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| | | | A-1 | | | |
| | | | A-1 | | |
Beneficial Owners | | | Shares Beneficially Owned | | ||||||||||||||||||||||
| Shares Beneficially Owned | | ||||||||||||||||||||||||
Beneficial Owners | | | Number | | Percent of Class | | | Number | | Percent of Class | | | ||||||||||||||
Michael T. Prior(1) | | | | 542,803 | | | | | 3.41% | | | | | | 585,704 | | | | | 3.71% | | | ||||
Bernard J. Bulkin | | | | 9,174 | | | | | * | | | | | | 14,759 | | | | | * | | | ||||
James S. Eisenstein | | | | 3,397 | | | | | * | | | | | | 8,982 | | | | | * | | | ||||
Richard J. Ganong | | | | 5,964 | | | | | * | | | | | | 11,549 | | | | | * | | | ||||
John C. Kennedy | | | | 5,964 | | | | | * | | | |||||||||||||||
April V. Henry | | | | 3,880 | | | | | * | | | |||||||||||||||
Derek Hudson | | | | — | | | | | * | | | |||||||||||||||
Patricia Jacobs | | | | — | | | | | * | | | |||||||||||||||
Pamela F. Lenehan | | | | 2,043 | | | | | * | | | | | | 7,628 | | | | | * | | | ||||
Liane J. Pelletier | | | | 15,231 | | | | | * | | | | | | 20,816 | | | | | * | | | ||||
Charles J. Roesslein(2) | | | | 13,226 | | | | | * | | | |||||||||||||||
Justin D. Benincasa(3) | | | | 37,695 | | | | | * | | | |||||||||||||||
William F. Kreisher(4) | | | | 39,565 | | | | | * | | | |||||||||||||||
Justin D. Benincasa(2) | | | | 34,229 | | | | | * | | | |||||||||||||||
Justin M. Leon | | | | 3,094 | | | | | * | | | |||||||||||||||
Mary M. Mabey | | | | 11,256 | | | | | * | | | |||||||||||||||
Brad W. Martin | | | | 5,116 | | | | | * | | | | | | 15,062 | | | | | * | | | ||||
Mary M. Mabey | | | | 5,560 | | | | | * | | | |||||||||||||||
All Current Directors and Executive Officers as a group (12 persons)(6) | | | | 685,738 | | | | | 4.31% | | | |||||||||||||||
All Current Directors, Director Nominees and Executive Officers as a group (13 persons)(4) | | | | 716,960 | | | | | 4.54% | | | |||||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | ||||
Cornelius B. Prior, Jr.(7) | | | | 4,218,162 | | | | | 26.40% | | | |||||||||||||||
BlackRock, Inc.(8) | | | | 1,774,885 | | | | | 11.20% | | | |||||||||||||||
Dimensional Fund Advisors LP(9) | | | | 1,283,410 | | | | | 8.10% | | | |||||||||||||||
The Vanguard Group(10) | | | | 1,124,007 | | | | | 7.07% | | | |||||||||||||||
Cornelius B. Prior, Jr.(5) | | | | 4,184,730 | | | | | 26.50% | | | |||||||||||||||
BlackRock, Inc.(6) | | | | 1,804,666 | | | | | 11.43% | | | |||||||||||||||
The Vanguard Group(7) | | | | 1,178,440 | | | | | 7.46% | | | |||||||||||||||
Dimensional Fund Advisors LP(8) | | | | 1,117,532 | | | | | 7.08% | | | |||||||||||||||
Global Alpha Capital Management Ltd.(9) | | | | 1,151,352 | | | | | 7.29% | | |
Board Diversity Matrix (as of April 27, 2023) | | ||||||||||||||||||||||||
Total Number of Directors | | | 7 | | |||||||||||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | ||||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors | | | | | 3 | | | | | | 4 | | | | | | — | | | | | | — | | |
Part II: Demographic Background | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Alaskan Native or Native American | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Asian | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hispanic or Latinx | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
White | | | | | 2 | | | | | | 4 | | | | | | — | | | | | | — | | |
Two or More Races or Ethnicities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
LGBTQ+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Did Not Disclose Demographic Background | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pro Forma Board Diversity Matrix (Current Director Candidates as of April 27, 2023) | | ||||||||||||||||||||||||
Total Number of Director Candidates for Election at the Annual Meeting | | | 7 | | |||||||||||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | ||||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors | | | | | 3 | | | | | | 4 | | | | | | — | | | | | | — | | |
Part II: Demographic Background | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black | | | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | |
Alaskan Native or Native American | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Asian | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hispanic or Latinx | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pro Forma Board Diversity Matrix (Current Director Candidates as of April 27, 2023) | | ||||||||||||||||||||||||
Total Number of Director Candidates for Election at the Annual Meeting | | | 7 | | |||||||||||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | ||||||||||||
White | | | | | 2 | | | | | | 3 | | | | | | — | | | | | | — | | |
Two or More Races or Ethnicities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
LGBTQ+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Did Not Disclose Demographic Background | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Board Diversity Matrix (as of April 27, 2022) | | ||||||||||||||||||||||||
Total Number of Directors | | | 8 | | |||||||||||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | ||||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors | | | | | 3 | | | | | | 5 | | | | | | — | | | | | | — | | |
Part II: Demographic Background | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Alaskan Native or Native American | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Asian | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hispanic or Latinx | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
White | | | | | 2 | | | | | | 5 | | | | | | — | | | | | | — | | |
Two or More Races or Ethnicities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
LGBTQ+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Did Not Disclose Demographic Background | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | Leadership experience. Directors who have held significant corporate leadership positions bring valuable knowledge of organization, controls, strategy and risk management, and can provide insight as to how to drive change and growth. More than half of our directors have CEO experience, with most of the Board also including experience in general management, finance, operations, technology, or corporate development. Our skills matrix also tracks past and current director roles on other corporate boards and committees, ensuring we have the right mix of experience to advise and oversee the Company’s executive management. | | | | Finance experience. We believe that as a public company, our Board must have an understanding of our financial reporting processes, risk management policies, and the way we measure our operating and strategic performance by reference to financial goals. Our current slate of director nominees includes a director who qualifies as an “audit committee financial expert” as defined in applicable SEC rules, and we expect all of our directors to be financially knowledgeable. | | |
| | Industry experience. We seek to have directors with experience as executives, directors or in other leadership positions in the industries in which we operate and target for growth. For example, we specifically seek directors with experience in the telecommunications industry. | | | | Board Tenure. We seek to vary the tenure of the directors on our Board, which we believe allows us to preserve continuity of oversight while introducing new insights to our group. In order to accomplish this, our Board engages in succession planning with respect to its current slate of directors, and seeks to maintain a roster of prospective Board nominees in the near- and mid-term. Our independent director nominees currently have an average tenure of 4.4 years. | | |
| Potential Overhang with 1,400,000 Requested Shares | | | | | | | |
| Stock Options Outstanding as of March 31, 2023 | | | | | — | | |
| Outstanding Full Value Awards as of March 31, 2023(1) | | | | | 20,283,182 | | |
| Total Equity Awards Outstanding as of March 31, 2023(2) | | | | | 529,256 | | |
| Shares Available for Grant under the Prior Plan as of March 31, 2023(3) | | | | | 32,070 | | |
| Shares Requested for the 2023 Equity Plan | | | | | 1,400,000 | | |
| Total Potential Overhang under the 2023 Equity Plan(4) | | | | | 1,961,326 | | |
| Shares of Common Stock Outstanding as of March 31, 2023 | | | | | 15,787,337 | | |
| Fully Diluted Shares(5) | | | | | 17,748,663 | | |
| Potential Dilution of 1,400,000 Shares as a Percentage of Fully Diluted Shares | | | | | 7.9% | | |
Burn Rate | | | | | | | | | | | | | | | | | | | | | | | | | |
Element | | | 2022 | | | 2021 | | | 2020 | | | 3-Year average | | ||||||||||||
Restricted Stock Awards and Restricted Stock Units Granted(1) | | | | | 208,880 | | | | | | 160,794 | | | | | | 116,404 | | | | | | | | |
Weighted Average Shares of Common Stock Outstanding as of applicable fiscal year-end | | | | | 15,750,619 | | | | | | 15,867,389 | | | | | | 15,923,411 | | | | | | | | |
Burn Rate | | | | | 1.3% | | | | | | 1.0% | | | | | | 0.7% | | | | | | 1.0% | | |
| Audit Committee | | | Compensation Committee | | | Nominating and Corporate Governance Committee | | | Investment Committee | |
| | | Richard J. Ganong, Chair | | | Dr. Bernard J. Bulkin, Chair | | | James S. Eisenstein, Chair | | |
| Dr. Bernard J. Bulkin | | | James S. | | | | | Richard J. Ganong | | |
| | | Liane J. Pelletier | | | | | April V. Henry | | ||
| | | | | | | | | | Michael T. Prior | |
| | 2020 | | 2019 | | | 2022 | | 2021 | | ||||||||||||||||
Audit Fees(1) | | | $ | 3,259,000 | | | | $ | 4,159,757 | | | | | $ | 4,699,200 | | | | $ | 4,691,700 | | | ||||
Tax Fees(2) | | | | 90,000 | | | | | 155,500 | | | | | | — | | | | | 15,000 | | | ||||
All Other Fees(3) | | | | 6,700 | | | | | 5,700 | | | | | | 12,400 | | | | | 10,400 | | | ||||
Total Fees | | | $ | 3,355,700 | | | | $ | 4,320,957 | | | | | $ | 4,711,600 | | | | $ | 4,717,100 | | |
Name | | | Age | | | Position | |
Michael T. Prior | | | | | Chairman, | | |
Justin D. Benincasa | | | | | Chief Financial Officer | | |
Brad W. Martin | | | | | Chief Operating Officer | | |
Mary M. Mabey | | | | | Senior Vice President, General Counsel and Secretary | | |
Justin M. Leon | | | 37 | | | Senior Vice President, Corporate Development | |
| | | Consolidated Communications | | | Liberty Latin America | | |
| Bandwidth Inc. | | | Echostar | | | Ooma | |
| Brightcove | | | Edgio | | | Shenandoah Telecommunications | |
| | | Gogo | | | | ||
| | | | | | |||
| | | ||||||
| | | |
Named Executive Officer | | | 2019 | | | 2020 | | | Annualized Percent Increase from 2018 | | |||||||||
Michael T. Prior | | | | $ | 630,000 | | | | | $ | 645,000 | | | | | | 2.4% | | |
Justin D. Benincasa | | | | $ | 380,000 | | | | | $ | 390,000 | | | | | | 2.6% | | |
Brad W. Martin | | | | $ | 325,000 | | | | | $ | 335,000 | | | | | | 3.1% | | |
William F. Kreisher | | | | $ | 277,000 | | | | | $ | 282,000 | | | | | | 1.8% | | |
Mary M. Mabey | | | | $ | 260,000 | | | | | $ | 275,000 | | | | | | 5.8% | | |
Named Executive Officer | | | 2022 | | | 2021 | | | Annualized Percent Change from 2021 | | |||||||||
Michael T. Prior | | | | $ | 674,000 | | | | | $ | 661,000 | | | | | | 2.0% | | |
Justin D. Benincasa | | | | $ | 408,000 | | | | | $ | 398,000 | | | | | | 2.5% | | |
Brad W. Martin | | | | $ | 374,000 | | | | | $ | 365,000 | | | | | | 2.5% | | |
Mary M. Mabey | | | | $ | 325,000 | | | | | $ | 285,000 | | | | | | 14.0% | | |
Justin M. Leon | | | | $ | 250,000 | | | | | $ | 190,035 | | | | | | 31.6% | | |
Named Executive Officer | | | Opportunity Expressed as % of Base Salary | | |||
Michael T. Prior | | | | | 100% | | |
Justin D. Benincasa | | | | | 75% | | |
Brad W. Martin | | | | | |||
| | ||||||
Mary M. Mabey | | | | | 50% | | |
Justin M. Leon | | | | | 50% | | |
Performance Factor | | | Range | | | Description | |
Company Performance | | | 35-75% | | | Accomplishment of Company-wide goals set for operational and financial performance, such as revenue or Adjusted EBITDA for such year | |
Achievement of Individual Goals | | | 25-50% | | | Accomplishment of individual goals set for operational measures, such as strategic initiatives set by the Company for achievement in a given year | |
General Individual Performance | | | 15% | | | General assessment of the individual’s work performance through the year, including leadership and contribution to Company culture | |
| | | Restricted Stock Unit Awards | | | Performance Stock Unit Awards (at target) | | ||||||
Michael T. Prior | | | | | 19,350 | | | | | | 19,350 | | |
Justin D. Benincasa | | | | | 8,100 | | | | | | 8,100 | | |
Brad W. Martin | | | | | 7,500 | | | | | | 7,500 | | |
William F. Kreisher | | | | | 2,850 | | | | | | — | | |
Mary M. Mabey | | | | | 4,800 | | | | | | 4,800 | | |
Total | | | | | 42,600 | | | | | | 39,750 | | |
| | | Year | | | RSU Awards (#) | | | Grant Date Value of RSU Awards ($) | | | PSU Awards (at target) (#) | | | Grant Date Value of PSU Awards (at target) ($) | | ||||||||||||
Michael T. Prior | | | 2023 | | | | | 25,000 | | | | | $ | 998,500 | | | | | | 25,000 | | | | | $ | 1,127,500 | | |
| 2022 | | | | | 21,450 | | | | | $ | 843,414 | | | | | | 21,450 | | | | | $ | 1,008,794 | | | ||
Justin D. Benincasa | | | 2023 | | | | | 11,000 | | | | | $ | 439,340 | | | | | | 11,000 | | | | | $ | 496,100 | | |
| 2022 | | | | | 10,700 | | | | | $ | 420,724 | | | | | | 10,700 | | | | | $ | 503,221 | | | ||
Brad W. Martin | | | 2023 | | | | | 11,000 | | | | | $ | 439,340 | | | | | | 11,000 | | | | | $ | 496,100 | | |
| 2022 | | | | | 10,700 | | | | | $ | 420,724 | | | | | | 10,700 | | | | | $ | 503,221 | | | ||
Mary M. Mabey | | | 2023 | | | | | 6,600 | | | | | $ | 263,604 | | | | | | 6,600 | | | | | $ | 297,660 | | |
| 2022 | | | | | 7,900 | | | | | $ | 310,628 | | | | | | 7,900 | | | | | $ | 371,537 | | | ||
Justin M. Leon | | | 2023 | | | | | 5,500 | | | | | $ | 219,670 | | | | | | 5,500 | | | | | $ | 248,050 | | |
| 2022 | | | | | 5,700 | | | | | $ | 224,124 | | | | | | 5,700 | | | | | $ | 268,071 | | |
Position | | | Individual Guideline Level | |
Chief Executive Officer | | | 5x annual base salary | |
All other Executive Officers | | | 2x annual base salary | |
Non-Executive Directors | | | 2x annual retainer | |
Name and Principal Position | | | Year | | | Salary ($) | | | Non-Equity Incentive Plan Compensation ($) | | | Stock Awards(1) ($) | | | All Other Compensation(2) ($) | | | Total ($) | | ||||||||||||||||||
Michael T. Prior | | | | | 2020 | | | | | | 645,000 | | | | | | 535,000 | | | | | | 1,405,555 | | | | | | 68,385 | | | | | | 2,653,940 | | |
Chairman, Chief Executive Officer and President | | | | | 2019 | | | | | | 630,000 | | | | | | 525,000 | | | | | | 1,393,000 | | | | | | 75,523 | | | | | | 2,623,523 | | |
| | | 2018 | | | | | | 615,000 | | | | | | 554,000 | | | | | | 1,617,660 | | | | | | 85,474 | | | | | | 2,872,134 | | | ||
Justin D. Benincasa | | | | | 2020 | | | | | | 390,000 | | | | | | 243,000 | | | | | | 549,327 | | | | | | 44,440 | | | | | | 1,226,767 | | |
Chief Financial Officer | | | | | 2019 | | | | | | 380,000 | | | | | | 245,000 | | | | | | 540,484 | | | | | | 46,747 | | | | | | 1,212,231 | | |
| | | | | 2018 | | | | | | 370,000 | | | | | | 250,000 | | | | | | 627,000 | | | | | | 49,818 | | | | | | 1,296,818 | | |
Brad W. Martin (3) | | | | | 2020 | | | | | | 335,000 | | | | | | 181,000 | | | | | | 395,103 | | | | | | 11,400 | | | | | | 922,503 | | |
Executive Vice President Business Operations | | | | | 2019 | | | | | | 325,000 | | | | | | 170,000 | | | | | | 317,604 | | | | | | 11,200 | | | | | | 823,804 | | |
| | | 2018 | | | | | | 212,500 | | | | | | 121,000 | | | | | | 397,500 | | | | | | 4,875 | | | | | | 735,875 | | | ||
William F. Kreisher | | | | | 2020 | | | | | | 282,000 | | | | | | 100,000 | | | | | | 337,849 | | | | | | 35,112 | | | | | | 754,961 | | |
Senior Vice President, Corporate Development | | | | | 2019 | | | | | | 277,000 | | | | | | 111,000 | | | | | | 351,036 | | | | | | 36,633 | | | | | | 775,669 | | |
| | | 2018 | | | | | | 270,000 | | | | | | 122,000 | | | | | | 407,550 | | | | | | 38,464 | | | | | | 838,014 | | | ||
Mary M. Mabey (4) | | | | | 2020 | | | | | | 275,000 | | | | | | 114,000 | | | | | | 330,112 | | | | | | 10,255 | | | | | | 729,367 | | |
Senior Vice President, General Counsel and Corporate Secretary | | | | | 2019 | | | | | | 260,000 | | | | | | 112,000 | | | | | | 306,460 | | | | | | 10,774 | | | | | | 689,234 | | |
| | | 2018 | | | | | | 225,500 | | | | | | 107,000 | | | | | | 156,750 | | | | | | 11,513 | | | | | | 500,763 | | |
Name and Principal Position | | | Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($) | | | All Other Compensation ($)(2) | | | Total ($) | | ||||||||||||||||||
Michael T. Prior Chairman, Chief Executive Officer and President | | | | | 2022 | | | | | | 674,000 | | | | | | 1,852,208 | | | | | | 640,000 | | | | | | 65,520 | | | | | | 3,231,728 | | |
| | | 2021 | | | | | | 661,000 | | | | | | 2,132,370 | | | | | | 522,000 | | | | | | 64,480 | | | | | | 3,379,850 | | | ||
| | | 2020 | | | | | | 645,000 | | | | | | 1,405,555 | | | | | | 535,000 | | | | | | 68,385 | | | | | | 2,653,940 | | | ||
Justin D. Benincasa Chief Financial Officer | | | | | 2022 | | | | | | 408,000 | | | | | | 923,945 | | | | | | 290,000 | | | | | | 44,240 | | | | | | 1,666,185 | | |
| | | 2021 | | | | | | 398,000 | | | | | | 892,620 | | | | | | 252,000 | | | | | | 43,040 | | | | | | 1,585,660 | | | ||
| | | 2020 | | | | | | 390,000 | | | | | | 549,327 | | | | | | 243,000 | | | | | | 44,440 | | | | | | 1,226,767 | | | ||
Brad W. Martin Chief Operating Officer | | | | | 2022 | | | | | | 374,000 | | | | | | 923,945 | | | | | | 267,000 | | | | | | 12,200 | | | | | | 1,577,145 | | |
| | | 2021 | | | | | | 365,000 | | | | | | 826,500 | | | | | | 232,000 | | | | | | 11,600 | | | | | | 1,435,100 | | | ||
| | | 2020 | | | | | | 335,000 | | | | | | 395,103 | | | | | | 181,000 | | | | | | 11,400 | | | | | | 922,503 | | | ||
Mary M. Mabey Senior Vice President, General Counsel and Corporate Secretary | | | | | 2022 | | | | | | 325,000 | | | | | | 682,165 | | | | | | 150,000 | | | | | | 12,200 | | | | | | 1,169,365 | | |
| | | 2021 | | | | | | 285,000 | | | | | | 528,960 | | | | | | 120,000 | | | | | | 9,822 | | | | | | 943,782 | | | ||
| | | 2020 | | | | | | 275,000 | | | | | | 330,112 | | | | | | 114,000 | | | | | | 10,255 | | | | | | 729,367 | | | ||
Justin M. Leon(3) Senior Vice President, Corporate Development | | | | | 2022 | | | | | | 250,000 | | | | | | 492,195 | | | | | | 125,000 | | | | | | 9,700 | | | | | | 876,895 | | |
| | | 401(K) Matching Contributions ($) | | | Contributions to Non-Qualified Deferred Compensation Plan ($) | | | Total ($) | | |||||||||
Michael T. Prior | | | | | 11,600 | | | | | | 53,920 | | | | | | 65,520 | | |
Justin D. Benincasa | | | | | 11,600 | | | | | | 32,640 | | | | | | 44,240 | | |
Brad W. Martin | | | | | 12,200 | | | | | | — | | | | | | 12,200 | | |
Mary M. Mabey | | | | | 12,200 | | | | | | — | | | | | | 12,200 | | |
Justin M. Leon | | | | | 9,700 | | | | | | — | | | | | | 9,700 | | |
Name | | | Grant Date | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Units (2) | | | Grant Date Fair Value of Stock and Option Awards ($)(3) | | ||||||||||||||||||||||||
| Threshold(1) | | | Target | | | Maximum(1) | | |||||||||||||||||||||||||||||
Michael T. Prior | | | | | 3/11/20 | | | | | | — | | | | | $ | 645,000 | | | | | | — | | | | | | 27,250 | | | | | | 1,405,555 | | |
Justin D. Benincasa | | | | | 3/11/20 | | | | | | — | | | | | $ | 292,500 | | | | | | — | | | | | | 10,650 | | | | | | 549,327 | | |
Brad W. Martin | | | | | 3/11/20 | | | | | | — | | | | | $ | 201,000 | | | | | | — | | | | | | 7,660 | | | | | | 395,103 | ��� | |
William F. Kreisher | | | | | 3/11/20 | | | | | | — | | | | | $ | 141,000 | | | | | | — | | | | | | 6,550 | | | | | | 337,849 | | |
Mary M. Mabey | | | | | 3/11/20 | | | | | | — | | | | | $ | 137,500 | | | | | | — | | | | | | 6,400 | | | | | | 330,112 | | |
| | | | | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock (#) | | | Grant Date Fair Value of Stock ($)(4) | | |||||||||||||||||||||
Name | | | Type of Award | | | Grant Date | | | Threshold ($)(1) | | | Target ($) | | | Maximum ($)(1) | �� | ||||||||||||||||||||||||
Michael T. Prior Chairman, Chief Executive Officer and President | | | Annual Cash Bonus | | | | | — | | | | | | — | | | | | | 674,000 | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units(2) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,450 | | | | | | 843,414 | | | ||
| Performance Stock Units(3) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,450 | | | | | | 1,008,794 | | | ||
Justin D. Benincasa Chief Financial Officer | | | Annual Cash Bonus | | | | | — | | | | | | — | | | | | | 306,000 | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units(2) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,700 | | | | | | 420,724 | | | ||
| Performance Stock Units(3) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,700 | | | | | | 503,221 | | | ||
Brad W. Martin Chief Operating Officer | | | Annual Cash Bonus | | | | | — | | | | | | — | | | | | | 280,500 | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units(2) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,700 | | | | | | 420,724 | | | ||
| Performance Stock Units(3) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,700 | | | | | | 503,221 | | | ||
Mary M.Mabey Senior Vice President, General Counsel and Corporate Secretary | | | Annual Cash Bonus | | | | | — | | | | | | — | | | | | | 162,500 | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units(2) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,900 | | | | | | 310,628 | | | ||
| Performance Stock Units(3) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,900 | | | | | | 371,537 | | | ||
Justin M. Leon Senior Vice President, Corporate Development | | | Annual Cash Bonus | | | | | — | | | | | | — | | | | | | 125,000 | | | | | | — | | | | | | — | | | | | | — | | |
| Restricted Stock Units(2) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,700 | | | | | | 224,124 | | | ||
| Performance Stock Units(3) | | | | | 3/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,700 | | | | | | 268,071 | | |
| | | | | | | | | Stock Awards Restricted Shares and Units That Have Not Yet Vested | | |||||||||
Name | | | Grant Date | | | Number of Shares | | | Market Value ($) (2) | | |||||||||
Michael T. Prior (1) | | | | | 3/11/20 | | | | | | 27,250 | | | | | | 1,137,960 | | |
| | | | | 3/13/19 | | | | | | 18,750 | | | | | | 783,000 | | |
| | | | | 3/7/18 | | | | | | 12,900 | | | | | | 538,704 | | |
| | | | | 3/8/17 | | | | | | 5,475 | | | | | | 228,636 | | |
Justin D. Benincasa (1) | | | | | 3/11/20 | | | | | | 10,650 | | | | | | 444,744 | | |
| | | | | 3/13/19 | | | | | | 7,275 | | | | | | 303,804 | | |
| | | | | 3/7/18 | | | | | | 5,000 | | | | | | 208,806 | | |
| | | | | 3/8/17 | | | | | | 2,000 | | | | | | 83,520 | | |
Brad W. Martin (1) | | | | | 3/11/20 | | | | | | 7,660 | | | | | | 319,882 | | |
| | | | | 3/13/19 | | | | | | 4,275 | | | | | | 178,524 | | |
| | | | | 4/30/18(3) | | | | | | 3,750 | | | | | | 156,600 | | |
William F. Kreisher (1) | | | | | 3/11/20 | | | | | | 6,550 | | | | | | 273,528 | | |
| | | | | 3/13/19 | | | | | | 4,725 | | | | | | 197,316 | | |
| | | | | 3/7/18 | | | | | | 3,250 | | | | | | 135,720 | | |
| | | | | 3/8/17 | | | | | | 1,325 | | | | | | 55,332 | | |
Mary M. Mabey (1) | | | | | 3/11/20 | | | | | | 6,400 | | | | | | 267,264 | | |
| | | | | 3/13/19 | | | | | | 4,125 | | | | | | 172,260 | | |
| | | | | 3/7/18 | | | | | | 1,250 | | | | | | 52,200 | | |
| | | | | 3/8/17 | | | | | | 337 | | | | | | 14,073 | | |
| | | | | | Stock Awards | | |||||||||
Name | | | Grant Date | | | Number of Shares of Stock That Have Not Vested (#) | | | Market Value of Shares of Stock That Have Not Vested ($) | | ||||||
Michael T. Prior Chief Executive Officer and President | | | 3/25/2022 | | | | | 21,450(1) | | | | | | 971,900 | | |
| 3/25/2022 | | | | | 21,450(2) | | | | | | 1,282,496 | | | ||
| 3/9/2021 | | | | | 14,512(1) | | | | | | 657,539 | | | ||
| 3/9/2021 | | | | | 19,350(2) | | | | | | 1,042,772 | | | ||
| 3/11/2020 | | | | | 13,625(1) | | | | | | 617,349 | | | ||
| 3/13/2019 | | | | | 6,250(1) | | | | | | 283,188 | | | ||
Justin D. Benincasa Chief Financial Officer | | | 3/25/2022 | | | | | 10,700(1) | | | | | | 484,817 | | |
| 3/25/2022 | | | | | 10,700(2) | | | | | | 639,753 | | | ||
| 3/9/2021 | | | | | 6,075(1) | | | | | | 275,258 | | | ||
| 3/9/2021 | | | | | 8,100(2) | | | | | | 436,509 | | | ||
| 3/11/2020 | | | | | 5,325(1) | | | | | | 241,276 | | | ||
| 3/13/2019 | | | | | 2,425(1) | | | | | | 109,877 | | | ||
Brad W. Martin Chief Operating Officer | | | 3/25/2022 | | | | | 10,700(1) | | | | | | 484,817 | | |
| 3/25/2022 | | | | | 10,700(2) | | | | | | 639,753 | | | ||
| 3/9/2021 | | | | | 5,625(1) | | | | | | 254,869 | | | ||
| 3/9/2021 | | | | | 7,500(2) | | | | | | 404,175 | | | ||
| 3/11/2020 | | | | | 3,830(1) | | | | | | 173,537 | | | ||
| 3/13/2019 | | | | | 1,425(1) | | | | | | 64,567 | | | ||
Mary M. Mabey Senior Vice President, General Counsel and Corporate Secretary | | | 3/25/2022 | | | | | 7,900(1) | | | | | | 357,949 | | |
| 3/25/2022 | | | | | 7,900(2) | | | | | | 472,341 | | | ||
| 3/9/2021 | | | | | 3,600(1) | | | | | | 163,116 | | | ||
| 3/9/2021 | | | | | 4,800(2) | | | | | | 258,672 | | | ||
| 3/11/2020 | | | | | 3,200(1) | | | | | | 144,992 | | | ||
| 3/13/2019 | | | | | 1,375(1) | | | | | | 62,301 | | | ||
Justin M. Leon Senior Vice President, Corporate Development | | | 3/25/2022 | | | | | 5,700(1) | | | | | | 258,267 | | |
| 3/25/2022 | | | | | 5,700(2) | | | | | | 340,803 | | | ||
| 3/9/2021 | | | | | 2,437(1) | | | | | | 110,420 | | | ||
| 3/9/2021 | | | | | 3,250(2) | | | | | | 175,143 | | | ||
| 3/11/2020 | | | | | 1,100(1) | | | | | | 49,841 | | | ||
| 3/13/2019 | | | | | 500(1) | | | | | | 22,655 | | |
Name | | | Stock Awards | | |||||||||||||||||||||||||
| Stock Awards | | |||||||||||||||||||||||||||
Name | | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | |||||||||||||||||
| | | 23,650 | | | | | 1,260,862 | | | | | | | 24,350 | | | | | 846,819 | | | |||||||
Justin D. Benincasa | | | | 8,925 | | | | | 475,869 | | | | | | | 9,612 | | | | | 334,373 | | | ||||||
Brad W. Martin | | | | 5,175 | | | | | 306,209 | | | | | | | 7,090 | | | | | 257,979 | | | ||||||
William F. Kreisher | | | | 5,850 | | | | | 311,906 | | | | |||||||||||||||||
Mary M. Mabey | | | | 2,688 | | | | | 141,893 | | | | | | | 4,800 | | | | | 168,106 | | | ||||||
Justin M. Leon | | | | 2,313 | | | | | 80,773 | | |
| | | (a) | | | (b) | | | (c) | | |||||||||
| | | Number of Securities to be Issued upon Exercise of Outstanding Warrants, Options and Rights | | | Weighted Average Exercise Price of Outstanding Warrants, Options and Rights ($) | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column(a)) | | |||||||||
Equity compensation plans approved by security holders: | | | | | | | | | | | | | | | | | | | |
2008 Equity Incentive Plan | | | | | 15,000 | | | | | | 50.33 | | | | | | 609,550 | | |
Equity compensation plans not approved by security holders: | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 15,000 | | | | | | 50.33 | | | | | | 609,550 | | |
| | | (a) | | | (b) | | | (c) | | |||||||||
| | | Number of Securities to be Issued Upon Exercise of Outstanding Warrants, Options and Rights | | | Weighted Average Exercise Price of Outstanding Warrants, Options and Rights ($) | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column(a)) | | |||||||||
| | | | | |||||||||||||||
Equity compensation plans approved by security holders: | | | | | | | | | | | | | | | | | | | |
2008 Equity Incentive Plan | | | | | — | | | | | | — | | | | | | 271,575 | | |
Equity compensation plans not approved by security holders: | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | — | | | | | | — | | | | | | 271,575 | | |
Name | | Executive Contributions in Last Fiscal Year ($) | | Registrant Contributions in Last Fiscal Year ($)(1) | | Aggregate Earnings in Last Fiscal Year ($)(1) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last Fiscal Year End ($) | | | Executive Contributions in Last Fiscal Year ($) | | Registrant Contributions in Last Fiscal Year ($)(1) | | Aggregate Earnings in Last Fiscal Year ($)(1) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last Fiscal Year End ($) | | ||||||||||||||||||||||||||||||||||||||||
Michael T. Prior | | | | — | | | | | 51,600 | | | | | 104,923 | | | | | — | | | | | 944,307 | | | | | | — | | | | | 53,920 | | | | | (177,348) | | | | | — | | | | | 1,047,339 | | | ||||||||||
Justin D. Benincasa | | | | — | | | | | 31,200 | | | | | 64,258 | | | | | — | | | | | 545,727 | | | | | | — | | | | | 32,640 | | | | | (93,293) | | | | | — | | | | | 575,945 | | | ||||||||||
Brad W. Martin(2) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
William F. Kreisher | | | | — | | | | | 22,560 | | | | | 70,579 | | | | | — | | | | | 458,179 | | | ||||||||||||||||||||||||||||||||||||
Mary M. Mabey(2) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Justin M. Leon(2) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
Named Executive Officer | | Event | | Salary & Other Cash Payment(1) | | COBRA Benefits | | Acceleration of Vesting of Certain Equity | | Vesting of Stock Awards | | Total | | | Event | | Salary & Other Cash Payment(1) | | COBRA Benefits | | Acceleration of Vesting of Certain Equity | | Vesting of Restricted Stock Unit Awards(2) | | Vesting of Performance Stock Unit Awards(3) | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||
Michael T. Prior | | Termination Without Cause or for Good Reason | | | $ | 1,911,807 | | | | $ | 43,198 | | | | | N/A | | | | $ | — | | | | $ | 1,955,005 | | | | | Termination Without Cause or for Good Reason | | | $ | 2,058,339 | | | | $ | 39,444 | | | | | N/A | | | | $ | — | | | | | — | | | | $ | 2,097,783 | | | ||||||||||||
| | Change in Control Termination | | | | 2,879,307 | | | | | 43,198 | | | | | 100% | | | | | 2,688,300 | | | | | 5,610,805 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Michael T. Prior | | | Change of Control Termination | | | | 3,069,339 | | | | | 39,444 | | | | | 100% | | | | | 2,529,974 | | | | | 2,325,267 | | | | | 7,964,024 | | | ||||||||||||||||||||||||||||||||||||||||
| Termination Without Cause or for Good Reason | | | | 935,727 | | | | | 27,818 | | | | | N/A | | | | | — | | | | | 963,545 | | | | Termination Without Cause or for Good Reason | | | | 983,945 | | | | | 18,170 | | | | | N/A | | | | | — | | | | | — | | | | | 1,002,115 | | | ||||||||||||||
| | Change in Control Termination | | | | 1,228,227 | | | | | 27,818 | | | | | 100% | | | | | 1,040,868 | | | | | 2,296,913 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Justin D. Benincasa | | | Change of Control Termination | | | | 1,289,945 | | | | | 18,170 | | | | | 100% | | | | | 1,001,351 | | | | | 1,076,262 | | | | | 3,385,728 | | | ||||||||||||||||||||||||||||||||||||||||
| Termination Without Cause or for Good Reason | | | | 335,000 | | | | | 28,799 | | | | | N/A | | | | | — | | | | | 363,799 | | | | Termination Without Cause or for Good Reason | | | | 374,000 | | | | | 27,597 | | | | | N/A | | | | | — | | | | | — | | | | | 401,597 | | | ||||||||||||||
| | Change in Control Termination | | | | 536,000 | | | | | 28,799 | | | | | 100% | | | | | 655,006 | | | | | 1,219,805 | | | ||||||||||||||||||||||||||||||||||||||||||||||
William F. Kreisher | | Termination Without Cause or for Good Reason | | | | 740,179 | | | | | 28,468 | | | | | N/A | | | | | — | | | | | 768,647 | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | Change in Control Termination | | | | 824,779 | | | | | 28,468 | | | | | 100% | | | | | 661,896 | | | | | 1,515,143 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Brad W. Martin | | | Change of Control Termination | | | | 598,400 | | | | | 27,597 | | | | | 100% | | | | | 977,790 | | | | | 1,043,928 | | | | | 2,647,715 | | | ||||||||||||||||||||||||||||||||||||||||
| Termination Without Cause or for Good Reason | | | | 275,000 | | | | | 28,593 | | | | | N/A | | | | | — | | | | | 303,593 | | | | Termination Without Cause or for Good Reason | | | | 325,000 | | | | | 26,090 | | | | | N/A | | | | | — | | | | | — | | | | | 351,090 | | | ||||||||||||||
| | Change in Control Termination | | | | 412,500 | | | | | 28,593 | | | | | 100% | | | | | 505,797 | | | | | 946,890 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Mary M. Mabey | | | Change of Control Termination | | | | 487,500 | | | | | 26,090 | | | | | 100% | | | | | 728,358 | | | | | 731,013 | | | | | 1,972,962 | | | ||||||||||||||||||||||||||||||||||||||||
| Termination Without Cause or for Good Reason | | | | 250,000 | | | | | 27,266 | | | | | N/A | | | | | — | | | | | — | | | | | 277,266 | | | ||||||||||||||||||||||||||||||||||||||||||
Justin M. Leon | | | Change of Control Termination | | | | 375,000 | | | | | 27,266 | | | | | 100% | | | | | 441,183 | | | | | 515,946 | | | | | 1,359,395 | | |
Country | | GDP per capita | | | GDP per capita | | ||||||||
Bermuda | | | $ | 99,400 | | | | | $ | 81,300 | | | ||
Cayman Islands | | | | 58,808 | | | | | $ | 67,500 | | | ||
Guyana | | | | 8,100 | | | | | $ | 21,900 | | | ||
U.S. Virgin Islands | | | | 37,000 | | | | | $ | 37,000 | | | ||
United States | | | | 59,800 | | | | | $ | 63,700 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | | | | | | | | | | |||||||||
Year(a) | | | Summary Compensation Table Total for CEO(b) | | | Compensation Actually Paid to CEO(c) | | | Average Summary Compensation Table Total for Non-CEO NEOs(d) | | | Average Compensation Actually Paid to Non-CEO NEOs(c)(e) | | | Total Shareholder Return(f) | | | Peer Group Total Shareholder Return(g) | | | Net Income (Loss) (in $000’s)(h) | | | Company- Selected Measure: Adjusted EBITDA (in $000’s)(i) | | ||||||||||||||||||||||||
2022 | | | | | 3,231,728 | | | | | | 3,169,382 | | | | | | 1,322,398 | | | | | | 1,365,456 | | | | | | 85.56 | | | | | | 109.59 | | | | | | (7,583) | | | | | | 165,282 | | |
2021 | | | | | 3,379,850 | | | | | | 2,516,453 | | | | | | 1,097,723 | | | | | | 855,317 | | | | | | 74.18 | | | | | | 137.74 | | | | | | (20,809) | | | | | | 129,047 | | |
2020 | | | | | 2,653,940 | | | | | | 1,644,678 | | | | | | 908,400 | | | | | | 667,704 | | | | | | 76.38 | | | | | | 119.96 | | | | | | (708) | | | | | | 120,704 | | |
Year | | | Executive | | | Summary Compensation Table Total | | | Less: Stock Awards | | | Add: Year End Equity Value | | | Change in Value of Prior Equity Awards | | | Change in Value of Vested Equity Awards | | | Compensation Actually Paid | | ||||||||||||||||||
2022 | | | CEO | | | | | 3,231,728 | | | | | | (1,852,208) | | | | | | 2,254,395 | | | | | | (338,571) | | | | | | (125,963) | | | | | | 3,169,382 | | |
| Other NEOs | | | | | 1,322,398 | | | | | | (755,563) | | | | | | 919,625 | | | | | | (93,459) | | | | | | (27,545) | | | | | | 1,365,456 | | | ||
2021 | | | CEO | | | | | 3,379,850 | | | | | | (2,132,370) | | | | | | 1,605,470 | | | | | | (581,545) | | | | | | 245,058 | | | | | | 2,516,453 | | |
| Other NEOs | | | | | 1,097,723 | | | | | | (597,951) | | | | | | 451,611 | | | | | | (154,914) | | | | | | 58,849 | | | | | | 855,317 | | | ||
2020 | | | CEO | | | | | 2,653,940 | | | | | | (1,405,555) | | | | | | 1,137,960 | | | | | | (677,183) | | | | | | (64,485) | | | | | | 1,644,678 | | |
| Other NEOs | | | | | 908,400 | | | | | | (403,098) | | | | | | 326,354 | | | | | | (155,763) | | | | | | (8,189) | | | | | | 667,704 | | |
Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | All Other Compensation | | Total ($) | | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | Total ($) | | ||||||||||||||||||||||||||||
Bernard J. Bulkin | | | | 100,000 | | | | | 111,199 | | | | | — | | | | | 211,199 | | | | | | 135,000(2) | | | | | 136,512 | | | | | 271,512 | | | |||||||
James Eisenstein | | | | 61,500 | | | | | 111,199 | | | | | — | | | | | 172,699 | | | | | | 79,167 | | | | | 136,512 | | | | | 215,679 | | | |||||||
Richard J. Ganong | | | | 65,000 | | | | | 111,199 | | | | | — | | | | | 176,199 | | | | | | 91,667 | | | | | 136,512 | | | | | 228,179 | | | |||||||
John C. Kennedy | | | | 54,000 | | | | | 111,199 | | | | | — | | | | | 165,199 | | | |||||||||||||||||||||||
April V. Henry | | | | 81,644(3) | | | | | 165,863(4) | | | | | 247,507 | | | ||||||||||||||||||||||||||||
Pamela F. Lenehan | | | | 60,000 | | | | | 111,199 | | | | | — | | | | | 171,199 | | | | | | 92,000 | | | | | 136,512 | | | | | 228,512 | | | |||||||
Liane J. Pelletier | | | | 82,500 | | | | | 111,199 | | | | | — | | | | | 193,699 | | | | | | 61,500 | | | | | 136,512 | | | | | 198,012 | | | |||||||
Charles J. Roesslein | | | | 73,000 | | | | | 111,199 | | | | | — | | | | | 184,199 | | |
| | | Fees Earned or Paid in Cash | | |||||||||
Committee | | | Chair | | | Members | | ||||||
Audit | | | | $ | 23,000 | | | | | $ | 10,000 | | |
Compensation | | | | $ | 15,000 | | | | | $ | 7,500 | | |
Investment | | | | $ | 15,000 | | | | | $ | 10,000 | | |
Nominating and Corporate Governance | | | | $ | 10,000 | | | | | $ | 4,000 | | |