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| | |
Board
Recommendation |
|
Proposal 1. Election of Directors (page 16) | | | | |
The Board of Directors (the “Board”) and the Corporate Governance, Conflicts and Nominating Committee believe that the eleven director nominees possess the necessary qualifications, attributes, skills and experience to provide advice and counsel to the Company’s management and effectively oversee the business and the long-term interests of our stockholders. | | |
FOR
each director nominee |
|
Proposal 2. Approval, on a non-binding advisory basis, of Clearway Energy, Inc.’s executive compensation (the “Say on Pay Proposal”) (page 24) | | | | |
The Company seeks a non-binding advisory vote to approve the compensation of its named executive officers (the “NEOs”) as described in the Compensation Discussion and Analysis (the “CD&A”) beginning on page 44 and the compensation tables and respective narrative discussion. The Board values stockholders’ opinions, and the Compensation Committee will take into account the outcome of the Say on Pay Proposal when considering future executive compensation decisions. | | |
FOR
|
|
Proposal 3. Approval, on a non-binding advisory basis, of the frequency of the vote to approve Clearway Energy, Inc.’s executive compensation (the “Say on Frequency Proposal”) (page 25) | | | | |
The Company seeks a non-binding advisory vote on how often the Company should include a vote to approve the Company’s executive compensation, the Say on Pay Proposal, in its proxy materials for future annual stockholder meetings. Stockholders may vote to have the Say on Pay Proposal included every year, two years or three years or abstain from the vote. | | |
ONE YEAR
|
|
Proposal 4. Ratification of the appointment of Ernst & Young LLP as Clearway Energy, Inc.’s independent registered public accounting firm for the 2023 fiscal year (the “Ratification of Ernst & Young LLP’s Appointment Proposal”) (page 26) | | | | |
The Audit Committee and the Board believe that the retention of Ernst & Young LLP as the Company’s independent registered public accounting firm for the 2023 fiscal year is in the best interests of the Company and its stockholders. As a matter of good corporate governance, stockholders are being asked to ratify the Audit Committee’s selection of Ernst & Young LLP. | | |
FOR
|
|
|
•
Separate Chairman and Chief Executive Officer
|
| |
•
Independent audit and governance committees
|
|
|
•
11 director nominees
|
| |
•
Regular executive sessions of independent directors
|
|
|
•
4 independent director nominees
|
| |
•
Anti-hedging and anti-pledging policies
|
|
|
•
Risk oversight by full Board and committees
|
| |
•
Director orientation and continuing education program
|
|
|
•
Annual self-evaluation of full Board and each committee
|
| |
•
Engagement on and oversight of environmental, social
and governance (“ESG”) matters
|
|
|
•
Lead Independent Director
|
| |
•
Board Diversity Policy
|
|
Name, Primary Occupation
|
| |
Age
|
| |
Director
Since |
| |
Independent
|
| |
Other Public
Company Boards |
| |
Committee
Memberships(1) |
| |||||||||
|
A
|
| |
C
|
| |
GCN
|
| |
ERM
|
| ||||||||||||||
Jonathan Bram
|
| |
57
|
| |
2018
|
| |
NO
|
| |
1
|
| | | | |
✓
|
| | | | | | |
Chairman of the Board of the Company, Founding Partner of Global Infrastructure Partners
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Nathaniel Anschuetz
|
| |
35
|
| |
2018
|
| |
NO
|
| |
1
|
| | | | | | | | | | |
✓
|
|
Principal at Global Infrastructure Partners
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Emmanuel Barrois
|
| |
40
|
| |
2022
|
| |
NO
|
| |
0
|
| | | | | | | | | | |
✓
|
|
Head of Renewables Portfolio Management for TotalEnergies
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Brian R. Ford(2)
|
| |
74
|
| |
2013
|
| |
YES
|
| |
1
|
| |
★
|
| |
✓
|
| |
✓
|
| | | |
Former Chief Executive Officer of Washington Philadelphia Partners, LP
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Guillaume Hédiard
|
| |
41
|
| |
2022
|
| |
NO
|
| |
0
|
| | | | | | | | | | | | |
Vice President Transactions for TotalEnergies Renewables
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Jennifer Lowry
|
| |
54
|
| |
2022
|
| |
YES
|
| |
1
|
| |
✓
|
| |
✓
|
| |
✓
|
| |
★
|
|
Former Vice President of Risk, Treasury and Corporate Finance for McCormick & Company, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Bruce MacLennan
|
| |
56
|
| |
2018
|
| |
NO
|
| |
0
|
| | | | | | | | | | | | |
Partner of Global Infrastructure Partners
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Daniel B. More
|
| |
66
|
| |
2019
|
| |
YES
|
| |
1
|
| |
✓
|
| |
✓
|
| |
★
|
| | | |
Senior Advisor at Guggenheim Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
E. Stanley O’Neal
|
| |
71
|
| |
2018
|
| |
YES
|
| |
2
|
| |
✓
|
| |
★
|
| | | | | | |
Former Chairman of the Board and Chief Executive Officer of Merrill Lynch & Co.
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Christopher S. Sotos
|
| |
51
|
| |
2013
|
| |
NO
|
| |
0
|
| | | | | | | | | | | | |
President and Chief Executive Officer of the Company
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Vincent Stoquart
|
| |
48
|
| |
2022
|
| |
NO
|
| |
0
|
| | | | | | | | | | | | |
Senior Vice President for TotalEnergies Renewables
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
•
Chairman of the Board: Jonathan Bram
|
| |
•
Lead Independent Director: Brian R. Ford
|
|
|
•
Number of directors: 11
|
| |
•
Regular executive sessions of independent directors
|
|
|
•
Number of regular meetings in 2022: 5
•
Number of special meetings in 2022: 1
|
| |
•
Audit and Corporate Governance, Conflicts and Nominating Committees composed of all independent directors
|
|
|
•
Annual election of directors
|
| |
•
Active engagement by all directors
|
|
|
•
Separate Chairman and Chief Executive Officer
|
| | | |
|
|
| |
Jonathan Bram
Age: 57 Chairman of the Board Compensation Committee
Mr. Bram has served as a director and Chairman of the board of directors of the Company since August 2018. Mr. Bram is a founding partner of GIP and serves on its Investment and Operating Committees and chairs the Investment Committee of its credit funds. Prior to the formation of GIP in 2006, Mr. Bram spent 15 years at Credit Suisse as a managing director in the Investment Banking Division, where he served in a variety of positions including co-head of the Global Industrial and Services Group, chief operating officer of the Investment Banking Division, and co-head of corporate finance for the 150-person U.S. Energy Group. He has experience financing and investing in renewables companies and projects that utilize wind, solar, geothermal and hydroelectric technologies. Mr. Bram is a member of the board of directors of Clearway Energy Group LLC, SunPower Corporation and Chile Renovables, SpA. He previously served on the boards of Terra-Gen Power, Guacolda Energy and Channelview Cogeneration. Mr. Bram holds a B.A. in economics from Columbia College. Mr. Bram’s significant experience in investment banking for, and investments in, energy and power companies, as well as his leadership role at GIP, provide strong financial and transactional experience to the Company’s board of directors.
|
|
|
|
| |
Nathaniel Anschuetz
Age: 35 Energy Risk Management Committee Mr. Anschuetz has served as a director since August 2018. Mr. Anschuetz is a Principal at GIP. Prior to joining GIP in 2012,
Mr. Anschuetz was an Analyst in the Power & Utilities Coverage Group at Citigroup from June 2010 through June 2012. Mr. Anschuetz is also a member of the board of directors of Clearway Energy Group LLC, Eolian, L.P. and SunPower Corporation. Mr. Anschuetz graduated with cum laude honors from Columbia College in 2010 with an A.B. in Economics and Operations Research, and a concentration in Sustainable Development. Mr. Anschuetz’s financial expertise provides significant value to the Company’s board of directors.
|
|
|
|
Emmanuel Barrois
Age: 40 Energy Risk Management Committee
Mr. Barrois has served as a director since October 2022. Mr. Barrois has 15 years of experience in the energy industry. Starting as a petroleum engineer in France and in Nigeria, he moved on to management positions in the Republic of Congo and the UAE. In 2019, he joined the strategy team in the Exploration & Production branch of TotalEnergies, where he led the Long Term Business Plan team. Since 2022, he has been in charge of TotalEnergies’ Renewables portfolio management team. He holds Masters of Engineering from Ecole Nationale des Ponts et Chaussées and Ecole Nationale Supérieure des Pétroles et Moteurs, and a Master of Science from Colorado School of Mines. Mr. Barrois’ engineering, energy and leadership experience provides significant value to the Company’s board of directors.
|
|
|
|
| |
Brian R. Ford
Age: 74 Lead Independent Director Audit Committee (Chair) Compensation Committee Corporate Governance, Conflicts and Nominating Committee
Mr. Ford has served as a director since July 2013 and Lead Independent Director since January 2019. Mr. Ford was the Chief Executive Officer of Washington Philadelphia Partners, LP, a real estate investment company, from 2008 through 2010. He retired as a partner from Ernst & Young LLP in June 2008 where he had been employed since 1971. Mr. Ford currently serves on the board of various companies, including FS Investment Corporation portfolios, a specialty finance company that invests primarily in the debt securities of private U.S. middle-market companies, since 2013, where he also serves as the chairman of the audit committee. He also serves on the boards of Drexel University and BAYADA Home Health. From 2013 to 2020, Mr. Ford served on the board of AmeriGas Propane, Inc., where he also served as a member of its audit and corporate governance committees. Mr. Ford received his B.S. in Economics from Rutgers University. Mr. Ford’s extensive experience in accounting and public company matters provides strong financial, audit and accounting skills to the Company’s board of directors.
|
|
|
|
Guillaume Hédiard
Age: 41
Mr. Hédiard has served as a director since October 2022. Mr. Hédiard is Vice President Transactions and is in charge of M&A, Structured Finance, and Legal activities for TotalEnergies Renewables. Prior to joining TotalEnergies in 2018, Mr. Hédiard spent 12 years at Crédit Agricole Corporate and Investment Bank in Paris and London, where he served as Executive Director in CA-CIB’s Power & Utilities EMEA team in charge of debt arranging and structured finance advisory mandates in the power sector for the EMEA region. Mr. Hédiard holds a BA Corporate Finance and Financial Engineering from the Paris Dauphine University. Mr. Hédiard’s extensive financial and power industry experience provides significant value to the Company’s board of directors.
|
|
|
|
Jennifer Lowry
Age: 54 Audit Committee Compensation Committee Corporate Governance, Conflicts and Nominating Committee Energy Risk Management Committee (Chair)
Ms. Lowry has served as a director since February 2022. Ms. Lowry served as Vice President of Risk, Treasury and Corporate Finance for McCormick & Company, Inc. from October 2019 through July 2021, and as Vice President of Corporate Finance from November 2016 through October 2019. From 2012 to 2016, Ms. Lowry held management positions with Exelon Corporation as Senior Vice President, Generation Company Strategy and Constellation Energy Group, Inc as Vice President and Treasurer. Prior to that, she held executive positions at companies within the electric power industry including AES Corporation and Cogentrix Energy Group, Inc. Ms. Lowry served on numerous governing committees within Constellation and Exelon and was recently Chair of the Maryland Zoo Board of Trustees. Ms. Lowry has also been a member of the board of directors of MYR Group, Inc. since 2018, and is currently chair of its Audit Committee. Ms. Lowry’s financial and energy industry experience provides significant value to the Company’s board of directors.
|
|
|
|
| |
Bruce MacLennan
Age: 56
Mr. MacLennan has served as a director since August 2018. Mr. MacLennan is a Partner of GIP and focuses on the energy and power sectors. Prior to joining GIP at its formation in 2006, Mr. MacLennan was a Director in the Investment Banking Division of Credit Suisse. During his time at Credit Suisse, he worked in the Global Energy Group, the Global Project Finance Group and the Global Industrial and Services Group. Mr. MacLennan holds an A.B. from Harvard University and an M.B.A. from the Wharton School of the University of Pennsylvania. He is currently a member of the board of directors of Eolian, L.P. and previously served on the boards of Competitive Power Ventures and Clearway Energy Group LLC. Mr. MacLennan’s significant experience in investment banking for, and investments in, energy and power companies, as well as his leadership role at GIP, provide strong financial and transactional experience to the Company’s board of directors.
|
|
|
|
| |
Daniel B. More
Age: 66 Audit Committee Compensation Committee Corporate Governance, Conflicts and Nominating Committee (Chair)
Mr. More has served as a director since February 2019. Mr. More has been a Senior Advisor with Guggenheim Securities since October 2015. Mr. More retired as a Managing Director and Global Head of Utility Mergers & Acquisitions of the Investment Banking Division of Morgan Stanley in 2014. He held such position since 1996. Mr. More has been an investment banker since 1978 and has specialized in the utility sector since 1986. Mr. More has served as a director of SJW Group since April 2015. He served as a director of Saeta Yield from February 2015 to June 2018 and served as a director of the New York Independent System Operator from April 2014 until February 2016. Mr. More’s extensive experience in investment banking, including capital raising and strategic initiatives, combined with experience as a director of energy industry companies, provides significant value to the Company’s board of directors.
|
|
|
|
| |
E. Stanley O’Neal
Age: 71 Audit Committee Compensation Committee (Chair)
Mr. O’Neal has served as a director since August 2018. Mr. O’Neal served as Chairman of the Board and Chief Executive Officer of Merrill Lynch & Co., Inc. until October 2007. He became Chief Executive Officer of Merrill Lynch in 2002 and was elected Chairman of the Board in 2003. Mr. O’Neal was employed with Merrill Lynch for 21 years, serving as President and Chief Operating Officer from July 2001 to December 2002; President of U.S. Private Client from February 2000 to July 2001; Chief Financial Officer from 1998 to 2000 and Executive Vice President and Co-head of Global Markets and Investment Banking from 1997 to 1998. Before joining Merrill Lynch, Mr. O’Neal was employed at General Motors Corporation where he held a number of financial positions of increasing responsibility. Currently, Mr. O’Neal is chairman of the nominating and governance committee and a member of the committee of Arconic Corp., an aluminum manufacturing company and the former parent company of Alcoa Inc. Mr. O’Neal is also a director and member of the nominating and governance committee of Element Solutions Inc. (formerly Platform Specialty Products Corporation), a global, diversified producer of high technology specialty chemical products and provider of technical services. Mr. O’Neal was a director of General Motors Corporation from 2001 to 2006, chairman of the board of Merrill Lynch & Co., Inc. from 2003 to 2007, and a director of American Beacon Advisors, Inc. (investment advisor registered with the Securities and Exchange Commission) from 2009 to September 2012. Mr. O’Neal’s extensive executive experience, financial expertise and leadership skills enable him to provide unique guidance to the Company’s board of directors and management team.
|
|
|
|
| |
Christopher S. Sotos
Age: 51 President, CEO and Director
Mr. Sotos has served as President and Chief Executive Officer of the Company since May 2016, and as a director since May 2013. Mr. Sotos had also served in various positions at NRG Energy, Inc. (“NRG”), including most recently as Executive Vice President — Strategy and Mergers and Acquisitions from February 2016 through May 2016 and Senior Vice President — Strategy and Mergers and Acquisitions from November 2012 through February 2016. In this role, he led NRG’s corporate strategy, mergers and acquisitions, strategic alliances and other special projects for NRG. Previously, he served as NRG’s Senior Vice President and Treasurer from March 2008 to September 2012, where he was responsible for all treasury functions, including raising capital, valuation, debt administration and cash management. Mr. Sotos also previously served as a director of FuelCell Energy, Inc. from September 2014 to April 2019. As President and Chief Executive Officer of the Company, Mr. Sotos provides the Company’s board of directors with management’s perspective regarding the Company’s day to day operations and overall strategic plan. Mr. Sotos also brings strong financial and accounting skills to the Company’s board of directors.
|
|
|
|
Vincent Stoquart
Age: 48
Mr. Stoquart has served as a director since October 2022. Mr. Stoquart has served as senior vice president of the Renewables division of TotalEnergies S.E. since December 6, 2021. From October 2019 to December 2021, he served as Senior Vice President, Refining and Petrochemicals Americas, and President and Chief Executive Officer of Total Petrochemicals & Refining USA, Inc. He was, during this period, also the country chair for TotalEnergies in the United States, based in Houston, Texas. Prior to that, Mr. Stoquart served as Senior Vice President, Polymers, of TotalEnergies Refining & Chemicals in Brussels, Belgium. From 2012 to 2017, Mr. Stoquart managed TotalEnergies’s Flanders Refinery in Dunkirk, France, before joining TotalEnergies Global Services where he became President, TotalEnergies Learning Solutions. Mr. Stoquart began his career with TotalEnergies in 1998 as an engineering project manager at the Feluy Polymers Plant in Belgium, working as a production manager in various positions from 2002 to 2009 before being appointed as human resources and communications manager of the Feluy Plant in 2010. Mr. Stoquart graduated as a mechanical engineer from the Catholic University of Louvain, Belgium. He also has a diploma in aeronautics and aerospace from the von Karman Institute for Fluid Dynamics. Mr. Stoquart’s engineering, energy and leadership experience provides significant value to the Company’s board of directors.
|
|
Compensation Element
|
| |
Compensation
Amount |
| |||
Annual Cash Retainer
|
| | | $ | 80,000 | | |
Annual Deferred Stock Unit Award
|
| | | $ | 125,000 | | |
Lead Independent Director Retainer
|
| | | $ | 25,000 | | |
Audit Committee Chair Retainer
|
| | | $ | 25,000 | | |
Compensation Committee Chair Retainer
|
| | | $ | 20,000 | | |
Corporate Governance, Conflicts and Nominating Committee Chair Retainer
|
| | | $ | 20,000 | | |
Energy Risk Management Committee Chair Retainer
|
| | | $ | 20,000 | | |
Employee or Directors Affiliated with GIP or TotalEnergies
|
| |
No compensation
|
|
Name
|
| |
Fees Earned
or Paid in Cash(2) |
| |
Stock
Awards(3) |
| |
Total
|
| |||||||||
Brian R. Ford
|
| | | $ | 105,000 | | | | | $ | 150,008 | | | | | $ | 255,008 | | |
Jennifer E. Lowry(4)
|
| | | $ | 113,572 | | | | | $ | 154,847 | | | | | $ | 268,419 | | |
Ferrell P. McClean(5)
|
| | | | — | | | | | $ | 245,012 | | | | | $ | 245,012 | | |
Daniel B. More(6)
|
| | | $ | 11,905 | | | | | $ | 205,014 | | | | | $ | 216,919 | | |
E. Stanley O’Neal(7)
|
| | | $ | 11,905 | | | | | $ | 205,014 | | | | | $ | 216,919 | | |
Name
|
| |
Class A Stock
Awards |
| |
Class C Stock
Awards |
| ||||||
Brian R. Ford
|
| | | | 7,185 | | | | | | 59,101 | | |
Jennifer E. Lowry
|
| | | | — | | | | | | 3,717 | | |
Ferrell P. McClean(1)
|
| | | | — | | | | | | — | | |
Daniel B. More
|
| | | | — | | | | | | 40,900 | | |
E. Stanley O’Neal
|
| | | | — | | | | | | 37,119 | | |
| | |
Class A Common Stock
|
| |
Class C Common Stock
|
| |
Common Stock
|
| |||||||||||||||||||||
Directors and Executive Officers
|
| |
Number(1)
|
| |
% of Class A
Common Stock |
| |
Number(1)
|
| |
% of Class C
Common Stock |
| |
% of Combined
Voting Power(2) |
| |||||||||||||||
Jonathan Bram
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Christopher S. Sotos
|
| | | | 27,100(3) | | | | | | * | | | | | | 333,404(3) | | | | | | * | | | | | | * | | |
Kevin P. Malcarney
|
| | | | 600(4) | | | | | | * | | | | | | 68,166(4) | | | | | | * | | | | | | * | | |
Sarah Rubenstein
|
| | | | 380(5) | | | | | | * | | | | | | 18,599(5) | | | | | | * | | | | | | * | | |
Nathaniel Anschuetz
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Emmanuel Barrois
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brian R. Ford
|
| | | | 8,277(6) | | | | | | * | | | | | | 60,819(6) | | | | | | * | | | | | | * | | |
Guillaume Hédiard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jennifer Lowry
|
| | | | — | | | | | | — | | | | | | 4,566(7) | | | | | | * | | | | | | * | | |
Bruce MacLennan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Daniel B. More
|
| | | | — | | | | | | — | | | | | | 41,397(8) | | | | | | * | | | | | | * | | |
E. Stanley O’Neal
|
| | | | — | | | | | | — | | | | | | 44,570(9) | | | | | | * | | | | | | * | | |
Vincent Stoquart
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All directors and executive officers as a
group (13 people) |
| | | | 36,357(10) | | | | | | * | | | | | | 571,521(10) | | | | | | * | | | | | | * | | |
| | |
Class A Common Stock
|
| |
Class C Common Stock
|
| |
Common Stock
|
| |||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number(1)
|
| |
% of Class A
Common Stock |
| |
Number(1)
|
| |
% of Class C
Common Stock |
| |
% of Combined
Voting Power(2) |
| |||||||||||||||
GIP Entities
1345 Avenue of the Americas, 30th Floor New York, New York 10105 |
| | | | 42,760,591(3) | | | | | | 55.26% | | | | | | 42,402,537(3) | | | | | | 34.30% | | | | | | 54.94%(4) | | |
TotalEnergies Entities
2, place Jean Millier La Défense 6, 92400 Courbevoie, France |
| | | | 42,760,591(5) | | | | | | 55.26% | | | | | | 42,402,537(5) | | | | | | 34.30% | | | | | | 54.94%(6) | | |
BlackRock, Inc.
55 East 52nd Street New York, New York 10055 |
| | | | 4,053,170(7) | | | | | | 11.71% | | | | | | 11,270,408(7) | | | | | | 13.7% | | | | | | 5.30% | | |
The Vanguard Group
100 Vanguard Boulevard Malvern, Pennsylvania, 19355 |
| | | | 3,630,807(8) | | | | | | 10.49% | | | | | | 8,598,712(8) | | | | | | 10.45% | | | | | | 4.73% | | |
Apollo Entities
|
| | | | 1,960,737(9) | | | | | | 5.66% | | | | | | — | | | | | | — | | | | | | 2.49% | | |
Morgan Stanley
1585 Broadway New York, New York 10036 |
| | | | 1,828,361(10) | | | | | | 5.28% | | | | | | — | | | | | | — | | | | | | 2.33% | | |
Apollo Entity
|
| |
Class A shares
|
| |||
Atlas
|
| | | | 167,697 | | |
Atlas Management
|
| | | | 167,697 | | |
PPF Credit Strategies
|
| | | | 116,103 | | |
Credit Strategies
|
| | | | 1,375,935 | | |
ST Management
|
| | | | 1,375,935 | | |
ST Operating
|
| | | | 1,375,935 | | |
ST Capital
|
| | | | 1,375,935 | | |
ST Management Holdings
|
| | | | 1,375,935 | | |
Kent Credit
|
| | | | 10,275 | | |
Kent Management
|
| | | | 10,275 | | |
Apollo Entity
|
| |
Class A shares
|
| |||
TR Opportunistic
|
| | | | 120,222 | | |
TR Master Fund
|
| | | | 120,222 | | |
TR Management
|
| | | | 120,222 | | |
TR Enhanced
|
| | | | 120,222 | | |
TR Enhanced Management
|
| | | | 120,222 | | |
ACM LLC
|
| | | | 7,013 | | |
ACCM LLC
|
| | | | 7,013 | | |
SA Management
|
| | | | 19,210 | | |
Capital Management
|
| | | | 1,960,737 | | |
Capital Management GP
|
| | | | 1,960,737 | | |
Management Holdings
|
| | | | 1,960,737 | | |
Management Holdings GP
|
| | | | 1,960,737 | | |
Apollo Entity
|
| |
Class A shares
|
| |||
Atlas
|
| | | | 167,697 | | |
Atlas Management
|
| | | | 167,697 | | |
PPF Credit Strategies
|
| | | | 116,103 | | |
Credit Strategies
|
| | | | 1,375,935 | | |
ST Management
|
| | | | 1,375,935 | | |
ST Operating
|
| | | | 1,375,935 | | |
ST Capital
|
| | | | 1,375,935 | | |
ST Management Holdings
|
| | | | 1,375,935 | | |
Kent Credit
|
| | | | 10,275 | | |
Kent Management
|
| | | | 10,275 | | |
TR Opportunistic
|
| | | | 120,222 | | |
TR Master Fund
|
| | | | 120,222 | | |
TR Management
|
| | | | 120,222 | | |
TR Enhanced
|
| | | | 120,222 | | |
TR Enhanced Management
|
| | | | 120,222 | | |
ACM LLC
|
| | | | 7,013 | | |
ACCM LLC
|
| | | | 7,013 | | |
SA Management
|
| | | | 19,210 | | |
Capital Management
|
| | | | 1,960,737 | | |
Capital Management GP
|
| | | | 1,960,737 | | |
Management Holdings
|
| | | | 1,960,737 | | |
Management Holdings GP
|
| | | | 1,960,737 | | |
Asset
|
| |
Technology
|
| |
Gross Capacity (MW)
|
| |
State
|
| |
COD
|
| |
Status
|
|
Daggett Solar 3 | | |
Solar/Storage
|
| |
300
|
| |
CA
|
| |
1H23
|
| |
Committed
|
|
Daggett Solar 2 | | |
Solar/Storage
|
| |
182
|
| |
CA
|
| |
2H23
|
| |
Committed
|
|
Arica | | |
Solar/Storage
|
| |
263
|
| |
CA
|
| |
2H23
|
| |
Committed
|
|
Victory Pass | | |
Solar/Storage
|
| |
200
|
| |
CA
|
| |
2H23
|
| |
Committed
|
|
Project
|
| |
Agreement Description
|
| |
Approximate
Amount Paid to CEG |
| |||
Solar | | | | | | | | | | |
Agua Caliente
|
| | O&M Agreement, dated December 22, 2017 | | | | $ | 4,439,000 | | |
Borrego
|
| | O&M Agreement, dated August 1, 2012 | | | | $ | 473,000 | | |
Buckthorn Solar
|
| | O&M Agreement, dated May 22, 2017 | | | | $ | 2,350,000 | | |
Chestnut Fund LLC
|
| | O&M Agreement, dated February 9, 2018 | | | | $ | 997,000 | | |
Clearway & EFS Distributed Solar LLC
|
| | O&M Agreement, dated October 28, 2016 | | | | $ | 201,000 | | |
CS4 Fund LLC
|
| | O&M Agreement, dated November 29, 2018 | | | | $ | 972,000 | | |
CVSR
|
| | O&M Agreement, dated September 30, 2011 | | | | $ | 3,442,000 | | |
DG-CS Holdco LLC
|
| | O&M Agreement, dated November 2, 2020 | | | | $ | 360,000 | | |
DGPV Fund I LLC
|
| | O&M Agreement, dated June 12, 2015 | | | | $ | 241,000 | | |
DGPV Fund 2 LLC
|
| | O&M Agreement, dated September 4, 2015 | | | | $ | 1,038,000 | | |
DGPV Fund 4 LLC
|
| | O&M Agreement, dated June 16, 2017 | | | | $ | 1,031,000 | | |
Golden Fields Solar III LLC
|
| | O&M Agreement, dated February 25, 2020 | | | | $ | 1,643,000 | | |
Golden Puma Fund LLC
|
| | O&M Agreement, dated March 30, 2017 | | | | $ | 694,000 | | |
Kansas South
|
| | O&M Agreement, dated June 13, 2017 | | | | $ | 635,000 | | |
Kawailoa Solar LLC
|
| | O&M Agreement, dated December 14, 2017 | | | | $ | 1,565,000 | | |
Lanikuhana Solar LLC
|
| | O&M Agreement, dated December 28, 2017 | | | | $ | 656,000 | | |
Mililani I
|
| | O&M Agreement, dated May 28, 2021 | | | | $ | 255,000 | | |
Solar Blythe
|
| | O&M Agreement, dated November 1, 2017 | | | | $ | 267,000 | | |
Solar Blythe II
|
| | O&M Agreement, dated March 1, 2017 | | | | $ | 670,000 | | |
Solar Community 1 LLC
|
| | O&M Agreement, dated February 9, 2018 | | | | $ | 135,000 | | |
SPP Fund II
|
| | O&M Agreement, dated October 31, 2017 | | | | $ | 206,000 | | |
SPP Fund III
|
| | O&M Agreement, dated October 31, 2017 | | | | $ | 217,000 | | |
TA High Desert
|
| | O&M Agreement, dated June 9, 2017 | | | | $ | 645,000 | | |
Utah Solar Portfolio
|
| | O&M Agreement, dated June 13, 2022 | | | | $ | 1,298,000 | | |
Utah Solar Holdings II LLC
|
| | O&M Agreement, dated December 1, 2021 | | | | $ | 178,000 | | |
Waipio PV LLC
|
| | O&M Agreement, dated December 28, 2017 | | | | $ | 1,282,000 | | |
Wind | | | | | | | | | | |
Alta Wind I
|
| | O&M Agreement, dated December 12, 2016 | | | | $ | 1,584,000 | | |
Alta Wind II
|
| | O&M Agreement, dated December 12, 2016 | | | | $ | 869,000 | | |
Alta Wind III
|
| | O&M Agreement, dated December 12, 2016 | | | | $ | 754,000 | | |
Alta Wind IV
|
| | O&M Agreement, dated December 12, 2016 | | | | $ | 558,000 | | |
Alta Wind V
|
| | O&M Agreement, dated December 12, 2016 | | | | $ | 854,000 | | |
Alta Wind X
|
| | O&M Agreement, dated December 12, 2016 | | | | $ | 2,627,000 | | |
Alta Wind XI
|
| | O&M Agreement, dated December 12, 2016 | | | | $ | 1,690,000 | | |
Black Rock
|
| | O&M Agreement, dated December 30, 2020 | | | | $ | 914,000 | | |
Broken Bow
|
| | O&M Agreement, dated Nov 6, 2017 | | | | $ | 584,000 | | |
Buffalo Bear
|
| | O&M Agreement, dated May 1, 2016 | | | | $ | 286,000 | | |
Cedro Hill
|
| | O&M Agreement, dated Nov 11, 2015 | | | | $ | 1,450,000 | | |
Crosswinds
|
| | O&M Agreement, dated May 1, 2016 | | | | $ | 702,000 | | |
Project
|
| |
Agreement Description
|
| |
Approximate
Amount Paid to CEG |
| |||
Elbow Creek
|
| | O&M Agreement, dated October 31, 2018 | | | | $ | 1,491,000 | | |
Forward
|
| | O&M Agreement, dated October 20, 2016 | | | | $ | 482,000 | | |
Goat Wind
|
| | O&M Agreement, dated February 18, 2008 | | | | $ | 2,682,000 | | |
Hardin
|
| | O&M Agreement, dated May 1, 2016 | | | | $ | 452,000 | | |
Langford
|
| | O&M Agreement, dated July 30, 2018 | | | | $ | 2,734,000 | | |
Laredo Ridge
|
| | O&M Agreement, dated December 24, 2015 | | | | $ | 1,575,000 | | |
Lookout
|
| | O&M Agreement, dated February 11, 2008 | | | | $ | 1,057,000 | | |
Mesquite Sky
|
| | O&M Agreement, dated December 30, 2020 | | | | $ | 1,602,000 | | |
Mesquite Star
|
| | O&M Agreement, dated May 7, 2019 | | | | $ | 1,874,000 | | |
Mt. Storm
|
| | O&M Agreement, dated April 23, 2021 | | | | $ | 783,000 | | |
Mountain Wind Power I & II
|
| | O&M Agreement, dated September 17, 2016 | | | | $ | 1,016,000 | | |
Ocotillo
|
| | O&M Agreement, dated November 3, 2020 | | | | $ | 732,000 | | |
Odin
|
| | O&M Agreement, dated September 16, 2016 | | | | $ | 474,000 | | |
Pinnacle
|
| | O&M Agreement, dated December 1, 2016 | | | | $ | 1,335,000 | | |
Rattlesnake
|
| | O&M Agreement, dated February 5, 2020 | | | | $ | 1,459,000 | | |
Sleeping Bear
|
| | O&M Agreement, dated May 1, 2016 | | | | $ | 1,872,000 | | |
Spanish Fork
|
| | O&M Agreement, dated September 16, 2016 | | | | $ | 364,000 | | |
South Trent
|
| |
Management O&M Agreement, dated October 1, 2015
|
| | | $ | 1,732,000 | | |
Taloga
|
| | O&M Agreement, dated July 1, 2016 | | | | $ | 2,679,000 | | |
Wildorado
|
| | O&M Agreement, dated February 11, 2008 | | | | $ | 2,172,000 | | |
Project
|
| |
Agreement Description
|
| |
Approximate
Amount Paid to CEG |
| |||
Solar | | | | | | | | | | |
Agua Caliente
|
| | Asset Management Agreement, dated January 18, 2012 | | | | $ | 577,000 | | |
Alpine
|
| | Asset Management Agreement, dated March 15, 2012 | | | | $ | 153,000 | | |
Buckthorn Solar
|
| | Asset Management Agreement, dated May 22, 2017 | | | | $ | 171,000 | | |
Chestnut Fund LLC
|
| | Asset Management Agreement, dated July 31, 2017 | | | | $ | 209,000 | | |
CS4 Fund LLC
|
| | Asset Management Agreement, dated November 29, 2018 | | | | $ | 168,000 | | |
CVSR
|
| | Asset Management Agreement, dated April 26, 2016 | | | | $ | 227,000 | | |
DG CS Holdco LLC
|
| | Asset Management Agreement, dated November 2, 2020 | | | | $ | 2,067,000 | | |
DGPV Fund 2 LLC
|
| | Asset Management Agreement, dated April 28,2017 | | | | $ | 156,000 | | |
Kawailoa
|
| | Asset Management Agreement, dated December 14, 2017 | | | | $ | 177,000 | | |
Oahu Solar
|
| | Asset Management Agreement, dated December 28, 2017 | | | | $ | 213,000 | | |
Rosamond Central
|
| | Project Administration Agreement, dated February 25, 2020 | | | | $ | 156,000 | | |
Project
|
| |
Agreement Description
|
| |
Approximate
Amount Paid to CEG |
| |||
SPP P-IV Master Lessee
|
| | Asset Management Agreement, dated July 12, 2012 | | | | $ | 191,000 | | |
Utah Solar Holdings LLC
|
| | Asset Management Agreement, dated December 1, 2021 | | | | $ | 429,000 | | |
Utah Solar Holdings II
LLC |
| | Asset Management Agreement, dated December 1, 2021 | | | | $ | 429,000 | | |
Wind | | | | | | | | | | |
Black Rock
|
| |
Project Administration Agreement, dated December 30, 2020
|
| | | $ | 275,000 | | |
Buffalo Bear
|
| |
Amended and Restated Services Agreement, dated
September 15, 2011 |
| | | $ | 175,000 | | |
Elbow Creek
|
| | Project Administration Agreement, dated January 1, 2018 | | | | $ | 238,000 | | |
Forward
|
| | Services Agreement, dated January 1, 2012 | | | | $ | 219,000 | | |
Langford
|
| | Project Administration Agreement, dated April 24, 2020 | | | | $ | 157,000 | | |
Laredo Ridge
|
| | Support Services Agreement, dated May 27, 2010 | | | | $ | 176,000 | | |
Lookout
|
| | Services Agreement, dated January 1, 2012 | | | | $ | 219,000 | | |
Mesquite Sky
|
| |
Project Administration Agreement, dated December 30, 2020
|
| | | $ | 350,000 | | |
Mesquite Star
|
| | Services Agreement, dated May 7, 2019 | | | | $ | 267,000 | | |
Mt. Storm
|
| | Project Administration Agreement, dated April 23, 2021 | | | | $ | 255,000 | | |
Pinnacle
|
| |
Amended and Restated Services Agreement, dated
September 15, 2011 |
| | | $ | 226,000 | | |
Rattlesnake
|
| | Project Administration Agreement, dated February 5, 2020 | | | | $ | 125,000 | | |
Sleeping Bear
|
| | Services Agreement, dated January 1, 2012 | | | | $ | 219,000 | | |
South Trent
|
| | Project Administration Agreement, dated October 1, 2015 | | | | $ | 243,000 | | |
Spanish Fork
|
| | Services Agreement, dated January 1, 2012 | | | | $ | 219,000 | | |
Taloga
|
| | Services Agreement, dated November 20, 2012 | | | | $ | 174,000 | | |
Viento Funding II, LLC
|
| |
Management and Administration Agreement, dated July 1,
2013 |
| | | $ | 269,000 | | |
Wildorado
|
| |
Project Administration Agreement, dated September 25, 2017
|
| | | $ | 243,000 | | |
Project
|
| |
Agreement Description
|
| |
Approximate
Amount Paid to CEG |
| |||
Solar | | | | | | | | | | |
Mililani I
|
| | Land Lease Agreement, dated November 19, 2020 | | | | $ | 780,000 | | |
Oahu Solar
|
| | Land Lease Agreement, dated September 19, 2019 | | | | $ | 895,000 | | |
Rosamond Central
|
| | Land Lease Agreement, dated November 18, 2020 | | | | $ | 552,000 | | |
| | | | | 45 | | | |
| | | | | 45 | | | |
| | | | | 45 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 47 | | | |
| | | | | 47 | | | |
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| | | | | 47 | | | |
| | | | | 48 | | | |
| | | | | 48 | | | |
| | | | | 49 | | | |
| | | | | 51 | | | |
| | | | | 53 | | | |
| | | | | 53 | | | |
| | | | | 53 | | | |
| | | | | 54 | | | |
| | | | | 54 | | | |
| | | | | 54 | | | |
| | | | | 55 | | | |
| | | | | 58 | | | |
| | | | | 59 | | | |
| | | | | 63 | | |
|
What We Do:
|
| |
What We Don’t Do:
|
|
|
•
Pay for performance by delivering a substantial majority of our President and CEO’s compensation through equity.
•
The large majority of our equity compensation for Senior Vice Presidents and above is performance-based
•
Target our peer group median for total direct compensation
•
Require a double trigger for the acceleration of equity vesting in connection with a change-in-control
•
Prevent undue risk taking in our compensation practices and engage in robust risk monitoring
•
Include clawback policies in our compensation plans
•
Maintain robust stock ownership guidelines for our NEOs
|
| |
•
No excise tax gross-ups on change-in-control payments and no tax gross-ups on perquisites or benefits
•
No pledging or hedging of the Company’s stock by NEOs or directors
•
No employment agreements for executive officers with the exception of our President and CEO
•
No guaranteed bonus payments for our NEOs
•
No supplemental executive retirement plans
•
No re-pricing of underwater stock options and no stock option grants with an exercise price below 100% of fair market value
|
|
|
What We Do:
|
| |
What We Don’t Do:
|
|
|
•
Provide market-level retirement benefits and limited perquisites
•
Engage an independent compensation consultant to provide advice to the Compensation Committee with respect to our compensation program
•
Conduct an annual say on pay vote
|
| | | |
NEO
|
| |
2022 Title
|
|
Christopher S. Sotos | | | President and Chief Executive Officer | |
Sarah Rubenstein | | | Senior Vice President and Chief Accounting Officer(1) | |
Kevin P. Malcarney | | |
Executive Vice President, General Counsel and Corporate Secretary(2)
|
|
Chad Plotkin | | | Executive Vice President and Chief Financial Officer(3) | |
Company
|
| |
Ticker
|
| |
Company
|
| |
Ticker
|
|
Algonquin Power & Utilities Corp.
|
| | NYSE: AQN | | | MGE Energy, Inc. | | |
NASDAQ: MGEE
|
|
Alliant Energy Corporation | | |
NASDAQ: LNT
|
| | Northland Power Inc. | | | TSX: NPI | |
Atmos Energy Corporation | | | NYSE: ATO | | |
NorthWestern Corporation
|
| | NYSE: NWE | |
Avista Corporation | | | NYSE: AVA | | | Ormat Technologies, Inc. | | | NYSE: ORA | |
Black Hills Corporation | | | NYSE: BKH | | | Portland General Electric Company | | | NYSE: POR | |
Covanta Holding Corporation(1) | | | NYSE: CVA | | |
South Jersey Industries, Inc.
|
| | NYSE: SJI | |
Equitrans Midstream Corporation
|
| | NYSE: ETRN | | | TransAltaCorporation | | | NYSE: TAC | |
Genesis Energy, L.P. | | | NYSE: GEL | | | | | | | |
Innergex Renewable Energy Inc. | | | TSX: INE | | | | | | | |
Named Executive Officer
|
| |
2022 Annualized
Base Salary ($)(1) |
| |
Percentage Increase
Over 2021 (%)(2) |
| ||||||
Christopher S. Sotos
|
| | | | 665,201 | | | | | | 6% | | |
Sarah Rubenstein(3)
|
| | | | 325,000 | | | | | | 15% | | |
Kevin P. Malcarney(4)
|
| | | | 400,000 | | | | | | 25% | | |
Chad Plotkin(5)
|
| | | | 460,000 | | | | | | 18% | | |
Goal
|
| |
Weight
|
|
CAFD(1) | | |
40%
|
|
Key Performance Milestones
|
| |
60%
|
|
Overall Funding
|
| |
100%
|
|
OSHA Recordables
|
| |
- 5%
(per recordable injury) |
|
Individual Performance
|
| |
+/- 20%
|
|
CAFD Threshold
|
| |
CAFD Target
|
| |
CAFD Maximum
|
| |
CAFD Actual
|
|
$292 million
|
| |
$365 million
|
| |
$438 million
|
| |
$326 million
|
|
Named Executive Officer
|
| |
Threshold
(%)(1) |
| |
Target
(%)(1) |
| |
Maximum
(%)(1) |
| |
Target
Amount ($) |
| ||||||||||||
Christopher S. Sotos
|
| | | | 50 | | | | | | 100 | | | | | | 200 | | | | | | 665,201 | | |
Sarah Rubenstein(2)
|
| | | | 25 | | | | | | 50 | | | | | | 100 | | | | | | 162,500 | | |
Kevin Malcarney(3)
|
| | | | 32.5 | | | | | | 65 | | | | | | 130 | | | | | | 260,000 | | |
Chad Plotkin(4)
|
| | | | 35 | | | | | | 70 | | | | | | 140 | | | | | | 322,000 | | |
Named Executive Officer
|
| |
Percentage of
Annual Base Salary Achieved (%) |
| |
Percentage of
Target Achieved (%) |
| |
Annual
Incentive Payment ($) |
| |||||||||
Christopher S. Sotos
|
| | | | 109 | | | | | | 109 | | | | | | 725,069 | | |
Sarah Rubenstein(1)
|
| | | | 55 | | | | | | 109 | | | | | | 177,125 | | |
Kevin Malcarney(2)
|
| | | | 71 | | | | | | 109 | | | | | | 283,400 | | |
Chad Plotkin(3)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
Performance Targets
|
| |
Performance Requirement
|
| |
Payout Opportunity
|
| ||||||
Maximum
|
| |
75th percentile or above
|
| | | | 150% | | | |||
Target
|
| |
Standard Target:
50th percentile |
| |
Modified Target:
60th percentile (less than -20% absolute TSR) |
| | | | 100% | | |
Threshold
|
| |
25th percentile
|
| | | | 25% | | | |||
Below Threshold
|
| |
Below 25th percentile
|
| | | | 0% | | |
Named Executive Officer
|
| |
Target
Ownership Multiple |
| |
Actual
Ownership Multiple |
| ||||||
Christopher S. Sotos
|
| | | | 5.0x | | | | | | 22.1x | | |
Sarah Rubenstein(1)
|
| | | | 2.0x | | | | | | 3.0x | | |
Kevin P. Malcarney
|
| | | | 3.0x | | | | | | 6.7x | | |
Chad Plotkin
|
| | | | 3.0x | | | | | | 8.7x(2) | | |
Name and Principal
Position |
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($) |
| |
Non-Equity
Incentive Plan Compensation ($)(3) |
| |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($)(4) |
| |
Total
($) |
| |||||||||||||||||||||||||||
Christopher S. Sotos
President and Chief Executive Officer |
| | | | 2022 | | | | | | 659,682 | | | | | | — | | | | | | 1,951,273 | | | | | | — | | | | | | 725,069 | | | | | | — | | | | | | 12,200 | | | | | | 3,348,224 | | |
| | | 2021 | | | | | | 638,260 | | | | | | — | | | | | | 1,535,147 | | | | | | — | | | | | | 899,312 | | | | | | — | | | | | | 19,790 | | | | | | 3,092,509 | | | ||
| | | 2020 | | | | | | 634,500 | | | | | | — | | | | | | 1,900,423 | | | | | | — | | | | | | 699,534 | | | | | | — | | | | | | 14,111 | | | | | | 3,248,568 | | | ||
Sarah Rubenstein
Senior Vice President and Chief Accounting Officer |
| | | | 2022 | | | | | | 324,197 | | | | | | — | | | | | | 378,417 | | | | | | — | | | | | | 177,125 | | | | | | — | | | | | | 12,200 | | | | | | 891,939 | | |
| | | 2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Kevin P. Malcarney
Senior Vice President, General Counsel and Corporate Secretary |
| | | | 2022 | | | | | | 398,461 | | | | | | — | | | | | | 465,703 | | | | | | — | | | | | | 283,400 | | | | | | — | | | | | | 12,850 | | | | | | 1,160,414 | | |
| | | 2021 | | | | | | 323,991 | | | | | | — | | | | | | 348,772 | | | | | | — | | | | | | 274,368 | | | | | | — | | | | | | 12,550 | | | | | | 959,681 | | | ||
| | | 2020 | | | | | | 317,885 | | | | | | — | | | | | | 362,301 | | | | | | — | | | | | | 151,889 | | | | | | — | | | | | | 10,550 | | | | | | 842,625 | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Chad Plotkin(5)
Executive Vice President and Chief Financial Officer |
| | | | 2022 | | | | | | 278,219 | | | | | | — | | | | | | 642,691 | | | | | | — | | | | | | — | | | | | | — | | | | | | 77,372 | | | | | | 998,282 | | |
| | | 2021 | | | | | | 396,954 | | | | | | — | | | | | | 426,560 | | | | | | — | | | | | | 335,586 | | | | | | — | | | | | | 14,600 | | | | | | 1,173,700 | | | ||
| | | 2020 | | | | | | 394,615 | | | | | | — | | | | | | 559,631 | | | | | | — | | | | | | 281,551 | | | | | | — | | | | | | 14,169 | | | | | | 1,249,966 | | |
Name and Principal Position
|
| |
Year
|
| |
Financial
Advisor Services ($) |
| |
401(k)
Employer Matching Contribution ($) |
| |
Legal
Fees |
| |
PTO
Supplemental Payout ($) |
| |
Total
($) |
| ||||||||||||||||||
Christopher S. Sotos
|
| | | | 2022 | | | | | | — | | | | | | 12,200 | | | | | | — | | | | | | — | | | | | | 12,200 | | |
| | | 2021 | | | | | | — | | | | | | 11,600 | | | | | | 8,190 | | | | | | — | | | | | | 19,790 | | | ||
| | | 2020 | | | | | | 2,711 | | | | | | 11,400 | | | | | | — | | | | | | — | | | | | | 14,111 | | | ||
Sarah Rubenstein
|
| | | | 2022 | | | | | | — | | | | | | 12,200 | | | | | | — | | | | | | — | | | | | | 12,200 | | |
| | | 2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Kevin P. Malcarney
|
| | | | 2022 | | | | | | 650 | | | | | | 12,200 | | | | | | — | | | | | | — | | | | | | 12,850 | | |
| | | 2021 | | | | | | 950 | | | | | | 11,600 | | | | | | — | | | | | | — | | | | | | 12,550 | | | ||
| | | 2020 | | | | | | — | | | | | | 10,550 | | | | | | — | | | | | | — | | | | | | 10,550 | | | ||
Chad Plotkin
|
| | | | 2022 | | | | | | — | | | | | | 12,200 | | | | | | — | | | | | | 65,172 | | | | | | 77,372 | | |
| | | 2021 | | | | | | 3,000 | | | | | | 11,600 | | | | | | — | | | | | | — | | | | | | 14,600 | | | ||
| | | 2020 | | | | | | 3,000 | | | | | | 11,169 | | | | | | — | | | | | | — | | | | | | 14,169 | | |
| | | | | | | | | | | | | | | | | |
Estimated Possible Payouts Under
Non-Equity Incentive Plan Awards |
| |
Estimated Future Payouts Under
Equity Incentive Plan Awards |
| |
All Other
Stock Awards: Number of Shares |
| |
Grant Date
Fair Value of Stock(4) |
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
Award
Type |
| |
Grant
Date |
| |
Approval
Date |
| |
Threshold
($)(1) |
| |
Target
($)(2) |
| |
Maximum
($)(3) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| ||||||||||||||||||||||||||||||||||||
Christopher S. Sotos
|
| | AIP | | | | | — | | | | | | — | | | | | $ | 332,601 | | | | | $ | 665,201 | | | | | $ | 1,330,402 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | RPSU | | | | | 4/15/2022 | | | | | | 2/22/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,902 | | | | | | 39,607 | | | | | | 59,411 | | | | | | — | | | | | $ | 1,259,899 | | |
| | | RSU | | | | | 4/15/2022 | | | | | | 2/22/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,192 | | | | | $ | 691,374 | | |
Sarah Rubenstein
|
| | AIP | | | | | — | | | | | | — | | | | | $ | 81,250 | | | | | $ | 162,500 | | | | | $ | 325,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | RPSU | | | | | 4/15/2022 | | | | | | 2/22/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,920 | | | | | | 7,681 | | | | | | 11,522 | | | | | | — | | | | | $ | 244,333 | | |
| | | RSU | | | | | 4/15/2022 | | | | | | 2/22/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,916 | | | | | $ | 134,084 | | |
Kevin P. Malcarney
|
| | AIP | | | | | — | | | | | | — | | | | | $ | 130,000 | | | | | $ | 260,000 | | | | | $ | 520,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | RPSU | | | | | 4/15/2022 | | | | | | 2/22/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,363 | | | | | | 9,453 | | | | | | 14,180 | | | | | | — | | | | | $ | 300,700 | | |
| | | RSU | | | | | 4/15/2022 | | | | | | 2/22/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,819 | | | | | $ | 165,003 | | |
Chad Plotkin(5)
|
| | AIP | | | | | — | | | | | | — | | | | | $ | 161,000 | | | | | $ | 322,000 | | | | | $ | 644,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | RPSU | | | | | 4/15/2022 | | | | | | 2/22/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,261 | | | | | | 13,045 | | | | | | 19,568 | | | | | | — | | | | | $ | 414,961 | | |
| | | RSU | | | | | 4/15/2022 | | | | | | 2/22/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,651 | | | | | $ | 227,730 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Incentive
Plan Awards |
| |||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock that Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock that Have Not Vested ($) |
| |
Number of
Unearned Shares that Have Not Vested (#)(1) |
| |
Market
Value of Unearned that Have Not Vested ($)(1) |
| ||||||||||||||||||||||||
Christopher S. Sotos
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 45,836(2) | | | | | | 1,460,793 | | | | | | 149,062(3) | | | | | | 4,750,606 | | |
Sarah Rubenstein
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,735(4) | | | | | | 405,864 | | | | | | 7,916(5) | | | | | | 252,283 | | |
Kevin P. Malcarney
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,115(6) | | | | | | 322,365 | | | | | | 32,001(7) | | | | | | 1,019,872 | | |
Chad Plotkin(8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Number of
Shares Acquired on Exercise (#) |
| |
Value Realized
on Exercise ($) |
| |
Number of Shares
Acquired on Vesting (#)(1) |
| |
Value Realized on
Vesting ($)(2) |
| ||||||||||||
Christopher S. Sotos
|
| | | | — | | | | | | — | | | | | | 122,092(3) | | | | | | 4,368,298 | | |
Sarah Rubenstein
|
| | | | | | | | | | | | | | | | 6,668(4) | | | | | | 227,324 | | |
Kevin P. Malcarney
|
| | | | — | | | | | | — | | | | | | 24,283(5) | | | | | | 868,759 | | |
Chad Plotkin(7)
|
| | | | — | | | | | | — | | | | | | 37,567(6) | | | | | | 1,344,742 | | |
Named Executive Officer
|
| |
Involuntary
Termination Not for Cause ($) |
| |
Voluntary
Termination for Good Reason ($) |
| |
Involuntary
Not for Cause or Voluntary for Good Reason Following a Change in Control ($) |
| |
Death or
Disability ($) |
| |
Qualified
Retirement |
| |||||||||||||||
Christopher S. Sotos
|
| | | | 1,683,534 | | | | | | 1,683,534 | | | | | | 10,888,490 | | | | | | 6,876,752 | | | | | | — | | |
Sarah Rubenstein(1)
|
| | | | 789,655 | | | | | | — | | | | | | 1,830,963 | | | | | | 820,750 | | | | | | — | | |
Kevin P. Malcarney(2)
|
| | | | 897,351 | | | | | | — | | | | | | 3,613,118 | | | | | | 1,602,367 | | | | | | 1,133,550 | | |
Chad Plotkin(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Summary Compensation Table Total for (PEO) ($)(2) | | | Compensation Actually Paid to (PEO) ($)(3) | | | Average Summary Compensation Table Total for Non-PEO Named Executive Officers ($)(2) | | | Average Compensation Actually Paid to Non-PEO Named Executive Officers ($)(3) | | | Value of Initial Fixed $100 Investment Based On:(4) | | | | | | | | |||||||||||||||||||||||||||
Year(1) | | | Total Shareholder Return ($) | | | Peer Group Total Shareholder Return ($) | | | Net Income ($000,000) | | | ($000,000)(5) | | ||||||||||||||||||||||||||||||||||||
2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2020
|
| |
2021
|
| |
2022
|
|
Chad Plotkin | | | Chad Plotkin | | | Chad Plotkin | |
Kevin Malcarney | | | Kevin Malcarney | | | Kevin Malcarney | |
Mary-Lee Stillwell | | | | | | Sarah Rubenstein | |
Year | | | Summary Compensation Table Total for PEO ($) | | | Exclusion of Stock Awards for PEO ($) | | | Inclusion of Equity Values for PEO ($) | | | Compensation Actually Paid to PEO ($) | | ||||||||||||
2022 | | | | | | | | | | ( | | | | | | | | | | | | | |||
2021 | | | | | | | | | | ( | | | | | | | | | | | | | |||
2020 | | | | | | | | | | ( | | | | | | | | | | | | |
Year | | | Average Summary Compensation Table Total for Non-PEO NEOs ($) | | | Average Exclusion of Stock Awards for Non-PEO NEOs ($) | | | Average Inclusion of Equity Values for Non-PEO NEOs ($) | | | Average Compensation Actually Paid to Non-PEO NEOs ($) | | ||||||||||||
2022 | | | | | | | | | | ( | | | | | | ( | | | | | | | | ||
2021 | | | | | | | | | | ( | | | | | | | | | | | | | |||
2020 | | | | | | | | | | ( | | | | | | | | | | | | |
Year | | | Year-End Fair Value of Equity Awards Granted During Year that Remained Unvested as of Last Day of Year for PEO ($) | | | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Equity Awards Granted During any Prior Year that Remained Unvested as of Last Day of Year for PEO ($) | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested During Year for PEO ($) | | | Change in Fair Value from Last Day of Prior Year to Vesting Date of Equity Awards Granted During any Prior Year that Vested During Year for PEO ($) | | | Fair Value at Last Day of Prior Year of Equity Awards Granted During any Prior Year that Forfeited During Year for PEO ($) | | | Total – Inclusion of Equity Values for PEO ($) | | ||||||||||||||||||
2022 | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | | | ||||
2021 | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | |||||
2020 | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | |
Year | | | Average Year-End Fair Value of Equity Awards Granted During Year that Remained Unvested as of Last Day of Year for Non-PEO NEOs ($) | | | Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Equity Awards Granted During any Prior Year that Remain Unvested as of Last Day of Year for Non-PEO NEOs ($) | | | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested During Year for Non-PEO NEOs ($) | | | Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Equity Awards Granted During any Prior Year that Vested During Year for Non-PEO NEOs ($) | | | Average Fair Value at Last Day of Prior Year of Equity Awards Granted During any Prior Year that Forfeited During Year for Non-PEO NEOs ($)(1) | | | Total – Average Inclusion of Equity Values for Non-PEO NEOs ($) | | ||||||||||||||||||
2022 | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | ( | | | | | | ( | | | ||
2021 | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | |||||
2020 | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | |
| | |
Year Ended
December 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Audit Fees
|
| | | $ | 4,484 | | | | | $ | 4,425 | | |
Audit-Related Fees
|
| | | | — | | | | | | — | | |
Tax Fees
|
| | | | 1,560 | | | | | | 1,605 | | |
All Other Fees
|
| | | | 7 | | | | | | 7 | | |
Total
|
| | | $ | 6,051 | | | | | $ | 6,037 | | |
Proposal
|
| |
Treatment of Abstentions
|
| |
Treatment of Broker Non-Votes
|
|
1.
Election of Directors
|
| | No effect on this proposal. | | | No effect on this proposal. | |
2.
Say on Pay Proposal
|
| | Counted toward the tabulation of votes on this proposal and will have the same effect as a vote AGAINST this proposal. | | | No effect on this proposal. | |
3.
Say on Frequency Proposal
|
| | Counted toward the tabulation of votes on this proposal and will have the same effect as a vote AGAINST this proposal. | | | No effect on this proposal. | |
4.
Ratification of Ernst & Young LLP’s Appointment Proposal
|
| | Counted toward the tabulation of votes on this proposal and will have the same effect as a vote AGAINST this proposal. | | | Not applicable since brokers have discretionary authority to vote on this proposal. | |