| | | |
By Order of the Board of Directors,
|
|
| April 30, 2019 |
| | David Hisey Secretary |
|
| General Information | | | | | | | |
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Name
|
| |
Title of Class
|
| |
Amount and
Nature of Beneficial Ownership |
| |
Percent of
Class |
| ||||||
BlackRock, Inc
55 East 52nd Street New York, New York 10055 |
| |
Common Stock
|
| | | | 3,486,404(1) | | | | | | 14.62 | | |
Dimensional Fund Advisors LP
Palisades West, Building One 6300 Bee Cave Road Austin, Texas 78746 |
| |
Common Stock
|
| | | | 1,977,171(2) | | | | | | 8.29 | | |
The Vanguard Group
100 Vanguard Blvd. Malvern, PA 19355 |
| |
Common Stock
|
| | | | 1,433,380(3) | | | | | | 6.01 | | |
Name
|
| |
Title of Class
|
| |
Amount and
Nature of Beneficial Ownership(1) |
| |
Percent of
Class |
| ||||||
Matthew W. Morris
|
| |
Common Stock
|
| | | | 334,046(2) | | | | | | 1.4 | | |
David C. Hisey
|
| |
Common Stock
|
| | | | 20,619(3) | | | | | | * | | |
John L. Killea
|
| |
Common Stock
|
| | | | 16,241(4) | | | | | | * | | |
John A. Magness
|
| |
Common Stock
|
| | | | 1,857(5) | | | | | | * | | |
David A. Fauth
|
| |
Common Stock
|
| | | | 12,057(6) | | | | | | * | | |
Arnaud Ajdler
|
| |
Common Stock
|
| | | | 7,969 | | | | | | * | | |
Thomas G. Apel
|
| |
Common Stock
|
| | | | 31,169 | | | | | | * | | |
C. Allen Bradley, Jr
|
| |
Common Stock
|
| | | | 3,093 | | | | | | * | | |
James Chadwick
|
| |
Common Stock
|
| | | | 65,961(7) | | | | | | * | | |
Glenn C. Christenson
|
| |
Common Stock
|
| | | | 45,969(8) | | | | | | * | | |
Robert L. Clarke
|
| |
Common Stock
|
| | | | 53,173 | | | | | | * | | |
Frederick H. Eppinger
|
| |
Common Stock
|
| | | | 5,130 | | | | | | * | | |
All executive officers, directors and nominees for director as a group (12 persons)
|
| |
Common Stock
|
| | | | 597,284 | | | | | | 2.50 | | |
Nominee, Age and Position with Stewart
|
| |
Director
Since |
|
Thomas G. Apel, 57, Director and Chairman | | |
2009
|
|
Arnaud Ajdler, 43, Director | | |
2014
|
|
Glenn C. Christenson, 69, Director | | |
2014
|
|
James Chadwick, 44, Director | | |
2015
|
|
Robert L. Clarke, 76, Director | | |
2004
|
|
Matthew W. Morris, 47, Director and Chief Executive Officer | | |
2016
|
|
C. Allen Bradley, Jr., 67, Director | | |
2016
|
|
Frederick H. Eppinger, Jr., 59, Director | | |
2016
|
|
| Matthew W. Morris | | | Chief Executive Officer | |
| David C. Hisey | | | Chief Financial Officer, Secretary and Treasurer | |
| John L. Killea | | | President, Chief Legal Officer and Chief Compliance Officer | |
| Tara S. Smith | | | Group President | |
| Steven M. Lessack | | | Group President | |
| Ann M. Manal | | | Chief Human Resource Officer | |
| John A. Magness | | | Group President | |
| Brad A. Rable | | | Chief Information Officer | |
Named Executive Officer (NEO) |
| |
Title
|
|
Matthew W. Morris | | | Chief Executive Officer | |
David C. Hisey | | | Chief Financial Officer, Secretary and Treasurer | |
John L. Killea | | | President, Chief Legal Officer and Chief Compliance Officer | |
John A. Magness | | | Chief Corporate Development Officer | |
David A. Fauth | | | Group President | |
| |
What We Do
|
| | |
What We Don’t Do
|
| |
| | Performance-based short-term and long-term compensation | | | | No liberal share recycling under our long-term incentive plan | | |
| |
What We Do
|
| | |
What We Don’t Do
|
| |
| | Heavy emphasis on variable pay | | | | No excise tax gross-ups upon change in control | | |
| | Beginning with 2019 grants, double-trigger vesting of cash severance payments and equity upon change in control | | | | No repricing of underwater stock options | | |
| | Clawback policy | | | | No hedging transactions or short sales by executive officers or directors permitted | | |
| | Equity ownership guidelines | | | | No significant perquisites | | |
| | Independent compensation consultant | | | | | | |
| | Regular review of share utilization | | | | | | |
Company
|
| |
Market
Capitalization ($M) |
| |
Revenue
($M) |
| ||||||
Ambac Financial Group, Inc.
|
| | | $ | 849.7 | | | | | $ | 510.7 | | |
Argo Group Int’l Hldgs, Ltd.
|
| | | $ | 2,392.8 | | | | | $ | 1,794.5 | | |
Donegal Group Inc.
|
| | | $ | 372.4 | | | | | $ | 771.8 | | |
EMC Insurance Group Inc.
|
| | | $ | 685.0 | | | | | $ | 660.7 | | |
Employers Holdings, Inc.
|
| | | $ | 1,312.9 | | | | | $ | 800.4 | | |
Horace Mann Educators Corp
|
| | | $ | 1,441.5 | | | | | $ | 1,191.6 | | |
Kemper Corporation
|
| | | $ | 4,999.9 | | | | | $ | 3,725.1 | | |
Maiden Holdings, Ltd.
|
| | | $ | 62.3 | | | | | $ | 2,164.8 | | |
MBIA Inc.
|
| | | $ | 934.3 | | | | | $ | 162.0 | | |
Mercury General Corp
|
| | | $ | 2,760.4 | | | | | $ | 3,380.0 | | |
MGIC Investment Corp
|
| | | $ | 4,595.0 | | | | | $ | 1,123.8 | | |
Company
|
| |
Market
Capitalization ($M) |
| |
Revenue
($M) |
| ||||||
National General Holdings
|
| | | $ | 2,697.1 | | | | | $ | 4,608.0 | | |
Navigators Group, Inc.
|
| | | $ | 2,083.1 | | | | | $ | 1,443.2 | | |
ProAssurance Corporation
|
| | | $ | 1,883.8 | | | | | $ | 886.0 | | |
Radian Group Inc.
|
| | | $ | 4,305.2 | | | | | $ | 1,273.0 | | |
RLI Corp.
|
| | | $ | 3,096.7 | | | | | $ | 834.2 | | |
Safety Insurance Group
|
| | | $ | 1,326.3 | | | | | $ | 836.5 | | |
Selective Insurance Group
|
| | | $ | 3,742.9 | | | | | $ | 2,586.1 | | |
State Auto Financial Corp
|
| | | $ | 1,400.6 | | | | | $ | 1,275.8 | | |
United Fire Group, Inc.
|
| | | $ | 1,100.2 | | | | | $ | 1,070.2 | | |
Pay Comparator Group Median
|
| | | $ | 1,662.7 | | | | | $ | 1,157.7 | | |
Stewart Information Services, Inc.
|
| | | $ | 1,013.5 | | | | | $ | 1,907.7 | | |
STC Percentile Rank in Comparator Group
|
| | | | 24th% | | | | | | 80th% | | |
NEO
|
| |
2017
Base Salary |
| |
2018
Base Salary |
| |
%
Change |
|
Matthew W. Morris
|
| |
$600,000
|
| |
$600,000
|
| |
0%
|
|
David C. Hisey
|
| |
$450,000
|
| |
$450,000
|
| |
0%
|
|
John L. Killea
|
| |
$450,000
|
| |
$450,000
|
| |
0%
|
|
John A. Magness
|
| |
$450,000
|
| |
$450,000
|
| |
0%
|
|
David A. Fauth
|
| |
$367,000
|
| |
$367,000
|
| |
0%
|
|
NEO
|
| |
Base Salary
|
| |
Short-Term
Incentive Target (as a % of Base Salary) |
| |
Short-Term
Incentive Target |
|
Matthew W. Morris
|
| |
$600,000
|
| |
100%
|
| |
$600,000
|
|
David C. Hisey
|
| |
$450,000
|
| |
100%
|
| |
$450,000
|
|
John L. Killea
|
| |
$450,000
|
| |
100%
|
| |
$450,000
|
|
John A. Magness(1)
|
| |
$450,000
|
| |
100%
|
| |
$450,000
|
|
David A. Fauth
|
| |
$367,000
|
| |
75%
|
| |
$275,250
|
|
Goal Weight
|
| |
Goal
|
| |
Performance Range
|
| |
2018 Result
|
| |
Payout as a
% of Target |
| |||||||||||||||||||||
|
Minimum
|
| |
Target
|
| |
Maximum
|
| ||||||||||||||||||||||||||
1/3rd | | |
Modified EBITDA
|
| | | $ | 101.4M | | | | | $ | 144.9M | | | | | $ | 188.3M | | | | | $ | 115.2M | | | | | | 49% | | |
1/3rd | | |
Modified Pre-Tax Margin
|
| | | | 3.97% | | | | | | 5.67% | | | | | | 7.36% | | | | | | 4.53% | | | | | | 50% | | |
1/3rd | | |
Modified ROE
|
| | | | 6.33% | | | | | | 9.04% | | | | | | 11.75% | | | | | | 8.67% | | | | | | 90% | | |
Goal Weight
|
| |
Goal
|
| |
Performance Range
|
| |
2018 Result
|
| |
Payout as a
% of Target |
| |||||||||||||||||||||
|
Minimum
|
| |
Target
|
| |
Maximum
|
| ||||||||||||||||||||||||||
30%
|
| |
Modified EBITDA
|
| | | $ | 101.4M | | | | | $ | 144.9M | | | | | $ | 188.3M | | | | | $ | 115.2M | | | | | | 49% | | |
15%
|
| |
Modified Pre-Tax Margin
|
| | | | 3.97% | | | | | | 5.67% | | | | | | 7.36% | | | | | | 4.53% | | | | | | 50% | | |
15%
|
| |
Modified ROE
|
| | | | 6.33% | | | | | | 9.04% | | | | | | 11.75% | | | | | | 8.67% | | | | | | 90% | | |
30%
|
| |
Unit(1) Modified EBITDA
|
| | | $ | 92.7M | | | | | $ | 132.5M | | | | | $ | 172.2M | | | | | $ | 79.5M | | | | | | 0% | | |
10%
|
| |
Unit(1) Operating Revenue
|
| | | $ | 415.2M | | | | | $ | 593.1M | | | | | $ | 771.0M | | | | | $ | 515.2M | | | | | | 67% | | |
Goal
|
| |
Description
|
|
Modified EBITDA | | |
Modified EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated by adjusting EBITDA to remove the effect of investment and other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items, as determined by the Compensation Committee, from EBITDA.
|
|
Modified Pretax Margin | | |
Modified Pretax Margin is calculated by dividing modified pretax profits by modified gross revenues. Modifications remove the effect of investment and other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items as determined by the Compensation Committee.
|
|
Modified Return on Equity (ROE) | | |
Modified Return on Equity is calculated by dividing modified net income attributable to the Company by modified average stockholders’ equity, which is calculated by subtracting accumulated other comprehensive income and accumulated non-controlling interest from stockholders’ equity. Modifications remove the effect of investment and other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items as determined by the Compensation Committee.
|
|
Modified Operating Revenue | | |
Modified Operating Revenues is calculated by subtracting the effects of Non-Recurring Items from Operating Revenues.
|
|
NEO
|
| |
Amount
|
| |||
Matthew W. Morris
|
| | | $ | 223,709 | | |
David C. Hisey
|
| | | $ | 167,782 | | |
John L. Killea
|
| | | $ | 167,782 | | |
David A. Fauth
|
| | | $ | 67,360 | | |
| BBX Capital Corporation | | | Jones Lang LaSalle Inc. | | | NVR Inc. | |
| Beazer Homes USA Inc. | | | KB Home | | | PulteGroup Inc. | |
|
Century Communities Inc.
|
| | Lennar Corp. | | | Radian Group Inc. | |
| Comstock Holding Cos. | | | LGI Homes Inc. | | | RE/MAX Holdings Inc. | |
| CoStar Group Inc. | | | M/I Homes Inc. | | | Realogy Holdings Corp. | |
| D.R. Horton Inc. | | | Marcus & Millichap Inc. | | |
Stewart Information Services
|
|
|
Fidelity National Financial
|
| | MDC Holdings Inc. | | |
Taylor Morrison Home Corp.
|
|
| First American Fin. Corp. | | | Meritage Homes Corp. | | | Toll Brothers Inc. | |
| HFF Inc. | | | MGIC Investment Corp. | | | TRI Pointe Group Inc | |
|
Hovnanian Enterprises Inc.
|
| |
New Home Company Inc.
|
| | William Lyon Homes | |
| Investors Title Co. | | | NMI Holdings Inc. | | | Zillow Group Inc. | |
| | |
2018 Performance-Based Long-Term Incentive Grant
|
| ||||||||||||||||||
| | |
TSR vs. Real Estate Comparators
|
| |
Book Value Per Share (CAGR)
|
| |||||||||||||||
| | |
Level of
Performance Achieved |
| |
Percentage of
TSR Portion Vesting |
| |
Level of
Performance Achieved |
| |
Percentage of
Book Value Portion Vesting |
| |||||||||
Threshold
|
| |
40th percentile
|
| | | | 25% | | | | | | 5% | | | | | | 25% | | |
Target
|
| |
50th percentile
|
| | | | 100% | | | | | | 10% | | | | | | 100% | | |
Maximum
|
| |
80th percentile
|
| | | | 225% | | | | | | 15% | | | | | | 225% | | |
| | | | | | | | |
Target Long-Term Incentives at Grant
|
| |||||||||||||||||||||||||||
NEO
|
| |
Target
Long-Term Incentives (as a % of Base Salary) |
| |
Relative Total
Shareholder Return (TSR) Performance Units (1/3) |
| |
Book Value
Performance Units (1/3) |
| |
Time-Based
Units (1/3) |
| |
Total
Units |
| |
Total
Value |
| ||||||||||||||||||
Matthew W. Morris
|
| | | | 200% | | | | | | 9,231 | | | | | | 9,231 | | | | | | 9,231 | | | | | | 27,693 | | | | | $ | 1,199,938 | | |
David C. Hisey
|
| | | | 200% | | | | | | 6,923 | | | | | | 6,923 | | | | | | 6,923 | | | | | | 20,769 | | | | | $ | 899,921 | | |
John L. Killea
|
| | | | 100% | | | | | | 3,461 | | | | | | 3,461 | | | | | | 3,461 | | | | | | 10,383 | | | | | $ | 449,895 | | |
John A. Magness
|
| | | | 100% | | | | | | 3,461 | | | | | | 3,461 | | | | | | 3,461 | | | | | | 10,383 | | | | | $ | 449,895 | | |
David A. Fauth
|
| | | | 75% | | | | | | 2,117 | | | | | | 2,117 | | | | | | 2,117 | | | | | | 6,351 | | | | | $ | 275,189 | | |
Performance
|
| |
TSR Level of
Performance Achieved |
| |
Percentage of
TSR Portion Vesting |
| |
EPS Level of
Performance Achieved (CAGR) |
| |
Percentage
of EPS Portion Vesting |
| |||||||||
Threshold
|
| | 40th percentile | | | | | 50% | | | | | | 5% | | | | | | 50% | | |
Target
|
| | 60th percentile | | | | | 100% | | | | | | 10% | | | | | | 100% | | |
Maximum
|
| | 100th percentile | | | | | 200% | | | | | | 15% | | | | | | 200% | | |
Actual Performance
|
| |
40.7th percentile
|
| | | | 51.8% | | | | | | 7.5% | | | | | | 74.7% | | |
NEO
|
| |
Target
Number of Relative TSR Performance Shares |
| |
Payout
Factor (% of Target) |
| |
Number
of Shares Earned |
| | |
Target
Number of EPS Performance Shares |
| |
Payout
Factor (% of Target) |
| |
Number
of Shares Earned |
| ||||||||||||||||||
Matthew W. Morris(1)
|
| | | | 9,821 | | | | | | 51.8% | | | | | | 5,082 | | | | | | | 9,821 | | | | | | 74.7% | | | | | | 7,340 | | |
John L. Killea
|
| | | | 2,845 | | | | | | 51.8% | | | | | | 1,472 | | | | | | | 2,845 | | | | | | 74.7% | | | | | | 2,126 | | |
David A. Fauth
|
| | | | 1,874 | | | | | | 51.8% | | | | | | 969 | | | | | | | 1,874 | | | | | | 74.7% | | | | | | 1,400 | | |
Name and Principal Position |
| |
Year
|
| |
Salary
|
| |
Bonus(1)
|
| |
Stock
Awards(2) |
| |
Non-Equity
Incentive Plan Compensation(3) |
| |
All Other
Compensation(4) |
| |
SEC
Total |
| ||||||||||||||||||
Mathew W. Morris
|
| |
2018
|
| | | $ | 600,000 | | | | | $ | 223,709 | | | | | $ | 1,199,938 | | | | | $ | 376,291 | | | | | $ | 118,198 | | | | | $ | 2,518,136 | | |
|
2017
|
| | | $ | 600,000 | | | | | $ | 300,000 | | | | | $ | 1,199,888 | | | | | | | | | | | $ | 39,406 | | | | | $ | 2,139,294 | | | ||
|
2016
|
| | | $ | 550,000 | | | | | | | | | | | $ | 1,659,804 | | | | | $ | 483,658 | | | | | $ | 67,559 | | | | | $ | 2,761,021 | | | ||
David C. Hisey
|
| |
2018
|
| | | $ | 450,000 | | | | | $ | 167,782 | | | | | $ | 899,921 | | | | | $ | 282,218 | | | | | $ | 165,758 | | | | | $ | 1,965,679 | | |
|
2017
|
| | | $ | 150,000 | | | | | $ | 300,000 | | | | | $ | 899,907 | | | | | | | | | | | $ | 8,174 | | | | | $ | 1,358,081 | | | ||
John L. Killea
|
| |
2018
|
| | | $ | 450,000 | | | | | $ | 167,782 | | | | | $ | 449,895 | | | | | $ | 282,218 | | | | | $ | 101,522 | | | | | $ | 1,451,417 | | |
|
2017
|
| | | $ | 399,308 | | | | | $ | 300,000 | | | | | $ | 1,081,379 | | | | | | | | | | | $ | 60,127 | | | | | $ | 1,840,814 | | | ||
|
2016
|
| | | $ | 375,000 | | | | | | | | | | | $ | 318,612 | | | | | $ | 248,930 | | | | | $ | 68,283 | | | | | $ | 1,010,825 | | | ||
John A. Magness
|
| |
2018
|
| | | $ | 450,000 | | | | | | | | | | | $ | 449,895 | | | | | $ | 450,000 | | | | | $ | 13,892 | | | | | $ | 1,363,787 | | |
David A. Fauth
|
| |
2018
|
| | | $ | 367,000 | | | | | $ | 67,360 | | | | | $ | 275,189 | | | | | $ | 116,275 | | | | | $ | 35,666 | | | | | $ | 861,490 | | |
|
2017
|
| | | $ | 367,000 | | | | | $ | 68,800 | | | | | $ | 275,197 | | | | | | | | | | | $ | 19,927 | | | | | $ | 730,924 | | | ||
|
2016
|
| | | $ | 350,000 | | | | | | | | | | | $ | 209,869 | | | | | $ | 225,846 | | | | | $ | 18,975 | | | | | $ | 804,690 | | |
Item
|
| |
Matthew W.
Morris |
| |
David C.
Hisey |
| |
John L.
Killea |
| |
John A.
Magness |
| |
David A.
Fauth |
| |||||||||||||||
Other Compensation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Life Insurance(1)
|
| | | $ | 1,386 | | | | | $ | 2,588 | | | | | $ | 46,826 | | | | | $ | 1,746 | | | | | $ | 3,468 | | |
Long-term Disability Insurance Premiums – UNUM
IDI |
| | | $ | 4,154 | | | | | $ | 3,515 | | | | | $ | 6,961 | | | | | $ | 3,599 | | | | | $ | 5,835 | | |
Long-term Disability Insurance Premiums Group Basic LTD
|
| | | $ | 297 | | | | | $ | 297 | | | | | $ | 297 | | | | | $ | 297 | | | | | $ | 297 | | |
Restricted Stock Dividends
|
| | | $ | 83,158 | | | | | $ | 1,108 | | | | | $ | 30,788 | | | | | $ | 264 | | | | | $ | 17,816 | | |
401(k) Matching Contribution
|
| | | $ | 8,250 | | | | | $ | 8,250 | | | | | $ | 8,250 | | | | | $ | 8,250 | | | | | $ | 8,250 | | |
Perquisites | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Auto allowance
|
| | | $ | 12,000 | | | | | | | | | | | $ | 8,400 | | | | | | | | | | | | | | |
Country Club Dues
|
| | | $ | 8,953 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Relocation Bonus(2)
|
| | | | | | | | | $ | 150,000 | | | | | | | | | | | | | | | | | | | | |
Total | | | | $ | 118,198 | | | | | $ | 165,758 | | | | | $ | 101,522 | | | | | $ | 13,892 | | | | | $ | 35,666 | | |
| | |
2018
Grant Date |
| |
Short-Term Incentive Plan Awards
|
| |
Performance-Based Long-Term
Incentive Plan Awards |
| |
Time
Based Long-Term Incentive Plan Awards |
| |
Grant
Date Fair Value of LTI Awards |
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||||||||||||||||||||||||||||||||
Matthew W. Morris
|
| |
Jan 1(1)
|
| | | $ | 150,000 | | | | | $ | 600,000 | | | | | $ | 1,350,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Feb 8(2)
|
| | | | | | | | | | | | | | | | | | | | | | 4,614 | | | | | | 18,462 | | | | | | 41,538 | | | | | | | | | | | $ | 799,958 | | | ||
|
Feb 8(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,231 | | | | | $ | 399,979 | | | ||
David C. Hisey
|
| |
Jan 1(1)
|
| | | $ | 112,500 | | | | | $ | 450,000 | | | | | $ | 1,012,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Feb 8(2)
|
| | | | | | | | | | | | | | | | | | | | | | 3,460 | | | | | | 13,846 | | | | | | 31,152 | | | | | | | | | | | $ | 599,947 | | | ||
|
Feb 8(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,923 | | | | | $ | 299,974 | | | ||
John L. Killea
|
| |
Jan 1(1)
|
| | | $ | 112,500 | | | | | $ | 450,000 | | | | | $ | 1,012,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Feb 8(2)
|
| | | | | | | | | | | | | | | | | | | | | | 1,730 | | | | | | 6,922 | | | | | | 15,574 | | | | | | | | | | | $ | 299,930 | | | ||
|
Feb 8(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,461 | | | | | $ | 149,965 | | | ||
John A. Magness
|
| |
Jan 1(1)
|
| | | $ | 112,500 | | | | | $ | 450,000 | | | | | $ | 1,012,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Feb 8(2)
|
| | | | | | | | | | | | | | | | | | | | | | 1,730 | | | | | | 6,922 | | | | | | 15,574 | | | | | | | | | | | $ | 299,930 | | | ||
|
Feb 8(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,461 | | | | | $ | 149,965 | | | ||
David A. Fauth
|
| |
Jan 1(1)
|
| | | $ | 68,813 | | | | | $ | 275,250 | | | | | $ | 619,313 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Feb 8(2)
|
| | | | | | | | | | | | | | | | | | | | | | 1,058 | | | | | | 4,234 | | | | | | 9,526 | | | | | | | | | | | $ | 183,459 | | | ||
|
Feb 8(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,117 | | | | | $ | 91,730 | | |
Name
|
| |
Number of Shares
Acquired on Vesting |
| |
Value Realized on
Vesting |
| ||||||
Matthew W. Morris
|
| | | | 34,483 | | | | | $ | 1,416,291 | | |
David C. Hisey
|
| | | | 923 | | | | | $ | 41,332 | | |
John L. Killea
|
| | | | 13,361 | | | | | $ | 550,691 | | |
John A. Magness
|
| | | | 220 | | | | | $ | 9,541 | | |
David A. Fauth
|
| | | | 7,093 | | | | | $ | 291,009 | | |
Name
|
| |
Number of
Time-Based Shares or Units That Have Not Vested |
| |
Market Value of
Time-Based Shares or Units That Have Not Vested |
| |
Number of
Performance-Based Shares or Units That Have Not Vested |
| |
Market Value of
Performance-Based Shares or Units That Have Not Vested |
| ||||||||||||
Matthew W. Morris
|
| | | | 15,309 | | | | | $ | 633,792 | | | | | | 36,696 | | | | | $ | 1,519,214 | | |
David C. Hisey
|
| | | | 25,400 | | | | | $ | 1,051,560 | | | | | | 19,388 | | | | | $ | 802,663 | | |
John L. Killea
|
| | | | 22,183 | | | | | $ | 918,376 | | | | | | 11,958 | | | | | $ | 495,061 | | |
John A. Magness
|
| | | | 3,903 | | | | | $ | 161,584 | | | | | | 8,246 | | | | | $ | 341,384 | | |
David A. Fauth
|
| | | | 3,511 | | | | | $ | 145,355 | | | | | | 8,416 | | | | | $ | 348,422 | | |
Name
|
| |
2018 NEO
Contributions |
| |
2018 Change in
Account Value(1) |
| |
2018
Withdrawals |
| |
Ending Balance
as of 12/31/18 |
| ||||||||||||
Matthew W. Morris
|
| | | $ | 0 | | | | | $ | (13,052) | | | | | $ | 0 | | | | | $ | 173,988 | | |
John L. Killea
|
| | | $ | 0 | | | | | $ | (7,759) | | | | | $ | 0 | | | | | $ | 132,881 | | |
David A. Fauth
|
| | | $ | 0 | | | | | $ | (6,270) | | | | | $ | 0 | | | | | $ | 107,394 | | |
Payments
|
| |
Death
|
| |
Disability
|
| |
Retirement(1)
|
| | Involuntary Termination without “Cause” or Voluntary Resignation for “Good Reason”(1) |
| | Involuntary Termination without “Cause” or Voluntary Resignation for “Good Reason” in connection with Change in Control(1) |
|
Accrued Amounts(2)
|
| | Yes | | | Yes | | | Yes | | | Yes | | | Yes | |
Retirement or Severance Payments
|
| | | | | | | | 2 times base salary for CEO; 1 times base salary for other NEOs | | | 2 times base salary for CEO; 1 times base salary for other NEOs | | | 3 times base salary for CEO; 2 times base salary for other NEOs | |
Short-Term Incentive
|
| | Prorated incentive target for full months employed | | | Prorated incentive target for full months employed | | | None for CEO; 1 times incentive target for other NEOs | | | 2 times incentive target for CEO; None for other NEOs | | | 3 times incentive target for CEO; 2 times incentive target for other NEOs | |
Time-Based Long-Term Incentive
|
| | Delivered per vesting schedule on a pro-rata basis | | | Delivered per vesting schedule on a pro-rata basis | | | Delivered per vesting schedule without proration | | | Delivered per vesting schedule on a pro-rata basis | | | Accelerated and fully vested at target(3) | |
Performance- Based Long-Term Incentive
|
| | Delivered per vesting schedule on a pro-rata basis, based on actual results | | | Delivered per vesting schedule on a pro-rata basis, based on actual results | | | Delivered per vesting schedule on a pro-rata basis, based on actual results | | | Delivered per vesting schedule on a pro-rata basis, based on actual results | | | Accelerated and fully vested at target(3) | |
COBRA Continuation (Medical Insurance)
|
| | | | | Employer paid portion up to 12 months | | | Employer paid portion up to 12 months | | | Employer paid portion up to 12 months | | | Employer paid portion up to 12 months | |
Outplacement Services
|
| | | | | | | | | | | None for CEO; Up to $10,000 for other NEOs | | | None for CEO; Up to $10,000 for other NEOs | |
Matthew W. Morris
|
| |
Death
|
| |
Disability
|
| |
Retirement(1)
|
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” |
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” in connection with Change in Control |
| |
Change in
Control without Termination |
| ||||||||||||||||||
Cash Severance or Retirement Payments
|
| | | | | | | | | | | | | | | | | | | | | $ | 1,200,000 | | | | | $ | 1,800,000 | | | | | | | | |
Short-Term Incentive
|
| | | $ | 600,000 | | | | | $ | 600,000 | | | | | | | | | | | $ | 1,200,000 | | | | | $ | 1,800,000 | | | | | | | | |
Time-Based Long-Term
Incentive |
| | | $ | 446,747 | | | | | $ | 446,747 | | | | | | | | | | | $ | 446,747 | | | | | $ | 633,793 | | | | | $ | 633,793 | | |
Performance-Based Long-Term Incentive
|
| | | $ | 1,138,583 | | | | | $ | 1,138,583 | | | | | | | | | | | $ | 1,138,583 | | | | | $ | 1,519,214 | | | | | $ | 1,519,214 | | |
COBRA Continuation (Medical Insurance)
|
| | | | | | | | | $ | 18,157 | | | | | | | | | | | $ | 18,157 | | | | | $ | 18,157 | | | | | | | | |
Outplacement Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | $ | 2,185,330 | | | | | $ | 2,203,488 | | | | | $ | 0 | | | | | $ | 4,003,488 | | | | | $ | 5,771,164 | | | | | $ | 2,153,007 | | |
David C. Hisey
|
| |
Death or
Disability |
| |
Retirement(1)
|
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” |
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” in connection with Change in Control |
| |
Change
in Control without Termination |
| |
Involuntary
Termination without “Cause” in connection with Change of CEO |
| |
Voluntary
Resignation for “Good Reason” in connection with Change of CEO |
| |||||||||||||||||||||
Cash Severance or Retirement Payments
|
| | | | | | | | | | | | | | | $ | 450,000 | | | | | $ | 900,000 | | | | | | | | | | | $ | 450,000 | | | | | $ | 450,000 | | |
Short-Term Incentive
|
| | | $ | 450,000 | | | | | | | | | | | | | | | | | $ | 900,000 | | | | | | | | | | | $ | 450,000 | | | | | | | | |
Time-Based Long-Term
Incentive |
| | | $ | 735,430 | | | | | | | | | | | $ | 735,430 | | | | | $ | 1,051,560 | | | | | $ | 1,051,560 | | | | | $ | 947,977(2) | | | | | $ | 238,257(3) | | |
Performance-Based Long-Term
Incentive |
| | | $ | 573,307 | | | | | | | | | | | $ | 573,307 | | | | | $ | 802,663 | | | | | $ | 802,663 | | | | | $ | 611,561(2) | | | | | $ | 573,307 | | |
COBRA Continuation(4)
(Medical Insurance) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Outplacement
Services |
| | | | | | | | | | | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | | | | | | $ | 10,000 | | | | | $ | 10,000 | | | |
Total | | | | $ | 1,758,737 | | | | | $ | 0 | | | | | $ | 1,768,737 | | | | | $ | 3,664,223 | | | | | $ | 1,854,223 | | | | | $ | 2,469,538 | | | | | $ | 1,271,564 | | |
John L. Killea
|
| |
Death
|
| |
Disability
|
| |
Retirement
|
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” |
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” in connection with Change in Control |
| |
Change in
Control without Termination |
| ||||||||||||||||||
Cash Severance or Retirement
Payments |
| | | | | | | | | | | | | | | $ | 450,000(1) | | | | | $ | 450,000 | | | | | $ | 900,000 | | | | | | | | |
Short-Term Incentive
|
| | | $ | 450,000 | | | | | $ | 450,000 | | | | | $ | 450,000(1) | | | | | | | | | | | $ | 900,000 | | | | | | | | |
Time-Based Long-Term Incentive
|
| | | $ | 147,425(2) | | | | | $ | 147,425(2) | | | | | $ | 212,796(3) | | | | | $ | 147,425(2) | | | | | $ | 918,376(4) | | | | | $ | 212,796(3) | | |
Performance-Based Long-Term
Incentive |
| | | $ | 364,734 | | | | | $ | 364,734 | | | | | $ | 364,734 | | | | | $ | 364,734 | | | | | $ | 495,061 | | | | | $ | 495,061 | | |
COBRA Continuation (Medical Insurance)
|
| | | | | | | | | $ | 12,493 | | | | | $ | 12,493 | | | | | $ | 12,493 | | | | | $ | 12,493 | | | | | | | | |
Outplacement Services
|
| | | | | | | | | | | | | | | | | | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | | | |
Total | | | | $ | 962,159 | | | | | $ | 974,652 | | | | | $ | 1,490,023 | | | | | $ | 984,652 | | | | | $ | 3,235,930 | | | | | $ | 707,857 | | |
John A. Magness
|
| |
Death
|
| |
Disability
|
| |
Retirement(1)
|
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” |
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” in connection with Change in Control |
| |
Change in
Control without Termination |
| ||||||||||||||||||
Cash Severance or Retirement
Payments |
| | | | | | | | | | | | | | | | | | | | | $ | 450,000 | | | | | $ | 900,000 | | | | | | | | |
Short-Term Incentive
|
| | | $ | 450,000 | | | | | $ | 450,000 | | | | | | | | | | | | | | | | | $ | 900,000 | | | | | | | | |
Time-Based Long-Term Incentive
|
| | | $ | 104,251 | | | | | $ | 104,251 | | | | | | | | | | | $ | 104,251 | | | | | $ | 161,584 | | | | | $ | 161,584 | | |
Performance-Based Long-Term Incentive
|
| | | $ | 236,642 | | | | | $ | 236,642 | | | | | | | | | | | $ | 236,642 | | | | | $ | 341,384 | | | | | $ | 341,384 | | |
COBRA Continuation (Medical
Insurance) |
| | | | | | | | | $ | 12,493 | | | | | | | | | | | $ | 12,493 | | | | | $ | 12,493 | | | | | | | | |
Outplacement Services
|
| | | | | | | | | | | | | | | | | | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | | | |
Total | | | | $ | 790,805 | | | | | $ | 803,298 | | | | | $ | 0 | | | | | $ | 813,298 | | | | | $ | 2,325,461 | | | | | $ | 502,968 | | |
David A. Fauth
|
| |
Death
|
| |
Disability
|
| |
Retirement(1)
|
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” |
| |
Involuntary
Termination without “Cause” or Voluntary Resignation for “Good Reason” in connection with Change in Control |
| |
Change in
Control without Termination |
| ||||||||||||||||||
Cash Severance or Retirement
Payments |
| | | | | | | | | | | | | | | | | | | | | $ | 367,000 | | | | | $ | 367,000 | | | | | $ | 734,000 | | |
Short-Term Incentive
|
| | | $ | 275,250 | | | | | $ | 275,250 | | | | | | | | | | | | | | | | | $ | 550,500 | | | | | | | | |
Time-Based Long-Term Incentive
|
| | | $ | 102,424 | | | | | $ | 102,424 | | | | | | | | | | | $ | 102,424 | | | | | $ | 145,355 | | | | | $ | 145,355 | | |
Performance-Based Long-Term Incentive
|
| | | $ | 261,068 | | | | | $ | 261,068 | | | | | | | | | | | $ | 261,068 | | | | | $ | 348,422 | | | | | $ | 348,422 | | |
COBRA Continuation (Medical
Insurance) |
| | | | | | | | | $ | 18,157 | | | | | | | | | | | $ | 18,157 | | | | | $ | 18,157 | | | | | | | | |
Outplacement Services
|
| | | | | | | | | | | | | | | | | | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | | | |
Total | | | | $ | 638,742 | | | | | $ | 656,899 | | | | | $ | 0 | | | | | $ | 758,649 | | | | | $ | 1,439,434 | | | | | $ | 1,227,777 | | |
Name
|
| |
Fees Earned or
Paid in Cash |
| |
Stock
Awards(1) |
| |
All Other
Compensation(2) |
| |
Total
|
| ||||||||||||
Arnaud Ajdler
|
| | | $ | 66,000 | | | | | $ | 60,000 | | | | | $ | 0 | | | | | $ | 126,000 | | |
Thomas G. Apel(3)
|
| | | $ | 135,000 | | | | | $ | 60,000 | | | | | $ | 1,000 | | | | | $ | 196,000 | | |
C. Allen Bradley, Jr.
|
| | | $ | 77,000 | | | | | $ | 60,000 | | | | | $ | 2,000 | | | | | $ | 139,000 | | |
James Chadwick
|
| | | $ | 76,000 | | | | | $ | 60,000 | | | | | $ | 1,000 | | | | | $ | 137,000 | | |
Glenn C. Christenson
|
| | | $ | 98,500 | | | | | $ | 60,000 | | | | | $ | 2,000 | | | | | $ | 160,500 | | |
Robert L. Clarke
|
| | | $ | 53,000 | | | | | $ | 106,000 | | | | | $ | 0 | | | | | $ | 159,000 | | |
Frederick H. Eppinger
|
| | | $ | 40,500 | | | | | $ | 106,000 | | | | | $ | 2,000 | | | | | $ | 148,500 | | |
Clifford Press(4)
|
| | | $ | 40,000 | | | | | $ | 106,000 | | | | | $ | 2,000 | | | | | $ | 148,000 | | |
| | |
Year Ended December 31
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Audit fees(1)
|
| | | $ | 1,920,375 | | | | | $ | 1,806,555 | | |
Audit-related fees
|
| | | | 180,000 | | | | | | 63,900 | | |
Tax fees(2)
|
| | | | 40,000 | | | | | | 42,000 | | |
All other fees
|
| | | | — | | | | | | — | | |