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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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| | (1) Amount Previously Paid: | | | |||||
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Richard H. Brown
Chairman of the Board |
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Mark P. Vergnano
President & Chief Executive Officer |
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| | ANNUAL MEETING OVERVIEW | | | | | 1 | | |
| | PROPOSAL 1 — ELECTION OF DIRECTORS | | | | | 1 | | |
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| | CORPORATE GOVERNANCE | | | | | 9 | | |
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| | BOARD STRUCTURE AND COMMITTEE COMPOSITION | | | | | 13 | | |
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| | DIRECTOR COMPENSATION | | | | | 16 | | |
| | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | | | | | 18 | | |
| | EXECUTIVE COMPENSATION | | | | | 20 | | |
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| | PROPOSAL 2 — ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION | | | | | 48 | | |
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| | PROPOSAL 4 — SHAREHOLDER PROPOSAL | | | | | 52 | | |
| | CERTAIN RELATIONSHIPS AND TRANSACTIONS | | | | | 55 | | |
| | GENERAL INFORMATION ABOUT THE MEETING | | | | | 56 | | |
| | OTHER INFORMATION | | | | | 61 | | |
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Meeting Information
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Summary of Matters to be Voted Upon
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Time and Date:
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Voting Matter
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Board Vote
Recommendation |
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See
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10:00 a.m.
(Eastern time) on Tuesday, April 30, 2019
Place:
Caesar Rodney
Ballroom at The Westin Hotel, 818 Shipyard Drive, Wilmington, DE 19801 |
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Management Proposals
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Shareholder Proposal
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| | Proposal 4 — Report on Executive Compensation | | | | | | |||||
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Core Skills & Qualifications
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Additional Experience
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| | Leadership (Strategy & Execution) | | | Chemical Industry Experience | | | Marketing | | | Information Technology | |
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Financial Expertise
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| | Risk Management | | | Business Development | | | Logistics & Supply Chain | |
| | Global Business Strategy & Management | | | Global Business Operations | | | Mergers & Acquisitions | | | Legal Expertise | |
| | Technological Innovation | | | Compensation & Succession | | | Capital Markets | | | Regulatory Experience | |
| | Corporate Governance | | | Diversity | | | Investor Relations & Engagement | | | Cybersecurity | |
| | Environment, Health, Safety & Sustainability | | | Other Board Experience | | | | ||||
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Curtis V.
Anastasio |
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Bradley J.
Bell |
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Richard H.
Brown |
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Mary B.
Cranston |
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Curtis J.
Crawford |
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Dawn L.
Farrell |
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Sean D.
Keohane |
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Mark P.
Vergnano |
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| | Core Skills and Experience | | ||||||||||||||||||||||||
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Leadership (Strategy and Execution)
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Chemical Industry Experience
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Global Business Strategy and Management
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Global Business Operations
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Compensation & Succession
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Environmental, Health, Safety and Sustainability
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| | Additional Experience | | | | | | | | | | | | | | | | | | | | | | | | | |
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| | Capital Markets | | | | | |
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Investor Relations & Engagement
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| | Logistics & Supply Chain | | |
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| | Regulatory Experience | | |
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| | Cybersecurity | | | | | | | | | | | |
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| | Diversity | | | | | | | | | | | | | | | | | | | | | | | | | |
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Name, Tenure and
Age |
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Principal Occupation, Business Experience, Qualifications and Directorships
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Since 2014, Mr. Anastasio has served as Chairman of GasLog Partners LP, a global owner, operator, and manager of liquefied natural gas carriers. Mr. Anastasio has also served as a director of Par Pacific Holdings, Inc. (formerly Par Petroleum Corporation), a diversified energy company, since 2014. He served as President, Chief Executive Officer and Executive Director of NuStar Energy, L.P. (formerly Valero L.P.) from 2001 to 2013. He also served as President, Chief Executive Officer and Executive Director of NuStar GP Holdings, LLC (formerly Valero GP Holdings, LLC) from 2006 to 2013. Mr. Anastasio has served on the board of the Federal Reserve Bank of Dallas since 2014.
Skills and Qualifications
Mr. Anastasio has significant leadership experience as both an executive officer and board member of public companies. Through his experience as a former chief executive officer, he is able to provide the Board with valuable insight on global business management and financial matters. Mr. Anastasio’s knowledge of financial matters is further enhanced by his role as audit committee chairman of Par Pacific Holdings, Inc. and as a Director and member of the Audit Committee of the Federal Reserve Bank of Dallas. He also has valuable experience in marketing, business development and logistics.
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| Curtis V. Anastasio Director since 2015 Age 62 | | |||
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Mr. Bell has served on the board of directors of Momentive Performance Materials Inc., a global manufacturer of silicones, quartz, and ceramics, since October 2014, where he has been Non-Executive Chair since December 2014. From 2014 to 2018, Mr. Bell served on the board of Hennessey Capital Acquisition Corp. (HCAC) and its successive acquisition companies (HCAC II and HCAC III), formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase reorganization or similar business combination with one or more businesses. Mr. Bell also served on the boards of Compass Minerals International, Inc. from 2003 to 2015 and IDEX Corporation from 2001 to 2015. He formerly served as Executive Vice President and Chief Financial Officer of Nalco Holding Company, a global leader in water treatment and process chemical services, from 2003 to 2010. Prior to joining Nalco Holding Company, he served as Senior Vice President and Chief Financial Officer of Rohm and Haas Company from 1997 to 2003.
Skills and Qualifications
Through his over 35 years of executive experience in the technology, manufacturing and chemicals industries, Mr. Bell has developed financial expertise and experience in mergers and acquisitions, private equity and capital markets transactions. His experience includes over 12 years of experience as a chief financial officer of a publicly traded company, during which he obtained significant financial management and reporting expertise. Mr. Bell has over 30 years of experience as a director of multiple public companies, which allows him to bring the Board substantial knowledge of corporate governance, compensation design, shareholder relations, risk management and succession planning.
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| Bradley J. Bell Director since 2015 Age 66 | |
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Name, Tenure and
Age |
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Principal Occupation, Business Experience, Qualifications and Directorships
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Mr. Brown has served as Chairman of the Board since July 1, 2015. He currently serves as Chair of Browz, LLC, a global leader of contractor pre-qualification and compliance solutions since 2005. Formerly, Mr. Brown served as Chair and Chief Executive Officer of Electronic Data Systems (EDS) from 1999 to 2003. Prior to joining EDS, Mr. Brown served as Chief Executive Officer of Cable & Wireless PLC from 1996 to 1999, H&R Block Inc. from 1995 to 1996 and Illinois Bell Telephone Company from 1990 to 1995. He is a Trustee Emeritus of the Ohio University Foundation. He previously served on the boards of E. I. du Pont de Nemours and Company from 2001 to 2015, The Home Depot, Inc. from 2000 to 2006, Vivendi Universal from 2000 to 2002, and Seagram Co Ltd. from 1997 to 2000. Mr. Brown also served as a member of the Business Roundtable, the President’s Advisory Committee on Trade and Policy Negotiations, the U.S.-Japan Business Council, the French-American Business Council, and the President’s National Security Telecommunications Advisory Committee.
Skills and Qualifications
From his experiences as the chief executive officer and chairman of the board of several large public companies, Mr. Brown has valuable knowledge in the areas of global business management and operations, as well as the chemicals industry, corporate governance, financial matters, information technology, investor relations and supply chain logistics. His past experience serving as a public company chairman and his knowledge of the chemicals industry make Mr. Brown uniquely qualified to be the Chairman of the Board.
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| Richard H. Brown Director since 2015 Age 71 | | |||
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Ms. Cranston is a retired Senior Partner and Chair Emeritus of Pillsbury Winthrop Shaw Pittman, LLP, an international law firm. Prior to her retirement in 2012, Ms. Cranston served as Senior Partner and Chair Emeritus from 2007 to 2011; and Chair and Chief Executive Officer from 1999 to 2006. Ms. Cranston has served on the boards of Visa, Inc. since 2007 and MyoKardia, Inc. since 2016. Ms. Cranston previously served on the boards of GrafTech International Ltd from 2000 to 2014, International Rectifier Corporation from 2008 to 2015, Juniper Networks, Inc. from 2007 to 2015, and Exponent, Inc. from 2010 to 2014.
Skills and Qualifications
Ms. Cranston brings leadership experience and expertise in financial matters, risk management, legal matters and corporate governance. She has over 30 years of experience in mergers and acquisitions as a legal advisor and oversaw two large mergers while she was the chief executive officer of Pillsbury. Ms. Cranston also has experience in the areas of trade, antitrust, telecommunications, SEC enforcement and environmental law. Through her board memberships, she has dealt with cybersecurity issues, stockholder activism and board engagement with shareholders.
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| Mary B. Cranston Director since 2015 Age 71 | |
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Name, Tenure and
Age |
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Principal Occupation, Business Experience, Qualifications and Directorships
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Dr. Crawford has served as President and Chief Executive Officer of XCEO, Inc., a consulting firm specializing in leadership and corporate governance, since 2003. Prior to founding XCEO Inc. in 2003, he served as President and Chief Executive Officer of Onix Microsystems and Zilog Inc. Dr. Crawford has served on the boards of Xylem Inc. since 2011 and ON Semiconductor since 1999, and is the author of three books on leadership and corporate governance. He previously served on the board of E. I. du Pont de Nemours and Company from 1998 to 2015, and on the boards of ITT Corp., Agilysys, Lyondell Petrochemical, The Sisters of Mercy Health Corporation and DePaul University. In 2011, Dr. Crawford was awarded the B. Kenneth West Lifetime Achievement Award from the National Association of Corporate Directors (NACD) for his contribution to corporate governance and for having made a meaningful impact in the boardroom.
Skills and Qualifications
Dr. Crawford has more than 20 years of board experience and has developed an expertise in corporate governance and boardroom leadership. As an executive of several companies, he gained experience in a range of fields including technological innovation and the chemicals industry. Dr. Crawford has developed comprehensive risk management programs for major corporations and also has substantial experience in financial matters, executive compensation and succession planning. From his experience as the president and chief executive officer of a consulting firm, he provides the Board with a unique perspective on corporate governance matters.
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| Curtis J. Crawford Director since 2015 Age 71 | | |||
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Since 2012, Ms. Farrell has served as President and Chief Executive Officer of TransAlta Corporation, an electricity power generator and wholesale marketing company. Prior to becoming President and Chief Executive Officer of TransAlta, Ms. Farrell held a variety of increasingly responsible leadership positions, including Chief Operating Officer from 2009 to 2011, and Executive Vice President of Commercial Operations and Development from 2007 to 2009. Prior to rejoining TransAlta in 2007, she served as the Executive Vice President of Generation at BC Hydro from 2003 to 2006. Ms. Farrell currently serves on the boards of TransAlta Corporation, The Conference Board of Canada and the Business Council of Canada.
Skills and Qualifications
From her role as both chief executive officer and board member of a public company, Ms. Farrell gives the Board important insight in the areas of leadership, global business management and operations, shareholder relations, risk management and financial matters. Ms. Farrell has substantial experience handling large acquisitions, implementing environmental, health and safety programs and negotiating major regulatory deals.
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| Dawn L. Farrell Director since 2015 Age 59 | |
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Name, Tenure and
Age |
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Principal Occupation, Business Experience, Qualifications and Directorships
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Mr. Keohane has served as President and Chief Executive Officer of Cabot Corporation, a leading global specialty chemicals and performance materials company, since March 2016. Mr. Keohane joined Cabot in 2002 and has held roles of increasing responsibility in multiple businesses and functions. In November 2014, he was appointed Executive Vice President of Cabot Corporation and President of the Reinforcement Materials segment. Concurrently, he also provided executive leadership for the global engineering and commercial excellence functions of Cabot Corporation. In March 2012, Mr. Keohane was named Senior Vice President of Cabot Corporation and served as President of the Performance Chemicals segment from May 2008 until November 2014. Prior to that, he held positions of General Manager of the Performance Products Business Group (2003-2008) and Global Marketing Director, Carbon Black (2002-2003). Before joining Cabot Corporation, Mr. Keohane worked for Pratt & Whitney, a division of United Technologies, in a variety of general management positions in the United States and Asia Pacific. He has served on the board of directors of the American Chemistry Council since 2016.
Skills and Qualifications
Mr. Keohane has substantial leadership experience. Through his roles as chief executive officer, executive officer and board member, he brings a strong knowledge of the chemicals industry and considerable experience in global management and operations, risk management, financial expertise and compensation and succession planning. Mr. Keohane also has significant experience with environmental, health and safety, process and product technology, investor relations, marketing, sales and product management.
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Sean D. Keohane Director since 2018 Nominee
Age 51 |
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Mr. Vergnano has served as the Company’s President and Chief Executive Officer since July 1, 2015. Prior to joining Chemours, he held roles of increasing responsibility at E.I. du Pont de Nemours and Company. In October 2009, Mr. Vergnano was appointed Executive Vice President of DuPont and was responsible for multiple businesses and functions, including the businesses now part of Chemours: DuPont Chemicals & Fluoroproducts and Titanium Technologies. In June 2006, he was named Group Vice President of DuPont Safety & Protection. In October 2005, he was named Vice President and General Manager — Surfaces and Building Innovations. In February 2003, he was named Vice President and General Manager — Nonwovens. Prior to that, he had several assignments in manufacturing, technology, marketing, sales and business strategy. Mr. Vergnano joined DuPont in 1980 as a process engineer. Mr. Vergnano was appointed Chairman of the National Safety Council in 2017 and has served on its board of directors since 2007. He also serves on the board of directors of the American Chemistry Council since 2015 and is currently the vice chair of the board. He has served on the board of directors for Johnson Controls International plc since 2016. He previously served on the board of directors of Johnson Controls, Inc. from 2011 to 2016.
Skills and Qualifications
Mr. Vergnano has substantial leadership experience in the chemicals industry and in global business management and operations. He also brings knowledge and experience in technological innovation, risk management, corporate governance and financial matters. Through his former role with DuPont and his current role as the Company’s President and Chief Executive Officer, Mr. Vergnano has substantial knowledge of the Company and its industry.
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| Mark P. Vergnano Director since 2015 Age 61 | | |||
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Audit Committee
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Compensation and Leadership
Development Committee |
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Nominating and
Corporate Governance Committee |
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| Curtis V. Anastasio | | |
X
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X
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| Bradley J. Bell | | |
C
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X
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| Mary B. Cranston | | |
X
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C
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Dr. Curtis J. Crawford
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X
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C
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| Dawn L. Farrell | | | | | |
X
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X
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| Sean D. Keohane | | | | | |
X
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X
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2018 Meetings
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4
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6
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4
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X = Member
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C = Chair
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Fiscal Year 2018 Director Retainers
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| Annual Retainer (1) | | | | $ | 100,000 | | |
| Annual Equity Award (2) | | | | $ | 130,000 | | |
| Non-Executive Chairman Retainer (1) | | | | $ | 110,000 | | |
| Audit Committee Chair Retainer (1) | | | | $ | 20,000 | | |
| Compensation and Leadership Development Committee Chair Retainer (1) | | | | $ | 15,000 | | |
| Nominating and Corporate Governance Committee Chair Retainer (1) | | | | $ | 15,000 | | |
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Director
(1)
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Fees Earned or
Paid in Cash ($) (2) |
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Equity Awards
($) (3) |
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Total
($) |
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| Curtis V. Anastasio | | | | | 100,000 | | | | | | 130,045 | | | | | | 230,045 | | |
| Bradley J. Bell | | | | | 120,000 | | | | | | 130,045 | | | | | | 250,045 | | |
| Richard H. Brown | | | | | 210,000 | | | | | | 130,045 | | | | | | 340,045 | | |
| Mary B. Cranston | | | | | 107,500 | | | | | | 130,045 | | | | | | 237,545 | | |
| Curtis J. Crawford | | | | | 115,000 | | | | | | 130,045 | | | | | | 245,045 | | |
| Dawn L. Farrell | | | | | 100,000 | | | | | | 130,045 | | | | | | 230,045 | | |
| Sean D. Keohane | | | | | 75,000 | | | | | | 130,045 | | | | | | 205,045 | | |
| Stephen D. Newlin (4) | | | | | 57,500 | | | | | | 0 | | | | | | 57,500 | | |
|
Name
|
| |
Aggregate Equity Awards
Outstanding as of December 31, 2018 |
| |||
| Curtis V. Anastasio | | | | | 25,753 | | |
| Bradley J. Bell | | | | | 28,486 | | |
| Richard H. Brown | | | | | 61,379 | | |
| Mary B. Cranston | | | | | 28,486 | | |
| Curtis J. Crawford | | | | | 61,379 | | |
| Dawn L. Farrell | | | | | 28,486 | | |
| Sean D. Keohane | | | | | 2,733 | | |
|
Name of beneficial owner
|
| |
Direct
(1)
|
| |
Indirect
(2)
|
| |
Right to
acquire (3) |
| |
Total
|
| |
Percent of
class |
| |||||||||||||||
| Mark P. Vergnano | | | | | 584,676 | | | | | | 61,578 | | | | | | 1,579,877 | | | | | | 2,226,131 | | | | | | 1.34 % | | |
| Mark E. Newman | | | | | 153,471 | | | | | | 2,480 | | | | | | 459,819 | | | | | | 615,770 | | | | | | * | | |
| Paul Kirsch | | | | | 57,921 | | | | | | 0 | | | | | | 52,495 | | | | | | 110,416 | | | | | | * | | |
| E. Bryan Snell | | | | | 105,774 | | | | | | 0 | | | | | | 198,640 | | | | | | 304,414 | | | | | | * | | |
| David C. Shelton | | | | | 83,269 | | | | | | 492 | | | | | | 121,391 | | | | | | 205,152 | | | | | | * | | |
| Curtis V. Anastasio | | | | | 2,692 | | | | | | 0 | | | | | | 25,753 | | | | | | 28,445 | | | | | | * | | |
| Bradley J. Bell | | | | | 0 | | | | | | 10,400 | | | | | | 28,486 | | | | | | 38,886 | | | | | | * | | |
| Richard H. Brown | | | | | 12,500 | | | | | | 0 | | | | | | 86,706 | | | | | | 99,206 | | | | | | * | | |
| Mary B. Cranston | | | | | 0 | | | | | | 0 | | | | | | 28,486 | | | | | | 28,486 | | | | | | * | | |
| Curtis J. Crawford | | | | | 30 | | | | | | 47 | | | | | | 75,050 | | | | | | 75,127 | | | | | | * | | |
| Dawn L. Farrell | | | | | 0 | | | | | | 0 | | | | | | 28,486 | | | | | | 28,486 | | | | | | * | | |
| Sean D. Keohane | | | | | 0 | | | | | | 0 | | | | | | 2,733 | | | | | | 2,733 | | | | | | * | | |
|
Directors, nominees and executive officers as a group (15 persons)
|
| | | | 1,050,259 | | | | | | 74,997 | | | | | | 2,763,559 | | | | | | 3,888,815 | | | | | | 2.34 % | | |
|
Name and Address of Beneficial Owner
|
| |
Number of Shares
Beneficially Owned |
| |
Percent of Class
(5)
|
| ||||||
|
FMR LLC
(1)
245 Summer Street Boston, MA 02210 |
| | | | 24,433,268 | | | | | | 14.31 % | | |
|
The Vanguard Group
(2)
100 Vanguard Blvd. Malvern, PA 19355 |
| | | | 17,610,782 | | | | | | 10.31 % | | |
|
BlackRock, Inc
(3)
55 East 52nd Street New York, NY 10055 |
| | | | 16,760,610 | | | | | | 9.81 % | | |
|
Iridian Asset Management LLC
(4)
276 Post Road West Westport, CT 06880 |
| | | | 11,572,512 | | | | | | 6.78 % | | |
|
Name
|
| |
Position
|
|
| Mark Vergnano | | | President and Chief Executive Officer | |
| Mark Newman | | | Senior Vice President and Chief Financial Officer | |
| Paul Kirsch | | | President, Fluoroproducts | |
| Bryan Snell | | | President, Titanium Technologies | |
| David Shelton | | | Senior Vice President, General Counsel and Corporate Secretary | |
|
What Chemours Does
|
| |
What Chemours Doesn’t Do
|
|
|
☑
Pay-for-performance
|
| |
☒
Provide income tax gross-ups, other than for international assignment and/or relocation
|
|
|
☑
Deliver total direct compensation predominantly through variable pay
|
| |
☒
Re-price underwater stock options
|
|
|
☑
Set challenging short- and long-term incentive award goals
|
| |
☒
Allow hedging, pledging, short sales, derivative transactions, margin accounts or short-term trading
|
|
|
☑
Target pay and benefits to market competitive levels
|
| |
☒
Have a liberal share recycling provision in our equity plan
|
|
|
☑
Maintain robust stock ownership requirements
|
| | | |
|
☑
Maintain a clawback policy for incentive based compensation
|
| | | |
|
☑
Annually review the constituents of Compensation and Performance peer groups and make adjustments as appropriate
|
| | | |
|
☑
Undertake an annual review of compensation risk
|
| | | |
|
☑
Offer limited perquisites
|
| | | |
|
☑
Regularly review compensation, especially incentive compensation to ensure continued alignment with Chemours’ strategy
|
| | | |
|
Element
|
| |
Purpose and Key Features
|
|
| Base Salary | | |
➢
Provides a stable source of income and is a standard element in executive compensation packages
➢
Compensates for expected day-to-day contribution
➢
Targeted to be market competitive in order to attract and retain qualified executives
➢
Delivered in cash
|
|
| Annual Incentive Plan (“AIP”) | | |
➢
Short-term at-risk compensation
➢
Encourages focus on the achievement of annual business goals
➢
Target incentive opportunity is set as a percentage of base salary and awards are earned only after a threshold level of performance is achieved
➢
Maximum payout is capped
➢
Delivered in cash
|
|
| Long-Term Incentive Program (“LTIP”) | | |
➢
Long-term at-risk compensation
➢
Aligns executives with the long-term interests of shareholders
➢
Provides a total compensation opportunity with payouts varying based on business and stock price performance
➢
Maximum payout is capped
➢
Delivered in stock
|
|
| | Compensation and Leadership Development Committee | | |
➢
Establish executive compensation philosophy
➢
Approve incentive compensation programs and determine performance expectations for short-term and long-term incentive programs
➢
Approve all compensation actions for the NEOs, other than the CEO, including base salary, target and actual short-term incentive plan payouts and long-term incentive targets, grants and earned awards
➢
Recommend to the independent directors of the Board compensation actions for the CEO, including base salary, target and actual short-term incentive plan payouts and long-term incentive targets, grants and earned awards
|
|
| | All Independent Board Members | | |
➢
Assess performance of the CEO
➢
Approve all compensation actions for the CEO, including base salary, target and actual short-term incentive plan payouts and long-term incentive targets, grants and earned awards
|
|
| | Chief Executive Officer | | |
➢
Provide compensation recommendations for the NEOs (other than the CEO) to the Compensation and Leadership Development Committee, which considers these recommendations as part of its evaluation. However, review, analysis, and final approval of compensation actions are made solely by the Compensation and Leadership Development Committee
➢
Recommendations are based on the CEO’s personal review of each NEO’s performance, job responsibilities, and importance to the Company’s overall business strategy, as well as the Company’s compensation philosophy
➢
In preparing compensation recommendations for the NEOs, the CEO and the SVP of Human Resources compare each key element of compensation provided to the NEOs to market data and consider the total compensation package
➢
In consultation with the Chief Financial Officer, recommends incentive measures and performance expectations
|
|
| | Independent Consultant to the Compensation and Leadership Development Committee | | |
➢
Provides independent advice, research, and analytical services on a variety of subjects, including compensation of executive officers and executive compensation trends
➢
Participates in meetings as requested and communicates with the Chair of the Compensation and Leadership Development Committee between meetings
➢
Evaluates executive compensation policies and guidelines and provides analysis of policies and guidelines compared to best practices in the industry
➢
Engaged by, and reports directly to the Compensation and Leadership Development Committee
|
|
| | | | | | |
| | Air Products & Chemicals, Inc. | | | PolyOne Corporation | |
| | Albemarle Corporation | | | PPG Industries, Inc. | |
| | Ashland Global Holdings, Inc. | | | RPM International, Inc. | |
| | Axalta Coating Systems Ltd. | | | The Sherwin-Williams Company | |
| | Celanese Corporation | | | Trinseo S.A. | |
| | Eastman Chemical Company | | | Tronox Limited | |
| | Huntsman Corporation | | | Venator Materials PLC | |
| | Olin Corporation | | | Westlake Chemical Corporation | |
| | Platform Specialty Products Corporation | | | W.R. Grace and Company | |
| | | |
2017
|
| |
2018
|
|
| Base Salary | | | $1,000,000 | | | $1,050,000 | |
| Target AIP Opportunity | | | $1,300,000 (130% of salary) | | | $1,365,000 (130% of salary) | |
| Target LTI Opportunity (Grant Value) | | | $5,500,000 | | | $5,500,000 | |
| Target Total Direct Compensation | | | $7,800,000 | | | $7,915,000 | |
|
NEO
|
| |
Base Salary ($)
(as of December 31, 2017) |
| |
Base Salary ($)
(as of December 31, 2018) |
| ||||||
| Mark Vergnano | | | | $ | 1,000,000 | | | | | $ | 1,050,000 | | |
| Mark Newman | | | | $ | 591,220 | | | | | $ | 591,220 | | |
| Paul Kirsch | | | | $ | 550,000 | | | | | $ | 550,000 | | |
| Bryan Snell | | | | $ | 500,000 | | | | | $ | 550,000 | | |
| David Shelton | | | | $ | 475,000 | | | | | $ | 475,000 | | |
|
NEO
|
| |
2017 Annual Incentive
Target (as % of Base Salary) |
| |
2018 Annual Incentive
Target (as % of Base Salary) |
| ||||||
| Mark Vergnano | | | | | 130 % | | | | | | 130 % | | |
| Mark Newman | | | | | 80 % | | | | | | 80 % | | |
| Paul Kirsch | | | | | 75 % | | | | | | 75 % | | |
| Bryan Snell | | | | | 75 % | | | | | | 75 % | | |
| David Shelton | | | | | 70 % | | | | | | 70 % | | |
| | | |
Measure
|
| |
Weighting
|
|
|
Corporate Performance Factor
|
| |
Corporate Adjusted EBITDA
|
| |
50%
|
|
| | Corporate Free Cash Flow | | | 50% | |
| | | |
Measure
|
| |
Weighting
|
|
|
Business Unit Performance Factor
|
| |
Corporate Adjusted EBITDA
|
| |
12.50%
(50% of the 25%)
|
|
| | Corporate Free Cash Flow | | | 12.50% (50% of the 25%) | | ||
| |
Business Unit Adjusted EBITDA
|
| | 56.25% (75% of the 75%) | | ||
| | Business Unit Free Cash Flow | | | 18.75% (25% of the 75%) | |
|
Measure
|
| |
Threshold
(1)
|
| |
Target
|
| |
Maximum
(2)
|
| |
Actual
|
| |
Weighted
Funding Result |
| |||||||||||||||
| Corporate Adj. EBITDA | | | | $ | 1,662 | | | | | $ | 1,785 | | | | | $ | 2,080 | | | | | $ | 1,740 | | | | | | 41 % | | |
| Corporate Free Cash Flow | | | | $ | 600 | | | | | $ | 691 | | | | | $ | 1,000 | | | | | $ | 627 | | | | | | 32 % | | |
|
Measure
|
| |
Threshold
(1)
|
| |
Target
|
| |
Maximum
(2)
|
| |
Actual
|
| |
Weighted
Funding Result |
| |||||||||||||||
| Corporate Adj. EBITDA | | | | $ | 1,662 | | | | | $ | 1,785 | | | | | $ | 2,080 | | | | | $ | 1,740 | | | | | | 10 % | | |
| Corporate Free Cash Flow | | | | $ | 600 | | | | | $ | 691 | | | | | $ | 1,000 | | | | | $ | 627 | | | | | | 8 % | | |
| Business Unit Adj. EBITDA | | | | $ | 1,110 | | | | | $ | 1,200 | | | | | $ | 1,380 | | | | | $ | 1,055 | | | | | | 0 % | | |
|
Business Unit Free Cash Flow
|
| | | $ | 950 | | | | | $ | 1,045 | | | | | $ | 1,245 | | | | | $ | 938 | | | | | | 0 % | | |
|
Measure
|
| |
Threshold
(1)
|
| |
Target
|
| |
Maximum
(2)
|
| |
Actual
|
| |
Weighted
Funding Result |
| |||||||||||||||
| Corporate Adj. EBITDA | | | | $ | 1,662 | | | | | $ | 1,785 | | | | | $ | 2,080 | | | | | $ | 1,740 | | | | | | 10 % | | |
| Corporate Free Cash Flow | | | | $ | 600 | | | | | $ | 691 | | | | | $ | 1,000 | | | | | $ | 627 | | | | | | 8 % | | |
| Business Unit Adj. EBITDA | | | | $ | 670 | | | | | $ | 698 | | | | | $ | 803 | | | | | $ | 783 | | | | | | 102 % | | |
|
Business Unit Free Cash Flow
|
| | | $ | 390 | | | | | $ | 429 | | | | | $ | 560 | | | | | $ | 463 | | | | | | 24 % | | |
|
NEO
|
| |
Annual Incentive
Target (as % of Base Salary) |
| |
Annual Incentive
Target ($) |
| |
Annual Incentive
Actual ($) |
| |||||||||
| Mark Vergnano | | | | | 130 % | | | | | $ | 1,365,000 | | | | | $ | 1,000,545 | | |
| Mark Newman | | | | | 80 % | | | | | $ | 472,976 | | | | | $ | 346,691 | | |
| Paul Kirsch | | | | | 75 % | | | | | $ | 412,500 | | | | | $ | 592,350 | | |
| Bryan Snell | | | | | 75 % | | | | | $ | 412,500 | | | | | $ | 75,488 | | |
| David Shelton | | | | | 70 % | | | | | $ | 332,500 | | | | | $ | 243,723 | | |
|
NEO
|
| |
2017 Long Term
Incentive Target |
| |
2018 Long Term
Incentive Target |
| ||||||
| Mark Vergnano | | | | $ | 5,500,000 | | | | | $ | 5,500,000 | | |
| Mark Newman | | | | $ | 1,200,000 | | | | | $ | 1,200,000 | | |
| Paul Kirsch | | | | $ | 900,000 | | | | | $ | 900,000 | | |
| Bryan Snell | | | | $ | 900,000 | | | | | $ | 900,000 | | |
| David Shelton | | | | $ | 750,000 | | | | | $ | 850,000 | | |
|
Adjusted EPS
|
| |
Pre-Tax ROIC
|
| ||||||||||||
|
Period
|
| |
Weighting
|
| |
Period
|
| |
Weighting
|
| ||||||
| FY2018 | | | | | 10 % | | | | FY2018 | | | | | 10 % | | |
| FY2019 | | | | | 10 % | | | | FY2019 | | | | | 10 % | | |
| FY2020 | | | | | 10 % | | | | FY2020 | | | | | 10 % | | |
|
Cumulative FY2018 – FY2020
|
| | | | 20 % | | | |
Average FY2018 – FY2020
|
| | | | 20 % | | |
| Total for Adjusted EPS | | | | | 50 % | | | | Total for Pre-tax ROIC | | | | | 50 % | | |
|
Relative TSR
|
| |
<25
th
percentile
|
| |
25
th
to 75
th
percentile
|
| |
>75
th
percentile
|
| ||||||
| Applied Modifier | | | | | 0.75 | | | |
1.00 (No Adjustment)
|
| | | | 1.25 | | |
|
NEO
|
| |
2018 Target
LTI Award Value |
| |
Share Equivalent
Value of PSUs on grant date |
| |
Target Number
of PSU Awards (1) |
| |
Grant Date
Fair Value of Stock Options |
| |
Number of
Stock Options Granted (2) |
| |||||||||||||||
| Mark Vergnano | | | | $ | 5,500,020 | | | | | $ | 3,300,040 | | | | | | 68,000 | | | | | $ | 2,199,980 | | | | | | 107,055 | | |
| Mark Newman | | | | $ | 1,200,026 | | | | | $ | 720,040 | | | | | | 14,837 | | | | | $ | 479,986 | | | | | | 23,357 | | |
| Paul Kirsch | | | | $ | 900,037 | | | | | $ | 540,042 | | | | | | 11,128 | | | | | $ | 359,995 | | | | | | 17,518 | | |
| Bryan Snell | | | | $ | 900,037 | | | | | $ | 540,042 | | | | | | 11,128 | | | | | $ | 359,995 | | | | | | 17,518 | | |
| David Shelton | | | | $ | 850,002 | | | | | $ | 510,002 | | | | | | 10,509 | | | | | $ | 340,000 | | | | | | 16,545 | | |
|
Measurement Period
|
| |
Weighting
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Result
|
| |
Payout %
(weighted) |
| ||||||||||||||||||
| FY2016 | | | | | 12.5 % | | | | | $ | 574 | | | | | $ | 675 | | | | | $ | 776 | | | | | $ | 822 | | | | | | 25.0 % | | |
| FY2017 | | | | | 12.5 % | | | | | $ | 876 | | | | | $ | 1,030 | | | | | $ | 1,185 | | | | | $ | 1,422 | | | | | | 25.0 % | | |
| FY2018 | | | | | 12.5 % | | | | | $ | 1,020 | | | | | $ | 1,200 | | | | | $ | 1,380 | | | | | $ | 1,740 | | | | | | 25.0 % | | |
| FY2016 – FY2018 Cumulative | | | | | 12.5 % | | | | | $ | 2,469 | | | | | $ | 2,905 | | | | | $ | 3,341 | | | | | $ | 3,984 | | | | | | 25.0 % | | |
|
Measurement Period
|
| |
Weighting
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Result
|
| |
Payout %
(weighted) |
| ||||||||||||||||||
| FY2016 | | | | | 12.5 % | | | | | | 8.6 % | | | | | | 10.1 % | | | | | | 11.6 % | | | | | | 15.7 % | | | | | | 25.0 % | | |
| FY2017 | | | | | 12.5 % | | | | | | 18.4 % | | | | | | 21.6 % | | | | | | 24.8 % | | | | | | 36.4 % | | | | | | 25.0 % | | |
| FY2018 | | | | | 12.5 % | | | | | | 21.8 % | | | | | | 25.7 % | | | | | | 29.6 % | | | | | | 38.8 % | | | | | | 25.0 % | | |
| FY2016 – FY2018 Average | | | | | 12.5 % | | | | | | 16.3 % | | | | | | 19.1 % | | | | | | 22.0 % | | | | | | 30.3 % | | | | | | 25.0 % | | |
|
Modifier
|
| |
Min
|
| |
Target
|
| |
Max
|
| |
Result
|
| |
Modifier
|
| ||||||||||||
|
Relative TSR to Peer Group
|
| | | | <P25 | | | | | | P25 – P75 | | | | | | >P75 | | | |
100
th
Percentile
|
| | |
|
1.25
|
| |
| | | | 0.75 | | | | | | 1.00 | | | | | | 1.25 | | | |||||||||||
| | | | | | | | | |
| | Air Products & Chemicals, Inc. | | | Eastman Chemical Company | | | The Sherwin-Williams Company | |
| | Albemarle Corporation | | | Huntsman Corporation | | | The Mosaic Company | |
| | Ashland Global Holdings Inc. | | | Kronos, Inc. | | | Tronox, Limited | |
| | Axiall Corporation | | | PolyOne Corporation | | | Valspar Corporation | |
| | Celanese Corporation | | | PPG Industries, Inc. | | | W R Grace and Company | |
| | Chemtura Corporation | | | RPM International Inc. | | | | |
|
NEO
|
| |
Target # of PSUs
Granted |
| |
Payout %
|
| |
# of PSUs
Earned |
| ||||||
|
Mark Vergnano
|
| | | | 310,672 | | | |
200%
|
| | | | 621,344 | | |
|
Mark Newman
|
| | | | 94,862 | | | |
200%
|
| | | | 189,724 | | |
| Paul Kirsch | | | | | 40,910 | | | |
200%
|
| | | | 81,820 | | |
| Bryan Snell | | | | | 63,242 | | | |
200%
|
| | | | 126,484 | | |
|
David Shelton
|
| | | | 47,431 | | | |
200%
|
| | | | 94,862 | | |
|
Multiple of Salary
|
| |
2018 Target
|
| |||
| CEO | | | | | 5.0x | | |
| Other NEOs | | | | | 3.0x | | |
|
Element
|
| |
Median Employee
|
| |
CEO
|
| ||||||
| Salary (includes Overtime) (1) | | | | $ | 93,295 | | | | | $ | 1,041,667 | | |
| Stock Awards | | | | $ | 0 | | | | | $ | 3,559,120 | | |
| Option Awards | | | | $ | 0 | | | | | $ | 2,199,980 | | |
| Non-Equity Incentive Plan Compensation/Bonus (2) | | | | $ | 2,706 | | | | | $ | 1,000,545 | | |
| Change in Pension Value | | | | $ | 0 | | | | | $ | 0 | | |
| All Other Compensation (3) | | | | $ | 10,806 | | | | | $ | 275,417 | | |
| Summary Compensation Table Totals | | | | $ | 106,807 | | | | | $ | 8,076,729 | | |
| CEO Pay Ratio | | |
76:1
|
| |||||||||
|
Name and
Principal Position |
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($) (1)(2) |
| |
Option
Awards ($) (3) |
| |
Non-Equity
Incentive Plan Compensation ($) (4) |
| |
Change in
Pension Value and Nonqualified and Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($) (5) |
| |
Total ($)
|
| |||||||||||||||||||||||||||
|
Mark Vergnano,
President and Chief Executive Officer |
| | | | 2018 | | | | | | 1,041,667 | | | | | | | | | | | | 3,559,120 | | | | | | 2,199,980 | | | | | | 1,000,545 | | | | | | | | | | | | 275,417 | | | | | | 8,076,729 | | |
| | | | 2017 | | | | | | 983,333 | | | | | | | | | | | | 3,787,623 | | | | | | 2,199,989 | | | | | | 2,600,000 | | | | | | 141,163 | | | | | | 232,063 | | | | | | 9,944,171 | | | ||
| | | | 2016 | | | | | | 900,000 | | | | | | | | | | | | 1,895,099 | | | | | | 1,713,424 | | | | | | 1,989,000 | | | | | | 69,279 | | | | | | 108,790 | | | | | | 6,675,592 | | | ||
|
Mark Newman,
Senior Vice President and Chief Financial Officer |
| | | | 2018 | | | | | | 591,220 | | | | | | | | | | | | 776,569 | | | | | | 479,986 | | | | | | 346,691 | | | | | | | | | | | | 100,591 | | | | | | 2,295,057 | | |
| | | | 2017 | | | | | | 588,350 | | | | | | | | | | | | 826,409 | | | | | | 479,996 | | | | | | 945,952 | | | | | | | | | | | | 102,879 | | | | | | 2,943,586 | | | ||
| | | | 2016 | | | | | | 574,000 | | | | | | | | | | | | 578,658 | | | | | | 523,180 | | | | | | 780,640 | | | | | | | | | | | | 24,729 | | | | | | 2,481,207 | | | ||
|
Paul Kirsch,
President, Fluoroproducts |
| | | | 2018 | | | | | | 550,000 | | | | | | | | | | | | 582,440 | | | | | | 359,995 | | | | | | 592,350 | | | | | | | | | | | | 26,000 | | | | | | 2,110,785 | | |
| | | | 2017 | | | | | | 550,000 | | | | | | | | | | | | 619,787 | | | | | | 359,989 | | | | | | 825,000 | | | | | | | | | | | | 345,674 | | | | | | 2,700,450 | | | ||
| | | | 2016 | | | | | | 320,833 | | | | | | 650,000 | | | | | | 969,558 | | | | | | 240,000 | | | | | | 701,250 | | | | | | | | | | | | 53,668 | | | | | | 2,935,309 | | | ||
|
Bryan Snell,
President, Titanium Technologies |
| | | | 2018 | | | | | | 541,667 | | | | | | | | | | | | 582,440 | | | | | | 359,995 | | | | | | 75,488 | | | | | | | | | | | | 115,694 | | | | | | 1,675,282 | | |
| | | | 2017 | | | | | | 483,333 | | | | | | | | | | | | 619,787 | | | | | | 359,989 | | | | | | 750,000 | | | | | | 25,898 | | | | | | 80,333 | | | | | | 2,319,340 | | | ||
| | | | 2016 | | | | | | 400,000 | | | | | | | | | | | | 385,776 | | | | | | 348,787 | | | | | | 510,000 | | | | | | 12,696 | | | | | | 243,386 | | | | | | 1,900,645 | | | ||
|
David Shelton,
Senior Vice President and General Counsel |
| | | | 2018 | | | | | | 475,000 | | | | | | | | | | | | 550,041 | | | | | | 340,000 | | | | | | 243,723 | | | | | | | | | | | | 145,900 | | | | | | 1,754,664 | | |
| | | | 2017 | | | | | | 462,500 | | | | | | | | | | | | 516,496 | | | | | | 299,986 | | | | | | 665,000 | | | | | | 1,247 | | | | | | 111,395 | | | | | | 2,056,624 | | | ||
| | | | 2016 | | | | | | N/A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
Name
|
| |
Company Contributions
to Qualified Defined Contribution Plan ($) |
| |
Company Contribution to
Nonqualified Defined Contribution Plan ($) |
| |
Financial Planning/
Income Tax Preparation ($) |
| |||||||||
| Mark Vergnano | | | | | 24,750 | | | | | | 235,667 | | | | | | 15,000 | | |
| Mark Newman | | | | | 11,412 | | | | | | 75,730 | | | | | | 13,448 | | |
| Paul Kirsch | | | | | 11,000 | | | | | | 0 | | | | | | 15,000 | | |
| Bryan Snell | | | | | 29,527 | | | | | | 71,167 | | | | | | 15,000 | | |
| David Shelton | | | | | 35,750 | | | | | | 95,150 | | | | | | 15,000 | | |
| | | | | | | | | | | | | | | | | | |
Estimated Possible Payouts Under
Nonequity Incentive Plan Awards (1) |
| |
Estimated Future Payouts Under
Equity Incentive Plan Awards (2) |
| |
All other
Option Awards; Number of Securities Underlying Options (#) |
| |
Exercise
or Base Price of Option Awards ($) (3) |
| |
Grant Date
Fair Value of Stock and Option Awards ($) |
| |||||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Grant
Date |
| |
Approval
Date |
| |
Description
|
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| ||||||||||||||||||||||||||||||||||||||||||
|
Mark Vergnano
|
| | | | | | | | | | | | | |
2018 AIP
|
| | | | 682,500 | | | | | | 1,365,000 | | | | | | 2,730,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
Stock Options
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 107,055 | | | | | | 48.53 | | | | | | 2,199,980 | | | ||
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
PSU
|
| | | | | | | | | | | | | | | | | | | | | | 34,000 | | | | | | 68,000 | | | | | | 136,000 | | | | | | | | | | | | | | | | | | 3,559,120 (4) | | | ||
|
Mark Newman
|
| | | | | | | | | | | | | |
2018 AIP
|
| | | | 236,488 | | | | | | 472,976 | | | | | | 945,952 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
Stock Options
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 23,357 | | | | | | 48.53 | | | | | | 479,986 | | | ||
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
PSU
|
| | | | | | | | | | | | | | | | | | | | | | 7,419 | | | | | | 14,837 | | | | | | 29,674 | | | | | | | | | | | | | | | | | | 776,569 (4) | | | ||
|
Paul Kirsch
|
| | | | | | | | | | | | | |
2018 AIP
|
| | | | 206,250 | | | | | | 412,500 | | | | | | 825,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
Stock Options
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,518 | | | | | | 48.53 | | | | | | 359,995 | | | ||
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
PSU
|
| | | | | | | | | | | | | | | | | | | | | | 5,564 | | | | | | 11,128 | | | | | | 22,256 | | | | | | | | | | | | | | | | | | 582,440 (4) | | | ||
|
Bryan Snell
|
| | | | | | | | | | | | | |
2018 AIP
|
| | | | 206,250 | | | | | | 412,500 | | | | | | 825,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
Stock Options
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,518 | | | | | | 48.53 | | | | | | 359,995 | | | ||
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
PSU
|
| | | | | | | | | | | | | | | | | | | | | | 5,564 | | | | | | 11,128 | | | | | | 22,256 | | | | | | | | | | | | | | | | | | 582,440 (4) | | | ||
|
David Shelton
|
| | | | | | | | | | | | | |
2018 AIP
|
| | | | 166,250 | | | | | | 332,500 | | | | | | 665,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
Stock Options
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,545 | | | | | | 48.53 | | | | | | 340,000 | | | ||
| | | | 3/1/18 | | | | | | 2/12/18 | | | |
PSU
|
| | | | | | | | | | | | | | | | | | | | | | 5,255 | | | | | | 10,509 | | | | | | 21,018 | | | | | | | | | | | | | | | | | | 550,041 (4) | | | ||
| | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | |
Number of Securities
Underlying Unexercised Options (1) |
| | | | | | | | | | | | | |
Shares or Units of
Stock that Have Not Vested (2) |
| |
Equity Incentive Plan
Awards: Unearned Shares, Units or Other Rights that Have Not Vested (3) |
| |||||||||||||||||||||||||||
|
Name
|
| |
Grant
Date |
| |
Exercisable
(#) |
| |
Unexercisable
(#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number
(#) |
| |
Market Value
($) |
| |
Number
(#) |
| |
Market or
Payout Value ($) |
| |||||||||||||||||||||||||||
|
Mark Vergnano
|
| | | | 3/1/2018 | | | | | | | | | | | | 107,055 | | | | | | 48.53 | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | 136,000 | | | | | | 3,837,920 | | |
| | | | 3/1/2017 | | | | | | 48,373 | | | | | | 96,745 | | | | | | 34.72 | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | 190,094 | | | | | | 5,364,453 | | | ||
| | | | 3/1/2016 | | | | | | 362,629 | | | | | | 181,315 | | | | | | 5.40 | | | | | | 3/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 7/6/2015 | | | | | | 331,231 | | | | | | | | | | | | 16.04 | | | | | | 7/5/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 2/4/2015 | | | | | | 198,121 | | | | | | | | | | | | 18.45 | | | | | | 2/3/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 2/5/2014 | | | | | | 153,392 | | | | | | | | | | | | 15.49 | | | | | | 2/4/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 2/6/2013 | | | | | | 220,759 | | | | | | | | | | | | 11.87 | | | | | | 2/5/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
Mark Newman
|
| | | | 3/1/2018 | | | | | | | | | | | | 23,357 | | | | | | 48.53 | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | 29,674 | | | | | | 837,400 | | |
| | | | 3/1/2017 | | | | | | 10,554 | | | | | | 21,108 | | | | | | 34.72 | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | 41,476 | | | | | | 1,170,453 | | | ||
| | | | 3/1/2016 | | | | | | 110,726 | | | | | | 55,363 | | | | | | 5.40 | | | | | | 3/1/2026 | | | | | | 195,932 | | | | | | 5,529,201 | | | | | | | | | | | | | | | ||
| | | | 7/6/2015 | | | | | | 197,161 | | | | | | | | | | | | 16.04 | | | | | | 7/5/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 2/4/2015 | | | | | | 67,675 | | | | | | | | | | | | 18.45 | | | | | | 2/3/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
Paul Kirsch
|
| | | | 3/1/2018 | | | | | | | | | | | | 17,518 | | | | | | 48.53 | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | 22,256 | | | | | | 628,064 | | |
| | | | 3/1/2017 | | | | | | 7,916 | | | | | | 15,830 | | | | | | 34.72 | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | 31,106 | | | | | | 877,811 | | | ||
| | | | 6/22/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,055 | | | | | | 481,292 | | | | | | | | | | | | | | | ||
| | | | 6/1/2016 | | | | | | 13,769 | | | | | | 13,769 | | | | | | 8.80 | | | | | | 6/1/2026 | | | | | | 84,497 | | | | | | 2,384,505 | | | | | | | | | | | | | | | ||
|
Bryan Snell
|
| | | | 3/1/2018 | | | | | | | | | | | | 17,518 | | | | | | 48.53 | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | 22,256 | | | | | | 628,064 | | |
| | | | 3/1/2017 | | | | | | 7,916 | | | | | | 15,830 | | | | | | 34.72 | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | 31,106 | | | | | | 877,811 | | | ||
| | | | 3/1/2016 | | | | | | 73,817 | | | | | | 36,909 | | | | | | 5.40 | | | | | | 3/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 2/4/2015 | | | | | | 37,902 | | | | | | | | | | | | 18.45 | | | | | | 2/3/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 2/5/2014 | | | | | | 28,341 | | | | | | | | | | | | 15.49 | | | | | | 2/4/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
David Shelton
|
| | | | 3/1/2018 | | | | | | | | | | | | 16,545 | | | | | | 48.53 | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | 21,018 | | | | | | 593,128 | | |
| | | | 3/1/2017 | | | | | | 6,596 | | | | | | 13,192 | | | | | | 34.72 | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | 25,922 | | | | | | 731,519 | | | ||
| | | | 3/1/2016 | | | | | | 55,363 | | | | | | 27,681 | | | | | | 5.40 | | | | | | 3/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 2/4/2015 | | | | | | 19,640 | | | | | | | | | | | | 18.45 | | | | | | 2/3/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
Grant Date
|
| |
Outstanding Vesting Dates
|
|
| 3/1/2018 | | | Vests in equal installments on March 1, 2019, 2020 and 2021 | |
| 3/1/2017 | | | Vests in equal installments on March 1, 2019 and 2020 | |
| 3/1/2016 | | | Balance vests on March 1, 2019 | |
| 6/1/2016 | | | Balance vests on June 1, 2019 | |
|
Grant Date
|
| |
Outstanding Vesting Dates
|
|
| 6/22/2016 | | | RSUs with vesting date of June 1, 2019 | |
| 6/1/2016 | | | PSUs where the performance period ended on December 31, 2018. Maximum performance was achieved. If the NEO was not retirement eligible, the award remained unvested through the Determination Date of February 15, 2019. | |
| 3/1/2016 | | | PSUs where the performance period ended on December 31, 2018. Maximum performance was achieved. If the NEO was not retirement eligible, the award remained unvested through the Determination Date of February 15, 2019. | |
|
Grant Date
|
| |
Outstanding Vesting Dates
|
|
| 3/1/2018 | | | Performance period ending December 31, 2020. The number of PSUs reported is based on achievement of maximum performance. Cumulative performance to date, as of the last completed fiscal year, exceeds target. | |
| 3/1/2017 | | | Performance period ending December 31, 2019. The number of PSUs reported is based on achievement of maximum performance. Cumulative performance to date, as of the last completed fiscal year, exceeds target. | |
| | | |
Option Awards
(1)
|
| |
Stock Awards
(2)(3)
|
| ||||||||||||||||||
|
Name
|
| |
Number of Shares
Acquired on Exercise (#) |
| |
Value Realized on
Exercise ($) |
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized on
Vesting ($) |
| ||||||||||||
| Mark Vergnano | | | | | 200,151 | | | | | | 7,508,519 | | | | | | 761,490 | | | | | | 23,768,957 | | |
| Mark Newman | | | | | 40,000 | | | | | | 1,262,023 | | | | | | 67,982 | | | | | | 3,211,385 | | |
| Paul Kirsch | | | | | 13,770 | | | | | | 567,509 | | | | | | 32,991 | | | | | | 1,626,809 | | |
| Bryan Snell | | | | | | | | | | | | | | | | | 173,997 | | | | | | 5,731,244 | | |
| David Shelton | | | | | | | | | | | | | | | | | 129,993 | | | | | | 4,273,618 | | |
|
Name
|
| |
Executive
Contributions in Last Fiscal Year ($) (1) |
| |
Registrant
Contribution in Last Fiscal Year ($) (2) |
| |
Aggregate
Earning in Last Fiscal Year ($) (3) |
| |
Aggregate
Withdrawals / Distributions In Last Fiscal Year ($) |
| |
Aggregate
Balance at Last Fiscal Year-End ($) (4) |
| ||||||||||||
| Mark Vergnano | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | |
|
RSRP
|
| | | | 202,000 | | | | | | 235,667 | | | | | | 20,441 | | | | | | | | 1,042,432 | | | |
|
MDCP
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mark Newman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
RSRP
|
| | | | 75,730 | | | | | | 75,730 | | | | | | (16,920 ) | | | | | | | | 281,818 | | | |
|
MDCP
|
| | | | 183,278 | | | | | | | | | | | | (7,361 ) | | | | | | | | 473,920 | | | |
| Paul Kirsch | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | |
|
RSRP
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
MDCP
|
| | | | 27,500 | | | | | | | | | | | | (2,252 ) | | | | | | | | 25,248 | | | |
| Bryan Snell | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
RSRP
|
| | | | 61,000 | | | | | | 71,167 | | | | | | (15,055 ) | | | | | | | | 279,421 | | | |
|
MDCP
|
| | | | 300,000 | | | | | | | | | | | | 5,377 | | | | | | | | 305,718 | | | |
| David Shelton | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | |
|
RSRP
|
| | | | 51,900 | | | | | | 95,150 | | | | | | (16,400 ) | | | | | | | | 288,256 | | | |
|
MDCP
|
| | | | | | | | | | | | | | | | 2,006 | | | | | | | | 87,846 | | | |
|
Name
|
| |
RSRP
($) |
| |
MDCP
($) |
| |
Total
($) |
| |||||||||
| Mark Vergnano | | | | | 727,712 | | | | | | | | | | | | 727,712 | | |
| Mark Newman | | | | | 185,638 | | | | | | 379,845 | | | | | | 565,483 | | |
| Paul Kirsch | | | | | | | | | | | | | | | | | | | |
| Bryan Snell | | | | | 187,372 | | | | | | 300,000 | | | | | | 487,372 | | |
| David Shelton | | | | | 106,665 | | | | | | | | | | | | 106,665 | | |
|
Name
|
| |
Form of Compensation
(1)
|
| |
Voluntary
or For Cause ($) (2) |
| |
Involuntary
Termination without Cause ($) (3) |
| |
Retirement
($) (5) |
| |
Death
($) (6) |
| |
Disability
($) (4) |
| |
Change in
Control ($) (7) |
| ||||||||||||||||||
|
Mark Vergnano
|
| |
Annual Salary
|
| | | | | | | | | | 525,000 | | | | | | | | | | | | | | | | | | | | | | | | 3,150,000 | | |
| | Target Annual Bonus | | | | | | | | | | | 1,365,000 | | | | | | | | | | | | | | | | | | | | | | | | 4,095,000 | | | ||
| |
Target Annual Bonus (pro-rated)
|
| | | | | | | | | | | | | | | | | | | | | | 1,365,000 | | | | | | 1,365,000 | | | | | | 1,365,000 | | | ||
| | Health and Dental Benefits | | | | | | | | | | | 3,736 | | | | | | | | | | | | | | | | | | | | | | | | 44,832 | | | ||
| | Outplacement Services | | | | | | | | | | | 1,505 | | | | | | | | | | | | | | | | | | | | | | | | 14,620 | | | ||
| | Stock Options | | | | | 4,137,608 | | | | | | 4,137,608 | | | | | | 4,137,608 | | | | | | 4,137,608 | | | | | | 4,137,608 | | | | | | 4,137,608 | | | ||
| | RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | PSUs | | | | | 4,855,659 | | | | | | 4,855,659 | | | | | | 4,855,659 | | | | | | 4,855,659 | | | | | | 4,855,659 | | | | | | 4,601,186 | | | ||
| Total | | | | | | | | 8,993,268 | | | | | | 10,888,509 | | | | | | 8,993,268 | | | | | | 10,358,268 | | | | | | 10,358,268 | | | | | | 17,408,246 | | |
|
Mark Newman
|
| |
Annual Salary
|
| | | | | | | | | | 45,478 | | | | | | | | | | | | | | | | | | | | | | | | 1,182,440 | | |
| | Target Annual Bonus | | | | | | | | | | | 472,976 | | | | | | | | | | | | | | | | | | | | | | | | 945,952 | | | ||
| |
Target Annual Bonus (pro-rated)
|
| | | | | | | | | | | | | | | | | | | | | | 472,976 | | | | | | 472,976 | | | | | | 472,976 | | | ||
| | Health and Dental Benefits | | | | | | | | | | | 3,736 | | | | | | | | | | | | | | | | | | | | | | | | 29,888 | | | ||
| | Outplacement Services | | | | | | | | | | | 1,505 | | | | | | | | | | | | | | | | | | | | | | | | 14,620 | | | ||
| | Stock Options | | | | | | | | | | | 1,263,384 | | | | | | | | | | | | 1,263,384 | | | | | | 1,263,384 | | | | | | 1,263,384 | | | ||
| | RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | PSUs | | | | | | | | | | | 5,354,011 | | | | | | | | | | | | 6,413,458 | | | | | | 6,413,458 | | | | | | 3,680,932 | | | ||
| Total | | | | | | | | | | | 7,141,090 | | | | | | | | | | | | 8,149,817 | | | | | | 8,149,817 | | | | | | 7,590,191 | | | |||
|
Paul Kirsch
|
| |
Annual Salary
|
| | | | | | | | | | 42,308 | | | | | | | | | | | | | | | | | | | | | | | | 1,100,000 | | |
| | Target Annual Bonus | | | | | | | | | | | 412,500 | | | | | | | | | | | | | | | | | | | | | | | | 825,000 | | | ||
| |
Target Annual Bonus (pro-rated)
|
| | | | | | | | | | | | | | | | | | | | | | 412,500 | | | | | | 412,500 | | | | | | 412,500 | | | ||
| | Health and Dental Benefits | | | | | | | | | | | 5,478 | | | | | | | | | | | | | | | | | | | | | | | | 43,826 | | | ||
| | Outplacement Services | | | | | | | | | | | 1,505 | | | | | | | | | | | | | | | | | | | | | | | | 14,620 | | | ||
| | Stock Options | | | | | | | | | | | 267,394 | | | | | | | | | | | | 267,394 | | | | | | 267,394 | | | | | | 267,394 | | | ||
| | RSUs | | | | | | | | | | | 481,292 | | | | | | | | | | | | 481,292 | | | | | | 481,292 | | | | | | 481,292 | | | ||
| | PSUs | | | | | | | | | | | 2,308,960 | | | | | | | | | | | | 3,103,531 | | | | | | 3,103,531 | | | | | | 1,907,418 | | | ||
| Total | | | | | | | | | | | 3,519,437 | | | | | | | | | | | | 4,264,717 | | | | | | 4,264,717 | | | | | | 5,052,050 | | | |||
|
Bryan Snell
|
| |
Annual Salary
|
| | | | | | | | | | 275,000 | | | | | | | | | | | | | | | | | | | | | | | | 1,100,000 | | |
| | Target Annual Bonus | | | | | | | | | | | 412,500 | | | | | | | | | | | | | | | | | | | | | | | | 825,000 | | | ||
| |
Target Annual Bonus (pro-rated)
|
| | | | | | | | | | | | | | | | | | | | | | 412,500 | | | | | | 412,500 | | | | | | 412,500 | | | ||
| | Health and Dental Benefits | | | | | | | | | | | 3,462 | | | | | | | | | | | | | | | | | | | | | | | | 27,695 | | | ||
| | Outplacement Services | | | | | | | | | | | 1,505 | | | | | | | | | | | | | | | | | | | | | | | | 14,620 | | | ||
| | Stock Options | | | | | 842,263 | | | | | | 842,263 | | | | | | 842,263 | | | | | | 842,263 | | | | | | 842,263 | | | | | | 842,263 | | | ||
| | RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | PSUs | | | | | 794,571 | | | | | | 794,571 | | | | | | 794,571 | | | | | | 794,571 | | | | | | 794,571 | | | | | | 752,938 | | | ||
| Total | | | | | 1,636,834 | | | | | | 2,329,301 | | | | | | 1,636,834 | | | | | | 2,049,334 | | | | | | 2,049,334 | | | | | | 3,975,016 | | | |||
|
David Shelton
|
| |
Annual Salary
|
| | | | | | | | | | 210,096 | | | | | | | | | | | | | | | | | | | | | | | | 950,000 | | |
| | Target Annual Bonus | | | | | | | | | | | 332,500 | | | | | | | | | | | | | | | | | | | | | | | | 665,000 | | | ||
| |
Target Annual Bonus (pro-rated)
|
| | | | | | | | | | | | | | | | | | | | | | 332,500 | | | | | | 332,500 | | | | | | 332,500 | | | ||
| | Health and Dental Benefits | | | | | | | | | | | 1,620 | | | | | | | | | | | | | | | | | | | | | | | | 12,958 | | | ||
| | Outplacement Services | | | | | | | | | | | 1,505 | | | | | | | | | | | | | | | | | | | | | | | | 14,620 | | | ||
| | Stock Options | | | | | 631,680 | | | | | | 631,680 | | | | | | 631,680 | | | | | | 631,680 | | | | | | 631,680 | | | | | | 631,680 | | | ||
| | RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | PSUs | | | | | | | | | | | | | | | | | | | | | | | 685,393 | | | | | | 685,393 | | | | | | 662,323 | | | ||
| Total | | | | | 631,680 | | | | | | 1,177,401 | | | | | | 631,680 | | | | | | 1,649,574 | | | | | | 1,649,574 | | | | | | 3,269,082 | | | |||
| | | |
2018
(in thousands) |
| |
2017
(in thousands) |
| ||||||
| Audit fees (1) | | | | $ | 7,731 | | | | | $ | 7,295 | | |
| Audit-related fees (2) | | | | | 234 | | | | | | 1,267 | | |
| Tax fees (3) | | | | | 1,628 | | | | | | 1,488 | | |
| All other fees (4) | | | | | 635 | | | | | | 1,504 | | |
| | | | | | | | | | | | | | |
| Total | | | | $ | 10,229 | | | | | $ | 11,554 | | |
| |
Proposal
|
| |
Vote Required
|
| |
Broker
Discretionary Voting Allowed? |
|
| |
Election of Directors
|
| |
Majority of Votes Cast
|
| |
No
|
|
| |
Advisory Approval of Executive Compensation
|
| |
Majority of Votes Represented and Entitled to Vote
|
| |
No
|
|
| |
Ratification of PwC
|
| |
Majority of Votes Represented and Entitled to Vote
|
| |
Yes
|
|
| |
Shareholder Proposal
|
| |
Majority of Votes Represented and Entitled to Vote
|
| |
No
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|