UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
WWW.CARLISLE.COM.
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| | By Order of the Board of Directors, | |
/s/ | |||
Scott C. Selbach | |||
Vice President, Secretary and General Counsel | |
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Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders To Be Held on Wednesday, May | |||||
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i
Las Colinas, 4150 N. MacArthur Blvd., Irving, Texas 75038.
WWW.CARLISLE.COM.
Notice of Availability of Proxy Materials.
22, 2022.
56.
stockholders of Carlisle Corporation and became effective on May 30, 1986, isare entitled to five votes per Share. Persons acquiringShare, except that no holder is entitled to exercise more than one vote in respect of any Share
Annual Meeting, the enhanced voting rights will apply to all proposals to be acted upon by the Company’s stockholders at the Annual Meeting.
Mostname of the Company's stockholders hold their Shares throughan intermediary such as a bank, broker or other nominee, rather than directly in their name. In that case,your name, then you are considered the beneficial owner of Shares held in street name. As the beneficial owner, you are entitled to direct the voting of your Shares by your intermediary. Brokers, banks and other nominees typically offer telephonic or electronic means by which the beneficial owners of Shares held by them can submit voting instructions, in addition to the traditional mailed voting instruction forms. If you own yourare the beneficial owner of Shares indirectly through a bank, broker or other nominee,held in street name, please follow the instructions you receive from the stockholderholder of record to vote your Shares. As the beneficial owner, if you wish to vote at the Annual Meeting, you will need to bring to the meeting a legal proxy from your bank, broker or other nominee authorizing you to vote those Shares.
to approve the Company'sCompany’s named executive officer compensation in 2019,2021, respectively, you may vote "for"“for” or "against"“against” these proposals, or you may "abstain"“abstain” from voting on these proposals. An abstentionAbstentions will be counted as a votevotes present or represented and entitled to vote on these proposals and will therefore have the same effect as a vote "against"votes “against” these proposals, and a broker non-votenon-votes will not be considered entitled to vote on these proposals and will therefore have no effect on their outcome. As discussed above, because Proposal 2,3, the ratification of the appointment of Deloitte & Touche LLP to serve as the Company'sCompany’s independent registered public accounting firm for 2020,2022, is considered a "routine"“routine” matter, we dothe Company does not expect any broker non-votes with respect to this proposal.
| | Name and Address of Beneficial Owner | | | | Number of Shares and Nature of Beneficial Ownership | | | | Ownership Percentage | | | ||||||
| | The Vanguard Group, Inc. 100 Vanguard Boulevard Malvern, Pennsylvania 19355 | | | | | | 5,130,099(1) | | | | | | | 9.8% | | | |
| | BlackRock, Inc. 55 East 52nd Street New York, New York 10055 | | | | | | 4,285,383(2) | | | | | | | 8.2% | | | |
| | Morgan Stanley 1585 Broadway New York, New York 10036 | | | | | | 3,409,993(3) | | | | | | | 6.5% | | | |
| | Allspring Global Investments Holdings, LLC 525 Market St., 10th Fl. San Francisco, California 94105 | | | | | | 2,675,908(4) | | | | | | | 5.1% | | | |
| | | | | | | | | | | | |
| Name and Address of Beneficial Owner | Number of Shares and Nature of Beneficial Ownership | Ownership Percentage | |||||||||
| | | | | | | | | | | | |
| The Vanguard Group, Inc. | |||||||||||
| 100 Vanguard Boulevard | |||||||||||
| Malvern, Pennsylvania 19355 | 5,830,128(1) | 10.4% | |||||||||
| | | | | | | | | | | | |
| BlackRock, Inc. | |||||||||||
| 55 East 52nd Street | |||||||||||
| New York, New York 10055 | 5,293,136(2) | 9.5% | |||||||||
| | | | | | | | | | | | |
| Janus Henderson Group plc | |||||||||||
| 201 Bishopsgate EC2M 3AE | |||||||||||
| United Kingdom | 3,291,924(3) | 5.9% | |||||||||
| | | | | | | | | | | | |
| | Name | | | | Shares Owned | | | | Shares Subject to Options | | | | Share Equivalent Units(1) | | | | Total Beneficial Ownership | | | | Ownership Percentage | | | |||||||||||||||
| | Robin J. Adams | | | | | | 7,866(2) | | | | | | | 0 | | | | | | | 18,947 | | | | | | | 26,813 | | | | | | | * | | | |
| | Robert G. Bohn | | | | | | 10,090(2) | | | | | | | 0 | | | | | | | 23,203 | | | | | | | 33,293 | | | | | | | * | | | |
| | Jonathan R. Collins | | | | | | 701(2) | | | | | | | 0 | | | | | | | 6,841 | | | | | | | 7,542 | | | | | | | * | | | |
| | James D. Frias | | | | | | 2,570(2) | | | | | | | 0 | | | | | | | 8,252 | | | | | | | 10,822 | | | | | | | * | | | |
| | Maia A. Hansen | | | | | | 701(2) | | | | | | | 0 | | | | | | | 1,523 | | | | | | | 2,224 | | | | | | | * | | | |
| | D. Christian Koch | | | | | | 186,019(2)(3)(4) | | | | | | | 143,028 | | | | | | | 388 | | | | | | | 329,435 | | | | | | | * | | | |
| | Gregg A. Ostrander | | | | | | 5,176(2) | | | | | | | 0 | | | | | | | 36,302 | | | | | | | 41,478 | | | | | | | * | | | |
| | Corrine D. Ricard | | | | | | 2,714(2) | | | | | | | 0 | | | | | | | 6,776 | | | | | | | 9,490 | | | | | | | * | | | |
| | Jesse G. Singh | | | | | | 1,907(2) | | | | | | | 0 | | | | | | | 6,742 | | | | | | | 8,649 | | | | | | | * | | | |
| | John E. Berlin | | | | | | 29,693(2)(3)(4) | | | | | | | 27,835 | | | | | | | 1,000 | | | | | | | 58,528 | | | | | | | * | | | |
| | Robert M. Roche | | | | | | 13,888(2)(4) | | | | | | | 33,309 | | | | | | | 11,878 | | | | | | | 59,075 | | | | | | | * | | | |
| | Scott C. Selbach | | | | | | 47,520(3)(4) | | | | | | | 10,093 | | | | | | | 21,392 | | | | | | | 79,005 | | | | | | | * | | | |
| | Nicholas J. Shears | | | ��� | | | 15,981(2)(4) | | | | | | | 16,238 | | | | | | | 5,801 | | | | | | | 38,020 | | | | | | | * | | | |
| | Directors and executive officers as a group (15 persons) (5) | | | | | | 330,604 | | | | | | | 217,467 | | | | | | | 157,919 | | | | | | | 705,990 | | | | | | | 1.3% | | | |
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| Name | Shares Owned | Shares Subject to Options | Share Equivalent Units(1) | Total Beneficial Ownership | Ownership Percentage | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Robin J. Adams | 5,959 | 0 | 18,459 | 24,418 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Robert G. Bohn | 7,972 | 0 | 22,604 | 30,576 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Jonathan R. Collins | 0 | 0 | 5,490 | 5,490 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| James D. Frias | 663 | 0 | 8,040 | 8,703 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Maia A. Hansen | 0 | 0 | 310 | 310 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| D. Christian Koch | 151,901(2)(3)(4) | 160,055 | 388 | 312,344 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Gregg A. Ostrander | 4,469 | 0 | 32,598 | 37,067 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Corrine D. Ricard | 600 | 0 | 6,601 | 7,201 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| David A. Roberts | 202,453 | 0 | 7,830 | 210,283 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Lawrence A. Sala | 18,248 | 0 | 32,281 | 50,529 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Jesse G. Singh | 0 | 0 | 5,239 | 5,239 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| John E. Berlin | 29,191(2)(3)(4) | 14,786 | 1,000 | 44,977 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Robert M. Roche | 13,348(3)(4) | 25,405 | 9,178 | 47,931 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Scott C. Selbach | 38,744(2)(3)(4) | 12,155 | 21,392 | 72,291 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Nicholas J. Shears | 8,912(3)(4) | 10,870 | 5,801 | 25,583 | * | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Directors and executive officers as a group (22 persons) | 1,027,256 | 1.8% | |||||||||||||||||||||
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Alternatively, in lieu of designating a substitute nominee, the Board may reduce the number of directors.
For voting purposes, proxies requiring confirmation of the date of beneficial ownership received by the Board of Directors with such confirmation not completed so as to show which Shares beneficially owned by the stockholder are entitled to five votes will be voted with one vote for each Share. See "Voting by Proxy and Confirmation of Beneficial Ownership" beginning on page 50.
| | Name | | | | Age | ||||||||||
| | | Positions with the Company, Principal Occupation and Other Directorships | | | | Period of Service as a Director and Expiration of Term | | | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Robin J. Adams | | | | 68 | | | | Vice Chairman (from March 2012 to April 2013), Chief Financial Officer (from April 2004 to March 2012) and Chief Administrative Officer (from April 2004 to April 2013) of BorgWarner Inc., a leading global supplier of highly engineered systems and components, primarily for vehicle powertrain applications. Prior to BorgWarner, Mr. Adams served as Executive Vice President-Finance and Chief Financial Officer (from July 1999 to April 2004) of | | | | October 2009 to date. Term expires 2022. | | |
| | Name | | | | Age | | | | Positions with the Company, Principal Occupation and Other Directorships | | | | Period of Service as a Director and Expiration of Term | | |
| | | | | | | | | | American Axle & Manufacturing Holdings, Inc., a manufacturer of automotive driveline and drivetrain components and systems. Former director of Delphi Technologies PLC (from December 2017 to October 2020), Accuride Corporation (from May 2013 to November 2016) and BorgWarner Inc. (from April 2005 to April 2013). | | | | | | |
| | Jonathan R. Collins | | | | 45 | | | | Vice President, eCommerce Global Components (since March 2020) of Arrow Electronics Inc., a global provider of electronic components and comprehensive computing solutions. Prior to Arrow, Mr. Collins served as General Manager and Head of eCommerce (from May 2019 to March 2020) of The Goodyear Tire & Rubber Company, one of the world’s leading manufacturers of tires. Prior to Goodyear, Mr. Collins was Vice President and Head of eCommerce (from September 2016 to April 2019) of Mylan N.V., a leading global pharmaceutical company offering products in approximately 165 countries. Prior to Mylan, Mr. Collins served as Senior Director of eCommerce-International and M&A (from April 2013 to September 2016) of W.W. Grainger, Inc., a leading distributor of maintenance, repair and operating supplies and other related products and services, and Director of Digital Strategy and User Experience (from February 2012 to November 2012) of Anixter International Inc., a global supplier of communications and security products and electrical and electronic wire and cable. | | | | September 2016 to date. Term expires 2022. | | |
| | D. Christian Koch | | | | 57 | | | | Chairman of the Board (since May 2020), Director, President and Chief Executive Officer (since January 2016) and Chief Operating Officer (from May 2014 to December 2015) of the Company. Previously, Mr. Koch served as Group President of Carlisle Diversified Products (from June 2012 to May 2014), President of Carlisle Brake & Friction (from January 2009 to June 2012), and President of Carlisle Asia Pacific (from February 2008 to January 2009). Director of The Toro Company (since April 2016). | | | | January 2016 to date. Term expires 2022. | | |
| | Name | | | | Age | | | | Positions with the Company, Principal Occupation and Other Directorships | | | | Period of Service as a Director and Expiration of Term | | |
| | Robert G. Bohn | | | 68 | | | | Chairman (from January 2000 to February 2011) and President and Chief Executive Officer (from November 1997 to December 2010) of Oshkosh Truck Corporation, a global manufacturer of specialty vehicles and bodies for access equipment, defense, fire and emergency and commercial uses. Director of The Manitowoc Company, Inc. (since May 2014) | | | | April 2008 to date. Term expires | | | |
| | James D. Frias | | | | 65 | | | | Chief Financial Officer, Treasurer and Executive Vice President (since January 2010) and Corporate Controller (from June 2001 through December 2009) of Nucor Corporation, a manufacturer of steel and steel products for North America and international markets. | | | | February 2015 to date. Term expires 2024. | | |
| | Maia A. Hansen | | | | 53 | | | | Senior Vice President, Operations & Supply Chain (since March 2020) of Athersys, Inc., a clinical-stage biotechnology company. Prior to Athersys, Ms. Hansen was a Senior Partner (from July 2013 to March 2020) and Partner (from July 2006 to June 2013) of McKinsey & Company, a global management consulting firm serving leading businesses, governments and non-governmental and not-for-profit organizations. | | | | February 2020 to date. Term expires 2024. | | |
| | Gregg A. Ostrander | | | 69 | | | | Executive Chairman (from January 2008 to June 2010), Chairman, President and Chief Executive Officer (from April 2001 to January 2008) and President and Chief Executive Officer (from January 1994 to April 2001) of Michael Foods, Inc., a major food service and retail food company that produces products for food service distributors, chain restaurants and retail grocery and club stores. Former director of Arctic Cat Inc. (from April 1994 to August 2012), Hearthside Food Solutions LLC (from October 2014 to May 2018) and Michael Foods, Inc. (from April 2001 to June 2014). | | | | August 2008 to date. Term expires | | |
| | Name | | | | Age | | | | Positions with the Company, Principal Occupation and Other Directorships | | | | Period of Service as a Director and Expiration of Term | | |
| | Corrine D. Ricard | | | | 58 | | | | Senior Vice President, The Mosaic Company, a leading global producer and marketer of concentrated phosphate and potash, and President of Mosaic Fertilizantes, a business segment of The Mosaic Company that produces and sells phosphate and potash-based crop nutrients and animal feed ingredients in Brazil (since November 2019), Senior Vice President-Commercial (from February 2017 to October 2019), Senior Vice President-Human Resources (from April 2012 to January 2017), Vice President-International Sales and Distribution (from March 2011 to April 2012), Vice President-Business Development (from March 2007 to March 2011) and Vice President-Supply Chain (from October 2004 to March 2007) of The Mosaic Company. Prior to Mosaic, Ms. Ricard worked for Cargill, Inc., a global producer of agricultural products, in various roles, including supply chain, product management and international sales. | | | | February 2016 to date. Term expires 2024. | | |
| | Jesse G. Singh | | | 56 | | | | Chief Executive Officer (since June 2016) of The AZEK Company, a leading manufacturer of building products. Previously, Mr. Singh served in a | | | | December 2017 to date. Term expires | | |
The table below sets forth certain information relating to each continuing director, as furnished to the Company by the director. Except as otherwise indicated, each director has had the same principal occupation or employment during the past five years.
B. | ||||||
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B. Specific Experience and Skills of Directors
in greater detail the specific experience, qualifications, attributes and skills of each director nominee and continuing member of the Board of Directors.
| | | | | | Notable Multi- Industry Experience | | | | |||||||||||||||||||||||||||||||||||||||||||
in Company | Specific Industries* | | | | Experience as Chair/ CEO of Multi- | National Business | | | | Experience as CFO of Multi- | National Business | | | | Meets Definition of Financial | Expert” | | | | Experience with International Business Issues | | | | Mergers & | | | | Manufacturing Experience | | | | Corporate Governance Experience | | | | Diversity | | | ||||||||||||||
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| | Mr. Adams | | | | | | | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | ||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Bohn | | | | | ✓ | | | | | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | ||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Collins | | | | | | | | | | | | | | | | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | African American | | | ||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Frias | | | | | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | Hispanic | | | |||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ms. Hansen | | | | | | | | ✓ | | | | | | | | | | | | ✓ ** | | | ✓ | | | | ✓ | | | | | | | | | | Female | | | ||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Koch | | | | | ✓ | | | | | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | ||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Ostrander | | | ✓ | | | | | | | | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | |||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ms. Ricard | | | ✓ | | | | | | | | | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | Female | | | ||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr. Singh | | | | | ✓ | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | Asian | | |
directors, including the duties and responsibilities of the members of audit and compensation committees.
Mr. Sala previously served as President, Chief Executive Officer and Chairman of Anaren, Inc., a leading manufacturer of microelectronics and microwave components and assemblies for the wireless and space and defense electronic markets. Anaren has operations in the United States and China and generates approximately 50% of its sales outside the United States. Anaren completed numerous acquisitions during Mr. Sala's tenure. Mr. Sala brings to the Board substantial experience in operating a global business, developing business strategies and completing acquisitions.
In December 2019,2021, the Board of Directors, with the assistance of the Corporate Governance and Nominating Committee, conducted an evaluation of director independence based on the Company'sCompany’s director independence standards, the NYSE rules and the SEC rules. The Board considered all relationships and transactions between each director (and his or her immediate family members and affiliates) and each of the Company, its management and its independent registered public accounting firm, as well as the transactions described below under "—“— Related Person Transactions."” As a result of this evaluation, the Board determined those relationships that do exist or did exist within the last three years (except for Mr. Koch's Koch’s
Currently, the Company has separated the roles of Chairman of the Board and Chief Executive Officer. David A. Roberts, a retired executive officer of the Company, serves as the Chairman of the Board and D. Christian Koch serves as the Company's President and Chief Executive Officer. The Company previously combined the roles of Chairman of the Board and Chief Executive Officer and, in the future, the Board may determine that it is in the best interests of the Company and its stockholders for the same person to hold the positions of Chairman of the Board and Chief Executive Officer.
matters.
The Board of Directors believes that the existence of a Lead Independent Director, the scope of the Lead Independent Director'sDirector’s responsibilities and the regularly scheduled executive sessions of the independent directors all support strong corporate governance principles and allow the Board to effectively fulfill its fiduciary responsibilities to stockholders.
| | Name | | | | Audit Committee | | | | Compensation Committee | | | | Corporate Governance and Nominating Committee | | | ||||||||||
| | | | | X | | | | | | | | | | ||||||||||||
| | | | | | | | | X | | | |||||||||||||||
| | X | ||||||||||||||||||||||||
| | |||||||||||||||||||||||||
| | Jonathan R. Collins | | | | | | | | | | | X | | | |||||||||||
| | James D. Frias | | | ||||||||||||||||||||||
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| | | | | | | | X | | | ||||||||||||||||
| | Maia A. Hansen | | | ||||||||||||||||||||||
| | X | ||||||||||||||||||||||||
| | | | | | | X | | | |||||||||||||||||
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| | Gregg A. Ostrander | | | | | | | | X | | | | Chairman | | | ||||||||||
| | Corrine D. Ricard | | | | X | | | | X | | | | | | | ||||||||||
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| | Jesse G. Singh | | | | X | | | | X | | | | | | | ||||||||||
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Each committee of the Board of Directors functions pursuant to a written charter adopted by the Board. Set forth below is a summary of the principal functions of each committee.
The full texts of each committee charter are available on the Company’s website at www.carlisle.com.
2021. At the conclusion of each of the regularly scheduled Board meetings, the independent directors meet in executive session without management. Mr. Bohn,Ostrander, as the Lead Independent Director, presides over these executive sessions.
Under the Company'sCompany’s Statement of Corporate Governance Guidelines and Principles, in identifying, recruiting and recommending nominees to the Board, the Corporate Governance and Nominating Committee is committed to including for consideration qualified candidates with diverse backgrounds, including diversity of gender, race and race,ethnicity, and the Corporate Governance and Nominating Committee has consistently included diversity as a desired qualification when conducting searches for director nominees. The Board believes its composition of the Board reflects its emphasis on diversity.
3, 2023.
In 2019, in accordance with the requirements of the Company's related person transaction policy, the Corporate Governance and Nominating Committee reviewed the fleet management services that Emkay Incorporated ("Emkay") provides to Carlisle Construction Materials, LLC, a wholly owned subsidiary of the Company ("CCM"). The Company paid Emkay a management fee of $66,224 and reimbursed Emkay $3,754,509 for pass-through costs, such as fuel, taxes, vehicle depreciation and other related costs. Emkay has provided fleet management services as a preferred vendor to CCM since 1997. A brother-in-law of Mr. Roberts (the Company's Chairman of the Board) is a senior officer and more than 10% owner of Emkay. The Corporate Governance and Nominating Committee considered all of the relevant facts and circumstances related to the services provided by Emkay and approved the continuation of Emkay's services to CCM.
J. The Board'sBoard’s Role in Risk Oversight
In addition to the annual fee and committee fees, each$35,000.
The Company also maintains the Carlisle Companies Incorporated Deferred Compensation Plan for Non-Employee Directors (the "Deferred Compensation Plan"). Undermaintained by the Deferred Compensation Plan,Company, each non-employee director of the Company is entitled to defer up to 100% of the cash fees otherwisefee payable or restricted Shares awarded to him or her. Each participant in the Deferred Compensation Plan for Non-Employee Directors may direct the "deemed investment"“deemed investment” of his or her deferral account among the different investment options offered by the Company from time to time. The investment options currently include a fixed rate fund or Share equivalent units for cash fees deferred and Share equivalent units.units for restricted Shares deferred. All amounts credited to a participant'sparticipant’s account under the Deferred Compensation Plan for Non-Employee Directors vest as follows: (i) for cash fees deferred, such amounts are always 100% vestedvested; and (ii) for restricted Shares deferred, such amounts vest at the end of the vesting period applicable to the restricted Shares deferred. Amounts credited to a participant’s account will generally will be paid, or commence to bebeing paid, after the participant terminates service as a director. At the participant'sparticipant’s election, payments of deferred cash fees can be made in a lump sum or in quarterly installments over a 10-year period. Payments of deferred restricted Shares under the Deferred Compensation Plan for Non-Employee Directors will be paid in Shares in a lump sum. Payments of deferred cash fees under the Deferred Compensation Plan for Non-Employee Directors are made in cash from the Company'sCompany’s general assets.
from using Shares as collateral for any purpose or engaging in short sales (profiting if the market price of the securities decreases) or hedging transactions involving Shares.
| | Name | | | | Fees Earned or Paid in Cash ($) | | | | Stock Awards ($)(1) | | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(2) | | | | All Other Compensation ($)(3) | | | | Total ($) | | | |||||||||||||||
| | Robin J. Adams | | | | | $ | 123,500 | | | | | | $ | 135,000 | | | | | | $ | 0 | | | | | | $ | 1,758 | | | | | | $ | 260,258 | | | |
| | Robert G. Bohn | | | | | $ | 102,000 | | | | | | $ | 135,000 | | | | | | $ | 0 | | | | | | $ | 1,758 | | | | | | $ | 238,758 | | | |
| | Jonathan R. Collins | | | | | $ | 108,500 | | | | | | $ | 135,000 | | | | | | $ | 0 | | | | | | $ | 1,758 | | | | | | $ | 245,258 | | | |
| | James D. Frias | | | | | $ | 128,500 | | | | | | $ | 135,000 | | | | | | $ | 0 | | | | | | $ | 1,758 | | | | | | $ | 265,258 | | | |
| | Maia A. Hansen | | | | | $ | 108,500 | | | | | | $ | 135,000 | | | | | | $ | 0 | | | | | | $ | 1,758 | | | | | | $ | 245,258 | | | |
| | Gregg A. Ostrander | | | | | $ | 137,000 | | | | | | $ | 135,000 | | | | | | $ | 102 | | | | | | $ | 1,758 | | | | | | $ | 273,860 | | | |
| | Corrine D. Ricard | | | | | $ | 108,500 | | | | | | $ | 135,000 | | | | | | $ | 0 | | | | | | $ | 1,758 | | | | | | $ | 245,258 | | | |
| | Lawrence A. Sala(4) | | | | | $ | 29,750 | | | | | | $ | 0 | | | | | | $ | 37 | | | | | | $ | 633 | | | | | | $ | 30,420 | | | |
| | Jesse G. Singh | | | | | $ | 108,500 | | | | | | $ | 135,000 | | | | | | $ | 1,203 | | | | | | $ | 1,758 | | | | | | $ | 246,461 | | | |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(2) | Total ($) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Robin J. Adams | $ | 123,500 | $ | 135,000 | $ | 0 | $ | 258,500 | |||||
Robert G. Bohn | $ | 137,000 | $ | 135,000 | $ | 0 | $ | 272,000 | |||||
Jonathan R. Collins | $ | 108,500 | $ | 135,000 | $ | 0 | $ | 243,500 | |||||
James D. Frias | $ | 128,500 | $ | 135,000 | $ | 0 | $ | 263,500 | |||||
Gregg A. Ostrander | $ | 102,000 | $ | 135,000 | $ | 50 | $ | 237,050 | |||||
Corrine D. Ricard(3) | $ | 108,500 | $ | 135,000 | $ | 0 | $ | 243,500 | |||||
David A. Roberts | $ | 230,000 | $ | 230,000 | $ | 0 | $ | 460,000 | |||||
Lawrence A. Sala | $ | 108,500 | $ | 135,000 | $ | 66 | $ | 243,566 | |||||
Jesse G. Singh | $ | 108,500 | $ | 135,000 | $ | 761 | $ | 244,261 | |||||
2020.
| | Performance Measure | | | | 2021 | | | | 2020 | | | | Year-over-Year Change Favorable/(Unfavorable) | | |
| | Sales | | | | $4.633 billion | | | | $4.235 billion | | | | 9.4% | | |
| | Operating Income Margin | | | | 13.1% | | | | 12.2% | | | | 90 bps | | |
| | Average Working Capital as a % of Sales(2) | | | | 19.7% | | | | 23.1% | | | | 340 bps | | |
| | Earnings | | | | $417 million | | | | $348 million | | | | 19.8% | | |
| | | | | | | | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | |
| | | 2019 | | 2018 | | Year-over-Year Change Favorable/(Unfavorable) | | |||||||||||
| | | | | | | | | | | | | | | | | | | |
| Sales | $ | 4.766 billion | $ | 4.446 billion | 7.2% | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Operating Income Margin | 14.3% | 12.0% | 230 bps | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Average Working Capital as a % of Sales(2) | 20.2% | 19.5% | (70) bps | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Earnings | $ | 496.0 million | $ | 379.0 million | 30.9% | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
29.
In 2019,2021, Willis Towers Watson presented an executive compensation report to the Compensation Committee and conducted a competitive market analysis of the Company'sCompany’s executive compensation program to confirm that the program is delivering pay to the Company'sCompany’s executive officers within the program guidelines. The executive compensation report included market highlights and trends and compared the Company'sCompany’s executive compensation practices with those of similarly situated companies.
In addition, at the request of the Compensation Committee, Willis Towers Watson conducted a market survey of leadership retention programs.
The following table shows the guiding principles for the Company'sCompany’s executive compensation program and how the program complies with these principles:
| | |||||||
Principle | ||||||||
---|---|---|---|---|---|---|---|---|
| | | | | ||||
| | Provide competitive total direct compensation opportunity. | | | | • Executive total direct compensation opportunity is managed between the first and third quartiles of companies similar in size to the Company. •
The total direct compensation opportunity within the range varies by executive. •
Performance-based pay opportunity (short- and long-term incentives) plays a predominant role in competitive total pay positioning. | ||
| | | ||||||
| ||||||||
| Reward performance that is consistent with key strategic and stockholder goals. | | | | • Annual incentive plan incorporates earnings and other financial measures aligned with stockholder interests. •
Performance Share awards incorporate total stockholder return as a performance measure. •
Inappropriate risk taking is not encouraged. | |||
| | | ||||||
| ||||||||
| Balance performance measures and, where appropriate, emphasize overall corporate, operating business and division performance. | | | | • Annual incentive plan incorporates corporate and operating business and division level performance measures. | |||
| | | ||||||
| | |||||||
Serve as a retention tool for key executive talent, provide a balance of liquidity and reward executives for superior performance. | | | | • Executive compensation program provides a mix of base salary, annual incentives tied to performance and stock-based awards with vesting restrictions. •
Performance Share awards incorporate total stockholder return as a performance measure. | ||||
| | | ||||||
| ||||||||
| Be transparent, simple to administer and easy to communicate. | | | | • Formula-based structure includes pre-set performance measures, weightings and timing. | |||
| | |
purposes of its analysis, Willis Towers Watson used data from two published survey sources: the 20182020 Willis Towers Watson General Industry Executive Compensation Database and the 20182020 Mercer General Industry Executive Compensation Survey and updated the survey data to September 20192021 using an annual update factor of 3.0%. Willis Towers Watson also: (i) evaluated the responsibilities, reporting relationships, revenue responsibility and level of each position; (ii) matched each position to the appropriate benchmark survey position; and (iii) used size and level appropriate data or size adjusted the survey data by regressing, where possible, based on the Company'sCompany’s revenues.
| | Name | | | | 2021 Annual Base Salary | | | | 2022 Annual Base Salary | | | | % Increase | | | |||||||||
| | Mr. Koch | | | | | $ | 1,275,000 | | | | | | $ | 1,330,000 | | | | | | | 4% | | | |
| | Mr. Roche | | | | | $ | 666,000 | | | | | | $ | 686,000 | | | | | | | 3% | | | |
| | Mr. Berlin | | | | | $ | 724,000 | | | | | | $ | 746,000 | | | | | | | 3% | | | |
| | Mr. Shears | | | | | $ | 677,000 | | | | | | $ | 704,000 | | | | | | | 4% | | | |
| | Mr. Selbach | | | | | $ | 563,000 | | | | | | $ | 586,000 | | | | | | | 4% | | | |
| | | | | | | | | | | | | | | | | | | |
| Name | | 2019 Annual Base Salary | | 2020 Annual Base Salary | | % Increase | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | |
| Mr. Koch | $ | 1,175,000 | $ | 1,225,000 | 4.3 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Roche | $ | 628,000 | $ | 647,000 | 3.0 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | $ | 683,000 | $ | 703,000 | 3.0 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Shears | $ | 586,333 | $ | 651,000 | 11.0 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | $ | 525,000 | $ | 541,000 | 3.0 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
The Compensation Committee approved increases based generally on trends in the market indicating average salary increases in the range of 3%. Mr. Shears received a larger than average increase to reflect his promotion to President of CCM.
4%.
The Company's executive officers earned annual
The
margin; (iii) average working capital as a percentage of sales; and (iv) earnings. The measures adopted for the 20192021 annual incentive awards available to the other named executive officers were: (i) sales; (ii) operating income margin; (iii) average working capital as a percentage of sales, each as reported by their respective business units; and (iv) the Company'sCompany’s consolidated earnings. The Compensation Committee believes that each of these
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Performance Levels Established by the Compensation Committee | Adjusted Performance | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Performance Measure | Weight | Threshold | Target | Maximum | 2019 | 2018 | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Sales | 25% | $ | 4.650 billion | $ | 4.790 billion | $ | 4.976 billion | $ | 4.766 billion | $ | 4.446 billion | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Operating Income Margin | 20% | 11.3% | 11.8% | 12.3% | 14.3% | 12.0% | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Working Capital as a % of Sales | 15% | 20.4% | 19.9% | 19.4% | 20.2% | 19.5% | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings | 40% | $ | 368.0 million | $ | 407.0 million | $ | 426.0 million | $ | 496.0 million | $ | 379.0 million | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | ||||||||||||||||||||
| | | | | | | | | | Performance Levels Established by the Compensation Committee | | | | | | | | Adjusted Performance | | | ||||||||||||
| | Performance Measure | | | | Weight | | | | Threshold | | | | Target | | | | Maximum | | | | | | | | 2021 | | | | 2020 | | |
| | Sales | | | | 25% | | | | $3,977 billion | | | | $4.096 billion | | | | $4,255 billion | | | | | | | | $4,633 billion | | | | $4.235 billion | | |
| | Operating Income Margin | | | | 20% | | | | 12.5% | | | | 13.0% | | | | 13.5% | | | | | | | | 13.1% | | | | 12.2% | | |
| | Average Working Capital as a % of Sales | | | | 15% | | | | 22.7% | | | | 22.2% | | | | 21.7% | | | | | | | | 19.7% | | | | 23.1% | | |
| | Earnings | | | | 40% | | | | $329 million | | | | $364 million | | | | $381 million | | | | | | | | $417 million | | | | $348 million | | |
| | | | | | | | | | | | | ||||||||||||||||||||
| | | | | | | | | | Performance Levels Established by the Compensation Committee | | | | | | | | Adjusted Performance | | | ||||||||||||
| | Performance Measure | | | | Weight | | | | Threshold | | | | Target | | | | Maximum | | | | | | | | 2021 | | | | 2020 | | |
| | Business Unit Sales | | | | 35% | | | | $679 million | | | | $700 million | | | | $728 million | | | | | | | | $688 million | | | | $729 million | | |
| | Business Unit Operating Income Margin | | | | 40% | | | | 1.7% | | | | 2.2% | | | | 2.7% | | | | | | | | 0% | | | | 2.8% | | |
| | Business Unit Average Working Capital as a % of Sales | | | | 15% | | | | 40.4% | | | | 39.9% | | | | 39.4% | | | | | | | | 33.8% | | | | 39.9% | | |
| | Consolidated Earnings | | | | 10% | | | | $329 million | | | | $364 million | | | | $381 million | | | | | | | | $417 million | | | | $348 million | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Performance Levels Established by the Compensation Committee | Adjusted Performance | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Performance Measure | Weight | Threshold | Target | Maximum | 2019 | 2018 | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Business Unit Sales | 25% | $ | 935.0 million | $ | 963.0 million | $ | 1.000 billion | $ | 954.0 million | $ | 909.0 million | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Business Unit Operating Income Margin | 50% | 14.8% | 15.3% | 15.8% | 15.7% | 13.0% | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Business Unit Average Working Capital as a % of Sales | 15% | 27.1% | 26.6% | 26.1% | 26.8% | 25.6% | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Consolidated Earnings | 10% | $ | 368.0 million | $ | 407.0 million | $ | 426.0 million | $ | 496.0 million | $ | 379.0 million | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | ||||||||||||||||||||
| | | | | | | | | | Performance Levels Established by the Compensation Committee | | | | | | | | Adjusted Performance | | | ||||||||||||
| | Performance Measure | | | | Weight | | | | Threshold | | | | Target | | | | Maximum | | | | | | | | 2021 | | | | 2020 | | |
| | Business Unit Sales | | | | 35% | | | | $2,996 billion | | | | $3.086 billion | | | | $3.205 billion | | | | | | | | $3,659 billion | | | | $2.996 billion | | |
| | Business Unit Operating Income Margin | | | | 40% | | | | 19.0% | | | | 19.5% | | | | 20.0% | | | | | | | | 19.2% | | | | 19.5% | | |
| | Business Unit Average Working Capital as a % of Sales | | | | 15% | | | | 16.9% | | | | 16.4% | | | | 15.9% | | | | | | | | 15.6% | | | | 16.4% | | |
| | Consolidated Earnings | | | | 10% | | | | $329 million | | | | $364 million | | | | $381 million | | | | | | | | $417 million | | | | $348 million | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Performance Levels Established by the Compensation Committee | Adjusted Performance | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Performance Measure | Weight | Threshold | Target | Maximum | 2019 | 2018 | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Business Unit Sales | 35% | $ | 3.050 billion | $ | 3.141 billion | $ | 3.264 billion | $ | 3.231 billion | $ | 2.871 billion | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Business Unit Operating Income Margin | 40% | 14.8% | 15.3% | 15.8% | 17.9% | 15.2% | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Business Unit Average Working Capital as a % of Sales | 15% | 16.7% | 16.2% | 15.7% | 15.9% | 15.8% | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Consolidated Earnings | 10% | $ | 368.0 million | $ | 407.0 million | $ | 426.0 million | $ | 496.0 million | $ | 379.0 million | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Name | | | | 2021 Annual Incentive Award ($)(1) | | | | 2021 Annual Incentive Award (% of base salary) | | | | 2021 Annual Incentive Award (% of target incentive award) | | | |||||||||
| | Mr. Koch | | | | | $ | 3,049,800 | | | | | | | 239.2% | | | | | | | 184.0% | | | |
| | Mr. Roche | | | | | $ | 980,400 | | | | | | | 147.2% | | | | | | | 184.0% | | | |
| | Mr. Berlin | | | | | $ | 406,700 | | | | | | | 56.2% | | | | | | | 74.9% | | | |
| | Mr. Shears | | | | | $ | 751,500 | | | | | | | 111.0% | | | | | | | 148.0% | | | |
| | Mr. Selbach | | | | | $ | 776,900 | | | | | | | 138.0% | | | | | | | 184.0% | | | |
| | | | | | | | | | | | | | | | | | | |
| Name | 2019 Annual Incentive Award ($)(1) | 2019 Annual Incentive Award (% of base salary) | 2019 Annual Incentive Award (% of target incentive award) | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Koch | $ | 2,163,700 | 184 | % | 153 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Roche | $ | 722,800 | 115 | % | 153 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | $ | 741,500 | 109 | % | 145 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Shears | $ | 821,500 | 140 | % | 187 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | $ | 604,200 | 115 | % | 153 | % | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
Annual Awards
as a percentage of base salary, for the named executives based on each executive'sexecutive’s position and the long-term incentive award market range for that position: 445% of base salary for the Chairman and Chief Executive Officer, 200% of base salary for the Chief Financial Officer and 150% of base salary for the other named executives.
1∕3% of such named executive’s target award opportunity for each of 2021 and 2022. These incremental equity awards were designed to incentivize retention of key employees. For purposes of calculating the number of stock options, performance Shares and time-vested restricted Shares included in each named executive’s stock-based award, the
dates.
| | Relative Total Stockholder Return | | | | Percentage of Performance Shares Earned | | | ||||
| | | | | | |||||||
| 0 | | | | ||||||||
| | 25th percentile | | | | | | 50% | | | | |
| | | | | | | 100% | | | |||
| ||||||||||||
| | | | | | | 200% | | | |
Program, effective January 1, 2019, to eliminate the limits on the size of the annual awards that may be granted to any executive. The Compensation Committee also approved an amendment to the Incentive Compensation Program effective January 1, 2019, to allowallows the Company'sCompany’s Chief Executive Officer to approve off-cycle grants of stock-based awards to employees other than Section 16 officers for limited purposes and subject to volume limits approved by the Compensation Committee.
The
| | | | | ||||||
Ownership Requirement | | | ||||||||
| | Chief Executive Officer | | | | |||||
10 times previous year base salary | | | ||||||||
| | |||||||||
Other Named Executive Officers | | | | 5 times previous year base salary | | | ||||
| | |||||||||
Remaining Section 16 Officers | | | | 3 times previous year base salary | ||||||
| |
The stock ownership policy prohibits any executive officer from using Shares as collateral for any purpose or engaging in short sales (profiting if the market price of the securities decreases) or hedging transactions involving Shares.
change in a majority of the Board of Directors), voluntarily leave the employ of the Company until the potential acquirer of the Company or control of the Company has terminated its efforts to effect a change of control or until a change of control has occurred. The Company believes that the change of control agreements protect the interests of the Company'sCompany’s stockholders by providing financial incentives to executives to represent the best interests of the Company and its stockholders during the periods immediately preceding and following a change of control.
2021.
The
deductible, and instead the Compensation Committee’s primary consideration is whether the applicable compensation aligns with the Company’s executive compensation principles.
| | Name and Principal Position(s) | | | | Year | | | | Salary ($) | | | | Bonus ($) | | | | Stock Awards ($)(1) | | | | Option Awards ($)(1) | | | | Non-Equity Incentive Plan Compensation ($) | | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(2) | | | | All Other Compensation ($)(3) | | | | Total ($) | | | |||||||||||||||||||||||||||
| | D. Christian Koch, Chairman, President and Chief Executive Officer | | | | | | 2021 | | | | | | $ | 1,275,000 | | | | | | $ | 0 | | | | | | $ | 4,550,571 | | | | | | $ | 1,904,761 | | | | | | $ | 3,049,800 | | | | | | $ | 47,032 | | | | | | $ | 215,240 | | | | | | $ | 11,042,404 | | | |
| | | 2020 | | | | | | $ | 1,225,000 | | | | | | $ | 0 | | | | | | $ | 4,340,812 | | | | | | $ | 1,784,347 | | | | | | $ | 0 | | | | | | $ | 258,649 | | | | | | $ | 332,775 | | | | | | $ | 7,941,583 | | | | |||||
| | | 2019 | | | | | | $ | 1,175,000 | | | | | | $ | 0 | | | | | | $ | 4,090,697 | | | | | | $ | 1,746,387 | | | | | | $ | 2,163,700 | | | | | | $ | 193,395 | | | | | | $ | 209,762 | | | | | | $ | 9,578,941 | | | | |||||
| | Robert M. Roche, Vice President and Chief Financial Officer | | | | | | 2021 | | | | | | $ | 666,000 | | | | | | $ | 0 | | | | | | $ | 1,512,175 | | | | | | $ | 447,175 | | | | | | $ | 980,400 | | | | | | $ | 27,954 | | | | | | $ | 91,172 | | | | | | $ | 3,724,876 | | | |
| | | 2020 | | | | | | $ | 647,000 | | | | | | $ | 0 | | | | | | $ | 1,029,304 | | | | | | $ | 423,533 | | | | | | $ | 0 | | | | | | $ | 72,028 | | | | | | $ | 98,075 | | | | | | $ | 2,269,940 | | | | |||||
| | | 2019 | | | | | | $ | 628,000 | | | | | | $ | 0 | | | | | | $ | 737,262 | | | | | | $ | 314,680 | | | | | | $ | 722,800 | | | | | | $ | 51,237 | | | | | | $ | 72,553 | | | | | | $ | 2,526,532 | | | | |||||
| | John E. Berlin, President, CIT | | | | | | 2021 | | | | | | $ | 724,000 | | | | | | $ | 0 | | | | | | $ | 1,233,751 | | | | | | $ | 364,600 | | | | | | $ | 406,700 | | | | | | $ | 54,867 | | | | | | $ | 52,077 | | | | | | $ | 2,835,995 | | | |
| | | 2020 | | | | | | $ | 703,000 | | | | | | $ | 0 | | | | | | $ | 840,406 | | | | | | $ | 345,183 | | | | | | $ | 0 | | | | | | $ | 224,262 | | | | | | $ | 39,520 | | | | | | $ | 2,152,371 | | | | |||||
| | | 2019 | | | | | | $ | 683,000 | | | | | | $ | 0 | | | | | | $ | 800,976 | | | | | | $ | 342,177 | | | | | | $ | 741,500 | | | | | | $ | 209,031 | | | | | | $ | 43,524 | | | | | | $ | 2,820,208 | | | | |||||
| | Nicholas J. Shears, President, CCM | | | | | | 2021 | | | | | | $ | 677,000 | | | | | | $ | 0 | | | | | | $ | 1,152,012 | | | | | | $ | 340,867 | | | | | | $ | 751,500 | | | | | | $ | 115,726 | | | | | | $ | 86,445 | | | | | | $ | 3,123,550 | | | |
| | | 2020 | | | | | | $ | 651,000 | | | | | | $ | 0 | | | | | | $ | 776,797 | | | | | | $ | 319,554 | | | | | | $ | 427,200 | | | | | | $ | 203,700 | | | | | | $ | 93,669 | | | | | | $ | 2,471,920 | | | | |||||
| | | 2019 | | | | | | $ | 586,333 | | | | | | $ | 0 | | | | | | $ | 632,467 | | | | | | $ | 115,253 | | | | | | $ | 821,500 | | | | | | $ | 578,510 | | | | | | $ | 52,235 | | | | | | $ | 2,786,298 | | | | |||||
| | Scott C. Selbach, Vice President, Secretary & General Counsel | | | | | | 2021 | | | | | | $ | 563,000 | | | | | | $ | 0 | | | | | | $ | 957,881 | | | | | | $ | 283,487 | | | | | | $ | 776,900 | | | | | | $ | 45,918 | | | | | | $ | 91,825 | | | | | | $ | 2,719,011 | | | |
| | | 2020 | | | | | | $ | 541,000 | | | | | | $ | 0 | | | | | | $ | 645,725 | | | | | | $ | 265,660 | | | | | | $ | 0 | | | | | | $ | 66,867 | | | | | | $ | 84,760 | | | | | | $ | 1,604,012 | | | | |||||
| | | 2019 | | | | | | $ | 525,000 | | | | | | $ | 0 | | | | | | $ | 616,335 | | | | | | $ | 263,059 | | | | | | $ | 604,200 | | | | | | $ | 53,038 | | | | | | $ | 70,639 | | | | | | $ | 2,132,271 | | | |
| | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Name and Principal Position(s) | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($)(1) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(2) | All Other Compensation ($)(3) | Total ($) | ||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| D. Christian Koch, | 2019 | $ | 1,175,000 | $ | 0 | $ | 4,090,697 | $ | 1,746,387 | $ | 2,163,700 | $ | 193,395 | $ | 209,762 | $9,578,941 | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2018 | $ | 1,140,000 | $ | 0 | $ | 3,259,476 | $ | 1,432,191 | $ | 1,414,600 | $ | 67,848 | $ | 183,320 | $7,497,435 | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2017 | $ | 1,100,000 | $ | 0 | $ | 2,550,458 | $ | 1,084,151 | $ | 857,300 | $ | 122,351 | $ | 218,969 | $5,933,229 | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Robert M. Roche, | 2019 | $ | 628,000 | $ | 0 | $ | 737,262 | $ | 314,680 | $ | 722,800 | $ | 51,237 | $ | 72,553 | $2,526,532 | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2018 | $ | 587,000 | $ | 0 | $ | 671,544 | $ | 294,947 | $ | 496,600 | $ | 29,077 | $ | 48,964 | $2,128,132 | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2017 | $ | 500,909 | $ | 0 | $ | 1,661,307 | $ | 285,055 | $ | 291,500 | $ | 586 | $ | 301,754 | $3,041,111 | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| John E. Berlin, | 2019 | $ | 683,000 | $ | 0 | $ | 800,976 | $ | 342,177 | $ | 741,500 | $ | 209,031 | $ | 43,524 | $2,820,208 | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2018 | $ | 663,000 | $ | 0 | $ | 758,596 | $ | 333,222 | $ | 584,500 | $ | 66,010 | $ | 12,659 | $2,417,987 | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2017 | $ | 650,000 | $ | 0 | $ | 753,147 | $ | 320,270 | $ | 159,900 | $ | 156,614 | $ | 16,557 | $2,056,488 | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nicholas J. Shears(4), | 2019 | $ | 586,333 | $ | 0 | $ | 632,467 | $ | 115,253 | $ | 821,500 | $ | 578,510 | $ | 52,235 | $2,786,298 | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Scott C. Selbach, | 2019 | $ | 525,000 | $ | 0 | $ | 616,335 | $ | 263,059 | $ | 604,200 | $ | 53,038 | $ | 70,639 | $2,132,271 | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
volatility, risk-free interest rates, correlation coefficients and dividend reinvestment. The grant date fair values of the performance Share awards assuming the maximum number of performance Shares would be earned at the end of the three-year performance period based on the closing market price of a Common Share on the grant date would have been as follows: Mr. Koch, $3,485,453;$3,783,000; Mr. Roche, $628,179;$888,000; Mr. Berlin, $682,466;$724,500; Mr. Shears, $230,443;$676,500; and Mr. Selbach, $525,145.
| | Name | | | | Change in Present Value of Retirement Plan and Supplemental Pension Plan Benefits for 2021 | | | | “Above Market” Supplemental 401(k) Plan Earnings for 2021 | | | | Total | | | |||||||||
| | Mr. Koch | | | | | $ | 47,032 | | | | | | $ | 0 | | | | | | $ | 47,032 | | | |
| | Mr. Roche | | | | | $ | 19,840 | | | | | | $ | 8,114 | | | | | | $ | 27,954 | | | |
| | Mr. Berlin | | | | | $ | 54,867 | | | | | | $ | 0 | | | | | | $ | 54,867 | | | |
| | Mr. Shears | | | | | $ | 95,594 | | | | | | $ | 20,132 | | | | | | $ | 115,726 | | | |
| | Mr. Selbach | | | | | $ | 42,855 | | | | | | $ | 3,063 | | | | | | $ | 45,918 | | | |
| | | | | | | | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | |
| Name | Change in Present Value of Retirement Plan and Supplemental Pension Plan Benefits | "Above Market" Supplemental 401(k) Plan Earnings | Total | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Koch | $ | 193,230 | $ | 165 | $ | 193,395 | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Roche | $ | 41,916 | $ | 9,321 | $ | 51,237 | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | $ | 209,031 | $ | 0 | $ | 209,031 | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Shears | $ | 561,224 | $ | 17,286 | $ | 578,510 | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | $ | 50,822 | $ | 2,216 | $ | 53,038 | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| | | | | | Mr. Koch | | | | Mr. Roche | | | | Mr. Berlin | | | | Mr. Shears | | | | Mr. Selbach | | | |||||||||||||||
| | Matching Contributions to the 401(k) & HSA Plans | | | | | $ | 11,600 | | | | | | $ | 13,600 | | | | | | $ | 11,600 | | | | | | $ | 13,500 | | | | | | $ | 13,567 | | | |
| | Matching Contributions to the Supplemental 401(k) Plan | | | | | $ | 51,000 | | | | | | $ | 26,640 | | | | | | $ | 0 | | | | | | $ | 44,168 | | | | | | $ | 22,520 | | | |
| | Physical Examination | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 7,158 | | | | | | $ | 0 | | | | | | $ | 2,973 | | | |
| | Reimbursement of Tax Return Preparation and Financial Advisory Services Fees | | | | | $ | 8,333 | | | | | | $ | 1,995 | | | | | | $ | 4,256 | | | | | | $ | 1,011 | | | | | | $ | 17,877 | | | |
| | Charitable Contribution Made by the Company in the Name of the Executive under the Carlisle Matching Gifts for Education Program | | | | | $ | 35,000 | | | | | | $ | 20,000 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 25,000 | | | |
| | Supplemental Long-Term Disability Insurance | | | | | $ | 24,959 | | | | | | $ | 4,602 | | | | | | $ | 7,571 | | | | | | $ | 6,151 | | | | | | $ | 1,900 | | | |
| | Dividends on Unvested Restricted Shares | | | | | $ | 84,348 | | | | | | $ | 24,335 | | | | | | $ | 21,492 | | | | | | $ | 21,615 | | | | | | $ | 7,988 | | | |
| | Total | | | | | $ | 215,240 | | | | | | $ | 91,172 | | | | | | $ | 52,077 | | | | | | $ | 86,445 | | | | | | $ | 91,825 | | | |
| | | | | | | | | | | | | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Koch | Mr. Roche | Mr. Berlin | Mr. Shears | Mr. Selbach | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Matching Contributions to the 401(k) & HSA Plans | $ | 11,200 | $ | 13,750 | $ | 11,200 | $ | 13,785 | $ | 13,150 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Matching Contributions to the Supplemental 401(k) Plan | $ | 103,584 | $ | 44,984 | $ | 0 | $ | 30,899 | $ | 37,427 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Physical Examination | $ | 0 | $ | 6,290 | $ | 15,354 | $ | 1,635 | $ | 4,567 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reimbursement of Tax Return Preparation and Financial Advisory Services Fees | $ | 38,267 | $ | 1,495 | $ | 10,759 | $ | 3,832 | $ | 4,384 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Charitable Contribution Made by the Company in the Name of the Executive under the Carlisle Matching Gifts for Education Program | $ | 35,000 | $ | 2,500 | $ | 0 | $ | 0 | $ | 10,000 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Long-Term Disability Insurance | $ | 21,711 | $ | 3,534 | $ | 6,211 | $ | 2,084 | $ | 1,111 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | $ | 209,762 | $ | 72,553 | $ | 43,524 | $ | 52,235 | $ | 70,639 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Grants of Plan-Based Awards Table ——This table presents the threshold, target and maximum annual incentive awards the named executives could have earned for 20192021 and the restricted Shares, performance Shares and stock options awarded to the named executives during 2019.2021. The annual incentive awards earned by the named executives for 20192021 are reported in the "Non-Equity“Non-Equity Incentive Plan Compensation"Compensation” column of the Summary Compensation Table.
| | | | | | | | | | | | | Estimated Future Payouts under Non-Equity Incentive Plan Awards | | | | Estimated Future Payouts under Equity Incentive Plan Awards(1)(2) | | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(2)(3) | | | | All Other Option Awards: Number of Securities Underlying Options (#)(2)(4) | | | | Exercise or Base Price of Option Awards ($/Sh) | | | | Grant Date Fair Value of Stock and Option Awards ($)(5) | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | Name | | | | Grant Date | | | | Threshold ($) | | | | Target ($) | | | | Maximum ($) | | | | Threshold (#) | | | | Target (#) | | | | Maximum (#) | | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | Mr. Koch | | | | | | | | | | | | $ | 828,750 | | | | | | $ | 1,657,500 | | | | | | $ | 3,315,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,610 | | | | | | | | | | | | | | | | | | | | $ | 1,891,500 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,305 | | | | | | | 12,610 | | | | | | | 25,220 | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,659,071 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 58,590 | | | | | | $ | 150.00 | | | | | | $ | 1,904,761 | | | | |||||
| | Mr. Roche | | | | | | | | | | | | $ | 266,400 | | | | | | $ | 532,800 | | | | | | $ | 1,065,600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,920 | | | | | | | | | | | | | | | | | | | | $ | 888,000 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,480 | | | | | | | 2,960 | | | | | | | 5,920 | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 624,175 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,755 | | | | | | $ | 150.00 | | | | | | $ | 447,175 | | | | |||||
| | Mr. Berlin | | | | | | | | | | | | $ | 271,500 | | | | | | $ | 543,000 | | | | | | $ | 1,086,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,830 | | | | | | | | | | | | | | | | | | | | $ | 724,500 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,208 | | | | | | | 2,415 | | | | | | | 4,830 | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 509,251 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,215 | | | | | | $ | 150.00 | | | | | | $ | 364,600 | | | | |||||
| | Mr. Shears | | | | | | | | | | | | $ | 253,875 | | | | | | $ | 507,750 | | | | | | $ | 1,015,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,510 | | | | | | | | | | | | | | | | | | | | $ | 676,500 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,128 | | | | | | | 2,255 | | | | | | | 4,510 | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 475,512 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,485 | | | | | | $ | 150.00 | | | | | | $ | 340,867 | | | | |||||
| | Mr. Selbach | | | | | | | | | | | | $ | 211,125 | | | | | | $ | 422,250 | | | | | | $ | 844,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,750 | | | | | | | | | | | | | | | | | | | | $ | 562,500 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 938 | | | | | | | 1,875 | | | | | | | 3,750 | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 395,381 | | | | |||||
| | | 02/02/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,720 | | | | | | $ | 150.00 | | | | | | $ | 283,487 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Estimated Future Payouts under Non-Equity Incentive Plan Awards | Estimated Future Payouts under Equity Incentive Plan Awards(1)(2) | All Other Stock Awards: Number of Shares of Stock | All Other Option Awards: Number of Securities Underlying | Exercise or Base Price of Option | Grant Date Fair Value of Stock and Option | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Name | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | or Units (#)(2)(3) | Options (#)(2)(4) | Awards ($/Sh) | Awards ($)(5) | |||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Koch | $ | 705,000 | $ | 1,410,000 | $ | 2,820,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 15,730 | $ | 1,742,727 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 7,865 | 15,730 | 31,460 | $ | 2,347,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 82,885 | $ | 110.79 | $ | 1,746,387 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Roche | $ | 235,500 | $ | 471,000 | $ | 942,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 2,835 | $ | 314,090 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 1,418 | 2,835 | 5,670 | $ | 423,172 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 14,935 | $ | 110.79 | $ | 314,680 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | $ | 256,125 | $ | 512,250 | $ | 1,024,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 3,080 | $ | 341,233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 1,540 | 3,080 | 6,160 | $ | 459,742 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 16,240 | $ | 110.79 | $ | 342,177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Shears | $ | 205,500 | $ | 411,000 | $ | 822,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 1,040 | $ | 115,222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 05/01/2019 | 2,583 | $ | 362,007 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 520 | 1,040 | 2,080 | $ | 155,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 5,470 | $ | 110.79 | $ | 115,253 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | $ | 196,875 | $ | 393,750 | $ | 787,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 2,370 | $ | 262,572 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ��� | | |
| 02/05/2019 | 1,185 | 2,370 | 4,740 | $ | 353,763 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 02/05/2019 | 12,485 | $ | 110.79 | $ | 263,059 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | ||||||||||
Relative Total Stockholder Return | | | | Percentage of Performance Shares Earned | |||||||
| | ||||||||||
| | Below 25th percentile | | | | | | 0% | | | |
|
| | |||||||||
| | | | | | ||||||
| 50 |
| |||||||||
| | | |||||||||
| | 50th percentile | | | | | | 100% | | | |
|
| | |||||||||
| | | | | | ||||||
|
| ||||||||||
| | | |
If the Company'sCompany’s total stockholder return falls between the 25th and 50th percentiles or between the 50th and 75th percentiles, the number of performance Shares earned will be determined by linear interpolation. Dividends will accrue during the three-year performance period and will be paid on performance Shares that are earned. In the event the named executive'sexecutive’s employment is terminated without cause or the named executive resigns with good reason within three years after a change of control of the Company, outstanding performance Shares will be earned at the maximum level. The performance Shares held by a named executive will remain outstanding and will be earned based on the Company'sCompany’s relative total stockholder return performance in the event of a termination of employment of the named executive by the Company without cause.
Outstanding Equity Awards at Fiscal Year-End Table ——This table presents information about unvested restricted Share, stock option and performance Share awards held by the named executives on December 31, 2019.2021.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Option Awards | Stock Awards | ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(4) | |||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Koch | 0 | 82,885 | (5) | $ | 110.79 | 02/04/2029 | 45,748 | $ | 7,403,856 | 15,730 | $ | 2,545,743 | |||||||||||||||||||||||||||||||
| 20,143 | 40,287 | (6) | $ | 108.72 | 02/05/2028 | 13,105 | $ | 2,120,913 | |||||||||||||||||||||||||||||||||||
| 29,417 | 14,708 | (7) | $ | 107.73 | 02/07/2027 | ||||||||||||||||||||||||||||||||||||||
| 48,015 | 0 | $ | 83.31 | 02/02/2026 | |||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Roche | 0 | 14,935 | (5) | $ | 110.79 | 02/04/2029 | 5,535 | $ | 895,784 | 2,835 | $ | 458,816 | |||||||||||||||||||||||||||||||
| 4,148 | 8,297 | (6) | $ | 108.72 | 02/05/2028 | 2,700 | $ | 436,968 | |||||||||||||||||||||||||||||||||||
| 8,087 | 4,043 | (8) | $ | 105.03 | 02/14/2027 | ||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | 0 | 16,240 | (5) | $ | 110.79 | 02/04/2029 | 6,130 | $ | 992,079 | 3,080 | $ | 498,467 | |||||||||||||||||||||||||||||||
| 4,687 | 9,373 | (6) | $ | 108.72 | 02/05/2028 | 3,050 | $ | 493,612 | |||||||||||||||||||||||||||||||||||
| 8,690 | 4,345 | (7) | $ | 107.73 | 02/07/2027 | ||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Shears | 0 | 5,470 | (5) | $ | 110.79 | 02/04/2029 | 4,383 | $ | 709,345 | 1,040 | $ | 168,314 | |||||||||||||||||||||||||||||||
| 1,168 | 2,337 | (6) | $ | 108.72 | 02/05/2028 | 760 | $ | 122,998 | |||||||||||||||||||||||||||||||||||
| 2,143 | 1,072 | (7) | $ | 107.73 | 02/07/2027 | ||||||||||||||||||||||||||||||||||||||
| 3,495 | 0 | $ | 83.31 | 02/02/2026 | |||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | 0 | 12,485 | (5) | $ | 110.79 | 02/04/2029 | 3,465 | $ | 560,776 | 2,370 | $ | 383,561 | |||||||||||||||||||||||||||||||
| 1,682 | 3,363 | (6) | $ | 108.72 | 02/05/2028 | 1,095 | $ | 177,215 | |||||||||||||||||||||||||||||||||||
| 3,087 | 1,543 | (7) | $ | 107.73 | 02/07/2027 | ||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Option Awards | | | | Stock Awards | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Name | | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | | | Option Exercise Price ($) | | | | Option Expiration Date | | | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(4) | | | |||||||||||||||||||||||||||
| | Mr. Koch | | | | | | 0 | | | | | | | 58,590(5) | | | | | | | 0 | | | | | | $ | 150.00 | | | | | | | 02/01/2031 | | | | | | | 23,870 | | | | | | $ | 5,922,624 | | | | | | | 47,740 | | | | | | $ | 11,845,249 | | | |
| | | 20,307 | | | | | | | 40,613(6) | | | | | | | 0 | | | | | | $ | 161.41 | | | | | | | 02/03/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | 55,257 | | | | | | | 27,628(7) | | | | | | | 0 | | | | | | $ | 110.79 | | | | | | | 02/04/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | Mr. Roche | | | | | | 0 | | | | | | | 13,755(5) | | | | | | | 0 | | | | | | $ | 150.00 | | | | | | | 02/01/2031 | | | | | | | 8,590 | | | | | | $ | 2,131,351 | | | | | | | 11,260 | | | | | | $ | 2,793,831 | | | |
| | | 4,820 | | | | | | | 9,640(6) | | | | | | | 0 | | | | | | $ | 161.41 | | | | | | | 02/03/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | 9,957 | | | | | | | 4,978(7) | | | | | | | 0 | | | | | | $ | 110.79 | | | | | | | 02/04/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | 4,149 | | | | | | | 0 | | | | | | | 0 | | | | | | $ | 108.72 | | | | | | | 02/05/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | Mr. Berlin | | | | | | 0 | | | | | | | 11,215(5) | | | | | | | 0 | | | | | | $ | 150.00 | | | | | | | 02/01/2031 | | | | | | | 7,010 | | | | | | $ | 1,739,321 | | | | | | | 9,190 | | | | | | $ | 2,280,223 | | | |
| | | 3,928 | | | | | | | 7,857(6) | | | | | | | 0 | | | | | | $ | 161.41 | | | | | | | 02/03/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | 10,827 | | | | | | | 5,413(7) | | | | | | | 0 | | | | | | $ | 110.79 | | | | | | | 02/04/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | Mr. Shears | | | | | | 0 | | | | | | | 10,485(5) | | | | | | | 0 | | | | | | $ | 150.00 | | | | | | | 02/01/2031 | | | | | | | 9,108 | | | | | | $ | 2,259,877 | | | | | | | 8,540 | | | | | | $ | 2,118,945 | | | |
| | | 3,637 | | | | | | | 7,273(6) | | | | | | | 0 | | | | | | $ | 161.41 | | | | | | | 02/03/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | 3,647 | | | | | | | 1,823(7) | | | | | | | 0 | | | | | | $ | 110.79 | | | | | | | 02/04/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | Mr. Selbach | | | | | | 0 | | | | | | | 8,720(5) | | | | | | | 0 | | | | | | $ | 150.00 | | | | | | | 02/01/2031 | | | | | | | 3,750 | | | | | | $ | 930,450 | | | | | | | 7,100 | | | | | | $ | 1,761,652 | | | |
| | | 0 | | | | | | | 6,047(6) | | | | | | | 0 | | | | | | $ | 161.41 | | | | | | | 02/03/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | 0 | | | | | | | 4,162(7) | | | | | | | 0 | | | | | | $ | 110.79 | | | | | | | 02/04/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Number of Shares Becoming Vested On: | | | |||||||||||||||||
| | Name | | | | May 2, 2022 | | | | February 4, 2023 | | | | February 2, 2024 | | | |||||||||
| | Mr. Koch | | | | | | 0 | | | | | | | 11,260 | | | | | | | 12,610 | | | |
| | Mr. Roche | | | | | | 0 | | | | | | | 2,670 | | | | | | | 5,920 | | | |
| | Mr. Berlin | | | | | | 0 | | | | | | | 2,180 | | | | | | | 4,830 | | | |
| | Mr. Shears | | | | | | 2,583 | | | | | | | 2,015 | | | | | | | 4,510 | | | |
| | Mr. Selbach | | | | | | 0 | | | | | | | 0 | | | | | | | 3,750 | | | |
| | | | | | | | | | | | | | | | | | | |
| Number of Shares Becoming Vested On: | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Name | January 1, 2021 | January 1, 2022 | May 2, 2022 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Koch | 30,018 | 15,730 | 0 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Roche | 2,700 | 2,835 | 0 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | 3,050 | 3,080 | 0 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Shears | 760 | 1,040 | 2,583 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | 1,095 | 2,370 | 0 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
stockholder return of the companies comprising the S&P MidCap 400 Index®Index® over the three-year performance periods in accordance with the following table:
| | ||||||||||
Relative Total Stockholder Return | | | | Percentage of Performance Shares Earned | | | |||||
| | Below 25th percentile | | | | | | 0% | | | |
| | ||||||||||
25th | |||||||||||
| | | | | 50% | | | ||||
| | ||||||||||
| | 50th percentile | | | | | | 100% | | | |
| |||||||||||
| | | | | | | |||||
200 | |||||||||||
| | |
Option Exercises and Stock Vested Table ——This table presents information about stock options exercised by the named executives and the number and value of stock awards that became vested inas to which the named executives became vested during 2019.2021.
| | | | | | Option Awards | | | | Stock Awards | | | ||||||||||||||||||||
| | Name | | | | Number of Shares Acquired on Exercise (#) | | | | Value Realized on Exercise ($)(1) | | | | Number of Shares Acquired on Vesting (#) | | | | Value Realized on Vesting ($)(2) | | | ||||||||||||
| | Mr. Koch | | | | | | 104,555 | | | | | | $ | 10,095,032 | | | | | | | 47,190 | | | | | | $ | 11,708,783 | | | |
| | Mr. Roche | | | | | | 14,426 | | | | | | $ | 1,383,510 | | | | | | | 8,505 | | | | | | $ | 2,110,261 | | | |
| | Mr. Berlin | | | | | | 14,060 | | | | | | $ | 571,762 | | | | | | | 9,240 | | | | | | $ | 2,292,629 | | | |
| | Mr. Shears | | | | | | 10,215 | | | | | | $ | 1,075,629 | | | | | | | 3,120 | | | | | | $ | 774,134 | | | |
| | Mr. Selbach | | | | | | 21,021 | | | | | | $ | 1,818,448 | | | | | | | 4,740 | | | | | | $ | 1,176,089 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Option Awards | Stock Awards | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(2) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Koch | 93,418 | $ | 6,433,561 | 28,779 | $ | 4,657,593 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Roche(3) | 0 | $ | 0 | 12,414 | $ | 1,816,642 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | 15,150 | $ | 620,052 | 8,499 | $ | 1,375,478 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Shears | 10,305 | $ | 712,027 | 4,100 | $ | 614,184 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | 20,850 | $ | 872,651 | 3,017 | $ | 488,271 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
completes 10 years of vesting service, or, if earlier, the date the executive terminates employment due to death or disability.
| | Name | | | | Plan Name | | | | Number of Years of Credited Service (#)(1) | | | | Present Value of Accumulated Benefit ($)(2) | | | | Payments During Last Fiscal Year ($) | | | |||||||||
| | Mr. Koch | | | | Retirement Plan | | | | | | N/A | | | | | | | N/A | | | | | | | N/A | | | |
| Supplemental Pension Plan | | | | | | 12.92 | | | | | | $ | 995,295 | | | | | | $ | 0 | | | | |||||
| | Mr. Roche | | | | Retirement Plan | | | | | | N/A | | | | | | | N/A | | | | | | | N/A | | | |
| Supplemental Pension Plan | | | | | | 3.83 | | | | | | $ | 144,951 | | | | | | $ | 0 | | | | |||||
| | Mr. Berlin | | | | Retirement Plan | | | | | | 31.00 | | | | | | $ | 582,164 | | | | | | $ | 0 | | | |
| Supplemental Pension Plan | | | | | | 31.00 | | | | | | $ | 1,001,839 | | | | | | $ | 0 | | | | |||||
| | Mr. Shears | | | | Retirement Plan | | | | | | 36.75 | | | | | | $ | 635,626 | | | | | | $ | 0 | | | |
| Supplemental Pension Plan | | | | | | 36.75 | | | | | | $ | 684,456 | | | | | | $ | 0 | | | | |||||
| | Mr. Selbach | | | | Retirement Plan | | | | | | N/A | | | | | | | N/A | | | | | | | N/A | | | |
| Supplemental Pension Plan | | | | | | 15.75 | | | | | | $ | 474,342 | | | | | | $ | 0 | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Name | Plan Name | Number of Years of Credited Service (#)(1) | Present Value of Accumulated Benefit ($)(2) | Payments During Last Fiscal Year ($) | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Koch | Retirement Plan | N/A | N/A | N/A | ||||||||||||||||||
| Supplemental Pension Plan | 10.92 | $ | 689,656 | $ | 0 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Roche | Retirement Plan | N/A | N/A | N/A | ||||||||||||||||||
| Supplemental Pension Plan | 1.83 | $ | 65,397 | $ | 0 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | Retirement Plan | 29.00 | $ | 493,958 | $ | 0 | ||||||||||||||||
| Supplemental Pension Plan | 29.00 | $ | 810,916 | $ | 0 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Shears | Retirement Plan | 34.75 | $ | 551,734 | $ | 0 | ||||||||||||||||
| Supplemental Pension Plan | 34.75 | $ | 498,435 | $ | 0 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | Retirement Plan | N/A | N/A | N/A | ||||||||||||||||||
| Supplemental Pension Plan | 13.75 | $ | 368,718 | $ | 0 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
terms of the Nonqualified Deferred Compensation Plan. A participant may also elect to receive one or more in-service distributions.
| | Name | | | | Executive Contributions in Last FY ($)(1) | | | | Registrant Contributions in Last FY ($)(2) | | | | Aggregate Earnings (Losses) in Last FY ($)(3) | | | | Aggregate Withdrawals/ Distributions ($) | | | | Aggregate Balance at Last FYE ($)(4) | | | |||||||||||||||
| | Mr. Koch | | | | | $ | 51,000 | | | | | | $ | 51,000 | | | | | | $ | 122,230 | | | | | | $ | 341,837 | | | | | | $ | 458,261 | | | |
| | Mr. Roche | | | | | $ | 33,300 | | | | | | $ | 26,640 | | | | | | $ | 1,125,236 | | | | | | $ | 26,059 | | | | | | $ | 4,022,462 | | | |
| | Mr. Berlin | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 91,940 | | | | | | $ | 0 | | | | | | $ | 248,120 | | | |
| | Mr. Shears | | | | | $ | 44,168 | | | | | | $ | 44,168 | | | | | | $ | 648,829 | | | | | | $ | 0 | | | | | | $ | 4,251,005 | | | |
| | Mr. Selbach | | | | | $ | 22,520 | | | | | | $ | 22,520 | | | | | | $ | 2,081,663 | | | | | | $ | 0 | | | | | | $ | 6,201,343 | | | |
| | | | | | | | | | | | | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Name | | Executive Contributions in Last FY ($)(1) | | Registrant Contributions in Last FY ($)(2) | | Aggregate Earnings (Losses) in Last FY ($)(3) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last FYE ($)(4) | | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Koch | $ | 103,584 | $ | 103,584 | $ | 76,529 | $ | 288,959 | $ | 421,456 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Roche | $ | 205,210 | $ | 44,984 | $ | 55,751 | $ | 0 | $ | 2,380,487 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | $ | 0 | $ | 0 | $ | 1,800 | $ | 0 | $ | 161,840 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Shears | $ | 256,866 | $ | 30,899 | $ | 99,624 | $ | 0 | $ | 2,719,733 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | $ | 37,427 | $ | 37,427 | $ | 119,736 | $ | 0 | $ | 4,039,608 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Name | | | | Severance Benefit ($)(1) | | | | Continued Participation in Health and Other Welfare Benefit Plans and Fringe Benefits ($)(2) | | | | Vesting of Stock Options ($)(3) | | | | Vesting of Restricted Stock ($)(4) | | | | Vesting of Performance Shares ($)(5) | | | | Special Retirement Benefits ($)(6) | | | | Excise Tax Gross Up (Reduction in Payments) ($)(7) | | | | Total ($) | | | ||||||||||||||||||||||||
| | Mr. Koch | | | | | $ | 12,974,400 | | | | | | $ | 288,000 | | | | | | $ | 13,064,557 | | | | | | $ | 5,922,624 | | | | | | $ | 11,845,249 | | | | | | $ | 814,896 | | | | | | $ | 11,620,795 | | | | | | $ | 56,530,521 | | | |
| | Mr. Roche | | | | | $ | 4,939,200 | | | | | | $ | 149,000 | | | | | | $ | 2,869,154 | | | | | | $ | 2,131,351 | | | | | | $ | 2,793,831 | | | | | | $ | 285,360 | | | | | | $ | 0 | | | | | | $ | 13,167,896 | | | |
| | Mr. Berlin | | | | | $ | 4,273,500 | | | | | | $ | 151,000 | | | | | | $ | 2,525,064 | | | | | | $ | 1,739,321 | | | | | | $ | 2,280,223 | | | | | | $ | 355,313 | | | | | | $ | 0 | | | | | | $ | 11,324,421 | | | |
| | Mr. Shears | | | | | $ | 4,285,500 | | | | | | $ | 87,000 | | | | | | $ | 1,909,783 | | | | | | $ | 2,259,877 | | | | | | $ | 2,118,945 | | | | | | $ | 494,417 | | | | | | $ | 0 | | | | | | $ | 11,155,522 | | | |
| | Mr. Selbach | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 1,951,509 | | | | | | $ | 930,450 | | | | | | $ | 1,761,652 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 4,643,611 | | | |
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Severance Benefit ($)(1) | Continued Participation in Health and Other Welfare Benefit Plans and Fringe Benefits ($)(2) | Vesting of Stock Options ($)(3) | Vesting of Restricted Shares ($)(4) | Vesting of Performance Shares ($)(5) | Special Retirement Benefits ($)(6) | Excise Tax Gross Up (Reduction in Payments) ($)(7) | Total ($) | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Koch | $ | 10,016,100 | $ | 349,000 | $ | 7,167,175 | $ | 7,403,856 | $ | 9,333,312 | $ | 795,077 | $ | 10,434,534 | $ | 45,499,054 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Roche | $ | 4,052,400 | $ | 99,000 | $ | 1,432,851 | $ | 895,784 | $ | 1,791,568 | $ | 297,774 | $ | 0 | $ | 8,569,377 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Berlin | $ | 4,273,500 | $ | 168,000 | $ | 1,562,054 | $ | 992,079 | $ | 1,984,158 | $ | 354,113 | $ | 0 | $ | 9,333,904 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Shears | $ | 4,240,500 | $ | 95,000 | $ | 461,391 | $ | 709,345 | $ | 582,624 | $ | 450,814 | $ | 0 | $ | 6,539,674 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mr. Selbach | $ | 1,129,087 | $ | 39,000 | $ | 899,494 | $ | 560,776 | $ | 1,121,552 | $ | 105,145 | $ | 0 | $ | 3,855,054 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
to the named executive officer'sofficer’s account under the supplemental 401(k) Plan will be distributed in a lump sum even if the officer had previously elected to be paid in installments.
| Median annual total compensation of all employees (excluding Mr. Koch) | | | | $ | 48,224 | | |
| Annual total compensation of Mr. Koch | | | | $ | 11,042,404 | | |
| Ratio of Mr. Koch’s annual total compensation to the median annual total compensation of all other employees | | | | | 229:1 | | |
Median annual total compensation of all employees (excluding Mr. Koch) | $ | 64,629 | ||
Annual total compensation of Mr. Koch | $ | 9,578,941 | ||
Ratio of Mr. Koch's annual total compensation to the median annual total compensation of all other employees | 148:1 |
For 2019, the Company used the same median employee selected in 2017 to determine the median annual total compensation of all employees (excluding Mr. Koch). To determine the median employee in 2017,2021, the Company compiled a list of all employees (excluding Mr. Koch) as of October 2, 2017,December 31, 2021, sorted the list of employees by their annualized gross compensation rates as of October 2, 2017December 31, 2021 and selected the employee with the median annualized gross compensation amount. The Company did not include in the compensation rates the value of certain Company-provided benefits such as retirement and medical and life insurance benefits. As of October 2, 2017,December 31, 2021, the Company employed 14,18110,800 persons, of which 7,6984,569 employees were employed in foreign countries. The compensation of employees in foreign countries was converted to an equivalent U.S. dollar amount using foreign exchange rates on October 2, 2017. During 2019, the Company added approximately 1,476 new employees from acquisitions it completed during the year and reduced employment by approximately 350 employees as a result of plant closures. Based on demographic analysis, the Company reasonably believes that such change in employee population or any change in employee compensation arrangements did not significantly affect the Company's pay ratio disclosure for 2019.
December 31, 2021.
2021.
2021.
PROPOSAL 2:
ADOPTION OF AMENDMENT TO THE COMPANY’S
RESTATED CERTIFICATE OF INCORPORATION
2022.
| | | | | | 2021 ($) | | | | 2020 ($) | | | ||||||
| | Audit Fees(1) | | | | | $ | 4,898,701 | | | | | | $ | 4,798,389 | | | |
| | Audit-Related Fees | | | | | $ | 137,175 | | | | | | $ | 115,541 | | | |
| | Tax Fees(2) | | | | | $ | 39,039 | | | | | | $ | 631,729 | | | |
| | All Other Fees | | | | | $ | 0 | | | | | | $ | 0 | | | |
| | | | | | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | |
| | | 2019 ($) | | 2018 ($) | | ||||||||
| | | | | | | | | | | | | | |
| Audit Fees(1) | $ | 4,449,965 | $ | 4,434,900 | |||||||||
| | | | | | | | | | | | | | |
| Audit-Related Fees | $ | 0 | $ | 0 | |||||||||
| | | | | | | | | | | | | | |
| Tax Fees(2) | $ | 516,303 | $ | 128,000 | |||||||||
| | | | | | | | | | | | | | |
| All Other Fees | $ | 0 | $ | 0 | |||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | Type of Award | | | |||||||||||||||||
| | Year | | | | Grantee | | | | Stock Options | | | | Restricted Shares/Units | | | | Performance Shares* | | | |||||||||
| | 2019 | | | | CEO | | | | | | 82,885 | | | | | | | 15,730 | | | | | | | 15,730 | | | |
| Named Executive Officers (other than CEO) | | | | | | 49,130 | | | | | | | 9,325 | | | | | | | 9,325 | | | | |||||
| Other Employees | | | | | | 328,235 | | | | | | | 33,359 | | | | | | | 27,220 | | | | |||||
| Non-Employee Directors | | | | | | — | | | | | | | 13,244 | | | | | | | — | | | | |||||
| Total | | | | | | 460,250 | | | | | | | 71,658 | | | | | | | 52,275 | | | | |||||
| | 2020 | | | | CEO | | | | | | 60,920 | | | | | | | 11,260 | | | | | | | 11,260 | | | |
| Named Executive Officers (other than CEO) | | | | | | 46,225 | | | | | | | 8,540 | | | | | | | 8,540 | | | | |||||
| Other Employees | | | | | | 287,970 | | | | | | | 36,533 | | | | | | | 25,307 | | | | |||||
| Non-Employee Directors | | | | | | — | | | | | | | 20,971 | | | | | | | — | | | | |||||
| Total | | | | | | 395,115 | | | | | | | 77,304 | | | | | | | 45,107 | | | | |||||
| | 2021 | | | | CEO | | | | | | 58,590 | | | | | | | 12,610 | | | | | | | 12,610 | | | |
| Named Executive Officers (other than CEO) | | | | | | 44,175 | | | | | | | 19,010 | | | | | | | 9,505 | | | | |||||
| Other Employees | | | | | | 259,775 | | | | | | | 34,466 | | | | | | | 32,430 | | | | |||||
| Non-Employee Directors | | | | | | — | | | | | | | 6,692 | | | | | | | — | | | | |||||
| Total | | | | | | 362,540 | | | | | | | 72,778 | | | | | | | 54,545 | | | |
As required by Section 14A of the Exchange Act, this
Stockholders.
the Company'sCompany’s stockholders and will carefully consider the outcome of the vote when making future compensation decisions for the Company'sCompany’s named executive officers.
Incorporated, 16430 North Scottsdale Road, Suite 400, Scottsdale, Arizona 85254; (ii) delivering a proxy bearing a later date via the Internet, by telephone or by mail until the applicable deadline for each method; or (iii) attending the Annual Meeting and voting in person. Attendance at the Annual Meeting will not cause your previously granted proxy to be revoked unless you specifically make that request or vote in person at the meeting. For all methods of voting, the last vote cast will supersede all previous votes. If you hold your Shares in street name and you have instructed your bank, broker or other nominee to vote your Shares, you may revoke or change your voting instructions by following the specific instructions provided to you by your bank, broker or other nominee, or, if you have obtained a legal proxy from your bank, broker or other nominee, by attending the Annual Meeting and voting in person.
In certain cases record ownership may change but beneficial ownership for voting purposes does not change. The Company’s Restated Certificate of Incorporation of the Company states the exceptions where beneficial ownership is deemed not to have changed upon the transfer of Shares. Stockholders should consult the pertinent provision of the Restated Certificate of Incorporation attached asAppendix AB to this Proxy Statement for those exceptions.
| | |||||||
| | By Order of the Board of Directors, | | |||||
| | | | /s/ | | |||
| | | | Scott C. Selbach Vice President, Secretary and General Counsel | |
(i) Each outstanding share of Common Stock shall entitle the holder thereof to five (5) one (51) votesvote on each matter properly submitted to the stockholders of the Corporation for their vote, waiver, release or other action;action; except that no holder of outstanding shares of Common Stock shall be entitled to exercise more than one (1) vote on any such matter in respect of any share of Common Stock with respect to which there has been a change in beneficial ownership during the four (4) years immediately preceding the date on which a determination is made of the stockholders of the Corporation who are entitled to vote or to take any other action.
.
whenever there is a change in the beneficiary of such trust, the principal of such agent, the ward of such guardian, the minor for whom such custodian is acting or in such trustee, agent, guardian or custodian.
| | | | CARLISLE COMPANIES INCORPORATED | |
| | | | By: /s/ Steven J. Ford Steven J. Ford, Vice President and Chief Financial Officer | |
(i) Any appointment of a successor trustee as a result of the death of the predecessor trustee (which predecessor trustee shall have been a natural person).