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Westwater Resources, Inc.
6950 S. Potomac Street, Suite 300 Centennial, Colorado 80112 |
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| | | | By Order of the Board of Directors, | |
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/s/ JOHN W. LAWRENCE
John W. Lawrence, Corporate Secretary
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Important Notice Regarding the Availability of Proxy Materials
for the Annual Meeting of Stockholders to be Held on May 30, 2024: The Notice of Annual Meeting, Proxy Statement and 2023 Annual Report to Stockholders are available at www.westwaterresources.net. |
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Date and Time:
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| | Thursday, May 30, 2024, at 8:00 a.m., mountain daylight time | |
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Record Date:
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| | Thursday, April 4, 2024 | |
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Location:
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Via a live webcast at www.cesonlineservices.com/wwr24_vm
There will be no physical location for this Annual Meeting |
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Matter
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Board Recommendation
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1. | | | Election of five nominees to our Board of Directors (page 5) | | |
FOR each Director Nominee
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2. | | |
Increase the authorized number of shares of common stock available and reserved for issuance under the 2013 Omnibus Incentive Plan by 3 million shares and to increase the limit on shares of stock that may be granted in a calendar year to any eligible person to 800,000 shares (page 17)
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FOR
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3. | | | Advisory vote to approve our executive compensation (page 24) | | |
FOR
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4. | | |
Ratification of the appointment of Moss Adams LLP as our independent registered public accounting firm for 2024 (page 43)
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FOR
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5. | | |
Increase the number of authorized shares of common stock from 100,000,000 shares to 200,000,000 shares (page 44)
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FOR
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Name
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Age
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Director
Since |
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Audit
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Compensation
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Committees
Nominating and Corporate Governance |
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Safety,
and Sustainability |
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Terence J. Cryan+ | | |
61
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2017; 2006-16
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| | | | | | | | | | |
x
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|
Frank Bakker# | | |
59
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2023
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| | | | | | | | | | |
Ch.
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Tracy D. Pagliara* | | |
61
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2017
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x
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x
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Ch.
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| | | |
Karli S. Anderson* | | |
50
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2018
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x
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Ch.
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| | | | |
x
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Deborah A. Peacock*
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67
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2020
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Ch.
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x
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x
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Page
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| | | | 1 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 9 | | | |
| | | | 15 | | | |
| | | | 16 | | | |
| | | | 17 | | | |
| | | | 23 | | | |
| | | | 24 | | | |
| | | | 36 | | | |
| | | | 42 | | | |
| | | | 43 | | | |
| | | | 44 | | | |
| | | | 46 | | | |
| | | | A-1 | | | |
| | | | B-1 | | |
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Westwater Resources, Inc.
6950 S. Potomac Street, Suite 300 Centennial, Colorado 80112 |
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•
Proposal 1:
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| | Elect as directors the five nominees named in this proxy statement. | |
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•
Proposal 2:
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Approve an amendment to the Westwater Resources, Inc. 2013 Omnibus Incentive Plan, as amended, (a) to increase the authorized number of shares of common stock available and reserved for issuance under such plan by 3,000,000 shares and (b) to increase the limit on shares of stock that may be granted in a calendar year to any eligible person to 800,000 shares.
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•
Proposal 3:
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| | Approve, on an advisory basis, our executive compensation. | |
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•
Proposal 4:
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Ratify the appointment of Moss Adams LLP as our independent registered public accountant for 2024.
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•
Proposal 5:
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Approve an increase in the number of authorized shares of common stock from 100,000,000 shares to 200,000,000 shares.
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Name
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Age
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Director Since
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Primary Occupation
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Terence J. Cryan | | | 61 | | |
2017; 2006 – 2016
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Chairman of the Board, Westwater Resources, Inc. (Executive Chairman since February 26, 2022) and Managing Director, MACCO Restructuring Group, LLC
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Frank Bakker | | | 59 | | |
2022
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President and Chief Executive Officer, Westwater Resources, Inc.
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Tracy D. Pagliara | | | 61 | | |
2017
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| | Chief Executive Officer, TPAG Enterprises, LLC | |
Karli S. Anderson | | | 50 | | |
2018
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Executive Vice President, Chief People and ESG Officer, and Head of Communications, Summit Materials, Inc.
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Deborah A. Peacock
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| | 67 | | |
2020
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President, CEO & Managing Director, Peacock Law P.C.
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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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Safety and
Sustainability |
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Terence J. Cryan+ | | | | | | | | | | | |
x
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Frank Bakker# | | | | | | | | | | | |
Ch.
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Tracy D. Pagliara* | | |
x
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x
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Ch.
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Karli S. Anderson* | | |
x
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Ch.
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x
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Deborah A. Peacock* | | |
Ch.
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x
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x
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Name
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Fees Earned
or Paid in Cash ($) |
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Stock
Awards ($)(1) |
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Total
($) |
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Terence J. Cryan+
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| | | | 150,000 | | | | | | 95,000 | | | | | | 245,000 | | |
Tracy D. Pagliara
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| | | | 100,000 | | | | | | 95,000 | | | | | | 195,000 | | |
Karli S. Anderson
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| | | | 100,000 | | | | | | 95,000 | | | | | | 195,000 | | |
Deborah A. Peacock
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| | | | 100,000 | | | | | | 95,000 | | | | | | 195,000 | | |
Name
|
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Number of
Vested Options |
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Number of
Unvested Options |
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Restricted
Stock Units |
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Terence J. Cryan+
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| | | | 53,653 | | | | | | — | | | | | | 177,221 | | |
Tracy D. Pagliara
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| | | | 53,653 | | | | | | — | | | | | | 158,279 | | |
Karli S. Anderson
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| | | | 131,427 | | | | | | 117,637 | | | | | | — | | |
Deborah A. Peacock
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| | | | 52,707 | | | | | | — | | | | | | 183,279 | | |
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Numbers of Shares
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As a % of Common Stock
Outstanding |
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Stock options outstanding(1)
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| | | | 424,826 | | | | | | 0.75% | | |
Restricted stock units outstanding
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| | | | 1,217,914 | | | | | | 2.14% | | |
Restricted stock awards outstanding
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| | | | — | | | | | | — | | |
Shares available for grant
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| | | | 560,254 | | | | | | 0.98% | | |
Plan Category
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Number of shares
issuable under outstanding options, warrants and rights (a) |
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Weighted
average exercise price of outstanding options, warrants and rights (b) |
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Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a)) (c) |
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Equity compensation plans approved by security holders(1)(2)
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| | | | 1,642,740 | | | | | $ | 2.66 | | | | | | 560,254 | | |
Name
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Age
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Position
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Frank Bakker | | |
59
|
| | President and Chief Executive Officer | |
Steven M. Cates | | |
44
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Senior Vice President — Finance, Chief Financial Officer & Treasurer
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|
John W. Lawrence | | |
62
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Chief Administrative Officer, General Counsel & Corporate Secretary
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Name
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Title
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Dates of Service
(FY2023 to date) |
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Chad M. Potter | | | President, Chief Executive Officer, and Director | | |
February 25, 2022 − January 16, 2023
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Frank Bakker | | | President, Chief Executive Officer, and Director | | |
January 16, 2023 to date
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Steve M. Cates | | |
Vice President — Finance, Chief Financial Officer, and Treasurer
Senior Vice President — Finance, Chief Financial Officer, and Treasurer
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August 26, 2022 − January 16, 2023
January 16, 2023 to date
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John W. Lawrence | | |
General Counsel and Corporate Secretary
Chief Administrative Officer, General Counsel, and Corporate Secretary
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January 1, 2022 − January 16, 2023
January 16, 2023 to date
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Objective
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Description
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Attraction and Retention | | |
The Company provides competitive compensation to its NEOs and ties a significant portion of compensation to time-based and performance-based vesting requirements. Together, these actions help to ensure that the Company can continue to attract and retain key management personnel.
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Pay for Performance | | |
A significant portion of each NEO’s compensation is “at-risk” or variable, based on predetermined performance criteria. Such criteria include both short- and long-term goals, as well as financial and non-financial goals. The Compensation Committee considers each of these criteria in making its compensation decisions each year.
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Pay Mix | | |
The Company uses a variety of forms of fixed and variable incentive compensation, including cash, stock, options and RSUs.
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Alignment of Incentives | | |
The Company requires its NEOs to obtain a significant stock ownership stake in the Company and tie a meaningful portion of NEO compensation to awards
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Objective
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Description
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| | | that vest over multi-year periods. | |
Competitive Packages | | |
The Company evaluates its compensation program in an effort to provide a competitive compensation package to each NEO that takes into account their responsibilities, performance and organization.
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Pay Element
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Characteristics
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Primary Objective
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Base Salary | | | Annual fixed cash compensation | | |
Attract and retain qualified and high performing executives
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Short-Term Incentive Compensation | | | Annual compensation based on the achievement of predetermined performance goals | | |
Incentivize NEOs and Company officers to achieve the short-term performance goals established by the Compensation Committee
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Long-Term Incentive Compensation | | | Long-term equity awards granted as time-based and performance-based RSUs or stock options | | |
Retain NEOs and Company officers and align their interests with the interests of the stockholders
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For
Say-on-Pay Proposal |
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Against
Say-on-Pay proposal |
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Abstain
from Say-on-Pay Proposal |
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2023 Annual Meeting
|
| | | | 83% | | | | | | 15% | | | | | | 2% | | |
2022 Annual Meeting
|
| | | | 76% | | | | | | 21% | | | | | | 3% | | |
2021 Annual Meeting
|
| | | | 84% | | | | | | 13% | | | | | | 3% | | |
Name
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Title
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Period of Service
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2023 Base
Salary |
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Chad M. Potter+
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President & Chief Executive Officer
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| | January 1 to January 16, 2023 | | | | $ | 285,000 | | |
Frank Bakker
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President & Chief Executive Officer
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| | January 16 to February 25, 2023 | | | | $ | 285,000 | | |
| | | | | |
February 26 to December 31, 2023
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| | | $ | 325,000 | | |
Steve M. Cates*
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| | Senior Vice President — Finance & Chief Financial Officer | | | January 1 to February 25, 2023 | | | | $ | 245,000 | | |
| | | | | |
February 26 to December 31, 2023
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| | | $ | 306,000 | | |
John W. Lawrence#
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Chief Administrative Officer, General Counsel &
Corporate Secretary |
| | January 1 to February 25, 2023 | | | | $ | 265,000 | | |
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February 26 to December 31, 2023
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| | | $ | 306,000 | | |
Position
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Base Salary
Ownership Multiple |
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Chief Executive Officer
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| | | | 5X | | |
Other Named Executive Officers
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| | | | 3X | | |
Other Officer and Vice Presidents
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| | | | 2X | | |
Year
|
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Summary
Compensation Table Total for PEO(1) |
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Compensation
Actually Paid to PEO(2) |
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Average Summary
Compensation Table Total for Non-PEO NEOs(3) |
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Average
Compensation Actually Paid to Non-PEO NEOs(4) |
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Value of
Initial Fixed $100 Investment Based On Total Shareholder Return(5) |
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Net Income(6)
|
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(a)
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(b)
|
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(c)
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(d)
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(e)
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(f)
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(g)
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2023(7) | | | | $ | 1,217,268 | | | | | $ | 823,702 | | | | | $ | 618,636 | | | | | $ | 521,547 | | | | | $ | 11.36 | | | | | ($ | 7,751) | | |
2022
|
| | | $ | 698,632 | | | | | $ | 314,920 | | | | | $ | 449,558 | | | | | $ | 273,150 | | | | | $ | 16.02 | | | | | ($ | 11,121) | | |
2021
|
| | | $ | 800,264 | | | | | $ | 530,141 | | | | | $ | 398,653 | | | | | $ | 300,039 | | | | | $ | 44.62 | | | | | ($ | 16,144) | | |
Position(6)
|
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Officer
|
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Year
|
| |
Salary
Paid |
| |
RSU Stock
Award (Grant date value) |
| |
Cash
Bonus |
| |
Other
Compensation(5) |
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Total
|
| ||||||||||||||||||
Chief Executive Officer & President
|
| | Frank Bakker(1) | | | | | 2023 | | | | | | 317,154 | | | | | | 425,000 | | | | | | 167,403 | | | | | | 9,611 | | | | | | 919,168 | | |
| | | | | | | | 2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Chief Executive Officer & President
|
| | Chad M. Potter(2) | | | | | 2023 | | | | | | 12,058 | | | | | | — | | | | | | — | | | | | | 286,042 | | | | | | 298,100 | | |
| | | | | | | | 2022 | | | | | | 281,548 | | | | | | 313,750 | | | | | | — | | | | | | 31,123 | | | | | | 626,421 | | |
Chief Financial Officer Senior VP – Finance & Treasurer
|
| | Steve M. Cates(3) | | | | | 2023 | | | | | | 296,615 | | | | | | 183,600 | | | | | | 129,781 | | | | | | 6,788 | | | | | | 616,784 | | |
| | | | | | | | 2022 | | | | | | 229,206 | | | | | | 88,313 | | | | | | 91,875 | | | | | | 8,281 | | | | | | 417,675 | | |
Chief Administrative Officer, General Counsel & Corporate Secretary
|
| |
John W. Lawrence(4)
|
| | | | 2023 | | | | | | 299,692 | | | | | | 183,600 | | | | | | 131,123 | | | | | | 6,072 | | | | | | 620,487 | | |
| | | | | | | | 2022 | | | | | | 224,342 | | | | | | 212,500 | | | | | | 99,375 | | | | | | 57,595 | | | | | | 593,812 | | |
| | | | | | | | |
Option Awards
|
| |
Stock Awards
|
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Name
|
| |
Vesting
Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity Incentive
Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) |
| |||||||||||||||||||||
Chad Potter(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Frank Bakker(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 454,929(3) | | | | | | 254,760 | | |
John W. Lawrence
|
| | | | 7/19/2019 | | | | | | 606 | | | | | | — | | | | | | 19.25 | | | | | | 7/19/2028 | | | | | | 283,098(4) | | | | | | 158,535 | | |
| | | | | 4/18/2019 | | | | | | 1,507 | | | | | | — | | | | | | 19.25 | | | | | | 4/18/2028 | | | | | | — | | | | | | — | | |
Steven M. Cates
|
| | | | 5/10/2021 | | | | | | 9,498 | | | | | | — | | | | | | 3.77 | | | | | | 5/10/2031 | | | | | | 241,014(5) | | | | | | 134,968 | | |
Name(1)
|
| |
Cash
Severance |
| |
Equity
Acceleration |
| |
Total
Potential Payment |
| |||||||||
Frank Bakker
|
| | | $ | 325,000 | | | | | $ | 254,760 | | | | | $ | 579,760 | | |
Steven M. Cates
|
| | | $ | 306,000 | | | | | $ | 134,968 | | | | | $ | 440,968 | | |
John W. Lawrence
|
| | | $ | 306,000 | | | | | $ | 158,535 | | | | | $ | 464,535 | | |
| | |
2023
|
| |
2022
|
| ||||||
Audit fees(1)
|
| | | $ | 322,030 | | | | | $ | 261,675 | | |
Audit-related fees
|
| | | | — | | | | | | — | | |
Tax fees
|
| | | | — | | | | | | — | | |
All other fees
|
| | | | — | | | | | | — | | |
Name of Individual or Group
|
| |
Number of Shares of
Common Stock Beneficially Owned(1) |
| |
Percent
of Class |
| ||||||
Terence J. Cryan
|
| | | | 252,529 | | | | | | * | | |
Tracy D. Pagliara
|
| | | | 211,932 | | | | | | * | | |
Karli S. Anderson
|
| | | | 131,427 | | | | | | * | | |
Deborah A. Peacock
|
| | | | 396,386 | | | | | | * | | |
Frank Bakker
|
| | | | 125,681 | | | | | | * | | |
John W. Lawrence
|
| | | | 145,109 | | | | | | * | | |
Steven M. Cates
|
| | | | 99,764 | | | | | | * | | |
All directors and executive officers as a group (7 persons)
|
| | | | 1,362,827 | | | | | | 2.4% | | |
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