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One AMC Way
11500 Ash Street, Leawood, KS 66211 |
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By Order of the Board of Directors,
![]() Senior Vice President, General Counsel and Secretary
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2024 ANNUAL MEETING OF STOCKHOLDERS
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Time and Date:
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| | 1:00 p.m. (Central Time), June 5, 2024 | | |
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Place:
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| | AMC Theatre Support Center, located at One AMC Way, 11500 Ash Street, Leawood, Kansas 66211 | | |
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Record Date:
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| | April 11, 2024 | | |
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Voting:
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| | As of the record date, holders of our Class A common stock are entitled to one vote per share. | | |
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Agenda Item
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Board Vote
Recommendation |
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Proposal 1:
Amendment of our Third Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) to declassify our Board of Directors, shorten all existing terms to expire at the Annual Meeting, and make certain other immaterial changes to the Certificate of Incorporation |
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FOR
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Proposal 2(a):
If Proposal 1 is approved, to elect to our Board of Directors the following nominees for terms expiring at the 2025 Annual Meeting: |
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FOR
Each Director
Nominee |
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Mr. Adam M. Aron
Mr. Howard W. “Hawk” Koch, Jr. Ms. Kathleen M. Pawlus Mr. Adam J. Sussman |
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Ms. Denise M. Clark
Mr. Philip Lader Ms. Keri S. Putnam |
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Ms. Sonia Jain
Mr. Gary F. Locke Dr. Anthony J. Saich |
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Proposal 2(b):
If Proposal 1 is not approved, to elect to our Board of Directors the following nominees for terms expiring at the 2027 Annual Meeting: |
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FOR
Each Director
Nominee |
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Mr. Philip Lader
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| | Mr. Gary F. Locke | | | Mr. Adam J. Sussman | | ||||||
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Proposal 3:
Amendment of our Certificate of Incorporation to eliminate the prohibition against stockholders acting by written consent |
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FOR
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Proposal 4:
Amendment of our Certificate of Incorporation to remove the limitation on stockholders’ ability to call special meetings |
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FOR
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Proposal 5:
Amendment of our Certificate of Incorporation to expand the exculpation provision to limit the liability of certain officers |
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FOR
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Proposal 6:
Ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2024 |
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FOR
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1
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Agenda Item
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Board Vote
Recommendation |
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Proposal 7:
Non-binding advisory vote to approve the compensation of named executive officers (“Say-On-Pay”) |
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FOR
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Proposal 8:
Approval of our 2024 Equity Incentive Plan. |
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FOR
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Proposal 9:
Adjournment of the Annual Meeting, if necessary, to permit further solicitation of proxies |
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FOR
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11
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23
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24
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25
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Board Member
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Audit
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Compensation
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Nominating and
Corporate Governance |
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Adam M. Aron | | | | | | | | | | |
Denise M. Clark
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Member
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Chairperson
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Sonia Jain
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Member
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Howard W. “Hawk” Koch, Jr.
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Member
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Member
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Philip Lader
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Member
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Member
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Gary F. Locke
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Member
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Member
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Kathleen M. Pawlus
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Chairperson
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Member
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Keri S. Putnam
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Member
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Member
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Anthony J. Saich
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Member
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Chairperson
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Adam J. Sussman
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Member
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Member
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Meetings Held in 2023
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5
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4
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4
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26
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27
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Board Member
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Gender Identity
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Race/Ethnicity
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Other Disclosed
Characteristics |
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Adam M. Aron
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Male
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White
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Jewish
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Denise M. Clark
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Female
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White
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LGBTQ+Veteran
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Sonia Jain
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Female
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Asian
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Howard W. “Hawk” Koch, Jr.
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Male
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White
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Jewish
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Philip Lader
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Male
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White
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Episcopalian Veteran
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Gary F. Locke
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Male
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Asian
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Kathleen M. Pawlus
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Female
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White
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Keri S. Putnam
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Female
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White
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Anthony J. Saich
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Male
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White
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Dual UK Citizenship
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Adam J. Sussman
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Male
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White
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29
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30
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Committee
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Chairperson
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Member
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Audit | | | | $ | 35,000 | | | | | $ | 17,500 | | |
Compensation | | | | | 25,000 | | | | | | 15,000 | | |
Nominating and Corporate Governance | | | | | 20,000 | | | | | | 10,000 | | |
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31
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Name
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Fees Earned or
Paid in Cash(1) |
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Stock
Awards(2) |
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Total
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Denise M. Clark
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| | | $ | 177,500 | | | | | $ | 109,274 | | | | | $ | 286,774 | | |
Sonia Jain(3)
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| | | | — | | | | | | — | | | | | | — | | |
Howard W. “Hawk” Koch, Jr.
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| | | | 175,000 | | | | | | 109,274 | | | | | | 284,274 | | |
Philip Lader
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| | | | 232,500 | | | | | | 109,274 | | | | | | 341,774 | | |
Gary F. Locke
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| | | | 185,000 | | | | | | 109,274 | | | | | | 294,274 | | |
Kathleen M. Pawlus
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| | | | 200,000 | | | | | | 109,274 | | | | | | 309.274 | | |
Keri S. Putnam
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| | | | 177,500 | | | | | | 109,274 | | | | | | 286,774 | | |
Anthony J. Saich
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| | | | 192,500 | | | | | | 109,274 | | | | | | 301,774 | | |
Adam J. Sussman
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| | | | 175,000 | | | | | | 109,274 | | | | | | 284,274 | | |
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32
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NAME
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Common Stock
Number |
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%
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| ||||||
5% Beneficial Owners | | | | | | | | | | | | | |
The Vanguard Group(1) | | | | | 20,187,662 | | | | | | 7.3 | | |
Directors, Director Nominees and Named Executive Officers: | | | | | | | | | | | | | |
Adam M. Aron | | | | | 573,671 | | | | | | * | | |
Sean D. Goodman | | | | | 72,543 | | | | | | * | | |
Daniel E. Ellis | | | | | 37,285 | | | | | | * | | |
Elizabeth F. Frank | | | | | 42,933 | | | | | | * | | |
Kevin M. Connor | | | | | 33,876 | | | | | | * | | |
Denise M. Clark | | | | | 2,990 | | | | | | * | | |
Sonia Jain | | | | | — | | | | | | * | | |
Howard W. “Hawk” Koch., Jr. | | | | | 4,180 | | | | | | * | | |
Philip Lader | | | | | 7,724 | | | | | | * | | |
Gary F. Locke | | | | | 7,725 | | | | | | * | | |
Kathleen M. Pawlus | | | | | 7,725 | | | | | | * | | |
Keri S. Putnam | | | | | 2,990 | | | | | | * | | |
Anthony J. Saich | | | | | 7,725 | | | | | | * | | |
Adam J. Sussman | | | | | 7,725 | | | | | | * | | |
All directors and executive officers as a group (17 persons)(2) | | | | | 893,014 | | | | | | * | | |
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Type of Fee
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Year Ended
December 31, 2023 |
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Year Ended
December 31, 2022 |
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Audit Fees(1) | | | | $ | 4,343,532 | | | | | $ | 4,118,290 | | |
Audit-Related Fees(2) | | | | | 495,329 | | | | | | 851,946 | | |
Tax Fees(3) | | | | | 402,053 | | | | | | 433,339 | | |
Total | | | | | 5,240,914 | | | | | | 5,403,575 | | |
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39
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40
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| | | |
| | Explanatory Note: Effective August 24, 2023, the Company implemented a one-for-ten reverse stock split on the Common Stock (the “Reverse Split”) and effective August 25, 2023, the Company’s outstanding APE securities were converted into shares of Common Stock with each APE being converted into one-tenth of a share of Common Stock (the “APE Conversion”). Each APE was a depositary share representing an interest in one one-hundredth (1/100th) of a share of the Company’s Series A Convertible Participating Preferred Stock and was designed to have the same economic and voting rights as a share of the Company’s Common Stock. Each APE was automatically convertible into Common Stock upon an approval by the Company’s stockholders to authorize sufficient additional shares of Common Stock to permit the conversion of the then-outstanding APEs. | | |
| | Since the Reverse Split and the APE Conversion occurred prior to the end of our 2023 fiscal year, which is the period covered by this CD&A and the tables that follow, references to the number of shares of Common Stock and share prices included in our executive compensation disclosures have been adjusted to reflect the impact of these events. | | |
Name
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Position
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Adam M. Aron
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| | Chairman, Chief Executive Officer, President, and Director | |
Sean D. Goodman
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Executive Vice President, International Operations, Chief Financial
Officer, and Treasurer |
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Daniel E. Ellis
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| | Executive Vice President, Chief Operations and Development Officer | |
Elizabeth F. Frank
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Executive Vice President, Worldwide Programming and Chief Content Officer
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Kevin M. Connor
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| | Senior Vice President, General Counsel and Secretary | |
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41
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Area of Concern
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Company Response
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| | Special stock awards granted in 2023 to reflect the value that would have been achieved had 2022 performance stock units vested at maximum despite missing pre-established adjusted EBITDA and free cash flow performance targets | | | | Industry performance was severely depressed in 2022 versus what was forecast at the beginning of the year. The shift was due to studio release schedule changes which were outside the Company’s control. Despite significant industry underperformance, management delivered outstanding results that, had targets been set with knowledge of actual industry performance, would have warranted vesting at maximum levels. The Compensation Committee felt that to ignore these circumstances would lead to significant morale issues among the management team at a critical time in the Company’s recovery. | | |
| | Overall compensation level for CEO relative to both peers and the other NEOs | | | | There were no increases to the CEO compensation package for 2023. For 2024, CEO total compensation at target was reduced by 25%. | | |
| | Use of one-year performance targets for performance-based equity awards | | | | Current industry volatility makes setting long-term targets nearly impossible. Once the industry stabilizes to permit better long-term forecasting, the Compensation Committee can consider a more traditional long-term incentive approach. | | |
| | Use of an Adjusted EBITDA performance target for both annual cash incentive, and a majority of performance-based equity compensation | | | | The single most critical focus of the Company must be to reduce its debt burden, which is accomplished by delivering profits. We therefore believe that Adjusted EBITDA is the most important measure and that utilizing the goal across programs emphasizes the focus for management. We also utilize Free Cash Flow for a portion of the performance-based equity awards to provide some diversification, but consistent with our core goals. | | |
| | Lack of Clawback Policy | | | | The Compensation Committee adopted a policy effective October 2, 2023, in compliance with NSYE standards. | | |
| | Counting unvested equity grants toward Ownership Guidelines | | | | We believe that, while it may not be common practice to count unvested equity grants, the approach is more than offset by our aggressive ownership targets as a multiple of base salary. | | |
| | Total Shareholder Return is not used as a performance target in any compensation programs | | | | Recently the Company’s stock price has not been reflective of traditional fundamental valuations. We believe that using Total Shareholder Return as a performance goal in this environment could incentivize unreasonable risk taking that is not focused on fundamental financial performance. | | |
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CEO Target Pay Mix
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Average Other NEO Target Pay Mix
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46
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Executive
|
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2023 Base
Salary |
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2022 Base
Salary |
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% Increase /
(Decrease) |
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Adam M. Aron
|
| | | $ | 1,500,000 | | | | | $ | 1,500,000 | | | | | | 0% | | |
Sean D. Goodman
|
| | | | 800,000 | | | | | | 800,000 | | | | | | 0% | | |
Daniel E. Ellis
|
| | | | 595,000 | | | | | | 595,000 | | | | | | 0% | | |
Elizabeth F. Frank
|
| | | | 595,000 | | | | | | 595,000 | | | | | | 0% | | |
Kevin M. Connor
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| | | | 561,350 | | | | | | 561,350 | | | | | | 0% | | |
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47
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Domestic Component
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| | Industry Box Office* | | | |
$7.5 billion
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$9.9 billion
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$11.0 billion
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| | Adj EBITDA Component | | | |
$(0.4 million)
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$440.0 million
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$626.8 million
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International Component
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| | Industry Attendance* | | | |
323.2 million
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429.0 million
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476.6 million
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| | Adj EBITDA Component | | | |
$(126.3 million)
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$38.5 million
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$113.0 million
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| | Consolidated Adjusted EBITDA Target | | | |
$(126.7 million)
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$478.4 million
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$739.8 million
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Opportunity
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Actual
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Executive
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2023 Base
Salary |
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Target
(as % of base salary) |
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Target
($) |
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Allocation
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Achievement
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2023
Earned AIP |
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Company
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Individual
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Company
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Individual
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Adam M. Aron
|
| | | $ | 1,500,000 | | | | | | 200% | | | | | $ | 3,000,000 | | | | | | 100% | | | | | | —% | | | | | | 200% | | | | | | —% | | | | | $ | 6,000,000 | | |
Sean D. Goodman
|
| | | | 800,000 | | | | | | 100% | | | | | | 800,000 | | | | | | 100% | | | | | | —% | | | | | | 200% | | | | | | —% | | | | | | 1,600,000 | | |
Daniel E. Ellis
|
| | | | 595,000 | | | | | | 65% | | | | | | 386,750 | | | | | | 80% | | | | | | 20% | | | | | | 200% | | | | | | 110% | | | | | | 703,885 | | |
Elizabeth F. Frank
|
| | | | 595,000 | | | | | | 65% | | | | | | 386,750 | | | | | | 80% | | | | | | 20% | | | | | | 200% | | | | | | 120% | | | | | | 711,620 | | |
Kevin M. Connor
|
| | | | 561,350 | | | | | | 65% | | | | | | 364,900 | | | | | | 80% | | | | | | 20% | | | | | | 200% | | | | | | 90% | | | | | | 649,500 | | |
Vesting Date
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Retention Bonus Payable
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March 17, 2022 | | | | $ | 450,000 | | |
March 17, 2023 | | | | | 450,000 | | |
March 17, 2024 | | | | | 900,000 | | |
| | | |
![]() |
| |
49
|
|
Executive
|
| |
2023 RSUs
|
| |
2023 PSUs
|
| |
Total
|
| |||||||||
Adam M. Aron
|
| | | | 135,290 | | | | | | 135,290 | | | | | | 270,580 | | |
Sean D. Goodman
|
| | | | 30,818 | | | | | | 30,818 | | | | | | 61,636 | | |
Daniel E. Ellis
|
| | | | 14,089 | | | | | | 14,090 | | | | | | 28,179 | | |
Elizabeth F. Frank
|
| | | | 14,089 | | | | | | 14,090 | | | | | | 28,179 | | |
Kevin M. Connor
|
| | | | 11,208 | | | | | | 11,208 | | | | | | 22,416 | | |
|
50
|
| |
![]() |
| | | |
| | |
2023 PSUs Tranche I
|
| |
2022 PSUs Tranche II
|
| |
2021 PSUs Tranche III
|
| |||||||||||||||||||||||||||
| | |
Adj EBITDA
|
| |
FCF
|
| |
Adj EBITDA
|
| |
FCF
|
| |
Adj EBITDA
|
| |
FCF
|
| ||||||||||||||||||
Adam M. Aron
|
| | | | 27,058 | | | | | | 18,039 | | | | | | 10,766 | | | | | | 7,178 | | | | | | 37,975 | | | | | | 25,317 | | |
Sean D. Goodman
|
| | | | 6,163 | | | | | | 4,109 | | | | | | 2,268 | | | | | | 1,512 | | | | | | 8,101 | | | | | | 5,401 | | |
Daniel E. Ellis
|
| | | | 2,818 | | | | | | 1,878 | | | | | | 1,020 | | | | | | 680 | | | | | | 3,292 | | | | | | 2,196 | | |
Elizabeth F. Frank
|
| | | | 2,818 | | | | | | 1,878 | | | | | | 1,020 | | | | | | 680 | | | | | | 4,177 | | | | | | 2,785 | | |
Kevin M. Connor
|
| | | | 2,241 | | | | | | 1,494 | | | | | | 794 | | | | | | 530 | | | | | | 3,292 | | | | | | 2,196 | | |
Metric
|
| |
Original 2023 Tranche Year Performance Goals
|
| |||||||||||||||
| | |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||||||||
Adjusted EBITDA(1) | | | | $ | 382,720,000 | | | | | $ | 478,400,000 | | | | | $ | 574,080,000 | | |
FCF(1) | | | | | (403,560,000) | | | | | | (336,300,000) | | | | | | (269,040,000) | | |
Potential Vesting Level
|
| | | | 50% | | | | | | 100% | | | | | | 200% | | |
| | | |
![]() |
| |
51
|
|
Metric
|
| |
Modified 2023 Tranche Year Performance Goals
|
| |||||||||||||||
| | |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||||||||
Adjusted EBITDA(1) | | | | $ | 204,000,000 | | | | | $ | 255,000,000 | | | | | $ | 306,000,000 | | |
FCF(1) | | | | | (671,760,000) | | | | | | (559,800,000) | | | | | | (447,840,000) | | |
Potential Vesting Level
|
| | | | 50% | | | | | | 100% | | | | | | 200% | | |
Executive
|
| |
Shares
|
| |
Value
|
| ||||||
Adam M. Aron
|
| | | | 186,643 | | | | | $ | 7,885,650 | | |
Sean D. Goodman
|
| | | | 39,280 | | | | | | 1,659,580 | | |
Daniel E. Ellis
|
| | | | 16,914 | | | | | | 714,633 | | |
Elizabeth F. Frank
|
| | | | 20,808 | | | | | | 879,130 | | |
Kevin M. Connor
|
| | | | 16,243 | | | | | | 686,284 | | |
|
52
|
| |
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| | | |
| | | |
![]() |
| |
53
|
|
|
AMC Networks Inc.
Bloomin’ Brands, Inc. Brinker International, Inc. Carnival Corporation Cinemark Holdings Inc. Darden Restaurants, Inc Formula One Group |
| |
Hilton Worldwide Holdings, Inc.
Hyatt Hotels Corporation IMAX Corporation Lions Gate Entertainment Corp Live Nation Entertainment, Inc. Marriott International, Inc. Norwegian Cruise Line Holdings, Ltd. |
| |
Roku, Inc.
Royal Caribbean Cruises, Ltd. Sinclair Broadcast Group, Inc. TEGNA, Inc Warner Bros. Discovery, Inc. Wyndham Hotels & Resorts, Inc. |
|
|
Added
|
|
|
Formula One Group
|
|
|
Roku, Inc.
|
|
|
54
|
| |
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| | | |
Position
|
| |
Ownership Guideline
|
|
CEO | | |
8x base salary
|
|
CFO | | |
6x base salary
|
|
Executive Vice Presidents | | |
4x base salary
|
|
Senior Vice Presidents | | |
2x base salary
|
|
| | | |
![]() |
| |
55
|
|
|
56
|
| |
![]() |
| | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus
|
| |
Stock
Awards(1) |
| |
Non-Equity
Incentive Plan Compensation(2) |
| |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings(3)(4) |
| |
All Other
Compensation(5) |
| |
Total
|
| ||||||||||||||||||||||||
Adam M. Aron
|
| | | | 2023 | | | | | $ | 1,500,000 | | | | | $ | — | | | | | $ | 17,908,855 | | | | | $ | 6,000,000 | | | | | $ | — | | | | | $ | 23,106 | | | | | $ | 25,431,961 | | |
Chairman, Chief Executive
|
| | | | 2022 | | | | | | 1,500,000 | | | | | | — | | | | | | 16,194,055 | | | | | | 6,000,000 | | | | | | — | | | | | | 22,106 | | | | | | 23,716,161 | | |
Officer, President and
|
| | | | 2021 | | | | | | 1,451,923 | | | | | | — | | | | | | 11,436,117 | | | | | | 6,000,000 | | | | | | — | | | | | | 21,506 | | | | | | 18,909,546 | | |
Director
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sean D. Goodman(6)
|
| | | | 2023 | | | | | | 800,000 | | | | | | 450,000 | | | | | | 3,891,036 | | | | | | 1,600,000 | | | | | | — | | | | | | 16,554 | | | | | | 6,757,590 | | |
Executive Vice President,
|
| | | | 2022 | | | | | | 800,000 | | | | | | 450,000 | | | | | | 3,408,536 | | | | | | 1,600,000 | | | | | | — | | | | | | 15,554 | | | | | | 6,274,090 | | |
International Operations, Chief Financial Officer, and
|
| | | | 2021 | | | | | | 785,577 | | | | | | — | | | | | | 2,312,071 | | | | | | 1,600,000 | | | | | | — | | | | | | 14,954 | | | | | | 4,712,602 | | |
Treasurer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Daniel E. Ellis(7)
|
| | | | 2023 | | | | | | 595,000 | | | | | | — | | | | | | 1,704,558 | | | | | | 703,885 | | | | | | — | | | | | | 16,012 | | | | | | 3,019,456 | | |
Executive Vice President
|
| | | | 2022 | | | | | | 585,385 | | | | | | — | | | | | | 1,489,373 | | | | | | 696,150 | | | | | | — | | | | | | 13,569 | | | | | | 2,784,477 | | |
Chief Operations and
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Development Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elizabeth F. Frank(6)
|
| | | | 2023 | | | | | | 595,000 | | | | | | 25,000 | | | | | | 1,931,449 | | | | | | 711,620 | | | | | | — | | | | | | 14,704 | | | | | | 3,277,774 | | |
Executive Vice President,
|
| | | | 2022 | | | | | | 591,154 | | | | | | — | | | | | | 1,716,758 | | | | | | 696,150 | | | | | | — | | | | | | 13,652 | | | | | | 3,017,714 | | |
Worldwide Programming
|
| | | | 2021 | | | | | | 571,323 | | | | | | — | | | | | | 1,286,963 | | | | | | 672,750 | | | | | | 408,473 | | | | | | 12,922 | | | | | | 2,952,430 | | |
and Chief Content Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Kevin M. Connor(7)
|
| | | | 2023 | | | | | | 561,350 | | | | | | — | | | | | | 1,519,929 | | | | | | 649,500 | | | | | | 8,391 | | | | | | 17,255 | | | | | | 2,756,425 | | |
Senior Vice President,
|
| | | | 2022 | | | | | | 558,206 | | | | | | — | | | | | | 1,338,740 | | | | | | 656,800 | | | | | | — | | | | | | 16,128 | | | | | | 2,569,874 | | |
General Counsel and
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secretary
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
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| |
57
|
|
| | |
Probable
|
| |
Maximum
|
| ||||||
Adam M. Aron | | | | | | | | | | | | | |
EIP—2023 PSU
|
| | | $ | 1,647,766 | | | | | $ | 3,295,531 | | |
EIP—2022 PSU
|
| | | | 758,033 | | | | | | 1,516,065 | | |
EIP—2021 PSU
|
| | | | 2,674,070 | | | | | | 5,348,140 | | |
Sean D. Goodman | | | | | | | | | | | | | |
EIP—2023 PSU
|
| | | | 375,332 | | | | | | 750,664 | | |
EIP—2022 PSU
|
| | | | 159,587 | | | | | | 319,173 | | |
EIP—2021 PSU
|
| | | | 570,493 | | | | | | 1,140,987 | | |
Daniel E. Ellis | | | | | | | | | | | | | |
EIP—2023 PSU
|
| | | | 171,576 | | | | | | 343,153 | | |
EIP—2022 PSU
|
| | | | 71,808 | | | | | | 143,616 | | |
EIP—2021 PSU
|
| | | | 231,775 | | | | | | 463,550 | | |
Elizabeth F. Frank | | | | | | | | | | | | | |
EIP—2023 PSU
|
| | | | 171,576 | | | | | | 343,153 | | |
EIP—2022 PSU
|
| | | | 71,808 | | | | | | 143,616 | | |
EIP—2021 PSU
|
| | | | 294,170 | | | | | | 588,340 | | |
Kevin M. Connor | | | | | | | | | | | | | |
EIP—2023 PSU
|
| | | | 136,496 | | | | | | 272,992 | | |
EIP—2022 PSU
|
| | | | 55,855 | | | | | | 111,709 | | |
EIP—2021 PSU
|
| | | | 231,775 | | | | | | 463,550 | | |
| | | | | | | | |
Defined
Benefit Plan |
| |
Supplemental Executive
Retirement Plan |
| ||||||
Kevin M. Connor | | | | | 2023 | | | | | $ | 5,851 | | | | | $ | 2,540 | | |
| | | | | 2022 | | | | | | (26,776) | | | | | | (11,848) | | |
| | |
Company Matching
Contributions to 401(k) Plan |
| |
Life
Insurance Premiums |
| |
Total
|
| |||||||||
Adam M. Aron | | | | $ | 13,200 | | | | | $ | 9,906 | | | | | $ | 23,106 | | |
Sean D. Goodman | | | | | 13,200 | | | | | | 3,354 | | | | | | 16,554 | | |
Daniel E. Ellis | | | | | 13,200 | | | | | | 2,812 | | | | | | 16,012 | | |
Elizabeth F. Frank | | | | | 13,200 | | | | | | 1,504 | | | | | | 14,704 | | |
Kevin M. Connor | | | | | 13,200 | | | | | | 4,055 | | | | | | 17,255 | | |
|
58
|
| |
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| | | |
| | | |
![]() |
| |
59
|
|
|
60
|
| |
![]() |
| | | |
| | | | | | | | | | | | | | |
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards |
| |
Estimated Future Payouts
Under Equity Incentive Plan Awards |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#) |
| |
Grant Date
Fair Value of Stock and Option Awards |
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
Approval
Date |
| |
Grant
Date |
| |
Threshold
|
| |
Target
100% |
| |
Maximum
|
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| ||||||||||||||||||||||||||||||||||||
Adam M. Aron | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIP—Company(1) | | | | | N/A | | | | | | N/A | | | | | $ | 1,500,000 | | | | | $ | 3,000,000 | | | | | $ | 6,000,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2023 RSU(3) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 135,290 | | | | | $ | 4,943,337 | | |
EIP—2023 PSU(4) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 22,549 | | | | | | 45,097 | | | | | | 90,194 | | | | | | | | | | | | 1,647,766 | | |
EIP—2022 PSU(5) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 8,972 | | | | | | 17,944 | | | | | | 35,888 | | | | | | | | | | | | 758,033 | | |
EIP—2021 PSU(6) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 31,646 | | | | | | 63,292 | | | | | | 126,584 | | | | | | | | | | | | 2,674,070 | | |
EIP—2023 Special(7) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 186,643 | | | | | | 7,885,650 | | |
Sean D. Goodman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIP—Company(1) | | | | | N/A | | | | | | N/A | | | | | | 400,000 | | | | | | 800,000 | | | | | | 1,600,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2023 RSU(3) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,818 | | | | | | 1,126,044 | | |
EIP—2023 PSU(4) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 5,136 | | | | | | 10,272 | | | | | | 20,544 | | | | | | | | | | | | 375,332 | | |
EIP—2022 PSU(5) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 1,890 | | | | | | 3,780 | | | | | | 7,560 | | | | | | | | | | | | 159,587 | | |
EIP—2021 PSU(6) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 6,751 | | | | | | 13,502 | | | | | | 27,004 | | | | | | | | | | | | 570,493 | | |
EIP—2023 Special(7) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 39,280 | | | | | | 1,659,580 | | |
Daniel E. Ellis | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIP—Company(1) | | | | | N/A | | | | | | N/A | | | | | | 154,700 | | | | | | 309,400 | | | | | | 618,800 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIP—Individual(2) | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 77,350 | | | | | | N/A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2023 RSU(3) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,089 | | | | | | 514,765 | | |
EIP—2023 PSU(4) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 2,348 | | | | | | 4,696 | | | | | | 9,392 | | | | | | | | | | | | 171,576 | | |
EIP—2022 PSU(5) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 850 | | | | | | 1,700 | | | | | | 3,400 | | | | | | | | | | | | 71,808 | | |
EIP—2021 PSU(6) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 2,744 | | | | | | 5,488 | | | | | | 10,976 | | | | | | | | | | | | 231,775 | | |
EIP—2023 Special(7) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,914 | | | | | | 714,633 | | |
Elizabeth F. Frank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIP—Company(1) | | | | | N/A | | | | | | N/A | | | | | | 154,700 | | | | | | 309,400 | | | | | | 618,800 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIP—Individual(2) | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 77,350 | | | | | | N/A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2023 RSU(3) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,089 | | | | | | 514,765 | | |
EIP—2023 PSU(4) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 2,348 | | | | | | 4,696 | | | | | | 9,392 | | | | | | | | | | | | 171,576 | | |
EIP—2022 PSU(5) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 850 | | | | | | 1,700 | | | | | | 3,400 | | | | | | | | | | | | 71,808 | | |
EIP—2021 PSU(6) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 3,481 | | | | | | 6,962 | | | | | | 13,924 | | | | | | | | | | | | 294,170 | | |
EIP—2023 Special(7) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,808 | | | | | | 879,130 | | |
Kevin M. Connor | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIP—Company(1) | | | | | N/A | | | | | | N/A | | | | | | 145,950 | | | | | | 291,900 | | | | | | 583,800 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIP—Individual(2) | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 73,000 | | | | | | N/A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2023 RSU(3) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,208 | | | | | | 409,520 | | |
EIP—2023 PSU(4) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 1,868 | | | | | | 3,735 | | | | | | 7,470 | | | | | | | | | | | | 136,496 | | |
EIP—2022 PSU(5) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 662 | | | | | | 1,324 | | | | | | 2,648 | | | | | | | | | | | | 55,855 | | |
EIP—2021 PSU(6) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | 2,744 | | | | | | 5,488 | | | | | | 10,976 | | | | | | | | | | | | 231,775 | | |
EIP—2023 Special(7) | | | | | 2/23/23 | | | | | | 2/23/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,243 | | | | | | 686,284 | | |
| | | |
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| |
61
|
|
|
62
|
| |
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| | | |
| | | | | | | | | | | | | | |
Stock Awards
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Incentive Plan
Awards: |
| |||||||||
Name
|
| |
Grant Date
|
| |
Award
Type |
| |
Number of
Shares or Units of Stock That Have Not Vested (#)(1) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(2) |
| |
Number of
Unearned Shares, Units, or Other Rights That Have Not Vested (#)(1) |
| |
Market or
Payout Value of Shares, Units, or Other Rights That Have Not Vested ($)(2) |
| ||||||||||||||||||
Adam M. Aron | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2021 RSU(3) | | | | | 2/23/21 | | | | | | RSU | | | | | | 63,292 | | | | | $ | 387,347 | | | | | | — | | | | | $ | — | | |
EIP—2021 PSU—Adj. EBITDA—Tranche III(4) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 75,950 | | | | | | 464,814 | | |
EIP—2021 PSU—FCF—Tranche III—(5) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 50,634 | | | | | | 309,880 | | |
EIP—2022 RSU—(6) | | | | | 3/2/22 | | | | | | RSU | | | | | | 35,884 | | | | | | 219,610 | | | | | | — | | | | | | — | | |
EIP—2022 PSU—Adj. EBITDA—Tranche II—(7) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 21,532 | | | | | | 131,776 | | |
EIP—2022 PSU—FCF—Tranche II—(8) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 14,356 | | | | | | 87,859 | | |
EIP—2023 RSU—(9) | | | | | 2/23/23 | | | | | | RSU | | | | | | 135,290 | | | | | | 827,975 | | | | | | — | | | | | | — | | |
EIP—2023 PSU—Adj. EBITDA—Tranche I—(10) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 54,116 | | | | | | 331,190 | | |
EIP—2023 PSU—FCF—Tranche I—(11) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 36,078 | | | | | | 220,797 | | |
Sean D. Goodman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2021 RSU(9) | | | | | 2/23/21 | | | | | | RSU | | | | | | 13,504 | | | | | | 82,644 | | | | | | — | | | | | | — | | |
EIP—2021 PSU—Adj. EBITDA—Tranche III(4) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 16,202 | | | | | | 99,156 | | |
EIP—2021 PSU—FCF—Tranche III—(5) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 10,802 | | | | | | 66,108 | | |
EIP—2022 RSU—(6) | | | | | 3/2/22 | | | | | | RSU | | | | | | 7,556 | | | | | | 46,243 | | | | | | — | | | | | | — | | |
EIP—2022 PSU—Adj. EBITDA—Tranche II—(7) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 4,536 | | | | | | 27,760 | | |
EIP—2022 PSU—FCF—Tranche II—(8) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 3,024 | | | | | | 18,507 | | |
EIP—2023 RSU—(9) | | | | | 2/23/23 | | | | | | RSU | | | | | | 30,818 | | | | | | 188,606 | | | | | | — | | | | | | — | | |
EIP—2023 PSU—Adj. EBITDA—Tranche I—(10) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 12,326 | | | | | | 75,435 | | |
EIP—2023 PSU—FCF—Tranche I—(11) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 8,218 | | | | | | 50,294 | | |
Daniel E. Ellis | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2021 RSU(9) | | | | | 2/23/21 | | | | | | RSU | | | | | | 5,486 | | | | | | 33,574 | | | | | | — | | | | | | — | | |
EIP—2021 PSU—Adj. EBITDA—Tranche III(4) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 6,584 | | | | | | 40,294 | | |
EIP—2021 PSU—FCF—Tranche III—(5) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 4,392 | | | | | | 26,879 | | |
EIP—2022 RSU—(6) | | | | | 3/2/22 | | | | | | RSU | | | | | | 3,400 | | | | | | 20,808 | | | | | | — | | | | | | — | | |
EIP—2022 PSU—Adj. EBITDA—Tranche II—(7) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 2,040 | | | | | | 12,485 | | |
EIP—2022 PSU—FCF—Tranche II—(8) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 1,360 | | | | | | 8,323 | | |
EIP—2023 RSU—(9) | | | | | 2/23/23 | | | | | | RSU | | | | | | 14,089 | | | | | | 86,225 | | | | | | — | | | | | | — | | |
EIP—2023 PSU—Adj. EBITDA—Tranche I—(10) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 5,636 | | | | | | 34,492 | | |
EIP—2023 PSU—FCF—Tranche I—(11) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 3,756 | | | | | | 22,987 | | |
Elizabeth F. Frank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2021 RSU(9) | | | | | 2/23/21 | | | | | | RSU | | | | | | 6,964 | | | | | | 42,620 | | | | | | — | | | | | | — | | |
EIP—2021 PSU—Adj. EBITDA—Tranche III(4) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 8,354 | | | | | | 51,126 | | |
EIP—2021 PSU—FCF—Tranche III—(5) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 5,570 | | | | | | 34,088 | | |
EIP—2022 RSU—(6) | | | | | 3/2/22 | | | | | | RSU | | | | | | 3,400 | | | | | | 20,808 | | | | | | — | | | | | | — | | |
EIP—2022 PSU—Adj. EBITDA—Tranche II—(7) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 2,040 | | | | | | 12,485 | | |
EIP—2022 PSU—FCF—Tranche II—(8) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 1,360 | | | | | | 8,323 | | |
EIP—2023 RSU—(9) | | | | | 2/23/23 | | | | | | RSU | | | | | | 14,089 | | | | | | 86,225 | | | | | | — | | | | | | — | | |
EIP—2023 PSU—Adj. EBITDA—Tranche I—(10) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 5,636 | | | | | | 34,492 | | |
EIP—2023 PSU—FCF—Tranche I—(11) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 3,756 | | | | | | 22,987 | | |
Kevin M. Connor | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIP—2021 RSU(9) | | | | | 2/23/21 | | | | | | RSU | | | | | | 5,486 | | | | | | 33,574 | | | | | | — | | | | | | — | | |
EIP—2021 PSU—Adj. EBITDA—Tranche III(4) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 6,584 | | | | | | 40,294 | | |
EIP—2021 PSU—FCF—Tranche III—(5) | | | | | 2/23/21 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 4,392 | | | | | | 26,879 | | |
EIP—2022 RSU—(6) | | | | | 3/2/22 | | | | | | RSU | | | | | | 2,646 | | | | | | 16,194 | | | | | | — | | | | | | — | | |
EIP—2022 PSU—Adj. EBITDA—Tranche II—(7) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 1,588 | | | | | | 9,719 | | |
EIP—2022 PSU—FCF—Tranche II—(8) | | | | | 3/2/22 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 1,060 | | | | | | 6,487 | | |
EIP—2023 RSU—(9) | | | | | 2/23/23 | | | | | | RSU | | | | | | 11,208 | | | | | | 68,593 | | | | | | — | | | | | | — | | |
EIP—2023 PSU—Adj. EBITDA—Tranche I—(10) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 4,482 | | | | | | 27,430 | | |
EIP—2023 PSU—FCF—Tranche I—(11) | | | | | 2/23/23 | | | | | | PSU | | | | | | — | | | | | | — | | | | | | 2,988 | | | | | | 18,287 | | |
| | | |
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| |
63
|
|
|
64
|
| |
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| | | |
Name
|
| |
Number of
Shares Acquired on Vesting (#)(1) |
| |
Value
Realized on Vesting ($) |
| ||||||
Adam M. Aron | | | | | | | | | | | | | |
EIP—RSU(2) | | | | | 110,835 | | | | | $ | 2,837,321 | | |
EIP—PSU(3) | | | | | 35,023 | | | | | | 1,479,739 | | |
EIP—Special Grant(4) | | | | | 186,643 | | | | | | 7,885,650 | | |
Sean D. Goodman | | | | | | | | | | | | | |
EIP—RSU(2) | | | | | 23,327 | | | | | | 597,130 | | |
EIP—PSU(3) | | | | | 7,371 | | | | | | 311,433 | | |
EIP—Special Grant(4) | | | | | 39,280 | | | | | | 1,659,580 | | |
Daniel E. Ellis | | | | | | | | | | | | | |
EIP—RSU(2) | | | | | 10,046 | | | | | | 257,132 | | |
EIP—PSU(3) | | | | | 3,174 | | | | | | 134,118 | | |
EIP—Special Grant(4) | | | | | 16,914 | | | | | | 714,633 | | |
Elizabeth F. Frank | | | | | | | | | | | | | |
EIP—RSU(2) | | | | | 12,359 | | | | | | 316,368 | | |
EIP—PSU(3) | | | | | 3,905 | | | | | | 164,986 | | |
EIP—Special Grant(4) | | | | | 20,808 | | | | | | 879,130 | | |
Kevin M. Connor | | | | | | | | | | | | | |
EIP—RSU(2) | | | | | 9,646 | | | | | | 246,893 | | |
EIP—PSU(3) | | | | | 3,048 | | | | | | 128,786 | | |
EIP—Special Grant(4) | | | | | 16,243 | | | | | | 686,284 | | |
Name
|
| |
Plan Name
|
| |
Number of
Years Credited Service(#)(1) |
| |
Present Value
of Accumulated Benefit($)(2) |
| ||||||
Adam M. Aron | | |
—
|
| | | | — | | | | | $ | — | | |
Sean D. Goodman | | |
—
|
| | | | — | | | | | | — | | |
Daniel E. Ellis | | |
—
|
| | | | — | | | | | | — | | |
Elizabeth F. Frank | | |
—
|
| | | | — | | | | | | — | | |
Kevin M. Connor | | |
Defined Benefit Retirement Income Plan
|
| | | | 4 | | | | | | 80,737 | | |
| | |
Supplemental Executive Retirement Plan
|
| | | | 4 | | | | | | 34,781 | | |
| | | |
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| |
65
|
|
|
66
|
| |
![]() |
| | | |
Name
|
| |
Termination
Following a Change of Control |
| |
Death or
Disability |
| |
Termination With
Good Reason by Employee |
| |
Termination
Without Cause by Company |
| |
Retirement
|
| |||||||||||||||
Adam M Aron | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Salary
|
| | | $ | 2,250,000 | | | | | $ | — | | | | | $ | 2,250,000 | | | | | $ | 2,250,000 | | | | | $ | — | | |
AIP
|
| | | | 9,000,000 | | | | | | — | | | | | | 9,000,000 | | | | | | 9,000,000 | | | | | | — | | |
Unvested Equity Awards
|
| | | | 6,000,000 | | | | | | — | | | | | | 6,000,000 | | | | | | 6,000,000 | | | | | | — | | |
Total
|
| | | | 17,250,000 | | | | | | — | | | | | | 17,250,000 | | | | | | 17,250,000 | | | | | | — | | |
Sean D. Goodman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Salary
|
| | | | 800,000 | | | | | | — | | | | | | 800,000 | | | | | | 800,000 | | | | | | — | | |
AIP
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Unvested Equity Awards
|
| | | | 634,968 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 1,434,968 | | | | | | — | | | | | | 800,000 | | | | | | 800,000 | | | | | | — | | |
Daniel E. Ellis | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Salary
|
| | | | 595,000 | | | | | | — | | | | | | 595,000 | | | | | | 595,000 | | | | | | — | | |
AIP
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Unvested Equity Awards
|
| | | | 281,232 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 876,232 | | | | | | — | | | | | | 595,000 | | | | | | 595,000 | | | | | | — | | |
Elizabeth F. Frank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Salary
|
| | | | 1,190,000 | | | | | | — | | | | | | 1,190,000 | | | | | | 1,190,000 | | | | | | — | | |
AIP
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Unvested Equity Awards
|
| | | | 299,299 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 1,489,299 | | | | | | — | | | | | | 1,190,000 | | | | | | 1,190,000 | | | | | | — | | |
Kevin M. Connor | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Salary
|
| | | | 1,122,700 | | | | | | 1,122,700 | | | | | | — | | | | | | 1,122,700 | | | | | | — | | |
AIP
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 364,900 | | |
Unvested Equity Awards
|
| | | | 236,728 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 1,359,428 | | | | | | 1,122,700 | | | | | | — | | | | | | 1,122,700 | | | | | | 364,900 | | |
| | | |
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| |
67
|
|
|
68
|
| |
![]() |
| | | |
Plan Category
|
| |
(a) Total Number of
Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights |
| |
(b) Weighted-average
Exercise Price of Outstanding Options, Warrants and Rights($) |
| |
(c) Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) |
| |||||||||
Equity compensation plans approved by security holders—AMC
|
| | | | — | | | | | | — | | | | | | 952,815 | | |
Equity compensation plans not approved by security holders
|
| | | | — | | | | | | — | | | | | | — | | |
| | | |
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| |
69
|
|
| | | | | | | | | | | | | | | | | | | | | Average Compensation Actually Paid to Non-PEO NEOs(2) | | | Value of Initial Fixed $100 Investment Based On: | | | | | | | | | | | | | | ||||||||||||
Year(1) | | | Summary Compensation Table for PEO | | | Compensation Actually Paid to PEO(2) | | | Average Summary Compensation Table Total for Non-PEO NEOs | | | Total Shareholder Return(3) | | | Peer Group Total Shareholder Return(3) | | | Net Loss(4) (millions) | | | EBITDA (millions) | | |||||||||||||||||||||||||||
2023 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | | |||||||
2022 | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | | | | | | ( | | | | | | | | |||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | ||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | |
|
70
|
| |
![]() |
| | | |
| | | 2023 | | |||||||||
| | | PEO | | | Average Non-PEO NEOs | | ||||||
Total Reported in Summary Compensation Table (“SCT”) | | | | $ | | | | | $ | | | ||
Less, Value of Stock Awards Reported in SCT | | | | | ( | | | | | | ( | | |
Less, Change in Pension Value in SCT | | | | | | | | | | ( | | | |
Plus, Pension Service Cost and Impact of Pension Plan Amendments | | | | | | | | | | | | ||
Plus, Year-End Value of Current Year Awards that are Unvested and Outstanding | | | | | | | | | | | | ||
Plus, Change in Fair Value of Prior Year Awards that are Unvested and Outstanding | | | | | ( | | | | | | ( | | |
Plus, FMV at Vesting of Current Year Awards that Vested this Year | | | | | | | | | | | | ||
Plus, Change in Fair Value at Vesting of Prior Year Awards that Vested this Year | | | | | | | | | | | | ||
Less, Prior Year Fair Value of Prior Year Awards that Forfeited this Year | | | | | ( | | | | | | ( | | |
Plus, Value of Accrued Dividend Equivalents Paid Upon Vesting of Awards this Year | | | | | | | | | | | | ||
Compensation Actually Paid | | | | | | | | | | | |
| | | |
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| |
71
|
|
|
72
|
| |
![]() |
| | | |
| Most Important Financial Performance Measures | |
| | |
| | |
| | | |
![]() |
| |
73
|
|
|
74
|
| |
![]() |
| | | |
| | | |
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| |
75
|
|
|
Key Governance Features in 2024 Plan
|
| |||||||||
|
✓
|
| | Director Pay Cap: 2024 Plan contains rules placing annual caps on non-employee director equity awards | | |
✓
|
| | Dividend Treatment: 2024 Plan contains rules barring payment of dividends or dividend equivalents before the underlying award vests or is exercised | |
|
✓
|
| | Repricing Prohibition: 2024 Plan prohibits stock option/SAR repricing without the prior approval of the stockholders of the Company | | |
✓
|
| | Discounted Stock Options/SARs Prohibited: Stock options and SARs must be granted at no less than fair market value | |
|
✓
|
| | Award Clawback Provisions: 2024 Plan authorizes forfeiture or clawback of awards in accordance with the Company’s Executive Compensation Clawback Policy | | |
✓
|
| | No “Evergreen” Provision: No automatic increase in shares available for grant under the 2024 Plan | |
|
✓
|
| | Cash Buyout Prohibition: Plan prohibits cancellation and substitution of underwater stock options/SARs | | | | | | | |
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Total Number of Shares Granted to Non-Employee Directors | | | | | 23,925 | | | | | | 8,330 | | | | | | 24,810 | | |
Total Number of Restricted Stock Units Granted to Management | | | | | 398,340 | | | | | | 139,428 | | | | | | 537,562 | | |
Total Number of Performance Stock Units Granted to Management (at Target) | | | | | 372,040 | | | | | | 139,428 | | | | | | 537,562 | | |
Weighted Average Shares of Common Stock Outstanding (in millions) | | | | | 167,644 | | | | | | 104,769 | | | | | | 95,482 | | |
Burn Rate | | | | | 0.57% | | | | | | 0.27% | | | | | | 1.15% | | |
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Principal Features of 2024 Plan
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Purpose
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To allow the Company to award equity incentives to eligible participants to (a) attract and retain the types of employees, consultants and directors who will contribute to the Company’s long-term success; (b) provide incentives that align the interests of participants with those of the Company’s stockholders and that drive exceptional performance to achieve the Company’s business priorities; and (c) promote the success of the Company’s business
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Effective Date
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The effective date of the 2024 Plan is February 22, 2024, the date it was adopted by the Board (the “Effective Date”), provided that no award will be settled in shares of Common Stock unless and until the 2024 Plan has been approved by the Company’s stockholders
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| Securities Underlying Awards | | |
AMC Class A Common Stock, $0.01 par value*
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Award Types
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Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Performance Stock Units, Cash Awards and Other Equity-Based Awards (including but not limited to phantom awards and fully vested Stock awards)
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Eligible Participants
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Employees, consultants and directors of the Company and its affiliates
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Shares Reserved
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25.0 million shares of Common Stock Shares of Common Stock subject to any type of Award will be counted against the 2024 Plan reserve as one share for every one share granted
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Share Recycling
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Any shares of Common Stock subject to Awards that expire or are canceled, forfeited, terminated, or settled in cash, in each case without issuance of the full number of shares of Common Stock to which the Award related, will again be available for issuance under the 2024 Plan. Shares of Common Stock subject to Awards under the 2024 Plan will not again be made available for issuance or delivery under the 2024 Plan if such shares of Common Stock are (a) tendered in payment of a Stock Option, (b) delivered or withheld by the Company to satisfy any tax withholding obligation, or (c) covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Awards
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Director Compensation Limit
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The aggregate grant date value of all Awards granted to a non-employee director during any calendar year will not exceed $500,000
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Plan Expiration
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The 2024 Plan is unlimited in duration, but may be terminated by the Compensation Committee of the Board at any time
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Name and Position
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Value ($)(1)
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Shares
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Adam M. Aron
Chairman, Chief Executive Officer, President, and Director |
| | | $ | 6,000,000 | | | | | | 1,263,158 | | |
Sean D. Goodman
Executive Vice President, International Operations, Chief Financial Officer, and Treasurer |
| | | | 2,000,000 | | | | | | 421,054 | | |
Daniel E. Ellis
Executive Vice President and Chief Operations and Development Officer |
| | | | 1,000,000 | | | | | | 210,528 | | |
Elizabeth F. Frank
Executive Vice President, Worldwide Programming and Chief Content Officer |
| | | | 1,000,000 | | | | | | 210,528 | | |
Kevin M. Connor
Senior Vice President, General Counsel and Secretary |
| | | | 700,000 | | | | | | 147,370 | | |
Other Executive Officer Group | | | | | 1,675,000 | | | | | | 352,634 | | |
Non-Employee Director Group | | | | | 927,787 | | | | | | 195,924 | | |
Non-Executive Officer Employee Group | | | | | 9,710,000 | | | | | | 2,044,276 | | |
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Reconciliation of Adjusted EBITDA(1): (dollars in millions) (unaudited) |
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Year Ended
December 31, 2023 |
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Net loss | | | | $ | (396.6) | | |
Plus: | | | | | | | |
Income tax provision
|
| | | | 3.4 | | |
Interest expense
|
| | | | 411.2 | | |
Depreciation and amortization
|
| | | | 365.0 | | |
Impairment of long-lived assets(2)
|
| | | | 106.9 | | |
Certain operating expense(3)
|
| | | | 2.5 | | |
Equity in earnings of non-consolidated entities
|
| | | | (7.7) | | |
Cash distributions from non-consolidated entities(4)
|
| | | | 6.5 | | |
Attributable EBITDA(5)
|
| | | | 2.2 | | |
Investment income(6)
|
| | | | (15.5) | | |
Other income(7)
|
| | | | (61.3) | | |
Other non-cash rent benefit(8)
|
| | | | (35.0) | | |
General and administrative expense—unallocated:
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Merger, acquisition, and other costs(9)
|
| | | | 1.7 | | |
Stock-based compensation expense(10)
|
| | | | 42.5 | | |
Adjusted EBITDA(1) | | | | $ | 425.8 | | |
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A-1
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Reconciliation of Attributable EBITDA (dollars in millions) (unaudited) |
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Year Ended
December 31, 2023 |
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Equity in earnings of non-consolidated entities | | | | $ | (7.7) | | |
Less: | | | | | | | |
Equity in (earnings) of non-consolidated entities excluding International theatre joint
ventures |
| | | | (6.6) | | |
Equity in earnings of International theatre joint ventures
|
| | | | 1.1 | | |
Income tax expense
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| | | | 0.1 | | |
Investment income
|
| | | | (0.6) | | |
Interest expense
|
| | | | 0.2 | | |
Impairment of long-lived assets
|
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Depreciation and amortization
|
| | | | 1.4 | | |
Attributable EBITDA
|
| | | $ | 2.2 | | |
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A-2
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Reconciliation of Free Cash Flow(1) (dollars in millions) (unaudited) |
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Year Ended
December 31, 2023 |
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Net cash used in operating activities | | | | $ | (215.2) | | |
Plus: total capital expenditures | | | | | (225.6) | | |
Free cash flow(1) | | | | $ | (440.8) | | |
Reconciliation of Capital Expenditures: | | | | | | | |
Capital expenditures | | | | | | | |
Growth capital expenditures(2) | | | | $ | 89.3 | | |
Maintenance capital expenditures(3) | | | | | 137.6 | | |
Change in construction payables(4) | | | | | (1.3) | | |
Total capital expenditures | | | | $ | 225.6 | | |
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