| | | | MacKenzie Partners, Inc. 1407 Broadway, 27th Floor New York, NY 10018 (800) 322-2885 (toll free) (212) 929-5500 (call collect) Email: proxy@mackenziepartners.com | | | | |
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| | | | D-1 | | |
Selected Company | | | EV (in billions) | | | 2022E EBITDA (in millions) | | | EV / 2022E EBITDA Multiple | | |||||||||
American Woodmark Corporation | | | | $ | 1.5 | | | | | $ | 187 | | | | | | 8.0x | | |
JELD-WEN Holdings, Inc. | | | | $ | 3.4 | | | | | $ | 533 | | | | | | 6.4x | | |
Masonite International Corp. | | | | $ | 2.7 | | | | | $ | 460 | | | | | | 5.9x | | |
Owens Corning | | | | $ | 10.9 | | | | | $ | 2,139 | | | | | | 5.1x | | |
PGT Innovations, Inc. | | | | $ | 1.9 | | | | | $ | 229 | | | | | | 8.2x | | |
Median | | | | | | | | | | | | | | | | | 6.4x | | |
Announcement Date | | | Acquiror | | | Target | | | EV (in millions) | | | Target LTM EBITDA (in millions) | | | EV / LTM EBITDA Multiple | | |||||||||
July 2021 | | | Carlisle Companies Inc. | | | Henry Company | | | | $ | 1,575 | | | | | $ | 119 | | | | | | 13.2x | | |
June 2021 | | | Westlake Chemical | | | Boral’s N.A. Building Products | | | | $ | 2,150 | | | | | $ | 206 | | | | | | 10.4x | | |
June 2021 | | | Nucor Corporation | | | Cornerstone’s Insulated Metal Panels | | | | $ | 1,000 | | | | | $ | 75 | | | | | | 13.3x | | |
November 2019 | | | ACProducts, Inc. | | | Masco Cabinetry* | | | | $ | 1,000 | | | | | $ | 102 | | | | | | 9.8x | | |
November 2019 | | | Saint-Gobain S.A | | | Continental Building Products | | | | $ | 1,434 | | | | | $ | 138 | | | | | | 10.4x | | |
July 2018 | | | NCI Building Systems | | | Ply Gem, LLC** | | | | $ | 3,700 | | | | | $ | 341 | | | | | | 10.9x | | |
January 2018 | | | CD&R | | | Ply Gem, LLC | | | | $ | 2,400 | | | | | $ | 246 | | | | | | 9.7x | | |
December 2017 | | | American Woodmark Corp. | | | RSI Home Products, Inc. | | | | $ | 1,075 | | | | | $ | 123 | | | | | | 8.7x | | |
Median | | | | | | | | | | | | | | | | | | | | | | | 10.4x | | |
Mean | | | | | | | | | | | | | | | | | | | | | | | 10.8x | | |
($ in millions) | | | 2022E | | | 2023E | | | 2024E | | | 2025E | | | 2026E | | |||||||||||||||
Revenue | | | | $ | 6,428 | | | | | $ | 6,766 | | | | | $ | 6,778 | | | | | $ | 6,857 | | | | | $ | 7,175 | | |
Adjusted EBITDA(2) | | | | | 730 | | | | | | 833 | | | | | | 859 | | | | | | 893 | | | | | | 972 | | |
Net Operating Profit After Tax(3) | | | | | 317 | | | | | | 407 | | | | | | 442 | | | | | | 483 | | | | | | 555 | | |
Unlevered Free Cash Flow(4) | | | | | 684 | | | | | | 499 | | | | | | 565 | | | | | | 569 | | | | | | 582 | | |
($ in millions) | | | 2022E | | | 2023E | | | 2024E | | | 2025E | | | 2026E | | |||||||||||||||
Revenue | | | | $ | 6,428 | | | | | $ | 6,766 | | | | | $ | 6,778 | | | | | $ | 6,857 | | | | | $ | 7,175 | | |
Adjusted EBITDA(2)(6) | | | | | 730 | | | | | | 833 | | | | | | 859 | | | | | | 893 | | | | | | 972 | | |
EBIT(3)(6) | | | | | 453 | | | | | | 581 | | | | | | 632 | | | | | | 690 | | | | | | 793 | | |
Net Operating Profit After Tax(4)(6) | | | | | 317 | | | | | | 407 | | | | | | 442 | | | | | | 483 | | | | | | 555 | | |
Unlevered Free Cash Flow(5)(6) | | | | | 684 | | | | | | 499 | | | | | | 565 | | | | | | 569 | | | | | | 582 | | |
($ in millions) | | 2022E | | 2023E | | 2024E | | 2025E | | 2026E | | | 2022E | | 2023E | | 2024E | | 2025E | | 2026E | | ||||||||||||||||||||||||||||||||||||||||
Revenue | | | $ | 6,185 | | | | $ | 6,510 | | | | $ | 6,518 | | | | $ | 6,609 | | | | $ | 6,920 | | | | | $ | 6,185 | | | | $ | 6,510 | | | | $ | 6,518 | | | | $ | 6,609 | | | | $ | 6,920 | | | ||||||||||
Adjusted EBITDA | | | | 705 | | | | | 800 | | | | | 824 | | | | | 869 | | | | | 955 | | | | | | 705 | | | | | 800 | | | | | 824 | | | | | 869 | | | | | 955 | | | ||||||||||
Net Operating Profit After Tax(3) | | | | 294 | | | | | 358 | | | | | 372 | | | | | 401 | | | | | 458 | | | ||||||||||||||||||||||||||||||||||||
Unlevered Free Cash Flow(4) | | | | 399 | | | | | 514 | | | | | 551 | | | | | 556 | | | | | 577 | | | ||||||||||||||||||||||||||||||||||||
EBIT(3)(6) | | | | 421 | | | | | 511 | | | | | 532 | | | | | 573 | | | | | 654 | | | ||||||||||||||||||||||||||||||||||||
Net Operating Profit After Tax(4)(6) | | | | 294 | | | | | 358 | | | | | 372 | | | | | 401 | | | | | 458 | | | ||||||||||||||||||||||||||||||||||||
Unlevered Free Cash Flow(5)(6) | | | | 399 | | | | | 514 | | | | | 551 | | | | | 556 | | | | | 577 | | |
($ in millions) | | | 2022E | | | 2023E | | | 2024E | | | 2025E | | | 2026E | | |||||||||||||||
Revenue | | | | $ | 6,235 | | | | | $ | 6,562 | | | | | $ | 6,572 | | | | | $ | 6,660 | | | | | $ | 6,972 | | |
Adjusted EBITDA(2) | | | | | 755 | | | | | | 852 | | | | | | 878 | | | | | | 920 | | | | | | 1,007 | | |
Net Operating Profit After Tax(3) | | | | | 329 | | | | | | 394 | | | | | | 410 | | | | | | 436 | | | | | | 494 | | |
Unlevered Free Cash Flow(4) | | | | | 427 | | | | | | 549 | | | | | | 587 | | | | | | 590 | | | | | | 612 | | |
($ in millions) | | | 2022E | | | 2023E | | | 2024E | | | 2025E | | | 2026E | | |||||||||||||||
Revenue | | | | $ | 6,235 | | | | | $ | 6,562 | | | | | $ | 6,572 | | | | | $ | 6,660 | | | | | $ | 6,972 | | |
Adjusted EBITDA(2)(6) | | | | | 755 | | | | | | 852 | | | | | | 878 | | | | | | 920 | | | | | | 1,007 | | |
EBIT(3)(6) | | | | | 471 | | | | | | 563 | | | | | | 585 | | | | | | 623 | | | | | | 706 | | |
Net Operating Profit After Tax(4)(6) | | | | | 329 | | | | | | 394 | | | | | | 410 | | | | | | 436 | | | | | | 494 | | |
Unlevered Free Cash Flow(5)(6) | | | | | 427 | | | | | | 549 | | | | | | 587 | | | | | | 590 | | | | | | 612 | | |
($ in millions) | | 2022E | | 2023E | | 2024E | | 2025E | | 2026E | | | 2022E | | 2023E | | 2024E | | 2025E | | 2026E | | ||||||||||||||||||||||||||||||||||||||||
Revenue | | | $ | 6,061 | | | | $ | 6,290 | | | | $ | 6,346 | | | | $ | 6,443 | | | | $ | 6,749 | | | | | $ | 6,061 | | | | $ | 6,290 | | | | $ | 6,346 | | | | $ | 6,443 | | | | $ | 6,749 | | | ||||||||||
Adjusted EBITDA, unburdened for stock-based compensation (2) | | | | 692 | | | | | 755 | | | | | 798 | | | | | 853 | | | | | 943 | | | ||||||||||||||||||||||||||||||||||||
Unlevered Free Cash Flow, unburdened for stock-based compensation (3) | | | | 375 | | | | | 516 | | | | | 542 | | | | | 560 | | | | | 585 | | | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(2)(4) | | | | 692 | | | | | 755 | | | | | 798 | | | | | 853 | | | | | 943 | | | ||||||||||||||||||||||||||||||||||||
Unlevered Free Cash Flow(3)(4) | | | | 375 | | | | | 516 | | | | | 542 | | | | | 560 | | | | | 585 | | |
($ in millions) | | 2022E | | 2023E | | 2024E | | 2025E | | 2026E | | | 2022E | | 2023E | | 2024E | | 2025E | | 2026E | | ||||||||||||||||||||||||||||||||||||||||
Revenue | | | $ | 6,235 | | | | $ | 6,601 | | | | $ | 6,947 | | | | $ | 7,318 | | | | $ | 7,767 | | | | | $ | 6,235 | | | | $ | 6,601 | | | | $ | 6,947 | | | | $ | 7,318 | | | | $ | 7,767 | | | ||||||||||
Adjusted EBITDA, unburdened for stock-based compensation (2) | | | | 775 | | | | | 880 | | | | | 981 | | | | | 1,090 | | | | | 1,216 | | | ||||||||||||||||||||||||||||||||||||
Unlevered Free Cash Flow, unburdened for stock-based compensation (3) | | | | 389 | | | | | 562 | | | | | 599 | | | | | 652 | | | | | 719 | | | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(2)(4) | | | | 775 | | | | | 880 | | | | | 981 | | | | | 1,090 | | | | | 1,216 | | | ||||||||||||||||||||||||||||||||||||
Unlevered Free Cash Flow(3)(4) | | | | 389 | | | | | 562 | | | | | 599 | | | | | 652 | | | | | 719 | | |
($ in millions) | | 2022E | | 2023E | | 2024E | | 2025E | | 2026E | | | 2022E | | 2023E | | 2024E | | 2025E | | 2026E | | ||||||||||||||||||||||||||||||||||||||||
Revenue | | | $ | 6,349 | | | | $ | 6,865 | | | | $ | 7,408 | | | | $ | 7,981 | | | | $ | 8,702 | | | | | $ | 6,349 | | | | $ | 6,865 | | | | $ | 7,408 | | | | $ | 7,981 | | | | $ | 8,702 | | | ||||||||||
Adjusted EBITDA, unburdened for stock-based compensation (2) | | | | 861 | | | | | 1,035 | | | | | 1,218 | | | | | 1,410 | | | | | 1,628 | | | ||||||||||||||||||||||||||||||||||||
Unlevered Free Cash Flow, unburdened for stock-based compensation (3) | | | | 434 | | | | | 652 | | | | | 741 | | | | | 851 | | | | | 974 | | | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(2)(4) | | | | 861 | | | | | 1,035 | | | | | 1,218 | | | | | 1,410 | | | | | 1,628 | | | ||||||||||||||||||||||||||||||||||||
Unlevered Free Cash Flow(3)(4) | | | | 434 | | | | | 652 | | | | | 741 | | | | | 851 | | | | | 974 | | |
Named Executive Officer | | Cash ($)(2) | | Equity Awards ($)(3) | | Other(4) | | Total ($) | | | Cash ($)(2) | | Equity Awards ($)(3) | | Other(4) | | Total ($) | | ||||||||||||||||||||||||||||||||
James S. Metcalf(1) | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||
Rose Lee | | | | 4,695,890 | | | | | — | | | | | 25,294 | | | | | 4,721,185 | | | | | | 4,695,890 | | | | | — | | | | | 25,294 | | | | | 4,721,185 | | | ||||||||
Jeffrey S. Lee | | | | 733,151 | | | | | 6,854,509 | | | | | 13,539 | | | | | 7,601,198 | | | | | | 733,151 | | | | | 6,854,509 | | | | | 13,539 | | | | | 7,601,198 | | | ||||||||
James F. Keppler | | | | 610,603 | | | | | 1,553,113 | | | | | 16,838 | | | | | 2,180,553 | | | | | | 610,603 | | | | | 1,553,113 | | | | | 16,838 | | | | | 2,180,553 | | | ||||||||
Alena S. Brenner | | | | 473,973 | | | | | — | | | | | 8,620 | | | | | 482,592 | | | | | | 473,973 | | | | | — | | | | | 8,620 | | | | | 482,592 | | | ||||||||
Katy K. Theroux | | | | 533,219 | | | | | 3,198,829 | | | | | 16,863 | | | | | 3,748,911 | | | | | | 533,219 | | | | | 3,198,829 | | | | | 16,863 | | | | | 3,748,911 | | | ||||||||
John L. Buckley(1) | | | | — | | | | | — | | | | | — | | | | | — | | |
Named Executive Officer | | Lump Sum Cash Severance ($) | | Prorated Bonus ($) | | Total ($) | | | Lump Sum Cash Severance ($) | | Prorated Bonus ($) | | Total ($) | | ||||||||||||||||||||||||
James S. Metcalf | | | $ | — | | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||
Rose Lee | | | | 4,400,000 | | | | | 295,890 | | | | | 4,695,890 | | | | | | 4,400,000 | | | | | 295,890 | | | | | 4,695,890 | | | ||||||
Jeffrey S. Lee | | | | 600,000 | | | | | 133,151 | | | | | 733,151 | | | | | | 600,000 | | | | | 133,151 | | | | | 733,151 | | | ||||||
James F. Keppler | | | | 510,000 | | | | | 100,603 | | | | | 610,603 | | | | | | 510,000 | | | | | 100,603 | | | | | 610,603 | | | ||||||
Alena S. Brenner | | | | 400,000 | | | | | 73,973 | | | | | 473,973 | | | | | | 400,000 | | | | | 73,973 | | | | | 473,973 | | | ||||||
Katy K. Theroux | | | | 450,000 | | | | | 83,219 | | | | | 533,219 | | | | | | 450,000 | | | | | 83,219 | | | | | 533,219 | | | ||||||
John L. Buckley | | | | — | | | | | — | | | | | — | | |
Description | | | Amount | | |||
Financial advisory fees and expenses | | | | $ | [ ] | | |
Legal, accounting and other professional fees and expenses | | | | $ | [ ] | | |
SEC filing fees | | | | $ | 302,423.05 | | |
Printing, proxy solicitation and mailing costs | | | | $ | [ ] | | |
Miscellaneous | | | | $ | [ ] | | |
Total | | | | $ | [ ] | | |
Name | | | Age | | | Position | |
Kathleen J. Affeldt | | | 73 | | | Director | |
George L. Ball | | | 63 | | | Director | |
Gary L. Forbes | | | 78 | | | Director | |
John J. Holland | | | 72 | | | Director | |
William E. Jackson | | | 59 | | | Director | |
Wilbert W. James, Jr. | | | 66 | | | Director | |
Daniel Janki | | | 53 | | | Director | |
John Krenicki, Jr. | | | 59 | | | Director | |
Rose Lee(a) | | | 56 | | | Director, President and Chief Executive Officer | |
Timothy O’Brien | | | 58 | | | Director | |
Judith Reinsdorf | | | 58 | | | Director | |
Nathan K. Sleeper | | | 48 | | | Director | |
Jonathan L. Zrebiec | | | 42 | | | Director | |
Name | | | Age | | | Position | |
Rose Lee | | | 56 | | | President and Chief Executive Officer | |
Alena S. Brenner | | | 45 | | | Executive Vice President, General Counsel and Corporate Secretary | |
James F. Keppler | | | 54 | | | Executive Vice President, Operations | |
Jeffrey S. Lee | | | 53 | | | Executive Vice President, Chief Financial Officer and Chief Accounting Officer | |
Katy K. Theroux | | | 53 | | | Executive Vice President and Chief Human Resources Officer | |
Fiscal Year | | | High | | | Low | | | Dividend Paid | | |||||||||
2020 | | | | | | | | | | | | | | | | | | | |
First Quarter | | | | $ | 9.79 | | | | | $ | 2.54 | | | | | | — | | |
Second Quarter | | | | $ | 7.05 | | | | | $ | 3.60 | | | | | | — | | |
Third Quarter | | | | $ | 9.43 | | | | | $ | 4.68 | | | | | | — | | |
Fourth Quarter | | | | $ | 10.20 | | | | | $ | 7.25 | | | | | | — | | |
2021 | | | | | | | | | | | | | | | | | | | |
First Quarter | | | | $ | 14.71 | | | | | $ | 9.26 | | | | | | — | | |
Second Quarter | | | | $ | 19.73 | | | | | $ | 13.30 | | | | | | — | | |
Third Quarter | | | | $ | 17.99 | | | | | $ | 14.15 | | | | | | — | | |
Fourth Quarter | | | | $ | 17.72 | | | | | $ | 13.51 | | | | | | — | | |
2022 | | | | | | | | | | | | | | | | | | | |
First Quarter | | | | $ | 24.44 | | | | | $ | 13.54 | | | | | | — | | |
| | Beneficial Ownership(1) | | | Beneficial Ownership(1) | | ||||||||||||||||||||
Name of Beneficial Owner or Group | | Number of Shares of Common Stock | | Percent | | | Number of Shares of Common Stock | | Percent | | ||||||||||||||||
CD&R Pisces Holdings, L.P.(2) | | | | 39,128,929 | | | | | 30.73 | | | | | | 39,128,929 | | | | | 30.72 | | | ||||
Clayton, Dubilier & Rice Fund VIII, L.P.(3) | | | | 22,744,823 | | | | | 17.86 | | | | | | 22,744,823 | | | | | 17.86 | | | ||||
CD&R Friends & Family Fund VIII, L.P.(3) | | | | 56,940 | | | | | * | | | | | | 56,940 | | | | | * | | | ||||
GG Shareholders(4) | | | | 7,489,402 | | | | | 5.88 | | | | | | 7,489,402 | | | | | 5.88 | | | ||||
Kathleen J. Affeldt(5) | | | | 60,515 | | | | | * | | | | | | 60,515 | | | | | * | | | ||||
George L. Ball(5) | | | | 391,490 | | | | | * | | | | | | 391,490 | | | | | * | | | ||||
Alena Brenner(5) | | | | 8,769 | | | | | * | | | | | | 8,769 | | | | | * | | | ||||
John L. Buckley | | | | 57,717 | | | | | * | | | |||||||||||||||
Gary L. Forbes(5) | | | | 167,826 | | | | | * | | | | | | 167,826 | | | | | * | | | ||||
John J. Holland(5) | | | | 102,038 | | | | | * | | | | | | 102,038 | | | | | * | | | ||||
William E. Jackson | | | | 19,081 | | | | | * | | | | | | 19,081 | | | | | * | | | ||||
Wilbert W. James, Jr. | | | | 23,891 | | | | | * | | | | | | 36,069 | | | | | * | | | ||||
Daniel Janki | | | | 221,541 | | | | | * | | | | | | 221,541 | | | | | * | | | ||||
James F. Keppler | | | | 49,503 | | | | | * | | | | | | 49,503 | | | | | * | | | ||||
John Krenicki, Jr.(2)(3)(6) | | | | — | | | | | * | | |
| | Beneficial Ownership(1) | | | Beneficial Ownership(1) | | ||||||||||||||||||||
Name of Beneficial Owner or Group | | Number of Shares of Common Stock | | Percent | | | Number of Shares of Common Stock | | Percent | | ||||||||||||||||
John Krenicki, Jr.(2)(3)(6) | | | | — | | | | | * | | | |||||||||||||||
Jeffrey S. Lee(5) | | | | 339,310 | | | | | * | | | | | | 339,310 | | | | | * | | | ||||
Rose Lee(5) | | | | — | | | | | * | | | | | | — | | | | | * | | | ||||
James S. Metcalf(5) | | | | 773,660 | | | | | * | | | | | | 773,660 | | | | | * | | | ||||
Timothy O’Brien(5) | | | | 24,086 | | | | | * | | | | | | 30,699 | | | | | * | | | ||||
Nathan K. Sleeper(2)(3)(6) | | | | — | | | | | * | | | | | | — | | | | | * | | | ||||
Arthur Steinhafel(7) | | | | 131,272 | | | | | * | | | |||||||||||||||
Judith Reinsdorf | | | | — | | | | | * | | | |||||||||||||||
Katy Theroux | | | | 120,035 | | | | | * | | | | | | 120,035 | | | | | * | | | ||||
Jonathan L. Zrebiec(2)(3)(6) | | | | — | | | | | * | | | | | | — | | | | | * | | | ||||
All directors and executive officers as a group (18 persons)(6)(8) | | | | 2,490,734 | | | | | 1.96 | | | |||||||||||||||
All directors and executive officers as a group (17 persons)(6)(7) | | | | 2,320,536 | | | | | 1.82 | | |
| | Options | | | | | | | | | | | | | Options | | | | | | | | | | | | ||||||||||||||||||||||||
| | Exercisable Within 60 Days (included in the table above) | | Not Exercisable Within 60 Days (not included in the table above) | | Unvested Restricted Stock Units (not included in the table above) | | Unvested Performance Share Units (not included in the table above) | | | Exercisable Within 60 Days (included in the table above) | | Not Exercisable Within 60 Days (not included in the table above) | | Unvested Restricted Stock Units (not included in the table above) | | Unvested Performance Share Units (not included in the table above) | | ||||||||||||||||||||||||||||||||
Kathleen J. Affeldt | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | ||||||||
George L. Ball | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | ||||||||
John L. Buckley | | | | 19,075 | | | | | 0 | | | | | 0 | | | | | 17,356 | | | |||||||||||||||||||||||||||||
Gary L. Forbes | | | | 14,163 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 14,163 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | ||||||||
John J. Holland | | | | 26,365 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 26,365 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | ||||||||
William E. Jackson | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | ||||||||
Wilbert W. James, Jr. | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | ||||||||
Daniel Janki | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | ||||||||
James F. Keppler | | | | 91,813 | | | | | 65,401 | | | | | 49,781 | | | | | 59,715 | | | | | | 91,813 | | | | | 65,401 | | | | | 49,781 | | | | | 59,715 | | | ||||||||
John Krenicki, Jr.(6) | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | ||||||||
Jeffrey S. Lee | | | | 299,465 | | | | | 224,973 | | | | | 81,915 | | | | | 171,860 | | | | | | 299,465 | | | | | 224,973 | | | | | 81,915 | | | | | 171,860 | | | ||||||||
Rose Lee | | | | 0 | | | | | 262,466 | | | | | 183,268 | | | | | 213,813 | | | | | | 0 | | | | | 262,466 | | | | | 183,268 | | | | | 213,813 | | | ||||||||
James S. Metcalf | | | | 810,372 | | | | | 264,502 | | | | | 102,313 | | | | | 306,123 | | | | | | 810,372 | | | | | 264,502 | | | | | 102,313 | | | | | 306,123 | | | ||||||||
Timothy O’Brien | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | ||||||||
Judith Reinsdorf | | | | 0 | | | | | 0 | | | | | 6,850 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 6,850 | | | | | 0 | | | ||||||||
Nathan K. Sleeper(6) | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | ||||||||
Jonathan L. Zrebiec(6) | | | | 0 | | | | | 0 | | | | | 7,719 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | |
| | Options | | | | | | | | | | | | | Options | | | | | | | | | | | | ||||||||||||||||||||||||
| | Exercisable Within 60 Days (included in the table above) | | Not Exercisable Within 60 Days (not included in the table above) | | Unvested Restricted Stock Units (not included in the table above) | | Unvested Performance Share Units (not included in the table above) | | | Exercisable Within 60 Days (included in the table above) | | Not Exercisable Within 60 Days (not included in the table above) | | Unvested Restricted Stock Units (not included in the table above) | | Unvested Performance Share Units (not included in the table above) | | ||||||||||||||||||||||||||||||||
Alena S. Brenner | | | | 13,168 | | | | | 26,344 | | | | | 24,956 | | | | | 18,716 | | | | | | 13,168 | | | | | 26,344 | | | | | 24,956 | | | | | 18,716 | | | ||||||||
Arthur W. Steinhafel(7) | | | | 146,113 | | | | | 105,484 | | | | | 46,898 | | | | | 46,046 | | | |||||||||||||||||||||||||||||
Katy K. Theroux | | | | 129,208 | | | | | 95,793 | | | | | 38,496 | | | | | 76,369 | | | | | | 129,208 | | | | | 95,793 | | | | | 38,496 | | | | | 76,369 | | |
| | | Total Number of Shares Purchased(1) | | | Range of Prices Paid per Share | | | Average Price Paid per Share | | |||||||||
2020 Q1 | | | | | 37,794 | | | | | $ | 7.46 – $9.24 | | | | | $ | 8.63 | | |
2020 Q2 | | | | | 1,129,085 | | | | | $ | 3.98 – $6.17 | | | | | $ | 5.82 | | |
2020 Q3 | | | | | 1,635 | | | | | $ | 6.89 – $8.01 | | | | | $ | 7.16 | | |
2020 Q4 | | | | | 129,739 | | | | | $ | 7.96 – $9.10 | | | | | $ | 8.38 | | |
2021 Q1 | | | | | 111,868 | | | | | $ | 9.28 – $13.84 | | | | | $ | 13.78 | | |
2021 Q2 | | | | | — | | | | | | — | | | | | | — | | |
2021 Q3 | | | | | 88,380 | | | | | $ | 14.94 – $14.94 | | | | | $ | 14.94 | | |
2021 Q4 | | | | | 411,813 | | | | | $ | 15.16 – $16.61 | | | | | $ | 16.57 | | |
| | | | Page | | |||
| ARTICLE I | | | | | | | |
| The Merger; Closing; Effective Time | | | | | | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| ARTICLE II | | | | | | | |
| Certificate of Incorporation and Bylaws of the Surviving Corporation | | | | | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| ARTICLE III | | | | | | | |
| Directors and Officers of the Surviving Corporation | | | | | | | |
| | | | | A-3 | | | |
| | | | | A-3 | | | |
| ARTICLE IV | | | | | | | |
| Effect of the Merger on Capital Stock; Exchange of Share Certificates | | | | | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-6 | | | |
| | | | | A-8 | | | |
| ARTICLE V | | | | | | | |
| Representations and Warranties | | | | | | | |
| | | | | A-8 | | | |
| | | | | A-21 | | | |
| ARTICLE VI | | | | | | | |
| Covenants | | | | | | | |
| | | | | A-24 | | | |
| | | | | A-27 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-34 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | |
| | | | Page | | |||
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-41 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| ARTICLE VII | | | | | | | |
| Conditions | | | | | | | |
| | | | | A-45 | | | |
| | | | | A-46 | | | |
| | | | | A-46 | | | |
| ARTICLE VIII | | | | | | | |
| Termination | | | | | | | |
| | | | | A-47 | | | |
| | | | | A-48 | | | |
| ARTICLE IX | | | | | | | |
| Miscellaneous and General | | | | | | | |
| | | | | A-50 | | | |
| | | | | A-50 | | | |
| | | | | A-50 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-52 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-55 | | | |
| | | | | A-55 | | | |
| | | | | A-55 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
| | | | | A-1 | | | |
| Exhibit A Form of Certificate of Incorporation of the Surviving Corporation | | | | | | | |
Term | | | Section | |
2020 Company PSU Award | | | 4.3(c)(i) | |
2021 Company Executive PSU Award | | | 4.3(c)(i) | |
2021 Company Non-Executive PSU Award | | | 4.3(c)(i) | |
Action | | | 5.1(h) | |
Agreement | | | Preamble | |
Alternative Acquisition Agreement | | | 6.2(c)(iv) | |
Alternative Debt Financing | | | 6.13(d) | |
Antitrust Law | | | 6.5(f) | |
Applicable Date | | | 5.1(e)(i) | |
Bankruptcy and Equity Exception | | | 5.1(c)(i) | |
Benefit Plans | | | 5.1(i)(i) | |
Book-Entry Shares | | | 4.1(a) | |
Bylaws | | | 2.2 | |
Change of Recommendation | | | 6.2(c)(iv) | |
Charter | | | 2.1 | |
Chosen Courts | | | 9.5(a) | |
Closing | | | 1.2 | |
Closing Date | | | 1.2 | |
Term | | | Section | |
Code | | | 4.2(h) | |
Committed Lenders | | | 5.2(f)(ii) | |
Company | | | Preamble | |
Company Board | | | Recitals | |
Company Bonus Plans | | | 6.9(c) | |
Company Disclosure Schedule | | | 5.1 | |
Company Equity Awards | | | 4.2(b) | |
Company Option | | | 4.3(a)(i) | |
Company Permits | | | 5.1(j)(ii) | |
Company PSU Award | | | 4.3(c)(i) | |
Company Recommendation | | | 5.1(c)(iii)(A) | |
Company Reports | | | 5.1(e)(i) | |
Company RSU Award | | | 4.3(b) | |
Company Severance Plan | | | 6.9(a) | |
Company Stockholders Meeting | | | 6.4 | |
Company Termination Fee | | | 8.2(a) | |
Confidentiality Agreement | | | 6.6(b) | |
Constituent Corporations | | | Preamble | |
Continuing Employee | | | 6.9(a) | |
Contract | | | 5.1(d)(ii) | |
D&O Insurance | | | 6.11(c) | |
Debt Commitment Letters | | | 5.2(f)(ii) | |
Debt Financing | | | 5.2(f)(ii) | |
Debt Marketing Materials | | | 6.14(a)(iii) | |
Definitive Financing Agreements | | | 6.13(a) | |
Delaware Certificate of Merger | | | 1.3 | |
DGCL | | | Recitals | |
Dissenting Shares | | | 4.1(a) | |
DOJ | | | 6.5(b) | |
DTC | | | 4.2(c)(i) | |
Earned PSUs | | | 4.3(c)(ii) | |
Effective Time | | | 1.3 | |
Employees | | | 5.1(i)(i) | |
Enforcement Costs | | | 8.2(d) | |
Equity Commitment Letter | | | 5.2(f)(i) | |
Equity Financing | | | 5.2(f)(i) | |
ERISA | | | 5.1(i)(i) | |
Exchange Act | | | 5.1(d)(i) | |
Excluded Benefits | | | 6.9(a) | |
Excluded Shares | | | 4.1(a) | |
Extended Outside Date | | | 8.1(a) | |
Financing | | | 5.2(f)(ii) | |
Financing Conditions | | | 5.2(f)(iii) | |
Term | | | Section | |
Financing Letters | | | 5.2(f)(ii) | |
Foreign Plan | | | 5.1(i)(vii) | |
FTC | | | 6.5(b) | |
Governmental Authority | | | 5.1(d)(i) | |
Guarantee | | | Recitals | |
Guarantor | | | Recitals | |
HSR Act | | | 5.1(d)(i) | |
Indemnified Parties | | | 6.11(a) | |
Initial Outside Date | | | 8.1(a) | |
Insurance Policies | | | 5.1(r) | |
Intervening Event | | | 6.2(d)(ii) | |
IRS | | | 5.1(i)(i) | |
Laws | | | 5.1(j)(i) | |
Letter of Transmittal | | | 4.2(c)(i) | |
Material Contract | | | 5.1(k)(i) | |
material weakness | | | 5.1(e)(ii) | |
Merger | | | Recitals | |
Merger Consideration | | | 4.1(a) | |
Merger Sub | | | Preamble | |
Multiemployer Plan | | | 5.1(h)(ii) | |
New York Courts | | | 9.5(a) | |
Order | | | 7.1(c) | |
Owned Real Property | | | 5.1(l)(i)(B) | |
Parent | | | Preamble | |
Parent Disclosure Schedule | | | 5.2 | |
Parent Termination Fee | | | 8.2(c) | |
Parties | | | Preamble | |
Paying Agent | | | 4.2(a) | |
Payment Fund | | | 4.2(b) | |
PBGC | | | 5.1(i)(v) | |
Prohibited Financing Modifications | | | 6.13(b) | |
Proxy Statement | | | 6.3 | |
Reimbursement Obligations | | | 6.14(a) | |
Required Amounts | | | 5.2(f)(vi) | |
Schedule 13e-3 | | | 6.3(b) | |
SEC | | | 5.1(e)(i) | |
SEC Clearance Date | | | 6.3(c) | |
Securities Act | | | 5.1(d)(i) | |
Share Certificate | | | 4.1(a) | |
Shares | | | Recitals | |
significant deficiency | | | 5.1(e)(ii) | |
Special Committee | | | Recitals | |
Specified Acquisition | | | 6.1(d) | |
Term | | | Section | |
Support Agreement | | | Recitals | |
Surviving Corporation | | | 1.1 | |
Tail Period | | | 6.11(c) | |
Takeover Statute | | | 5.1(m) | |
Termination Payment | | | 8.2(d) | |
Trade Controls | | | 5.1(j)(iii) | |
Unaffiliated Stockholders | | | Recitals | |
WARN Act | | | 5.1(p)(ii) | |
Record or Beneficial Owner | | | No. of Shares Owned | | |||
Clayton, Dubilier & Rice Fund VIII, L.P. | | | | | 22,744,823 | | |
CD&R Friends & Family Fund VIII, L.P. | | | | | 56,940 | | |
CD&R Pisces Holdings, L.P. | | | | | 39,128,929 | | |
Clayton, Dubilier & Rice, LLC | | | | | 212,723 | | |