Securities Exchange Act of 1934
(Amendment (Amendment No. )
Liberty Latin America Ltd.
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4, 2023
Michael T. Fries | ||
Executive Chairman | ||
Liberty Latin America Ltd. |
2023
We describe the proposals in more detail in the accompanying proxy statement. We encourage you to read the proxy statement in its entirety before voting.
By Order of the Board of Directors, | ||||
John M. Winter | ||||
Senior Vice President, Chief Legal Officer and Secretary |
4, 2023
TABLE OF CONTENTS | ||||||||||||
Page | ||||||||||||
PROXY STATEMENT | ||||||||||||
Notice and Access of Proxy Materials | ||||||||||||
Voting Matters and Board Recommendations | ||||||||||||
Code of Conduct and Code of Ethics | ||||||||||||
Director Independence | ||||||||||||
Board Composition | ||||||||||||
Board Leadership Structure | ||||||||||||
Board Role in Risk Oversight | ||||||||||||
EXECUTIVE OFFICERS | ||||||||||||
BOARD AND COMMITTEES OF THE BOARD | ||||||||||||
Board and Committees of the Board | ||||||||||||
Executive Sessions | ||||||||||||
Involvement in Certain Proceedings | ||||||||||||
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | ||||||||||||
Security Ownership of Certain Beneficial Owners | ||||||||||||
Security Ownership of Management | ||||||||||||
Change in Control | ||||||||||||
Delinquent Section 16(a) | ||||||||||||
The Board | ||||||||||||
Vote and Recommendation | ||||||||||||
Nominees for Election of Directors | ||||||||||||
Directors Whose Term Expires in | ||||||||||||
Directors Whose Term Expires in | ||||||||||||
Directors Whose Term Expires in 2025 | ||||||||||||
PROPOSAL | ||||||||||||
Vote and Recommendation | ||||||||||||
Audit Fees and All Other Fees | ||||||||||||
Policy onPre-Approval of Audit and PermissibleNon-Audit Services of Independent Auditor | ||||||||||||
Executive Summary | ||||||||||||
Compensation Discussion and Analysis | ||||||||||||
Compensation Committee Report | ||||||||||||
Summary Compensation | ||||||||||||
Grants of Plan-Based Awards | ||||||||||||
Option Exercises and | ||||||||||||
Employment and Other Agreements | ||||||||||||
Aircraft Policy | ||||||||||||
Incentive Plans | ||||||||||||
Nonqualified Deferred Compensation | ||||||||||||
Potential Payments upon Termination or Change in Control | ||||||||||||
Change in Control | ||||||||||||
CEO Pay Ratio | ||||||||||||
Pay versus Performance | ||||||||||||
Director Compensation | ||||||||||||
2022 Compensation of Directors | ||||||||||||
SHAREHOLDER PROPOSALS | ||||||||||||
2018
On December 29, 2017, thesplit-off of our company (formerly a wholly-owned subsidiary of Liberty Global plc (Liberty Global)) from Liberty Global was completed (theSplit-Off). Following theSplit-Off, our assets and liabilities consist of the businesses, assets and liabilities that were formerly attributed to Liberty Global’s “LiLAC Group,” which consisted largely of Liberty Global’s Latin America and Caribbean businesses (theLiLAC Group) including Cable & Wireless Communications Limited (C&W), VTR.com SpA, a 60% ownership interest in Liberty Cablevision of Puerto Rico LLC (Liberty Puerto Rico) and related cash and cash equivalents and indebtedness.
Following theSplit-Off, we and Liberty Global operate as separate, publicly traded companies, and neither has any stock or share ownership, beneficial or otherwise, in the other.
Thee-proxy notice instructs you how to access and review the proxy materials and how to submit your proxy via the internet or by telephone. Thee-proxy notice also instructs you how to request and receive a paper copy of the proxy materials, including a proxy card or voting instruction form, at no charge. We will not mail a paper copy of the proxy materials to you unless specifically requested to do so.
Approval of each of the auditors appointment proposal and thesay-on-pay proposal requires the affirmative vote of the holders of a majority of the combined voting power of the issued and outstanding common shares that are present in person or represented by proxy at the AGM, and entitled to vote on the subject matter, voting together as a single class.
Thesay-on-frequency proposal provides for shareholders to vote for one of three potential frequencies (every one year, two years or three years) for futuresay-on-pay votes. Shareholders also have the option to abstain from such vote if they do not wish to express a preference.
In the event that the auditors appointment proposalsay-on-pay proposal orsay-on-frequency proposal fail fails to receive the required affirmative vote of the majority of those present in person or represented by proxy at the AGM solely by reason of brokernon-votes or abstentions, the Board will nevertheless take note of the positive indication given by the receipt of an affirmative majority of the votes cast and proceed accordingly.
or the internet prior to the AGM are printed on thee-proxy notice or proxy card. In order to vote through the internet, holders should have theire-proxy notices or proxy cards available, so they can input the required information from thee-proxy notice or the proxy card, and log onto the internet website address shown on thee-proxy notice or the proxy card. When holders log onto the internet website address, they will receive instructions on how to vote their voting shares. The telephone and internet voting procedures are designed to authenticate votes cast by use of a personal identification number, which will be provided to each voting shareholder separately. Unless subsequently revoked, our voting shares represented by a proxy submitted as described herein and received at or before the AGM will be voted in accordance with the instructions on the proxy.
director election proposal. If you submit a proxy indicating that you abstain from voting as to athe auditors appointment proposal, it will have no effect on the director election proposal, and it will have the same effect as a vote “
To be valid, the submission of a proxy via telephone or the internet must be received by 6:00 p.m. Bermuda time (5:00 p.m. New York City time) on May 16, 2018, and all voting shares represented by properly executed proxies received prior to or at the AGM and, in each case, not revoked, will be voted in accordance with the instructions so provided.
You should follow the directions your broker, bank or other nominee provides to you regarding how to vote your shares of LILA and LILAB or how to change your vote or revoke your proxy.
If you submitted a proxy prior to
SEC after the AGM.
The Board has determined that each of Miranda Curtis, Alfonso de Angoitia Noriega, Paul A. Gould, Brendan Paddick and Eric L. Zinterhofer qualifies as an independent director of our company.
Name | Positions | |||||||
Aamir Hussain Age: 55 | Mr. Hussain has served as the Chief Technology and Product Officer (CTO) and a Senior Vice President of our company since April 2022. In this capacity, he is responsible for Liberty Latin America’s Technology & Innovation (T&I) team, driving technology solutions including product development and network performance, and delivering an exceptional customer experience across the company’s multiple markets. Prior to joining Liberty Latin America, Mr. Hussain was Senior Vice President and Chief Product Officer at Verizon Communications from December 2019 to April 2022, Chief Executive Officer of Collinear Networks from February 2019 to December 2019, Executive Vice President, Chief Technology, Information and Product Development Officer at CenturyLink from October 2014 to November 2018 and has been a Venture Partner at Ridge Lane Limited Partners since July 2019. | |||||||
Rocio Lorenzo Age: 47 | Ms. Lorenzo has served as the Chief Customer Officer (CCO) and a Senior Vice President of our company since July 2021. In this capacity, she is responsible for our customers’ experience and life time value and leads our customer teams, including Digital, Customer Operations and Commercial Programming. Prior to joining Liberty Latin America, Ms. Lorenzo was a Managing Director and Senior Partner of Boston Consulting Group from March 2007 to July 2021 where she led its telecommunications practice and advised leading telecommunications companies on commercial, digital and business transformation. | |||||||
Christopher Noyes Age: 52 | Mr. Noyes has served as the Chief Financial Officer and a Senior Vice President of our company since December 2017. In this capacity, he is responsible for Liberty Latin America’s finance and treasury operations, including commercial finance, tax and financial planning, accounting and external reporting matters, investor relations and strategic oversight for the financial performance of the company and its operations. Mr. Noyes became the Chief Financial Officer for Liberty Global plc’s (Liberty Global) Latin America operations in September 2014, which became the LiLAC Group of Liberty Global in July 2015. Prior to this, Mr. Noyes held multiple senior management positions with Liberty Global, including Managing Director, Investor Relations and Business Analysis. Mr. Noyes joined Liberty Global in June 2005 as Vice President, Investor Relations. Prior to joining Liberty Global, Mr. Noyes was an investment banker at Credit Suisse First Boston and Donaldson, Lufkin & Jenrette for over five years collectively. | |||||||
John M. Winter Age: 50 | Mr. Winter has served as the Chief Legal Officer, Secretary and a Senior Vice President of our company since December 2017. In this capacity, he is responsible for oversight of all legal matters affecting Liberty Latin America and risk management within the company, including legal support for corporate governance, financial reporting, litigation, mergers and acquisitions, and commercial contracts, regulatory and general compliance. Prior to December 2017, Mr. Winter was a Managing Director, Legal for Liberty Global where he was responsible for various legal matters, including legal support for financial reporting, mergers and acquisitions, compliance and governance. Mr. Winter joined Liberty Global as a Vice President, Legal in July 2013. Prior to joining Liberty Global, Mr. Winter was with the law firm Baker Botts L.L.P. for more than five years, and most recently as a partner in the corporate department, specializing in public and private acquisitions, financings and financial reporting. |
Audit | Compensation | Nominating & Corporate Governance | Executive | Committee | ||||||||||||||||||||||||||||||
Charles H.R. Bracken | ||||||||||||||||||||||||||||||||||
Miranda Curtis | l | Chair | l | |||||||||||||||||||||||||||||||
Alfonso de Angoitia Noriega | l | |||||||||||||||||||||||||||||||||
| Michael T. Fries | l | ||||||||||||||||||||||||||||||||
Paul A. Gould | Chair | l | l | |||||||||||||||||||||||||||||||
Roberta S. Jacobson | ||||||||||||||||||||||||||||||||||
| Balan Nair | l | ||||||||||||||||||||||||||||||||
Brendan Paddick | l | |||||||||||||||||||||||||||||||||
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| Daniel E. Sanchez | Chair | ||||||||||||||||||||||||||||||||
Eric L. Zinterhofer | l | |||||||||||||||||||||||||||||||||
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Because theSplit-Off was completed on December 29, 2017, there were no
COVID-19 pandemic.
Analysis
.Our corporate governance guidelines and the nominating and corporate governance committee’s charter provide that the nominating and corporate governance committee will consider diversity of race, ethnicity, gender and sexual orientation when evaluating nominees for the Board.
We believe the composition of our Board, as reflected in the tables below, further demonstrates our commitment to board diversity.Board Diversity Matrix (as of 12/31/2022) | ||||||||
Total Number of Directors | 10 | |||||||
Female | Male | |||||||
Part I: Gender Identity | ||||||||
Directors | 2 | 8 | ||||||
Part II: Demographic Background | ||||||||
Asian | 1 | |||||||
Hispanic or Latinx | 1 | |||||||
White | 1 | 5 | ||||||
Did Not Disclose Demographic Background | 2 |
Audit Committee
reporting.
on Form10-K for the year ended December 31, 20172022 (the20172022 Form10-K), which was filed on February 14, 201822, 2023 with the SEC.
Submitted by the Members of the Audit Committee | ||||||
Paul A. Gould (chairman) | ||||||
Miranda Curtis | ||||||
Brendan Paddick | ||||||
Alfonso de Angoitia Noriega |
sessions. Any interested party who has a concern regarding any matter that it wishes to have addressed by our independent directors, as a group, at an upcoming executive session may send its concern in writing addressed to Independent Directors of Liberty Latin America Ltd., c/o Liberty Latin America Ltd., 1550 Wewatta Street, Suite Because theSplit-Off was completed on December 29, 2017, there were no meetings of the Board, or any committees of the Board, in 2017 following theSplit-Off.Director Attendance at Annual General MeetingsThe Board encourages all members of the Board to attend the AGM, which is our first annual general meeting, and to attend future annual general meetings of our shareholders.710,800, Denver, Colorado 80202, United States. All such communications from our shareholders will be forwarded to our directors on a timely basis.BecauseIn 2022, theSplit-Off was completed on December 29, 2017, there were no independent directors had two such executive sessions of the Board in 2017 following theSplit-Off.710,800, Denver, Colorado 80202, United States. The current independent directors of our company are Charles H.R. Bracken, Miranda Curtis, Alfonso de Angoitia Noriega, Paul A. Gould, Roberta S. Jacobson, Brendan Paddick, Daniel E. Sanchez and Eric L. Zinterhofer..
The following lists the executive officers of our company (other than Michael T. Fries and Balan Nair, Executive Chairman and our President and Chief Executive Officer, respectively, who also serve as directors of our company and who are listed under “Proposal 1—The Director Election Proposal”), their ages and a description of their business experience, including positions held with our company.
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Our executive officers will serve in such capacities until their respective successors have been duly elected and have been qualified, or until their earlier death, resignation, disqualification or removal from office. There is no family relationship between any of our executive officers or directors, by blood, marriage or adoption.
Name and Address of Beneficial Owner | Title of Class | Amount and Nature of Beneficial Ownership | Percent of Class (%) | Voting Power (%) | ||||||||||||
John C. Malone | LILA | 1,935,220 | (1) | 4.0 | 25.5 | |||||||||||
c/o Liberty Latin America Ltd. | LILAB | 1,535,757 | (1) | 79.2 | ||||||||||||
Clarendon House, 2 Church Street | LILAK | 6,775,636 | (1) | 5.6 | ||||||||||||
Hamilton HM 11, Bermuda | ||||||||||||||||
Michael T. Fries | LILA | 495,276 | (2) | 1.0 | 3.3 | |||||||||||
c/o Liberty Latin America Ltd. | LILAB | 175,867 | (2) | 9.1 | ||||||||||||
Clarendon House, 2 Church Street | LILAK | 992,937 | (2) | * | ||||||||||||
Hamilton HM 11, Bermuda | ||||||||||||||||
Berkshire Hathaway Inc. | LILA | 2,714,854 | (3) | 5.6 | 4.0 | |||||||||||
3555 Farnam Street | ||||||||||||||||
Omaha, NE 68131 | ||||||||||||||||
Dodge & Cox | LILA | 5,572,489 | (4) | 11.5 | 8.2 | |||||||||||
555 California Street | ||||||||||||||||
40th Floor | ||||||||||||||||
San Francisco, CA 94104 | ||||||||||||||||
Genesis Asset Managers, LLP | LILA | 7,193,851 | (5) | 14.9 | 10.6 | |||||||||||
Heritage Hall | ||||||||||||||||
Le Marchant Street | ||||||||||||||||
St. Peter Port | ||||||||||||||||
Guernsey GY1 4WY | ||||||||||||||||
Channel Islands |
Name and Address of Beneficial Owner | Title of Class | Amount and Nature of Beneficial Ownership | Percent of Class (%) | Voting Power (%) | |||||||||||||||||||||||||
John C. Malone | LILA | 1,931,496 | (1)(3)(4) | 4.6 | 27.5 | ||||||||||||||||||||||||
c/o Liberty Latin America Ltd. | LILAB | 1,535,757 | (2)(5) | 74.7 | |||||||||||||||||||||||||
Clarendon House, 2 Church Street | LILAK | 9,856,478 | (1)(3)(4)(5) | 5.7 | |||||||||||||||||||||||||
Hamilton HM 11, Bermuda | |||||||||||||||||||||||||||||
Michael T. Fries | LILA | 263,880 | (6) | * | 3.2 | ||||||||||||||||||||||||
c/o Liberty Latin America Ltd. | LILAB | 175,867 | (6) | 8.6 | |||||||||||||||||||||||||
Clarendon House, 2 Church Street | LILAK | 498,861 | (6) | * | |||||||||||||||||||||||||
Hamilton HM 11, Bermuda | |||||||||||||||||||||||||||||
Balan Nair | LILA | 757,658 | (6) | 1.8 | 5.7 | ||||||||||||||||||||||||
c/o Liberty Latin America Ltd. | LILAB | 292,500 | (6) | 13.0 | |||||||||||||||||||||||||
Clarendon House, 2 Church Street | LILAK | 1,372,659 | (6) | * | |||||||||||||||||||||||||
Hamilton HM 11, Bermuda | |||||||||||||||||||||||||||||
Ashe Capital Management, LP | LILA | 4,251,833 | (7) | 10.1 | 6.8 | ||||||||||||||||||||||||
530 Sylvan Ave., Suite 101 | LILAK | 10,630,101 | (7) | 6.2 | |||||||||||||||||||||||||
Englewood Cliffs, NJ 07632 | |||||||||||||||||||||||||||||
Name and Address of Beneficial Owner | Title of Class | Amount and Nature of Beneficial Ownership | Percent of Class (%) | Voting Power (%) | |||||||||||||||||||||||||
Berkshire Hathaway, Inc. | LILA | 2,630,792 | (8) | 6.2 | 4.2 | ||||||||||||||||||||||||
3555 Farnam Street | |||||||||||||||||||||||||||||
Omaha, NE 68131 | |||||||||||||||||||||||||||||
BlackRock, Inc. | LILA | 3,115,860 | (9) | 7.4 | 4.8 | ||||||||||||||||||||||||
55 East 52nd Street | LILAK | 10,073,311 | (9) | 5.9 | |||||||||||||||||||||||||
New York, NY 10055 | |||||||||||||||||||||||||||||
Genesis Investment Management, LLP | LILA | 2,144,578 | (10) | 5.1 | 2.4 | ||||||||||||||||||||||||
21 Grosvenor Place | LILAK | 14,833,620 | (11) | 8.6 | |||||||||||||||||||||||||
London, England | |||||||||||||||||||||||||||||
SW1X 7HU |
Name of Beneficial Owner | Title of Class | Amount and Nature of Beneficial Ownership | Percent of Class (%) | Voting Power (%) | ||||||||||
Michael T. Fries | LILA | 495,276 | (1)(2)(3)(4) | 1.0 | 3.3 | |||||||||
Executive Chairman | LILAB | 175,867 | (4)(5) | 9.1 | ||||||||||
LILAK | 992,937 | (1)(2)(3)(4) | * | |||||||||||
Alfonso de Angoitia Noriega | LILA | — | — | — | ||||||||||
Director | LILAB | — | — | |||||||||||
LILAK | — | — | ||||||||||||
Charles H.R. Bracken | LILA | 71,166 | (2) | * | * | |||||||||
Director | LILAB | — | — | |||||||||||
LILAK | 202,944 | (2) | * | |||||||||||
Miranda Curtis | LILA | 3,908 | (2) | * | * | |||||||||
Director | LILAB | — | — | |||||||||||
LILAK | 10,039 | (2) | * | |||||||||||
Paul A. Gould | LILA | 94,130 | (2) | * | * | |||||||||
Director | LILAB | 8,987 | * | |||||||||||
LILAK | 186,334 | (2) | * | |||||||||||
John C. Malone | LILA | 1,935,220 | (2)(6)(7)(8) | 4.0 | 25.5 | |||||||||
Director | LILAB | 1,535,757 | (5)(9) | 79.2 | ||||||||||
LILAK | 6,775,636 | (2)(6)(7)(8)(9) | 5.6 | |||||||||||
Balan Nair | LILA | 109,618 | (2)(10) | * | * | |||||||||
President, Chief Executive Officer & Director | LILAB LILAK | | — 265,986 | (2)(3) | | — * |
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Name of Beneficial Owner | Title of Class | Amount and Nature of Beneficial Ownership | Percent of Class (%) | Voting Power (%) | ||||||||||
Brendan Paddick | LILA | 400,000 | * | * | ||||||||||
Director | LILAB | — | — | |||||||||||
LILAK | 940,000 | * | ||||||||||||
Eric L. Zinterhofer | LILA | — | — | — | ||||||||||
Director | LILAB | — | — | |||||||||||
LILAK | — | — | ||||||||||||
Betzalel Kenigsztein | LILA | 22,126 | (2) | * | * | |||||||||
Senior Vice President & Chief Operating Officer | LILAB | — | — | |||||||||||
LILAK | 48,751 | (2)(3) | * | |||||||||||
Christopher Noyes | LILA | 24,095 | (2) | * | * | |||||||||
Senior Vice President & Chief Financial Officer | LILAB | — | — | |||||||||||
LILAK | 56,037 | (2)(3) | * | |||||||||||
John M. Winter | LILA | 6,550 | (2) | * | * | |||||||||
Senior Vice President, Chief Legal Officer & Secretary | LILAB | — | — | |||||||||||
LILAK | 16,921 | (2)(3) | * | |||||||||||
All directors and executive officers as a group (12 persons) | LILA | 3,162,089 | (11)(12) | 6.5 | 29.8 | |||||||||
LILAB | 1,720,611 | (11)(12) | 88.8 | |||||||||||
LILAK | 9,495,585 | (11)(12) | 7.8 |
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* Less than one percent (1) Includes 8,115 LILA shares and 49,849 LILAK shares held by two trusts managed by an independent trustee, of which the beneficiaries are Mr. Fries’ children. Mr. Fries has no pecuniary interest in the trusts, but he retains |
Owner | LILA | LILAK | ||||||
Michael T. Fries | 275,184 | 741,557 | ||||||
Charles H.R. Bracken | 71,166 | 202,944 | ||||||
Miranda Curtis | 3,690 | 9,367 | ||||||
Paul A. Gould | 5,266 | 14,076 | ||||||
John C. Malone | 14,184 | 29,707 | ||||||
Balan Nair | 76,423 | 202,944 | ||||||
Betzalel Kenigsztein | 19,131 | 41,883 | ||||||
Christopher Noyes | 20,987 | 48,524 | ||||||
John M. Winter | 5,716 | 14,584 |
Each SAR represents the right to receivesubstitute the assets held by the trusts. Mr. Fries disclaims beneficial ownership with respect to these shares.
Owner | LILA | LILAB | LILAK | |||||||||||||||||
Michael T. Fries | 16,493 | — | 32,986 | |||||||||||||||||
Alfonso de Angoitia Noriega | 781 | — | 1,562 | |||||||||||||||||
Charles H.R. Bracken | 5,208 | — | 10,416 | |||||||||||||||||
Miranda Curtis | 5,208 | — | 10,416 | |||||||||||||||||
Paul A. Gould | 781 | — | 1,562 | |||||||||||||||||
Roberta S. Jacobson | 4,409 | — | 8,818 | |||||||||||||||||
Balan Nair | 105,995 | 187,500 | 211,994 | |||||||||||||||||
Brendan Paddick | 5,208 | — | 10,416 | |||||||||||||||||
Daniel Sanchez | 2,604 | — | 5,208 | |||||||||||||||||
Eric L. Zinterhofer | 5,208 | — | 10,416 | |||||||||||||||||
Christopher Noyes | 40,097 | — | 80,196 | |||||||||||||||||
Aamir Hussain | 21,342 | — | 42,686 | |||||||||||||||||
Rocio Lorenzo | 20,470 | — | 40,939 | |||||||||||||||||
John M. Winter | 33,505 | — | 67,012 |
Owner | LILA | LILAK | ||||||||||||
Alfonso de Angoitia Noriega | 470 | 940 | ||||||||||||
Paul A. Gould | 1,308 | 2,616 | ||||||||||||
Brendan Paddick | 1,013 | 2,026 | ||||||||||||
Eric L. Zinterhofer | 1,107 | 2,214 |
Owner | LILA | LILAK | ||||||||||||
Miranda Curtis | 1,914 | 3,829 | ||||||||||||
Paul A. Gould | 1,914 | 3,829 |
Owner | LILA | LILAK | ||||||
Michael T. Fries | 345 | 2,282 | ||||||
Balan Nair | — | 1,139 | ||||||
Betzalel Kenigsztein | — | 89 | ||||||
Christopher Noyes | — | 753 | ||||||
John M. Winter | — | 176 |
LILA | LILAK |
— | 9,160 |
— | 9,061 |
Owner | LILA | LILAK | ||||||||||||
Balan Nair | — | 1,139 | ||||||||||||
Christopher Noyes | 20,000 | 753 | ||||||||||||
John M. Winter | — | 176 |
Reports
Daniel E. Sanchez.
Nominees for Election of Directors | ||||||||
Directors Whose Term Expires in 2023 | ||||||||
Michael T. Fries Age: 60 | Executive Chairman of our company. Professional Background:Mr. Fries has served as Executive Chairman of our company since December 2017. He has over 30 years of experience in the cable and media industry. He is the Chief Executive Officer and President of Liberty Global, a position he has held since 2005, and is the Vice Chairman of the Liberty Global board. As an executive officer of Liberty Global and co-founder of its predecessor, Mr. Fries has overseen its growth into a world leader in converged broadband, video and mobile communications. With approximately 32,000 employees, over 86 million broadband, video and mobile connections, more than $7 billion in consolidated revenue and more than $17 billion of revenue generated by its Virgin Media-O2 and VodafoneZiggo joint ventures, Liberty Global is dedicated to building Tomorrow’s Connections Today by investing in the infrastructure and platforms that empower customers and deploying the advanced technologies that nations and economies need to thrive. Additionally, Liberty Global's investment arm includes a portfolio of more than 75 companies and funds across content, technology and infrastructure, including strategic stakes in companies like Plume, ITV, Lions Gate, Univision and the Formula E racing series. Throughout his career, Mr. Fries has received several recognitions, including inductions into the Cable Hall of Fame and the Broadcasting & Cable Hall of Fame, Entrepreneur of the Year in Media, Entertainment and Communications (Ernst & Young), and Industry Leader of the Year by Digital TV Europe. |
Nominees for Election of Directors | ||||||||
Directors Whose Term Expires in 2023 | ||||||||
Michael T. Fries (cont.) | Other Public Company Directorships: Liberty Global plc & predecessor (since June 2005); Lions Gate Entertainment Corp. (since November 2015); and Grupo Televisa S.A.B. (since April 2015). Other Positions:Cablelabs® — Board Member; The Paley Center for Media — Trustee & Finance Committee Member; and World Economic Forum — Digital Communications Governor & Steering Committee Member. Board Membership Qualifications: Mr. Fries’ significant executive experience in building and managing converged video, broadband, mobile and entertainment platforms, in-depth knowledge of all aspects of operating a global business and his responsibility for setting the strategic, financial and operational direction for an international company contributes to the Board’s consideration of the strategic, operational and financial challenges and opportunities of our business, and strengthens the Board’s collective qualifications, skills and attributes. | |||||||
Alfonso de Angoitia Noriega Age: 61 |
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| A director of our company. Professional Background: Mr. de Angoitia Noriega has served as a director of our company since December 2017. He is an experienced business executive with over 15 years in the telecommunications industry. He has been an Executive Vice President of Grupo Televisa, S.A.B (Televisa) since May 2000 and also serves as a member of its Executive Office of the Chairman. In January 2018, he became a co-Chief Executive Officer of Televisa. From 1999 to 2003, Mr. de Angoitia Noriega served as the Chief Financial Officer of Televisa. Televisa is a leading media company in the Spanish-speaking world and a cable operator, as well as a direct-to-home satellite pay television operator in Mexico. Televisa distributes the content it produces through several broadcast channels in Mexico and in over 50 countries through 26 pay-tv brands, and television networks, cable operators and over-the-top or “OTT” services. In the United States, Televisa’s audiovisual content is distributed through Univision Communications Inc. Prior to joining Televisa, Mr. de Angoitia Noriega was a founding partner of the law firm Mijares, Angoitia, Cortés y Fuentes, S.C. Other Public Company Directorships:Grupo Televisa S.A.B. (since April 1997); Empresas Cablevision, S.A.B. de C.V. (since August 1999); and Fomento Económico Mexicano, S.A.B de C.V (since 2015). Other Positions: Univision Communications Inc. (director since December 2010); and Grupo Financiero Banorte, S.A.B. de C.V. (director since April 2015). Board Membership Qualifications: Mr. de Angoitia Noriega’s significant executive experience building and managing distribution and programming businesses in the Spanish-speaking world, plus his in-depth knowledge of all aspects of operating a telecommunications company and his responsibility for setting the strategic, financial and operational direction for such company contributes to the Board’s consideration of the strategic, operational and financial challenges and opportunities of our business, and strengthens the Board’s collective qualifications, skills and attributes. Mr. de Angoitia Noriega also brings to the Board his knowledge of issues involving Latin America and the Caribbean where most of our operations are located. | |||||||
Nominees for Election of Directors | ||||||||
Directors Whose Term Expires in 2023 | ||||||||
Paul A. Gould Age: 77 | A director of our company. Professional Background: Mr. Gould has served as a director of our company since December 2017. He has over 40 years of experience in the investment banking industry. He is a managing director of Allen & Company, LLC (Allen & Company), a position that he has held for more than the last five years, and is a senior member of Allen & Company’s mergers and acquisitions advisory practice. In that capacity, he has served as a financial advisor to many Fortune 500 companies, principally in the media and entertainment industries. Mr. Gould joined Allen & Company in 1972. In 1975, he established Allen Investment Management, which manages capital for endowments, pension funds and family offices. Other Public Company Directorships:Liberty Global plc & predecessor (since June 2005); Warner Bros. Discovery, Inc. (since April 2022); Discovery, Inc. (formerly Discovery Communications Inc.) (from September 2008 to April 2022); and Radius Global Infrastructure, Inc. (since February 2020). Other Positions: Cornell University (Overseer); Weill Cornell Medical College (Advisory Committee Member); and Wildlife Conservation Society (Trustee). Board Membership Qualifications: Mr. Gould’s extensive background in investment banking and as a public company board member and his particular knowledge and experience as a financial advisor for mergers and acquisitions and in accounting, finance and capital markets contributes to the Board’s evaluation of acquisition, divestiture and financing opportunities and strategies and consideration of our capital structure, budgets and business plans, provide insight into other public company board practices and strengthens the Board’s collective qualifications, skills and attributes. | |||||||
Roberta S. Jacobson Age: 62 | A director of our company. Professional Background: Ambassador Roberta S. Jacobson has served as a director of our company since May 2022. She is a senior advisor at Dentons Global Advisors/Albright Stonebridge Group (DGA/ASG), a global business strategy firm based in Washington, D.C., where she draws on more than 30 years of distinguished diplomatic experience to advise clients. Most recently, Ambassador Jacobson served a 100-day term as Special Assistant to President Joseph R. Biden and the National Security Council’s coordinator for the southwest border of the United States. From November 2020 to January 2021, Ambassador Jacobson served as a volunteer Agency Review Team member for the Biden Administration presidential transition team to directly support transition efforts related to the U.S. Department of State. From November 2015 to May 2018, Ambassador Jacobson served as U.S. Ambassador to Mexico, where she oversaw the U.S.-Mexico bilateral relationship and managed a broad array of issues, including trade and investment, security and immigration, the environment, and human rights. From July 2011 to until November 2015, Ambassador Jacobson served as the State Department’s acting assistant secretary and then assistant secretary for Western Hemisphere affairs. Ambassador Jacobson holds a B.A. from Brown University and a Master of Arts degree in Law and Diplomacy from Tufts University Fletcher School of Law and Diplomacy. Other Public Company Directorships:ShotSpotter, Inc. (since July 2021). Board Membership Qualifications: Ambassador Jacobson brings her considerable diplomatic and government relations background and extensive experience with respect to a broad array of issues involving Latin America where most of our operations are located, including issues relating to trade and investment, security and immigration, the environment, and human rights. Her deep knowledge of the region will contribute to the Board’s consideration of the strategic, operational and financial challenges and opportunities of our business, and strengthens the Board’s collective qualifications, skills and attributes. |
Directors Whose Term Expires in 2024 | ||||||||
Charles H.R. Bracken Age: 56 | A director of our company. Professional Background: Mr. Bracken has served as a director of our company since Other Public Company |
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Board Membership Qualifications: Mr. Bracken’s significant executive experience in finance and treasury operations, capital strategies and complex business plans for a global company contributes to the Board’s consideration of the strategic, operational and financial challenges and opportunities of our business, and strengthens the Board’s collective qualifications, skills and attributes. | ||||||||
Balan Nair Age: | President, Chief Executive Officer and a director of our company. Professional Background: Mr. Nair has served as our President and Chief Executive Officer and a director of our company since Other Public Company Directorships:Charter Communications Inc. (since May 2013); Adtran, Inc. (since May 2007); and Telenet Group Holding NV (April 2011 to February 2016). Other Position: Society of Cable Telecommunications Engineers Energy 2020 (Co-Chair). Board Membership Qualifications: Mr. Nair’s significant executive experience in building, integrating and managing operational and technology systems businesses andhis in-depth knowledge of all aspects of technology for delivering telecommunications systems, as well as his position with Liberty Latin America provides an insider’s perspective to the Board’s consideration of technological developments, opportunities and strategies of our company and strengthens the Board’s collective qualifications, skills and attributes. |
Directors Whose Term Expires in 2024 | ||||||||
Eric L. Zinterhofer Age: | A director of our company. Professional Background: Mr. Zinterhofer has served as a director of our company since |
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as a senior partner, at Apollo Management, L.P from 1998 until May 2010. He wasalso co-head of the media and telecommunications investment platform at Apollo Management, L.P.
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Miranda Curtis Age: | A director of our company. Professional Other Public Company November 2020), a subsidiary of Liberty Global. Other In October 2020, appointed as a Companion of the Most Distinguished Order of Saint Michael and Saint George for services to gender equality globally. Board Membership | |||||||||
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Brendan Paddick Age: | A director of our company. Professional Background:
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Daniel E. Sanchez Age: |
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| A director of our company. Professional Background:Mr. tax planning. Other Public Company Directorships:Liberty Global Other Positions: Board Membership Qualifications:Mr. | |||||
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2016.
2017 in thousands | ||||
Audit fees | $ | 7,570 | ||
Audit-related fees (1) | 17 | |||
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Audit and audit related fees | 7,587 | |||
Tax fees (2) | 43 | |||
All other services (3) | 41 | |||
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Total fees | $ | 7,671 | ||
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Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
in thousands | |||||||||||
Audit fees | $ | 8,655 | $ | 10,575 | |||||||
Audit-related fees(1) | 168 | 213 | |||||||||
Audit and audit-related fees | 8,823 | 10,788 | |||||||||
Tax Fees(2) | 1,445 | 309 | |||||||||
Total fees | $ | 10,268 | $ | 11,097 |
PROPOSAL 3—THE SAY-ON-PAY PROPOSAL
We are providing All services provided by our shareholders the opportunity to vote to approve, on an advisory basis, the compensation of our named executive officers as described belowindependent auditor during 2022 were approved in accordance with Section 14Athe terms of the Exchange Act. This advisory vote is often referred to as the“say-on-pay” vote and allows our shareholders to express their views on the overall compensation paid to our named executive officers. Our company values the views of our shareholders and is committed to efficiency and effectiveness of our company’s executive compensation program.
We are seeking shareholder approval of the compensation of our named executive officers as disclosedpolicy in this proxy statement in accordance with applicable SEC rules, which include the disclosures under “Executive Officers and Director Compensation” included herein. Shareholders are encouraged to read the “Executive Officers and Director Compensation” section of this proxy statement, which provides an overview of our company’s executive officer and director compensation policies and practices.
In accordance with Section 14A of the Exchange Act, and Rule14a-21(a) promulgated thereunder, and as a matter of good corporate governance, the Board is asking shareholders to approve the following advisory resolution at the AGM:
“RESOLVED, that the shareholders of Liberty Latin America Ltd. hereby approve, on an advisory basis, the compensation paid to Liberty Latin America Ltd.’s named executive officers, as disclosed in this proxy statement pursuant to the rules of the SEC, including the Compensation Discussion and Analysis, compensation tables and any related narrative discussion.”
Although this vote is advisory andnon-binding on the Board and our company, the Board and the compensation committee, which are responsible for designing and administering our company’s executive compensation program, value the opinions expressed by our shareholders in their vote on this proposal and will consider the outcome of the vote when making future compensation policies and decisions for named executive officers.
This advisory resolution, which we refer to as thesay-on-pay proposal, will be considered approved if it receives the affirmative vote of the holders of a majority of the combined voting power of the issued and outstanding common shares that are present in person or by proxy at the AGM, and entitled to vote on the subject matter, voting together as a single class.
The Board unanimously recommends a vote “FOR” the approval of thesay-on-pay proposal.
PROPOSAL 4—THESAY-ON-FREQUENCY PROPOSAL
In accordance with the requirements of Section 14A of the Exchange Act and Rule14a-21(b) promulgated thereunder, we are submitting for shareholder consideration a separate resolution for an advisory vote as to whether a shareholder vote to approve the compensation paid to our named executive officers should occur every one, two or three years.
After consideration, the Board has determined that an advisory vote on executive compensation that occurs every three years is the most appropriate policy for us.
The Board believes an advisory vote every three years would allow shareholders to focus on the structure of our overall compensation program rather than any single event in a given year. Doing so would be compatible with our compensation philosophy of compensating our executives in a way that ensures they are aligned with our shareholders and have a continuing stake in our long-term success. An advisory vote every three years would allow shareholders to consider the achievement of our corporate goals over a longer period and would allow shareholders to engage in more thoughtful analysis of our company’s executive compensation program by providing more time between votes. As a result, the Board recommends a vote for the holding of advisory votes on named executive officer compensation every three years.
You may cast your vote on your preferred voting frequency by choosing the option of one year, two years, or three years or abstaining from voting when you vote in response to the following resolution:
“RESOLVED, that the option of once every one year, two years, or three years that receives a majority of the affirmative votes cast for this resolution will be determined to be the frequency for the advisory vote on the compensation of the named executive officers as disclosed pursuant to the SEC’s compensation disclosure rules that has been selected by Liberty Latin America Ltd.’s shareholders.”
Shareholders will be able to cast their vote for one of four choices for this proposal on the proxy card: one year, two years, or three years or abstain. Shareholders are not being asked to vote to approve or disapprove the Board’s recommendation.
If (i) the combined total votes for all frequencies is equal to at least the affirmative vote of a majority of the combined voting power of the issued and outstanding common shares that are present in person or by proxy at the AGM, and entitled to vote on the subject matter, voting together as a single class, and(ii) any one frequencyreceives a majority of the affirmative votes cast by the holders of our issued and outstanding common shares that are present, in person or by proxy, and entitled to vote at the AGM, voting together as a single class, the frequency receiving such majority vote will be the frequency selected by the Board for future executive compensation votes. If no frequency receives the requisite majority or the combined total votes for all frequencies is less than the affirmative vote of a majority of the combined voting power of the issued and outstanding common shares that are present in person or by proxy at the AGM, the Board will carefully consider the outcome of the vote and decide the frequency at which future advisory votes on executive compensation will be held.
The Board unanimously recommends that shareholders vote in favor of “3YEARS” with respect to the frequency with which shareholders are provided an advisory vote on the compensation paid to our named executive officers.
Hurricanes Irma and Maria caused significant damage to our operations in Puerto Rico and certain markets of our C&W operations, resulting in disruptions to our telecommunications services (theImpacted Markets). As we are still in the process of assessing the operational impacts of the hurricanes in Puerto Rico, we are unable to accurately estimate our subscriber numbers as of December 31, 2017. Accordingly, the December 31, 2017 subscriber numbers for the Impacted Markets reflect the subscribers amounts as of August 31, 2017 as adjusted for net voluntary disconnects through December 31, 2017.
2017 (the
Split-Off).2022. Compensation information is provided for our NEOs – Balan Nair, our President, CEO and also a member of the Board; Christopher Noyes, our principal financial officer; andChief Financial Officer; Aamir Hussain, our three other most highly compensated executive officers at the end of 2017: Mike T. Fries,CTO; Rocio Lorenzo, our Executive Chairman and a member of our board, Betzalel Kenigsztein, our Chief Operating Officer,CCO; and John Winter, our Chief Legal Officer and Secretary. Other than the equity grant described below, Mr. Fries does not receive any compensation from our company.Officer. After the information on our NEOs, we also provide information relating to the compensation of our directors (other than Messrs. Fries andMr. Nair).
Structure—PayDiscussion and Analysis. Our Board credits the leadership of Mr. Nair for PerformanceWe believe that our executive compensation program plays a key role in our operating and financial success. As discussed above, because our executive officers did not become officers of us until theSplit-Off, compensation information is not available for prior periods. After theSplit-Off, ourthese achievements. will review and approve compensation decisions affecting our NEOs and directors. We place great importance on our ability to attract, retain and motivate talented executives who can continue to grow our business. In late 2017, the compensation committee of Liberty Global’s board of directors, and our board at the time, which was comprised of Mr. Winter and two executive officers of Liberty Global, approved equity awards to Mr. Nair in accordance with his employment agreement and to each of our other NEOs. The ultimate value of these awards is based on appreciation of our share price and reflect the direct link between financial and operational success and compensation under our executive compensation program. In general, we seek to design compensation packages for individual executives based on the scope of the executive’s responsibilities, the executive’s proven performance, and a determination of what is competitive compensation in the market for similar roles, if such data is available. We continue to refine our compensation program to strengthen the link between executive and shareholder interests.ourthe compensation committee is responsible for identifying our primary goals with respect to executive compensation, implementing compensation programs designed to achieve those goals, subject to appropriate safeguards to avoid unnecessary risk taking, and monitoring performance against those goals and associated risks. The chair of ourthe compensation committee reports to our Board on annual compensation decisions and on the administration of existing programs and development of new programs. In addition, meetings of the compensation committee can be attended by any director, including directors who are not committee members. The members of ourthe compensation committee are “independent directors” (as defined under the Nasdaq rules) and“non-employee “non-employee directors” (as defined in Rule16b-3 of the SEC’s rules under the Exchange Act).ourthe compensation committee. Our CEO is actively engaged in providing input to the compensation committee on compensation decisions for our other members of senior management in a variety of ways, including reviewing and recommending annual salaries, annual performance goals and the level of target and/or maximum performance awards for his executive team and evaluating their performance. With the assistance of our Human ResourcesPeople and Legal Departments, he is also involved in formulating the terms of proposed performance or incentive award programs for consideration by the compensation committee, evaluating alternatives and recommending revisions. Other senior officers, within the scope of their job responsibilities, participate in gathering and presenting to the compensation committee data and legal, tax and accounting analyses relevant to compensation and benefit decisions. Decisions with respect to our CEO’s compensation are made in private sessions of the compensation committee without the presence of management.
provide comparative data. The
Our Compensation Package
below.awards, a significant portion of which are further based on company or individual performance.
including our NEOs (other than our Executive Chairman), including our NEOs, include three main components: base salary, annual cash performance awards and multi-year equity incentive awards. In addition, certain members of senior management, including our NEOs, may participate in our Deferred Compensation Plan (as defined below). The relative weighting of the components, the design of the performance and incentive awards and the overall value of the compensation package for individual employees varies based on the employee’s role and responsibilities. (other than our Executive Chairman), the total value of the compensation package is most heavily weighted to performance and incentive awards because of the significance of each officer’s roles and responsibilities to the overall success of our company. Further, multi-year equity incentive awards are the largest component of executive compensation, serving the goals of retention as well as alignment with shareholders’ interests. The compensation committee’s objective is for a substantial majority of each executive officer’s total direct compensation (that is, base salary plus maximum annual cash performance award plus target annual equity incentive) to be comprised of the target value of his or her multi-year equity incentive awards.TheseIn February 2021, the compensation committee selected the following peer group companies were selected based on their similarity to our company with respect to several criteria, includingthe following criteria: industry, market value, size and financial performance with respect to revenue, net income and EBITDA:revenue:Altice USA, Inc. Level 3 Communications, Inc.AMC Networks Inc.Millicom International Cellular S.A. Cable One, Inc. Shaw Communications Inc. Cincinnati Bell Inc. Telephone and Data Systems, Inc. Consolidated Communications Holdings, Inc. United States Cellular Corporation Discovery, Inc. VEON Ltd. DISH Network Corporation Vonage Holdings Corp. IDT Corporation WideOpenWest, Inc. Frontier Communications CorporationLiberty Global plcWindstream Holdings, Inc.IDT CorporationZayo Group Holdings, Inc.Accordingly, we evaluated 2018 executive compensation program, including our mix of cash and equity compensation, based on a review of this peer group. The compensation committee reviewed compensation data from these peer companies, and other relevant survey sources, to inform its decision about overall compensation opportunities and specific compensation elements. OurThe compensation committee generally targeted the 75th percentile of peer group compensation levels for our 2018 executive compensation program, subject to adjustments based on individual experience, expertise and performance.Focus Area Performance Network and Products Commercial and Customer Experience Finance and Strategy Integrations and Transformation Culture and Governance
20172022 Base Salaries. The base salary levels of our executive officers in 2017 was set by Liberty Global.
2018 Base Salaries. For 2018,2022, the base salaries of Messrs. Kenigsztein,Nair, Noyes, Hussain and Winter are $700,000,and Ms. Lorenzo were $1.5 million, $675,000, $625,000, $550,000, and $500,000,$440,000, respectively. Mr. Nair’sOur NEOs’ initial base salary is salaries are
Nair’s base salary from $1.25 million to $1.5 million in connection with our entry into the 2022 Nair Agreement.
2017 Annual Bonuses. Ourbonus program. For 2022, our NEOs were employed by Liberty Global or, with respect to Messrs. Kenigsztein and Noyes, Liberty LA, prior totook 50% of theSplit-Off. Our NEOs other than Messrs. Kenigsztein and Noyes were entitled to a 2017 annual bonus opportunity thatin company shares under the SHIP.
Mariaare weighted as: (i) revenue, weighted 25%; (ii) OFCF, weighted 45%; (iii) customer churn, weighted 20%; and Irma, applied the weighting of performance factors and determined LiLAC Group performance with respect to the 2017 performance metrics to be 37.5% of target.(iv) governance objectives, weighted 10%. The following table illustrates the target bonus and APR multiplier used to determine final 2017 bonuses with respect to Messrs. Kenigsztein and Noyes:
2017 Annual Performance Award – LiLAC Group | ||||||||||||||||||||||||||||
Name | Target Achievable Award | % Payout for Financial Performance (Revenue) | % Payout for Financial Performance (OCF) | % Payout for rNPS | Weighted Aggregate % of Target Award | APR Multiplier | Approved Award (1) | |||||||||||||||||||||
Betzalel Kenigsztein | $ | 500,000 | 0.0 | % | 0.0 | % | 150.0 | % | 37.5 | % | 1x | $ | 188,000 | |||||||||||||||
Christopher Noyes | $ | 273,000 | 0.0 | % | 0.0 | % | 150.0 | % | 37.5 | % | 1.25x | $ | 128,000 |
Decisions for 2018. On February 23, 2018, our compensation committee approved individual performance goals and set the2022 target achievable cash performance awards for members of our senior management, including our NEOs (other than our Executive Chairman), for 2018. They also approved the financial and operational targets for earning the awards. The target 2018 annual cash performance award will be split among the achievement of budgeted growth in revenue and operating cash flow (OCF), achievement of a target zonewas $4 million for rNPS score and achievement of respective department goals and objectives for the fiscal year ending December 31, 2018. The department performance metric is based on goals and objectives submitted by each member of our senior management team, including our NEOs, to our CEO. These goals and objectives were then reviewed and approved by our CEO, and the compensation committee. Based on the achievement of the financial and operational performance metrics (except the department performance metric which is capped at 100%)representing a payout of up to 150% of the target bonus amount is available for over-performance against budget or target. In addition, individual performance against personal performance objectives$500,000 increase approved by the compensation committee could increasein July 2022 when it approved the maximum 2018 annual cash performance award to up to 210% of the target bonus amount.
The compensation committee also approved a base performance objective that was designed so that the annual cash performance award program for 2018 should qualify as performance-based compensation under Section 162(m) of the Code. For more information regarding Section 162(m) of the Code, see “Tax and Accounting Considerations” below. If the 2018 base performance objective is achieved, the participants in the bonus plan, including the NEOs, will be eligible to earn his or her maximum 2018 cash performance award, subject to our compensation committee’s discretion to reduce the amount of the award to be paid or to pay no award. The exercise of our compensation committee’s discretion as to the amount of the 2018 cash performance award payable to any NEO will be based on our compensation committee’s assessment of our company’s consolidated financial performance, our rNPS score, achievement against specified department goals and objectives, and each executive’s individual 2018 APR. The 2018 target achievable performance award is $3.0 million2022 Nair Agreement, $750,000 for our CEOCTO to reflect his prorated 2022 bonus pursuant to the terms of his employment agreement, and 100% of the 2018 base salary$1.0 million for each of the other NEOs.
The same general design
Goal | Achievement Range (in millions, other than Customer Churn) | % of Target Bonus | ||||||
Consolidated Adjusted Revenue(1) Actual Achievement | <$4,177 >$4,178-$4,393 $4,394 >$4,395 $4,310 | 0% 1%-24% 25% 26% - 37.5% 15.4% | ||||||
Consolidated Adjusted OFCF(1)(2) Actual Achievement | <$924 >$925- $960 $961 >$962 $930 | 0% 1% - 44% 45% 46% - 67.5% 7.9% | ||||||
Customer Churn(3) Actual Achievement | -5.0 points > -5.0 < -1.5 points > -1.5 points - 1.5 points > 1.5 points - 2.5 points -4.5 points | 0% 1% - 19% 20% 21% - 30% 3.6% | ||||||
Governance Objective: Compliance Actual Achievement | <$90% ≥90% < 95% 95% 100% 96.3% | 0% 2.0% 2.1% 2.2% 2.13% | ||||||
Governance Objective: Improvements in Internal Control Business Process Actual Achievement(4) | See Discussion of Achievement Ranges Above | 3.27% | ||||||
Governance Objective: Improvements in Internal Control GITCs Actual Achievement(4) | See Discussion of Achievement Ranges Above | 4.24% | ||||||
Percentage (%) of Target Achieved | 36.5% | |||||||
Actual Bonus for 2022(5) | Nair: | $1,460,000 | ||||||
Noyes: | $365,000 | |||||||
Hussain: | $273,750(6) | |||||||
Lorenzo: | $365,000 | |||||||
Winter: | $365,000 |
Equity Incentive Awards
Our compensation committee’s approach to equity incentive awards for
Each year’s award of PSUs has atwo-year performance period. The percentage of the PSU award earned during the relevant performance period is subject to vesting in two equal installments on April 1 and October 1 of the year following the end of the performance period. Each year’s award of SARs is made at the same time as awards are made under our annual equity grant program for employees and on terms consistent with our standard form of SARs award agreement.
Pursuant to the Employee Incentive Plan, on March 23, 2018, Furthermore, the compensation committee approved the target annual equity values for 2018 and granted an aggregate(i) a separate one-time grant of 463,848 PSUs (the2018 PSUsperformance-based share appreciation rights (
The target annual equity values and grants for the 2018 PSUs for our NEOs are set forth in the table below:
Two-thirds of Target Annual Equity Value in the Form of: | ||||||||||||
Name and Position | Target Annual Equity Value | Class A 2018 PSU Grant | Class C 2018 PSU Grant | |||||||||
Balan Nair, Chief Executive Officer & President | $ | 6,000,000 | 62,894 | 125,788 | ||||||||
Christopher Noyes, Senior Vice President & Chief Financial Officer (Principal Financial Officer) | $ | 1,500,000 | 15,724 | 31,448 | ||||||||
Betzalel Kenigsztein, Senior Vice President & Chief Operating Officer | $ | 1,500,000 | 15,724 | 31,448 | ||||||||
John M. Winter, Senior Vice President, Chief Legal Officer & Secretary | $ | 1,250,000 | 13,102 | 26,204 |
The performance period for the 2018 PSUs ends on December 31, 2019. As the performance measure,2022 Equity Incentive Awards were strategically selected by the compensation committee selected growth in consolidated OCF (operating income before depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation for litigation, and impairment, restructuring and other operating items), as adjusted for events such as acquisitions, dispositions and changes in foreign currency exchange rates and accounting principles or policies that affect comparability. In choosing OCF as the performance measure for the 2018 PSUs, the compensation committee’s goal was to ensure that the management team is focused on maximizing performance against a key financial metric used by our Board and management in evaluating our operating performance. The compensation committee expects to set the compound annual growth rate in consolidated operating cash flow (OCF CAGR) for the 2018 PSUs during the second quarter based upon a comparison of our 2017 actual results to those
reflected in our long-range plan for 2019. The target OCF CAGR will be subject to upward or downward adjustment for certain events in accordance with the terms of the grant agreement. A performance range of 50% to 125% of the target OCF CAGR would generally result in award recipients earning 50% to 150% of their target 2018 PSUs, subject to reduction or forfeiture based on individual performance.One-half of the earned 2018 PSUs will vest on April 1, 2020 and the balance on October 1, 2020. The compensation committee also established a minimum OCF CAGR base performance objective, subject to certain limited adjustments, which must be satisfied in order for our chief executive officer to be eligible to earn any of his 2018 PSUs. The base performance objective was designed so that the awards for our chief executive officer would qualify as performance-based compensation under Section 162(m) of the Code, see “—Tax and Accounting Considerations” below. If the base performance objective is achieved, our chief executive officer will be eligible to earn 150% of his 2018 PSUs, subject to the compensation committee’s discretion to reduce the size of the award earned, including to zero, to align with our company’s and the individual’s performance.
The 2018 PSUs are subject to forfeiture or acceleration in connection with certain termination of employment orchange-in-control events consistent with the terms of the PSUs granted in 2016. The 2018 PSUs will convert to time-vested restricted share units following certainchange-in-control events.
While we expect the compensation committee to follow this approach to equity incentive compensation in future years, as a new company, our compensation committee continues to evaluate appropriate timing of grants under our annual equity grant program and may determine to grant awards at another time in subsequent years. In adopting this approach to equity incentive compensation, the compensation committee made the following observations:
60% of Target Annual Equity Value in the Form of | 40% of Target Annual Equity Value in the Form of | |||||||||||||||||||||||||
Name and Position | Target Annual Equity Value | Class A 2022 RSU Grant | Class C 2022 RSU Grant | Class A 2022 SAR Grant | Class C 2022 SAR Grant | |||||||||||||||||||||
Balan Nair | 7,000,000 | 145,834 | 291,668 | 323,849 | 647,698 | |||||||||||||||||||||
Christopher Noyes | 2,500,000 | 52,083 | 104,166 | 115,660 | 231,320 | |||||||||||||||||||||
Aamir Hussain | 2,250,000 | 46,875 | 93,750 | 104,094 | 208,188 | |||||||||||||||||||||
Rocio Lorenzo | 1,500,000 | 31,250 | 62,500 | 69,396 | 138,792 | |||||||||||||||||||||
John M. Winter | 2,000,000 | 41,667 | 83,334 | 92,528 | 185,056 |
2017 Equity Incentive Awards. Our NEOs were employed by Liberty Global
2018 Equity Incentive Awards. Pursuant to the terms of Mr. Nair’s employment agreement, and as an incentive to our executive team to provide greater alignment with our shareholders and motivation under the new company following theSplit-Off, Liberty Global’s compensation committee and our board at the time, which was comprised of Mr. Winter and two executive officers of Liberty Global, authorized awards of SARs with respect to our common shares to our executive officers. The SARs vest in three equal annual installments commencing March 15, 2019, have a seven-year term and are reflected in the table below:
Name & Position | LILA | Base Price | LILAK | Base Price | ||||||||||||
Michael T. Fries, Executive Chairman of the Board (1) | 166,667 | $ | 21.58 | 333,333 | $ | 21.39 | ||||||||||
Christopher Noyes, Senior Vice President & Chief Financial Officer | 11,854 | $ | 21.58 | 23,708 | $ | 21.39 | ||||||||||
Betzalel Kenigsztein, Senior Vice President & Chief Operating Officer | 11,854 | $ | 21.58 | 23,708 | $ | 21.39 | ||||||||||
John M. Winter, Senior Vice President, Chief Legal Officer & Secretary | 11,854 | $ | 21.58 | 23,708 | $ | 21.39 |
Other Awards
Pursuant to the terms of his employment agreement,also awarded Mr. Nair received asign-on one-time commitment award, of 200,000 LILA SARspaid $750,000 in cash and $1.25 million in LILAK shares, in connection with a base price of $21.58his entry into the 2022 Nair Agreement. See —Employment and 400,000 LILAK SARs with a base price of $21.39 on January 2, 2018 (theCEO SAR Award). The CEO SAR Award will vest in three equal annual installments commencing March 15, 2019, and have a seven year term.
Other Agreements for additional information regarding the 2022 Nair Agreement.
Our
Position | Guideline | |||||||||
Chief Executive Officer | 5 times base salary | |||||||||
Chief Financial Officer, Chief | 4 times base salary | |||||||||
All other members of the Executive Leadership Team, including our Chief Customer Officer | 3 times base salary |
our executive and senior officers. For these executive officers and employees who are based in the U.S., we contribute to the defined contribution Liberty Latin America 401(k) Savings Plan, but such contributions are capped by U.S. law. Accordingly, the Deferred Compensation Plan was adopted by the compensation committee to provide atax-efficient method for participants who are U.S. taxpayers to accumulate value, thus enhancing our ability to attract and retain senior management. With respect to the tax ramifications to us of the Deferred Compensation Plan, the compensation committee noted in adopting the plan that the corporate tax deduction on the deferred compensation may not be taken until payments to participants are made, but that we will have use of the cash in the interim. Although ourthe compensation committee deemed the Deferred Compensation Plan to be an important benefit to participants, it is not included in any quantitative valuation with the three main components of our compensation packages, because participation in the plan, and to what extent, is at each participant’s discretion.
plan, housing, relocation and education benefits.
OurThe compensation committee also takes into account from time to time, as appropriate, the accounting treatment of compensation elements in determining types and levels of compensation, including method of payment, for our executive officers.
We have not adopted a severance policy covering
Control
below.Our
program and may determine to grant awards at another time in subsequent years. Grants of equity awards to eligible employees would otherwise only be made in connection with significant events, such as hiring or promotion.
For purposes of determining the number of LILA and LILAK PSUs to be granted each year for the target annual equity values of our executive officers and other key employees, our compensation committee expects to use the average of the closing prices of such shares for a trading period ending prior to the date of the committee meeting to approve the grants. Our compensation committee expects to grant PSUs at a consistent time during the first quarter of the year.
any decrease in the market value of our company’s equity securities.
Submitted by the Members of the Compensation Committee Miranda Curtis (chair) Paul A. Gould Eric L. Zinterhofer |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings($)(4) | All Other Compen-sation ($)(5) | Total ($) | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 1,500,000 | 750,000 | 6,584,633 | 5,233,911 | 1,095,000 | 131,193 | 450,880 | 15,745,617 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balan Nair | 2021 | 1,250,000 | — | 9,250,842 | 26,310,008 | — | 609,265 | 156,688 | 37,576,803 | |||||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer & President | 2020 | 1,145,833 | — | 7,643,161 | 4,054,074 | 2,325,050 | 1,245,039 | 65,205 | 16,478,363 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 666,667 | — | 1,713,115 | 1,906,964 | 182,500 | 15,802 | 43,824 | 4,528,873 | ||||||||||||||||||||||||||||||||||||||||||||||||
Christopher Noyes | 2021 | 625,000 | — | 3,020,587 | 3,857,442 | — | 25,422 | 36,770 | 7,565,220 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Vice President & Chief Financial Officer | 2020 | 560,938 | — | 1,730,721 | 935,563 | 511,000 | — | 21,117 | 3,759,338 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 438,702 (6) | — | 1,661,016 | 2,980,886 | 136,875 | — | 83,538 | 5,301,017 | ||||||||||||||||||||||||||||||||||||||||||||||||
Aamir Hussain(6) | 2021 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Vice President & Chief Technology and Product Officer | 2020 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 440,000 | — | 1,110,000 | 1,144,178 | 182,500 | — | 106,816 | 2,983,494 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rocio Lorenzo(7) | 2021 | 200,256 (8) | — | 1,510,027 | 2,872,206 | — | — | 61,558 | 4,644,048 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Vice President & Chief Customer Officer | 2020 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 550,000 | — | 1,411,572 | 1,525,571 | 182,500 | 22,748 | 20,994 | 3,713,385 | ||||||||||||||||||||||||||||||||||||||||||||||||
John Winter | 2021 | 541,667 (9) | — | 2,368,692 | 3,525,976 | — | 37,185 | 38,094 | 6,511,614 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Vice President, Chief Legal Officer & Secretary | 2020 | 468,750 | — | 1,696,272 | 779,633 | 511,000 | 8,988 | 21,117 | 3,485,759 |
SHIP representing 12.5% of the gross number of LILA and LILAK shares the NEOs received as described in (a), (c) each NEO’s target 2022 RSUs, and (d) the awards granted in connection with the amendment to Mr. Nair’s employment agreement, consisting of (i) the portion of the CEO Commitment Award paid in LILAK shares and (ii) the unrestricted LILAB share award and the target LILAB PSU award granted to Mr. Nair with respect to his 2022 performance, in each case, determined in accordance with Topic 718 of the Financial Accounting Standards Board’s Accounting Standards Codification (
ASC 718). The 2021 dollar amounts shown in the “Stock Awards” column reflect (a) the grant date fair value of the LILA and LILAK shares issued to each NEO on March 15, 2022 for the equity portion of the 2021 Annual Bonus Program payments earned by the NEOs and issued pursuant to our SHIP, (b) the grant date fair value of the additional grants of LILA and LILAK RSUs under the SHIP representing 12.5% of the gross number of LILA and LILAK shares the NEOs received as described in (a), and (c) the grant date fair value of each NEO’s target annual RSUs awarded in 2021 (2021 RSUs), in each case, determined in accordance with ASC 718. The 2020 dollar amounts shown in the “Stock Awards” column reflect (a) the grant date fair value of the LILA and LILAK shares issued to each NEO on March 1, 2021 for the equity portion of the 2020 Annual Bonus Program payments earned by the NEOs and issued pursuant to our SHIP, (b) the grant date fair value of the additional grants of LILA and LILAK RSUs under the SHIP representing 12.5% of the gross number of LILA and LILAK shares the NEOs received as described in (a), (c) the grant date fair value of each NEO’s target 2020 PSUs, (d) the grant date fair value of the RSUs granted to each NEO as adjustment to outstanding awards in connection with the rights offering conducted in September 2020 (the RightsMiranda Curtis (chair)
Paul A. Gould
Eric L. Zinterhofer
SummaryEarnings” column reflect the above-market value of accrued interest on compensation previously deferred by the applicable NEO under our Deferred Compensation
Prior Plan. The above-market value of accrued interest is that portion of the accrued interest equal to theSplit-Off, our executive officers were officers or employees amount that exceeds 120% of the applicable federal long-term rate (with compounding) at the time the interest rate under the Deferred Compensation Plan was set. Additionally, for the 2020 year, the dollar amount shown in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column reflects the portion of a reimbursement paid to Liberty Global or its subsidiaries other than us,in 2020 for above-market interest accrued in 2018, 2019 and 2020 on compensation previously deferred by the applicable NEO under the Liberty Global, Inc. Deferred Compensation Plan (the LG Deferred Compensation Plan) in connection with their responsibilities as our executive officers differ from those they held in their respective position prior to theSplit-Off. Because our executive officers were compensated byservice for Liberty Global prior to theSplit-Off, compensation as shown in the table below:
Name | Above-market interest reimbursement for 2018 ($) | Above-market interest reimbursement for 2019 ($) | Above-market interest reimbursement for 2020 ($) | ||||||||
Balan Nair | 333,741 | 302,322 | 472,519 | ||||||||
John Winter | 2,326 | 2,434 | 4,227 |
Name | 401(k) Plan ($)(a) | Life Insurance ($)(b) | Relocation ($)(b) | Housing ($)(b) | Airplane Usage ($)(b) | Miscellaneous ($)(c) | Total ($) | |||||||||||||||||||||||||||||||||||||
Balan Nair | 20,500 | 494 | — | — | 378,549 | 51,337 | 450,880 | |||||||||||||||||||||||||||||||||||||
Christopher Noyes | 20,500 | 494 | — | — | 7,413 | 15,418 | 43,824 | |||||||||||||||||||||||||||||||||||||
Aamir Hussain | — | — | 23,095 | 59,500 | — | 943 | 83,538 | |||||||||||||||||||||||||||||||||||||
Rocio Lorenzo | — | — | — | 48,000 | — | 58,816 | 106,816 | |||||||||||||||||||||||||||||||||||||
John Winter | 20,500 | 494 | — | — | — | — | 20,994 |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($)(1) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings($)(4) | All Other Compen- sation ($) | Total ($) | |||||||||||||||||||||||||||
Balan Nair | 2017 | — | — | — | 5,137,047 | — | — | — | 5,137,047 | |||||||||||||||||||||||||||
Chief Executive Officer & President | ||||||||||||||||||||||||||||||||||||
Christopher Noyes | 2017 | — | — | — | 304,473 | — | — | — | 304,473 | |||||||||||||||||||||||||||
Senior Vice President & Chief Financial Officer | ||||||||||||||||||||||||||||||||||||
Michael T. Fries | 2017 | — | — | — | 4,280,872 | — | — | — | 4,280,872 | |||||||||||||||||||||||||||
Executive Chairman | ||||||||||||||||||||||||||||||||||||
Betzalel Kenigsztein | 2017 | — | — | — | 304,473 | — | — | — | 304,473 | |||||||||||||||||||||||||||
Senior Vice President & Chief Operating Officer | ||||||||||||||||||||||||||||||||||||
John Winter | 2017 | — | — | — | 304,473 | — | — | — | 304,473 | |||||||||||||||||||||||||||
Senior Vice President, Chief Legal Officer & Secretary |
Grantsapplicable number of Plan-Based Awards
Prior toflight hours, in-flight food and beverage services, trip-related hangar and tie down costs, landing and parking fees, travel expenses for crew and other variable costs specifically incurred. Aggregate incremental cost for a personal guest is determined based on our average direct variable costs per passenger for fuel and in-flight food and beverage services, plus, when applicable, customs and immigration fees specifically incurred.
Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (#) | All other Option Awards Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/sh) | Grant Date Fair Value of Stock & Option Awards ($)(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Board/ Committee Action Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balan Nair | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (2) | 875,000 | 1,750,000 | 1,750,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/21/2022 (7) | 125,000 | 250,000 | 250,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | 3/11/2022 (3) | — | — | — | — | — | — | 135,417 | — | — | 1,312,191 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (2) | — | — | — | — | — | — | — | 300,717 | 9.69 | 1,613,879 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/28/2022 (5) | 07/21/2022 | — | — | — | — | — | — | 10,417 | — | — | 75,211 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/28/2022 (5) | 07/21/2022 | — | — | — | — | — | — | — | 23,132 | 9.69 | 93,620 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (6) | 03/11/2022 | — | — | — | — | — | — | 11,052 | — | — | 106,983.36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | $ | 309,896 | $ | 656,250 | $ | 656,250 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (7) | 07/11/2022 | — | — | — | $ | 44,271 | $ | 93,750 | $ | 93,750 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAB | 7/28/2022 (8) | 07/21/2022 | — | — | — | — | 187,500 | — | — | — | — | 1,145,644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/28/2022 (8) | 07/21/2022 | — | — | — | — | — | — | 125,000 | — | — | 763,763 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | 3/11/2022 (3) | — | — | — | — | — | — | 270,834 | — | — | 2,608,131 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (4) | — | — | — | — | — | — | — | 601,434 | 9.63 | 3,344,244 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/28/2022 (5) | 07/21/2022 | — | — | — | — | — | — | 20,834 | — | — | 148,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/28/2022 (5) | 07/21/2022 | — | — | — | — | — | — | — | 46,264 | 9.63 | 182,169 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/28/2022 (8) | 07/21/2022 | — | — | — | — | — | — | 177,305 | — | — | 1,265,958 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (6) | 03/11/2022 | — | — | — | — | — | — | 22,105 | — | — | 212,650 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | $ | 619,792 | $ | 1,312,500 | $ | 1,312,500 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (7) | 07/11/2022 | — | — | — | $ | 88,542 | $ | 187,500 | $ | 187,500 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christopher Noyes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (2) | — | 500,000 | 500,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | 3/11/2022 (3) | — | — | — | — | — | — | 52,083 | — | — | 504,684 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (4) | — | — | — | — | — | — | — | 115,660 | 9.69 | 620,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (6) | 03/11/2022 | — | — | — | — | — | — | 3,157 | — | — | 30,560 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | — | $ | 187,500 | $ | 187,500 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | 3/11/2022 (3) | — | — | — | — | — | — | 104,166 | — | — | 1,003,119 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (4) | — | — | — | — | — | — | — | 231,320 | 9.63 | 1,286,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (6) | 03/11/2022 | — | — | — | — | — | — | 6,315 | — | — | 60,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | — | $ | 375,000 | $ | 375,000 | — | — | — | — |
Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (#) | All other Option Awards Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/sh) | Grant Date Fair Value of Stock & Option Awards ($)(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Board/ Committee Action Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aamir Hussain | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (2) | — | 375,000 | 375,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | 4/18/2022 (3) | 03/11/2022 | — | — | — | — | — | — | 46,875 | — | — | 503,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/18/2022 (4) | 03/11/2022 | — | — | — | — | — | — | — | 104,094 | 10.75 | 625,574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/18/2022 (9) | 03/11/2022 | — | — | — | — | 100,000 | — | — | — | 10.75 | 600,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | — | $ | 140,625 | $ | 140,625 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | 4/18/2022 (3) | 03/11/2022 | — | — | — | — | — | — | 93,750 | — | — | 1,003,125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/18/2022 (4) | 03/11/2022 | — | — | — | — | — | — | — | 208,188 | 10.70 | 1,223,313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/18/2022 (9) | 03/11/2022 | — | — | — | — | 200,000 | — | — | — | 10.70 | 1,175,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | — | $ | 281,250 | $ | 281,250 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rocio Lorenzo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (2) | — | 500,000 | 500,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | 3/11/2022 (3) | — | — | — | — | — | — | 31,250 | — | — | 302,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (4) | — | — | — | — | — | — | — | 69,396 | 9.69 | 372,432 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (6) | 03/11/2022 | — | — | — | — | — | — | 2,429 | — | — | 23,513 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | — | $ | 187,500 | $ | 187,500 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | 3/11/2022 (3) | — | — | — | — | — | — | 62,500 | — | — | 601,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (4) | — | — | — | — | — | — | — | 138,792 | 9.63 | 771,746 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (6) | 03/11/2022 | — | — | — | — | — | — | 4,858 | — | — | 46,734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | — | $ | 375,000 | $ | 375,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
John Winter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (2) | — | 500,000 | 500,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | 3/11/2022 (3) | — | — | — | — | — | — | 41,667 | — | — | 403,753 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (4) | — | — | — | — | — | — | — | 92,528 | 9.69 | 496,576 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (6) | 03/11/2022 | — | — | — | — | — | — | 2,429 | — | — | 23,513 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | — | $ | 187,500 | $ | 187,500 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | 3/11/2022 (3) | 03/11/2022 | — | — | — | — | — | — | 83,334 | — | — | 802,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/11/2022 (4) | 03/11/2022 | — | — | — | — | — | — | — | 185,056 | 9.63 | 1,028,995 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (6) | 03/11/2022 | — | — | — | — | — | — | 4,858 | — | — | 46,734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/15/2023 (2) | 03/11/2022 | — | — | — | — | $ | 375,000 | $ | 375,000 | — | — | — | — |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity incentive plan awards: number of securities underlying unexercised unearned options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balan Nair | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 3,026 | — | — | 37.53 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 7,552 | — | — | 39.48 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2017 | 7,120 | — | — | 21.43 | 5/1/2024 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/2/2018 | 200,000 | — | — | 21.58 | 1/2/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2018 | 115,740 | — | — | 18.63 | 5/1/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | 4/1/2019 | 107,473 | 15,354 | — | 19.91 | 5/1/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | 3/13/2020 | 147,163 | 73,571 | — | 10.42 | 3/16/2027 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | — | — | — | — | — | 62,170 | 468,140 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | 65,288 | 130,572 | — | 14.00 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 5/12/2021 | — | — | 1,000,000 | 14.00 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | — | — | — | — | 135,417 | 1,019,690 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | 300,717 | — | 9.69 | 3/16/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | 3/15/2022 | — | — | — | — | — | 11,052 | 83,222 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 7/28/2022 | — | — | — | — | — | 10,417 | 78,440 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 7/28/2022 | — | 23,132 | — | 9.69 | 3/16/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAB | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(7) | 7/28/2022 | — | — | — | — | — | — | — | 187,500 | 1,265,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 15,106 | — | — | 39.71 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 6,052 | — | — | 40.61 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2017 | 14,240 | — | — | 21.84 | 5/1/2024 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/2/2018 | 400,000 | — | — | 21.39 | 1/2/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2018 | 231,480 | — | — | 18.24 | 5/1/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | 4/1/2019 | 214,947 | 30,707 | — | 20.03 | 5/1/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | 3/13/2020 | 294,326 | 147,142 | — | 10.48 | 3/16/2027 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | — | — | — | — | — | 124,342 | 944,999 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | 130,574 | 261,146 | — | 14.10 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 5/12/2021 | — | — | 2,000,000 | 14.10 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | — | — | — | — | 270,834 | 2,058,338 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | 601,434 | — | 9.63 | 3/16/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | 3/15/2022 | — | — | — | — | — | 22,105 | 167,998 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 7/28/2022 | — | — | — | — | — | 20,834 | 158,338 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 7/28/2022 | — | 46,264 | — | 9.63 | 3/16/2032 | — | — | — | — |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity incentive plan awards: number of securities underlying unexercised unearned options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Christopher Noyes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 378 | — | — | 37.53 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 943 | — | — | 39.48 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
8/1/2016 | 11,562 | — | — | 34.85 | 8/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2017 | 13,170 | — | — | 21.43 | 5/1/2024 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/2/2018 | 11,854 | — | — | 21.58 | 1/2/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2018 | 28,935 | — | — | 18.63 | 5/1/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | 4/1/2019 | 24,801 | 3,544 | — | 19.91 | 5/1/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | 3/13/2020 | 33,961 | 16,978 | — | 10.42 | 3/16/2027 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | — | — | — | — | — | 23,912 | 180,057 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | 25,111 | 50,220 | — | 14.00 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 5/12/2021 | — | — | 100,000 | 14.00 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | — | — | — | — | 52,083 | 392,185 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | 115,660 | — | 9.69 | 3/16/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | 3/15/2022 | — | — | — | — | — | 3,157 | 23,772 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 1,888 | — | — | 39.71 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 756 | — | — | 40.61 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
8/1/2016 | 23,124 | — | — | 35.24 | 8/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2017 | 26,340 | — | — | 21.84 | 5/1/2024 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/2/2018 | 23,708 | — | — | 21.39 | 1/2/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2018 | 57,870 | — | — | 18.24 | 5/1/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | 4/1/2019 | 49,603 | 7,087 | — | 20.03 | 5/1/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | 3/13/2020 | 67,922 | 33,956 | — | 10.48 | 3/16/2027 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | — | — | — | — | — | 47,824 | 363,462 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | 50,222 | 100,440 | — | 14.10 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 5/12/2021 | — | — | 200,000 | 14.10 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | — | — | — | — | 104,166 | 791,662 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | 231,320 | — | 9.63 | 3/16/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | 3/15/2022 | — | — | — | — | — | 6,315 | 47,994 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Aamir Hussain | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 4/18/2022 | — | — | 100,000 | 10.75 | 4/19/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 4/18/2022 | — | — | — | — | — | 46,875 | 352,969 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 4/18/2022 | — | 104,094 | — | 10.75 | 4/19/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 4/18/2022 | — | — | 200,000 | 10.70 | 4/19/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 4/18/2022 | — | — | — | — | — | 93,750 | 712,500 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 4/18/2022 | — | 208,188 | — | 10.70 | 4/19/2032 | — | — | — | — |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity incentive plan awards: number of securities underlying unexercised unearned options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rocio Lorenzo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) | 7/16/2021 | — | — | — | — | — | 14,388 | 108,342 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) | 7/16/2021 | 16,155 | 32,310 | — | 13.53 | 7/17/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 7/16/2021 | — | — | 100,000 | 13.53 | 7/17/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | — | — | — | — | 31,250 | 235,313 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | 69,396 | — | 9.69 | 3/16/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | 3/15/2022 | — | — | — | — | — | 2,429 | 18,290 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) | 7/16/2021 | — | — | — | — | — | 28,776 | 218,698 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) | 7/16/2021 | 32,310 | 64,620 | — | 13.57 | 7/17/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 7/16/2021 | — | — | 200,000 | 13.57 | 7/17/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | — | — | — | — | 62,500 | 475,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | 138,792 | — | 9.63 | 3/16/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | 3/15/2022 | — | — | — | — | — | 4,858 | 36,921 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
John Winter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 454 | — | — | 37.53 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 1,132 | — | — | 39.48 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2017 | 1,068 | — | — | 21.43 | 5/1/2024 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/2/2018 | 11,854 | — | — | 21.58 | 1/2/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2018 | 24,112 | — | — | 18.63 | 5/1/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | 4/1/2019 | 20,668 | 2,953 | — | 19.91 | 5/1/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | 3/13/2020 | 28,300 | 14,149 | — | 10.42 | 3/16/2027 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | — | — | — | — | — | 19,128 | 144,034 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | 20,089 | 40,176 | — | 14.00 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 5/12/2021 | — | — | 100,000 | 14.00 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | — | — | — | — | 41,667 | 313,753 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | 92,528 | — | 9.69 | 3/16/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | 3/15/2022 | — | — | — | — | — | 2,429 | 18,290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
LILAK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 2,266 | — | — | 39.71 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2016 | 908 | — | — | 40.61 | 5/1/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2017 | 2,136 | — | — | 21.84 | 5/1/2024 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/2/2018 | 23,708 | — | — | 21.39 | 1/2/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5/1/2018 | 48,224 | — | — | 18.24 | 5/1/2025 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | 4/1/2019 | 41,336 | 5,906 | — | 20.03 | 5/1/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | 3/13/2020 | 56,601 | 28,297 | — | 10.48 | 3/16/2027 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | — | — | — | — | — | 38,258 | 290,761 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | 5/12/2021 | 40,178 | 80,352 | — | 14.10 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | 5/12/2021 | — | — | 200,000 | 14.10 | 3/16/2031 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | — | — | — | — | 83,334 | 633,338 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | 3/11/2022 | — | 185,056 | — | 9.63 | 3/16/2032 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | 3/15/2022 | — | — | — | — | — | 4,858 | 36,921 | — | — |
Estimated Possible Payouts UnderNon-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All other Option Awards Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/sh) | Grant Date Fair Value of Stock & Option Awards ($) | ||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Board/ Committee Action Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||||||||||||
Balan Nair | ||||||||||||||||||||||||||||||||||||||||||||
LILA | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 200,000 | 21.58 | 1,749,932 | |||||||||||||||||||||||||||||||||
LILAK | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 400,000 | 21.39 | 3,387,115 | |||||||||||||||||||||||||||||||||
Christopher Noyes | ||||||||||||||||||||||||||||||||||||||||||||
LILA | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 11,854 | 21.58 | 103,719 | |||||||||||||||||||||||||||||||||
LILAK | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 23,708 | 21.39 | 200,754 | |||||||||||||||||||||||||||||||||
Michael T. Fries | ||||||||||||||||||||||||||||||||||||||||||||
LILA | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 166,667 | 21.58 | 1,458,280 | |||||||||||||||||||||||||||||||||
LILAK | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 333,333 | 21.39 | 2,822,592 | |||||||||||||||||||||||||||||||||
Betzalel Kenigsztein | ||||||||||||||||||||||||||||||||||||||||||||
LILA | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 11,854 | 21.58 | 103,719 | |||||||||||||||||||||||||||||||||
LILAK | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 23,708 | 21.39 | 200,754 | |||||||||||||||||||||||||||||||||
John Winter | ||||||||||||||||||||||||||||||||||||||||||||
LILA | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 11,854 | 21.58 | 103,719 | |||||||||||||||||||||||||||||||||
LILAK | 01/02/2018 | 12/21/2017 | — | — | — | — | — | — | 23,708 | 21.39 | 200,754 |
The Phoenix Awards are subject to the achievement of individual performance objectives in each of the years 2021, 2022, and 2023, or in the case of Mr. Hussain, during 2022 and 2023. If earned, the awards will fully vest on March 15, 2024.
Option Awards | Stock Awards | |||||||||||||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($) | ||||||||||||||||||||||
Balan Nair | ||||||||||||||||||||||||||
LILA | — | — | 263,846 | 2,343,361 | ||||||||||||||||||||||
LILAB | — | — | 125,000 | 763,763 | ||||||||||||||||||||||
LILAK | — | — | 716,956 | 6,027,052 | ||||||||||||||||||||||
Christopher Noyes | ||||||||||||||||||||||||||
LILA | — | — | 70,454 | 633,381 | ||||||||||||||||||||||
LILAK | — | — | 143,668 | 1,282,769 | ||||||||||||||||||||||
Aamir Hussain | ||||||||||||||||||||||||||
LILA | — | — | — | — | ||||||||||||||||||||||
LILAK | — | — | — | — | ||||||||||||||||||||||
Rocio Lorenzo | ||||||||||||||||||||||||||
LILA | — | — | 26,628 | 241,211 | ||||||||||||||||||||||
LILAK | — | — | 53,256 | 478,794 | ||||||||||||||||||||||
John Winter | ||||||||||||||||||||||||||
LILA | — | — | 57,382 | 514,940 | ||||||||||||||||||||||
LILAK | — | — | 117,062 | 1,043,429 |
On November 1, 2017,
In connection with his entry into the 2022 Nair Agreement, Mr. Nair received the CEO Commitment Award of $750,000 in cash and $1.25 million in LILAK shares. Mr. Nair also received the Sign-on LILAB Award that was split into three installments: (i) 125,000 unrestricted shares that were granted and vested on July 28, 2022, (ii) 187,500 LILAB PSUs that vested on March 15, 2023 based on Mr. Nair’s attainment of his 2022 individual performance objectives for 2022; and (iii) 312,500 LILAB PSUs that vest, subject to Mr. Nair’s attainment of his 2023 individual performance objectives, on March 15, 2024. The 2022 Nair Agreement also provides Liberty Latin America with a right of first refusal with respect to transfers by Mr. Nair of LILAB shares that he receives upon vesting of the Sign-on LILAB Award, subject to certain exceptions.
Mr. Nair will beis eligible to earn an annual bonus each year. TheFor 2022, the compensation committee increased Mr. Nair’s target annual bonus for 2018 will be $3.0from $3.5 million to $4 million. Thereafter, theBeginning in 2023, Mr. Nair’s target annual bonus will be reviewed annually and may be adjusted upwardincrease by our compensation committee.$250,000 for each year of the 2022 Nair Agreement’s initial five-year term. There is no guaranteed bonus amount. The actual amount paid to Mr. Nair will depend on the achievement of qualitative and quantitative performance objectives, which will be determined each year by ourthe compensation committee.
See
Annual Performance Awards above. Mr. Nair will have the opportunity to elect to receive his annual bonus payment in LILA shares and/or LILAK shares in lieu of cash under the shareholding incentive program of our annual performance bonus plan.any of these amounts.
such installment payments.
If Mr. Nairan Officer is terminated for cause (as defined in the Employment Agreement)Officer’s respective employment agreement) or if he or she resigns (otherother than for good reason (as defined in the Employment Agreement)his respective employment agreement), Mr. Nairhe or she will not be entitled to any severance or other amountsbenefits under the Employment Agreement.
employment agreement.
Mr. Nair has
exceeds 100 annual flight hours for a relevant calendar year, he will also be obligated to pay us the aggregate incremental cost of such usage over his allotted 100 annual flight hours.
and the Nonemployee Director Incentive Plan is 2575 million (of which no more than 10 million shares may consist of Class B common shares) and 5 million, respectively, in each case, subject to anti-dilution and other adjustment provisions in the respective plan. While
Awards (other than performance-based awards) under the Employee Incentive Plan are expected to generally (1) vest 12.5% on the six month anniversary of the grant date, and 6.25% quarterly thereafter and (2) expire seven years after the grant date. PSUsStarting in 2020, our awards (other than performance-based awards) under the Employee Incentive Plan are expected to be subject to a two year performance period andgenerally vest subject to continued employment through April 1 and October 133.34% on the twelve month anniversary of the year followinggrant date and 33.33% yearly thereafter. SARs granted prior to 2021 expire
The Employee Incentive Plan and the Nonemployee Director Incentive Plan prohibit our compensation committee or Board, without prior shareholder approval, from repricing outstanding options or SARs. In addition, it
Outstanding Equity Awards at FiscalYear-End
While none of our NEOs held equity awards with respect to our common shares granted from our Employee Incentive Plan at year end 2017, our NEOs held awards of LiLAC Shares which were cancelled and replaced, on aone-for-one basis, as of theSplit-Off. In addition, our Board approved an award of SARs in late 2017 that was granted on January 2, 2018. The table below sets forth certain information concerning cancelled and replaced LiLAC Share awards and the grant of SARs effective on January 2, 2018 (which includes the CEO SAR Award).
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
Balan Nair | ||||||||||||||||||||||||||||||||
LILA | — | 10,589 | (6) | 228,511 | ||||||||||||||||||||||||||||
2,106 | — | 20.03 | 5/1/2018 | |||||||||||||||||||||||||||||
5,257 | — | 22.25 | 5/1/2018 | |||||||||||||||||||||||||||||
1,995 | — | 21.53 | 5/1/2019 | |||||||||||||||||||||||||||||
4,978 | — | 23.91 | 5/1/2019 | |||||||||||||||||||||||||||||
1,880 | — | 31.91 | 5/1/2020 | |||||||||||||||||||||||||||||
4,692 | — | 35.44 | 5/1/2020 | |||||||||||||||||||||||||||||
8,531 | — | 30.02 | 6/24/2020 | |||||||||||||||||||||||||||||
21,296 | — | 33.35 | 6/24/2020 | |||||||||||||||||||||||||||||
2,940 | 420 | (1) | 35.06 | 5/1/2021 | ||||||||||||||||||||||||||||
7,340 | 1,049 | (1) | 38.94 | 5/1/2021 | ||||||||||||||||||||||||||||
1,641 | 986 | (2) | 45.52 | 5/1/2022 | ||||||||||||||||||||||||||||
4,083 | 2,451 | (2) | 50.55 | 5/1/2022 | ||||||||||||||||||||||||||||
2,832 | 4,720 | (3) | 39.48 | 5/1/2023 | ||||||||||||||||||||||||||||
1,134 | 1,892 | (3) | 37.53 | 5/1/2023 | ||||||||||||||||||||||||||||
890 | 6,230 | (4) | 21.43 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 200,000 | (5) | 21.58 | 1/2/2025 | ||||||||||||||||||||||||||||
LILAK | — | 21,179 | (6) | 453,019 | ||||||||||||||||||||||||||||
2,097 | — | 20.93 | 5/1/2018 | |||||||||||||||||||||||||||||
4,194 | — | 20.09 | 5/1/2018 | |||||||||||||||||||||||||||||
5,234 | — | 22.88 | 5/1/2018 | |||||||||||||||||||||||||||||
10,468 | — | 21.96 | 5/1/2018 | |||||||||||||||||||||||||||||
1,986 | — | 22.51 | 5/1/2019 | |||||||||||||||||||||||||||||
3,972 | — | 21.81 | 5/1/2019 | |||||||||||||||||||||||||||||
4,956 | — | 24.60 | 5/1/2019 | |||||||||||||||||||||||||||||
9,913 | — | 23.84 | 5/1/2019 | |||||||||||||||||||||||||||||
1,872 | — | 33.35 | 5/1/2020 | |||||||||||||||||||||||||||||
3,744 | — | 31.14 | 5/1/2020 | |||||||||||||||||||||||||||||
4,670 | — | 36.44 | 5/1/2020 | |||||||||||||||||||||||||||||
9,343 | — | 34.03 | 5/1/2020 | |||||||||||||||||||||||||||||
8,492 | — | 31.37 | 6/24/2020 | |||||||||||||||||||||||||||||
16,985 | — | 29.66 | 6/24/2020 | |||||||||||||||||||||||||||||
21,205 | — | 34.29 | 6/24/2020 | |||||||||||||||||||||||||||||
42,390 | — | 32.42 | 6/24/2020 | |||||||||||||||||||||||||||||
5,853 | 837 | (1) | 35.37 | 5/1/2021 | ||||||||||||||||||||||||||||
14,607 | 2,087 | (1) | 38.65 | 5/1/2021 | ||||||||||||||||||||||||||||
3,349 | 2,010 | (2) | 46.52 | 5/1/2022 | ||||||||||||||||||||||||||||
8,234 | 4,942 | (2) | 50.84 | 5/1/2022 | ||||||||||||||||||||||||||||
2,296 | 3,783 | (3) | 40.61 | 5/1/2023 | ||||||||||||||||||||||||||||
5,664 | 9,442 | (3) | 39.71 | 5/1/2023 | ||||||||||||||||||||||||||||
1,780 | 12,460 | (4) | 21.84 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 400,000 | (5) | 21.39 | 1/2/2025 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
Christopher Noyes | ||||||||||||||||||||||||||||||||
LILA | — | 1,323 | (6) | 28,550 | ||||||||||||||||||||||||||||
— | 2,031 | (8) | 43,829 | |||||||||||||||||||||||||||||
— | 8,372 | (9) | 180,668 | |||||||||||||||||||||||||||||
570 | — | 21.53 | 5/1/2019 | |||||||||||||||||||||||||||||
1,423 | — | 23.91 | 5/1/2019 | |||||||||||||||||||||||||||||
536 | — | 31.91 | 5/1/2020 | |||||||||||||||||||||||||||||
1,339 | — | 35.44 | 5/1/2020 | |||||||||||||||||||||||||||||
787 | — | 30.02 | 6/24/2020 | |||||||||||||||||||||||||||||
1,965 | — | 33.35 | 6/24/2020 | |||||||||||||||||||||||||||||
588 | 84 | (1) | 35.06 | 5/1/2021 | ||||||||||||||||||||||||||||
1,467 | 210 | (1) | 38.94 | 5/1/2021 | ||||||||||||||||||||||||||||
328 | 197 | (2) | 45.52 | 5/1/2022 | ||||||||||||||||||||||||||||
816 | 490 | (2) | 50.55 | 5/1/2022 | ||||||||||||||||||||||||||||
1,339 | 1,042 | (7) | 42.76 | 8/1/2022 | ||||||||||||||||||||||||||||
353 | 590 | (3) | 39.48 | 5/1/2023 | ||||||||||||||||||||||||||||
141 | 237 | (3) | 37.53 | 5/1/2023 | ||||||||||||||||||||||||||||
3,613 | 7,949 | (8) | 34.85 | 8/1/2023 | ||||||||||||||||||||||||||||
1,646 | 11,524 | (4) | 21.43 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 11,854 | (5) | 21.58 | 1/2/2025 | ||||||||||||||||||||||||||||
LILAK | — | 2,646 | (6) | 56,598 | ||||||||||||||||||||||||||||
— | 4,062 | (8) | 86,886 | |||||||||||||||||||||||||||||
— | 16,744 | (9) | 358,154 | |||||||||||||||||||||||||||||
567 | — | 22.51 | 5/1/2019 | |||||||||||||||||||||||||||||
1,135 | — | 21.81 | 5/1/2019 | |||||||||||||||||||||||||||||
1,416 | — | 24.60 | 5/1/2019 | |||||||||||||||||||||||||||||
2,834 | — | 23.84 | 5/1/2019 | |||||||||||||||||||||||||||||
534 | — | 33.35 | 5/1/2020 | |||||||||||||||||||||||||||||
1,069 | — | 31.14 | 5/1/2020 | |||||||||||||||||||||||||||||
1,333 | — | 36.44 | 5/1/2020 | |||||||||||||||||||||||||||||
2,667 | — | 34.03 | 5/1/2020 | |||||||||||||||||||||||||||||
783 | — | 31.37 | 6/24/2020 | |||||||||||||||||||||||||||||
1,567 | — | 29.66 | 6/24/2020 | |||||||||||||||||||||||||||||
1,957 | — | 34.29 | 6/24/2020 | |||||||||||||||||||||||||||||
3,912 | — | 32.42 | 6/24/2020 | |||||||||||||||||||||||||||||
1,170 | 168 | (1) | 35.37 | 5/1/2021 | ||||||||||||||||||||||||||||
2,920 | 418 | (1) | 38.65 | 5/1/2021 | ||||||||||||||||||||||||||||
669 | 402 | (2) | 46.52 | 5/1/2022 | ||||||||||||||||||||||||||||
1,646 | 988 | (2) | 50.84 | 5/1/2022 | ||||||||||||||||||||||||||||
2,678 | 2,084 | (7) | 42.55 | 8/1/2022 | ||||||||||||||||||||||||||||
283 | 473 | (3) | 40.61 | 5/1/2023 | ||||||||||||||||||||||||||||
708 | 1,180 | (3) | 39.71 | 5/1/2023 | ||||||||||||||||||||||||||||
7,226 | 15,898 | (8) | 35.24 | 8/1/2023 | ||||||||||||||||||||||||||||
3,292 | 23,048 | (4) | 21.84 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 23,708 | (5) | 21.39 | 1/2/2025 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
Michael T. Fries | ||||||||||||||||||||||||||||||||
LILA | — | 39,709 | (6) | 856,920 | ||||||||||||||||||||||||||||
2,408 | — | 20.03 | 5/1/2018 | |||||||||||||||||||||||||||||
6,009 | — | 22.25 | 5/1/2018 | |||||||||||||||||||||||||||||
2,280 | — | 21.53 | 5/1/2019 | |||||||||||||||||||||||||||||
5,689 | — | 23.91 | 5/1/2019 | |||||||||||||||||||||||||||||
2,149 | — | 31.91 | 5/1/2020 | |||||||||||||||||||||||||||||
5,363 | — | 35.44 | 5/1/2020 | |||||||||||||||||||||||||||||
48,562 | — | 30.02 | 6/24/2020 | |||||||||||||||||||||||||||||
121,223 | — | 33.35 | 6/24/2020 | |||||||||||||||||||||||||||||
8,821 | 1,261 | (1) | 35.06 | 5/1/2021 | ||||||||||||||||||||||||||||
22,024 | 3,147 | (1) | 38.94 | 5/1/2021 | ||||||||||||||||||||||||||||
4,926 | 2,956 | (2) | 45.52 | 5/1/2022 | ||||||||||||||||||||||||||||
12,251 | 7,352 | (2) | 50.55 | 5/1/2022 | ||||||||||||||||||||||||||||
9,913 | 16,523 | (3) | 39.48 | 5/1/2023 | ||||||||||||||||||||||||||||
3,972 | 6,622 | (3) | 37.53 | 5/1/2023 | ||||||||||||||||||||||||||||
3,560 | 24,920 | (4) | 21.43 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 166,667 | (5) | 21.58 | 1/2/2025 | ||||||||||||||||||||||||||||
LILAK | — | 79,418 | (6) | 1,698,751 | ||||||||||||||||||||||||||||
2,397 | — | 20.93 | 5/1/2018 | |||||||||||||||||||||||||||||
4,795 | — | 20.09 | 5/1/2018 | |||||||||||||||||||||||||||||
5,984 | — | 22.88 | 5/1/2018 | |||||||||||||||||||||||||||||
11,967 | — | 21.96 | 5/1/2018 | |||||||||||||||||||||||||||||
2,270 | — | 22.51 | 5/1/2019 | |||||||||||||||||||||||||||||
4,540 | — | 21.81 | 5/1/2019 | |||||||||||||||||||||||||||||
5,664 | — | 24.60 | 5/1/2019 | |||||||||||||||||||||||||||||
11,330 | — | 23.84 | 5/1/2019 | |||||||||||||||||||||||||||||
2,140 | — | 33.35 | 5/1/2020 | |||||||||||||||||||||||||||||
4,279 | — | 31.14 | 5/1/2020 | |||||||||||||||||||||||||||||
5,338 | — | 36.44 | 5/1/2020 | |||||||||||||||||||||||||||||
10,679 | — | 34.03 | 5/1/2020 | |||||||||||||||||||||||||||||
48,343 | — | 31.37 | 6/24/2020 | |||||||||||||||||||||||||||||
96,687 | — | 29.66 | 6/24/2020 | |||||||||||||||||||||||||||||
120,710 | — | 34.29 | 6/24/2020 | |||||||||||||||||||||||||||||
241,301 | — | 32.42 | 6/24/2020 | |||||||||||||||||||||||||||||
17,563 | 2,509 | (1) | 35.37 | 5/1/2021 | ||||||||||||||||||||||||||||
43,826 | 6,262 | (1) | 38.65 | 5/1/2021 | ||||||||||||||||||||||||||||
10,048 | 6,030 | (2) | 46.52 | 5/1/2022 | ||||||||||||||||||||||||||||
24,704 | 14,823 | (2) | 50.84 | 5/1/2022 | ||||||||||||||||||||||||||||
7,945 | 13,243 | (3) | 40.61 | 5/1/2023 | ||||||||||||||||||||||||||||
19,826 | 33,046 | (3) | 39.71 | 5/1/2023 | ||||||||||||||||||||||||||||
7,120 | 49,840 | (4) | 21.84 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 333,333 | (5) | 21.39 | 1/2/2025 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
Betzalel Kenigsztein | ||||||||||||||||||||||||||||||||
LILA | — | 1,587 | (6) | 34,247 | ||||||||||||||||||||||||||||
— | 2,438 | (8) | 52,612 | |||||||||||||||||||||||||||||
— | 10,046 | (9) | 216,793 | |||||||||||||||||||||||||||||
41 | — | 20.03 | 5/1/2018 | |||||||||||||||||||||||||||||
102 | — | 22.25 | 5/1/2018 | |||||||||||||||||||||||||||||
117 | — | 21.53 | 5/1/2019 | |||||||||||||||||||||||||||||
293 | — | 23.91 | 5/1/2019 | |||||||||||||||||||||||||||||
295 | — | 31.91 | 5/1/2020 | |||||||||||||||||||||||||||||
738 | — | 35.44 | 5/1/2020 | |||||||||||||||||||||||||||||
393 | — | 30.02 | 6/24/2020 | |||||||||||||||||||||||||||||
982 | — | 33.35 | 6/24/2020 | |||||||||||||||||||||||||||||
588 | 84 | (1) | 35.06 | 5/1/2021 | ||||||||||||||||||||||||||||
1,467 | 210 | (1) | 38.94 | 5/1/2021 | ||||||||||||||||||||||||||||
328 | 197 | (2) | 45.52 | 5/1/2022 | ||||||||||||||||||||||||||||
816 | 490 | (2) | 50.55 | 5/1/2022 | ||||||||||||||||||||||||||||
1,339 | 1,042 | (7) | 42.76 | 8/1/2022 | ||||||||||||||||||||||||||||
424 | 708 | (3) | 39.48 | 5/1/2023 | ||||||||||||||||||||||||||||
170 | 284 | (3) | 37.53 | 5/1/2023 | ||||||||||||||||||||||||||||
4,335 | 9,538 | (8) | 34.85 | 8/1/2023 | ||||||||||||||||||||||||||||
1,975 | 13,831 | (4) | 21.43 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 11,854 | (5) | 21.58 | 1/2/2025 | ||||||||||||||||||||||||||||
LILAK | — | 3,175 | (6) | 67,913 | ||||||||||||||||||||||||||||
— | 4,876 | (8) | 104,298 | |||||||||||||||||||||||||||||
— | 20,092 | (9) | 429,768 | |||||||||||||||||||||||||||||
41 | — | 20.93 | 5/1/2018 | |||||||||||||||||||||||||||||
82 | — | 20.09 | 5/1/2018 | |||||||||||||||||||||||||||||
102 | — | 22.88 | 5/1/2018 | |||||||||||||||||||||||||||||
205 | — | 21.96 | 5/1/2018 | |||||||||||||||||||||||||||||
311 | — | 22.51 | 5/1/2019 | |||||||||||||||||||||||||||||
233 | — | 21.81 | 5/1/2019 | |||||||||||||||||||||||||||||
778 | — | 24.60 | 5/1/2019 | |||||||||||||||||||||||||||||
583 | — | 23.84 | 5/1/2019 | |||||||||||||||||||||||||||||
294 | — | 33.35 | 5/1/2020 | |||||||||||||||||||||||||||||
588 | — | 31.14 | 5/1/2020 | |||||||||||||||||||||||||||||
734 | — | 36.44 | 5/1/2020 | |||||||||||||||||||||||||||||
1,469 | — | 34.03 | 5/1/2020 | |||||||||||||||||||||||||||||
391 | — | 31.37 | 6/24/2020 | |||||||||||||||||||||||||||||
783 | — | 29.66 | 6/24/2020 | |||||||||||||||||||||||||||||
978 | — | 34.29 | 6/24/2020 | |||||||||||||||||||||||||||||
1,956 | — | 32.42 | 6/24/2020 | |||||||||||||||||||||||||||||
1,170 | 168 | (1) | 35.37 | 5/1/2021 | ||||||||||||||||||||||||||||
2,920 | 418 | (1) | 38.65 | 5/1/2021 | ||||||||||||||||||||||||||||
669 | 402 | (2) | 46.52 | 5/1/2022 | ||||||||||||||||||||||||||||
1,646 | 988 | (2) | 50.84 | 5/1/2022 | ||||||||||||||||||||||||||||
2,678 | 2,084 | (7) | 42.55 | 8/1/2022 | ||||||||||||||||||||||||||||
340 | 568 | (3) | 40.61 | 5/1/2023 | ||||||||||||||||||||||||||||
849 | 1,417 | (3) | 39.71 | 5/1/2023 | ||||||||||||||||||||||||||||
8,670 | 19,076 | (8) | 35.24 | 8/1/2023 | ||||||||||||||||||||||||||||
3,951 | 27,661 | (4) | 21.84 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 23,708 | (5) | 21.39 | 1/2/2025 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
John Winter | ||||||||||||||||||||||||||||||||
LILA | — | 1,587 | (6) | 34,247 | ||||||||||||||||||||||||||||
393 | — | 35.01 | 6/24/2020 | |||||||||||||||||||||||||||||
982 | — | 38.88 | 6/24/2020 | |||||||||||||||||||||||||||||
203 | — | 34.88 | 8/1/2020 | |||||||||||||||||||||||||||||
507 | — | 38.74 | 8/1/2020 | |||||||||||||||||||||||||||||
378 | 63 | (1) | 35.06 | 5/1/2021 | ||||||||||||||||||||||||||||
943 | 158 | (1) | 38.94 | 5/1/2021 | ||||||||||||||||||||||||||||
246 | 148 | (2) | 45.52 | 5/1/2022 | ||||||||||||||||||||||||||||
612 | 368 | (2) | 50.55 | 5/1/2022 | ||||||||||||||||||||||||||||
424 | 708 | (3) | 39.48 | 5/1/2023 | ||||||||||||||||||||||||||||
170 | 284 | (3) | 37.53 | 5/1/2023 | ||||||||||||||||||||||||||||
133 | 935 | (4) | 21.43 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 11,854 | (5) | 21.58 | 1/2/2025 | ||||||||||||||||||||||||||||
LILAK | — | 3,175 | (6) | 67,913 | ||||||||||||||||||||||||||||
202 | — | 36.46 | 8/1/2020 | |||||||||||||||||||||||||||||
505 | — | 39.85 | 8/1/2020 | |||||||||||||||||||||||||||||
588 | — | 34.65 | 8/1/2020 | |||||||||||||||||||||||||||||
1,468 | — | 37.86 | 5/1/2020 | |||||||||||||||||||||||||||||
392 | — | 36.60 | 6/24/2020 | |||||||||||||||||||||||||||||
784 | — | 34.76 | 6/24/2020 | |||||||||||||||||||||||||||||
978 | — | 39.99 | 6/24/2020 | |||||||||||||||||||||||||||||
1,956 | — | 37.98 | 6/24/2020 | |||||||||||||||||||||||||||||
877 | 126 | (1) | 35.37 | 5/1/2021 | ||||||||||||||||||||||||||||
2,190 | 314 | (1) | 38.65 | 5/1/2021 | ||||||||||||||||||||||||||||
501 | 302 | (2) | 46.52 | 5/1/2022 | ||||||||||||||||||||||||||||
1,234 | 742 | (2) | 50.84 | 5/1/2022 | ||||||||||||||||||||||||||||
340 | 568 | (3) | 40.61 | 5/1/2023 | ||||||||||||||||||||||||||||
849 | 1,417 | (3) | 39.71 | 5/1/2023 | ||||||||||||||||||||||||||||
267 | 1,869 | (4) | 21.84 | 5/1/2024 | ||||||||||||||||||||||||||||
— | 23,708 | (5) | 21.39 | 1/2/2025 |
Option Exercises and Shares Vested
Prior to theSplit-Off, none of our NEOs held any equity awards with respect to our common shares. Accordingly, our NEOs did not exercise any SARs, nor did they vest in any restricted shares or RSUs during 2017.
portion of his or her (1) annual cash performance award, (2) annual salary up to limits specified by the compensation committee (currently 90%) and (3) award, if any, under a current or future multi-year performance award arrangement.
Cash compensation
Name | Company Plan | Executive contributions in 2022 ($)(1) | Registrant contributions in 2022 ($) | Aggregate earnings in 2022 ($)(1) | Aggregate withdrawals/ distributions ($) | Aggregate balance at 12/31/22 ($)(1) | ||||||||||||||||||||||||||||||||
Balan Nair | LLA | 2,707,100 | — | 286,699 | 4,016,478 | 3,930,211 | ||||||||||||||||||||||||||||||||
LG(2) | — | — | 182,682 | 4,190,350 | — | |||||||||||||||||||||||||||||||||
Christopher Noyes | LLA | 730,600 | — | 56,436 | 552,456 | 779,799 | ||||||||||||||||||||||||||||||||
LG | — | — | — | — | — | |||||||||||||||||||||||||||||||||
John Winter | LLA | 562,000 | — | 75,220 | 361,593 | 984,411 | ||||||||||||||||||||||||||||||||
LG(2) | — | — | 6,024 | — | 73,936 |
Name | Company Plan | 2022 Above-market Earnings ($) | ||||||||||||
Balan Nair | LLA | 80,042 | ||||||||||||
LG | 51,151 | |||||||||||||
Christopher Noyes | LLA | 15,802 | ||||||||||||
LG | — | |||||||||||||
John Winter | LLA | 21,061 | ||||||||||||
LG | 1,687 |
As of December 29, 2017, no awards were outstanding under our Employee Incentive Plan, but each of our NEOs had, under the Transition Plan, unvested SARs, unvested restricted shares or RSUs and/or PSU awards. The termination provisions of the Employment2022 Nair Agreement and of Mr. Nairthe employment agreements with each of our other NEOs are described under “——Employment and Other Agreements above.” The Employee Incentive Plan and the Transition Plan are described under —Incentive Plans below. above. In addition to such descriptions, additional information on the termination and/orchange-in-control change in control provisions of these plans and agreements is provided below.
benefits, except with respect to elections made under the Deferred Compensation Plan (as applicable).
No
Although the 2022 Nair Agreement provides that the compensation committee may, in its sole discretion, require Mr. Nair to exchange the LILAB shares issued as a result of vesting of the Sign-on LILAB Award for LILA shares on a one-for-one basis, we have assumed that the compensation committee did not require Mr. Nair to complete such an exchange for purposes of the “Retirement” column in the Termination of Employment Table below.
Mr. Nair’s Employment Agreement provides
Death
Mr. Nair’s Employment Agreement provides
diminution in his position, authority, duties or responsibilities, a material breach of the Employment Agreementemployment agreement by us, a reduction in his base salary or target annual bonus opportunity or relocation of his principal place of employment from the Denver area.area or, in the case of Mr. Hussain and Ms. Lorenzo, Panama City, Panama. See the “By Company Without Cause” column in the Termination of Employment Table below. Except with respect to
Name | By Company Without Cause ($) | Disability ($) | Death ($) | Retirement ($) | ||||||||||||||||||||||
Balan Nair | ||||||||||||||||||||||||||
Severance & Bonus Payment | 10,784,200 | 1,460,000 | 1,460,000 | — | ||||||||||||||||||||||
Deferred Compensation (1) | 3,930,211 | 3,930,211 | 3,930,211 | 3,930,211 | ||||||||||||||||||||||
SARs Accelerated | — | — | — | — | ||||||||||||||||||||||
RSUs & PSUs Accelerated | 8,354,166 | 8,354,166 | 8,354,166 | 2,062,725 | ||||||||||||||||||||||
Exchange of Vested Sign-on LILAB Award Shares | 1,471,900 | 1,471,900 | 1,471,900 | — | ||||||||||||||||||||||
Benefits (2) | 44,403 | 44,403 | 44,403 | — | ||||||||||||||||||||||
Total | 24,584,880 | 15,260,680 | 15,260,680 | 5,992,936 | ||||||||||||||||||||||
Christopher Noyes | ||||||||||||||||||||||||||
Severance & Bonus Payment | 1,040,000 | 1,040,000 | 1,040,000 | — | ||||||||||||||||||||||
Deferred Compensation (1) | 779,799 | 779,799 | 779,799 | 779,799 | ||||||||||||||||||||||
SARs Accelerated | — | — | — | — | ||||||||||||||||||||||
RSUs Accelerated | 127,644 | 1,799,133 | 1,799,133 | — | ||||||||||||||||||||||
Benefits (2) | 24,791 | 24,791 | — | — | ||||||||||||||||||||||
Total | 1,972,234 | 3,643,723 | 3,618,932 | 779,799 | ||||||||||||||||||||||
Aamir Hussain | ||||||||||||||||||||||||||
Severance & Bonus Payment | 898,750 | 898,750 | 898,750 | — | ||||||||||||||||||||||
SARs Accelerated | — | — | — | — | ||||||||||||||||||||||
RSUs Accelerated | — | 1,065,469 | 1,065,469 | — | ||||||||||||||||||||||
Total | 898,750 | 1,964,219 | 1,964,219 | — | ||||||||||||||||||||||
Rocio Lorenzo | ||||||||||||||||||||||||||
Severance & Bonus Payment | 805,000 | 805,000 | 805,000 | — | ||||||||||||||||||||||
SARs Accelerated | — | — | — | — | ||||||||||||||||||||||
RSUs Accelerated | 45,990 | 1,092,563 | 1,092,563 | — | ||||||||||||||||||||||
Total | 850,990 | 1,897,563 | 1,897,563 | — | ||||||||||||||||||||||
John Winter | ||||||||||||||||||||||||||
Severance & Bonus Payment | 915,000 | 915,000 | 915,000 | — | ||||||||||||||||||||||
Deferred Compensation (1) | 984,411 | 1,058,347 | 1,058,347 | 984,411 | ||||||||||||||||||||||
SARs Accelerated | — | — | — | — | ||||||||||||||||||||||
RSUs Accelerated | 100,277 | 1,437,097 | 1,437,097 | — | ||||||||||||||||||||||
Benefits (2) | 22,095 | 22,095 | — | — | ||||||||||||||||||||||
Total | 2,021,783 | 3,432,539 | 3,410,444 | 984,411 |
Termination of Employment
Name | By Company Without Cause | Disability | Death | Retirement | ||||||||||||
Balan Nair | ||||||||||||||||
Severance Payment | $ | 2,500,000 | $ | 2,500,000 | $ | 1,250,000 | $ | — | ||||||||
Continued Vesting of Options/SARs | 267 | 134 | 134 | — | ||||||||||||
2016 PSUs | 680,286 | 566,490 | 566,490 | — | ||||||||||||
Benefits (1) | 4,610 | 4,610 | 4,610 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,185,163 | $ | 3,071,234 | $ | 1,821,234 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Christopher Noyes | ||||||||||||||||
Options/SARs Accelerated | $ | 41 | $ | 1,729 | $ | 1,729 | $ | — | ||||||||
2016 PSUs | — | 56,636 | 56,636 | — | ||||||||||||
2017 PSUs | — | 267,935 | 267,935 | — | ||||||||||||
RSUs Accelerated | 3,969 | 130,715 | 130,715 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 4,010 | $ | 457,015 | $ | 457,015 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Michael T. Fries | ||||||||||||||||
Options/SARs Accelerated | $ | 89 | $ | 3,738 | $ | 3,738 | $ | 1,068 | ||||||||
2016 PSUs | — | 1,699,894 | 1,699,894 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 89 | $ | 1,703,632 | $ | 1,703,632 | $ | 1,068 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Betzalel Kenigsztein | ||||||||||||||||
Options/SARs Accelerated | $ | 49 | $ | 2,075 | $ | 2,075 | $ | — | ||||||||
2016 PSUs | — | 67,952 | 67,952 | — | ||||||||||||
2017 PSUs | — | 321,509 | 321,509 | — | ||||||||||||
RSUs Accelerated | 4,763 | 156,910 | 156,910 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 4,812 | $ | 548,445 | $ | 548,445 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
John Winter | ||||||||||||||||
Options/SARs Accelerated | $ | 3 | $ | 140 | $ | 140 | $ | — | ||||||||
2016 PSUs | — | 67,952 | 67,952 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3 | $ | 68,092 | $ | 68,092 | $ | — | ||||||||
|
|
|
|
|
|
|
|
the NEO.
Change-in-ControlChange in Control Events
The PSUs provide that if any of thesechange-in-control events
control events and distribute each participant’s account balance.
The PSUs provide that, if
employee’s performance. For purposes of eachthe table below, the Phoenix Awards and CTO PSARs have been excluded because the exercise prices exceeded the closing prices of our LILA shares and LILAK shares on December 31, 2022.
different country. For purposes of the CEO SAR Award, “good reason” has the meaning set forth in Mr. Nair’s Employment Agreement. Additional procedural requirements apply for a resignation to qualify as being for “good reason.”
See —Resignation for Good Reason above for the definition of “good reason” applicable to Mr. Nair’s equity awards.
For purposes of thechange-in-control events in the table below, no one exceeded the threshold that would have entitled him to a 280G taxgross-up payment. In addition, Mr. Nair has agreed in his Employment Agreementtheir employment agreements to waive any rights hethey would have under any equity or other agreements to any 280G taxgross-up payment from us or Liberty LA.
For purposes of the change-of-control events in the table below, we have assumed that the amounts payable to the NEOs would not exceed the threshold that would subject such amounts to excise taxes pursuant to Section 280G of the Code and that no parachute cap would apply.
Unapproved Control Purchase /Board Change – Plan Benefits Continued | Reorganization–Plan Benefits Continued | Change in Control – Plan Benefits Not Continued | ||||||||||||||
Name | Employment Terminated | Employment Continues | Employment Terminated | Employment Continues | ||||||||||||
Balan Nair | ||||||||||||||||
Options/SARs Accelerated | $ | 935 | $ | 935 | $ | 935 | $ | 935 | ||||||||
2016 PSUs | 681,529 | — | (1) | 681,529 | 681,529 | |||||||||||
Severance Payment | 2,500,000 | — | 2,500,000 | — | ||||||||||||
Benefits (2) | 4,610 | — | 4,610 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,187,074 | $ | 935 | $ | 3,187,074 | $ | 682,464 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Christopher Noyes | ||||||||||||||||
Options/SARs Accelerated | $ | 1,729 | $ | 1,729 | $ | 1,729 | $ | 1,729 | ||||||||
2016 PSUs | 85,148 | — | (1) | 85,148 | 85,148 | |||||||||||
2017 PSUs | 538,822 | — | (1) | 538,822 | 538,822 | |||||||||||
RSUs Accelerated | 130,715 | 130,715 | 130,715 | 130,715 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 756,414 | $ | 132,444 | $ | 756,414 | $ | 756,414 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Michael T. Fries | ||||||||||||||||
Options/SARs Accelerated | $ | 3,738 | $ | 3,738 | $ | 3,738 | $ | 3,738 | ||||||||
2016 PSUs | 2,555,671 | — | (1) | 2,555,671 | 2,555,671 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,559,409 | $ | 3,738 | $ | 2,559,409 | $ | 2,559,409 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Betzalel Kenigsztein | ||||||||||||||||
Options/SARs Accelerated | $ | 2,075 | $ | 2,075 | $ | 2,075 | $ | 2,075 | ||||||||
2016 PSUs | 102,161 | — | (1) | 102,161 | 102,161 | |||||||||||
2017 PSUs | 646,560 | — | (1) | 646,560 | 646,560 | |||||||||||
RSUs Accelerated | 156,910 | 156,910 | 156,910 | 156,910 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 907,706 | $ | 158,985 | $ | 907,706 | $ | 907,706 | ||||||||
|
|
|
|
|
|
|
| |||||||||
John Winter | ||||||||||||||||
Options/SARs Accelerated | $ | 140 | $ | 140 | $ | 140 | $ | 140 | ||||||||
2016 PSUs | 102,161 | — | (1) | 102,161 | 102,161 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 102,301 | $ | 140 | $ | 102,301 | $ | 102,301 | ||||||||
|
|
|
|
|
|
|
|
Unapproved Control Purchase /Board Change - Plan Benefits Continued | Reorganization-Plan Benefits Continued | Change in Control - Plan Benefits Not Continued | ||||||||||||||||||||||||
Name | Employment Terminated ($) | Employment Continues ($) | Employment Terminated ($) | Employment Continues ($) | ||||||||||||||||||||||
Balan Nair | ||||||||||||||||||||||||||
Severance Payment | 9,324,200 | — | 9,324,200 | — | ||||||||||||||||||||||
Deferred Compensation (1) | 3,930,211 | 3,930,211 | 3,930,211 | 3,930,211 | ||||||||||||||||||||||
SARs Accelerated | — | — | — | — | ||||||||||||||||||||||
RSUs & PSUs Accelerated | 8,354,166 | 6,244,791 | 8,354,166 | 8,354,166 | ||||||||||||||||||||||
Exchange of Vested Sign-on LILAB Award Shares | — | — | — | — | ||||||||||||||||||||||
Benefits (2) | 44,403 | — | 44,403 | — | ||||||||||||||||||||||
Total | 21,562,980 | 10,175,002 | 21,562,980 | 12,284,377 |
Unapproved Control Purchase /Board Change - Plan Benefits Continued | Reorganization-Plan Benefits Continued | Change in Control - Plan Benefits Not Continued | ||||||||||||||||||||||||
Name | Employment Terminated ($) | Employment Continues ($) | Employment Terminated ($) | Employment Continues ($) | ||||||||||||||||||||||
Christopher Noyes | ||||||||||||||||||||||||||
Severance Payment | 1,040,000 | — | 1,040,000 | — | ||||||||||||||||||||||
Deferred Compensation (1) | 779,799 | 779,799 | 779,799 | 779,799 | ||||||||||||||||||||||
SARs Accelerated | — | — | — | — | ||||||||||||||||||||||
RSUs Accelerated | 1,799,133 | 1,799,133 | 1,799,133 | 1,799,133 | ||||||||||||||||||||||
Benefits (2) | 24,791 | — | 24,791 | — | ||||||||||||||||||||||
Total | 3,643,723 | 2,578,932 | 3,643,723 | 2,578,932 | ||||||||||||||||||||||
Aamir Hussain | ||||||||||||||||||||||||||
Severance Payment | 898,750 | — | 898,750 | — | ||||||||||||||||||||||
RSUs Accelerated | 1,065,469 | 1,065,469 | 1,065,469 | 1,065,469 | ||||||||||||||||||||||
Total | 1,964,219 | 1,065,469 | 1,964,219 | 1,065,469 | ||||||||||||||||||||||
Rocio Lorenzo | ||||||||||||||||||||||||||
Severance Payment | 805,000 | — | 805,000 | ��� | ||||||||||||||||||||||
RSUs Accelerated | 1,092,563 | 1,092,563 | 1,092,563 | 1,092,563 | ||||||||||||||||||||||
Total | 1,897,563 | 1,092,563 | 1,897,563 | 1,092,563 | ||||||||||||||||||||||
John Winter | ||||||||||||||||||||||||||
Severance Payment | 915,000 | — | 915,000 | — | ||||||||||||||||||||||
Deferred Compensation (1) | 984,411 | 984,411 | 984,411 | 984,411 | ||||||||||||||||||||||
SARs Accelerated | — | — | — | — | ||||||||||||||||||||||
RSUs Accelerated | 1,437,097 | 1,437,097 | 1,437,097 | 1,437,097 | ||||||||||||||||||||||
Benefits (3) | 22,095 | — | 22,095 | — | ||||||||||||||||||||||
Total | 3,358,603 | 2,421,508 | 3,358,603 | 2,421,508 | ||||||||||||||||||||||
Value of Initial Fixed $100 Investment Based on: | |||||||||||||||||||||||||||||
Year | Summary Compensation Table Total for PEO | Compensa-tion Actually Paid to PEO | Average Summary Compensation Table Total for Non-PEO NEOs | Average Compensation Actually Paid to Non-PEO NEOs | Total Shareholder Return | Peer Group Total Shareholder Return | Net Income (in millions) | Consolidated Adjusted OFCF (in millions) | |||||||||||||||||||||
(a) | ($)(b) | ($)(c)(1) | ($)(d)(2) | ($)(e)(3) | LILA ($)(f)(4) | LILAK ($)(g)(4) | ($)(h)(4) | ($)(i) | ($)(j)(5) | ||||||||||||||||||||
2022 | 15,745,617 | 6,402,860 | 4,131,692 | 2,423,503 | 41.42 | 41.51 | 92.13 | (201.9) | 930.0 | ||||||||||||||||||||
2021 | 37,576,803 | 31,662,646 | 6,226,351 | 5,596,550 | 64.13 | 62.27 | 115.30 | (487.8) | 961.0 | ||||||||||||||||||||
2020 | 16,478,363 | 4,646,463 | 3,768,484 | 1,346,056 | 61.22 | 60.58 | 118.31 | (809.0) | 819.0 |
2022 ($) | 2021 ($) | 2020 ($) | |||||||||
Summary Compensation Table (SCT) Total Compensation | 15,745,617 | 37,576,803 | 16,478,363 | ||||||||
Less: Stock Award Values Reported in SCT for the Covered Year | 6,584,633 | 9,250,842 | 7,643,161 | ||||||||
Less: Option Award Values Reported in SCT for the Covered Year | 5,233,911 | 26,310,008 | 4,054,074 | ||||||||
Plus: Fair Value of Equity Awards Granted in the Covered Year and Outstanding and Unvested at End of Covered Year | 8,618,664 | 26,090,146 | 3,591,446 | ||||||||
Plus: Fair Value as of Vesting Date of Equity Awards Granted and Vested in Covered Year | 4,586,827 | 2,325,618 | 3,555,468 | ||||||||
Plus/Less: Change in Fair Value of Outstanding Unvested Equity Awards from Prior Years | (8,446,922) | 101,420 | (3,754,371) | ||||||||
Plus/Less: Change in Fair Value of Equity Awards from Prior Years that Vested in the Covered Year | (2,282,782) | 1,500,004 | (3,430,912) | ||||||||
Less: Fair Value of Equity Awards Forfeited during the Covered Year | 0 | 370,495 | 96,296 | ||||||||
Plus: Value of Dividends or other Earnings Paid on Equity Awards | 0 | 0 | 0 | ||||||||
Compensation Actually Paid | 6,402,860 | 31,662,646 | 4,646,463 |
2022 Average ($) | 2021 Average ($) | 2020 Average ($) | |||||||||
SCT Total Compensation | 4,131,692 | 6,226,351 | 3,768,484 | ||||||||
Less: Stock Award Values Reported in SCT for the Covered Year | 1,473,926 | 2,378,476 | 1,886,789 | ||||||||
Less: Option Award Values Reported in SCT for the Covered Year | 1,889,400 | 3,201,316 | 896,581 | ||||||||
Plus: Fair Value of Equity Awards Granted in the Covered Year and Outstanding and Unvested at End of Covered Year | 2,401,316 | 4,198,700 | 828,292 | ||||||||
Plus: Fair Value as of Vesting Date of Equity Awards Granted and Vested in Covered Year | 463,653 | 547,688 | 902,880 | ||||||||
Plus/Less: Change in Fair Value of Outstanding Unvested Equity Awards from Prior Years | (877,818) | 42,388 | (665,346) | ||||||||
Plus/Less: Change in Fair Value of Equity Awards from Prior Years that Vested in the Covered Year | (332,014) | 228,924 | (679,018) | ||||||||
Less: Fair Value of Equity Awards Forfeited during the Covered Year | 0 | 67,708 | 25,867 | ||||||||
Plus: Value of Dividends or other Earnings Paid on Equity Awards | 0 | 0 | 0 | ||||||||
Compensation Actually Paid | 2,423,503 | 5,596,550 | 1,346,056 |
Most Important Financial Measures for 2022 | ||
•Consolidated adjusted OFCF | ||
•Revenue |
Policy
.$75,000. $100,000. Each director who serves as the chair of the audit committee or the compensation committee receives a fee for such service of $20,000, and each other director who serves as a member of the audit committee or the compensation committee receives $10,000, in each case for each full year of service in such position. We do not pay any additional fees for service on our nominating and corporate governance committee. All annual director fees, including fees for chairpersons, are payable in arrears in four equal quarterly installments. Our directors may elect to have their quarterly fee installments paid in common shares instead of in cash. Such election for fees payable for a specific calendar quarter must be made not later than the last day of the immediately preceding calendar quarter and consist of a combination of LILA and LILAK shares. The number of shares issued is based on the fair market value on the last trading day of the quarter for which the election is made. Any fractional share is paid in cash. Directors who are employees of Liberty Latin America, or its subsidiaries, doCurrently, our President and CEO, Mr. Nair, does not receive any additional compensation for theirhis service as directors. Currently, our President and Chief Executive Officer Mr. Nair and our Executive Chairman Mr. Fries are our only executive directors.
We do not pay any compensation to Mr. Malone, except that, prior to theSplit-Off, our then board authorized the payment or reimbursement of personal expenses incurred by Mr. Malone of up to $500,000 per year related to his ownership of our shares. These expenses include professional fees and other expenses incurred by Mr. Malone for estate or tax planning, regulatory filings and other services.
a director.
Annually, each
2017 Compensationup to 85% of Directors
In connection with theSplit-Off, we formed an advisory committee to provide our management team with advice on a wide variety of topics. The advisory committee, which is not a board or management committee, is comprised of members of management of Liberty Global, including Mr. Bracken, who is Liberty Global’s Chief Financial Officer. Our board of directors approved in late 2017 SARtheir annual retainer and their annual equity awards to the membersextent payable in restricted shares or RSUs. Annual retainers payable in cash and deferred under the Director Deferred Compensation Plan prior to 2022 will be credited with interest at the rate of this advisory committee, including 8.5% per year, compounded daily (the credited interest fund). Our Board reserved the right to change the interest rate in the future, provided that any decreases in the rate will apply only to deferred elections that become irrevocable after the new rate is set, and in fact, reduced the interest rate to 8.0% per year, compounded daily, for compensation deferred in 2022 and 2023. Annual equity awards payable in restricted shares or RSUs that are deferred will not be credited with interest, but will be adjusted for splits, combinations, dividends or distributions (the stock fund). The deferred annual retainers and deferred equity awards may be distributed in a lump sum or in a series of up to two annual installments upon a distribution event. A distribution event is when (1) the director ceases to be a member of our Board or dies, or (2) at the election of our Board, within 12 months of certain change in control events, or (3) a specific date is selected by the director at the time he or she makes a deferral election. The Director Deferred Compensation Plan provides our Board with the discretion to terminate the Director Deferred Compensation Plan at any time. This optional termination will not result in accelerated distributions.
Name (1) | Fees Earned or Paid in Cash ($) | Stock Awards ($)(2)(3) | Option Awards ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | ||||||||||||||||||||||||||||||||
Michael T. Fries | — | — | — | — | — | 477,472 | ||||||||||||||||||||||||||||||||
LILA | — | 159,817 | — | |||||||||||||||||||||||||||||||||||
LILAK | — | 317,655 | — | |||||||||||||||||||||||||||||||||||
Alfonso de Angoitia Noriega | 110,000 | (4) | — | — | — | — | 260,772 | |||||||||||||||||||||||||||||||
LILA | — | 50,466 | — | |||||||||||||||||||||||||||||||||||
LILAK | — | 100,306 | — | |||||||||||||||||||||||||||||||||||
Charles H.R. Bracken | 100,000 | — | — | — | — | 250,772 | ||||||||||||||||||||||||||||||||
LILA | — | 50,466 | — | |||||||||||||||||||||||||||||||||||
LILAK | — | 100,306 | — | |||||||||||||||||||||||||||||||||||
Miranda Curtis | 130,000 | — | — | — | — | 280,772 | ||||||||||||||||||||||||||||||||
LILA | — | 50,466 | — | |||||||||||||||||||||||||||||||||||
LILAK | — | 100,306 | — | |||||||||||||||||||||||||||||||||||
Paul A. Gould | 130,000 | (5) | — | — | — | — | 280,772 | |||||||||||||||||||||||||||||||
LILA | — | 50,466 | — | |||||||||||||||||||||||||||||||||||
LILAK | — | 100,306 | — | |||||||||||||||||||||||||||||||||||
Roberta S. Jacobson (6) | 62,366 | — | — | — | — | 187,361 | ||||||||||||||||||||||||||||||||
LILA | — | 41,577 | — | |||||||||||||||||||||||||||||||||||
LILAK | — | 83,418 | — | |||||||||||||||||||||||||||||||||||
Brendan Paddick | 110,000 | (7) | — | — | — | — | 260,772 | |||||||||||||||||||||||||||||||
LILA | — | 50,466 | — | |||||||||||||||||||||||||||||||||||
LILAK | — | 100,306 | — | |||||||||||||||||||||||||||||||||||
Daniel E. Sanchez | 100,000 | — | — | — | — | 250,772 | ||||||||||||||||||||||||||||||||
LILA | — | 50,466 | — | |||||||||||||||||||||||||||||||||||
LILAK | — | 100,306 | — | |||||||||||||||||||||||||||||||||||
Eric L. Zinterhofer | 110,000 | (8) | — | — | — | — | 260,772 | |||||||||||||||||||||||||||||||
LILA | — | 50,466 | (9) | — | ||||||||||||||||||||||||||||||||||
LILAK | — | 100,306 | (9) | — |
Name | Class | Options (#) (a) | Restricted Shares/RSUs (#) | |||||||||||||||||
Michael T. Fries | LILA | 232,177 | 16,493 | |||||||||||||||||
LILAK | 464,353 | 32,986 | ||||||||||||||||||
Alfonso de Angoitia Noriega | LILA | — | 5,208 | |||||||||||||||||
LILAK | — | 10,416 | ||||||||||||||||||
Charles H.R. Bracken | LILA | 41,406 | 5,208 | |||||||||||||||||
LILAK | 82,814 | 10,416 | ||||||||||||||||||
Miranda Curtis | LILA | 1,914 | 5,208 | |||||||||||||||||
LILAK | 3,829 | 10,416 | ||||||||||||||||||
Paul A. Gould | LILA | 1,914 | 5,208 | |||||||||||||||||
LILAK | 3,829 | 10,416 | ||||||||||||||||||
Roberta S. Jacobson | LILA | — | 4,409 | |||||||||||||||||
LILAK | — | 8,818 | ||||||||||||||||||
Brendan Paddick | LILA | — | 5,208 | |||||||||||||||||
LILAK | — | 10,416 | ||||||||||||||||||
Daniel E. Sanchez | LILA | — | 5,208 | |||||||||||||||||
LILAK | — | 10,416 | ||||||||||||||||||
Eric L. Zinterhofer | LILA | — | 5,208 | |||||||||||||||||
LILAK | — | 10,416 |
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(6) Amb. Jacobson joined our Board effective May 17, 2022. (7) Includes approximately $108,395 that Mr. Paddick received in our common shares in lieu of cash. (8) Includes approximately $109,964 that Mr. Zinterhofer received in our common shares in lieu of cash. Mr. Zinterhofer transferred such amounts |
Name | Class | Option and/or SAR Awards (#) | Performance Share Units (#)(a) | |||||||
John C. Malone | LILA | 18,653 | — | |||||||
LILAK | 38,645 | — | ||||||||
Alfonso de Angoitia Noriega | LILA | — | — | |||||||
LILAK | — | — | ||||||||
Charles H.R. Bracken | LILA | 84,086 | 10,589 | |||||||
LILAK | 228,838 | 21,179 | ||||||||
Miranda Curtis | LILA | 5,515 | — | |||||||
LILAK | 13,014 | — | ||||||||
Paul A. Gould | LILA | 7,091 | — | |||||||
LILAK | 17,723 | — | ||||||||
Brendan Paddick | LILA | — | — | |||||||
LILAK | — | — | ||||||||
Eric L. Zinterhofer | LILA | — | — | |||||||
LILAK | — | — |
EQUITY COMPENSATION PLAN INFORMATION TABLE
In connection with theSplit-off and pursuant to the termsSearchlight Capital Partners, LP.
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)(1) | Weighted average exercise price of outstanding options, warrants and rights (b) | Number of securities available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)(2) | |||||||||
Equity compensation plans not approved by security holders: | ||||||||||||
Liberty Latin America 2018 Incentive Plan(3) | 25,000,000 | |||||||||||
LILA | — | N/A | ||||||||||
LILAB | — | N/A | ||||||||||
LILAK | — | N/A | ||||||||||
Liberty Latin America 2018 Nonemployee Director Incentive Plan(3) | 5,000,000 | |||||||||||
LILA | — | N/A | ||||||||||
LILAB | — | N/A | ||||||||||
LILAK | — | N/A | ||||||||||
Liberty Latin America Transitional Share Conversion Plan(1) | — | (4) | ||||||||||
LILA | 3,082,626 | $ | 31.39 | |||||||||
LILAB | N/A | N/A | ||||||||||
LILAK | 7,033,386 | $ | 31.40 | |||||||||
Total | ||||||||||||
LILA | 3,082,626 | $ | 31.39 | |||||||||
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LILAK | 7,033,386 | $ | 31.40 | |||||||||
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Plan Category Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) Weighted average exercise price of outstanding options, warrants, and rights (b) Number of securities available for future issuance under equity compensation plans (excluding securities reflected in column (a))(c)(1) Equity compensation plans approved by security holders: 24,982,870 LILA 13,436,013 13.25 LILAB 187,500 N/A LILAK 26,878,236 13.26 Liberty Latin America 2018 Nonemployee Director Incentive Plan 4,586,804 (3) LILA 48,757 N/A LILAB N/A N/A LILAK 97,513 N/A Liberty Latin America Ltd. Employee Stock Purchase Plan LILA — N/A 1,790,676 (4) LILAB — N/A LILAK — N/A Equity compensation plans not approved by security holders: — (6) LILA 569,763 27.05 LILAB N/A N/A LILAK 1,141,226 27.45 Total LILA 14,054,533 13.81 LILAB 187,500 N/A LILAK 28,116,975 13.84 31,360,350
Reorganization Agreement
On December 29, 2017, Liberty Latin America entered into a reorganizationconsulting agreement with Liberty Globalour chief customer officer's husband, Moritz Wilmowsky, which provides him with annual compensation of $300,000 in exchange for his consulting services to provideassist in our efforts to reduce energy usage. The agreement had an initial one-year term that was extended through the end of 2023. The agreement may be extended for among other things, the principal corporate transactions (including the internal restructuring) required to effect theSplit-Off, certain conditions to theSplit-Offadditional one-year terms and provisions governing the relationship between Liberty Latin America and Liberty Global with respect to and resulting from theSplit-Off. The reorganization agreement also provides for mutual indemnification obligations, which are designed to make our company financially responsible for substantially all of the liabilities that may exist relatingbe terminated at any time, subject to the businesses included in our company at the time of theSplit-Off together with certain other specified liabilities, as well as for all liabilities incurred by our company after theSplit-Off, and to make Liberty Global financially responsible for all potential liabilities of our company which are not related to our businesses, including, for example, any liabilities arising as a result of our company having been a subsidiary of Liberty Global, together with certain other specified liabilities. These indemnification obligations exclude any matters relating to taxes. For a description of the allocation oftax-related obligations, see “—Tax Sharing Agreement” below.
In addition, the reorganization agreement provides for each of Liberty Global and our company to preserve the confidentiality of all confidential or proprietary information of the other party for five years following theSplit-Off, subject to customary exceptions, including disclosures required by law, court order or government regulation.
This description is qualified in its entirety by reference to the full text of the reorganization agreement, which is filed as Exhibit 2.1 to our Post-Effective Amendment No. 1 to our Registration Statement onForm S-1 filed with the SEC on December 29, 2017.
Tax Sharing Agreement
On December 29, 2017, Liberty Global and our company entered into a tax sharing agreement, under which tax liabilities and tax benefits relating to taxable periods before and after theSplit-Off will be computed and apportioned between the parties, and responsibility for payment of those tax liabilities (including any taxes attributable to theSplit-Off and related internal restructurings) and use of those tax benefits will be allocated between us and Liberty Global. Furthermore, the tax sharing agreement sets forth the rights of the parties in respect of the preparation and filing of tax returns, the handling of audits or other tax proceedings and assistance and cooperation and other matters, in each case, for taxable periods ending on or before or that otherwise include the date of theSplit-Off.
Broadly, the tax sharing agreement provides, with certain exceptions, that we will generally assume liability for and indemnify Liberty Global against any taxes attributable to the income, assets and operations of the LiLAC Group allocable to any taxable period (or portion thereof) ending before theSplit-Off, while Liberty Global will assume liability for and indemnify us against any taxes attributable to the income, assets and operations of Liberty Global’s former “Liberty Global Group,” which consisted of all of Liberty Global’s other businesses, assets and liabilities apart from Liberty Global’s “LiLAC Group” (theLiberty Global Group). The tax sharing agreement also provides that, subject to certain limited exceptions related to actions of Liberty Global, we will be allocated tax liabilities in the event that theSplit-Off or various related internal restructuring transactions are not accorded the tax treatment expected by the parties. Pursuant to the tax sharing agreement, we will also be required to indemnify Liberty Global and its subsidiaries for taxes imposed by the U.S. or other jurisdictions resulting from (i) certain transactions that were undertaken to effect the separation of the LiLAC Group from the Liberty Global Group in connection with theSplit-Off, including the internal restructuring and (ii) certain prior acquisitions, restructurings and other transactions that arise from tax audits or tax disputes and are attributable to or otherwise relate to the LiLAC Group. The ultimate tax determination for some of these transactions may be uncertain and the amount of any indemnification obligations to Liberty Global and its subsidiaries could be substantial. In the event that theSplit-Off or the internal restructuring transactions related to our separation from Liberty Global were determined to be taxable (or that the tax payable on such an internal transaction was determined to be greater than anticipated) as a result of actions taken by Liberty Global, then Liberty Global would be responsible for all taxes imposed on us or Liberty Global as a result thereof.
The tax sharing agreement provides for certain covenants that may restrict our ability to pursue strategic or other transactions to the extent inconsistent with the tax opinions that Liberty Global received and the intended tax treatment of transactions, including specific prohibitions on taking certain actions that could disqualify the tax status of theSplit-Off or certain internal restructuring transactions. Though valid as between the parties, the tax sharing agreement will not be binding on the IRS or other tax authorities.
This description is qualified in its entirety by reference to the full text of the tax sharing agreement, which is filed as Exhibit 10.1 to our Current Report onForm 8-K filed with the SEC on January 5, 2018.
Services and Secondment Arrangements
On December 29, 2017, Liberty Latin America entered into a services agreement with Liberty Global B.V., an indirect wholly-owned subsidiary of Liberty Global, pursuant to which, for up to two years following theSplit-Off, with the option to renew for aone-year period, Liberty Global will provide us with specified services, including:
In addition, Liberty Global will provide to us certain technical and information technology services, including software development services associated with the Horizon platform, management information systems, computer, data storage, and certain network and telecommunications services.
We will pay Liberty Global agreed-upon services fees under the services agreement. We will also reimburse Liberty Global for reasonable and documentedout-of-pocket costs incurred by Liberty Global for third-party services provided to our company. Liberty Global and our company will evaluate all charges for reasonableness semi-annually and make adjustments to these charges as the parties mutually agree upon. The fees payable to
Liberty Global for the first year of the services agreement are not expected to exceed $4.5 million, which does not include costs and expenditures associated with payments between our operating subsidiaries and Liberty Global for, among other things, the technology services noted above, including the provision of next-generation Horizonset-top boxes.
This description is qualified in its entirety by reference to the full text of the services agreement, which is filed as Exhibit 10.2 to our Current Report onForm 8-K filed with the SEC on January 5, 2018.
Also in connection with theSplit-Off, Liberty Global seconded certain employees to our company to manage and operate our treasury operations and insurance and risk management function. The fees payable to Liberty Global for the first year of this arrangement are not expected to exceed $2.5 million.
Sublease and Facilities Sharing Agreement
On December 29, 2017, subsidiaries of Liberty Latin America and Liberty Global entered into a sublease pursuant to which, until May 31, 2031, our company will sublease from Liberty Global approximately 15,000 square feet of office space in Denver, Colorado, subject to customary termination andagreement’s advance notice provisions. Subsidiaries of our company and Liberty Global also entered into a related facilities sharing agreement pursuant to which, for as long as the sublease noted above is in effect, our company will pay a fee for the usage of certain facilities at the office space in Denver, Colorado. We will pay Liberty Global agreed-upon fees under the sublease and facilities sharing agreement based on our allocable share of such costs. Fees may be adjusted semi-annually based on, among other factors, changes in market conditions and building occupancy costs. The fees payable to Liberty Global for the first year under these arrangements are not expected to exceed $2.5 million.
This description is qualified in its entirety by reference to the full texts of the sublease and the facilities sharing agreement, which are filed as Exhibits 10.3 and 10.4, respectively, to our Current Report onForm 8-K filed with the SEC on January 5, 2018.
ANNUAL GENERAL MEETING OF
LIBERTY LATIN AMERICA LTD.
Please make your marks like this: ☒ Use dark black pencil or pen only
Board of Directors Recommends a VoteFORall nominees listed in Proposal 1,FORProposals 2 and 3 and in favor of every3 YEARSfor Proposal 4.
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Please sign exactly as your name(s) appears hereon. If held in joint tenancy, all persons should sign. Trustees, administrators, etc., should include title and authority. Corporations should provide full name of corporation and title of authorized officer signing the proxy.
Annual General Meeting of Liberty Latin America Ltd.
to be held on May 17, 2018
for Holders as of March 29, 2018
This proxy is being solicited on behalf of the Board of Directors
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The undersigned hereby appoints John M. Winter or Christopher Noyes, and each or any of them, as the true and lawful attorneys of the undersigned, with full power of substitution and revocation, and authorizes them to vote all the Class A and/or Class B Common Shares of Liberty Latin America Ltd., a Bermuda exempted company, that the undersigned is entitled to vote at said meeting and any postponement or adjournment thereof upon the matters specified and upon such other matters as may be properly brought before the meeting or any postponement or adjournment thereof, conferring authority upon such true and lawful attorneys to vote in their discretion on such other matters as may properly come before the meeting and revoking any proxy heretofore given.
THE SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED OR, IF NO DIRECTION IS GIVEN, SHARES WILL BE VOTED BY THE PROXIES IN ACCORDANCE WITH THE BOARD OF DIRECTORS’ RECOMMENDATIONSFOR ALL NOMINEES LISTED IN PROPOSAL 1,FOR PROPOSALS 2 AND 3 AND IN FAVOR OF EVERY “3 YEARS” FOR PROPOSAL 4.
All votes must be received by 5:00 P.M., Eastern Time, on May 16, 2018.
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