| | | |
BY ORDER OF THE BOARD OF DIRECTORS:
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| | | |
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Baltimore, Maryland
April 16, 2021 |
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Leslie S. Brush
Vice President, Assistant General Counsel and Secretary |
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Date and Time:
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May 26, 2021
10:00 a.m., Eastern Daylight Time |
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Place:
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| | Virtual Meeting via live webcast at www.virtualshareholdermeeting.com/LAUR2021 | |
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Record Date:
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| | March 29, 2021 | |
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Proposal Description
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Board Vote
Recommendation |
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Page Number
with More Information |
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Proposal 1
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| | Election of 10 directors named herein | | |
“FOR” all nominees
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6
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Proposal 2
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| | Advisory vote on executive compensation | | |
“FOR”
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| |
50
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Proposal 3
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| |
Ratification of the appointment of
PricewaterhouseCoopers LLP as Laureate’s independent registered public accounting firm |
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“FOR”
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51
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Name
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Age
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| |
Position
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|
Brian F. Carroll* | | |
49
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| | Director | |
Andrew B. Cohen | | |
49
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| | Director | |
William L. Cornog | | |
56
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| | Director | |
Pedro del Corro* | | |
63
|
| | Director | |
Michael J. Durham* | | |
70
|
| | Director | |
Kenneth W. Freeman* | | |
70
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| | Director, Chairman of the Board | |
George Muñoz* | | |
69
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| | Director | |
Dr. Judith Rodin* | | |
76
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| | Director | |
Eilif Serck-Hanssen | | |
55
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| | Director, President and Chief Executive Officer | |
Ian K. Snow* | | |
51
|
| | Director | |
NEOs
|
| |
Title
|
|
Eilif Serck-Hanssen | | | President and Chief Executive Officer | |
Jean-Jacques Charhon(1) | | | Executive Vice President and Chief Financial Officer | |
Timothy Grace | | | Chief Human Resources Officer | |
Paula Singer(2) | | |
Chief Executive Officer of Walden and Laureate Online Partners
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|
Richard Sinkfield III(3) | | | Chief Legal Officer and Chief Ethics & Compliance Officer | |
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Page:
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Executive Summary
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14
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Compensation Governance
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15
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Executive Compensation Program
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16
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Policies and Other Considerations
|
| | | | 25 | | |
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What we do:
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What we do NOT do:
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| Align pay with performance | | | Guarantee bonus payouts | |
| Award annual incentive compensation subject to the achievement of pre-determined performance goals | | | Provide excessive executive perquisites | |
| Incorporate multiple performance metrics within our variable pay components | | | Award equity grants with “single-trigger” accelerated vesting | |
| Set challenging performance objectives | | | Accelerate vesting of equity awards for retirement | |
| Incorporate payout caps for performance-based incentives | | | Provide for change in control tax gross-ups | |
| Consider guidance from an independent compensation consultant | | | Provide supplemental executive retirement or medical plans | |
| Maintain stock ownership guidelines for executive officers | | | Offer payment of dividends for unearned equity awards | |
| Maintain an executive severance policy | | | Allow any hedging or pledging transactions | |
Role
|
| |
Management
|
| |
Chief
Executive Officer |
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Compensation
Committee |
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Independent
Compensation Consultant |
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Set CEO Target Compensation | | |
—
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—
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| |
Approve
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Advise
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Set Named Executive Officer Target Compensation | | |
—
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Recommend
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Approve
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Advise
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Design Cash and Equity Incentive Programs (Metrics, Targets and Award Opportunities) | | |
Develop
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Recommend
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Approve
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Advise
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Authorize Equity Grants and Cash Incentive Payouts | | |
Recommend
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Review
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Approve
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Review
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Select and Review Peer Group(1) | | |
Develop
|
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Recommend
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Approve
|
| |
Develop
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Financial Metric
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Definition
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Adjusted Financing EBITDA
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•
Similar to Adjusted EBITDA (defined below), Adjusted Financing EBITDA excludes the impact of foreign currency exchange rates as compared to the spot exchange rates assumed in our internal budgets and certain extraordinary or nonrecurring items, which the Compensation Committee believes are not indicative of ongoing results. The Compensation Committee believes that Adjusted Financing EBITDA is an important measure in evaluating management’s success in positioning the Company for sustainable profitability, a primary goal.
Adjusted EBITDA is defined as income (loss) from continuing operations before income taxes and equity in net income of affiliates, adding back the following items: (loss) gain on sales of subsidiaries, net; actual foreign currency exchange gain (loss), net; other (expense) income, net; gain (loss) on derivatives; loss on debt extinguishment; interest expense; interest income; depreciation and amortization expense; loss on impairment of assets; share based compensation expense; and expenses related to our Excellence in Process enterprise wide initiative to optimize and standardize our processes to enable sustained growth and margin expansion.
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|
Unlevered Free Cash Flow | | |
•
Operating cash flow less capital expenditures, adding back cash interest (a non GAAP measure).
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Revenues | | |
•
Fees generated from our provision of educational services and products before any costs or expenses are deducted. Year-to-year growth in revenues indicates a strong base for future growth.
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|
New Enrollment | | |
•
The number of students who enroll in an academic program for the first time or students who return to their academic program after an absence of at least two years. New enrollment indicates that there is continued interest in the Laureate International Universities and can be a leading indicator of future revenue levels.
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|
Levels of Performance
|
| |
Percent
Payout |
| |
Performance
Against Plan |
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Adjusted
Financing EBITDA |
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Unlevered
Free Cash Flow |
| |
Revenues
|
| |
New
Enrollments |
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| | | | | | | | |
Weight
|
| | | | 30% | | | | | | 30% | | | | | | 20% | | | | | | 20% | | |
Maximum
|
| | | | 200% | | | |
Percent of Target
|
| | | | 110% | | | | | | 120% | | | | | | 105% | | | | | | 115% | | |
Target
|
| | | | 100% | | | |
Value for 100% Payout
|
| |
Target
|
| |
Target
|
| |
Target
|
| |
Target
|
| ||||||||||||
Threshold
|
| | | | 0% | | | |
Percent of Target
|
| | | | 90% | | | | | | 80% | | | | | | 95% | | | | | | 85% | | |
Performance Metric
|
| |
Target
|
| |
Weighted
Target as % of Award |
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Weighted
Target as % of Corporate Component |
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2020
Actual Performance |
| |
2020
Actual Payout % |
| |||||||||||||||
Organizational multiplier metrics
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted Financing EBITDA*
|
| | | $ | 711.4 | | | | | | 24% | | | | | | 30% | | | | | $ | 704 | | | | | | 28% | | |
Unlevered Free Cash Flow*
|
| | | $ | 370.4 | | | | | | 24% | | | | | | 30% | | | | | $ | 406 | | | | | | 40% | | |
Revenues*
|
| | | $ | 3,231.6 | | | | | | 16% | | | | | | 20% | | | | | $ | 3,052 | | | | | | 13% | | |
New Enrollments
|
| | | | 522,708 | | | | | | 16% | | | | | | 20% | | | | | | 450,000 | | | | | | 9% | | |
| | | | | | | | | | | 80% | | | | | | 100% | | | | | | | | | | | | 89.5% | | |
Performance Metric
|
| |
Target
|
| |
Weighted
Target as % of Award |
| |
Weighted
Target as % of Corporate Component |
| |
2020
Actual Performance |
| |
2020
Actual Payout % |
| |||||||||||||||
Organizational multiplier metrics
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted Financing EBITDA*
|
| | | $ | 167 | | | | | | 24% | | | | | | 30% | | | | | $ | 187 | | | | | | 54% | | |
Unlevered Free Cash Flow*
|
| | | $ | 155 | | | | | | 24% | | | | | | 30% | | | | | $ | 204 | | | | | | 60% | | |
Revenues*
|
| | | $ | 619 | | | | | | 16% | | | | | | 20% | | | | | $ | 639 | | | | | | 26% | | |
New Enrollments
|
| | | | 32,000 | | | | | | 16% | | | | | | 20% | | | | | | 32,000 | | | | | | 19% | | |
| | | | | | | | | | | 80% | | | | | | 100% | | | | | | | | | | | | 159% | | |
Executive
|
| |
Bonus
Salary Amount ($) |
| |
AIP
Target Award as % of 2020 Year-End Salary |
| |
Target 2020
AIP Award ($) |
| |
Approved
Individual Performance Multiplier |
| |
Actual
Award ($) |
| |
Actual
Award as a % of Target Award |
| ||||||||||||||||||
Eilif Serck-Hanssen
|
| | | | 850,000 | | | | | | 130% | | | | | | 1,105,000 | | | | | | 89.5% | | | | | | 988,975 | | | | | | 89.5% | | |
Jean-Jacques Charhon
|
| | | | 600,000 | | | | | | 100% | | | | | | 600,000 | | | | | | 89.5% | | | | | | 537,000 | | | | | | 89.5% | | |
Timothy Grace
|
| | | | 500,000 | | | | | | 80% | | | | | | 400,000 | | | | | | 89.5% | | | | | | 358,000 | | | | | | 89.5% | | |
Paula Singer
|
| | | | 459,000 | | | | | | 100% | | | | | | 459,000 | | | | | | 150% | | | | | | 594,644 | | | | | | 129.55% | | |
Richard Sinkfield III(1)
|
| | | | 420,000 | | | | | | 61% | | | | | | 258,216 | | | | | | 89.5% | | | | | | 231,103 | | | | | | 89.5% | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus(2)
|
| |
Stock
Awards(3) |
| |
Option
Awards(3) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| ||||||||||||||||||||||||
Eilif Serck-Hanssen
President and Chief Executive Officer |
| | | | 2020 | | | | | | 765,708 | | | | | | 1,000,000 | | | | | | 2,550,020 | | | | | | — | | | | | | 988,975 | | | | | | 12,159 | | | | | | 5,316,862 | | |
| | | 2019 | | | | | | 850,000 | | | | | | — | | | | | | 1,862,500 | | | | | | 621,075 | | | | | | 1,689,589 | | | | | | 12,009 | | | | | | 5,035,173 | | | ||
| | | 2018 | | | | | | 850,000 | | | | | | — | | | | | | 1,960,215 | | | | | | 653,608 | | | | | | 1,671,349 | | | | | | 11,859 | | | | | | 5,147,031 | | | ||
Jean-Jacques Charhon
Executive Vice President and Chief Financial Officer |
| | | | 2020 | | | | | | 555,375 | | | | | | — | | | | | | 1,500,014 | | | | | | — | | | | | | 537,000 | | | | | | 8,550 | | | | | | 2,600,939 | | |
| | | 2019 | | | | | | 600,000 | | | | | | — | | | | | | 1,107,358 | | | | | | 369,203 | | | | | | 917,424 | | | | | | 8,400 | | | | | | 3,002,385 | | | ||
| | | 2018 | | | | | | 600,000 | | | | | | — | | | | | | 461,220 | | | | | | 753,790 | | | | | | 387,312 | | | | | | 62,950 | | | | | | 2,265,272 | | | ||
Timothy Grace
Chief Human Resources Officer |
| | | | 2020 | | | | | | 462,812 | | | | | | — | | | | | | 400,010 | | | | | | — | | | | | | 358,000 | | | | | | 8,550 | | | | | | 1,229,372 | | |
| | | 2019 | | | | | | 500,000 | | | | | | — | | | | | | 292,159 | | | | | | 97,423 | | | | | | 611,616 | | | | | | 8,400 | | | | | | 1,509,598 | | | ||
| | | 2018 | | | | | | 297,436 | | | | | | — | | | | | | 321,730 | | | | | | 107,220 | | | | | | 520,416 | | | | | | 423,133 | | | | | | 1,669,935 | | | ||
Paula Singer
Chief Executive Officer, Walden and Laureate Online Partners |
| | | | 2020 | | | | | | 424,862 | | | | | | — | | | | | | 459,004 | | | | | | — | | | | | | 594,644 | | | | | | 8,550 | | | | | | 1,487,060 | | |
| | | 2019 | | | | | | 457,500 | | | | | | — | | | | | | 328,679 | | | | | | 109,602 | | | | | | 558,328 | | | | | | 8,400 | | | | | | 1,462,509 | | | ||
Richard Sinkfield III
Chief Legal Officer and Chief Ethics & Compliance Officer |
| | | | 2020 | | | | | | 379,647 | | | | | | 333,000 | | | | | | 215,532 | | | | | | — | | | | | | 231,103 | | | | | | 8,550 | | | | | | 1,167,832 | | |
| | | | | | | | | | | |
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 (#) |
| |
All Other
Option Awards: Number of Securities Underlying Options (#) |
| |
Exercise
or Base Price of Option Awards ($/share) |
| |
Grant
Date Fair Value of Stock and Option Awards ($)* |
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant
Date |
| |
Award
Type |
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| |||||||||||||||||||||||||||||||||||||||||||||
Eilif Serck-Hanssen
|
| | | | | | | |
AIP(1)
|
| | | | 0 | | | | | | 1,105,000 | | | | | | 1,105,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | |
Retention(2)
|
| | | | 0 | | | | | | 637,500 | | | | | | 1,275,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 3/10/20 | | | |
PSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 73,700 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,275,010 | | | ||
| | | 3/10/20 | | | |
RSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 73,700 | | | | | | — | | | | | | — | | | | | | 1,275,010 | | | ||
Jean-Jacques Charhon
|
| | | | | | | |
AIP(1)
|
| | | | 0 | | | | | | 600,000 | | | | | | 600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | |
Retention(2)
|
| | | | 0 | | | | | | 450.000 | | | | | | 900,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 3/10/20 | | | |
PSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 43,353 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 750,007 | | | ||
| | | 3/10/20 | | | |
RSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 43,353 | | | | | | — | | | | | | — | | | | | | 750,007 | | | ||
Timothy Grace
|
| | | | | | | |
AIP(1)
|
| | | | 0 | | | | | | 400,000 | | | | | | 400,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | |
Retention(2)
|
| | | | 0 | | | | | | 375,000 | | | | | | 750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 3/10/20 | | | |
PSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,561 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,005 | | | ||
| | | 3/10/20 | | | |
RSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,561 | | | | | | — | | | | | | — | | | | | | 200,005 | | | ||
Paula Singer
|
| | | | | | | |
AIP(1)
|
| | | | 0 | | | | | | 459,000 | | | | | | 918,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | |
Retention(2)
|
| | | | 172,125 | | | | | | 344,250 | | | | | | 344,250 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 3/10/20 | | | |
PSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,266 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 229,502 | | | ||
| | | 3/10/20 | | | |
RSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,266 | | | | | | — | | | | | | — | | | | | | 229,502 | | | ||
Richard Sinkfield III
|
| | | | | | | |
AIP(1)
|
| | | | 0 | | | | | | 258,216 | | | | | | 258,216 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | |
Retention(2)
|
| | | | 0 | | | | | | 131,250 | | | | | | 262,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 3/10/20 | | | |
PSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,553 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 78,767 | | | ||
| | | 3/10/20 | | | |
RSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 4,553 | | | | | | — | | | | | | — | | | | | | 78,767 | | | ||
| | | 9/11/20 | | | |
PSUs(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,182 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,999 | | | ||
| | | 9/11/20 | | | |
RSUs(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,182 | | | | | | — | | | | | | — | | | | | | 28,999 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant
Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable(1) |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable(2) |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#)(3) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(4) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(5) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(4) |
| ||||||||||||||||||||||||||||||
Eilif Serck-Hanssen
|
| | | | 10/2/13 | | | | | | 254,776 | | | | | | — | | | | | | — | | | | | $ | 17.44 | | | | | | 10/2/23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 6/14/17 | | | | | | 57,937 | | | | | | — | | | | | | — | | | | | $ | 17.89 | | | | | | 6/14/27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 9/13/17 | | | | | | 145,773 | | | | | | — | | | | | | — | | | | | $ | 21.00 | | | | | | 9/13/21 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 3/7/18 | | | | | | 84,774 | | | | | | — | | | | | | — | | | | | $ | 13.97 | | | | | | 3/7/28 | | | | | | — | | | | | | — | | | | | | 31,181 | | | | | $ | 453,995 | | | ||
| | | 3/6/19 | | | | | | 68,438 | | | | | | 34,219 | | | | | | — | | | | | $ | 14.90 | | | | | | 3/6/29 | | | | | | 13,889 | | | | | $ | 202,224 | | | | | | 55,555 | | | | | $ | 808,881 | | | ||
| | | 3/10/20 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 49,134 | | | | | $ | 715,391 | | | | | | 73,700 | | | | | $ | 1,073,072 | | | ||
Jean-Jacques Charhon
|
| | | | 1/2/18 | | | | | | 89,552 | | | | | | — | | | | | | — | | | | | $ | 14.72 | | | | | | 1/2/23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 3/7/18 | | | | | | 19,947 | | | | | | — | | | | | | — | | | | | $ | 13.97 | | | | | | 3/7/28 | | | | | | — | | | | | | — | | | | | | 7,336 | | | | | $ | 106,812 | | | ||
| | | 3/6/19 | | | | | | 24,154 | | | | | | 12,078 | | | | | | — | | | | | $ | 14.90 | | | | | | 3/6/29 | | | | | | 4,902 | | | | | $ | 71,373 | | | | | | 19,608 | | | | | $ | 285,492 | | | ||
| | | 8/1/19 | | | | | | 16,864 | | | | | | 8,431 | | | | | | — | | | | | $ | 16.40 | | | | | | 8/1/29 | | | | | | 3,049 | | | | | $ | 44,393 | | | | | | 12,196 | | | | | $ | 177,574 | | | ||
| | | 3/10/20 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,902 | | | | | $ | 420,813 | | | | | | 43,353 | | | | | $ | 631,220 | | | ||
Timothy Grace
|
| | | | 5/29/18 | | | | | | 12,887 | | | | | | — | | | | | | — | | | | | $ | 15.55 | | | | | | 5/29/28 | | | | | | | | | | | | | | | | | | 4,597 | | | | | $ | 66,932 | | |
| | | 3/6/19 | | | | | | 10,736 | | | | | | 5,367 | | | | | | — | | | | | $ | 14.90 | | | | | | 3/6/29 | | | | | | 2,178 | | | | | $ | 31,712 | | | | | | 8,714 | | | | | $ | 126,876 | | | ||
| | | 3/10/20 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,708 | | | | | $ | 112,228 | | | | | | 11,561 | | | | | $ | 168,328 | | | ||
Paula Singer
|
| | | | 10/2/13 | | | | | | 256,249 | | | | | | — | | | | | | — | | | | | $ | 17.44 | | | | | | 10/2/23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 3/7/18 | | | | | | 14,960 | | | | | | — | | | | | | — | | | | | $ | 13.97 | | | | | | 3/7/28 | | | | | | — | | | | | | — | | | | | | 5,502 | | | | | $ | 80,109 | | | ||
| | | 3/6/19 | | | | | | 12,078 | | | | | | 6,038 | | | | | | — | | | | | $ | 14.90 | | | | | | 3/6/29 | | | | | | 2,451 | | | | | $ | 35,687 | | | | | | 9,804 | | | | | $ | 142,746 | | | ||
| | | 3/10/20 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,844 | | | | | $ | 128,769 | | | | | | 13,266 | | | | | $ | 193,153 | | | ||
Richard Sinkfield III
|
| | | | 10/2/13 | | | | | | 12,692 | | | | | | — | | | | | | — | | | | | $ | 17.44 | | | | | | 10/2/23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 3/4/15 | | | | | | 1,293 | | | | | | — | | | | | | — | | | | | $ | 17.44 | | | | | | 3/4/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 5/2/16 | | | | | | 520 | | | | | | — | | | | | | — | | | | | $ | 17.44 | | | | | | 5/2/26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 6/14/17 | | | | | | 1,457 | | | | | | — | | | | | | — | | | | | $ | 17.89 | | | | | | 6/14/27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 3/7/18 | | | | | | 4.523 | | | | | | — | | | | | | — | | | | | $ | 13.97 | | | | | | 3/7/28 | | | | | | — | | | | | | — | | | | | | 1,663 | | | | | $ | 24,213 | | | ||
| | | 3/6/19 | | | | | | 3.762 | | | | | | 1,880 | | | | | | — | | | | | $ | 14.90 | | | | | | 3/6/29 | | | | | | 763 | | | | | $ | 11,109 | | | | | | 3,053 | | | | | $ | 44,452 | | | ||
| | | 3/10/20 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,036 | | | | | $ | 44,204 | | | | | | 4,553 | | | | | $ | 66,292 | | | ||
| | | 9/11/20 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,455 | | | | | $ | 21,185 | | | | | | 2,182 | | | | | $ | 31,770 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
Executive
|
| |
Number of
Shares Acquired on Exercise (#) |
| |
Value
Realized on Exercise ($) |
| |
Number of
Shares Acquired on Vesting (#)(1) |
| |
Value
Realized on Vesting ($)(2) |
| ||||||||||||
Eilif Serck-Hanssen
|
| | | | — | | | | | | — | | | | | | 133,837 | | | | | | 1,981,534 | | |
Jean-Jacques Charhon
|
| | | | — | | | | | | — | | | | | | 49,308 | | | | | | 729,356 | | |
Timothy Grace
|
| | | | — | | | | | | — | | | | | | 17,287 | | | | | | 255,796 | | |
Paula Singer
|
| | | | — | | | | | | — | | | | | | 20,029 | | | | | | 296,372 | | |
Richard Sinkfield III
|
| | | | — | | | | | | — | | | | | | 7,553 | | | | | | 111,740 | | |
Executive
|
| |
Aggregate
earnings in last FY ($) |
| |
Aggregate
withdrawals/ distributions ($) |
| |
Aggregate
balance at last FYE ($) |
| |||||||||
Eilif Serck-Hanssen
|
| | | | — | | | | | | — | | | | | | — | | |
Jean-Jacques Charhon
|
| | | | — | | | | | | — | | | | | | — | | |
Timothy Grace
|
| | | | — | | | | | | — | | | | | | — | | |
Paula Singer
|
| | | | 47,468 | | | | | | 86,905 | | | | | | 1,455,155 | | |
Richard Sinkfield III
|
| | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Benefit
|
| |
Without
Cause/Good Reason Termination |
| |
Termination
due to Death or Disability |
| |
Change in
Control/Strategic Alternative Process plus Qualifying Termination(1) |
| |||||||||
Eilif Serck-Hanssen
|
| | Cash Severance | | | | $ | 2,932,500(2) | | | | | | — | | | | | $ | 5,015,000(3) | | |
| | | Benefits(4) | | | | $ | 66,673 | | | | | | — | | | | | $ | 66,673 | | |
| | | Cash Retention Bonus(5) | | | | | — | | | | | | — | | | | | | — | | |
| | | Acceleration of options(6) | | | | | — | | | | | | — | | | | | | — | | |
| | |
Acceleration of RSU vesting(7)
|
| | | | — | | | | | | — | | | | | $ | 917,615 | | |
| | |
Acceleration of PSU vesting(8)
|
| | | | — | | | | | $ | 1,216,124 | | | | | $ | 2,335,948 | | |
| | | Total | | | | $ | 2,997,539 | | | | | $ | 1,216,124 | | | | | $ | 8,335,236 | | |
Jean-Jacques
Charhon(9) |
| | Cash Severance | | | | $ | 1,200,000 (10) | | | | | | — | | | | | $ | 2,400,000(11) | | |
| | | Benefits(4) | | | | $ | 34,348 | | | | | | — | | | | | $ | 39,021 | | |
| | | Cash Retention Bonus(5) | | | | | — | | | | | | — | | | | | | — | | |
| | | Acceleration of options(6) | | | | | — | | | | | | — | | | | | | — | | |
| | |
Acceleration of RSU vesting(7)
|
| | | | — | | | | | | — | | | | | $ | 536,580 | | |
| | |
Acceleration of PSU vesting(8)
|
| | | | — | | | | | $ | 548,752 | | | | | $ | 1,201,098 | | |
| | | Total | | | | $ | 1,234,348 | | | | | $ | 548,752 | | | | | $ | 4,176,699 | | |
Timothy Grace
|
| | Cash Severance | | | | $ | 900,000(10) | | | | | | — | | | | | $ | 1,750,000(11) | | |
| | | Benefits(4) | | | | $ | 46,014 | | | | | | — | | | | | $ | 56,521 | | |
| | | Cash Retention Bonus(5) | | | | | — | | | | | | — | | | | | | — | | |
| | | Acceleration of options(6) | | | | | — | | | | | | — | | | | | | — | | |
| | |
Acceleration of RSU vesting(7)
|
| | | | — | | | | | | — | | | | | $ | 143,940 | | |
| | |
Acceleration of PSU vesting(8)
|
| | | | — | | | | | $ | 186,470 | | | | | $ | 362,136 | | |
| | | Total | | | | $ | 946,014 | | | | | $ | 186,470 | | | | | $ | 2,312,597 | | |
Name
|
| |
Benefit
|
| |
Without
Cause/Good Reason Termination |
| |
Termination
due to Death or Disability |
| |
Change in
Control/Strategic Alternative Process plus Qualifying Termination(1) |
| |||||||||
Paula Singer
|
| | Cash Severance | | | | $ | 918,000(10) | | | | | | — | | | | | $ | 1,836,000(11) | | |
| | | Benefits(4) | | | | $ | 46,213 | | | | | | — | | | | | $ | 56,819 | | |
| | | Cash Retention Bonus(5) | | | | | — | | | | | | — | | | | | $ | 344,250 | | |
| | | Acceleration of options(6) | | | | | — | | | | | | — | | | | | | — | | |
| | |
Acceleration of RSU vesting(7)
|
| | | | — | | | | | | — | | | | | $ | 164,455 | | |
| | |
Acceleration of PSU vesting(8)
|
| | | | — | | | | | $ | 215,867 | | | | | $ | 416,008 | | |
| | | Total | | | | $ | 964,213 | | | | | $ | 215,867 | | | | | $ | 2,817,533 | | |
Richard Sinkfield III
|
| | Cash Severance | | | | $ | 678,216(10) | | | | | | — | | | | | $ | 1,275,540(11) | | |
| | | Benefits(4) | | | | $ | 53,095 | | | | | | — | | | | | $ | 67,143 | | |
| | | Cash Retention Bonus(5) | | | | | — | | | | | | — | | | | | $ | 120,313 | | |
| | | Acceleration of options(6) | | | | | — | | | | | | — | | | | | | — | | |
| | |
Acceleration of RSU vesting(7)
|
| | | | — | | | | | | — | | | | | $ | 76,498 | | |
| | |
Acceleration of PSU vesting(8)
|
| | | | — | | | | | $ | 79,119 | | | | | $ | 166,727 | | |
| | | Total | | | | $ | 731,311 | | | | | $ | 79,119 | | | | | $ | 1,706,220 | | |
Fees
|
| |
Amount
|
| |
Form of Payment(1)
|
| |||
Annual Board Retainer
|
| | | $ | 225,000 | | | | • 50% in cash and 50% in RSUs | |
Committee Retainers
|
| | | | | | | | • 100% in cash | |
Audit Committee
|
| | | | | | | | | |
Member
|
| | | $ | 15,000 | | | | | |
Chair
|
| | | $ | 25,000 | | | | | |
Compensation Committee
|
| | | | | | | | | |
Member
|
| | | $ | 10,000 | | | | | |
Chair
|
| | | $ | 15,000 | | | | | |
Nominating & Corporate Governance Committee
|
| | | | | | | | | |
Member
|
| | | $ | 7,500 | | | | | |
Chair
|
| | | $ | 15,000 | | | | | |
Committee on Education
|
| | | | | | | | | |
Member
|
| | | $ | 10,000 | | | | | |
Chair
|
| | | $ | 50,000 | | | | | |
Special Divestiture Transaction Committee
|
| | | | | | | | | |
Member
|
| | | $ | 10,000 | | | | | |
Annual Chairman Retainer
|
| | | $ | 175,000 | | | |
• $100,000 in cash and $75,000 in RSUs
|
|
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Stock
Awards ($)(1) |
| |
Total
($) |
| |||||||||
Brian F. Carroll
|
| | | $ | 126,250 | | | | | $ | 112,500 | | | | | $ | 238,750 | | |
Andrew B. Cohen(2)
|
| | | $ | 121,250 | | | | | $ | 112,500 | | | | | $ | 233,750 | | |
William J. Cornog(3)
|
| | | $ | 126,250 | | | | | $ | 112,500 | | | | | $ | 238,750 | | |
Pedro del Corro(4)
|
| | | $ | 111,250 | | | | | $ | 112,500 | | | | | $ | 223,750 | | |
Michael J. Durham
|
| | | $ | 133,750 | | | | | $ | 112,500 | | | | | $ | 246,250 | | |
Kenneth W. Freeman
|
| | | $ | 246,250 | | | | | $ | 187,500 | | | | | $ | 433,750 | | |
George Muñoz
|
| | | $ | 136,250 | | | | | $ | 112,500 | | | | | $ | 248,750 | | |
Judith Rodin
|
| | | $ | 158,750 | | | | | $ | 112,500 | | | | | $ | 271,250 | | |
Eilif Serck-Hanssen
|
| | | | — | | | | | | — | | | | | | — | | |
Ian K. Snow(5)
|
| | | $ | 118,750 | | | | | $ | 112,500 | | | | | $ | 231,250 | | |
Steven M. Taslitz(6)
|
| | | $ | 111,250 | | | | | $ | 112,500 | | | | | $ | 223,750 | | |
Plan Category
|
| |
Number of
securities to be issued upon exercise of outstanding option, warrants and rights (a) |
| |
Weighted-average
exercise price of outstanding options, warrants and rights (b) |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (c) |
| |||||||||
Equity compensation plans approved by stockholders
|
| | | | 4,426,926(1) | | | | | $ | 17.85 | | | | | | 5,227,094(2) | | |
Equity compensation plans not approved by
stockholders |
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 4,426,926(1) | | | | | | | | | | | | 5,227,094(2) | | |
| | |
Shares Beneficially Owned
|
| | | | | | | | |||||||||||||||||||||||
| | |
Class A (includes shares
of Class B that are convertible to Class A) |
| |
Class B
|
| |
Percentage
of Total Voting Power(2) |
| | |||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number of
Shares(1) |
| |
Percentage
|
| |
Number of
Shares |
| |
Percentage
|
| | | | ||||||||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Wengen Alberta, Limited Partnership(3)
|
| | | | 68,917,693 | | | | | | 36.0% | | | | | | 68,917,693 | | | | | | 93.7% | | | | | | 80.3% | | | | ||
FMR LLC(4)
|
| | | | 14,160,115 | | | | | | 11.6% | | | | | | — | | | | | | — | | | | | | 1.7% | | | | ||
KKR Funds(3)(5)
|
| | | | 13,768,128(3)(4) | | | | | | 11.2%(3)(4) | | | | | | —(3) | | | | | | —(3) | | | | | | 1.6%(3)(4) | | | | ||
The Vanguard Group, Inc.(6)
|
| | | | 9,686,547 | | | | | | 7.9% | | | | | | — | | | | | | — | | | | | | 1.1% | | | | ||
BlackRock, Inc.(7)
|
| | | | 7,678,492 | | | | | | 6.3% | | | | | | — | | | | | | — | | | | | | * | | | | ||
Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Brian F. Carroll(8)(9)
|
| | | | 30,464 | | | | | | * | | | | | | 16,844 | | | | | | * | | | | | | * | | | | ||
Andrew B. Cohen(8)(10)
|
| | | | 13,620 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | ||
William L. Cornog(8)
|
| | | | 22,986 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | ||
Pedro del Corro(8)(11)
|
| | | | 25,536 | | | | | | * | | | | | | 47,662 | | | | | | * | | | | | | * | | | | ||
Michael J. Durham
|
| | | | 32,397 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | ||
Kenneth W. Freeman
|
| | | | 45,275 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | ||
George Muñoz(12)
|
| | | | 80,642 | | | | | | * | | | | | | 19,698 | | | | | | * | | | | | | * | | | | ||
Dr. Judith Rodin(13)
|
| | | | 54,390 | | | | | | * | | | | | | 19,698 | | | | | | * | | | | | | * | | | | ||
Ian K. Snow(8)(14)
|
| | | | 2,087,778 | | | | | | 1.7% | | | | | | 6,656 | | | | | | * | | | | | | * | | | | ||
Steven M. Taslitz(8)(15)
|
| | | | 303,598 | | | | | | * | | | | | | 290,759 | | | | | | * | | | | | | * | | | | ||
Eilif Serck-Hanssen(16)
|
| | | | 900,039 | | | | | | * | | | | | | 307,094 | | | | | | * | | | | | | * | | | | ||
Jean-Jacques Charhon(17)
|
| | | | 330,349 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | ||
Timothy Grace(18)
|
| | | | 54,158 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | ||
Paula Singer(19)
|
| | | | 316,633 | | | | | | * | | | | | | 256,249 | | | | | | * | | | | | | * | | | | ||
Richard H. Sinkfield III(20)
|
| | | | 32,197 | | | | | | * | | | | | | 16,174 | | | | | | * | | | | | | * | | | | ||
All Current Directors and Executive Officers as a Group (14 persons)(21)
|
| | | | 4,061,091 | | | | | | 3.3% | | | | | | 724,585 | | | | | | 1.0% | | | | | | 1.2% | | | |
(in millions)
|
| |
2020
|
| |
2019
|
| ||||||
Audit Fees(1)
|
| | | $ | 7.7 | | | | | $ | 13.7 | | |
Audit-Related Fees(2)
|
| | | | 0.9 | | | | | | 1.4 | | |
Tax Fees(3)
|
| | | | 0.4 | | | | | | 0.5 | | |
All Other Fees(4)
|
| | | | 0.04 | | | | | | 0.04 | | |
Total
|
| | | $ | 9.04 | | | | | $ | 15.64 | | |
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