,000 | | |
| | Acceleration of Equity Awards | | | | 11,647,564 | | | | 11,647,564 | | | | 11,647,564 | | | | 17,741,346 | | | | 23,295,128 | | |
| | Value of Continuing Benefits | | | | 32,697 | | | | — | | | | 32,697 | | | | 32,697 | | | | 32,697 | | |
| | Outplacement Services | | | | 25,000 | | | | — | | | | 25,000 | | | | 25,000 | | | | 25,000 | | |
| | Alexandra Brooks | | | | | | | | | | | | | | | | | | | | | | |
| | Cash Severance | | | | 1,620,000 | | | | — | | | | — | | | | 1,620,000 | | | | — | | |
| | Annual Incentive Award | | | | 206,301 | | | | 206,301 | | | | — | | | | 206,301 | | | | — | | |
| | Acceleration of Equity Awards | | | | 69,270 | | | | 175,009 | | | | — | | | | 351,213 | | | | — | | |
| | Value of Continuing Benefits | | | | 31,496 | | | | — | | | | — | | | | 31,496 | | | | — | | |
| | Outplacement Services | | | | 25,000 | | | | — | | | | — | | | | 25,000 | | | | — | | |
| | Colleen Batcheler | | | | | | | | | | | | | | | | | | | | | | |
| | Cash Severance | | | | 1,800,000 | | | | — | | | | — | | | | 1,800,000 | | | | — | | |
| | Annual Incentive Award | | | | 300,000 | | | | 300,000 | | | | — | | | | 300,000 | | | | — | | |
| | Acceleration of Equity Awards | | | | — | | | | 896,480 | | | | — | | | | 1,478,840 | | | | — | | |
| | Value of Continuing Benefits | | | | 31,496 | | | | — | | | | — | | | | 31,496 | | | | — | | |
| | Outplacement Services | | | | 25,000 | | | | — | | | | — | | | | 25,000 | | | | — | | |
| | Justin Keppy | | | | | | | | | | | | | | | | | | | | | | |
| | Cash Severance | | | | 3,750,000 | | | | — | | | | 3,750,000 | | | | 3,750,000 | | | | 3,750,000 | | |
| | Annual Incentive Award | | | | 80,479 | | | | 80,479 | | | | 80,479 | | | | 80,479 | | | | 80,479 | | |
| | Acceleration of Equity Awards | | | | 11,820,256 | | | | 682,187 | | | | 11,820,256 | | | | 17,730,379 | | | | 11,820,256 | | |
| | Value of Continuing Benefits | | | | — | | | | — | | | | — | | | | — | | | | — | | |
| | Outplacement Services | | | | 25,000 | | | | — | | | | 25,000 | | | | 25,000 | | | | 25,000 | | |
| | Eric Leef | | | | | | | | | | | | | | | | | | | | | | |
| | Cash Severance | | | | 1,350,000 | | | | — | | | | — | | | | 1,350,000 | | | | — | | |
| | Annual Incentive Award | | | | 200,000 | | | | 200,000 | | | | — | | | | 200,000 | | | | — | | |
| | Acceleration of Equity Awards | | | | 110,830 | | | | 277,079 | | | | — | | | | 457,659 | | | | — | | |
| | Value of Continuing Benefits | | | | 32,697 | | | | — | | | | — | | | | 32,697 | | | | — | | |
| | Outplacement Services | | | | 25,000 | | | | — | | | | — | | | | 25,000 | | | | — | | |
| | | 59 | | | | |
| | | 60 | | | | |
| |||||
| | | |
| | Year | | | | Summary Compensation Table Total for PEO(1) | | | | Compensation Actually Paid To PEO(2)(3) | | | | Average Summary Compensation Table Total for Non-PEO NEOs(1) $ | | | | Average Compensation Actually Paid for Non-PEO NEOs(2)(3) $ | | | | Value of Initial $100 Investment Based On:(4) | | | | GAAP Net Income (Millions) $ | | | | Adjusted Corporate EBITDA(5) (Millions) $ | | | ||||||||||||
| PEO-1 $ | | | | PEO-2 $ | | | | PEO-1 $ | | | | PEO-2 $ | | | | Company TSR $ | | | | Peer Group TSR(4) $ | | | |||||||||||||||||||||
| | 2023 | | | | 2,900,417 | | | | — | | | | (41,754,186) | | | | — | | | | 4,118,654 | | | | 3,728,824 | | | | 32 | | | | 103 | | | | 616 | | | | 561 | | |
| | 2022 | | | | 182,136,137 | | | | 886,581 | | | | 132,128,569 | | | | (809,312) | | | | 3,609,798 | | | | 1,477,433 | | | | 47 | | | | 79 | | | | 2,059 | | | | 2,305 | | |
| | 2021 | | | | 14,216,577 | | | | 12,653,169 | | | | 13,614,741 | | | | 11,923,378 | | | | 5,327,918 | | | | 4,998,545 | | | | 77 | | | | 91 | | | | 365 | | | | 2,130 | | |
| | 2020 | | | | 2,580,049 | | | | 5,675,222 | | | | 749,676 | | | | (6,831,215) | | | | 1,693,188 | | | | (155,528) | | | | n/a | | | | n/a | | | | (1,723) | | | | (995) | | |
| | Fiscal Year | | | | Summary Compensation Table Total $ | | | | Deductions from Summary Compensation Table Total(a) $ | | | | Additions to Summary Compensation Table Total(b) $ | | | | Compensation Actually Paid $ | | |
| | PEO-1 | | | ||||||||||||||||
| | 2023 | | | | 2,900,417 | | | | 0 | | | | (44,654,603) | | | | (41,754,186) | | |
| | Avg. Non-PEO NEOs | | | ||||||||||||||||
| | 2023 | | | | 4,118,654 | | | | (3,246,920) | | | | 2,857,090 | | | | 3,728,824 | | |
| |||||||
62 | | | | |
| | Year | | | | Covered Year End Fair Value of Outstanding Equity Awards Granted in the Covered Year $ | | | | Change in Fair Value (Prior Year End to Covered Year End) of Outstanding Equity Awards Granted Prior to Covered Year $ | | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Covered Year $ | | | | Change in Fair Value (Prior Year End to Covered Year End) of Equity Awards Granted in Prior Years that Vested in the Covered Year $ | | | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year $ | | | | Equity Value Included in Compensation Actually Paid $ | | |
| | | | | | (a) | | | | (b) | | | | (c) | | | | (d) | | | | (e) | | | | (f) = (a) + (b) + (c) + (d) + (e) | | |
| | PEO-1 | | | ||||||||||||||||||||||||
| | 2023 | | | | 0 | | | | (39,049,423) | | | | 0 | | | | (5,605,180) | | | | 0 | | | | (44,654,603) | | |
| | Avg. Non-PEO NEOs | | | ||||||||||||||||||||||||
| | 2023 | | | | 3,102,119 | | | | (154,699) | | | | 0 | | | | 45,572 | | | | (135,901) | | | | 2,857,090 | | |
| | | 63 | | | | |
| | | 64 | | | | |
Shares Beneficially Owned | ||||
Name and Address of Beneficial Owner | Number | Percent % | ||
Carl Icahn(1) | 29,263,869 | 34.82 | % | |
PAR Investment Partners, L.P.(2) | 5,888,576 | 7.01 | % | |
The Vanguard Group(3) | 4,913,647 | 5.85 | % | |
Dimensional Fund Advisors LP(4) | 4,843,235 | 5.76 | % | |
Gamco Investors, Inc.(5) | 4,814,084 | 5.73 | % | |
BlackRock, Inc.(6) | 4,357,336 | 5.18 | % | |
Glenview Capital Management, LLC(7) | 4,307,353 | 5.12 | % | |
David Barnes | 17,038 | ** | ||
SungHwan Cho | 13,270 | ** | ||
Carolyn Everson(9) | 37,764 | ** | ||
Vincent Intrieri(9) | 34,863 | ** | ||
Henry Keizer(10) | 37,277 | ** | ||
Daniel Ninivaggi | 19,421 | ** | ||
Kathryn Marinello | 50,391 | ** | ||
Anindita Mukherjee | — | ** | ||
Thomas Kennedy(12) | 73,283 | ** | ||
Tyler Best(12) | 66,751 | ** | ||
Michel Taride(12) | 85,325 | ** | ||
Richard Frecker | 12,911 | ** | ||
John Tague(11)(12) | 293,591 | ** |
| | Name and Address of Beneficial Owner | | | | Shares Beneficially Owned | | | ||||
| Number | | | | Percentage | | | |||||
| | CK Amarillo LP(1) | | | | 181,455,469 | | | | 59.38% | | |
| | Colin Farmer | | | | — | | | | ** | | |
| | Jennifer Feikin(2) | | | | 38,621 | | | | ** | | |
| | Mark Fields(3) | | | | 340,923 | | | | ** | | |
| | Vincent J. Intrieri(4) | | | | 71,753 | | | | ** | | |
| | M. Gregory O’Hara | | | | — | | | | ** | | |
| | Andrew Shannahan | | | | — | | | | ** | | |
| | Evangeline Vougessis(5) | | | | 41,753 | | | | ** | | |
| | Thomas Wagner | | | | — | | | | ** | | |
| | Wayne “Gil” West | | | | — | | | | ** | | |
| | Stephen M. Scherr | | | | 1,335,431 | | | | ** | | |
| | Alexandra Brooks(6) | | | | 59,978 | | | | ** | | |
| | Colleen Batcheler(7) | | | | 113,309 | | | | ** | | |
| | Justin Keppy | | | | 17,584 | | | | ** | | |
| | Eric Leef(8) | | | | 87,762 | | | | ** | | |
| | Kenny Cheung(9) | | | | 82,001 | | | | ** | | |
| | Paul Stone(10) | | | | 373,841 | | | | ** | | |
| | All directors and executive officers as a group (17 persons)(11) | | | | 2,604,142 | | | | ** | | |
| ||||
| ||||
| ||||
|
| | | 66 | | | | |
| 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(3) (c) | |
| Equity compensation plans approved by securityholders | | | | — | | | | — | | | | — | |
| Equity compensation plans not approved by stockholders | | | | 24,562,396 | | | | $26.17 | | | | 51,394,974 | |
| |||||||
67 | | | | |
| | | |
| | | 69 | | | | |
| Proposals | | | | Vote Required for Adoption | | | | Effect of Abstention (or Withhold) | | | | Broker Discretionary Voting Allowed | | | | Effect of Broker Non- Votes | | ||||
| 1 | | | | Election of Three Director Nominees | | | | Plurality of votes cast | | | | No effect | | | | No | | | | No effect | |
| 2 | | | | Ratification of the Appointment of Ernst & Young LLP | | | | Majority of votes cast | | | | No effect | | | | Yes | | | | N/A | |
| 3 | | | | Approval, on an Advisory Basis, of NEO Compensation | | | | Majority of votes cast | | | | No effect | | | | No | | | | No effect | |
| | | 70 | | | | |
| | | 71 | | | | |
| |||||||
72 | | | | |
| | (In millions) | | | | Twelve Months Ended December 31, 2023 | | |
| | Adjusted Corporate EBITDA: | | | | | | |
(In millions) | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
Income (loss) from continuing operations before income taxes | $ | (575 | ) | $ | (470 | ) | $ | 132 | ||||
Depreciation and amortization | 3,038 | 2,866 | 2,707 | |||||||||
Interest, net of interest income | 637 | 624 | 599 | |||||||||
Gross EBITDA | $ | 3,100 | $ | 3,020 | $ | 3,438 | ||||||
Revenue earning vehicle depreciation and lease charges, net | (2,798 | ) | (2,601 | ) | (2,433 | ) | ||||||
Vehicle debt interest | (331 | ) | (280 | ) | (253 | ) | ||||||
Vehicle debt-related charges(a) | 32 | 28 | 42 | |||||||||
Loss on extinguishment of vehicle-related debt(b) | — | 6 | — | |||||||||
Corporate EBITDA | $ | 3 | $ | 173 | $ | 794 | ||||||
Non-cash stock-based employee compensation charges(d) | 19 | 13 | 16 | |||||||||
Restructuring and restructuring related charges(c)(d) | 20 | 53 | 84 | |||||||||
Sale of CAR, Inc. common stock(e) | (3 | ) | (84 | ) | (133 | ) | ||||||
Impairment charges and asset write-downs(f) | 118 | 340 | 57 | |||||||||
Information technology and finance transformation costs(g) | 68 | 53 | — | |||||||||
Other items(h) | 42 | 5 | 40 | |||||||||
Adjusted Corporate EBITDA | $ | 267 | $ | 553 | $ | 858 |
Net income (loss) | | | | $616 | | | ||
Adjustments: | | | | | | | ||
| | Income tax provision (benefit) | | | | (330) | | |
| | Non-vehicle depreciation and amortization(a) | | | | 149 | | |
| | Non-vehicle debt interest, net of interest income | | | | 238 | | |
| | Vehicle debt-related charges |
(b)(c) | | | | 42 | | |
| | | 17 | | |
| Unrealized (gains) losses on financial instruments | | | | 117 | | |
(Gain) on |
non-vehicle capital assets(e) | | | | (162) | | |
Change in fair value of |
Public Warrants | | | | (163) | | |
| Other items(f) | | | | 37 | | | |
Adjusted Corporate EBITDA | | | | $561 | | |
| |||||||
73 | | | | |
| | | 74 | | | | |