UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
NOTICE OF 20162022 ANNUAL MEETING OF STOCKHOLDERS
The 20162022 Annual Meeting of Stockholders (the "“Annual Meeting"”) of Dillard's,Dillard’s, Inc. (the "“Company"”) will be held at the Company'sCompany’s Corporate Office, 1600 Cantrell Road, Little Rock, Arkansas 72201, on Saturday, May 21, 2016,2022, at 9:00 a.m. CDT for the following purposes:
By Order of the Board of Directors DEAN L. WORLEY Vice President, General Counsel, Corporate Secretary |
Little Rock, Arkansas
April 4, 2016
Important notice regardingNotice Regarding the availabilityAvailability of proxy materialsProxy Materials for the 20162022 Annual Meeting of Stockholders to be heldBe Held on May 21, 2016.2022. The accompanying Proxy Statement and the Company'sCompany’s Annual Report on Form 10-K are available at http://investor.shareholder.com/dillards/annuals.cfm
Plan, such stockholder is entitled to instruct EvercoreNewport Trust Company N.A. ("Evercore"(“Newport”), Trustee for the 401(k) Plan ("(“Trustee"”), on how to vote such shares, provided that his or her voting instructions are submitted in accordance with the instructions on the proxy card and received by May 18, 2022 or submitted in accordance with the instructions on the Notice of Internet Availability of Proxy Materials and received by no later than 11:59 p.m. EDT on May 18, 20162022 in order to allow sufficient time for votes within the
ratification of KPMG LLP as the Company'sCompany’s independent registered public accounting firm (Proposal No. 2) and to approve the stockholder proposal (Proposal No. 3).
KPMG.
Name and Address of Beneficial Owner | | | Title of Class | | | Amount and Nature Of Beneficial Ownership | | | Percent Of Class(1) | | ||||||
Newport Trust Company 815 Connecticut Avenue, NW, Suite 510 Washington, DC 20006 | | | Class A | | | | | 5,683,965(2) | | | | | | 39.93% | | |
Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 | | | Class A | | | | | 1,267,363(3) | | | | | | 8.90% | | |
W.D. Company, Inc.(4) 1600 Cantrell Road Little Rock, AR 72201 | | | Class A | | | | | 41,496 | | | | | | 0.29% | | |
| Class B | | | | | 3,985,776 | | | | | | 99.99% | | |
Name and Address of Beneficial Owner | Title of Class | Amount and Nature Of Beneficial Ownership | Percent Of Class(1) | ||||||
---|---|---|---|---|---|---|---|---|---|
Evercore Trust Company, N.A. | Class A | 8,148,612 | (2) | 25.8 | % | ||||
FMR, LLC | Class A | 2,809,436 | (3) | 8.9 | % | ||||
Greenlight Capital, Inc. | Class A | 1,743,582 | (4) | 5.5 | % | ||||
W.D. Company, Inc.(5) | Class A | 41,496 | 0.1 | % | |||||
1600 Cantrell Road | Class B | 3,985,776 | 99.4 | % | |||||
Little Rock, AR 72201 |
| | | Class A Shares | | | Class B Shares | | ||||||||||||||||||
Name of Beneficial Owner | | | Amount(1) | | | % of Class | | | Amount(1) | | | % of Class | | ||||||||||||
Robert C. Connor | | | | | 76,009(2) | | | | | | * | | | | | | — | | | | | | — | | |
William E. (Chip) Connor, II | | | | | 500 | | | | | | * | | | | | | — | | | | | | — | | |
Alex Dillard(3) | | | | | 1,178,689(6) | | | | | | 8.3%(6) | | | | | | (6) | | | | | | (6) | | |
Mike Dillard(4) | | | | | 538,613(6) | | | | | | 3.8%(6) | | | | | | (6) | | | | | | (6) | | |
William Dillard, II(5) | | | | | 945,728(6) | | | | | | 6.6%(6) | | | | | | (6) | | | | | | (6) | | |
William Dillard, III | | | | | 250,541(7) | | | | | | 1.8% | | | | | | — | | | | | | — | | |
James I. Freeman | | | | | 88,264(8) | | | | | | * | | | | | | — | | | | | | — | | |
H. Lee Hastings, III | | | | | 19,312 | | | | | | * | | | | | | — | | | | | | — | | |
Rob C. Holmes | | | | | 1,000 | | | | | | * | | | | | | — | | | | | | — | | |
Chris B. Johnson | | | | | 17,238 | | | | | | * | | | | | | — | | | | | | — | | |
Denise Mahaffy | | | | | 166,453(9) | | | | | | 1.2% | | | | | | — | | | | | | — | | |
Drue Matheny | | | | | 456,549(10) | | | | | | 3.2% | | | | | | — | | | | | | — | | |
Frank R. Mori | | | | | 29,272 | | | | | | * | | | | | | — | | | | | | — | | |
Reynie Rutledge | | | | | 20,827 | | | | | | * | | | | | | — | | | | | | — | | |
Warren A. Stephens | | | | | 126,970(11) | | | | | | * | | | | | | — | | | | | | — | | |
J. C. Watts, Jr. | | | | | 11,400(12) | | | | | | * | | | | | | — | | | | | | — | | |
Phillip R. Watts | | | | | 19,745 | | | | | | * | | | | | | — | | | | | | — | | |
Nick White | | | | | — | | | | | | * | | | | | | — | | | | | | — | | |
All Directors & Executive Officers as a Group (a total of 25 persons) | | | | | 4,237,565(6) | | | | | | 29.8%(6) | | | | | | (6) | | | | | | (6) | | |
| | | Class B Shares | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class A Shares | ||||||||||||
| | % of Class | |||||||||||
Name of Beneficial Owner | Amount(1) | % of Class | Amount(1) | ||||||||||
Robert C. Connor | 61,009 | (2) | * | — | — | ||||||||
Alex Dillard(3) | 1,173,601 | (4) | 3.7 | % | 3,985,776 | (4) | 99.4 | % | |||||
Mike Dillard(3) | 657,905 | (4) | 2.1 | % | 3,985,776 | (4) | 99.4 | % | |||||
William Dillard, II(3) | 1,125,350 | (4) | 3.6 | % | 3,985,776 | (4) | 99.4 | % | |||||
James I. Freeman | 276,881 | * | — | — | |||||||||
H. Lee Hastings, III | 9,112 | (5) | * | — | — | ||||||||
Chris B. Johnson | 7,763 | * | — | — | |||||||||
Drue Matheny | 481,350 | (6) | 1.5 | % | — | — | |||||||
Frank R. Mori | 16,072 | * | — | — | |||||||||
Reynie Rutledge | 7,400 | * | — | — | |||||||||
Warren A. Stephens | 130,638 | (7) | * | — | — | ||||||||
J. C. Watts, Jr. | 4,250 | (8) | * | — | — | ||||||||
Phillip R. Watts | 10,359 | * | — | — | |||||||||
Nick White | 46,102 | * | — | — | |||||||||
All Directors & Executive Officers as a Group (a total of 20 persons) | 4,306,223 | (9) | 13.6 | % | 3,985,776 | (9) | 99.4 | % |
or director of W.D. Company, Inc. Therefore, she is not deemed to have adisclaims beneficial interest in any Dillard's, Inc.ownership over shares ownedheld by W.D. Company, Inc.
director.
Reynie Rutledge, 66,72, has served as a Director of the Company since 2013. At all times during the past five years, Mr. Rutledge ishas served as the Chairman of First Security Bancorp, a financial services holding company headquartered in Searcy, Arkansas. With over 40 years of experience in banking, Mr. Rutledge has been involved with all aspects of finance and management while leading First Security Bancorp to become the fifth largest bank holding company based in Arkansas, with over $4.7$8.2 billion in assets and 7480 locations throughout the state.state as of December 31, 2021. First Security Bancorp consists of First Security Bank, First Security Crews & Associates investment banking firm and First Security Public Finance. First Security Bancorp is not a subsidiary or other affiliate of the Company. HeMr. Rutledge is a graduate of the University of Arkansas withwhere he earned a degree in industrial engineering where he also earned hisand a Master of Business Administration ("MBA").Administration. Mr. Rutledge is a past Chairman of the Arkansas Bankers Association and the Business Advisory Board of Harding University. HeMr. Rutledge is also a member of the Arkansas Academy of Industrial Engineering, a member and past chairmanChairman of the Dean'sDean’s Executive Advisory Board for the Sam M. Walton College of Business, a member of the Campaign Arkansas Executive Committee, a past chairmanChairman of the Arkansas Business Hall of Fame Selection Committee, the University of Arkansas 2000 Volunteer of the Year, a 2012 recipient of the University of Arkansas Distinguished Alumni Award and the currentpast Chairman of the University of Arkansas Board of Trustees. In 2020, Mr. Rutledge'sRutledge was inducted into the Arkansas Business Hall of Fame. Mr. Rutledge’s extensive career in commercial banking provides insights into the credit markets for the Board. Mr. Rutledge serves as Chairman of the Audit Committee.
Chairman of the J.C. Watts Companies, which provideprovides both consulting and advocacy services. The J.C. Watts Companies are not subsidiaries or other affiliates of the Company. Mr. Watts was elected toserved in the U.S. Congress from the fourth district of Oklahoma in 1994.from 1995 to 2003. In 1998, he was elected chairman of the Republican Conference in the U.S. House of Representatives. He served for eight years on the House Armed Services Committee. He authored legislation to create the House Select Committee on Homeland Security, a committee on which he later served. He also served on the House Transportation and Infrastructure Committee as well as the House Banking Committee. He led two congressional trade missions to Africa. Mr. Watts co-authored the American Community Renewal and New Markets Act and authored the Community Solutions Act of 2001. He also crafted legislation with Congressman John Lewis to establish athe Smithsonian museumNational Museum of African American history.History and Culture. He has served as an analyst on television news programs nationally and internationally. Mr. Watts led a U.S. delegation to Vienna, Austria, at the request of President George W. Bush and Secretary of State Colin Powell, to the Organization for Security and Cooperation in Europe Conference on Racism, Discrimination and Xenophobia and accompanied President Bush on his historic trip to Africa. He co-founded the Coalition for AIDS Relief in Africa and served on the Board of Africare. He has also created the J.C. and Frankie Watts Foundation to focus on urban renewal and other charitable initiatives. He is the Chairman of Watts Equipment and the President and CEOChairman of Feed the Children in Oklahoma City, Oklahoma.Black News Channel, which is the first ever African American news channel. Mr. Watts brings to the Board not only an understanding and sensitivity to the political and cultural issues which the Company regularly faces but also a wealth of knowledge of the regulatory environment which continues to growchange and affect the Company'sCompany’s operations. Mr. Watts currently serves on the Audit Committee.
Arkansas for Medical Sciences Foundation Fund, Philander Smith College, Union Bank and Worthen Bank in Little Rock, Arkansas and First National Bank of Ft. Worth, Texas. Mr. Dillard'sDillard’s understanding of both the merchandising and the operational aspects of the retail business has enabled the Board to more effectively gain a broad overview of the day-to-day processes involved in the operation of the Company.
sales objectives.
merchandising functions. She brings to the Board a deep understanding of the exacting tastes and preferences of the Company'sCompany’s customers.
In nominating a slate of directors, the objective is to select individuals with skills and experience that can be of assistance in operating the Company'sCompany’s business. The following core criteria are considered in nominating each candidate:
attend the Company'sCompany’s Annual Meeting. All individuals serving as director at that time were in attendance at the Company'sCompany’s Annual Meeting held on May 16, 2015, except for Warren A. Stephens.
15, 2021.
Directors and associates, and their designees, are prohibited from purchasing financial instruments (including prepaid variable forward contracts, equity swaps, collars and exchange funds), or otherwise engaging in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of the Company’s equity securities (a) granted to the associate or Director by the Company as part of the compensation of the associate or Director or (b) held, directly or indirectly, by the Director or associate.
2021.
of Section 162(m) of the Internal Revenue Code.Act. The Compensation Committee held fivethree meetings during fiscal 2015.
2021.
20152021 Director Compensation
In 2015,
companies for use in determining the Company’s director compensation. Upon review and consultation with Korn Ferry, the Compensation Committee determined not to make any changes to the structure of the director compensation program.
Name | | | Fees Earned or Paid in Cash ($) | | | Stock Awards ($)(1) | | | Option Awards ($) | | | Non-Equity Incentive Plan Compensation ($) | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | | All Other Compensation ($)(2) | | | Total ($) | | |||||||||||||||||||||
Robert C. Connor | | | | $ | 125,000 | | | | | $ | 118,510 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 243,510 | | |
Frank R. Mori | | | | | 100,000 | | | | | | 118,510 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 218,510 | | |
H. Lee Hastings, III | | | | | 100,000 | | | | | | 118,510 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,018 | | | | | | 225,528 | | |
Rob C. Holmes | | | | | 100,000 | | | | | | 118,510 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 218,510 | | |
Reynie Rutledge | | | | | 125,000 | | | | | | 118,510 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 243,510 | | |
Warren A. Stephens | | | | | 100,000 | | | | | | 118,510 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 218,510 | | |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Robert C. Connor | $ | 125,000 | $ | 116,150 | $ | — | $ | — | $ | — | $ | — | $ | 241,150 | ||||||||
Frank R. Mori | 100,000 | 116,150 | — | — | — | — | 216,150 | |||||||||||||||
H. Lee Hastings, III | 100,000 | 116,150 | — | — | — | — | 216,150 | |||||||||||||||
Reynie Rutledge | 125,000 | 116,150 | — | — | — | — | 241,150 | |||||||||||||||
Warren A. Stephens | 100,000 | 116,150 | — | — | — | — | 216,150 | |||||||||||||||
J.C. Watts, Jr. | 100,000 | 116,150 | — | — | — | — | 216,150 | |||||||||||||||
Nick White | 100,000 | 116,150 | — | — | — | — | 216,150 | |||||||||||||||
James I. Freeman | 100,000 | 116,150 | — | — | — | — | 216,150 |
Name | | | Fees Earned or Paid in Cash ($) | | | Stock Awards ($)(1) | | | Option Awards ($) | | | Non-Equity Incentive Plan Compensation ($) | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | | All Other Compensation ($)(2) | | | Total ($) | | |||||||||||||||||||||
J.C. Watts, Jr. | | | | | 100,000 | | | | | | 118,510 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 218,510 | | |
Nick White | | | | | 100,000 | | | | | | 118,510 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 218,510 | | |
James I. Freeman | | | | | 100,000 | | | | | | 118,510 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 218,510 | | |
THE BOARD OF DIRECTORS OF THE COMPANY RECOMMENDS THAT STOCKHOLDERS VOTEFORTHE SLATE OF DIRECTORS NOMINATED BY THE BOARD. PROXIES SOLICITED BY THE BOARD WILL BE VOTEDFOREACH NOMINEE UNLESS STOCKHOLDERS SPECIFY A CONTRARY VOTE. Management does not know of any nominee who will be unable to serve, but should any nominee be unable or decline to serve,
There have been no As a result, the Compensation Committee determined not to make material changes to our compensation programs during the fiscal year.
We continue
Compensation Philosophy
As shown in the table below, the
Allocation of Total Direct Compensation | | ||||||||||||||||||||||||
NEO | | | Base Salary | | | Annual Cash Performance Bonuses | | | Equity-Based Compensation Awards | | | Other Compensation | | ||||||||||||
William Dillard, II, | | | | | 8.7% | | | | | | 88.6% | | | | | | 0.5% | | | | | | 2.2% | | |
Chief Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | |
Alex Dillard, | | | | | 8.7% | | | | | | 88.5% | | | | | | 0.5% | | | | | | 2.3% | | |
President | | | | | | | | | | | | | | | | | | | | | | | | | |
Mike Dillard, | | | | | 12.0% | | | | | | 85.2% | | | | | | 0.7% | | | | | | 2.1% | | |
Executive Vice President | | | | | | | | | | | | | | | | | | | | | | | | | |
Drue Matheny, | | | | | 12.0% | | | | | | 85.6% | | | | | | 0.7% | | | | | | 1.7% | | |
Executive Vice President | | | | | | | | | | | | | | | | | | | | | | | | | |
Chris B. Johnson, | | | | | 16.8% | | | | | | 79.7% | | | | | | 1.0% | | | | | | 2.5% | | |
Senior Vice President and Co-Principal Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | |
Phillip R. Watts, | | | | | 16.9% | | | | | | 80.2% | | | | | | 1.0% | | | | | | 1.9% | | |
Senior Vice President, Co-Principal Financial Officer and Principal Accounting Officer | | | | | | | | | | | | | | | | | | | | | | | | | |
NEO | Base Salary | Annual Cash Performance Bonuses | Equity-Based Compensation Awards | All Other Compensation | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
William Dillard, II | 30.5 | % | 54.5 | % | 6.3 | % | 8.7 | % | |||||
Alex Dillard | 30.6 | % | 54.7 | % | 6.4 | % | 8.3 | % | |||||
Mike Dillard | 41.1 | % | 44.8 | % | 6.0 | % | 8.1 | % | |||||
Drue Matheny | 41.9 | % | 45.5 | % | 6.1 | % | 6.5 | % | |||||
Chris B. Johnson | 56.9 | % | 28.0 | % | 4.0 | % | 11.1 | % | |||||
Phillip R. Watts | 58.1 | % | 28.6 | % | 4.1 | % | 9.2 | % |
How We Determine Compensation
The Compensation Committee regularly reviews and evaluates our compensation program to ensure that it:
| ||||||||
Abercrombie & Fitch Co. | | |||||||
The Gap, Inc. | | | Starbucks Corporation | | ||||
American Eagle Outfitters, Inc. | | L Brands, Inc. | | | The TJX Companies, Inc. | | ||
| Chico’s FAS, Inc. | | | Macy’s, Inc. | | | Ulta Beauty, Inc. | |
| The | | | Nordstrom, Inc. | | | Urban Outfitters, Inc. | |
| DICK’S Sporting Goods, Inc. | | | Shoe Carnival, Inc. | | |||
Williams-Sonoma, Inc. | |
retained by the Company is generally lower than the number of senior executives at other companies in the comparisonpeer group, which we believe places our executive management closer in the chain of command to associates for whom they are responsible. The benefit of our structure is that we are able to effectively manage our associates without unnecessary layers of intermediate managers. The Compensation Committee believes this approach increases the demands upon the named executive'sexecutive officers’ time and requires a greater depth of knowledge of operations than that of his or hertheir peers in the comparisonpeer group. Accordingly, the Compensation Committee believes that our named executive officers'officers’ compensation should reflect this increased responsibility.
For fiscal 2015, the
| | | NEO Base Salary | | |||||||||||||||
| | | Fiscal 2021 | | | Fiscal 2020 | | | % Change | | |||||||||
William Dillard, II | | | | $ | 1,070,000 | | | | | $ | 1,070,000 | | | | | | —% | | |
Alex Dillard | | | | | 1,070,000 | | | | | | 1,070,000 | | | | | | —% | | |
Mike Dillard | | | | | 765,000 | | | | | | 765,000 | | | | | | —% | | |
Drue Matheny | | | | | 765,000 | | | | | | 765,000 | | | | | | —% | | |
Chris B. Johnson | | | | | 575,000 | | | | | | 550,000 | | | | | | 4.5% | | |
Phillip R. Watts | | | | | 575,000 | | | | | | 550,000 | | | | | | 4.5% | | |
However, the base salaries of William Dillard, II and Alex Dillard are below the median base salaries of the executive officers for the peer group of retailers listed above.
The following table sets forth for each named executive officer such officer's:officer’s: (1) assigned percent allocation of the fiscal 20152021 bonus pool, and (2) actual percent allocation of the fiscal 2021 bonus paymentpool, as adjusted to comply with Cash Bonus Plan limits and (3) actual bonus to be paid under the Cash Bonus Plan for fiscal 2015:
NEO | | | Assigned Percent Allocation of the Fiscal 2021 Bonus Pool | | | Actual Percent Allocation of the Fiscal 2021 Bonus Pool | | | Cash Bonus to be paid for Fiscal 2021 under Cash Bonus Plan | | |||||||||
William Dillard, II | | | | | 28% | | | | | | 20% | | | | | $ | 10,883,600 | | |
Alex Dillard | | | | | 28% | | | | | | 20% | | | | | $ | 10,883,600 | | |
Mike Dillard | | | | | 10% | | | | | | 10% | | | | | $ | 5,441,800 | | |
Drue Matheny | | | | | 10% | | | | | | 10% | | | | | $ | 5,441,800 | | |
Chris B. Johnson | | | | | 5% | | | | | | 5% | | | | | $ | 2,720,900 | | |
Phillip R. Watts | | | | | 5% | | | | | | 5% | | | | | $ | 2,720,900 | | |
NEO | Assigned Percent Allocation of the Fiscal 2015 Bonus Pool | Cash Bonus Payment for Fiscal 2015 under Cash Bonus Plan | |||||
---|---|---|---|---|---|---|---|
William Dillard, II | 29 | % | $ | 1,784,100 | |||
Alex Dillard | 29 | % | $ | 1,784,100 | |||
Mike Dillard | 13 | % | $ | 799,800 | |||
Drue Matheny | 13 | % | $ | 799,800 | |||
Chris B. Johnson | 4 | % | $ | 246,050 | |||
Phillip R. Watts | 4 | % | $ | 246,050 |
2021.
matched 100%. All contributions to the Stock Purchase Plan are used to purchase Class A Common Stock at market prices.
”
corporation's corporation’s chief executive officer, or to any of its other three most highly compensated executive officers, other thanor to the co-principal financial officers. However,For compensation paid prior to 2018 and certain “grandfathered” arrangements in place prior to November 2, 2017, the statute exemptsexempted qualifying performance-based compensation from the deduction limit$1 million limitation if specified requirements are met. However, the performance-based compensation exemption has been repealed, effective for taxable years beginning after December 31, 2017, such that future compensation paid to our named executive officers, including the co-principal financial officers, in excess of $1,000,000 will not be deductible unless it qualifies for transition relief applicable to certain arrangements in place as of November 2, 2017. The Compensation Committee has historically structured executive compensation in order to preserve its deductibility under Section 162(m). to the extent practical. The Compensation Committee reservescontinues to reserve the right, however, to grant or approve compensation or awards that may not be deductible when it believes such compensation or awards are in the best interests of the Company and its stockholders or are necessary to assure competitive total compensation for our named executive officers. In fiscal 2015, approximately $285,000 paid to the NEOs was not deductible under Internal Revenue Code rules and regulations.
|
2019.
Name and Principal Position | | | Year | | | Salary ($)(1) | | | Bonus ($) | | | Stock Awards ($)(2) | | | Option Awards($) | | | Non-Equity Incentive Plan Compensation ($)(1) | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings($)(3) | | | All Other Compensation ($)(4) | | | Total Compensation ($)(1) | | |||||||||||||||||||||||||||
William Dillard, II Chief Executive Officer | | | | | 2021 | | | | | $ | 1,070,000 | | | | | $ | — | | | | | $ | 63,300 | | | | | $ | — | | | | | $ | 10,883,600 | | | | | $ | 365,218 | | | | | $ | 273,096 | | | | | $ | 12,655,214 | | |
| | | 2020 | | | | | | 1,070,000 | | | | | | — | | | | | | 54,658 | | | | | | — | | | | | | — | | | | | | 1,718,634 | | | | | | 92,239 | | | | | | 2,935,531 | | | ||
| | | 2019 | | | | | | 1,070,000 | | | | | | — | | | | | | 117,346 | | | | | | — | | | | | | 582,400 | | | | | | — | | | | | | 158,522 | | | | | | 1,928,268 | | | ||
Alex Dillard President | | | | | 2021 | | | | | | 1,070,000 | | | | | | — | | | | | | 63,300 | | | | | | — | | | | | | 10,883,600 | | | | | | — | | | | | | 275,804 | | | | | | 12,292,704 | | |
| | | 2020 | | | | | | 1,070,000 | | | | | | — | | | | | | 63,053 | | | | | | — | | | | | | — | | | | | | 2,215,069 | | | | | | 144,297 | | | | | | 3,492,419 | | | ||
| | | 2019 | | | | | | 1,070,000 | | | | | | — | | | | | | 117,346 | | | | | | — | | | | | | 582,400 | | | | | | 5,820,037 | | | | | | 171,701 | | | | | | 7,761,484 | | | ||
Mike Dillard Executive Vice President | | | | | 2021 | | | | | | 765,000 | | | | | | — | | | | | | 45,000 | | | | | | — | | | | | | 5,441,800 | | | | | | — | | | | | | 135,419 | | | | | | 6,387,219 | | |
| | | 2020 | | | | | | 765,000 | | | | | | — | | | | | | 44,823 | | | | | | — | | | | | | — | | | | | | 1,099,321 | | | | | | 74,330 | | | | | | 1,983,474 | | | ||
| | | 2019 | | | | | | 765,000 | | | | | | — | | | | | | 69,226 | | | | | | — | | | | | | 261,100 | | | | | | 3,086,234 | | | | | | 95,797 | | | | | | 4,277,357 | | | ||
Drue Matheny Executive Vice President | | | | | 2021 | | | | | | 765,000 | | | | | | — | | | | | | 45,000 | | | | | | — | | | | | | 5,441,800 | | | | | | — | | | | | | 105,647 | | | | | | 6,357,447 | | |
| | | 2020 | | | | | | 765,000 | | | | | | — | | | | | | 44,823 | | | | | | — | | | | | | — | | | | | | 1,301,821 | | | | | | 54,802 | | | | | | 2,166,446 | | | ||
| | | 2019 | | | | | | 765,000 | | | | | | — | | | | | | 69,226 | | | | | | — | | | | | | 261,100 | | | | | | 2,866,608 | | | | | | 72,199 | | | | | | 4,034,133 | | | ||
Chris B. Johnson Senior Vice President and Co-Principal Financial Officer | | | | | 2021 | | | | | | 575,000 | | | | | | — | | | | | | 33,456 | | | | | | — | | | | | | 2,720,900 | | | | | | — | | | | | | 83,700 | | | | | | 3,413,056 | | |
| | | 2020 | | | | | | 550,000 | | | | | | — | | | | | | 31,973 | | | | | | — | | | | | | — | | | | | | 288,135 | | | | | | 82,608 | | | | | | 952,716 | | | ||
| | | 2019 | | | | | | 550,000 | | | | | | — | | | | | | 39,415 | | | | | | — | | | | | | 80,300 | | | | | | 503,142 | | | | | | 78,515 | | | | | | 1,251,372 | | | ||
Phillip R. Watts Senior Vice President, Co-Principal Financial Officer and Principal Accounting Officer | | | | | 2021 | | | | | | 575,000 | | | | | | — | | | | | | 33,456 | | | | | | — | | | | | | 2,720,900 | | | | | | — | | | | | | 64,822 | | | | | | 3,394,178 | | |
| | | 2020 | | | | | | 550,000 | | | | | | — | | | | | | 31,973 | | | | | | — | | | | | | — | | | | | | 379,404 | | | | | | 63,621 | | | | | | 1,024,998 | | | ||
| | | 2019 | | | | | | 550,000 | | | | | | — | | | | | | 39,415 | | | | | | — | | | | | | 80,300 | | | | | | 873,568 | | | | | | 63,965 | | | | | | 1,607,248 | | |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($)(2) | Change in Pension Value and Nonqualified Deferred Compensation Earnings($)(3) | All Other Compensation ($)(6) | Total Compensation ($) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
William Dillard, II | 2015 | $ | 1,000,000 | $ | 207,296 | $ | 1,784,100 | (4) | $ | 284,560 | $ | 3,275,956 | ||||||||||||||||
Chief Executive Officer | 2014 | 1,000,000 | — | 203,418 | — | 2,450,700 | (5) | 256,586 | 3,910,704 | |||||||||||||||||||
2013 | 1,000,000 | — | 238,796 | — | 2,405,300 | $ | 2,757,098 | 288,613 | 6,689,807 | |||||||||||||||||||
Alex Dillard | 2015 | 1,000,000 | 207,296 | 1,784,100 | (4) | 272,985 | 3,264,381 | |||||||||||||||||||||
President | 2014 | 1,000,000 | — | 203,210 | — | 2,450,700 | (5) | 252,498 | 3,906,408 | |||||||||||||||||||
2013 | 970,000 | — | 236,996 | — | 2,405,300 | 1,669,070 | 301,998 | 5,583,364 | ||||||||||||||||||||
Mike Dillard | 2015 | 735,000 | 107,595 | 799,800 | (4) | 144,329 | 1,786,724 | |||||||||||||||||||||
Executive Vice President | 2014 | 710,000 | — | 104,134 | — | 1,062,000 | (5) | 147,682 | 2,023,816 | |||||||||||||||||||
2013 | 695,000 | — | 118,680 | — | 1,042,300 | 320,155 | 142,281 | 2,318,416 | ||||||||||||||||||||
Drue Matheny | 2015 | 735,000 | 107,595 | 799,800 | (4) | 113,818 | 1,756,213 | |||||||||||||||||||||
Executive Vice President | 2014 | 710,000 | — | 104,134 | — | 1,062,000 | (5) | 104,114 | 1,980,248 | |||||||||||||||||||
2013 | 695,000 | — | 118,680 | — | 1,042,300 | 759,107 | 111,985 | 2,727,072 | ||||||||||||||||||||
Chris B. Johnson | 2015 | 500,000 | — | 34,823 | — | 246,050 | 37,443 | 97,496 | 915,812 | |||||||||||||||||||
Senior Vice President | ||||||||||||||||||||||||||||
and Co-Principal | ||||||||||||||||||||||||||||
Financial Officer(7) | ||||||||||||||||||||||||||||
Phillip R. Watts | 2015 | 500,000 | — | 35,117 | — | 246,050 | 154,139 | 78,944 | 1,014,250 | |||||||||||||||||||
Senior Vice President, | ||||||||||||||||||||||||||||
Co-Principal | ||||||||||||||||||||||||||||
Financial Officer | ||||||||||||||||||||||||||||
and Principal | ||||||||||||||||||||||||||||
Accounting Officer(7) |
Name | | | Year | | | Salary (Adjusted) ($) | | | Non-Equity Incentive Plan Compensation (Adjusted) ($) | | | Total Compensation (Adjusted) ($) | | ||||||||||||
William Dillard, II | | | | | 2020 | | | | | $ | 905,384 | | | | | $ | — | | | | | $ | 2,770,915 | | |
| | | 2019 | | | | | | 1,070,000 | | | | | | — | | | | | | 1,345,868 | | | ||
Alex Dillard | | | | | 2020 | | | | | | 1,045,308 | | | | | | — | | | | | | 3,467,727 | | |
| | | 2019 | | | | | | 1,070,000 | | | | | | — | | | | | | 7,179,084 | | | ||
Mike Dillard | | | | | 2020 | | | | | | 747,346 | | | | | | — | | | | | | 1,965,821 | | |
| | | 2019 | | | | | | 765,000 | | | | | | — | | | | | | 4,016,257 | | | ||
Drue Matheny | | | | | 2020 | | | | | | 747,346 | | | | | | — | | | | | | 2,148,793 | | |
| | | 2019 | | | | | | 765,000 | | | | | | — | | | | | | 3,773,033 | | | ||
Chris B. Johnson | | | | | 2020 | | | | | | 537,308 | | | | | | — | | | | | | 940,024 | | |
| | | 2019 | | | | | | 550,000 | | | | | | — | | | | | | 1,171,072 | | | ||
Phillip R. Watts | | | | | 2020 | | | | | | 537,308 | | | | | | — | | | | | | 1,012,306 | | |
| | | 2019 | | | | | | 550,000 | | | | | | — | | | | | | 1,526,948 | | |
William Dillard, II | $ | 735,529 | ||
Alex Dillard | 1,326,752 | |||
Mike Dillard | 768,799 | |||
Drue Matheny | 803,765 |
William Dillard, II | $ | 4,765,507 | ||
Alex Dillard | 2,193,434 | |||
Mike Dillard | 810,777 | |||
Drue Matheny | 1,151,081 |
| | | All Other Compensation | | |||||||||||||||||||||||||||
| | | Company Contributions under Retirement Plan and Stock Purchase Plan | | | Airplane Use(a) | | | Insurance Premiums Paid by the Company | | | HSR Act Filing Fees(b) | | | Total | | |||||||||||||||
William Dillard, II | | | | $ | 49,160 | | | | | $ | 52,661 | | | | | $ | 40,502 | | | | | $ | 130,773 | | | | | $ | 273,096 | | |
Alex Dillard | | | | | 49,160 | | | | | | 55,369 | | | | | | 40,502 | | | | | | 130,773 | | | | | | 275,804 | | |
Mike Dillard | | | | | 33,900 | | | | | | 10,244 | | | | | | 40,502 | | | | | | 50,773 | | | | | | 135,419 | | |
Drue Matheny | | | | | 33,900 | | | | | | — | | | | | | 20,974 | | | | | | 50,773 | | | | | | 105,647 | | |
Chris B. Johnson | | | | | 24,280 | | | | | | — | | | | | | 59,420 | | | | | | — | | | | | | 83,700 | | |
Phillip R. Watts | | | | | 24,280 | | | | | | — | | | | | | 40,542 | | | | | | — | | | | | | 64,822 | | |
| All Other Compensation | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company Contributions under Retirement Plan and Stock Purchase Plan | Airplane Use(a) | Insurance Premiums Paid by the Company | Administrative Assistance | Total | |||||||||||
William Dillard, II | $ | 169,522 | $ | 46,113 | $ | 52,881 | $ | 16,044 | $ | 284,560 | ||||||
Alex Dillard | 169,522 | 19,573 | 71,601 | 12,289 | 272,985 | |||||||||||
Mike Dillard | 86,437 | — | 52,881 | 5,011 | 144,329 | |||||||||||
Drue Matheny | 86,437 | — | 27,381 | — | 113,818 | |||||||||||
Chris B. Johnson | 25,887 | — | 71,609 | — | 97,496 | |||||||||||
Phillip R. Watts | 26,039 | — | 52,905 | — | 78,944 |
| | | | | | | | All Other Stock Awards: | All Other Option Awards: | | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | Grant Date Fair Value of Stock and Option Awards ($) | ||||||||||||||||||||||||
| | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | Exercise or Base Price of Options Awards ($/Sh) | |||||||||||||||||||||||||||||
| | Number of Shares of Stock or Units (#)(3)(4) | Number of Securities Underlying Options (#) | ||||||||||||||||||||||||||||||
Name | Grant Date | Threshold ($) | Target(1) ($) | Maximum(2) ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||
William Dillard, II | January 29, 2016 | 2,967 | $ | 207,296 | |||||||||||||||||||||||||||||
February 24, 2016 | $ | 1,784,100 | $ | 4,101,404 | |||||||||||||||||||||||||||||
Alex Dillard | January 29, 2016 | 2,967 | 207,296 | ||||||||||||||||||||||||||||||
February 24, 2016 | 1,784,100 | 4,101,404 | |||||||||||||||||||||||||||||||
Mike Dillard | January 29, 2016 | 1,540 | 107,595 | ||||||||||||||||||||||||||||||
February 24, 2016 | 799,800 | 4,101,404 | |||||||||||||||||||||||||||||||
Drue Matheny | January 29, 2016 | 1,540 | 107,595 | ||||||||||||||||||||||||||||||
February 24, 2016 | 799,800 | 4,101,404 | |||||||||||||||||||||||||||||||
Chris B. Johnson | January 29, 2016 | 498 | 34,823 | ||||||||||||||||||||||||||||||
February 24, 2016 | 246,050 | 4,101,404 | |||||||||||||||||||||||||||||||
Phillip R. Watts | January 29, 2016 | 503 | 35,117 | ||||||||||||||||||||||||||||||
February 24, 2016 | 246,050 | 4,101,404 |
| | | | | | All Other Stock Awards | | | All Other Option Awards: | | | | | | | | | | | |||||||||||||||||||||||||||
| | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | Number of Shares of Stock or Units (#)(3)(4) | | | Number of Securities Underlying Options (#) | | | Exercise or Base Price of Options Awards ($/Sh) | | | Grant Date Fair Value of Stock and Option Awards ($) | | ||||||||||||||||||||||||
Name | | | Grant Date | | | Threshold ($) | | | Target(1) ($) | | | Maximum(2) ($) | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | ||||||||||||||||||||||||
William Dillard, II | | | January 28, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 252 | | | | | | | | | | | $ | 63,300 | | |
| January 24, 2022 | | | | | | | $ | 10,883,600 | | | | | $ | 10,883,600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Alex Dillard | | | January 28, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 252 | | | | | | | | | | | | 63,300 | | |
| January 24, 2022 | | | | | | | | 10,883,600 | | | | | | 10,883,600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Mike Dillard | | | January 28, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 179 | | | | | | | | | | | | 45,000 | | |
| January 24, 2022 | | | | | | | | 5,441,800 | | | | | | 10,883,600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Drue Matheny | | | January 28, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 179 | | | | | | | | | | | | 45,000 | | |
| January 24, 2022 | | | | | | | | 5,441,800 | | | | | | 10,883,600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Chris B. Johnson | | | January 28, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 133 | | | | | | | | | | | | 33,456 | | |
| January 24, 2022 | | | | | | | | 2,720,900 | | | | | | 10,883,600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Phillip R. Watts | | | January 28, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 133 | | | | | | | | | | | | 33,456 | | |
| January 24, 2022 | | | | | | | | 2,720,900 | | | | | | 10,883,600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
share of the bonus pool isare not determinable, the amounts in this column represent the actual payments to be made to the NEOsnamed executive officers under awards granted for fiscal 2015.
29, 2022.
| | | Option Awards | | | Stock Awards(1) | | ||||||||||||||||||
Name | | | Number of Shares Acquired on Exercise (#) | | | Value Realized on Exercise ($) | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting ($) | | ||||||||||||
William Dillard, II | | | | | — | | | | | | — | | | | | | 252 | | | | | $ | 63,300 | | |
Alex Dillard | | | | | — | | | | | | — | | | | | | 252 | | | | | | 63,300 | | |
Mike Dillard | | | | | — | | | | | | — | | | | | | 179 | | | | | | 45,000 | | |
Drue Matheny | | | | | — | | | | | | — | | | | | | 179 | | | | | | 45,000 | | |
Chris B. Johnson | | | | | — | | | | | | — | | | | | | 133 | | | | | | 33,456 | | |
Phillip R. Watts | | | | | — | | | | | | — | | | | | | 133 | | | | | | 33,456 | | |
| Option Awards | Stock Awards(1) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | |||||||||
William Dillard, II | — | — | 2,967 | $ | 207,296 | ||||||||
Alex Dillard | — | — | 2,967 | 207,296 | |||||||||
Mike Dillard | — | — | 1,540 | 107,595 | |||||||||
Drue Matheny | — | — | 1,540 | 107,595 | |||||||||
Chris B. Johnson | — | — | 498 | 34,823 | |||||||||
Phillip R. Watts | — | — | 503 | 35,117 |
Name | | | Plan Name | | | Number of Years Credited Service (#) | | | Present Value of Accumulated Benefit ($)(1) | | | Payments During Last Fiscal Year ($) | | |||||||||
William Dillard, II | | | Pension Plan | | | | | 53 | | | | | $ | 24,071,419 | | | | | $ | — | | |
Alex Dillard | | | Pension Plan | | | | | 50 | | | | | | 29,673,893 | | | | | | — | | |
Mike Dillard | | | Pension Plan | | | | | 50 | | | | | | 14,006,553 | | | | | | — | | |
Drue Matheny | | | Pension Plan | | | | | 53 | | | | | | 16,487,783 | | | | | | — | | |
Chris B. Johnson | | | Pension Plan | | | | | 15 | | | | | | 1,504,654 | | | | | | — | | |
Phillip R. Watts | | | Pension Plan | | | | | 27 | | | | | | 3,511,761 | | | | | | — | | |
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit ($)(1) | Payments During Last Fiscal Year ($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
William Dillard, II | Pension Plan | 47 | $ | 25,023,012 | — | |||||||
Alex Dillard | Pension Plan | 44 | 18,350,314 | — | ||||||||
Mike Dillard | Pension Plan | 44 | 8,528,940 | — | ||||||||
Drue Matheny | Pension Plan | 47 | 13,022,491 | — | ||||||||
Chris B. Johnson | Pension Plan | 9 | 367,470 | — | ||||||||
Phillip R. Watts | Pension Plan | 21 | 1,054,117 | — |
on a fixed blend of 50% of the uploaded male mortality rates and 50% of the uploaded female mortality rates.
NEO | | | Pension Plan Lump Sum Payment | | |||
William Dillard, II | | | | $ | 35,350,125 | | |
Alex Dillard | | | | | 39,323,513 | | |
Mike Dillard | | | | | 21,615,957 | | |
Drue Matheny | | | | | 18,513,596 | | |
Chris B. Johnson | | | | | 2,189,764 | | |
Phillip R. Watts | | | | | 4,254,099 | | |
NEO | Pension Plan Lump Sum Payment | |||
---|---|---|---|---|
William Dillard, II | $ | 35,698,076 | ||
Alex Dillard | 37,453,047 | |||
Mike Dillard | 19,581,267 | |||
Drue Matheny | 18,466,915 | |||
Chris B. Johnson | 566,163 | |||
Phillip R. Watts | 1,465,887 |
We have not entered into agreements or arrangements to provide severance or change in control payments to any of our executives, other than the Pension Plan benefits described above.
auditor’s independence and concluded that it was.
|
| | | 2021 | | | 2020 | | ||||||
Audit Fees(1) | | | | $ | 1,420,000 | | | | | $ | 1,260,000 | | |
Audit-Related Fees | | | | | — | | | | | | — | | |
Tax Fees | | | | | — | | | | | | — | | |
All Other Fees | | | | | — | | | | | | — | | |
| | | | $ | 1,420,000 | | | | | $ | 1,260,000 | | |
| 2015 | 2014 | |||||
---|---|---|---|---|---|---|---|
Audit Fees(1) | $ | 1,410,000 | $ | 1,263,000 | |||
Audit-Related Fees | 0 | 0 | |||||
Tax Fees | 0 | 0 | |||||
All Other Fees(2) | 3,300 | 3,300 | |||||
| | | | | | | |
$ | 1,413,300 | $ | 1,266,300 |
Directors establish in each individual case a group of disinterested directors with the responsibility to review such potential transaction, amendment or modification, to determine whether such transaction is fair to the Company and, if so, to approve or ratify the transaction. Due to the myriad of different situations which could present themselves to this group of directors, no specific standards apply during review of a related party transaction.
late due to adminstative error.
2023.
investor.dillards.com/financial-information/annual-report-and-proxy/default.aspx.
please contact Broadridge as indicated above.
The material in this proxy statement under the captions "Compensation Committee Report" and "Audit Committee Report" shall not be deemed soliciting material, shall not be deemed to be filed and shall not be deemed to be incorporated by any general statement of incorporation by reference in any filings made under the Securities Act of 1933 or the Exchange Act.
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Notice and Proxy Statement and Annual Report are available at www.proxyvote.com. E04462-P75617-Z67381 THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS Dillard's, Inc. Post Office Box 486 Little Rock, Arkansas 72203 Telephone No. (501) 376-5200 PROXY The undersigned hereby appoints William Dillard, II and Dean L. Worley, or either of them, as proxies and attorneys-in-fact, each with the power to appoint his substitute to represent and vote, as designated on the reverse side, all the shares of the Class B Common Stock of Dillard's, Inc. held of record by the undersigned on March 24, 2016 at the annual meeting of stockholders to be held on May 21, 2016, or any postponement or adjournment thereof. PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.