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THURSDAY, MAY 23, 2024
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8:00 A.M. (EASTERN TIME)
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| | | | By Order of the Board of Directors, | |
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| | | | Daniel L. Heard | |
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Little Rock, Arkansas
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Executive Vice President — General Counsel and Secretary
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| April 11, 2024 | | | | |
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Important notice regarding the availability of proxy materials for the 2024 Annual Meeting of Stockholders to be held on May 23, 2024: The Company’s Proxy Statement and Annual Report on Form 10-K for the fiscal year ended December 31, 2023 are available electronically at http://investor.uniti.com and www.proxyvote.com.
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Date:
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| | May 23, 2024 | |
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Time:
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| | 8:00 a.m. (Eastern time) | |
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Location:
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Via the Internet:
www.virtualshareholdermeeting.com/UNIT2024 |
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Record Date:
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| | Holders of our common stock at the close of business on March 22, 2024 | |
Proposals
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Required
Approval |
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Board
Recommendation |
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Page
Reference |
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1. | | | Election of directors | | |
Majority of Votes Cast
for Each Nominee |
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FOR each
nominee |
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11
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2. | | | Advisory vote to approve executive compensation | | |
Majority of Votes Cast
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FOR
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45
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3 | | | Ratification of auditor | | |
Majority of Votes Cast
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FOR
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46
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Annual election of directors
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Active stockholder engagement
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Majority voting and resignation policy for director elections
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Prohibit hedging and unapproved pledging of our common stock
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Independent directors regularly meet without management present
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80% of board nominees are independent (CEO is only management director nominee) and include two female board nominees (50% of independent director nominees)
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Board regularly assesses its performance through board and committee self-evaluations
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No poison pill
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Independent Chairman
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Robust stock ownership guidelines
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Committee Memberships
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Name
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Age
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Director
Since |
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Principal
Occupation |
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Financial
Expert |
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Audit
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Compensation
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Governance
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Jennifer S. Banner
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64
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2015
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Executive Director of the University of Tennessee Haslam College of Business Forum for Emerging Enterprises and Private Business
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Scott G. Bruce
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62
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2016
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Interim Chief Executive Officer of Radius Global Infrastructure, Inc.
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Francis X. (“Skip”)
Frantz |
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70
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2015
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Chairman of the Board of Uniti
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Kenneth A. Gunderman
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53
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2015
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President and CEO of Uniti
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—
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—
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—
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—
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Carmen Perez-Carlton
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63
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2019
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Former President of FPL Fibernet, LLC
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What We Do:
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What We Don’t Do:
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Align pay with performance by linking a substantial portion of compensation to the achievement of predefined performance metrics
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Do NOT provide tax gross-ups in any circumstance
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Retain an independent compensation consultant
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Do NOT provide excessive perquisites for executives
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Require compliance with stock ownership guidelines for executives and non-employee directors
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Do NOT provide guaranteed bonuses
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Include double-trigger change-in-control provisions in equity awards
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Do NOT provide discount stock options or stock appreciation rights
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Place caps on incentive award opportunities and conduct annual risk assessment
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Do NOT pay dividends on performance-based restricted stock units prior to vesting
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Maintain a Nasdaq rule compliant clawback policy
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Do NOT add back to our equity compensation plan reserves any shares tendered as payment for shares withheld for taxes
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go to the website www.proxyvote.com and follow the instructions at that website;
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call 1-800-690-6903 and follow the instructions provided on the call; or
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if you received a proxy card in the mail, complete, sign, date and mail the proxy card in the return envelope provided to you.
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Proposals
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| |
Required
Approval |
| |||
1. | | | Election of directors | | |
Majority of Votes Cast for
Each Nominee |
|
2. | | | Advisory vote to approve executive compensation | | |
Majority of Votes Cast
|
|
3. | | | Ratification of auditor | | |
Majority of Votes Cast
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|
Proposals
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Abstentions
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Broker Non-Votes
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| |||
1. | | | Election of directors | | |
No Effect
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No Effect
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2. | | | Advisory vote to approve executive compensation | | |
No Effect
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No Effect
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3. | | | Ratification of auditor | | |
No Effect
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Not Applicable
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Committee Memberships
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Board Member
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Financial Expert
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Audit
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Compensation
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Governance
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Jennifer S. Banner
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Scott G. Bruce
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Francis X. (“Skip”) Frantz
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Kenneth A. Gunderman | | | | | |
—
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—
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—
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Carmen Perez-Carlton
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Number Of Meetings Held In Fiscal 2023 | | | | | |
5
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4
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4
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BOARD DIVERSITY MATRIX
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(As of April 11, 2024)
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(As of April 13, 2023)
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Total Number of Directors
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5
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6
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Female
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Male
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Female
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Male
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|
Part I: Gender Identity | | | | | | | | | | | | | |
Directors | | |
2
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3
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2
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4
|
|
Part II: Demographic Background | | | | | | | | | | | | | |
Hispanic or Latinx | | |
1
|
| |
—
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| |
1
|
| |
—
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|
White | | |
2
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3
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2
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4
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Two or More Races or Ethnicities | | |
1
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—
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1
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—
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|
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Stock
Awards ($)(1) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| ||||||||||||
| Jennifer S. Banner | | | | | 100,000 | | | | | | 171,824 | | | | | | — | | | | | | 271,824 | | |
| Scott G. Bruce | | | | | 100,000 | | | | | | 174,659 | | | | | | — | | | | | | 274,659 | | |
| Francis X. (“Skip”) Frantz | | | | | 250,000 | | | | | | 164,352 | | | | | | — | | | | | | 414,352 | | |
| Carmen Perez-Carlton | | | | | 100,000 | | | | | | 176,458 | | | | | | — | | | | | | 276,458 | | |
| |
BOARD RECOMMENDATION
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| |
| |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” EACH OF THE FOREGOING NOMINEES.
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PROXIES SOLICITED BY THE BOARD OF DIRECTORS WILL BE VOTED “FOR” EACH OF THE FOREGOING NOMINEES UNLESS STOCKHOLDERS SPECIFY A CONTRARY VOTE.
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|
Name and Address of
Beneficial Owner |
| |
Amount and Nature
of Beneficial Ownership |
| |
Percentage of Shares
of Common Stock Beneficially Owned |
| ||||||
| Jennifer S. Banner | | | | | 153,558 | | | | | | * | | |
| Scott G. Bruce | | | | | 177,914 | | | | | | * | | |
| Paul Bullington | | | | | 309,162 | | | | | | * | | |
| Francis X. (“Skip”) Frantz | | | | | 301,942 (1) | | | | | | * | | |
| Michael Friloux | | | | | 156,781 | | | | | | * | | |
| Kenneth A. Gunderman | | | | | 1,574,532 | | | | | | * | | |
| Daniel L. Heard | | | | | 294,722 | | | | | | * | | |
| Ronald J. Mudry | | | | | 233,812 | | | | | | * | | |
| Carmen Perez-Carlton | | | | | 132,779 | | | | | | * | | |
| All current directors and executive officers as a group (nine persons) | | | | | 3,335,202 | | | | | | * | | |
|
BlackRock, Inc.
55 East 52nd Street New York, NY 10055 |
| | | | 39,731,083 (2) | | | | | | 16.54% | | |
|
The Vanguard Group
100 Vanguard Blvd. Malvern, PA 19355 |
| | | | 37,899,684 (3) | | | | | | 15.78% | | |
What We Do:
|
| |
What We Don’t Do:
|
| ||||||
![]() |
| |
Align pay with performance by linking a substantial portion of compensation to the achievement of predefined performance metrics
|
| |
![]() |
| |
Do NOT provide tax gross-ups in any circumstance
|
|
![]() |
| |
Retain an independent compensation consultant
|
| |
![]() |
| |
Do NOT provide excessive perquisites for executives
|
|
![]() |
| |
Require compliance with stock ownership guidelines for executives and non-employee directors
|
| |
![]() |
| |
Do NOT provide guaranteed bonuses
|
|
![]() |
| |
Include double-trigger change-in-control provisions in equity awards
|
| |
![]() |
| |
Do NOT provide discount stock options or stock appreciation rights
|
|
![]() |
| |
Place caps on incentive award opportunities and conduct an annual risk assessment
|
| |
![]() |
| |
Do NOT pay dividends on performance-based restricted stock units prior to vesting
|
|
![]() |
| |
Maintain a Nasdaq rule compliant clawback policy
|
| |
![]() |
| |
Do NOT add back to our equity compensation plan reserves any shares tendered as payment for shares withheld for taxes
|
|
| Peer Group for Evaluating Fiscal 2023 Executive Compensation | | |||
| Acadia Realty Trust (AKR) | | | Hudson Pacific Properties, Inc. (HPP) | |
| American Tower Corporation (AMT) | | | Lumen Technologies, Inc. (LUMN) | |
|
Consolidated Communications Holdings, Inc. (CNSL)
|
| | NNN REIT, Inc.(2) (NNN) | |
| COPT Defense Properties(1) (CDP) | | | Omega Healthcare Investors, Inc. (OHI) | |
| Crown Castle Inc. (CCI) | | | Piedmont Office Realty Trust, Inc. (PDM) | |
| Digital Realty Trust, Inc. (DLR) | | | SBA Communications Corporation (SBAC) | |
| EPR Properties (EPR) | | | Spirit Realty Capital, Inc. (SRC) | |
| Healthcare Realty Trust Incorporated (HR) | | | UMH Properties, Inc. (UMH) | |
|
Name
|
| |
Target Total Direct
Compensation |
| |||
|
Kenneth A. Gunderman
|
| | | $ | 4,531,250 | | |
|
Paul Bullington
|
| | | $ | 1,699,500 | | |
|
Daniel L. Heard
|
| | | $ | 1,442,000 | | |
|
Michael Friloux
|
| | | $ | 1,171,624 | | |
|
Ronald J. Mudry
|
| | | $ | 1,261,750 | | |
|
Target Pay Mix for
Mr. Gunderman |
| |
Target Pay Mix for
Mr. Bullington |
| |
Target Pay Mix for Messrs.
Heard, Friloux and Mudry |
|
|
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Name
|
| |
2022
Base Salary |
| |
2023
Base Salary |
| ||||||
|
Kenneth A. Gunderman
|
| | | $ | 725,000 | | | | | $ | 725,000 | | |
|
Paul Bullington
|
| | | $ | 440,000 | | | | | $ | 453,200 | | |
|
Daniel L. Heard
|
| | | $ | 400,000 | | | | | $ | 412,000 | | |
|
Michael Friloux
|
| | | $ | 325,000 | | | | | $ | 334,750 | | |
|
Ronald J. Mudry
|
| | | | N/A(1) | | | | | $ | 360,500 | | |
| | | |
Target Cash Incentive(1)
|
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|
Name
|
| |
% of Base Salary
|
| |
Amount
|
| ||||||
|
Kenneth A. Gunderman
|
| | | | 150% | | | | | $ | 1,087,500 | | |
|
Paul Bullington
|
| | | | 100% | | | | | $ | 453,200 | | |
|
Daniel L. Heard
|
| | | | 100% | | | | | $ | 412,000 | | |
|
Michael Friloux
|
| | | | 100% | | | | | $ | 334,750 | | |
|
Ronald J. Mudry
|
| | | | 100% | | | | | $ | 360,500 | | |
|
Name
|
| |
Threshold
|
| |
Maximum
|
| ||||||
|
Kenneth A. Gunderman
|
| | | | 75% | | | | | | 225% | | |
|
Paul Bullington
|
| | | | 50% | | | | | | 150% | | |
|
Daniel L. Heard
|
| | | | 50% | | | | | | 150% | | |
|
Michael Friloux
|
| | | | 50% | | | | | | 150% | | |
|
Ronald J. Mudry
|
| | | | 50% | | | | | | 150% | | |
Performance
Measure |
| |
Weighting for
all NEOs (other than CRO) |
| |
Weighting
for CRO(1) |
| |
Description
|
|
Consolidated Adjusted Funds From Operations (“AFFO”) | | |
25% |
| |
5% |
| |
Represents consolidated funds from operations, adjusted to exclude the impact of certain non-cash revenues and expenses, capital markets and merger and acquisition transactions and similar items, for the year ended December 31, 2023, as publicly reported. A reconciliation of Consolidated AFFO to net income is included in Appendix A to this Proxy Statement. |
|
Churn | | |
5%
|
| |
20%
|
| | Monthly recurring revenue that has been disconnected, re-rated or downgraded during 2023 | |
Consolidated Bookings
|
| |
15%
|
| |
30%
|
| | New monthly recurring revenue bookings across all product lines. | |
Consolidated Installations
|
| |
15%
|
| |
30%
|
| | New monthly recurring revenue from new service installations, excluding bandwidth upgrades. | |
Consolidated SG&A
|
| |
40%
|
| |
15%
|
| | Represents selling, general, and administrative expenses across entire company, excluding stock-based compensation expense. | |
Performance
Measures |
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Actual
Results |
|
Consolidated AFFO
|
| |
$372.0M
|
| |
$377.5M
|
| |
$383.2M
|
| |
$385.2M
|
|
Churn | | |
$2.5M
|
| |
$2.1M
|
| |
$1.8M
|
| |
$2.9M
|
|
Consolidated Bookings
|
| |
$3.4M
|
| |
$3.9M
|
| |
$4.1M
|
| |
$2.6M
|
|
Consolidated Installations
|
| |
$3.5M
|
| |
$4.2M
|
| |
$4.5M
|
| |
$3.1M
|
|
Consolidated SG&A
|
| |
$98.0M
|
| |
$94.2M
|
| |
$89.0M
|
| |
$90.2M
|
|
Name
|
| |
Payout
|
| |
% of Target
Cash Incentive Opportunity Amount |
| ||||||
Kenneth A. Gunderman
|
| | | $ | 1,007,750(1) | | | | | | 93% | | |
Paul Bullington
|
| | | $ | 421,476 | | | | | | 93% | | |
Daniel L. Heard
|
| | | $ | 383,160 | | | | | | 93% | | |
Michael Friloux
|
| | | $ | 311,318 | | | | | | 93% | | |
Ronald J. Mudry
|
| | | $ | 100,940 | | | | | | 28% | | |
|
Name
|
| |
Target Value of
Restricted Shares and PBRSUs |
| |||
|
Kenneth A. Gunderman
|
| | | $ | 2,718,750 | | |
|
Paul Bullington
|
| | | $ | 793,100 | | |
|
Daniel L. Heard
|
| | | $ | 618,000 | | |
|
Michael Friloux
|
| | | $ | 502,125 | | |
|
Ronald J. Mudry
|
| | | $ | 540,750 | | |
|
Performance
Criteria |
| |
Below
Threshold |
| |
Threshold
|
| |
Target
|
| |
Maximum
|
|
|
TSR position within the Peer Group
|
| |
<33rd percentile
|
| |
33rd percentile
|
| |
50th percentile
|
| |
>75th percentile
|
|
|
Payout Opportunity
|
| |
0% of Target
|
| |
50% of Target
|
| |
100% of Target
|
| |
200% of Target
|
|
|
Name
|
| |
Award Amount
(at target level) |
| |
Grant Date Fair Value
(as reported in the Summary Compensation Table) |
| ||||||
|
Kenneth A. Gunderman
|
| | | $ | 2,718,750 | | | | | $ | 3,110,628 | | |
|
Paul Bullington
|
| | | $ | 793,100 | | | | | $ | 880,991 | | |
|
Daniel L. Heard
|
| | | $ | 618,000 | | | | | $ | 686,483 | | |
|
Michael Friloux
|
| | | $ | 502,125 | | | | | $ | 557,771 | | |
|
Ronald J. Mudry
|
| | | $ | 540,750 | | | | | $ | 600,665 | | |
Officer
|
| |
Ownership Level
|
|
Chief Executive Officer
|
| | five times base salary | |
Other Officers
|
| |
three times base salary
|
|
|
Name
|
| |
Guideline
Share Amount |
| |
Shares Owned
|
| ||||||
|
Jennifer S. Banner
|
| | | | 144,509(1) | | | | | | 115,487 | | |
|
Scott G. Bruce
|
| | | | 144,509(1) | | | | | | 139,883 | | |
|
Paul Bullington
|
| | | | 119,026(2) | | | | | | 181,813 | | |
|
Francis X. (“Skip”) Frantz
|
| | | | 144,509(1) | | | | | | 264,789 | | |
|
Michael Friloux
|
| | | | 87,917(2) | | | | | | 75,158 | | |
|
Kenneth A. Gunderman
|
| | | | 1,047,688(1) | | | | | | 1,127,156 | | |
|
Daniel L. Heard
|
| | | | 357,225(1) | | | | | | 194,264 | | |
|
Ronald J. Mudry
|
| | | | 312,572(3) | | | | | | 145,912 | | |
|
Carmen Perez-Carlton
|
| | | | 62,814(4) | | | | | | 93,748 | | |
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($) |
| |
Non-Equity
Incentive Plan Compensation ($)(2) |
| |
Changes in
Pension Value and Nonqualified Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| |||||||||||||||||||||||||||
|
Kenneth A. Gunderman
President and CEO |
| | | | 2023 | | | | | | 725,000 | | | | | | — | | | | | | 3,110,628 | | | | | | — | | | | | | 1,007,750 | | | | | | — | | | | | | 14,442 | | | | | | 4,857,820 | | |
| | | 2022 | | | | | | 725,000 | | | | | | — | | | | | | 2,967,063 | | | | | | — | | | | | | 1,305,000 | | | | | | — | | | | | | 14,135 | | | | | | 5,011,198 | | | |||
| | | 2021 | | | | | | 725,000 | | | | | | — | | | | | | 3,137,527 | | | | | | — | | | | | | 1,141,875 | | | | | | — | | | | | | 14,042 | | | | | | 5,018,444 | | | |||
|
Paul Bullington
SVP—CFO and Treasurer |
| | | | 2023 | | | | | | 453,200 | | | | | | — | | | | | | 880,991 | | | | | | — | | | | | | 421,476 | | | | | | — | | | | | | 13,848 | | | | | | 1,769,515 | | |
| | | 2022 | | | | | | 440,000 | | | | | | — | | | | | | 720,286 | | | | | | — | | | | | | 528,000 | | | | | | — | | | | | | 13,276 | | | | | | 1,701,562 | | | |||
| | | 2021 | | | | | | 364,817 | | | | | | 40,000 | | | | | | 170,389 | | | | | | — | | | | | | 182,365 | | | | | | — | | | | | | 115,328 | | | | | | 872,899 | | | |||
|
Daniel L. Heard
EVP—General Counsel and Secretary |
| | | | 2023 | | | | | | 412,000 | | | | | | — | | | | | | 686,483 | | | | | | — | | | | | | 383,160 | | | | | | — | | | | | | 14,307 | | | | | | 1,495,950 | | |
| | | 2022 | | | | | | 400,000 | | | | | | — | | | | | | 654,803 | | | | | | — | | | | | | 480,000 | | | | | | — | | | | | | 13,522 | | | | | | 1,548,325 | | | |||
| | | 2021 | | | | | | 400,000 | | | | | | — | | | | | | 646,259 | | | | | | — | | | | | | 510,112 | | | | | | — | | | | | | 13,430 | | | | | | 1,569,801 | | | |||
|
Michael Friloux
EVP—Chief Technology Officer |
| | | | 2023 | | | | | | 334,750 | | | | | | — | | | | | | 557,771 | | | | | | — | | | | | | 311,317 | | | | | | — | | | | | | 14,662 | | | | | | 1,218,500 | | |
| | | 2022 | | | | | | 325,000 | | | | | | — | | | | | | 532,032 | | | | | | — | | | | | | 390,000 | | | | | | — | | | | | | 14,311 | | | | | | 1,261,343 | | | |||
|
Ronald J. Mudry
SVP & Chief Revenue Officer |
| | | | 2023 | | | | | | 360,500 | | | | | | — | | | | | | 600,665 | | | | | | — | | | | | | 100,940 | | | | | | — | | | | | | 15,647 | | | | | | 1,077,752 | | |
|
Name
|
| |
Grant Date Fair Value of PBRSUs
(Probable Payout) ($) |
| |
Grant Date Value of PBRSUs
(Maximum Payout) ($) |
| ||||||
| Kenneth A. Gunderman | | | | | 1,819,883 | | | | | | 2,581,489 | | |
| Paul Bullington | | | | | 515,427 | | | | | | 731,129 | | |
| Daniel L. Heard | | | | | 401,629 | | | | | | 569,708 | | |
| Michael Friloux | | | | | 326,326 | | | | | | 462,890 | | |
| Ronald J. Mudry | | | | | 351,421 | | | | | | 498,488 | | |
| | | | | | | | | |
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards ($)(1) |
| |
Estimated Future Payouts Under
Equity Incentive Plan Awards (#)(2) |
| |
All
Other Stock Awards: Number of Shares of Stock or Units (#)(3) |
| |
Grant
Date Fair Value of Stock and Option Awards ($)(4) |
| ||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Grant Date
|
| |
Threshold
($) |
| |
Target
($) |
| |
Max
($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Max
(#) |
| |||||||||||||||||||||||||||||||||
|
Kenneth A. Gunderman
|
| | | | 2/27/23 | | | | | | 543,750 | | | | | | 1,087,500 | | | | | | 1,631,250 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 221,397 | | | | | $ | 1,290,745 | | | |||
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | 110,699 | | | | | | 221,397 | | | | | | 442,794 | | | | | | | | | | | $ | 1,819,883 | | | |||
|
Paul Bullington
|
| | | | 2/27/23 | | | | | | 226,600 | | | | | | 453,200 | | | | | | 679,800 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 62,704 | | | | | $ | 365,564 | | | |||
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | 31,352 | | | | | | 62,704 | | | | | | 125,408 | | | | | | | | | | | $ | 515,427 | | | |||
|
Daniel L. Heard
|
| | | | 2/27/23 | | | | | | 206,000 | | | | | | 412,000 | | | | | | 618,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 48,860 | | | | | $ | 284,854 | | | |||
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | 24,430 | | | | | | 48,860 | | | | | | 97,720 | | | | | | | | | | | $ | 401,629 | | | |||
|
Michael Friloux
|
| | | | 2/27/23 | | | | | | 167,375 | | | | | | 334,750 | | | | | | 502,125 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 39,699 | | | | | $ | 231,445 | | | |||
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | 19,850 | | | | | | 39,699 | | | | | | 79,398 | | | | | | | | | | | $ | 326,326 | | | |||
|
Ronald J. Mudry
|
| | | | 2/27/23 | | | | | | 180,250 | | | | | | 360,500 | | | | | | 540,750 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 42,752 | | | | | $ | 249,244 | | | |||
| | | 2/27/23 | | | | | | | | | | | | | | | | | | | | | | | | 21,376 | | | | | | 42,752 | | | | | | 85,504 | | | | | | | | | | | $ | 351,421 | | |
| | |
Stock Awards(1)
|
| |||||||||||||||||||||
Name
|
| |
Number of Shares or
Units of Stock That Have Not Vested (#)(2) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested ($)(3) |
| |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(3) |
| ||||||||||||
Kenneth A. Gunderman
|
| | | | 334,912 | | | | | $ | 1,935,791 | | | | | | 53,688(4) | | | | | $ | 310,317 | | |
| | | | | | | | | | | | | | | 58,292(5) | | | | | $ | 336,928 | | | ||
| | | | | | | | | | | | | | | 221,397(6) | | | | | $ | 1,279,675 | | | ||
Paul Bullington
|
| | | | 86,290 | | | | | $ | 498,756 | | | | | | 14,151(5) | | | | | $ | 81,793 | | |
| | | | | | | | | | | | | | | 62,704(6) | | | | | $ | 362,429 | | | ||
Daniel L. Heard
|
| | | | 73,384 | | | | | $ | 424,160 | | | | | | 11,059(4) | | | | | $ | 63,921 | | |
| | | | | | | | | | | | | | | 12,865(5) | | | | | $ | 74,360 | | | ||
| | | | | | | | | | | | | | | 48,860(6) | | | | | $ | 282,411 | | | ||
Michael Friloux
|
| | | | 58,604 | | | | | $ | 338,731 | | | | | | 7,455(4) | | | | | $ | 43,090 | | |
| | | | | | | | | | | | | | | 10,453(5) | | | | | $ | 60,418 | | | ||
| | | | | | | | | | | | | | | 39,699(6) | | | | | $ | 229,460 | | | ||
Ronald J. Mudry
|
| | | | 62,368 | | | | | $ | 360,487 | | | | | | 6,912(4) | | | | | $ | 39,951 | | |
| | | | | | | | | | | | | | | 64,859(5) | | | | | $ | 374,885 | | | ||
| | | | | | | | | | | | | | | 42,752(6) | | | | | $ | 247,107 | | |
| | | |
Named Executive Officer
|
| |||||||||||||||||||||||||||
|
Vesting Date
|
| |
Kenneth A. Gunderman
|
| |
Paul Bullington
|
| |
Daniel L. Heard
|
| |
Michael Friloux
|
| |
Ronald J. Mudry
|
| |||||||||||||||
|
2/23/2024
|
| | | | 38,861 | | | | | | 9,434 | | | | | | 8,576 | | | | | | 6,968 | | | | | | 7,504 | | |
|
2/24/2024
|
| | | | 35,792 | | | | | | 4,718 | | | | | | 7,372 | | | | | | 4,969 | | | | | | 4,608 | | |
|
2/27/2024
|
| | | | 73,799 | | | | | | 20,902 | | | | | | 16,287 | | | | | | 13,233 | | | | | | 14,251 | | |
|
2/23/2025
|
| | | | 38,862 | | | | | | 9,434 | | | | | | 8,576 | | | | | | 6,968 | | | | | | 7,504 | | |
|
2/27/2025
|
| | | | 73,799 | | | | | | 20,901 | | | | | | 16,287 | | | | | | 13,233 | | | | | | 14,251 | | |
|
2/27/2026
|
| | | | 73,799 | | | | | | 20,901 | | | | | | 16,286 | | | | | | 13,233 | | | | | | 14,250 | | |
| | | |
Stock Awards(1)
|
| |||||||||
|
Name
|
| |
Number of
Shares Acquired on Vesting (#) |
| |
Value
Realized on Vesting ($) |
| ||||||
|
Kenneth A. Gunderman
|
| | | | 38,862(2) | | | | | $ | 223,457 | | |
| | | 35,792(3) | | | | | $ | 200,435 | | | |||
| | | 106,093(4) | | | | | $ | 537,892 | | | |||
| | | 26,396(5) | | | | | $ | 144,914 | | | |||
|
Paul Bullington
|
| | | | 9,434(2) | | | | | $ | 54,246 | | |
| | | 4,718(3) | | | | | $ | 26,421 | | | |||
| | | 6,345(4) | | | | | $ | 32,169 | | | |||
|
Daniel L. Heard
|
| | | | 8,577(2) | | | | | $ | 49,318 | | |
| | | 7,372(3) | | | | | $ | 41,283 | | | |||
| | | 31,950(4) | | | | | $ | 161,987 | | | |||
|
Michael Friloux
|
| | | | 6,969(2) | | | | | $ | 40,072 | | |
| | | 4,969(3) | | | | | $ | 27,826 | | | |||
| | | 11,706(4) | | | | | $ | 59,349 | | | |||
|
Ronald J. Mudry
|
| | | | 7,505(2) | | | | | $ | 43,154 | | |
| | | 4,607(3) | | | | | $ | 25,799 | | | |||
| | | 13,658(4) | | | | | $ | 69,246 | | |
| | | |
Executive
Contributions in Last Fiscal Year ($)(1) |
| |
Uniti
Contributions in Last Fiscal Year ($) |
| |
Aggregated
Earnings in Last Fiscal Year ($)(2) |
| |
Aggregated
Withdrawals/ Distributions ($) |
| |
Aggregate
Balance at Last Fiscal Year End ($) |
| |||||||||||||||
| Kenneth A. Gunderman | | | | $ | 72,500 | | | | | | — | | | | | $ | 22,010 | | | | | | — | | | | | $ | 657,530 | | |
| Paul Bullington | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Daniel L. Heard | | | | | — | | | | | | — | | | | | $ | 1,358 | | | | | | — | | | | | $ | 52,867 | | |
| Michael Friloux | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Ronald J. Mudry | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Name
|
| |
Type of Payment
|
| |
Voluntary
Termination without Good Reason or Termination for Cause ($) |
| |
Company
Approved Retirement ($) |
| |
Termination
without Cause or Resignation for Good Reason other than following a Change in Control ($) |
| |
Change in
Control with no Termination ($) |
| |
Termination
without Cause or Resignation for Good Reason following a Change in Control ($) |
| |
Death or
Disability ($) |
| ||||||||||||||||||
|
Kenneth A. Gunderman
|
| |
Severance
|
| | | | — | | | | | | — | | | | | $ | 4,915,802 | | | | | | — | | | | | $ | 6,003,302 | | | | | $ | 725,000 | | |
|
Restricted Stock (1)
|
| | | | — | | | | | $ | 832,021 | | | | | $ | 1,935,791 | | | | | | — | | | | | $ | 1,935,791 | | | | | $ | 1,935,791 | | | |||
| PBRSUs (1)(2) | | | | | — | | | | | $ | 1,033,130 | | | | | $ | 1,033,130 | | | | | | — | | | | | $ | 2,226,346 | | | | | $ | 1,033,130 | | | |||
| Healthcare | | | | | — | | | | | | — | | | | | $ | 35,380 | | | | | | — | | | | | $ | 35,380 | | | | | | — | | | |||
|
Total
|
| | | | — | | | | | $ | 1,865,151 | | | | | $ | 7,920,103 | | | | | | — | | | | | $ | 10,200,819 | | | | | $ | 3,693,921 | | | |||
|
Paul Bullington
|
| |
Severance
|
| | | | — | | | | | | — | | | | | $ | 1,127,130 | | | | | | — | | | | | $ | 1,956,040 | | | | | $ | 453,200 | | |
|
Restricted Stock (1)
|
| | | | — | | | | | $ | 194,685 | | | | | $ | 498,756 | | | | | | — | | | | | $ | 498,756 | | | | | $ | 498,756 | | | |||
| PBRSUs (1)(2) | | | | | — | | | | | $ | 172,981 | | | | | $ | 172,981 | | | | | | — | | | | | $ | 498,826 | | | | | $ | 172,981 | | | |||
| Outplacement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 25,000 | | | | | | — | | | |||
| Healthcare | | | | | — | | | | | | — | | | | | $ | 17,691 | | | | | | — | | | | | $ | 35,382 | | | | | | — | | | |||
|
Total
|
| | | | — | | | | | $ | 367,666 | | | | | $ | 1,816,558 | | | | | | — | | | | | $ | 3,014,004 | | | | | $ | 1,124,937 | | | |||
|
Daniel L. Heard
|
| |
Severance
|
| | | | — | | | | | | — | | | | | $ | 1,347,936 | | | | | | — | | | | | $ | 2,209,248 | | | | | $ | 412,000 | | |
|
Restricted Stock (1)
|
| | | | — | | | | | $ | 180,727 | | | | | $ | 424,165 | | | | | | — | | | | | $ | 424,165 | | | | | $ | 424,165 | | | |||
| PBRSUs (1)(2) | | | | | — | | | | | $ | 222,321 | | | | | $ | 222,321 | | | | | | — | | | | | $ | 485,352 | | | | | $ | 222,321 | | | |||
| Outplacement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 25,000 | | | | | | — | | | |||
| Healthcare | | | | | — | | | | | | | | | | | $ | 17,398 | | | | | | — | | | | | $ | 34,796 | | | | | | — | | | |||
|
Total
|
| | | | — | | | | | $ | 403,048 | | | | | $ | 2,011,820 | | | | | | — | | | | | $ | 3,178,561 | | | | | $ | 1,058,486 | | | |||
|
Michael Friloux
|
| |
Severance
|
| | | | — | | | | | | — | | | | | $ | 1,037,949 | | | | | | — | | | | | $ | 1,718,682 | | | | | $ | 334,750 | | |
|
Restricted Stock (1)
|
| | | | — | | | | | $ | 141,238 | | | | | $ | 338,736 | | | | | | — | | | | | $ | 338,737 | | | | | $ | 338,737 | | | |||
| PBRSUs (1)(2) | | | | | — | | | | | $ | 169,619 | | | | | $ | 169,619 | | | | | | — | | | | | $ | 382,750 | | | | | $ | 169,619 | | | |||
| Outplacement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 25,000 | | | | | | — | | | |||
| Healthcare | | | | | — | | | | | | | | | | | $ | 12,811 | | | | | | — | | | | | $ | 25,623 | | | | | | — | | | |||
|
Total
|
| | | | — | | | | | $ | 310,857 | | | | | $ | 1,559,115 | | | | | | — | | | | | $ | 2,490,792 | | | | | $ | 843,106 | | | |||
|
Ronald J. Mudry
|
| |
Severance
|
| | | | — | | | | | | — | | | | | $ | 1,124,826 | | | | | | — | | | | | $ | 1,860,267 | | | | | $ | 360,500 | | |
|
Restricted Stock (1)
|
| | | | — | | | | | $ | 148,021 | | | | | $ | 360,493 | | | | | | — | | | | | $ | 360,493 | | | | | $ | 360,493 | | | |||
| PBRSUs (1)(2) | | | | | — | | | | | $ | 405,393 | | | | | $ | 405,393 | | | | | | — | | | | | $ | 777,867 | | | | | $ | 405,393 | | | |||
| Outplacement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 25,000 | | | | | | — | | | |||
| Healthcare | | | | | — | | | | | | | | | | | $ | 12,811 | | | | | | — | | | | | $ | 25,623 | | | | | | — | | | |||
|
Total
|
| | | | — | | | | | $ | 553,414 | | | | | $ | 1,903,523 | | | | | | — | | | | | $ | 3,049,250 | | | | | $ | 1,126,386 | | |
| Year (a) | | | Summary Compensation Table Total for CEO (b) | | | Compensation Actually Paid to CEO(1) (c) | | | Average Summary Compensation Table Total for Non-CEO NEOs (d) | | | Average Compensation Actually Paid to Non-CEO NEOs(1) (e) | | | Value of Initial Fixed $100 Investment Based On: | | | Net Income (Loss) (millions)(4) (h) | | | |||||||||||||||||||||||||||||
| Total Shareholder Return(2) (f) | | | Peer Group Total Shareholder Return(3) (g) | | | EBITDA (millions)(5) (i) | | ||||||||||||||||||||||||||||||||||||||||||
| 2023 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | | |||||||
| 2022 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | | ||||||
| 2021 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||
| 2020 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | |
| Year | | | Reported Summary Compensation Table (SCT) Total(i) | | | Reported Value of Equity Awards(ii) | | | Equity Award Adjustments(iii) | | | Compensation Actually Paid | | ||||||||||||
| | | | A | | | B | | | C | | | A-B+C | | ||||||||||||
| Company’s CEO | | ||||||||||||||||||||||||
| 2023 | | | | | | | | | | | | | | | | | | | | | | ||||
| Average of Non-CEO NEOs | | ||||||||||||||||||||||||
| 2023 | | | | | | | | | | | | | | | | | | | | | |
| Year | | | Plus Year End Fair Value of Outstanding Unvested Stock Awards Granted in the Year | | | Year over Year Change (Positive or Negative) in Fair Value at Year End of Outstanding and Unvested Stock Awards Granted in Prior Years | | | Year over Year Change (Positive or Negative) in Fair Value of Stock Awards Granted in Prior Years that Vested in the Year | | | Less Year End Fair Value of Awards Granted in Prior Years that Failed to Meet the Applicable Vesting Conditions in the Year | | | Plus Value of Dividends or other Earnings Paid on Stock Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Total Equity Award Adjustments | | ||||||||||||||||||
| Company’s CEO | | ||||||||||||||||||||||||||||||||||||
| 2023 | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | | | | | | | | ||||
| Average of Non-CEO NEOs | | ||||||||||||||||||||||||||||||||||||
| 2023 | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | | | | | | | |
| |
BOARD RECOMMENDATION
|
| |
| |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” PROPOSAL NO. 2.
|
| |
| |
PROXIES SOLICITED BY THE BOARD OF DIRECTORS WILL BE VOTED “FOR” PROPOSAL NO. 2 UNLESS STOCKHOLDERS SPECIFY A CONTRARY VOTE.
|
| |
| | | |
2023
|
| |
2022
|
| ||||||
| Audit Fees (a) | | | | $ | 2,760,300 | | | | | $ | 2,768,438 | | |
| Audit-Related Fees (b) | | | | | 370,000 | | | | | | 200,000 | | |
| Tax Fees | | | | | — | | | | | | — | | |
| All Other Fees | | | | | — | | | | | | — | | |
| Total | | | | $ | 3,130,300 | | | | | $ | 2,968,438 | | |
| |
BOARD RECOMMENDATION
|
| |
| |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” PROPOSAL NO. 3.
|
| |
| |
PROXIES SOLICITED BY THE BOARD OF DIRECTORS WILL BE VOTED “FOR” PROPOSAL NO. 3 UNLESS STOCKHOLDERS SPECIFY A CONTRARY VOTE.
|
| |
(Thousands)
|
| | | | | | |
Net loss attributable to common shareholders
|
| | | $ | (82,940) | | |
Real estate depreciation and amortization
|
| | | | 221,115 | | |
Gain on sale of real estate
|
| | | | (2,164) | | |
Participating securities share in earnings
|
| | | | 1,207 | | |
Participating securities share in FFO
|
| | | | (2,064) | | |
Real estate depreciation and amortization from unconsolidated entities
|
| | | | 1,740 | | |
Adjustments for noncontrolling interests
|
| | | | (100) | | |
FFO attributable to common shareholders
|
| | |
$
|
136,794
|
| |
Transaction related and other costs | | | | | 12,611 | | |
Amortization of deferred financing costs and debt discount | | | | | 18,498 | | |
Write off of deferred financing costs and debt discount | | | | | 10,412 | | |
Gain on extinguishment of debt | | | | | (1,269) | | |
Costs related to the early repayment of debt | | | | | 51,997 | | |
Stock based compensation | | | | | 12,491 | | |
Gain on sale of unconsolidated entity, net of tax | | | | | (2,476) | | |
Non-real estate depreciation and amortization | | | | | 89,413 | | |
Goodwill impairment, net of tax | | | | | 151,856 | | |
Straight-line revenues and amortization of below-market intangibles | | | | | (37,944) | | |
Maintenance capital expenditures | | | | | (6,962) | | |
Other, net | | | | | (51,337) | | |
Adjustments for equity in earnings from unconsolidated entities | | | | | 1,280 | | |
Adjustments for noncontrolling interests | | | | | (112) | | |
AFFO attributable to common shareholders
|
| | |
$
|
385,252
|
| |
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