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| Proposal | | | Required Vote | | | Axcelis Board Recommendation | |
| Election of nine nominees as directors. | | | Each nominee must receive a plurality of the votes cast. | | | FOR ALL of the Axcelis Board-recommended nominees named in this proxy statement and on the proxy card | |
| Ratification of the appointment of our independent registered public accounting firm (our “independent auditors”) to audit our financial statements for | | | This non-binding proposal will be considered approved if more votes are cast in favor than against. | | | FOR ratification | |
| To amend the Restated Certificate of Incorporation of the Company to limit the liability of executive officers to the extent permitted under Delaware law. | | | The amendment to the Restated Certificate of Incorporation must be approved by a majority of the outstanding shares of common stock on the record date. | | | FOR the amendment | |
| Approval of the | | | This non-binding proposal will be considered approved if more votes are cast in favor than against. | | | FOR approval | |
| Beneficial Owner (1) | | Shares Owned | | Percent of Class | | Beneficial Owner (1) | | Shares Owned | | Percent of Class | | ||||||||||
| BlackRock, Inc. (2) | | | | 5,310,982 | | | 16.2% | | BlackRock, Inc. (2) | | | | | | | | | ||||
| 55 East 52nd Street, New York, NY 10055 | | | | | | | | | 55 East 52nd Street, New York, NY 10055 | | | | 6,088,685 | | | 18.6% | | ||||
| The Vanguard Group (3) | | | | 3,012,232 | | | 9.2% | | The Vanguard Group (3) | | | | | | | | | ||||
| 100 Vanguard Blvd., Malvern, PA 19355 | | | | | | | | | 100 Vanguard Blvd., Malvern, PA 19355 | | | | 4,040,912 | | | 12.4% | | ||||
| Senvest Management, LLC and Richard Mashaal (4) | | | | 1,786,434 | | | 5.5% | | |||||||||||||
| 540 Madison Avenue, 32nd Floor , New York, NY 10022 | | | | | | | | |
| Beneficial Owner (1) | | Shares Owned as of March 15, 2023 | | Shares Subject to Exercisable Rights to Acquire as of May 14, 2023 | | Total Shares Beneficially Owned | | Percent of Class | | Beneficial Owner (1) | | Shares Owned as of March 15, 2024 | | Shares Subject to Exercisable Rights to Acquire as of May 14, 2024 | | Total Shares Beneficially Owned | | Percent of Class | | ||||||||||||||||||||||||||||||||
| Non-Executive Directors | | | | | | | | | | | | | | | | | | | | | | Non-Executive Directors | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Tzu-Yin Chiu | | | | 26,184 | | | | | — | | | | | 26,184 | | | | | * | | | Tzu-Yin Chiu | | | | 3,873 | | | | | — | | | | | 3,873 | | | | | * | | | ||||||||
| Richard J. Faubert | | | | 30,936 | | | | | — | | | | | 30,936 | | | | | * | | | Gregory B. Graves | | | | — | | | | | — | | | | | — | | | | | * | | | ||||||||
| Joseph P. Keithley | | | | 10,686 | | | | | — | | | | | 10,686 | | | | | * | | | Joseph P. Keithley | | | | 1,875 | | | | | — | | | | | 1,875 | | | | | * | | | ||||||||
| John T. Kurtzweil | | | | 31,402 | | | | | — | | | | | 31,402 | | | | | * | | | John T. Kurtzweil | | | | 31,402 | | | | | — | | | | | 31,402 | | | | | * | | | ||||||||
| Jeanne Quirk | | | | 1,715 | | | | | — | | | | | 1,715 | | | | | * | | | Jeanne Quirk | | | | 4,075 | | | | | — | | | | | 4,075 | | | | | * | | | ||||||||
| Thomas St. Dennis | | | | 7,936 | | | | | — | | | | | 7,936 | | | | | * | | | Necip Sayiner | | | | — | | | | | — | | | | | — | | | | | * | | | ||||||||
| Jorge Titinger | | | | 11,110 | | | | | — | | | | | 11,110 | | | | | * | | | Thomas St. Dennis | | | | 10,625 | | | | | — | | | | | 10,625 | | | | | * | | | ||||||||
| Dipti Vachani | | | | 1,715 | | | | | — | | | | | 1,715 | | | | | * | | | Jorge Titinger | | | | 9,033 | | | | | — | | | | | 9,033 | | | | | * | | | ||||||||
| Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | Dipti Vachani | | | | 4,976 | | | | | — | | | | | 4,976 | | | | | * | | | ||||||||
| Mary G. Puma (2) | | | | 268,896 | | | | | — | | | | | 268,896 | | | | | * | | | Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Kevin J. Brewer | | | | 17,051 | | | | | — | | | | | 17,051 | | | | | * | | | Russell J. Low (2) | | | | 25,539 | | | | | — | | | | | 25,539 | | | | | * | | | ||||||||
| Russell J. Low | | | | 32,799 | | | | | — | | | | | 32,799 | | | | | * | | | James G. Coogan (3) | | | | 100 | | | | | — | | | | | 100 | | | | | * | | | ||||||||
| Lynnette C. Fallon | | | | 19,363 | | | | | — | | | | | 19,363 | | | | | * | | | Mary G. Puma (4) | | | | 218,147 | | | | | 35,971 | | | | | 254,118 | | | | | * | | | ||||||||
| Douglas Lawson | | | | 9,763 | | | | | — | | | | | 9,763 | | | | | * | | | Kevin J. Brewer (5) | | | | 8,851 | | | | | — | | | | | 8,851 | | | | | * | | | ||||||||
| All current Executive Officers and Directors as a Group (14 persons) (3) | | | | 471,579 | | | | | — | | | | | 471,579 | | | | | 1.43% | | | Lynnette C. Fallon | | | | 14,872 | | | | | — | | | | | 14,872 | | | | | * | | | ||||||||
| Gregory F. Redinbo | | | | 4,286 | | | | | — | | | | | 4,286 | | | | | * | | | ||||||||||||||||||||||||||||||
| Gerald M. Blumenstock (6) | | | | — | | | | | — | | | | | — | | | | | * | | | ||||||||||||||||||||||||||||||
| All current Executive Officers and Directors as a Group (17 persons) (7) | | | | 335,386 | | | | | 37,846 | | | | | 373,232 | | | | | 1.14% | | |
| | | Public Company CEO Experience | | | Experience | | | Capital Equipment | | | Global Experience | | | tional Experience | Analysis/ Viewpoint | | | Finance/ Accounting/ Capital Markets M&A Experience | | | Management | | | | ||||||||||||
Chiu | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Graves | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Kurtzweil | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Low | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Quirk | | | | | | ||||||||||||||||||||||||||||||||
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Sayiner | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
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Vachani | | | | | | | | | | | | | | | | | | | | | | |
Board Diversity Matrix as of December 31, | | | | | | | |
Board Size: | | | | | | | |
Total Number of Directors | | | | | 9 | | |
Gender: | | Male | | Female | | Non-Binary | | Gender Undisclosed | | | Male | | Female | | Non-Binary | | Gender Undisclosed | | Notes | | |||||||||||||||||||||||||||
Number of directors based on gender identity | | | | 6 | | | | | 3 | | | | | | | | | | 6 | | | | | 3 | | | | | — | | | | | — | | | Ms. Puma, Ms. Quirk, and Ms. Vachani are female | | |||||||||
Number of directors who identify in any of the categories below: | Number of directors who identify in any of the categories below: | | Number of directors who identify in any of the categories below: | | |||||||||||||||||||||||||||||||||||||||||||
African American or Black | | | | | | | | | | | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | |||||||||
Alaskan Native or American Indian | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
Asian | | | | 1 | | | | | 1 | | | | | | | | | | 1 | | | | | 1 | | | | | — | | | | | — | | | Dr. Chiu and Ms. Vachani are Asian | | |||||||||
Hispanic or Latinx | | | | 1 | | | | | | | | | | | | | | | 1 | | | | | — | | | | | — | | | | | — | | | Mr. Titinger is Hispanic | | |||||||||
Native Hawaiian or Pacific Islander | | | | | | | | | | | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | |||||||||
White | | | | 4 | | | | | 2 | | | | | | | | | | 4 | | | | | 2 | | | | | — | | | | | — | | | | | |||||||||
Two or more Races or Ethnicities | | | | | | | | | | | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | |||||||||
LGBTQ+ | | | | | | | | | | | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | |||||||||
Did Not Disclose Demographic Background | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | |
| 2024 Nominees for Election to the Axcelis Board of Directors | | | |||||
| The following table contains biographical information about the nominees for election and the specific experience, qualifications, attributes, or skills of the nominees that led to the conclusion that each of these individuals should serve as a director of the Company, in light of our business and structure: | | | |||||
| Tzu-Yin (“TY”) Chiu, Ph.D.: director since 2018, age | | | | | |||
| Business Experience and Other Directorships | | | Experience, Qualifications and Attributes | | | ||
| Dr. Tzu-Yin Chiu has served as President of National Silicon Industry Group (“NSIG”), since April | | | Dr. Chiu has over 30 years’ experience in the semiconductor industry and a track record of managing successful semiconductor manufacturing companies at the executive level. Dr. Chiu’s expertise spans technology research, business development, operations and corporate management. His familiarity with the Chinese semiconductor market | | |
| | | | | |
| Business Experience and Other Directorships | | | Experience, Qualifications and Attributes | |
| Mr. | | | Mr. | |
| John T. Kurtzweil: director since 2015, age | | | | |
| Business Experience and Other Directorships | | | Experience, Qualifications and Attributes | |
| Mr. Kurtzweil | | | Mr. Kurtzweil brings to the Board significant senior executive leadership experience, including nineteen years as chief financial officer of publicly traded technology companies and placing an aggregate of over $2.0 billion in equity and debt instruments. His technology industry experience includes several M&A transactions and when combined with his treasury experience, gives him a valuable perspective as a director. Mr. Kurtzweil has developed an advanced understanding of cybersecurity strategies through a certificate program at Carnegie Mellon University. His qualifications to serve as a director also include that he is a certified public accountant and certified management accountant, his cybersecurity oversight expertise, his financial market experience, training through the Stanford Directors College, active membership with National Association of Corporate Directors and his qualifications as an audit committee financial expert. Mr. Kurtzweil has served on the Audit Committee (and as Chairperson since February 2017) and on the Compensation Committee since his election to the Board in May 2015. The Board highly values his contributions in these roles. | |
| Russell J. Low, Ph.D.: | | | | |
| Business Experience and Other Directorships | | | Experience, Qualifications and Attributes | |
| Dr. Low is our President and Chief Executive Officer, a position he assumed in May 2023. Prior to that, beginning in 2021, he was our Executive Vice President, Global Customer and Engineering | | | Dr. Low’s technical understanding, extensive management experience at the Company, and more broadly in our industry, contributed to his selection as Axcelis’ next Chief Executive Officer and President beginning in May 2023. As such, Dr. Low’s contributions to Board discussions | |
|
| Jeanne Quirk: director since 2022, age | | | | |
| Business Experience and Other Directorships | | | Experience, Qualifications and Attributes | |
| Ms. Quirk is the Senior Vice President, Mergers and Acquisitions, for TE Connectivity, a position she has held since 2015. TE Connectivity (formerly known as Tyco Electronics Ltd.) is a manufacturer of connectivity and sensor solutions for a variety of industries including automotive, industrial equipment, data communication systems, aerospace, defense, oil and gas, consumer electronics, energy, and subsea communications. Since 2013, Ms. Quirk served as the Vice President, Strategy and Business Development for TE’s Industrial Solutions segment, with responsibility for partnering with the leadership team to identify and execute organic and inorganic growth initiatives. Since joining TE in 2000, she held a variety of leadership positions in M&A and integration, including leading TE’s M&A and divestiture efforts from 2007 through 2013. Prior to joining TE, Ms. Quirk worked at PricewaterhouseCoopers for 10 years where she assisted a broad range of strategic buyers and financial sponsors with their acquisitions. Ms. Quirk is not currently serving on any other public company Boards. | | | Ms. Quirk has over 30 years’ experience in the electronics industry, focused on inorganic growth, which is an area of interest for the Company. Ms. Quirk has served on the Audit Committee and the Nominating and Governance Committee since her election in February 2022. The Board highly values her contributions in these roles. | |
| Necip Sayiner: director since 2024, age 58 | | | | |
| Business Experience and Other Directorships | | | Experience, Qualifications and Attributes | |
| Dr. Sayiner served as the Executive Vice President of Renesas Electronics Corporation, a company engaged in the research, development, design, manufacture, sale, and servicing of semiconductor products, from February 2017 to March 2019, also serving as President of Renesas Electronics America from July 2017 to March 2019. Previously, he was the President, Chief Executive officer and a director of Intersil Corporation, a leading provider of innovative power management and precision analog solutions, from March 2013 until its acquisition by Renesas Electronics Corporation in February 2017. Prior to Intersil, from September 2005 to April 2012, he served as president and chief executive officer, and director of Silicon Laboratories, a fabless semiconductor company engaged in the design of analog-intensive, mixed signal integrated circuits. Dr. Sayiner served as Chairman of the Semiconductor Industry Association (“SIA”), from December 2015 to November 2016 and as Vice Chairman from November 2014 to December 2015. Dr. Sayiner was initially appointed to the Board of the SIA in September 2013. Dr. Sayiner also serves as a director on the board of Rambus, Inc., a manufacturer of semiconductor chips and IP that advance data center connectivity. He previously served as a director of Power Integrations, Inc., a semiconductor manufacturing company, until May 2023. | | | Dr. Sayiner’s deep knowledge of the semiconductor industry from his career at chip design and device manufacturing companies provides the Axcelis Board with valuable input from the customer perspective. His experience as chief executive officer, extensive engineering experience, and track record of strong revenue and profitability growth are all highly valued by our Board. Since his appointment to the Board in February 2024, Dr. Sayiner has served as a member of the Technology and New Product Development Committee and the Compensation Committee. | |
| Thomas St. Dennis: director since 2015, age | | | | |
| Business Experience and Other Directorships | | | Experience, Qualifications and Attributes | |
| Thomas St. Dennis is the non-executive Chairperson of FormFactor, Inc., a leading provider of semiconductor wafer test technologies and expertise, a position he assumed in 2016. Previously, Mr. St. Dennis served as FormFactor’s Executive Chairperson beginning in 2013, and as its Chief Executive Officer from 2010 to 2014. Mr. St. Dennis held various positions at Applied Materials, Inc., a semiconductor equipment manufacturer, from 1992 to 1999 and again from 2005 to 2009. His most recent role at Applied Materials was as Senior Vice President and General Manager of the Silicon Systems Group. From 2003 to 2005, Mr. St. Dennis was Executive Vice President of Sales and Marketing at Novellus Systems, Inc., a semiconductor capital equipment manufacturer. Mr. St. Dennis currently serves on the boards of directors of FormFactor and Veeco Instruments Inc., a company that designs, manufactures and markets thin film equipment for semiconductor processing applications. | | | Mr. St. | |
| Jorge Titinger: director since 2019, age | | | | |
| Business Experience and Other Directorships | | | Experience, Qualifications and Attributes | |
| Mr. Titinger is Axcelis’ Lead Director, serving since May 2023. It is contemplated that he will be appointed as Chairperson of the Board of Directors following the 2024 Annual Meeting of Stockholders, when Ms. Puma will cease to serve as Executive Chairperson. Mr. Titinger serves as principal of Titinger Consulting, a private consulting and advisory service provider founded by Mr. Titinger in 2016. Beginning in 2012, Mr. Titinger served as President and Chief Executive Officer of Silicon Graphics International Corp., a producer of computer hardware and software, which was acquired by Hewlett Packard Enterprise in 2016. From 2008 to 2011, Mr. Titinger served in various offices at Verigy Ltd., a provider of semiconductor automatic test equipment, ending as President and Chief Executive Officer in 2011. Prior to his service at Verigy, Mr. Titinger held executive positions with FormFactor, Inc. from 2007 to 2008, and KLA-Tencor Corporation from 2002 to 2007. Mr. Titinger served as a director of Xcerra Corporation, a provider of semiconductor and electronics test products and services from 2012 until it was acquired by Cohu, Inc., a supplier of semiconductor test and inspection equipment, in 2018. Mr. Titinger served on the Board of Directors of Cohu, Inc. from 2018 to 2021. Mr. Titinger currently serves as a director of (i) FormFactor, a leading provider of semiconductor wafer test technologies and expertise; (ii) CalAmp Corp., a provider of mobile resource management telematics systems, software, and subscription services for the Internet of Things market; and (iii) Ichor Holdings, Ltd. (also known as Ichor Systems), a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment. | | | Mr. Titinger’s prior experience in the semiconductor industry as well as his extensive international business background make him an effective advisor to the Board regarding strategic and marketing issues. His leadership experience and skills are highly valued by our Board. | |
| Dipti Vachani: director since 2022, age | | | | |
| Business Experience and Other Directorships | | | Experience, Qualifications and Attributes | |
| Ms. Vachani is the Senior Vice President, General Manager, Automotive and Embedded Line of Business for Arm Limited, a position she has held since 2018. Arm Limited is a designer of energy-efficient system-on-a-chip central processing units for cell phones and other applications including automotive, artificial intelligence and internet of things applications. From 2015 to 2018, Ms. Vachani was VP, General Manager of Intel Corporation’s Internet of Things Group. Prior to Intel, Ms. Vachani was VP, General Manager, Power and Lighting Display at Skyworks Solutions beginning in 2013. Ms. Vachani held various program and product line positions at Texas Instruments, Inc. from 2001 to 2013, ending as VP, General Manager, Single Core Processors. Ms. Vachani is not currently serving on any other public company Boards. | | | Ms. Vachani has over 25 years’ experience in the semiconductor industry, most recently focused on automotive and internet of things applications, important areas for many Axcelis customers. Ms. Vachani has served on the Technology and New Product Development Committee and the Compensation Committee since her election in February 2022. The Board highly values her contributions in these roles. | |
| Board Member Retainer | | | $ | 60,000 | | | Board Member Retainer | | | $ | 60,000 | | | ||
| Independent Chairperson Premium | | | $ | 50,000 | | | Independent Chairperson/Lead Director Premium | | | $ | 50,000 | | | ||
| Committee Chairpersons Retainers | | | | | | | Committee Chairpersons Retainers | | | | | | | ||
| Audit Committee Chairperson | | | $ | 25,000 | | | Audit Committee Chairperson | | | $ | 25,000 | | | ||
| Compensation Committee Chairperson | | | $ | 15,000 | | | Compensation Committee Chairperson | | | $ | 15,000 | | | ||
| Nominating and Governance Committee Chairperson | | | $ | 10,000 | | | Nominating and Governance Committee Chairperson | | | $ | 10,000 | | | ||
| Technology and New Product Development Committee Chairperson | | | $ | 10,000 | | | Technology and New Product Development Committee Chairperson | | | $ | 10,000 | | | ||
| Other Committee Member Retainers | | | | | | | |||||||||
| Audit Committee Member | | | $ | 10,000 | | | |||||||||
| Compensation Committee Member | | | $ | 7,500 | | | |||||||||
| Nominating and Governance Committee Member | | | $ | 5,000 | | | |||||||||
| Technology and New Product Development Committee Member | | | $ | 5,000 | | |
| Other Committee Member Retainers | | | | | | | |
| Audit Committee Member | | | | $ | 10,000 | | |
| Compensation Committee Member | | | | $ | 7,500 | | |
| Nominating and Governance Committee Member | | | | $ | 5,000 | | |
| Technology and New Product Development Committee Member | | | | $ | 5,000 | | |
Name | | Fees earned or paid in cash ($) | | Stock awards ($)(1)(2)(3) | | Total ($) | | | Fees earned or paid in cash ($) | | Stock awards ($) (1)(2)(3) | | Total ($) | | ||||||||||||||||||||||||
Tzu-Yin Chiu | | | $ | 70,000 | | | | $ | 151,606 | | | | $ | 221,606 | | | | | $ | 70,000.00 | | | | $ | 164,083.00 | | | | $ | 234,083 | | | ||||||
Richard J. Faubert | | | $ | 122,500 | | | | $ | 151,606 | | | | $ | 274,106 | | | | | $ | 44,760.00 | | | | $ | — | | | | $ | 44,760 | | | ||||||
Arthur L. George, Jr.(4) | | | $ | 40,000 | | | | $ | — | | | | $ | 40,000 | | | ||||||||||||||||||||||
Joseph P. Keithley | | | $ | 80,000 | | | | $ | 151,606 | | | | $ | 231,606 | | | | | $ | 80,000.00 | | | | $ | 164,083.00 | | | | $ | 244,083 | | | ||||||
John T. Kurtzweil | | | $ | 92,500 | | | | $ | 151,606 | | | | $ | 244,106 | | | | | $ | 92,500.00 | | | | $ | 164,083.00 | | | | $ | 256,583 | | | ||||||
Jeanne Quirk | | | $ | 64,904 | | | | $ | 372,536 | | | | $ | 437,440 | | | | | $ | 75,000.00 | | | | $ | 164,083.00 | | | | $ | 239,083 | | | ||||||
Thomas St. Dennis | | | $ | 75,000 | | | | $ | 151,606 | | | | $ | 226,606 | | | | | $ | 75,000.00 | | | | $ | 164,083.00 | | | | $ | 239,083 | | | ||||||
Jorge Titinger | | | $ | 81,250 | | | | $ | 151,606 | | | | $ | 232,856 | | | | | $ | 104,231.00 | | | | $ | 164,083.00 | | | | $ | 268,314 | | | ||||||
Dipti Vachani | | | $ | 62,741 | | | | $ | 372,536 | | | | $ | 435,277 | | | | | $ | 72,500.00 | | | | $ | 164,083.00 | | | | $ | 236,583 | | |
| | | 2021 | | | 2022 | | ||||||
Audit Fees | | | | $ | 1,765,000 | | | | | $ | 2,075,493 | | |
Audit Related Fees | | | | $ | 27,000 | | | | | $ | 32,800 | | |
Tax Fees | | | | $ | 167,819 | | | | | $ | 89,645 | | |
Total Fees | | | | $ | 1,959,819 | | | | | $ | 2,197,938 | | |
| | | | 2022 | | | 2023 | | ||||||
| Audit Fees | | | | $ | 2,075,493 | | | | | $ | 2,231,136 | | |
| Audit Related Fees | | | | $ | 32,800 | | | | | $ | 32,200 | | |
| Tax Fees | | | | $ | 89,645 | | | | | $ | 1,745 | | |
| Total Fees | | | | $ | 2,197,938 | | | | | $ | 2,265,081 | | |
| Compensation Element | | | Principal Rationale for Inclusion | | | How Amount is Determined | |
| Base salaries | | | To attract and retain qualified executives in a competitive industry. | | | We seek to provide opportunities for each element of compensation at levels that consider both the market median benchmark for the position and the contribution and experience of the particular executive. | |
| Annual Cash Incentive | | | To drive achievement of annual objectives through at-risk pay tied to financial goals, resulting in appropriate pay-for-performance. | | |||
| Equity Awards | | | To drive achievement of long-term stockholder value through RSU grants with service | |
| Full Year Targets, in millions, except gross margins | | | 25% Score: 8% YOY Growth/ 90% of Target Performance | | | 100% Score: Target Performance— 20% YOY Growth | | | 125% Score: 2022 Profit Plan | | | 200% Score: 120% of Target Performance | | | Weighting of Metric | | |||||||||||||||
| Score | | | 25% | | | 100% | | | 125% | | | 200% | | | | | | | | ||||||||||||
| 2022 Revenue | | | | $ | 715.4M | | | | | $ | 794.9M | | | | | $ | 860.9M | | | | | $ | 953.9M | | | | | | 50% | | |
| 2022 Operating Profit before annual cash incentive plan payout | | | | $ | 135.6M | | | | | $ | 171.6M | | | | | $ | 201.4M | | | | | $ | 237.8M | | | | | | 25% | | |
| 2022 Gross Margins, before annual cash incentive plan payout | | | 43.0% | | | 43.5% | | | 43.7% | | | 44.0% | | | 25% | |
| Full Year Targets, in millions, except Gross Margins | | | 25% Score—80% of 2023 Profit Plan Performance | | | 100% Score—2023 Profit Plan | | | 200% Score—115% of Target Performance | | | Weighting of Metric | | ||||||||||||
| Score | | | 25% | | | 100% | | | 200% | | | | | | | | |||||||||
| 2023 Revenue | | | | $ | 848.38 | | | | | $ | 1,060.47 | | | | | $ | 1,219.54 | | | | | | 50% | | |
| 2023 Operating Profit before annual cash incentive plan payout | | | | $ | 169.18 | | | | | $ | 266.56 | | | | | $ | 331.18 | | | | | | 25% | | |
| 2023 Gross Margins, before annual cash incentive plan payout | | | 43.9% | | | 44.5% | | | 45.0% | | | 25% | |
| 2022 AMI Results (in millions, except gross margins) | | Preliminary 2022 Results | | Score prior to Cap | | Score after Cap | | Weighting | | Weighted Score | | Metric | | 2023 Results (millions other than Gross Margin) | | Score | | Weighting | | Weighted Score | | ||||||||||||||||||||||||||||||||||||
| 2022 Revenue | | | $ | 920.0M | | | | | 172.7% | | | | | 172.7% | | | | | 50% | | | | | 86.35% | | | 2023 Revenue | | | $ | 1,130,604 | | | | | 144.1% | | | | | 50% | | | | | 72.045% | | | |||||||||
| 2022 Operating Profit before annual cash incentive plan payout | | | $ | 239.2M | | | | | 203.0% | | | | | 200% | | | | | 25% | | | | | 50.00% | | | 2023 Operating Profit before annual cash incentive plan payout | | | $ | 286,932 | | | | | 131.5% | | | | | 25% | | | | | 32.881% | | | |||||||||
| 2022 Gross Margins, before cash incentive payout | | | | 44.38% | | | | | 294.9% | | | | | 200% | | | | | 25% | | | | | 50.00% | | | 2023 Gross Margins before annual cash incentive plan payout | | 43.94% | | | | 30.49% | | | | | 25% | | | | | 7.622% | | | ||||||||||||
| Total Score | | | | | | | | | | | | | | | | | | | | | | | | 186.35% | | | Total Score | | | | | | | | | | | | | | | | | | | 112.55% | | |
| Name and Principal Position | | Year | | Salary ($)(1) | | Stock awards ($)(2) | | Non-equity incentive plan compensation ($)(3) | | All other compensation ($)(4) | | Total ($) | | Name and Principal Position | | Year | | Salary ($) (1) | | Stock awards ($) (2) | | Non-equity incentive plan compensation ($) (3) | | All other compensation ($) (4) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Mary G. Puma, Chief Executive Officer and President | | | | | 2022 | | | | $ | 623,462 | | | | $ | 2,368,862 | | | | $ | 1,161,821 | | | | $ | 9,150 | | | | $ | 4,163,294 | | | Executive Officers Serving at December 31, 2023 | | |||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | 615,000 | | | | $ | 2,224,270 | | | | $ | 1,230,000 | | | | $ | 9,374 | | | | $ | 4,078,644 | | | Russell J. Low, President and Chief Executive Officer (5) | | | | | 2023 | | | | $ | 530,102 | | | | $ | 3,076,368 | | | | $ | 519,068 | | | | $ | 9,900 | | | | $ | 4,135,438 | | | |||||||||||||
| | | 2020 | | | | $ | 638,654 | | | | $ | 2,049,909 | | | | $ | 1,128,501 | | | | $ | 8,550 | | | | $ | 3,825,614 | | | | | | 2022 | | | | $ | 372,692 | | | | $ | 663,254 | | | | $ | 416,707 | | | | $ | 9,150 | | | | $ | 1,461,804 | | | |||||||||||||||
| Kevin J. Brewer, Executive Vice President and Chief Financial Officer | | | | | 2022 | | | | $ | 411,461 | | | | $ | 710,726 | | | | $ | 575,069 | | | | $ | 9,150 | | | | $ | 1,706,407 | | | | | | 2021 | | | | $ | 360,000 | | | | $ | 622,771 | | | | $ | 432,000 | | | | $ | 8,808 | | | | $ | 1,423,579 | | | ||||||||||||
| | | 2021 | | | | $ | 392,000 | | | | $ | 667,266 | | | | $ | 588,000 | | | | $ | 8,700 | | | | $ | 1,655,966 | | | James G. Coogan, Executive Vice President and Chief Financial Officer (6) | | | | 2023 | | | | $ | 123,115 | | | | $ | 960,528 | | | | $ | 382,107 | | | | $ | 2,238 | | | | $ | 1,467,989 | | | ||||||||||||||
| | | 2020 | | | | $ | 407,077 | | | | $ | 782,181 | | | | $ | 539,479 | | | | $ | 8,550 | | | | $ | 1,737,287 | | | Mary G. Puma, Executive Chairperson (former Principal Executive Officer) (7) | | | | | 2023 | | | | $ | 663,923 | | | | $ | 1,538,184 | | | | $ | 747,245 | | | | $ | 9,900 | | | | $ | 2,959,252 | | | |||||||||||||
| Russell J. Low, Executive Vice President, Global Customer and Engineering Operations | | | | | 2022 | | | | $ | 372,692 | | | | $ | 663,254 | | | | $ | 416,707 | | | | $ | 9,150 | | | | $ | 1,461,804 | | | | | | 2022 | | | | $ | 623,462 | | | | $ | 2,368,862 | | | | $ | 1,161,821 | | | | $ | 9,150 | | | | $ | 4,163,294 | | | ||||||||||||
| | | 2021 | | | | $ | 360,000 | | | | $ | 622,771 | | | | $ | 432,000 | | | | $ | 8,808 | | | | $ | 1,423,579 | | | | | | 2021 | | | | $ | 615,000 | | | | $ | 2,224,270 | | | | $ | 1,230,000 | | | | $ | 9,374 | | | | $ | 4,078,644 | | | |||||||||||||||
| | | 2020 | | | | $ | 342,692 | | | | $ | 593,410 | | | | $ | 363,322 | | | | $ | 8,550 | | | | $ | 1,307,974 | | | Kevin J. Brewer, Executive Vice President Finance and Operations (former Principal Financial Officer) (8) | | | | | 2023 | | | | $ | 415,000 | | | | $ | 384,610 | | | | $ | 350,312 | | | | $ | 9,900 | | | | $ | 1,159,822 | | | |||||||||||||
| Lynnette C. Fallon, Executive Vice President, HR/Legal and General Counsel | | | | | 2022 | | | | $ | 370,385 | | | | $ | 638,673 | | | | $ | 414,127 | | | | $ | 9,150 | | | | $ | 1,432,334 | | | | | | 2022 | | | | $ | 411,461 | | | | $ | 710,726 | | | | $ | 575,069 | | | | $ | 9,150 | | | | $ | 1,706,407 | | | ||||||||||||
| | | 2021 | | | | $ | 342,077 | | | | $ | 599,646 | | | | $ | 410,492 | | | | $ | 9,125 | | | | $ | 1,361,340 | | | | | | 2021 | | | | $ | 392,000 | | | | $ | 667,266 | | | | $ | 588,000 | | | | $ | 8,700 | | | | $ | 1,655,966 | | | |||||||||||||||
| | | 2020 | | | | $ | 338,538 | | | | $ | 512,454 | | | | $ | 358,918 | | | | $ | 8,550 | | | | $ | 1,218,460 | | | Lynnette C. Fallon, Executive Vice President, HR/Legal and General Counsel | | | | | 2023 | | | | $ | 375,000 | | | | $ | 691,146 | | | | $ | 253,238 | | | | $ | 9,900 | | | | $ | 1,329,284 | | | |||||||||||||
| Douglas A. Lawson, Executive Vice President, Corporate Marketing and Strategy | | | | | 2022 | | | | $ | 329,615 | | | | $ | 544,856 | | | | $ | 368,543 | | | | $ | 9,150 | | | | $ | 1,252,165 | | | | | | 2022 | | | | $ | 370,385 | | | | $ | 638,673 | | | | $ | 414,127 | | | | $ | 9,150 | | | | $ | 1,432,334 | | | ||||||||||||
| | | 2021 | | | | | 300,000 | | | | $ | 511,573 | | | | $ | 359,999 | | | | $ | 8,700 | | | | $ | 1,180,272 | | | | | | 2021 | | | | $ | 342,077 | | | | $ | 599,646 | | | | $ | 410,492 | | | | $ | 9,125 | | | | $ | 1,361,340 | | | |||||||||||||||
| | | 2020 | | | | $ | 311,538 | | | | $ | 512,454 | | | | $ | 330,293 | | | | $ | 8,550 | | | | $ | 1,162,835 | | | Gregory F. Redinbo, Executive Vice President, Marketing and Applications (9) | | | | | 2023 | | | | $ | 310,000 | | | | $ | 615,376 | | | | $ | 209,343 | | | | $ | 3,400 | | | | $ | 1,138,119 | | | |||||||||||||
| | | | 2022 | | | | $ | 277,796 | | | | $ | 319,368 | | | | $ | 310,604 | | | | $ | 9,150 | | | | $ | 916,919 | | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | 160,000 | | | | $ | 416,900 | | | | $ | 260,000 | | | | $ | 134,800 | | | | $ | 971,700 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Gerald M. Blumenstock, Executive Vice President, Engineering (10) | | | | 2023 | | | | $ | 181,250 | | | | $ | 714,997 | | | | $ | 219,473 | | | | $ | 81,563 | | | | $ | 1,197,282 | | |
| | | | | | | | | Date of Compensation Committee Approval | | | Estimated Possible Payouts under Non-Equity Incentive Plan Awards(1) | | Estimated Possible Payouts under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | Grant Date Fair Value of Stock and Option Awards(4) | | | | | | | | | | Date of Compensation Committee Approval | | | Estimated Possible Payouts under Non-Equity Incentive Plan Awards (1) | | Estimated Possible Payouts under Equity Incentive Plan Awards (2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#) (3) | | Grant Date Fair Value of Stock and Option Awards (4) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Grant Date(2) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | Name | | Grant Date (2) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mary G. Puma | | | | | | | | | | | | | $ | 623,462 | | | | $ | 1,246,923 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Russell J. Low | | | | | | | | | | | | | $ | 461,189 | | | | $ | 922,378 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,008 | | | | $ | 1,184,431 | | | | | | | 5/15/2023 | | | | | 2/16/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,018 | | | | $ | 1,538,184 | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | 3,151 | | | | | 21,008 | | | | | 31,512 | | | | | | | | | $ | 1,184,431 | | | | | | | 5/15/2023 | | | | | 2/16/2023 | | | | | | | | | | | | | | | 1,803 | | | | | 12,018 | | | | | 18,027 | | | | | | | | | $ | 1,538,184 | | | ||||||||||||||||||
| Kevin J. Brewer | | | | | | | | | | | | | $ | 308,596 | | | | $ | 617,192 | | | | | | | | | | | | | | | | | | | | | | | | | | | | James G. Coogan | | | | | | | | | | | | | $ | 339,500 | | | | $ | 679,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,303 | | | | $ | 355,363 | | | | | | | 10/16/2023 | | | | | 8/9/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,891 | | | | $ | 960,528 | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | 882 | | | | | 6,303 | | | | | 9,455 | | | | | | | | | $ | 355,363 | | | Mary G. Puma | | | | | | | | | | | | | $ | 663,923 | | | | $ | 1,327,846 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Russell J. Low | | | | | | | | | | | | | $ | 223,615 | | | | $ | 447,231 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5/15/2023 | | | | | 2/16/2023 | | | | | | | | | | | | | | | 1,803 | | | | | 12,018 | | | | | 18,027 | | | | | | | | | $ | 1,538,184 | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,882 | | | | $ | 331,627 | | | Kevin J. Brewer | | | | | | | | | | | | | $ | 311,250 | | | | $ | 622,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | 882 | | | | | 5,882 | | | | | 8,823 | | | | | | | | | $ | 331,627 | | | | | | | 5/15/2023 | | | | | 2/16/2023 | | | | | | | | | | | | | | | 1,803 | | | | | 3,005 | | | | | 4,508 | | | | | | | | | $ | 384,610 | | | ||||||||||||||||||
| Lynnette C. Fallon | | | | | | | | | | | | | $ | 222,231 | | | | $ | 444,462 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Lynnette C. Fallon | | | | | | | | | | | | | $ | 225,000 | | | | $ | 450,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,664 | | | | $ | 319,336 | | | | | | | 5/15/2023 | | | | | 2/16/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,700 | | | | $ | 345,573 | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | 850 | | | | | 5,664 | | | | | 8,496 | | | | | | | | | $ | 319,336 | | | | | | | 5/15/2023 | | | | | 2/16/2023 | | | | | | | | | | | | | | | 405 | | | | | 2,700 | | | | | 4,050 | | | | | | | | | $ | 345,573 | | | ||||||||||||||||||
| Douglas A. Lawson | | | | | | | | | | | | | $ | 197,769 | | | | $ | 395,539 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gregory F. Redinbo | | | | | | | | | | | | | $ | 186,000 | | | | $ | 372,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,832 | | | | $ | 272,428 | | | | | | | 5/15/2023 | | | | | 2/16/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,404 | | | | $ | 307,688 | | | ||||||||||||||||||
| | | | | 5/16/2022 | | | | | 2/24/2022 | | | | | | | | | | | | | | | 725 | | | | | 4,832 | | | | | 7,248 | | | | | | | | | $ | 272,428 | | | | | | | 5/15/2023 | | | | | 2/16/2023 | | | | | | | | | | | | | | | 361 | | | | | 2,404 | | | | | 3,606 | | | | | | | | | $ | 307,688 | | | ||||||||||||||||||
| Gerald M. Blumenstock | | | | | | | | | | | | | $ | 195,000 | | | | $ | 390,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | 6/15/2023 | | | | | 6/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,182 | | | | $ | 714,997 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment made on December 31, 2019, based on: | | | | | | | | | | | | | | |||||||||
| Year | | | Summary Compensation Table Total for PEO | | | Compensation Actually Paid (“CAP”) to PEO | | | Average Summary Compensation Table Total for Non-PEO NEOs | | | Average CAP to Non- PEO NEOs | | | Total Shareholder Return | | | Peer Group Total Shareholder Return | | | Net Income | | | Revenues | | ||||||||||||||||||||||||
| (a) | | | (b) | | | (c) (1) | | | (d) | | | (e) (2) | | | (f) | | | (g) (3) | | | (h) | | | (i) | | ||||||||||||||||||||||||
| 2022 | | | | $ | 4,163,294 | | | | | $ | 5,700,318 | | | | | $ | 1,463,285 | | | | | $ | 1,728,963 | | | | | $ | 329.34 | | | | | $ | 137.05 | | | | | $ | 183,100,000 | | | | | $ | 920,000,000 | | |
| 2021 | | | | $ | 4,078,644 | | | | | $ | 11,982,293 | | | | | $ | 1,405,289 | | | | | $ | 3,648,869 | | | | | $ | 309.38 | | | | | $ | 213.35 | | | | | $ | 98,650,000 | | | | | $ | 662,428,000 | | |
| 2020 | | | | $ | 3,825,614 | | | | | $ | 4,708,025 | | | | | $ | 1,356,639 | | | | | $ | 1,620,922 | | | | | $ | 120.83 | | | | | $ | 151.14 | | | | | $ | 49,982,000 | | | | | $ | 474,560,000 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment made on December 31, 2019, based on: | | | | | | | | | | | | | | |||||||||
| Year (a) (1) | | | Summary Compensation Table Total for PEO #1 (b) | | | Compensation Actually Paid (“CAP”) to PEO #1 (c) (2) | | | Summary Compensation Table Total for PEO#2 (b) | | | Compensation Actually Paid (“CAP”) to PEO #2 (c) (3) | | | Average Summary Compensation Table Total for Non-PEO NEOs (d) | | | Average CAP to Non-PEO NEOs (e) (4) | | | Total Shareholder Return (f) | | | Peer Group Total Shareholder Return (g) (4) | | | Net Income (h) | | | Revenues (i) | | ||||||||||||||||||||||||||||||
| 2023 | | | | $ | 2,959,252 | | | | | $ | 9,858,734 | | | | | $ | 4,135,438 | | | | | $ | 6,510,602 | | | | | $ | 1,258,904 | | | | | $ | 2,141,924 | | | | | $ | 538.13 | | | | | $ | 225.75 | | | | | $ | 246,263,000 | | | | | $ | 1,130,604,000 | | |
| 2022 | | | | $ | 4,163,294 | | | | | $ | 5,700,318 | | | | | $ | 1,461,805 | | | | | $ | 1,751,594 | | | | | $ | 1,463,285 | | | | | $ | 1,728,963 | | | | | $ | 329.34 | | | | | $ | 137.05 | | | | | $ | 183,100,000 | | | | | $ | 920,000,000 | | |
| 2021 | | | | $ | 4,078,644 | | | | | $ | 11,982,293 | | | | | $ | 1,423,579 | | | | | $ | 3,663,680 | | | | | $ | 1,405,289 | | | | | $ | 3,648,869 | | | | | $ | 309.38 | | | | | $ | 213.35 | | | | | $ | 98,650,000 | | | | | $ | 662,428,000 | | |
| 2020 | | | | $ | 3,825,614 | | | | | $ | 4,708,025 | | | | | $ | 1,307,974 | | | | | $ | 1,582,284 | | | | | $ | 1,356,639 | | | | | $ | 1,620,922 | | | | | $ | 120.83 | | | | | $ | 151.14 | | | | | $ | 49,982,000 | | | | | $ | 474,560,000 | | |
| Footnote (1)—Table 1 | | | | Footnote (2)—Table 1 | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | Reported Summary Compensation Table Total for PEO | | Reported Value of Equity Awards | | Equity Award Adjustments | | Compensation Actually Paid to PEO | | (a) | | Reported Summary Compensation Table Total for PEO #1 (b) | | Reported Value of Equity Awards (c) (i) | | Equity Award Adjustments (d) (ii) | | Compensation Actually Paid to PEO #1 (e) | | ||||||||||||||||||||||||||||||||
| (a) | | (b) | | (c)(i) | | (d)(ii) | | (e) | | 2023 | | | $ | 2,959,252 | | | | $ | (1,538,184) | | | | $ | 8,437,665 | | | | $ | 9,858,734 | | | ||||||||||||||||||||
| 2022 | | | $ | 4,163,294 | | | | $ | 2,368,862 | | | | $ | 3,905,886 | | | | $ | 5,700,318 | | | 2022 | | | $ | 4,163,294 | | | | $ | (2,368,862) | | | | $ | 3,905,886 | | | | $ | 5,700,318 | | | ||||||||
| 2021 | | | $ | 4,078,644 | | | | $ | 2,224,270 | | | | $ | 10,127,919 | | | | $ | 11,982,293 | | | 2021 | | | $ | 4,078,644 | | | | $ | (2,224,270) | | | | $ | 10,127,919 | | | | $ | 11,982,293 | | | ||||||||
| 2020 | | | $ | 3,825,614 | | | | $ | 2,049,909 | | | | $ | 2,932,320 | | | | $ | 4,708,025 | | | 2020 | | | $ | 3,825,614 | | | | $ | (2,049,909) | | | | $ | 2,932,320 | | | | $ | 4,708,025 | | |
| | | | Footnote (2)— Table 2 | | |||||||||||||||||||||
| Year (a) | | | Year End Fair Value of Equity Awards Granted in the Year (b) | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards at Year End (c) | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year (d) | | | Total Equity Award Adjustments (e) | | ||||||||||||
| 2023 | | | | $ | 2,104,129 | | | | | $ | 2,787,869 | | | | | $ | 3,545,667 | | | | | $ | 8,437,665 | | |
| 2022 | | | | $ | 4,423,973 | | | | | $ | 369,846 | | | | | $ | (887,933) | | | | | $ | 3,905,886 | | |
| 2021 | | | | $ | 5,432,442 | | | | | $ | 3,879,395 | | | | | $ | 816,083 | | | | | $ | 10,127,919 | | |
| 2020 | | | | $ | 2,537,983 | | | | | $ | 410,556 | | | | | $ | (16,218) | | | | | $ | 2,932,320 | | |
| | | | Footnote (3)—Table 1 | | |||||||||||||||||||||
| (a) | | | Reported Summary Compensation Table Total for PEO #2 (b) | | | Reported Value of Equity Awards (c) (i) | | | Equity Award Adjustments (d) (ii) | | | Compensation Actually Paid to PEO #2 (e) | | ||||||||||||
| 2023 | | | | $ | 4,135,438 | | | | | $ | (3,076,368) | | | | | $ | 5,451,531 | | | | | $ | 6,510,602 | | |
| 2022 | | | | $ | 1,461,805 | | | | | $ | (663,254) | | | | | $ | 953,044 | | | | | $ | 1,751,594 | | |
| 2021 | | | | $ | 1,423,579 | | | | | $ | (622,771) | | | | | $ | 2,862,872 | | | | | $ | 3,663,680 | | |
| 2020 | | | | $ | 1,307,974 | | | | | $ | (593,410) | | | | | $ | 867,720 | | | | | $ | 1,582,284 | | |
| | | | Footnote (1)—Table 2 | | |||||||||||||||||||||
| Year | | | Year End Fair Value of Equity Awards Granted in the Year | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards at Year End | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Total Equity Award Adjustments | | ||||||||||||
| (a) | | | (b) | | | (c) | | | (d) | | | (e) | | ||||||||||||
| 2022 | | | | $ | 4,423,973 | | | | | $ | 369,846 | | | | | $ | (887,933) | | | | | $ | 3,905,886 | | |
| 2021 | | | | $ | 5,432,442 | | | | | $ | 3,879,395 | | | | | $ | 816,083 | | | | | $ | 10,127,919 | | |
| 2020 | | | | $ | 2,537,983 | | | | | $ | 410,556 | | | | | $ | (16,218) | | | | | $ | 2,932,320 | | |
| | | | Footnote (3)—Table 2 | | |||||||||||||||||||||
| Year (a) | | | Year End Fair Value of Equity Awards Granted in the Year (b) | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards at Year End (c) | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year (d) | | | Total Equity Award Adjustments (e) | | ||||||||||||
| 2023 | | | | $ | 3,662,744 | | | | | $ | 785,807 | | | | | $ | 1,002,980 | | | | | $ | 5,451,531 | | |
| 2022 | | | | $ | 1,097,108 | | | | | $ | 105,066 | | | | | $ | (249,130) | | | | | $ | 953,044 | | |
| 2021 | | | | $ | 1,521,024 | | | | | $ | 1,108,418 | | | | | $ | 233,430 | | | | | $ | 2,862,872 | | |
| 2020 | | | | $ | 734,698 | | | | | $ | 115,682 | | | | | $ | 17,340 | | | | | $ | 867,720 | | |
| | | Footnote (2)—Table 1 | | | | Footnote (4)—Table 1 | | ||||||||||||||||||||||||||||||||||||||||||||
| | | Reported Summary Compensation Table Total for Non-PEO NEOs | | Average Reported Value of Equity Awards | | Average Equity Award Adjustments | | Average Compensation Actually Paid to Non-PEO NEOs | | (a) | | Average Reported Summary Compensation Table Total for Non-PEO NEOs (b) | | Average Reported Value of Equity Awards (c) (i) | | Average Equity Award Adjustments (d) (ii) | | Average Compensation Actually Paid to Non-PEO NEOs (e) | | ||||||||||||||||||||||||||||||||
| (a) | | (b) | | (c)(i) | | (d)(ii) | | (e) | | 2023 | | | $ | 1,258,904 | | | | $ | (673,331) | | | | $ | 1,556,352 | | | | $ | 2,141,924 | | | ||||||||||||||||||||
| 2022 | | | $ | 1,463,285 | | | | $ | 639,377 | | | | $ | 905,055 | | | | $ | 1,728,963 | | | 2022 | | | $ | 1,463,285 | | | | $ | (639,377) | | | | $ | 905,055 | | | | $ | 1,728,963 | | | ||||||||
| 2021 | | | $ | 1,405,289 | | | | $ | 600,314 | | | | $ | 2,843,894 | | | | $ | 3,648,869 | | | 2021 | | | $ | 1,405,289 | | | | $ | (600,314) | | | | $ | 2,843,894 | | | | $ | 3,648,869 | | | ||||||||
| 2020 | | | $ | 1,356,639 | | | | $ | 600,125 | | | | $ | 864,408 | | | | $ | 1,620,922 | | | 2020 | | | $ | 1,356,639 | | | | $ | (600,125) | | | | $ | 864,408 | | | | $ | 1,620,922 | | |
| | | Footnote (2)—Table 2 | | | | Footnote (4)—Table 2 | | ||||||||||||||||||||||||||||||||||||||||||||
| Year | | Average Year End Fair Value of Equity Awards Granted in the Year | | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards at Year End | | Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | Total Average Equity Award Adjustments | | Year (a) | | Average Year End Fair Value of Equity Awards Granted in the Year (b) | | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards at Year End (c) | | Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year (d) | | Total Average Equity Award Adjustments (e) | | ||||||||||||||||||||||||||||||||
| (a) | | (b) | | (c) | | (d) | | (e) | | 2023 | | | $ | 677,608 | | | | $ | 292,321 | | | | $ | 586,423 | | | | $ | 1,556,352 | | | ||||||||||||||||||||
| 2022 | | | $ | 1,057,612 | | | | $ | 103,466 | | | | $ | (256,024) | | | | $ | 905,055 | | | 2022 | | | $ | 1,057,612 | | | | $ | 103,466 | | | | $ | (256,024) | | | | $ | 905,055 | | | ||||||||
| 2021 | | | $ | 1,466,176 | | | | $ | 1,138,403 | | | | $ | 239,315 | | | | $ | 2,843,894 | | | 2021 | | | $ | 1,466,176 | | | | $ | 1,138,403 | | | | $ | 239,315 | | | | $ | 2,843,894 | | | ||||||||
| 2020 | | | $ | 743,011 | | | | $ | 120,704 | | | | $ | 693 | | | | $ | 864,408 | | | 2020 | | | $ | 743,011 | | | | $ | 120,704 | | | | $ | 693 | | | | $ | 864,408 | | |
| | Revenues | | |
| | Operating Profit | | |
| | Gross Margin | | |
| | | Stock Awards | | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Number of Shares or Units of Stock that Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock that Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#)(3) | | Equity Incentive Plan Awards: Market Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)(2) | | | | Name | | Number of Shares or Units of Stock that Have Not Vested (#) (1) | | Market Value of Shares or Units of Stock that Have Not Vested ($) (2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) (3) | | Equity Incentive Plan Awards: Market Value of Unearned Shares, Units or Other Rights that Have Not Vested ($) (2) | | | | ||||||||||||||||||||||||||||||||||
| Mary G. Puma | | | | 97,898 | | | | $ | 7,769,219 | | | | | 21,008 | | | | $ | 1,667,195 | | | | | Russell J. Low | | | | 27,633 | | | | $ | 3,583,756 | | | | | 12,018 | | | | $ | 1,558,614 | | | | | ||||||||||
| Kevin J. Brewer | | | | 32,076 | | | | $ | 2,545,547 | | | | | 6,303 | | | | $ | 500,206 | | | | | James G. Coogan | | | | 5,891 | | | | $ | 764,004 | | | | | — | | | | $ | — | | | | | ||||||||||
| Russell J. Low | | | | 27,725 | | | | $ | 2,200,278 | | | | | 5,882 | | | | $ | 466,796 | | | | | Mary G. Puma | | | | 55,402 | | | | $ | 7,185,137 | | | | | 12,018 | | | | $ | 1,558,614 | | | | | ||||||||||
| Lynnette C. Fallon | | | | 25,743 | | | | $ | 2,042,945 | | | | | 5,664 | | | | $ | 449,495 | | | | | Kevin J. Brewer | | | | 5,279 | | | | $ | 684,634 | | | | | 3,005 | | | | $ | 389,718 | | | | | ||||||||||
| Douglas A. Lawson | | | | 23,180 | | | | $ | 1,839,585 | | | | | 4,832 | | | | $ | 383,468 | | | | Lynnette C. Fallon | | | | 17,423 | | | | $ | 2,259,589 | | | | | 2,700 | | | | $ | 350,163 | | | | | |||||||||||
| Gregory F. Redinbo | | | | 11,451 | | | | $ | 1,485,080 | | | | | 2,404 | | | | $ | 311,775 | | | | | ||||||||||||||||||||||||||||||||||
| Gerald M. Blumenstock | | | | 4,182 | | | | $ | 542,364 | | | | | — | | | | $ | — | | | | |
| | | Stock Awards(1) | | | | Stock Awards (1) | | ||||||||||||||||||||
| Name | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(2) | | Name | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($) (2) | | ||||||||||||||||
| Mary G. Puma | | | | 81,343 | | | | $ | 5,177,001 | | | Russell J. Low | | | | 20,050 | | | | $ | 2,594,376 | | | ||||
| Kevin J. Brewer | | | | 29,489 | | | | $ | 1,862,684 | | | James G. Coogan | | | | — | | | | $ | — | | | ||||
| Russell J. Low | | | | 22,950 | | | | $ | 1,462,011 | | | Mary G. Puma | | | | 70,857 | | | | $ | 9,169,619 | | | ||||
| Lynnette C. Fallon | | | | 20,772 | | | | $ | 1,324,953 | | | Kevin J. Brewer | | | | 35,308 | | | | $ | 4,476,238 | | | ||||
| Douglas A. Lawson | | | | 19,618 | | | | $ | 1,247,568 | | | Lynnette C. Fallon | | | | 18,667 | | | | $ | 2,416,326 | | | ||||
| Gregory F. Redinbo | | | | 3,849 | | | | $ | 629,098 | | | ||||||||||||||||
| Gerald M. Blumenstock | | | | — | | | | $ | — | | |
| Estimated Payments under the Low Employment Agreement if due at December 31, 2023 | | ||||||||||||||||||
| Lump sum cash payment (1) | | | Value of accelerated vesting on equity awards (2) | | | 18 months of COBRA premiums for health coverage (3) | | | Total | | |||||||||
| $3,151,757 | | | | $ | 2,577,331 | | | | | $ | 52,064 | | | | | $ | 5,781,152 | | |
| Lump sum cash payment(1) | | Value of accelerated vesting on equity awards(2) | | 18 months of COBRA premiums for health coverage(3) | | Total | | Estimated Payments under the Puma Employment Agreement if due at December 31, 2023 | | ||||||||||||||||||||||||||||||
| $3,750,000 | | | $ | 4,255,224 | | | | $ | 34,696 | | | | $ | 8,039,920 | | | Lump sum cash payment (1) | | Value of accelerated vesting on equity awards (2) | | 18 months of COBRA premiums for health coverage (3) | | Total | | |||||||||||||||
| $2,001,923 | | | $ | 3,970,113 | | | | $ | 37,971 | | | | $ | 6,010,007 | | |
| | | Cash Separation Pay(1) | | Value of transition assistance(2) | | 12 months of COBRA premiums for health coverage(3) | | Total | | Estimated Payments under the Executive Separation Pay Agreements if due at December 31, 2023 | | ||||||||||||||||||||||||||||||||||||||||
| Kevin J. Brewer | | | $ | 415,000 | | | | $ | 15,000 | | | | $ | 23,131 | | | | $ | 453,131 | | | | | Cash Separation Pay (1) | | Value of transition assistance (2) | | 12 months of COBRA premiums for health coverage (3) | | Total | | ||||||||||||||||||||
| Russell J. Low | | | $ | 375,000 | | | | $ | 15,000 | | | | $ | 31,724 | | | | $ | 421,724 | | | Kevin J. Brewer | | | $ | 415,000 | | | | $ | 15,000 | | | | $ | 25,314 | | | | $ | 455,314 | | | ||||||||
| Lynnette C. Fallon | | | $ | 375,000 | | | | $ | 15,000 | | | | $ | 23,131 | | | | $ | 413,131 | | | Lynnette C. Fallon | | | $ | 375,000 | | | | $ | 15,000 | | | | $ | 25,314 | | | | $ | 415,314 | | | ||||||||
| Douglas A. Lawson | | | $ | 335,000 | | | | $ | 15,000 | | | | $ | 23,131 | | | | $ | 373,131 | | | Gregory F. Redinbo | | | $ | 310,000 | | | | $ | 15,000 | | | | $ | 34,709 | | | | $ | 359,709 | | |
| Estimated Payments under the Change of Control Agreements if due at December 31, 2022 | | Estimated Payments under the Change of Control Agreements if due at December 31, 2023 | | ||||||||||||||||||||||||||||||||||||
| Name | | Lump sum cash payment (1) | | Value of accelerated vesting on equity awards (2) | | Total (3) | | Name | | Lump sum cash payment (1) | | Value of accelerated vesting on equity awards (2) | | Total | | ||||||||||||||||||||||||
| Mary G. Puma | | | $ | 3,125,000 | | | | $ | 4,255,224 | | | | $ | 7,380,224 | | | Russell J. Low | | | $ | 2,751,665 | | | | $ | 2,577,331 | | | | $ | 5,328,996 | | | ||||||
| Kevin J. Brewer | | | $ | 1,400,625 | | | | $ | 1,293,638 | | | | $ | 2,694,263 | | | James G. Coogan | | | $ | 1,576,250 | | | | $ | 764,004 | | | | $ | 2,340,254 | | | ||||||
| Russell J. Low | | | $ | 1,125,000 | | | | $ | 1,193,402 | | | | $ | 2,318,402 | | | Mary G. Puma | | | $ | 3,345,000 | | | | $ | 3,970,113 | | | | $ | 7,315,113 | | | ||||||
| Lynnette C. Fallon | | | $ | 1,125,000 | | | | $ | 1,143,127 | | | | $ | 2,268,127 | | | Kevin J. Brewer | | | $ | 1,400,625 | | | | $ | 706,482 | | | | $ | 2,107,107 | | | ||||||
| Douglas A. Lawson | | | $ | 1,005,000 | | | | $ | 982,874 | | | | $ | 1,987,874 | | | Lynnette C. Fallon | | | $ | 1,125,000 | | | | $ | 1,076,230 | | | | $ | 2,201,230 | | | ||||||
| Gregory F. Redinbo | | | $ | 930,000 | | | | $ | 546,660 | | | | $ | 1,476,660 | | | |||||||||||||||||||||||
| Gerald M. Blumenstock | | | $ | 975,000 | | | | $ | 542,364 | | | | $ | 1,517,364 | | |
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