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¨ | Preliminary Proxy Statement |
¨ | Confidential, for Use of the Commission only (as permitted by Rule 14a-6(e)(2)) |
¨ | Definitive Proxy Statement |
ý | Definitive Additional Materials |
¨ | Soliciting Material Pursuant to Section 240.14a-12 |
Expeditors International of Washington, Inc. | |
(Name of Registrant as Specified In Its Charter) | |
(Name of Person(s) Filing Proxy Statement if other than the Registrant) | |
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¨ | Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. |
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2) Aggregate number of securities to which transaction applies: | |
3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): | |
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¨ | Fee paid previously with preliminary materials. |
¨ | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
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1. | The Compensation Committee adopted a policy in 2014 that prohibits any future retirement bonuses. No retirement bonuses were paid in 2014 and none will be paid in the future. |
2. | Mr. Rose’s retirement bonus is a one-time event. No other retirement bonus has been paid in the 35-year history of the Company and the policy above prohibits any such bonus in the future. |
3. | Mr. Musser’s participation in the Executive Incentive Compensation bonus pool is 5.2% as compared to Mr. Rose’s 8.8%, a 41% reduction. |
1. | Relative Alignment - Although we do not have access to ISS’s calculations and can only estimate the changes, this measurement appears to us to improve significantly when Mr. Rose’s retirement bonus is appropriately excluded. The Company’s performance on this chart would move to the left and likely into the area that indicates pay and performance alignment. |
2. | Absolute Alignment - this measurement improves significantly. The TSR trend line would remain the same showing an increase over the five years presented. Absent the retirement bonus, CEO compensation would be closely correlated with TSR and Company financial performance. |
3. | Pay-For-Performance Quantitative Screen - these measurements improve significantly. |
1. | Boards, not management, have the power to sell their company. |
2. | We don’t agree that in our case, such an event would create a windfall. We view this as part of a program that allows us to recruit and retain high quality executive talent and the completion of an employment agreement that all our employees who receive stock options have entered into. In trusting their careers to us with the understanding that they will always be treated as the valued asset they are. |
3. | We have no pensions at Expeditors and when a Company such as ours is taken over, there is a very strong likely-hood that higher level senior management will be furloughed or laid off. We think that those managers for whom stock options have become cornerstone of their life-planning should not be punished for a decision made by the Board of Directors that drastically impacts their employment and therefore their future. |
4. | We do find it ironic that an investor who is essentially a pension fund, would deny our executives, who don’t have pension funds, the only thing they rely upon to provide for long-term life planning benefits. Our employees, including our executives, rely heavily on stock options. Accordingly, an increase in stock price, something we think all our shareholders would think is a good idea, has to occur for our people to earn their “pension fund” contributions. As we have noted, this is something that in the event of a takeover, would go away. To curtail this already contingent benefit by placing a vesting constraint on change in control we feel is unfair and not in keeping with contract the Company has with its employees, including its executives. |
5. | We think that this proposal also assumes from a practical standpoint, that the acquiring company would be another public company. In this day of private equity buy-outs, we think that is not something that should be taken for granted. Plus not all takeover attempts are completed, Executives may seek other employment in anticipation of a change in control. |
• | That Expeditors does have a rigorous officer ownership requirement in place; |
• | That actual officer stock ownership dramatically exceeds this requirement; and |
• | The lack of any problematic pay practices that might promote a short-term versus a long-term focus. [ISS Summary Proxy Voting Guidelines: 2015 Benchmark Policy Recommendations] |
• | If the company has adopted a formal recoupment policy; |
• | The rigor of the recoupment policy focusing on how and under what circumstances the company may recoup incentive or stock compensation; |
• | Whether the company has chronic restatement history or material financial problems; |
• | Whether the company’s policy substantially addresses the concerns raised by the proponent; |
• | Disclosure of recoupment of incentive or stock compensation from senior executives or lack thereof; or |
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