Preliminary Proxy Statement | ||||||||
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ý | Definitive Proxy Statement | |||||||
Definitive Additional Materials | ||||||||
Soliciting Material Pursuant to §240.14a-12 |
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☐ | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. | ||||||||||||||||
YOUR VOTE IS IMPORTANT. Whether or not you plan to attend the Annual Meeting, please take a few |
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders To Be Held on May |
By Order of the Board of Directors, | ||
Chief Compliance Officer and Secretary | ||
March |
Page | ||||||||
(i) | ||||||||
(ii) | ||||||||
Record Date and Who May Vote; How to Vote | ||||||||
Quorum; Proposals to be Voted on at Annual Meeting; Vote Required | ||||||||
CORPORATE PURPOSE, MISSION AND CORE VALUES |
2022 PROXY STATEMENT SUMMARY |
May 3, 2022 at 9:30 a.m. Eastern Time | ||||||||
Record Date | March | |||||||
Voting | Stockholders as of the record date are entitled to vote. Each share of our common stock is entitled to one vote for each director nominee and one vote for each of the proposals to be voted on. | |||||||
Attendance | All stockholders as of the record date and their duly appointed proxies may attend the meeting. |
Board Structure and Independence | Shareholder Rights and Accountability | Best Practices | ||||||||||||
•90% Independent Directors •30% Gender/Racial Diversity •Separate Chairman and CEO •Lead Independent Director •Regular Executive Sessions of Independent Directors •All Committees Comprised Entirely of Independent Directors •Committees Can Engage Independent Advisors •Annual Board and Committee Self-Evaluations | •10-Year Director Tenure Limit* •Annual Election of Directors* •Majority Voting with Director Resignation Policy in Uncontested Elections* •Annual CEO Performance and Compensation Evaluation by Independent Directors •Annual Election of Chairman and Lead Independent Director •Clawback Policy •No "Poison Pill" (Shareholder Rights Plan) •No Dual-Class Stock | •Active Stockholder Engagement •CEO and Management Succession Planning •Robust Stock Ownership Guidelines for Directors and Executives •Limits on Director Overboarding •New Director Orientation and Ongoing Director Education •Oversight of Strategy and Risk by Board and Committees •No CIC Tax Gross Ups or Single Trigger Equity Vesting* •No Hedging or Pledging Policy •No Employment Agreements with Executive Officers | ||||||||||||
*See below. |
Proposal | Board Vote Recommendation | Page Reference (for more detail) | |
1 | Election of three Class II directors | FOR EACH NOMINEE | 4 |
2 | Advisory vote on the compensation of our named executive officers | FOR | 22 |
3 | Ratification of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2018 | FOR | 63 |
Nominee | Age | Director Since | Principal Occupation | Committee(s) | ||||
Jan A. Bertsch | 61 | 2013 | • Chief Financial Officer, Owens-Illinois, Inc. • Former Executive Vice President and Chief Financial Officer, Sigma-Aldrich Corporation • Former Vice President and Principal Accounting Officer, Borg Warner, Inc. | • Audit and Finance — Chair • Compensation | ||||
James M. Jaska | 67 | 2016 | • President, Valiant Integrated Services LLC • Former Director, President, Government for AECOM (formerly AECOM Technology Corporation) • Former President, Chief Financial Officer and Treasurer, Tetra Tech, Inc. | • Governance — Chair • Safety and Security | ||||
Kenneth J. Krieg | 57 | 2016 | • Founder and Principal, Samford Global Strategies • Former Under Secretary of Defense for Acquisition, Technology and Logistics, as well as a variety of other roles with the Department of Defense | • Compensation • Governance |
2022 PROXY STATEMENT SUMMARY |
Director Retirement | ||
•In October 2021, John A. Fees, our Non-Executive Chairman of the Board of Directors, notified the Board of his intent to retire at the conclusion of his current term at the Annual Meeting, concluding nearly 43 years with the Company. The Board will elect a new chairman on or before the date of the Annual Meeting. |
2022 PROXY STATEMENT SUMMARY |
Members | Independence | Meetings | ||||
Board of Directors | 11 | 82% | 9 | |||
Audit and Finance Committee | 4 | 100% | 5 | |||
Compensation Committee | 4 | 100% | 6 | |||
Governance Committee | 5 | 100% | 5 | |||
Safety and Security Committee | 4 | 100% | 5 |
* Please refer to Appendix A, "Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results," for a reconciliation of adjusted results, including adjusted operating income and adjusted earnings per share, to reported |
(1) | Measured by dividing (i) the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the applicable share price at the end and the beginning of the measurement period by (ii) the share price at the beginning of the measurement period. |
Proposal | Board Vote Recommendation | Page Reference | |||||||||
1 | Election of nine director nominees to one-year terms | FOR | 5 | ||||||||
EACH NOMINEE | |||||||||||
2 | Advisory vote on the compensation of our named executive officers | FOR | 20 | ||||||||
3 | Ratification of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022 | FOR | 57 |
2022 PROXY STATEMENT SUMMARY |
Director Nominee | Age | Director Since | Principal Occupation | Committee(s) | ||||||||||||||||||||||
Jan A. Bertsch | 65 | 2013 | •Former Chief Financial Officer, Owens-Illinois, Inc. • Former Executive Vice President and Chief Financial Officer, Sigma-Aldrich Corporation • Former Vice President and Principal Accounting Officer, Borg Warner, Inc. | • Audit and Finance, Chair • Compensation | ||||||||||||||||||||||
Gerhard F. Burbach | 60 | 2018 | •Former President, Chief Executive Officer and Director of Thoratec Corporation • Former leadership roles with Digirad Corporation, Philips Medical Systems, ADAC Laboratories, McKinsey & Company and CitiCorp | • Compensation | ||||||||||||||||||||||
Rex D. Geveden | 61 | 2017 | •President and Chief Executive Officer since 2017 •Former Chief Operating Officer from October 2015 to December 2016 •Former Associate Administrator of NASA | • None | ||||||||||||||||||||||
James M. Jaska | 71 | 2016 | •Chief Executive Officer, Versar, Inc. • Former President, Valiant Integrated Services LLC • Former President, Government for AECOM (formerly AECOM Technology Corporation) • Former Director, President, Chief Financial Officer and Treasurer, Tetra Tech, Inc. | • Governance, Chair | ||||||||||||||||||||||
Kenneth J. Krieg | 61 | 2016 | •Founder and Principal, Samford Global Strategies • Former Under Secretary of Defense for Acquisition, Technology and Logistics, as well as a variety of other roles with the Department of Defense | • None | ||||||||||||||||||||||
Leland D. Melvin | 58 | 2019 | •Former astronaut serving twice on space shuttle Atlantis as a mission specialist in support of the International Space Station •Former NASA associate administrator for education | • Governance | ||||||||||||||||||||||
Robert L. Nardelli | 73 | 2014 | •Founder and CEO of XLR-8, LLC •Former Senior Advisor to founder of Cerberus Capital Management, L.P. •Former Chairman and CEO of Chrysler LLC •Former Chairman, President and CEO of The Home Depot, Inc. | • Audit and Finance • Governance | ||||||||||||||||||||||
Barbara A. Niland | 63 | 2016 | •Former Corporate Vice President and Chief Financial Officer of Huntington Ingalls Industries, Inc. ("HII"), a Fortune 500 shipbuilding company for the U.S. Navy and Coast Guard •Over 30 year career with Northrop Grumman in roles of increasing responsibility, including the spin-off of HII in 2011 | • Audit and Finance • Compensation, Chair | ||||||||||||||||||||||
John M. Richardson | 62 | 2020 | •Former Chief of Naval Operations for the U.S. Navy • Over 37 years of service in the U.S. Navy with service as Director of the Naval Nuclear Propulsion Program and command of the USS Honolulu nuclear submarine | • Audit and Finance • Compensation |
Our Board recommends that you vote "FOR" each of the director nominees. |
2022 PROXY STATEMENT SUMMARY |
Our Board recommends that you vote "FOR" the compensation of our Named Executive Officers on an advisory basis. |
Service | 2021 | 2020 | ||||||||||||||||||
Audit | $ | 2,657,595 | $ | 2,549,954 | ||||||||||||||||
Audit-Related | 37,429 | 124,800 | ||||||||||||||||||
Tax | 110,250 | 105,000 | ||||||||||||||||||
All Other | 2,695 | 2,695 | ||||||||||||||||||
Total | $ | 2,807,969 | $ | 2,782,449 |
Service | 2017 | 2016 | ||||||||
Audit | $ | 2,636,000 | $ | 2,386,185 | ||||||
Audit-Related | — | — | ||||||||
Tax | 40,400 | 40,000 | ||||||||
All Other | 2,695 | 2,600 | ||||||||
Total | $ | 2,679,095 | $ | 2,428,785 |
Our Board recommends that you vote "FOR" the ratification of Deloitte as our independent registered public accounting firm for the year ending December 31, 2022. |
Proxy Statement for the 2022 Annual Meeting of Stockholders | to be held on May 3, 2022 |
VOTING INFORMATION |
VOTING INFORMATION |
Proposal | Description | Board's Voting Recommendation | ||||||
1 | Election of nine director nominees to one-year terms | FOR EACH NOMINEE | ||||||
2 | Advisory vote on the compensation of our named executive officers | FOR | ||||||
3 | Ratification of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022 | FOR |
VOTING INFORMATION |
PROPOSAL 1: ELECTION OF DIRECTORS |
10-Year Director Tenure Limit | ||
In 2015, our Board adopted a 10-year director tenure policy that provides that (1) no person may be nominated to serve on the Board if they have more than 10 years of service prior to the date of such election and (2) a director is deemed to resign and retire at the next annual meeting of stockholders following the term in which 10 years of service is attained. See "10-Year Director Tenure Limit" under Corporate Governance — Board Function, Leadership and Executive Sessions below. |
Director Nominee | Director Since | |||||
Jan A. Bertsch | ||||||
Gerhard F. Burbach | 2018 | |||||
James M. Jaska | ||||||
Kenneth J. Krieg | ||||||
2019 | ||||||
Robert L. Nardelli | ||||||
Barbara A. Niland | ||||||
John M. Richardson | 2020 | |||||
Competency / Experience | Geveden | Bertsch | Fees | Goldman | Jaska | Krieg | LeMasters | Mies | Nardelli | Niland | Pryor |
Executive / Operating | ò | ò | ò | ò | ò | õ | ò | ò | ò | ò | ò |
Government, Nuclear or Manufacturing Industry | ò | ò | ò | õ | ò | ò | ò | ò | ò | õ | ò |
Financial / Strategic / M&A | ò | ò | õ | ò | ò | ò | õ | õ | ò | ò | ò |
Technology / Scientific | ò | õ | õ | ò | ò | ||||||
Risk / Crisis Management | ò | ò | õ | ò | õ | õ | ò | õ | ò | ò | |
Safety and Environmental | ò | ò | õ | õ | ò | õ | õ | ||||
Security and Information Technology | ò | ò | ò | õ | ò | õ | õ | õ | õ | õ | |
Governance / Business Conduct | õ | õ | ò | ò | ò | ò | ò | ò | ò | õ | õ |
International | ò | ò | õ | ò | ò | ò | õ | õ | õ | ò | |
Other Current Public Company Boards | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 |
ò= Competency; õ= Experience |
Expertise / Experience | Bertsch | Burbach | Fees* | Geveden | Jaska | Krieg | Melvin | Nardelli | Niland | Richardson | ||||||||||||||||||||||
Executive / Operating | ● | ● | ● | ● | ● | ● | ● | ● | ● | |||||||||||||||||||||||
Government, Nuclear or Manufacturing Industry | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | ||||||||||||||||||||||
Financial / Strategic / M&A | ● | ● | ● | ● | ● | ● | ● | ● | ||||||||||||||||||||||||
Technology / Scientific | ● | ● | ● | ● | ● | ● | ● | ○ | ● | |||||||||||||||||||||||
Risk Management | ● | ● | ● | ● | ● | ○ | ● | ● | ● | ● | ||||||||||||||||||||||
Healthcare / FDA Regulatory | ● | ○ | ||||||||||||||||||||||||||||||
Aerospace Industry | ● | ● | ● | ● | ||||||||||||||||||||||||||||
Safety and Environmental | ● | ● | ● | ● | ○ | ● | ||||||||||||||||||||||||||
Public Company CEO Experience | ● | ● | ● | ● | ||||||||||||||||||||||||||||
Security and Information Technology | ● | ● | ● | ● | ● | ○ | ● | ○ | ○ | ● | ||||||||||||||||||||||
Governance | ● | ● | ● | ● | ● | ● | ● | ● | ● | |||||||||||||||||||||||
International | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | ||||||||||||||||||||||
Other Current Public Company Boards | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 2 | 0 | 2 | ||||||||||||||||||||||
● Expertise ○ Experience | ||||||||||||||||||||||||||||||||
* As discussed below, Mr. Fees is retiring and will not be standing for re-election at the Annual Meeting. |
PROPOSAL 1: ELECTION OF DIRECTORS |
•Leland D. Melvin | |||||
•Gerhard F. Burbach | |||||
•Rex D. Geveden | •Barbara A. Niland | ||||
•James M. Jaska | •John M. Richardson | ||||
•Kenneth J. Krieg |
Professional Experience | |||||||||||||||
•Ms. Bertsch, age 65, served as Chief Financial Officer of Owens-Illinois, Inc., a Fortune 500 manufacturer of glass and packaging products, from November 2015 to April 2019. •Previously, Ms. Bertsch served as the Executive Vice President and Chief Financial Officer of Sigma-Aldrich Corporation, a leading life science and high technology company, from March 2012 to November 2015. •Before joining Sigma-Aldrich, Ms. Bertsch served as Vice President, Controller and Principal Accounting Officer of Borg Warner, Inc., from August 2011 to February 2012 and as Vice President and Treasurer from December 2009 to July 2011. •Prior to that, Ms. Bertsch spent several years as Senior Vice President, Treasurer and Chief Information Officer for Chrysler Group, LLC, and Chrysler LLC, where she worked proactively with a number of constituents to determine a solution to Chrysler’s long-term viability. •Ms. Bertsch has served on the Boards of Directors of Meritor, Inc. since September 2016, and Regal Rexnord Corporation (formerly known as Regal Beloit Corporation) since June 2019. | |||||||||||||||
Jan A. Bertsch Independent Director Director since 2013 Committees: – Audit and Finance (Chair) – Compensation | |||||||||||||||
Skills and Qualifications | |||||||||||||||
•Ms. Bertsch has held numerous advisory roles in the academic, technological, and major manufacturing industries. With | |||||||||||||||
Professional Experience | |||||||||||||||
•Prior to that, he held executive leadership positions at Digirad Corporation, Philips Medical Systems, ADAC Laboratories, McKinsey & Company and CitiCorp. •Mr. •Mr. Burbach serves on the board of directors of Fluidigm Corporation, a public company manufacturing and marketing innovative technologies for life sciences research, and is chairman of the board of directors of Procyrion Inc., a private medical device company focused on the treatment of chronic heart failure. He also serves on the boards of Artelon, a private biomaterial developer used for tendon and ligament reconstruction, and Vascular Dynamics, Inc., a private medical device company developing innovative solutions for heart failure and hypertension. | |||||||||||||||
Gerhard F. Burbach Independent Director Director since 2018 Committee: – Compensation | |||||||||||||||
Skills and Qualifications | |||||||||||||||
•Mr. Burbach's leadership background with | |||||||||||||||
PROPOSAL 1: ELECTION OF DIRECTORS |
Professional | |||||||||||||||||
• Previously, Mr. Geveden was Executive Vice President at Teledyne Technologies Incorporated ("Teledyne"), a provider of electronic subsystems and instrumentation for aerospace, defense and other uses. There he led two of Teledyne's four operating segments since 2013, and concurrently served as President of Teledyne DALSA, Inc., a Teledyne subsidiary, since 2014. Mr. Geveden also served as President and Chief Executive Officer of Teledyne Scientific and Imaging, LLC (2011 to 2013) and President of both Teledyne Brown Engineering, Inc. and Teledyne's Engineered Systems Segment (2007 to 2011). | • Mr. Geveden is a former Associate Administrator of the National Aeronautics and Space Administration ("NASA"), where he was responsible for all technical operations within the agency's $16 billion portfolio and served in various other positions with NASA in a career spanning 17 years.• Mr. Geveden | ||||||||||||||
Rex D. Geveden President, Chief Executive Officer and Director Director since 2017 | |||||||||||||||
Skills and Qualifications | |||||||||||||||
•Mr. Geveden has broad leadership and | |||||||||||||||
Professional Experience | ||||||||||||||
•Previously, Mr. •Mr. Jaska also held several positions with Tetra Tech, Inc., a global provider of professional technical services in engineering, applied sciences, resource management and infrastructure, including President and Director (2003-2004), President, Chief Financial Officer and Treasurer (2001-2003), Executive Vice President, Chief Financial Officer and Treasurer (2000-2001) and as Vice President, Chief Financial Officer and Treasurer (1994-2000). •Mr. Jaska has •He holds a | ||||||||||||||
James M. Jaska Independent Director Director since 2016 Committee: – Governance (Chair) | ||||||||||||||
Skills and Qualifications | ||||||||||||||
•Mr. Jaska's leadership background with large technology and government services operations provides our Board with a key external perspective on our operations, customers and other stakeholders relevant to our businesses. | ||||||||||||||
Professional | ||||||||||||||
•Mr. Krieg, age 61, has served as the founder and Principal of Samford Global Strategies, a consulting practice focused on helping clients lead and manage through periods of strategic change, since 2007. •Previously, Mr. Krieg served as the Under Secretary of Defense for Acquisition, Technology and Logistics from June 2005 to July 2007, in which role he was responsible for advising the Secretary of Defense on all matters relating to the Department of Defense acquisition system, research and development, advanced technology, developmental test and evaluation, production, logistics, installation management, military construction, procurement, environmental security, nuclear, chemical and biological matters. •Mr. Krieg has also served in a variety of U.S. Department of Defense roles, including as Special Assistant to the Secretary and Director for Program Analysis & Evaluation and Executive Secretary of the Senior Executive Council, and served as Vice President and General Manager of International Paper Realty Inc. •Mr. Krieg also worked in a number of defense and foreign policy assignments in Washington, DC, including positions at the White House, on the National Security Council Staff, and in the Office of the Secretary of Defense. •He served on the Board of Directors of Tempus Applied Solutions Holdings, Inc. from April 2014 to November 2016, and on the Board of Directors of API Technologies, Inc. from August 2011 to April 2016. | ||||||||||||||
Kenneth J. Krieg Lead Independent Director Director since 2016 Committees: – Ex officio member of each Committee | ||||||||||||||
Skills and Qualifications | ||||||||||||||
•Mr. Krieg has significant experience overseeing major research, development and procurement programs for the U.S. Department of Defense. His background provides our Board of Directors with valuable insight into acquisition priorities and considerations of the U.S. Government, our single largest customer. | ||||||||||||||
PROPOSAL 1: ELECTION OF DIRECTORS |
Professional Experience | ||||||||||||||
•Mr. Melvin, age 58, had a 24-year career with NASA as an astronaut and research scientist, including serving as mission specialist on two Space Shuttle Atlantis missions to the International Space Station. •In addition, he served as a NASA Associate Administrator for Education for over four years and served as co-chair of the White House's Federal Coordination in STEM Education Task Force to develop education plans for STEM. •Mr. Melvin served as a U.S. representative to the International Space Education Board, a global collaboration on space education among a number of government space agencies. •He is a director of Star Harbor Space Training Academy, an immersive space training academy, and Trustee Emeritus of the University of Richmond Board of Trustees. •Mr. Melvin received a B.S. in chemistry from the University of Richmond and an M.S. in materials science engineering from the University of Virginia. | ||||||||||||||
Leland D. Melvin Independent Director Director since 2019 Committee: – Governance | ||||||||||||||
Skills and Qualifications | ||||||||||||||
•Mr. Melvin has 24 years of experience with NASA with extensive technical expertise in space exploration as both an astronaut and research scientist. This experience provides an external perspective and insight into the strategy, development, operations and stakeholders for our space propulsion and related programs. | ||||||||||||||
Professional Experience | |||||||||||||||
•Mr. Nardelli, age 73, is the Founder and CEO of XLR-8, LLC, an investment and consulting company, which he formed in 2012. • He has also served as a Senior Advisor at Emigrant Savings Bank since August 2015, and formerly served as Senior Advisor to the founder of Cerberus Capital Management, L.P. (“Cerberus”), a private equity firm, and held several senior positions with Cerberus and Cerberus Operations and Advisory Company, LLC from 2007 to August 2015. | • Mr. Nardelli served as Chairman and CEO of Chrysler LLC from 2007 until 2009 and served as Chairman, President and CEO of The Home Depot, Inc. from 2000 to 2007.• Previously, Mr. Nardelli held several senior executive positions with General Electric Company.• Mr. Nardelli serves on the Boards of Accelerate Acquisition Corp. and Fathom Digital Manufacturing Corporation. He has served on the boards of directors of The Home Depot (2000-2007), The Coca-Cola Company (2002-2005), Chrysler LLC (2007-2009) and Pep Boys – Manny, Moe and Jack | ||||||||||||||
Robert L. Nardelli Independent Director Director since 2014 | |||||||||||||||
Committees: – Audit and Finance | |||||||||||||||
Skills and | |||||||||||||||
•Mr. Nardelli has over 40 years of global operating and financial experience, including with large publicly traded manufacturing companies. This experience combined with his past service on the boards of directors of several other publicly traded companies provides a meaningful perspective to our Board. | |||||||||||||||
Professional Experience | |||||||||||||||
•Ms. Niland, | |||||||||||||||
• Previously at Northrop Grumman, Ms. Niland served in a variety of roles of increasing responsibility over a career spanning over | • Ms. Niland holds a master's degree from the University of Maryland University College and a bachelor's degree from Towson University. | ||||||||||||||
Barbara A. Niland Independent Director Director since 2016 | |||||||||||||||
Committees: – Audit and Finance – Compensation (Chair) | Skills and Qualifications | ||||||||||||||
• | |||||||||||||||
PROPOSAL 1: ELECTION OF DIRECTORS |
• • •Admiral Richardson serves on the Board of Directors of | |||||||||||||||||
John M. Richardson Independent Director Director since 2020 Committees: – Compensation | |||||||||||||||||
Skills and Qualifications | |||||||||||||||||
•Admiral Richardson brings extensive expertise in nuclear, safety, regulation, operations management and oversight of complex, high-risk systems, as well as extensive national security experience. His unique understanding of the U.S. government, our single largest customer, and his service on other public company boards of directors provide valuable perspectives on our business and industry. | |||||||||||||||||
RECOMMENDATION AND VOTE REQUIRED Our Board recommends that stockholders vote “FOR” each of the director nominees. The proxy holders will vote all proxies received "FOR" each of the director nominees unless instructed otherwise. Approval of this proposal requires that the number of votes cast "FOR" exceeds the number of votes cast "AGAINST" at the Annual Meeting. Abstentions and broker non-votes with respect to the election of directors will have no effect on the outcome and do not count as votes cast. Under our Bylaws, in the event of a contested election, the director nominees will be elected by the affirmative vote of a plurality of the votes cast by the shares of our common stock entitled to vote in the election of directors at the Annual Meeting. |
Professional Experience | ||||||||||||||
•Mr. •Previously, he served as our Non-Executive Chairman from July 2010 to May 2015. •From October 2008 to July 2010, he was Chief Executive Officer and a director of our former parent company, McDermott International, Inc. ("McDermott"), where he led the company and McDermott’s board •Prior to becoming McDermott’s Chief Executive Officer in 2008, Mr. Fees led a distinguished career at BWXT for over 31 years. During his time with BWXT, Mr. Fees held numerous management and •Mr. | ||||||||||||||
Non-Executive Chairman Director since 2010 | |||||||||||||||
Skills and Qualifications | |||||||||||||||
•Mr. Fees has critical expertise in government businesses, management of international businesses, development of technology, and nuclear technology. He served as the Chief Executive Officer and director of McDermott, our former parent company, and maintains key relationships important to our business. He has led initiatives to acquire key assets for the | |||||||||||||||
CORPORATE GOVERNANCE |
• Jan A. Bertsch | • | |||||||||||||
• Robert L. Nardelli | ||||||||||||||
• | •Kenneth J. Krieg | • Barbara A. Niland | ||||||||||||
• | • | |||||||||||||
•John M. Richardson |
CORPORATE GOVERNANCE |
CORPORATE GOVERNANCE |
Stockholder Feedback and Actions Taken in 2021 In 2021, we received stockholder feedback regarding our first sustainability report published in February 2021 and have enhanced our disclosure regarding ethics and compliance reporting, supply chain oversight and the positive impact of our products and services, in our second sustainability report in February 2022, which is available on our website. |
Audit and Finance Committee | 2021 Meetings: 4 | |||||||||||||||
Jan Bertsch (Chair), Robert Nardelli, Barbara Niland and John Richardson | 100% Independent | |||||||||||||||
Our Audit and Finance Committee’s role is financial and risk oversight. The Audit and Finance Committee is •Appoint, retain and •Monitor the effectiveness of our financial reporting processes and disclosure and internal controls; •Review our audited financial statements with management and •Review and evaluate the scope and performance of •Review our Our Board has determined that (i) Mses. Bertsch and Niland and | ||||||||||||||||
For more information on the Audit and Finance Committee, see "Audit and Finance Committee Report" and "Proposal 3: Ratification of Auditors" below. |
CORPORATE GOVERNANCE |
Compensation Committee | 2021 Meetings: 5 | |||||||||||||||
Barbara Niland (Chair), Jan Bertsch, Gerhard Burbach and John Richardson | 100% Independent | |||||||||||||||
The Compensation Committee has overall responsibility for our executive and non-employee director compensation plans, policies and programs. The Compensation Committee also oversees the annual evaluation of our Committee, and makes compensation recommendations to the independent directors of the Board. The Compensation Committee regularly reviews the design of our significant compensation programs with the assistance of its compensation consultant. | ||||||||||||||||
The Compensation Committee administers our Executive Incentive Compensation Plan (the “EICP”), under which it awards annual cash-based incentive compensation to our officers based on the attainment of annual performance goals. Our Compensation Committee approves, among other things, the target EICP compensation, as well as the financial and safety goals for each officer. The Committee The Board has determined that each member of the Compensation Committee is | ||||||||||||||||
Executive Compensation Consultant The Compensation Committee has the authority to retain, terminate, compensate and oversee any compensation consultant ("Compensation Consultant") or other advisors to assist the committee in the discharge of its responsibilities. •advice and analysis on the design, structure and level of executive and director •review of market survey and proxy compensation data for benchmarking; •advice on external market factors and evolving compensation trends; and •assistance with regulatory compliance and changes regarding compensation matters. |
Compensation Committee | ||||||||||||||||
Governance Committee | 2021 Meetings: 4 | |||||||||||||||
James Jaska (Chair), Leland Melvin and Robert Nardelli | 100% Independent | |||||||||||||||
•establish and assess director qualifications; •review the composition of the Board and recommend director nominees for •lead the Board's oversight of ESG issues within the Company, including diversity and •oversee the annual •evaluate director orientation and director education programs; and •monitor governance and cybersecurity risks. This committee will consider individuals recommended by stockholders for nomination as directors in accordance with the procedures described under “Stockholders’ Proposals.” | ||||||||||||||||
Our Governance Committee is responsible for assessing the qualifications, skills and characteristics of candidates for election to the Board. In making this assessment, the Governance Committee generally considers a number of factors, including each candidate’s: • professional and personal experiences and expertise in relation to • integrity and ethics in his/her personal and professional life;•professional accomplishments in his/her field; •personal, financial or professional interests in any competitor, customer or supplier of ours; •preparedness to participate fully in Board activities, including active membership on at least one Board committee and attendance at, and active participation in, meetings of the Board and the committee(s) of which he or she is a member, and any other personal or professional commitments that would, in the Governance Committee’s sole judgment, interfere with or limit his or her ability to do so; •willingness to apply for and ability to obtain and retain an appropriate U.S. Department of Defense or U.S. Department of Energy security clearance; and •ability to contribute positively to the Board and any of its committees. | ||||||||||||||||
The Board recognizes the benefits of a The Governance Committee solicits ideas for possible candidates from a number of sources — including members of the Board, our Chief Executive Officer and other senior level executive officers, individuals personally known to the members of the Board and independent director candidate search firms. In addition, any stockholder may nominate one or more persons for election as one of our directors at an annual meeting of stockholders if the stockholder complies with the notice, information and consent provisions contained in our Bylaws. See “Stockholders’ Proposals” in this proxy statement and our Bylaws, which may be found on our website at www.bwxt.com at “Investors — Corporate Governance.” The Governance Committee will evaluate properly identified candidates, including nominees recommended by stockholders. The Governance Committee also takes into account the contributions of incumbent directors as Board members and the benefits to us arising from the experience of incumbent directors on the Board. Although the Governance Committee will consider candidates identified by stockholders, the Governance Committee has sole discretion whether to recommend those candidates to the Board. |
COMPENSATION OF DIRECTORS |
Name of Non-Employee Director | Fees Earned or Paid in Cash (1) | Stock Awards (2) | All Other Compensation (3) | Total | ||||||||||||||||||||||||||||||||||
Jan A. Bertsch | $ | 115,000 | $ | 129,959 | $ | — | $ | 244,959 | ||||||||||||||||||||||||||||||
Gerhard F. Burbach | 90,000 | 129,959 | — | 219,959 | ||||||||||||||||||||||||||||||||||
John A. Fees | 190,000 | 129,959 | — | 319,959 | ||||||||||||||||||||||||||||||||||
James A. Jaska | 105,000 | 129,959 | — | 234,959 | ||||||||||||||||||||||||||||||||||
Kenneth J. Krieg | 115,000 | 129,959 | — | 244,959 | ||||||||||||||||||||||||||||||||||
Leland D. Melvin | 90,000 | 129,959 | — | 219,959 | ||||||||||||||||||||||||||||||||||
Robert L. Nardelli | 90,000 | 129,959 | — | 219,959 | ||||||||||||||||||||||||||||||||||
Barbara A. Niland | 108,750 | 129,959 | — | 238,709 | ||||||||||||||||||||||||||||||||||
John M. Richardson | 90,000 | 129,959 | — | 219,959 |
Name of Non-Employee Director | Fees Earned or Paid in Cash (1) | Stock Awards (2) | All Other Compensation (3) | Total | ||||||||||||||||
Jan A. Bertsch | $ | 110,000 | $ | 119,968 | $ | 6,431 | $ | 236,399 | ||||||||||||
Robert W. Goldman | 130,000 | 119,968 | — | 249,968 | ||||||||||||||||
James A. Jaska | 90,000 | 119,968 | 1,790 | 211,758 | ||||||||||||||||
Kenneth J. Krieg | 90,000 | 119,968 | 1,790 | 211,758 | ||||||||||||||||
Robb A. LeMasters | 90,000 | 119,968 | 4,442 | 214,410 | ||||||||||||||||
Richard W. Mies | 105,000 | 119,968 | 13,316 | 238,284 | ||||||||||||||||
Robert L. Nardelli | 90,000 | 119,968 | 6,431 | 216,399 | ||||||||||||||||
Barbara A. Niland | 90,000 | 119,968 | — | 209,968 | ||||||||||||||||
Charles W. Pryor, Jr. | 105,000 | 119,968 | 2,346 | 227,314 |
Annual Director Compensation (All amounts in cash, except stock award) | Amount | |||||||||||||
Retainer for Non-Employee Directors | $ | 90,000 | ||||||||||||
Stock Award for Non-Employee Directors | 130,000 | |||||||||||||
Non-Executive Chairman | 100,000 | |||||||||||||
Lead Independent Director | 25,000 | |||||||||||||
Chair of the Audit and Finance Committee | 25,000 | |||||||||||||
Chair of the Compensation Committee | 20,000 | |||||||||||||
Chair of the Governance Committee | 15,000 |
COMPENSATION OF DIRECTORS |
NAMED EXECUTIVE PROFILES |
Professional Experience | Tenure with BWXT: 7 years | ||||||||||||||
• Mr. Geveden, • Previously, Mr. Geveden was Executive Vice President at Teledyne Technologies Incorporated ("Teledyne"), a provider of electronic subsystems and instrumentation for aerospace, defense and other uses. There he led two of Teledyne's four operating segments since 2013, and concurrently served as President of Teledyne DALSA, Inc., a Teledyne subsidiary, since 2014. Mr. Geveden also served as President and Chief Executive Officer of Teledyne Scientific and Imaging, LLC (2011 to 2013) and President of both Teledyne Brown Engineering, Inc. and Teledyne's Engineered Systems Segment (2007 to 2011). | • Mr. Geveden is a former Associate Administrator of NASA, where he was responsible for all technical operations within the agency's $16 billion portfolio and served in various other positions with NASA in a career spanning 17 years.•He received his bachelor and masters in physics from Murray State University. • Mr. Geveden | ||||||||||||||
Rex D. Geveden President, Chief Executive Officer and Director | |||||||||||||||
Professional Experience | Tenure with BWXT: 2 years | ||||||||||||||
• Mr. • •Mr. LeMasters earned a bachelor of science from the University of Pennsylvania and | |||||||||||||||
Robb A. LeMasters Senior Vice President and Chief Financial Officer | |||||||||||||||
Professional Experience | Tenure with BWXT: 4 years | |||||||||||||
• Mr. | ||||||||||||||
Senior Vice President, General Counsel, Chief Compliance Officer and •Prior to joining BWXT, Mr. McCabe served as Executive Vice President, General Counsel, Chief Compliance Officer and Secretary (or similar roles) of Orbital ATK, Inc. (and its predecessor, Orbital Sciences Corporation) from 2014 to 2018. •He served as Senior Vice President, General Counsel and Secretary of Alion Science and Technology Corp., an advanced engineering and technology solutions provider, from 2010 to 2014. From 2008 to 2010, he was Executive Vice President and General Counsel, and President of the federal business, of Braintech, Inc., an automated vision systems for industrial and military robots. •Previously, Mr. McCabe held legal roles with XM Satellite Radio, COBIS Corporation and what is now AT&T Government Solutions, and was CEO and a member of the board of directors of COBIS Corporation (and its predecessor, MicroBanx). •Earlier in his career, Mr. McCabe was an attorney in private practice. •Mr. McCabe has a bachelor’s degree from Georgetown University and a juris doctorate and masters of business administration from the University of Notre Dame. | ||||||||||||||
Thomas E. McCabe Senior Vice President, General Counsel, Chief Compliance Officer and Secretary | ||||||||||||||
Professional Experience | Tenure with BWXT: 16 years | ||||||||||||||
• Mr. • Mr. • | •Mr. Duling has a bachelor of science degree in biophysical systems/chemistry from Northern Michigan University, a graduate certificate in applied nuclear energy from Idaho State University and | ||||||||||||||
Joel W. Duling President, BWXT Nuclear Operations Group, Inc. | |||||||||||||||
PROPOSAL 2: ADVISORY VOTE ON EXECUTIVE COMPENSATION |
Professional Experience | Tenure with BWXT: 6 years | |||||||||||||
•Mr. Loving, age 66, was appointed our Senior Vice President and Chief Administrative Officer in January 2020. Prior to that, he served as our Senior Vice President, Human Resources, since July 2016. •Prior to joining BWXT, Mr. Loving served for 8 years with McDermott, most recently as Senior Director, International Human Resources, responsible for the global delivery of human resources programs and services. •Mr. Loving also served as Senior Director, Human Resources for the Middle East, India and Caspian regions for J. Ray McDermott, S.A. Dubai, U.A.E. and as McDermott's Global Director of Human Resources Business Services. •Prior to joining McDermott, Mr. Loving held numerous management positions at BWXT for over 29 years when it was a McDermott subsidiary. | ||||||||||||||
Richard W. Loving Senior Vice President and Chief Administrative Officer | ||||||||||||||
In accordance with Section 14A of the It is our belief that our ability to hire, retain and motivate employees is essential to the success of the | ||
Accordingly, we submit the following resolution to stockholders at the Annual Meeting: RESOLVED, that the stockholders of BWX Technologies, Inc. approve, on an advisory basis, the compensation of executives, as such compensation is disclosed pursuant to Item 402 of Regulation S-K in this proxy statement under the sections entitled “Compensation Discussion and Analysis” and “Compensation of Executive Officers.” | ||
EFFECT OF PROPOSAL | ||
Although the resolution to approve our executive compensation is non-binding, it serves as an opportunity for us, our Board and Compensation Committee to gain valuable stockholder feedback on our executive compensation decisions and practices. Even in years when the resolution is approved, the Board and Compensation Committee retain discretion to change executive compensation from time to time if they conclude that such a change would be in the best interests of the Company and its stockholders. Our Board and | ||
RECOMMENDATION AND VOTE REQUIRED Our Board recommends that stockholders vote “FOR” the approval of executive compensation. The proxy holders will vote all proxies received |
COMPENSATION COMMITTEE REPORT |
* Please refer to Appendix A, "Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results," for a reconciliation of adjusted results, including adjusted operating income and adjusted earnings per share, to reported |
(1) | Measured by dividing (i) the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the applicable share price at the end and the beginning of the measurement period by (ii) the share price at the beginning of the measurement period. |
COMPENSATION DISCUSSION AND ANALYSIS |
WHAT WE DO: | WHAT WE DON’T DO: | ||||
ü Pay for Performance. Significant emphasis on ü Compensation ü Benchmarking to Similarly Sized Companies. We avoid benchmarking executive pay to oversized peers by utilizing data that is revenue regressed to account for our ü Clawbacks. We can recover compensation under our annual and long-term incentive plans in ü “Double Trigger” ü Limited ü Stock Ownership Requirements. We maintain robust requirements for our ü Independent Compensation Consultant. | X No Hedging or Pledging. We do not permit hedging or pledging of our securities by our X No Excise Tax Gross-ups. There are no tax gross-ups on change-in-control benefits. X No Employment Agreements for our Executive Officers. X No Excessive Risk-Taking in X No |
COMPENSATION COMMITTEE REPORT |
2021 Executive Compensation Plan Design Overview | ||||||||
Pay Philosophy | Base salary, annual incentive and long-term incentive compensation designed to attract and retain leadership talent and incent a strong focus on operating results and alignment with stockholder interests | |||||||
Annual Incentive Program | 90% financial performance (75% operating income and 15% operating cash flow) and 10% individual performance (including 3% for safety) weighting of the total award opportunity | |||||||
Long-Term Incentive Program | Performance RSUs comprise 60% of long-term incentive award opportunity (40% time-based RSUs) with 50% earnings per share and 50% return on invested capital performance metrics to align incentives with strategic initiatives to drive growth and promote efficient capital management |
Financial Performance Metrics for Performance-Based RSUs | Financial Performance Metrics for Annual Incentive Awards | |||||||||||||
50% Earnings Per Share 50% Return on Invested Capital | 75% Operating Income 15% Operating Cash Flow | |||||||||||||
COMPENSATION DISCUSSION AND ANALYSIS |
Element | Description | Primary Design Objectives | ||||||
Base Salary | • Annual fixed cash compensation | • Attract and retain leadership talent•Compensate for role and responsibilities | ||||||
Annual Incentive | • • Financial performance metrics ◦ ◦ • Financial results determine payout multiplier• No | • Emphasize operating results by heavily weighting financial performance• Select financial performance metrics that align our short-term performance with • Align compensation with safety, which we view as a key component for the success of our business• Retain individual performance component to | ||||||
Long-Term Incentive | • Long-term incentive ◦ 40% restricted stock units with 3-year ratable vesting◦60% performance-based restricted stock units | • • Promote executive focus on long-term company performance• Utilize performance metrics that |
COMPENSATION COMMITTEE REPORT |
Program Elements Mitigating Risk | ||||||||
Reasonable and Balanced Compensation Program | Using the elements of total direct compensation, the Compensation Committee seeks to provide compensation opportunities for Named Executives targeted at or near the median compensation through benchmarking. As a result, we believe the total direct compensation of Named Executives provides reasonable compensation opportunities with an appropriate mix of cash and equity, annual and long-term incentives and performance metrics. | |||||||
Emphasis on Long-Term Incentive over Annual Incentive Compensation | Long-term incentive compensation typically makes up a larger percentage of a Named Executive’s target total direct compensation than annual incentive compensation. Incentive compensation helps drive performance and align the interests with those of stockholders. By tying a significant portion of total direct compensation to long-term incentives, typically over a three-year period, we promote longer-term perspectives regarding Company performance. | |||||||
Long-Term Incentive Compensation subject to Forfeiture for Bad Acts | The Compensation Committee may terminate any outstanding stock award if the recipient (i) is convicted of a misdemeanor involving fraud, dishonesty or moral turpitude or a felony, or (ii) engages in conduct that adversely affects or may reasonably be expected to adversely affect the business reputation or economic interests of the Company. | |||||||
Annual and Long-Term Incentive Compensation subject to Clawback | Incentive compensation awards include provisions allowing us to recover excess amounts paid to individuals who knowingly engaged in a fraud resulting in a restatement. | |||||||
Linear and Capped Incentive Compensation Payouts | The Compensation Committee establishes financial performance goals that are used to plot a linear payout formula for annual and long-term incentive compensation to avoid an over-emphasis on short-term decision making. The maximum payout for both the annual and long-term incentive compensation is capped at 200% percent of target. | |||||||
Use of Multiple and Appropriate Performance Metrics | We use multiple performance metrics to avoid having compensation opportunities overly weighted toward the performance result of a single measure. In general, our incentive programs are based on a mix of financial, safety and individual performance. | |||||||
Stock Ownership Guidelines | Our executive officers, including Named Executives, and directors are subject to stock ownership guidelines that help to promote longer-term perspectives and align the interests with those of our stockholders. |
COMPENSATION DISCUSSION AND ANALYSIS |
How Compensation Decisions Are Made | |||||
Compensation Committee's Role | • The Compensation Committee establishes the target total direct compensation of our executives and administers other benefit programs.• The • The | ||||
Compensation Planning | • •We engage with and solicit stockholder feedback regarding executive compensation, ESG and other matters, which are reported to the Board and Committees. • •The Compensation Committee reviews existing plan performance results • |
How Our Compensation Committee Sets Annual and Long-Term Incentive Performance Goals | |||||
Determining Financial Goals | • Our Compensation Committee strives to set financial performance goals that are rigorous enough to motivate our executives and our businesses to achieve meaningful increases over prior year results, but within reasonably obtainable parameters to discourage pursuit of excessively risky business strategies.• For our 2021 annual incentive plan, the committee set financial performance goals as follows:◦ Operating Income ◦ • The committee set our ◦ 3-Year Cumulative Earnings Per Share (50%): The target goal was set to align with the Company's strategic plan and to drive towards mid to high range of external analyst guidance.◦ Return on Invested Capital (50%): The target goal was established to be higher than the average return on invested capital of our compensation peer group and historical internal target performance. | ||||
Determining Safety Goals | • To promote rigor and continuous improvement in our safety goals, •There is no payout on a | ||||
Resources and Advisers to Our Compensation Committee | |||||
Independent Outside Consultant | • Provides the Compensation Committee with information and advice on the design, structure and level of executive and director compensation.• Attends Compensation Committee meetings, including executive sessions.• Engaged and directed by the Compensation Committee.• Works directly with our Compensation Committee on the compensation of our Named Executives, including our Chief Executive Officer.•Exequity served as executive compensation |
COMPENSATION COMMITTEE REPORT |
Management | • Our Human Resources department, in consultation with the Compensation Committee chair and • Our | ||||
Stockholder Outreach and Stockholder Vote on Executive Compensation | • We provide our stockholders with the opportunity to cast an annual advisory vote on the compensation of our Named Executives.• • Although our stockholders expressed strong support for our executive compensation proposals in the past three years, members of our management team have conducted and plan to continue to conduct outreach programs with our stockholders• Our Compensation Committee |
How We Set Target Compensation | |||||
Target +/-15% of Median Compensation | • We believe compensation of our Named Executives is competitive at or near the median compensation paid for comparable positions.• We generally seek to set target compensation for each element of total direct compensation and in the aggregate at approximately +/-15% of the median compensation determined through benchmarking (referred to as “median” or “median range” in this CD&A).• The Compensation Committee may adjust a Named Executive’s target compensation, including setting it outside the median range, for a variety of reasons, including:◦specific responsibilities; ◦ performance;◦ tenure;◦ experience;◦ succession planning;◦ internal equity; and◦ other factors or situations that are not typically captured by looking at standard market data.• Compensation actually earned by a Named Executive may be outside the median range targeted, depending on the reasons listed above, achievement of performance goals, fluctuations in our stock price and/or satisfaction of vesting conditions. | ||||
How We Benchmark Total Direct Compensation | |||||
PrimaryBenchmark: Custom Peer Group Proxy Data | • | ||||
• • |
COMPENSATION DISCUSSION AND ANALYSIS |
Secondary Benchmark: Willis Towers Watson General Industry Executive Compensation Survey | •In addition, the Compensation Committee reviewed a Willis Towers Watson survey as a secondary benchmark for reviewing Named Executive compensation. •Survey data includes all companies within Willis Towers Watson’s 2020 General Industry Executive Compensation Survey with a focus on companies with revenues between $1B and $3B. | ||||
Annual Review | •The Compensation Committee reviews each element of target compensation at the 25th, 50th (median) and 75th percentiles of the two benchmark groups to determine current positioning and whether any changes were warranted for 2021 target compensation. |
Named Executive | Annual Base Salary ($) | Annual Incentive ($) | Long-Term Incentive ($) | Target Total Direct Compensation ($) | ||||
Rex D. Geveden | 700,000 | 630,000 | 2,300,000 | 3,630,000 | ||||
David S. Black | 450,000 | 270,000 | 600,000 | 1,320,000 | ||||
John A. Fees | 600,000 | 450,000 | 1,250,000 | 2,300,000 | ||||
James D. Canafax | 510,000 | 306,000 | 750,000 | 1,566,000 | ||||
Joseph G. Henry | 470,000 | 282,000 | 500,000 | 1,252,000 |
Named Executive | Annual Base Salary ($) | Annual Incentive ($) | Long-Term Incentive ($) | Target Total Direct Compensation ($) | ||||||||||||||||||||||
Rex D. Geveden | 925,000 | 925,000 | 3,500,000 | 5,350,000 | ||||||||||||||||||||||
Robb A. LeMasters(1) | 455,000 | 250,250 | 440,000 | 1,145,250 | ||||||||||||||||||||||
Thomas E. McCabe | 545,000 | 354,250 | 600,000 | 1,499,250 | ||||||||||||||||||||||
Joel W. Duling | 500,000 | 325,000 | 600,000 | 1,425,000 | ||||||||||||||||||||||
Richard W. Loving | 420,000 | 231,000 | 450,000 | 1,101,000 | ||||||||||||||||||||||
David S. Black(2) | 515,000 | 360,500 | 700,000 | 1,575,500 | ||||||||||||||||||||||
Robert F. Smith(3) | 475,000 | 308,750 | 500,000 | 1,283,750 | ||||||||||||||||||||||
(1) Mr. LeMasters served and Senior Vice President and Chief Strategy Officer in 2021 until his appointment as Senior Vice President and CFO on November 15, 2021. His target total direct compensation was increased to $1,550,000, including $500,000 base salary, $350,000 annual incentive and $700,000 long-term incentive. | ||||||||||||||||||||||||||
(2) Mr. Black served as our Senior Vice President and CFO until November 15, 2021 when he transitioned to Special Advisor to the CEO. | ||||||||||||||||||||||||||
(3) Dr. Smith joined the Company as President, Government Operations on January 4, 2021 and left the Company to pursue other opportunities on February 1, 2022. |
Named Executive | January 2021 Salary ($) | April 2021 Salary ($) | ||||||||||||||||||||||||||||||
Mr. Geveden | 925,000 | 925,000 | ||||||||||||||||||||||||||||||
Mr. LeMasters(1) | 455,000 | 500,000 | ||||||||||||||||||||||||||||||
Mr. McCabe | 535,000 | 545,000 | ||||||||||||||||||||||||||||||
Mr. Duling | 485,000 | 500,000 | ||||||||||||||||||||||||||||||
Mr. Loving | 408,000 | 420,000 | ||||||||||||||||||||||||||||||
Mr. Black | 500,000 | 515,000 | ||||||||||||||||||||||||||||||
Dr. Smith(2) | 475,000 | 475,000 | ||||||||||||||||||||||||||||||
(1) Mr. LeMasters was appointed Senior Vice President and CFO on November 15, 2021, and his salary in this column reflects the increase related to his promotion on such date. | ||||||||||||||||||||||||||||||||
(2) Dr. Smith joined the Company on January 4, 2021. |
Named Executive | January 2017 Salary ($) | April 2017 Salary ($) | % Variance from Median (Survey) | % Variance from Median (Proxy) | ||||
Mr. Geveden | 675,000 | 700,000 | -23% | -17% | ||||
Mr. Black | 390,000 | 450,000 | 11% | -3% | ||||
Mr. Fees | 600,000 | 600,000 | -18% | — | ||||
Mr. Canafax | 500,000 | 510,000 | 22% | 26% | ||||
Mr. Henry | 460,000 | 470,000 | 3% | 3% |
COMPENSATION COMMITTEE REPORT |
Named Executive | EICP Target %(1) | |||||||||||||||||||||||||
Mr. Geveden | 100% | |||||||||||||||||||||||||
Mr. LeMasters(2) | 57% | |||||||||||||||||||||||||
Mr. McCabe | 65% | |||||||||||||||||||||||||
Mr. Duling | 65% | |||||||||||||||||||||||||
Mr. Loving | 55% | |||||||||||||||||||||||||
Mr. Black | 70% | |||||||||||||||||||||||||
Dr. Smith | 65% |
Financial | Rationale: Operating Key Features: No pay-out unless at least threshold BWXT consolidated operating income performance goal is achieved; financial performance determines the maximum amount a Named Executive can earn. | ||||
Rationale: | |||||
Payout Calculation: Ranges from |
COMPENSATION DISCUSSION AND ANALYSIS |
Mr. Geveden | Mr. Black | Mr. Fees | Mr. Canafax | Mr. Henry | |||||||||||
Earnings from Salary | $ | 693,750 | $ | 435,000 | $ | 600,000 | $ | 507,500 | $ | 467,500 | |||||
Target Percentage | 90 | % | 60 | % | 75 | % | 60 | % | 60 | % | |||||
Weighted Financial Performance Percentage(1) | 154.6 | % | 154.6 | % | 154.6 | % | 154.6 | % | 152.0 | % | |||||
Eligible Amount(2) | $ | 965,284 | $ | 403,506 | $ | 695,700 | $ | 470,757 | $ | 426,360 | |||||
Total 2017 EICP Pay-Out(3) | $ | 939,309 | $ | 392,648 | $ | 676,980 | $ | 458,090 | $ | 406,388 | |||||
Total 2017 Pay-Out Multiplier | 150.4 | % | 150.4 | % | 150.4 | % | 150.4 | % | 144.9 | % |
Named Executive | EICP Target%(1) | % Variance from Median (Survey Data) | % Variance from Median (Proxy Data) | |||
Mr. Geveden | 90% | -31% | -32% | |||
Mr. Black | 60% | -6% | -24% | |||
Mr. Fees | 75% | -12% | — | |||
Mr. Canafax | 60% | 16% | 16% | |||
Mr. Henry | 60% | -24% | -24% |
2021 EICP FINANCIAL GOALS | ||||||||||||||
Metric (Weight) | Threshold Goal 50% Payout | Target Goal 100% Payout | Maximum Goal 200% Payout | Actual(1) | ||||||||||
OperatingIncome(2)(75%) | $293.5 million | $366.9 million | $440.3 million | $349.8 million | ||||||||||
Operating Cash Flow (15%) | $267.0 million | $333.8 million | $400.6 million | $385.4 million | ||||||||||
(1) See "Analysis of Financial Performance" below for more information. | ||||||||||||||
(2) The financial performance for all Named Executives is based on BWXT consolidated financial results, except for Mr. Duling, for whom operating income (75% of 2021 EICP) is measured 40% on BWXT consolidated results and 35% on Nuclear Operations Group results. |
2021 SAFETY GOALS | ||||||||||||||
Safety Metric | Threshold | Target | Maximum | Actual | ||||||||||
TRIR | 0.85 | 0.73 | 0.62 | 0.52 | ||||||||||
DART | 0.32 | 0.26 | 0.22 | 0.29 | ||||||||||
Total Safety Multiplier | 0.50 | 1.00 | 2.00 | 1.38 |
2017 Safety Goals and Actual Results | ||||||
Safety Metric | Threshold | Target | Actual Result | |||
TRIR | 0.91 | 0.80 | 0.89 | |||
DART | 0.32 | 0.29 | 0.20 | |||
EHS BP | None | 97% | 99% | |||
Total Safety Multiplier | 4% | 10% | 8% |
Mr. Geveden | Mr. LeMasters | Mr. McCabe | Mr. Duling | Mr. Loving | Mr. Black | |||||||||||||||
Earnings from Salary | $ | 925,000 | $ | 457,045 | $ | 542,500 | $ | 496,250 | $ | 417,000 | $ | 511,250 | ||||||||
Target Percentage(1) | 100 | % | 57 | % | 65 | % | 65 | % | 55 | % | 70 | % | ||||||||
Weighted Performance Percentage(2) | 104 | % | 104 | % | 104 | % | 101 | % | 104 | % | 104 | % | ||||||||
Eligible Amount(3) | $ | 962,000 | $ | 272,397 | $ | 367,727 | $ | 325,596 | $ | 239,172 | $ | 372,190 | ||||||||
Total 2021 EICP Payout(4) | $ | 530,538 | $ | 149,819 | $ | 239,022 | $ | 113,959 | $ | 155,462 | $ | 242,581 |
(1) | Mr. LeMasters' EICP target is a blended rate of his 55% prior to his promotion (January 1, 2021 through November 14, 2021) and 70% in his new role (November 15, 2021 through December 31, 2021). | ||||
(2) | The financial performance for all Named Executives is based on BWXT consolidated financial results, except for Mr. Duling, for whom operating income (75% of 2021 EICP) is measured 40% on BWXT consolidated results and 35% on Nuclear Operations Group results. | ||||
(3) | Amounts may not foot due to rounding. | ||||
(4) | Amount is based upon financial and individual, including safety, performance results and the Compensation Committee's exercise of negative discretion as described above. |
COMPENSATION DISCUSSION AND ANALYSIS |
Named Executive | Target Value | |||||||||||||||||||||||||||||||
Mr. Geveden | $ | 3,500,000 | ||||||||||||||||||||||||||||||
Mr. LeMasters | 440,000 | |||||||||||||||||||||||||||||||
Mr. McCabe | 600,000 | |||||||||||||||||||||||||||||||
Mr. Duling | 600,000 | |||||||||||||||||||||||||||||||
Mr. Loving | 450,000 | |||||||||||||||||||||||||||||||
Mr. Black | 700,000 | |||||||||||||||||||||||||||||||
Dr. Smith | 500,000 |
COMPENSATION COMMITTEE REPORT |
Attributes | Rationale | ||||
We believe that over the long-term, there is a high degree of correlation between earnings per share and stock price. | |||||
Performance period runs from January 1, | Accordingly, we use earnings per share in long-term stock-based compensation to more closely align our goals with stockholder interests. | ||||
For each performance | |||||
Vesting for performance results between threshold and target or target and maximum is determined by linear interpolation. No amount will vest with respect to any performance metrics unless threshold results are attained. | Including ROIC helps promote management focus on asset utilization. |
2019 Performance Restricted Stock Unit Goals | ||||||||||||||
Metric (Weight) | Threshold Goal 50% Payout | Target Goal 100% Payout | Maximum Goal 200% Payout | Actual | ||||||||||
Three-Year Cumulative Earnings per Share (50%) | $6.68 | $8.36 | $8.76 | $8.73 | ||||||||||
Return on Invested Capital (50%) | 13.0% | 16.0% | 19.0% | 16.4% |
COMPENSATION DISCUSSION AND ANALYSIS |
Mr. Geveden | Mr. McCabe | Mr. Duling | Mr. Loving | Mr. Black | |||||||||||||
Target Award (in Shares) | 33,616 | 6,955 | 6,085 | 5,216 | 8,114 | ||||||||||||
Weighted Financial Performance Percentage(1) | 136 | % | 136 | % | 136 | % | 136 | % | 136 | % | |||||||
Total Earned Shares | 45,718 | 9,459 | 8,276 | 7,094 | 11,036 |
Named Executive | Target Value | % Variance from Median (Survey Data) | % Variance from Median (Proxy Data) | |||||||
Mr. Geveden | $ | 2,300,000 | -12% | -1% | ||||||
Mr. Black | 600,000 | 14% | -19% | |||||||
Mr. Fees | 1,250,000 | 4% | — | |||||||
Mr. Canafax(1) | 750,000 | 47% | 21% | |||||||
Mr. Henry | 500,000 | -7% | -32% |
(1) | The |
COMPENSATION COMMITTEE REPORT |
COMPENSATION DISCUSSION AND ANALYSIS |
• AAR Corp | • | • | ||||||
• Aerojet Rocketdyne Holdings, Inc. | • | |||||||
• TransDigm Group Incorporated | ||||||||
•Astronics Corporation | •Huntington Ingalls Industries, Inc. | •Triumph Group, Inc. | ||||||
•Barnes Group Inc. | •Kaman Corporation | •Wesco Aircraft Holdings, Inc.(2) | ||||||
•Cubic Corporation(1) | •Moog Inc. | •Woodward, Inc. | ||||||
•Curtiss-Wright Corporation | •Spirit AeroSystems Holdings, Inc. | |||||||
(1) Cubic Corporation was acquired in May 2021. | ||||||||
(2) Wesco Aircraft Holdings, Inc. was acquired in January 2020. |
COMPENSATION COMMITTEE REPORT |
THE COMPENSATION COMMITTEE | |||||
Barbara A. Niland, Chair | |||||
Jan A. Bertsch | |||||
Gerhard F. Burbach | |||||
John M. Richardson |
COMPENSATION OF EXECUTIVE OFFICERS |
Name and Principal Position | Year | Salary(1) | Bonus | Stock Awards(2) | Non-Equity Incentive Plan Compensa-tion(3) | Change in Pension Value and Nonqual-ified Deferred Compen-sation Earnings(4) | All Other Compensation(5) | Total | ||||||||||||||||||
Rex D. Geveden President and Chief Executive Officer | 2021 | $ | 925,000 | $ | — | $ | 3,499,932 | $ | 530,538 | $ | — | $ | 168,576 | $ | 5,124,046 | |||||||||||
2020 | 925,000 | — | 3,099,983 | 1,259,573 | — | 172,284 | 5,456,840 | |||||||||||||||||||
2019 | 918,750 | — | 2,899,906 | 1,050,407 | — | 172,445 | 5,041,508 | |||||||||||||||||||
Robb A. LeMasters Senior Vice President and Chief Financial Officer | 2021 | 457,045 | — | 440,006 | 149,819 | — | 45,773 | 1,092,643 | ||||||||||||||||||
Thomas E. McCabe Senior Vice President, General Counsel, Chief Compliance Officer and Secretary | 2021 | 542,500 | — | 599,927 | 239,022 | — | 59,712 | 1,441,161 | ||||||||||||||||||
2020 | 532,500 | — | 599,945 | 484,194 | — | 47,664 | 1,664,303 | |||||||||||||||||||
2019 | 525,000 | — | 600,054 | 398,136 | — | 71,123 | 1,594,313 | |||||||||||||||||||
Joel W. Duling President, BWXT Nuclear Operations Group, Inc. | 2021 | 496,250 | — | 599,927 | 113,959 | — | 136,119 | 1,346,255 | ||||||||||||||||||
2020 | 479,250 | — | 549,988 | 419,919 | — | 56,199 | 1,505,356 | |||||||||||||||||||
2019 | 459,000 | — | 524,898 | 345,668 | — | 79,755 | 1,409,321 | |||||||||||||||||||
Richard W. Loving Senior Vice President and Chief Administrative Officer | 2021 | 417,000 | — | 449,975 | 155,462 | — | 56,932 | 1,079,369 | ||||||||||||||||||
2020 | 406,000 | — | 450,016 | 309,918 | — | 55,282 | 1,221,216 | |||||||||||||||||||
2019 | 397,500 | — | 449,950 | 231,882 | — | 53,783 | 1,133,115 | |||||||||||||||||||
David S. Black Former Senior Vice President and Chief Financial Officer | 2021 | 511,250 | — | 699,975 | 242,581 | — | 87,216 | 1,541,022 | ||||||||||||||||||
2020 | 497,500 | — | 699,974 | 485,391 | 145,539 | 90,526 | 1,918,930 | |||||||||||||||||||
2019 | 487,500 | — | 699,950 | 362,283 | 264,166 | 88,174 | 1,902,073 | |||||||||||||||||||
Robert F. Smith Former President, Government Operations | 2021 | 464,205 | 593,750 | 1,179,806 | — | — | 56,031 | 2,293,792 | ||||||||||||||||||
Name and Principal Position | Year | Salary(1) | Bonus(2) | Stock Awards(3) | Option Awards(3) | Non-Equity Incentive Plan Compensa-tion(4) | Change in Pension Value and Nonqual-ified Deferred Compen-sation Earnings(5) | All Other Compensation(6) | Total | ||||||||||||||||
Rex D. Geveden President and Chief Executive Officer | 2017 | $ | 693,750 | $ | 212,500 | $ | 2,442,569 | $ | — | $ | 939,284 | $ | — | $ | 117,549 | $ | 4,405,652 | ||||||||
2016 | 525,000 | 212,500 | 1,277,467 | — | 611,394 | — | 153,301 | 2,779,662 | |||||||||||||||||
David S. Black Senior Vice President and Chief Financial Officer | 2017 | 435,000 | — | 637,103 | — | 392,648 | 73,478 | 115,839 | 1,654,068 | ||||||||||||||||
2016 | 386,250 | — | 573,371 | — | 337,358 | — | 99,584 | 1,396,563 | |||||||||||||||||
2015 | 350,000 | 15,000 | 921,198 | 192,443 | 223,313 | 66,166 | 86,342 | 1,854,461 | |||||||||||||||||
John A. Fees Executive Chairman | 2017 | 600,000 | — | 5,317,608 | — | 676,980 | 182,330 | 134,597 | 6,911,515 | ||||||||||||||||
2016 | 575,000 | — | 1,114,522 | — | 627,771 | — | 97,934 | 2,415,227 | |||||||||||||||||
2015 | 250,000 | 25,000 | 1,119,958 | — | 200,250 | — | 147,244 | 1,742,452 | |||||||||||||||||
James D. Canafax Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary | 2017 | 507,500 | — | 796,510 | — | 458,090 | — | 124,979 | 1,887,079 | ||||||||||||||||
2016 | 497,500 | — | 826,274 | — | 434,526 | — | 119,252 | 1,877,552 | |||||||||||||||||
2015 | 486,250 | 75,000 | 2,103,476 | 318,163 | 343,890 | — | 140,326 | 3,467,105 | |||||||||||||||||
Joseph G. Henry President, BWXT Nuclear Operations Group, Inc. | 2017 | 467,500 | — | 531,022 | — | 406,388 | — | 66,706 | 1,471,616 |
COMPENSATION OF EXECUTIVE OFFICERS |
Thrift Plan Contributions | Restoration Plan Contributions | Dividend Equivalents | Perquisites | |||||||||
Mr. Geveden | $ | 15,819 | $ | 25,425 | $ | 59,567 | $ | 16,738 | ||||
Mr. Black | 28,261 | 18,150 | 24,428 | 45,000 | ||||||||
Mr. Fees | 28,350 | 36,300 | 69,947 | — | ||||||||
Mr. Canafax | 23,100 | 21,375 | 34,817 | 45,687 | ||||||||
Mr. Henry | 17,671 | 13,825 | 20,039 | 15,171 |
Named Executive | Thrift Plan Contributions | Restoration Plan Contributions | Dividend Equivalents | Tax Reimbursement | Perquisites | Total | ||||||||||||||
Mr. Geveden | $ | 20,001 | $ | 44,450 | $ | 88,537 | $ | 1,325 | $ | 14,263 | $ | 168,576 | ||||||||
Mr. LeMasters | 16,850 | 10,023 | 567 | 2,563 | 15,770 | 45,773 | ||||||||||||||
Mr. McCabe | 17,400 | 15,150 | 10,390 | 1,859 | 14,913 | 59,712 | ||||||||||||||
Mr. Duling | 20,950 | 13,468 | 15,330 | 31,774 | 54,597 | 136,119 | ||||||||||||||
Mr. Loving | 18,055 | 8,890 | 14,521 | 1,270 | 14,196 | 56,932 | ||||||||||||||
Mr. Black | 28,102 | 24,338 | 21,314 | 363 | 13,099 | 87,216 | ||||||||||||||
Dr. Smith | 15,943 | 10,452 | — | 1,391 | 28,245 | 56,031 |
COMPENSATION OF EXECUTIVE OFFICERS |
Grant Date | Committee Action Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards; Number of Shares of Stock or Units(2) | All Other Stock Awards: Number of Shares of Stock or Units(3) | Grant Date Fair Value of Stock Awards(4) | |||||||||||||||||||||||||||
Name | Threshold | Target | Maximum | Threshold | Target | Maximum | ||||||||||||||||||||||||||
Rex D. Geveden | 2/25/2021 | 2/18/2021 | 462,500 | $ | 925,000 | $ | 1,850,000 | |||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 17,695 | 35,389 | 70,778 | $ | 2,099,983 | ||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 23,592 | 1,399,949 | |||||||||||||||||||||||||||||
Robb A. LeMasters | 2/25/2021 | 2/18/2021 | 130,605 | 261,210 | 522,420 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 2,224 | 4,448 | 8,896 | 263,944 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 2,967 | 176,062 | |||||||||||||||||||||||||||||
Thomas E. McCabe | 2/25/2021 | 2/18/2021 | 176,313 | 352,625 | 705,250 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 3,033 | 6,066 | 12,132 | 359,956 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 4,044 | 239,971 | |||||||||||||||||||||||||||||
Joel W. Duling | 2/25/2021 | 2/18/2021 | 161,281 | 322,563 | 645,125 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 3,033 | 6,066 | 12,132 | 359,956 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 4,044 | 239,971 | |||||||||||||||||||||||||||||
Richard W. Loving | 2/25/2021 | 2/18/2021 | 114,675 | 229,350 | 458,700 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 2,275 | 4,550 | 9,100 | 269,997 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 3,033 | 179,978 | |||||||||||||||||||||||||||||
David S. Black | 2/25/2021 | 2/18/2021 | 178,938 | 357,875 | 715,750 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 3,539 | 7,077 | 14,154 | 419,949 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 4,719 | 280,025 | |||||||||||||||||||||||||||||
Robert F. Smith | 1/11/2021 | 12/10/2020 | 11,370 | 679,926 | ||||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 150,867 | 301,733 | 603,467 | ||||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 2,528 | 5,055 | 10,110 | 299,964 | |||||||||||||||||||||||||||
2/25/2021 | 2/18/2021 | 3,369 | 199,916 |
Grant Date | Committee Action Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards; Number of Shares of Stock or Units(2) | All Other Stock Awards: Number of Shares of Stock or Units(3) | Grant Date Fair Value of Stock Awards(4) | |||||||||||||||||
Name | Threshold | Target | Maximum | Threshold | Target | Maximum | ||||||||||||||||
Rex D. Geveden | 3/2/2017 | 2/23/2017 | $ | 312,188 | $ | 624,375 | $ | 1,248,750 | ||||||||||||||
3/2/2017 | 2/23/2017 | 15,154 | 30,309 | 60,618 | $ | 1,436,647 | ||||||||||||||||
3/2/2017 | 2/23/2017 | 21,222 | 1,005,923 | |||||||||||||||||||
David S. Black | 3/2/2017 | 2/23/2017 | 130,500 | 261,000 | 522,000 | |||||||||||||||||
3/2/2017 | 2/23/2017 | 3,953 | 7,906 | 15,812 | 374,744 | |||||||||||||||||
3/2/2017 | 2/23/2017 | 5,535 | 262,359 | |||||||||||||||||||
John A. Fees(5) | 3/2/2017 | 2/23/2017 | 225,000 | 450,000 | 900,000 | |||||||||||||||||
3/2/2017 | 2/23/2017 | 8,236 | 16,472 | 32,944 | 780,773 | |||||||||||||||||
3/2/2017 | 2/23/2017 | 11,535 | 546,759 | |||||||||||||||||||
12/14/2017 | 12/14/2017 | 22,695 | 2,721,131 | |||||||||||||||||||
12/14/2017 | 12/14/2017 | 8,143 | 488,173 | |||||||||||||||||||
James D. Canafax | 3/2/2017 | 2/23/2017 | 152,250 | 304,500 | 609,000 | |||||||||||||||||
3/2/2017 | 2/23/2017 | 4,941 | 9,883 | 19,766 | 468,454 | |||||||||||||||||
3/2/2017 | 2/23/2017 | 6,921 | 328,055 | |||||||||||||||||||
Joseph G. Henry | 3/2/2017 | 2/23/2017 | 140,250 | 280,500 | 561,000 | |||||||||||||||||
3/2/2017 | 2/23/2017 | 3,294 | 6,589 | 13,178 | 312,319 | |||||||||||||||||
3/2/2017 | 2/23/2017 | 4,614 | 218,704 | |||||||||||||||||||
COMPENSATION OF EXECUTIVE OFFICERS | |||
(3)Amounts shown represent shares of our common stock underlying restricted stock units. See “All Other Stock Awards” below for a discussion of the amounts included in this column. (4)See "Grant Date Fair Value of Stock Awards" below for a discussion of the amounts included in this column. |
Named Executive | Target Percentage (% of Salary) | |||||||
Rex D. Geveden | ||||||||
Robb A. LeMasters | 57% | |||||||
Thomas E. McCabe | 65% | |||||||
Joel W. Duling | 65% | |||||||
Richard W. Loving | 55% | |||||||
David S. Black | ||||||||
COMPENSATION OF EXECUTIVE OFFICERS |
COMPENSATION OF EXECUTIVE OFFICERS |
Stock Awards(1) | |||||||||||||||||||||||||||||||||||
Name | Grant Date | Number of Shares or Units of Stock That Have Not Vested | Market Value of Shares or Units of Stock That Have Not Vested (2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) | ||||||||||||||||||||||||||||||
Rex D. Geveden | |||||||||||||||||||||||||||||||||||
Restricted Stock Units(3) | 3/1/2019 | 7,164 | $ | 343,012 | |||||||||||||||||||||||||||||||
Performance RSU(4) | 3/1/2019 | 33,616 | $ | 1,609,534 | |||||||||||||||||||||||||||||||
Restricted Stock Units(5) | 2/27/2020 | 13,965 | 668,644 | ||||||||||||||||||||||||||||||||
Performance RSU(6) | 2/27/2020 | 32,763 | 1,568,692 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(7) | 2/25/2021 | 23,592 | 1,129,585 | ||||||||||||||||||||||||||||||||
Performance RSU(8) | 2/25/2021 | 35,389 | 1,694,425 | ||||||||||||||||||||||||||||||||
Robb A. LeMasters | |||||||||||||||||||||||||||||||||||
Restricted Stock Units(9) | 8/6/2020 | 1,418 | 67,894 | ||||||||||||||||||||||||||||||||
Performance RSU(6) | 8/6/2020 | 3,190 | 152,737 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(7) | 2/25/2021 | 2,967 | 142,060 | ||||||||||||||||||||||||||||||||
Performance RSU(8) | 2/25/2021 | 4,448 | 212,970 | ||||||||||||||||||||||||||||||||
Thomas E. McCabe | |||||||||||||||||||||||||||||||||||
Restricted Stock Units(3) | 3/1/2019 | 1,546 | 74,022 | ||||||||||||||||||||||||||||||||
Performance RSU(4) | 3/1/2019 | 6,955 | 333,005 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(5) | 2/27/2020 | 2,818 | 134,926 | ||||||||||||||||||||||||||||||||
Performance RSU(6) | 2/27/2020 | 6,341 | 303,607 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(7) | 2/25/2021 | 4,044 | 193,627 | ||||||||||||||||||||||||||||||||
Performance RSU(8) | 2/25/2021 | 6,066 | 290,440 | ||||||||||||||||||||||||||||||||
Joel W. Duling | |||||||||||||||||||||||||||||||||||
Restricted Stock Units(3) | 3/1/2019 | 1,352 | 64,734 | ||||||||||||||||||||||||||||||||
Performance RSU(4) | 3/1/2019 | 6,085 | 291,350 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(5) | 2/27/2020 | 2,584 | 123,722 | ||||||||||||||||||||||||||||||||
Performance RSU(6) | 2/27/2020 | 5,812 | 278,279 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(7) | 2/25/2021 | 4,044 | 193,627 | ||||||||||||||||||||||||||||||||
Performance RSU(8) | 2/25/2021 | 6,066 | 290,440 | ||||||||||||||||||||||||||||||||
Richard W. Loving | |||||||||||||||||||||||||||||||||||
Restricted Stock Units(3) | 3/1/2019 | 1,112 | 53,243 | ||||||||||||||||||||||||||||||||
Performance RSU(4) | 3/1/2019 | 5,216 | 249,742 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(5) | 2/27/2020 | 2,028 | 97,101 | ||||||||||||||||||||||||||||||||
Performance RSU(6) | 2/27/2020 | 4,756 | 227,717 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(7) | 2/25/2021 | 3,033 | 145,220 | ||||||||||||||||||||||||||||||||
Performance RSU(8) | 2/25/2021 | 4,550 | 217,854 | ||||||||||||||||||||||||||||||||
David S. Black | |||||||||||||||||||||||||||||||||||
Restricted Stock Units(3) | 3/1/2019 | 1,730 | 82,832 | ||||||||||||||||||||||||||||||||
Performance RSU(4) | 3/1/2019 | 8,114 | 388,498 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(5) | 2/27/2020 | 3,154 | 151,014 | ||||||||||||||||||||||||||||||||
Performance RSU(6) | 2/27/2020 | 7,398 | 354,216 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(7) | 2/25/2021 | 4,719 | 225,946 | ||||||||||||||||||||||||||||||||
Performance RSU(8) | 2/25/2021 | 7,077 | 338,847 | ||||||||||||||||||||||||||||||||
Robert F. Smith | |||||||||||||||||||||||||||||||||||
Restricted Stock Units(10) | 1/11/2021 | 11,370 | 544,396 | ||||||||||||||||||||||||||||||||
Restricted Stock Units(7) | 2/25/2021 | 3,369 | 161,308 | ||||||||||||||||||||||||||||||||
Performance RSU(8) | 2/25/2021 | 5,055 | 242,033 |
Option Awards(1) | Stock Awards(2) | |||||||||||||||||||||||||||||
Name | Grant Date | 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 (3) | 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(3) | |||||||||||||||||||||
Rex D. Geveden | ||||||||||||||||||||||||||||||
RSU | 11/9/2015 | 6,716 | (6) | $ | 406,251 | |||||||||||||||||||||||||
RSU | 2/29/2016 | 10,894 | (7) | 658,978 | ||||||||||||||||||||||||||
Performance RSU | 2/29/2016 | 23,705 | (13 | ) | $ | 1,433,915 | ||||||||||||||||||||||||
RSU | 3/2/2017 | 21,222 | (8) | 1,283,719 | ||||||||||||||||||||||||||
Performance RSU | 3/2/2017 | 30,309 | (14 | ) | 1,833,391 | |||||||||||||||||||||||||
David S. Black | ||||||||||||||||||||||||||||||
Stock Options | 3/2/2015 | — | 7,323 | (4) | $ | 23.62 | 3/2/2025 | |||||||||||||||||||||||
Stock Options | 7/1/2015 | 5,052 | 5,052 | (5) | 24.45 | 7/1/2025 | ||||||||||||||||||||||||
RSU | 3/2/2015 | 4,069 | (9) | 246,134 | ||||||||||||||||||||||||||
RSU | 3/2/2015 | 1,315 | (10) | 79,544 | ||||||||||||||||||||||||||
RSU | 7/1/2015 | 2,743 | (11) | 165,924 | ||||||||||||||||||||||||||
RSU | 7/1/2015 | 886 | (12) | 53,594 | ||||||||||||||||||||||||||
RSU | 2/29/2016 | 4,890 | (7) | 295,796 | ||||||||||||||||||||||||||
Performance RSU | 2/29/2016 | 10,639 | (13 | ) | 643,553 | |||||||||||||||||||||||||
RSU | 3/2/2017 | 5,535 | (8) | 334,812 | ||||||||||||||||||||||||||
Performance RSU | 3/2/2017 | 7,906 | (14 | ) | 478,234 | |||||||||||||||||||||||||
John A. Fees | ||||||||||||||||||||||||||||||
RSU | 2/29/2016 | 9,504 | (7) | 574,897 | ||||||||||||||||||||||||||
Performance RSU | 2/29/2016 | 20,862 | (13 | ) | 1,251,054 | |||||||||||||||||||||||||
RSU | 3/2/2017 | 11,535 | (8) | 697,752 | ||||||||||||||||||||||||||
Performance RSU | 3/2/2017 | 16,742 | (14 | ) | 996,391 | |||||||||||||||||||||||||
James D. Canafax | ||||||||||||||||||||||||||||||
Stock Options | 3/2/2015 | — | 20,726 | (4) | 23.62 | 3/2/2025 | ||||||||||||||||||||||||
RSU | 3/2/2015 | 11,520 | (9) | 696,845 | ||||||||||||||||||||||||||
RSU | 3/2/2015 | 3,720 | (10) | 225,023 | ||||||||||||||||||||||||||
RSU | 2/29/2016 | 7,046 | (7) | 426,213 | ||||||||||||||||||||||||||
Performance RSU | 2/29/2016 | 15,333 | (13 | ) | 927,493 | |||||||||||||||||||||||||
RSU | 3/2/2017 | 6,921 | (8) | 418,651 | ||||||||||||||||||||||||||
Performance RSU | 3/2/2017 | 9,883 | (14 | ) | 597,823 | |||||||||||||||||||||||||
Joseph G. Henry | ||||||||||||||||||||||||||||||
Stock Options | 3/2/2015 | — | 10,362 | (4) | 23.62 | 3/2/2025 | ||||||||||||||||||||||||
RSU | 3/2/2015 | 5,760 | (9) | 348,422 | ||||||||||||||||||||||||||
RSU | 3/2/2015 | 1,860 | (10) | 112,511 | ||||||||||||||||||||||||||
RSU | 2/29/2016 | 4,002 | (7) | 242,081 | ||||||||||||||||||||||||||
Performance RSU | 2/29/2016 | 8,710 | (13 | ) | 526,868 | |||||||||||||||||||||||||
RSU | 3/2/2017 | 4,614 | (8) | 279,101 | ||||||||||||||||||||||||||
Performance RSU | 3/2/2017 | 6,589 | (14 | ) | 398,569 |
COMPENSATION OF EXECUTIVE OFFICERS |
(5)Represents remaining two-thirds of RSUs granted with vesting in one-third increments beginning with |
Stock Awards | ||||||||||||||
Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting | ||||||||||||
Rex D. Geveden | 49,867 | $ | 2,997,324 | |||||||||||
Robb A. LeMasters | 709 | 38,243 | ||||||||||||
Thomas E. McCabe | 6,819 | 403,712 | ||||||||||||
Joel W. Duling | 8,820 | 533,054 | ||||||||||||
Richard W. Loving | 8,051 | 483,146 | ||||||||||||
David S. Black | 11,890 | 713,311 | ||||||||||||
Robert F. Smith | — | — |
Option Awards | Stock Awards | |||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting | ||||||||||
Rex D. Geveden | — | — | 12,163 | $ | 665,747 | |||||||||
David S. Black | 23,355 | $ | 574,044 | 9,616 | 460,424 | |||||||||
John A. Fees(1) | — | — | 4,752 | 228,144 | ||||||||||
James D. Canafax | 141,512 | 3,622,343 | 20,936 | 999,856 | ||||||||||
Joseph G. Henry | 43,257 | 1,114,891 | 7,894 | 376,969 |
For each Named Executive, the amounts reported in the number of shares acquired on vesting column in the table above represent the aggregate number of shares of our common stock acquired by the Named Executive in connection with restricted stock units awarded under our Incentive Plans that vested in 2021. The amounts reported in the value realized on vesting column were calculated by multiplying the number of shares acquired by the closing price of our common stock on the date of vesting. The number of shares acquired in connection with the vesting of restricted stock units includes shares withheld to satisfy the withholding tax due on vesting as reported in the table at right for each Named Executive. | Name | Shares Withheld on Vesting of Restricted Stock and Restricted Stock Units | ||||||||||||
Rex D. Geveden | ||||||||||||||
Robb A. LeMasters | 319 | |||||||||||||
Thomas E. McCabe | 3,115 | |||||||||||||
Joel W. Duling | 3,844 | |||||||||||||
Richard W. Loving | 3,760 | |||||||||||||
David S. Black | ||||||||||||||
COMPENSATION OF EXECUTIVE OFFICERS |
Name | Plan Name | Number of Years Credited Service | Present Value of Accumulated Benefit | Payments During 2021 | ||||||||||||||||||||||
David S. Black | BWXT Governmental Operations Qualified Retirement Plan | 24.417 | $ | 1,370,672 | — | |||||||||||||||||||||
BWXT Governmental Operations Excess Plan | 24.417 | 738,161 | — |
Name | Plan Name | Number of Years Credited Service | Present Value of Accumulated Benefit | Payments During 2017 | ||||||||
Mr. Geveden | N/A | N/A | N/A | N/A | ||||||||
Mr. Black | BWXT Governmental Operations Qualified Retirement Plan | 24.417 | $ | 1,304,802 | $ | 0 | ||||||
BWXT Governmental Operations Excess Plan | 24.417 | 697,125 | 0 | |||||||||
Mr. Fees | BWXT Governmental Operations Qualified Retirement Plan | 31.167 | 1,410,660 | 79,312 | ||||||||
BWXT Governmental Operations Excess Plan | 31.167 | 3,655,852 | 202,841 | |||||||||
Mr. Canafax | N/A | N/A | N/A | N/A | ||||||||
Mr. Henry | N/A | N/A | N/A | N/A |
COMPENSATION OF EXECUTIVE OFFICERS |
Name | Plan Name | Executive Contributions | Registrant Contributions | Aggregate Earnings (Loss) | Aggregate Withdrawals / Distributions | Aggregate Balance as of Dec. 31, 2021 | ||||||||||||||||||||||||||||||||
Rex D. Geveden | SERP | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Restoration Plan | 158,750 | 44,450 | 41,505 | — | 626,286 | |||||||||||||||||||||||||||||||||
Robb A. LeMasters | SERP | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Restoration Plan | 41,761 | 10,023 | 39 | — | 51,823 | |||||||||||||||||||||||||||||||||
Thomas E. McCabe | SERP | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Restoration Plan | 63,125 | 15,150 | (2,125) | — | 185,039 | |||||||||||||||||||||||||||||||||
Joel W. Duling | SERP | 49,625 | — | 2,729 | — | 77,722 | ||||||||||||||||||||||||||||||||
Restoration Plan | 23,494 | 13,468 | 8,656 | — | 141,399 | |||||||||||||||||||||||||||||||||
Richard W. Loving | SERP | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Restoration Plan | 25,400 | 8,890 | 6,386 | — | 100,537 | |||||||||||||||||||||||||||||||||
David S. Black | SERP | — | — | 1,417 | (58,626) | 473,527 | ||||||||||||||||||||||||||||||||
Restoration Plan | 33,187 | 24,338 | (4,286) | — | 292,304 | |||||||||||||||||||||||||||||||||
Robert F. Smith | SERP | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Restoration Plan | 10,452 | 10,452 | 221 | — | 21,126 |
Name | Plan Name | Executive Contributions in 2017 | Registrant Contributions in 2017 | Aggregate Earnings (loss) in 2017 | Aggregate Withdrawls/Distributions | Aggregate Balance at 12/31/17 | ||||||||||||||||
Mr. Geveden | SERP | — | — | — | $ | — | — | |||||||||||||||
Restoration Plan | $ | 25,423 | $ | 25,424 | $ | 7,072 | — | $ | 89,412 | |||||||||||||
Mr. Black | SERP | — | — | 74,205 | — | 442,899 | ||||||||||||||||
Restoration Plan | 9,900 | 18,150 | 10,825 | — | 95,163 | |||||||||||||||||
Mr. Fees(1) | SERP | — | — | — | — | — | ||||||||||||||||
Restoration Plan | 19,800 | 36,300 | 9,380 | — | 118,563 | |||||||||||||||||
Mr. Canafax | SERP | — | — | 37,684 | — | 187,168 | ||||||||||||||||
Restoration Plan | 14,250 | 21,375 | 35,601 | — | 236,987 | |||||||||||||||||
Mr. Henry | SERP | — | — | — | — | — | ||||||||||||||||
Restoration Plan | 39,500 | 13,825 | 27,189 | — | 281,205 |
COMPENSATION OF EXECUTIVE OFFICERS |
Named Executive | Year | Restoration Plan | SERP | |||||||||||||||||
Mr. Geveden | 2021 | $ | 626,286 | $ | — | |||||||||||||||
2020 | 381,581 | — | ||||||||||||||||||
2019 | 259,307 | — | ||||||||||||||||||
Mr. LeMasters | 2021 | 51,823 | — | |||||||||||||||||
Mr. McCabe | 2021 | 185,039 | — | |||||||||||||||||
2020 | 108,889 | — | ||||||||||||||||||
2019 | 29,504 | |||||||||||||||||||
Mr. Duling | 2021 | 141,399 | 77,722 | |||||||||||||||||
2020 | 95,782 | 25,368 | ||||||||||||||||||
2019 | 55,480 | — | ||||||||||||||||||
Mr. Loving | 2021 | 100,537 | — | |||||||||||||||||
2020 | 59,861 | — | ||||||||||||||||||
2019 | 39,347 | |||||||||||||||||||
Mr. Black | 2021 | 292,304 | 473,527 | |||||||||||||||||
2020 | 239,065 | 530,736 | ||||||||||||||||||
2019 | 177,495 | 487,262 | ||||||||||||||||||
Dr. Smith | 2021 | 21,126 | — |
Named Executive | Year | Restoration Plan | SERP | |||||||
Mr. Geveden | 2016 | $ | 31,490 | N/A | ||||||
2015 | N/A | N/A | ||||||||
Mr. Black | 2016 | 56,288 | $ | 368,694 | ||||||
2015 | 33,255 | 349,562 | ||||||||
2014 | N/A | N/A | ||||||||
Mr. Fees | 2016 | 53,083 | N/A | |||||||
2015 | N/A | N/A | ||||||||
2014 | N/A | N/A | ||||||||
Mr. Canafax | 2016 | 165,761 | 149,485 | |||||||
2015 | 122,148 | 135,004 | ||||||||
2014 | 15,217 | 35,070 | ||||||||
Mr. Henry | 2016 | N/A | N/A |
COMPENSATION OF EXECUTIVE OFFICERS |
Named Executive and Description of Potential Payments | Voluntary Termination | Involuntary Termination not for Cause | Involuntary Termination for Cause | Change in Control without Termination | Change in Control with Termination | Disability | Death | Retirement | ||||||||||||||||||||||||||||||||||||||||||
Rex D. Geveden | ||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Payments | $ | — | $ | 925,000 | $ | — | $ | — | $ | 5,531,500 | $ | 925,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
EICP | 925,000 | 925,000 | — | — | 925,000 | — | — | 925,000 | ||||||||||||||||||||||||||||||||||||||||||
Benefits Payments | — | 10,541 | — | — | 42,163 | 10,541 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Outplacement Services | — | 15,000 | — | — | 15,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Financial Planning | 12,650 | 12,650 | — | 12,650 | 12,650 | 12,650 | 12,650 | 12,650 | ||||||||||||||||||||||||||||||||||||||||||
SERP | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restoration Plan | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | 1,011,657 | 1,011,657 | — | 1,011,657 | 2,141,241 | 2,141,241 | 2,141,241 | 1,011,657 | ||||||||||||||||||||||||||||||||||||||||||
Performance RSUs | 2,655,808 | 2,655,808 | — | 3,178,227 | 4,872,652 | 4,872,652 | 4,872,652 | 2,655,808 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,605,115 | $ | 5,555,656 | $ | — | $ | 4,202,534 | $ | 13,540,206 | $ | 7,962,084 | $ | 7,026,543 | $ | 4,605,115 | ||||||||||||||||||||||||||||||||||
Robb A. LeMasters | ||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Payments | $ | — | $ | 500,000 | $ | — | $ | — | $ | 1,700,000 | $ | 500,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
EICP | — | — | — | — | 350,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Benefits Payments | — | 16,534 | — | — | 66,134 | 16,534 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Outplacement Services | — | 15,000 | — | — | 15,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Financial Planning | — | 12,650 | — | 12,650 | 12,650 | 12,650 | 12,650 | — | ||||||||||||||||||||||||||||||||||||||||||
SERP | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restoration Plan | — | 10,030 | — | 10,030 | 10,030 | 10,030 | 10,030 | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | — | — | — | — | 209,954 | 209,954 | 209,954 | — | ||||||||||||||||||||||||||||||||||||||||||
Performance RSUs | — | 101,889 | — | — | 365,707 | 365,707 | 365,707 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 656,103 | $ | — | $ | 22,680 | $ | 2,729,475 | $ | 1,114,875 | $ | 598,341 | $ | — | ||||||||||||||||||||||||||||||||||
Thomas E. McCabe | ||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Payments | $ | — | $ | 545,000 | $ | — | $ | — | $ | 1,798,500 | $ | 545,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
EICP | — | — | — | — | 354,250 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Benefits Payments | — | 15,335 | — | — | 61,342 | 15,335 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Outplacement Services | — | 15,000 | — | — | 15,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Financial Planning | — | 12,650 | — | 12,650 | 12,650 | 12,650 | 12,650 | — | ||||||||||||||||||||||||||||||||||||||||||
SERP | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restoration Plan | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | — | — | — | 208,948 | 402,575 | 402,575 | 402,575 | — | ||||||||||||||||||||||||||||||||||||||||||
Performance RSUs | — | 535,538 | — | 636,612 | 927,053 | 927,053 | 927,053 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 1,123,523 | $ | — | $ | 858,210 | $ | 3,571,370 | $ | 1,902,613 | $ | 1,342,278 | $ | — |
COMPENSATION OF EXECUTIVE OFFICERS |
Named Executive and Description of Potential Payments | Voluntary Termination | Involuntary Termination not for Cause | Involuntary Termination for Cause | Change in Control without Termination | Change in Control with Termination | Disability | Death | Retirement | ||||||||||||||||||||||||||||||||||||||||||
Joel W. Duling | ||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Payments | $ | — | $ | 500,000 | $ | — | $ | — | $ | 1,650,000 | $ | 500,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
EICP | — | — | — | — | 325,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Benefits Payments | — | 15,575 | — | — | 62,302 | 15,575 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Outplacement Services | — | 15,000 | — | — | 15,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Financial Planning | — | 12,650 | — | 12,650 | 12,650 | 12,650 | 12,650 | — | ||||||||||||||||||||||||||||||||||||||||||
SERP | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restoration Plan | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | — | — | — | 188,456 | 382,082 | 382,082 | 382,082 | — | ||||||||||||||||||||||||||||||||||||||||||
Performance RSUs | — | 476,981 | — | 569,628 | 860,068 | 860,068 | 860,068 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 1,020,206 | $ | — | $ | 770,734 | $ | 3,307,102 | $ | 1,770,375 | $ | 1,254,800 | $ | — | ||||||||||||||||||||||||||||||||||
Richard W. Loving | ||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Payments | $ | — | $ | 420,000 | $ | — | $ | — | $ | 1,302,000 | $ | 420,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
EICP | 231,000 | 231,000 | — | — | 231,000 | — | — | 231,000 | ||||||||||||||||||||||||||||||||||||||||||
Benefits Payments | — | 11,036 | — | — | 44,146 | 11,036 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Outplacement Services | — | 15,000 | — | — | 15,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Financial Planning | 12,650 | 12,650 | — | 12,650 | 12,650 | 12,650 | 12,650 | 12,650 | ||||||||||||||||||||||||||||||||||||||||||
SERP | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restoration Plan | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | 150,343 | 150,343 | — | 150,343 | 295,563 | 295,563 | 295,563 | 150,343 | ||||||||||||||||||||||||||||||||||||||||||
Performance RSUs | 401,665 | 401,665 | — | 477,459 | 695,313 | 695,313 | 695,313 | 401,665 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 795,658 | $ | 1,241,694 | $ | — | $ | 640,452 | $ | 2,595,672 | $ | 1,434,562 | $ | 1,003,526 | $ | 795,658 | ||||||||||||||||||||||||||||||||||
David S. Black | ||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Payments | $ | — | $ | 515,000 | $ | — | $ | — | $ | 1,751,000 | $ | 515,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
EICP | 360,500 | 360,500 | — | — | 360,500 | — | — | 360,500 | ||||||||||||||||||||||||||||||||||||||||||
Benefits Payments | — | 11,275 | — | — | 45,100 | 11,275 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Outplacement Services | — | 15,000 | — | — | 15,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Financial Planning | 12,650 | 12,650 | — | 12,650 | 12,650 | 12,650 | 12,650 | 12,650 | ||||||||||||||||||||||||||||||||||||||||||
SERP | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restoration Plan | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | 233,846 | 233,846 | — | 233,846 | 459,792 | 459,792 | 459,792 | 233,846 | ||||||||||||||||||||||||||||||||||||||||||
Performance RSUs | 624,786 | 624,786 | — | 742,715 | 1,081,561 | 1,081,561 | 1,081,561 | 624,786 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,231,782 | $ | 1,773,057 | $ | — | $ | 989,211 | $ | 3,725,603 | $ | 2,080,278 | $ | 1,554,003 | $ | 1,231,782 | ||||||||||||||||||||||||||||||||||
Robert F. Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Payments | $ | — | $ | 475,000 | $ | — | $ | — | $ | 1,567,500 | $ | 475,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
EICP | — | — | — | — | 308,750 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Benefits Payments | — | 5,500 | — | — | 21,999 | 5,500 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Outplacement Services | — | 15,000 | — | — | 15,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Financial Planning | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
SERP | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restoration Plan | — | 10,563 | — | 10,563 | 10,563 | 10,563 | 10,563 | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | — | — | — | — | 705,703 | 705,703 | 705,703 | — | ||||||||||||||||||||||||||||||||||||||||||
Performance RSUs | — | — | — | — | 242,033 | 242,033 | 242,033 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 506,063 | $ | — | $ | 10,563 | $ | 2,871,548 | $ | 1,438,799 | $ | 958,299 | $ | — |
Mr. Geveden | Mr. Black | Mr. Fees | Mr. Canafax | Mr. Henry | ||||||||||||||||
Severance Payments | $ | 700,000 | $ | 450,000 | — | $ | 510,000 | $ | 470,000 | |||||||||||
Benefits Payments | 10,274 | 14,681 | $ | 11,829 | 15,905 | — | ||||||||||||||
EICP | — | — | 450,000 | — | — | |||||||||||||||
Financial Planning | 12,340 | — | 18,510 | — | — | |||||||||||||||
Outplacement Services | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | |||||||||||||||
Supplemental Executive Retirement Plan (SERP) | — | — | — | — | — | |||||||||||||||
Restoration Plan | 44,707 | — | — | — | — | |||||||||||||||
Stock Options (unvested and accelerated) | — | 91,037 | — | 382,084 | 191,023 | |||||||||||||||
Restricted Stock Units (unvested and accelerated) | 367,900 | 346,668 | 143,724 | 567,517 | 291,017 | |||||||||||||||
Performance Restricted Stock Units (unvested and accelerated) | 358,525 | 160,903 | 312,794 | 231,919 | 131,747 | |||||||||||||||
Total | $ | 1,508,746 | $ | 1,078,289 | $ | 951,857 | $ | 1,722,425 | $ | 1,098,787 |
COMPENSATION OF EXECUTIVE OFFICERS |
Mr. Geveden | Mr. Black | Mr. Fees | Mr. Canafax | Mr. Henry | ||||||||||||||||
Severance Payments | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Benefit Payments | — | — | 11,829 | — | — | |||||||||||||||
EICP | — | — | 450,000 | — | — | |||||||||||||||
Financial Planning | — | — | 18,510 | — | — | |||||||||||||||
Supplemental Executive Retirement Plan (SERP) | — | — | — | — | — | |||||||||||||||
Restoration Plan | — | — | — | — | — | |||||||||||||||
Stock Options (unvested and accelerated) | — | — | — | — | 191,023 | |||||||||||||||
Restricted Stock Units (unvested and accelerated) | — | — | — | — | — | |||||||||||||||
Performance Restricted Stock Units (unvested and accelerated) | — | — | — | — | 131,747 | |||||||||||||||
Total | $ | — | $ | — | $ | 480,339 | $ | — | $ | 322,770 |
Mr. Geveden | Mr. Black | Mr. Fees | Mr. Canafax | Mr. Henry | ||||||||||||||||
Severance Payments(1) | $ | 700,000 | $ | 450,000 | $ | — | $ | 510,000 | $ | 470,000 | ||||||||||
Benefit Payments(1) | 10,479 | 14,975 | 12,066 | 16,223 | — | |||||||||||||||
EICP | — | — | 450,000 | — | — | |||||||||||||||
Outplacement Services(1) | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | |||||||||||||||
Financial Planning | 12,340 | — | 18,510 | — | 12,340 | |||||||||||||||
Restoration Plan | 44,707 | — | — | — | — | |||||||||||||||
Stock Options (unvested and accelerated) | — | 182,074 | — | 764,168 | 382,047 | |||||||||||||||
Restricted Stock Units (unvested and accelerated) | 2,348,948 | 1,175,805 | 1,272,649 | 1,766,731 | 982,116 | |||||||||||||||
Performance Restricted Stock Units (unvested and accelerated) | 3,267,307 | 1,121,787 | 2,247,445 | 1,525,316 | 925,437 | |||||||||||||||
SERP | — | — | — | — | — | |||||||||||||||
Total | $ | 6,398,781 | $ | 2,959,641 | $ | 4,015,670 | $ | 4,597,438 | $ | 2,786,940 |
Name | Base Salary as of 12/31/2021 | Target Annual Incentive as of 12/31/2021 | Target Annual Incentive as a Percentage of Base Salary | |||||||||||||||||
Rex D. Geveden | $ | 925,000 | $ | 925,000 | 100 | % | ||||||||||||||
Robb A. LeMasters | 500,000 | 350,000 | 70 | % | ||||||||||||||||
Thomas E. McCabe | 545,000 | 354,250 | 65 | % | ||||||||||||||||
Joel W. Duling | 500,000 | 325,000 | 65 | % | ||||||||||||||||
Richard W. Loving | 420,000 | 231,000 | 55 | % | ||||||||||||||||
David S. Black | 515,000 | 360,500 | 70 | % | ||||||||||||||||
Robert F. Smith | 475,000 | 308,750 | 65 | % |
Mr. Geveden | Mr. Black | Mr. Fees | Mr. Canafax | Mr. Henry | ||||||||||||||||
Severance Payments | $ | 3,976,700 | $ | 1,440,000 | $ | 3,139,500 | $ | 1,632,000 | $ | 1,504,000 | ||||||||||
EICP | 630,000 | 270,000 | 450,000 | 306,000 | 282,000 | |||||||||||||||
Financial Planning | 12,340 | — | — | — | 12,340 | |||||||||||||||
Restoration Plan | 44,707 | — | — | — | — | |||||||||||||||
Benefit Payments | 41,098 | 58,725 | 47,317 | 63,618 | — | |||||||||||||||
Stock Options (unvested and accelerated) | — | 182,074 | 764,168 | 382,047 | ||||||||||||||||
Restricted Stock Units (unvested and accelerated) | 2,348,948 | 1,175,805 | 1,272,649 | 1,766,731 | 982,116 | |||||||||||||||
Performance Restricted Stock Units (unvested and accelerated) | 3,267,307 | 1,121,787 | 2,247,445 | 1,525,316 | 925,437 | |||||||||||||||
Total | $ | 10,321,100 | $ | 4,248,391 | $ | 7,156,911 | $ | 6,057,833 | $ | 4,087,940 |
COMPENSATION OF EXECUTIVE OFFICERS |
COMPENSATION OF EXECUTIVE OFFICERS |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuances under equity compensation plans (excluding securities reflected in the first column) | |||||||||||||||||||||||
Equity compensation plans approved by security holders | 125,390 | $23.65 | 4,056,598 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuances under equity compensation plans (excluding securities reflected in the first column) | ||||||
Equity compensation plans approved by security holders | 781,756 | $23.54 | 3,750,526 |
SECURITY OWNERSHIP OF DIRECTORS AND EXECUTIVE OFFICERS |
Name | Shares Beneficially Owned | Shares Deferred(1) | ||||||||||||||||||
Jan A. Bertsch(2) | 18,750 | 10,146 | ||||||||||||||||||
David S. Black(3) | 76,789 | — | ||||||||||||||||||
Gerhard F. Burbach(4) | 8,196 | — | ||||||||||||||||||
Joel W. Duling(5) | 28,369 | — | ||||||||||||||||||
John A. Fees(2) | 15,319 | 31,283 | ||||||||||||||||||
Rex D. Geveden | 144,424 | — | ||||||||||||||||||
James M. Jaska(6) | 9,159 | 4,405 | ||||||||||||||||||
Jason S. Kerr(7) | 8,089 | — | ||||||||||||||||||
Kenneth J. Krieg(4) | 13,637 | — | ||||||||||||||||||
Robb A. LeMasters | 21,666 | — | ||||||||||||||||||
Richard W. Loving(8) | 23,801 | — | ||||||||||||||||||
Thomas E. McCabe | 13,227 | — | ||||||||||||||||||
Kevin M. McCoy | 200 | — | ||||||||||||||||||
Leland D. Melvin | 6,179 | — | ||||||||||||||||||
Robert L. Nardelli(4) | 25,200 | — | ||||||||||||||||||
Barbara A. Niland | 13,087 | — | ||||||||||||||||||
John M. Richardson(9) | 2,693 | — | ||||||||||||||||||
Robert F. Smith | 2,142 | |||||||||||||||||||
All directors and executive officers as a group (16 persons)(10) | 430,927 | 45,834 |
Name | Shares Beneficially Owned | Shares Deferred(1) | ||||
Jan A. Bertsch | 7,379 | 13,657 | ||||
David S. Black(2) | 90,417 | — | ||||
James D. Canafax(3) | 163,135 | — | ||||
John A. Fees(4) | 74,946 | 78,333 | ||||
Rex D. Geveden | 22,407 | — | ||||
Robert W. Goldman | 36,624 | — | ||||
Joseph G. Henry(5) | 46,641 | — | ||||
James M. Jaska(6) | 4,797 | — | ||||
Jason S. Kerr(7) | 11,418 | — | ||||
Kenneth J. Krieg(6) | 4,797 | — | ||||
Robb A. LeMasters(6) | 11,142 | — | ||||
Richard W. Loving(8) | 7,438 | — | ||||
Adm. Richard W. Mies(9) | 9,013 | 25,373 | ||||
Robert L. Nardelli(6) | 13,657 | — | ||||
Barbara A. Niland(6) | 4,758 | — | ||||
Charles W. Pryor, Jr.(10) | 11,034 | — | ||||
All directors and executive officers as a group (16 persons)(11) | 519,603 | 117,363 |
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS |
Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Class(1) | |||||||||||||||
T. Rowe Price Associates, Inc.(2) 100 E. Pratt Street Baltimore, MD 21202 | 8,801,382 | 9.6 | % | ||||||||||||||
The Vanguard Group(3) 100 Vanguard Blvd. Malvern, PA 19335 | 8,282,028 | 9.1 | % | ||||||||||||||
William Blair Investment Management, LLC(4) 150 North Riverside Plaza Chicago, IL 60606 | 6,956,351 | 7.6 | % | ||||||||||||||
Wellington Management Group LLP(5) 280 Congress Street Boston, MA 02210 | 5,466,385 | 6.0 | % | ||||||||||||||
Boston Partners(6) One Beacon Street 30th FL Boston, MA 28108 | 5,248,686 | 5.7 | % | ||||||||||||||
BlackRock Inc.(7) 55 East 52nd Street New York, NY 10055 | 4,890,010 | 5.3 | % |
Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Class(1) | ||||
T. Rowe Price Associates, Inc. 100 E. Pratt Street Baltimore, MD 21202 | 12,206,236 | (2) | 12.25 | % | ||
The Vanguard Group 100 Vanguard Blvd. Malvern, PA 19335 | 8,496,847 | (3) | 8.53 | % | ||
Capital Research Global Investors 333 South Hope Street Los Angeles, CA 90071 | 5,923,172 | (4) | 5.94 | % | ||
William Blair Investment Management, LLC 150 North Riverside Plaza Chicago, IL 60606 | 5,721,324 | (5) | 5.74 | % | ||
BlackRock Inc. 55 East 52nd Street New York, NY 10055 | 5,685,315 | (6) | 5.71 | % |
AUDIT AND FINANCE COMMITTEE REPORT |
THE AUDIT AND FINANCE COMMITTEE | |||||
Jan A. Bertsch, Chair | |||||
Robert L. Nardelli | |||||
Barbara A. Niland | |||||
John M. Richardson |
PROPOSAL 3: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
2017 | 2016 | 2021 | 2020 | |||||||||||
Audit | $ | 2,636,000 | $ | 2,386,185 | Audit | $ | 2,657,595 | $ | 2,549,954 | |||||
The Audit fees for the years ended December 31, 2017 and December 31, 2016 were for professional services rendered for the audits of the combined and consolidated financial statements of BWXT, the audit of BWXT’s internal control over financial reporting, statutory and subsidiary audits, reviews of the quarterly combined and consolidated financial statements of BWXT and assistance with review of documents filed with the SEC. | ||||||||||||||
The Audit fees for the years ended December 31, 2021 and 2020 were for professional services rendered for the audits of the consolidated financial statements of BWXT, the audit of BWXT’s internal control over financial reporting, statutory audits, reviews of the quarterly combined and consolidated financial statements of BWXT and assistance with review of documents filed with the SEC. | The Audit fees for the years ended December 31, 2021 and 2020 were for professional services rendered for the audits of the consolidated financial statements of BWXT, the audit of BWXT’s internal control over financial reporting, statutory audits, reviews of the quarterly combined and consolidated financial statements of BWXT and assistance with review of documents filed with the SEC. | |||||||||||||
Audit-Related | — | — | Audit-Related | 37,429 | 124,800 | |||||||||
The Audit-Related fees for the year ended December 31, 2017 were for services related to compliance audits and financial statement reviews for the Company and certain subsidiaries. | ||||||||||||||
There were Audit-Related fees for the years ended December 31, 2021 and 2020 related to the Company's debt offerings, and Audit-Related Fees for the Company 2020 Omnibus Incentive Plan S-8 filing for the year ending December 31, 2020. | There were Audit-Related fees for the years ended December 31, 2021 and 2020 related to the Company's debt offerings, and Audit-Related Fees for the Company 2020 Omnibus Incentive Plan S-8 filing for the year ending December 31, 2020. | |||||||||||||
Tax | 40,400 | 40,000 | Tax | 110,250 | 105,000 | |||||||||
The Tax fees for the years ended December 31, 2017 and December 31, 2016 were for professional services rendered for consultations on various U.S. federal, state and international tax compliance assistance, as well as consultation and advice on various foreign tax matters. | ||||||||||||||
The Tax fees for the years ended December 31, 2021 and 2020 were for professional services rendered for consultations on various U.S. federal and state tax compliance assistance. | The Tax fees for the years ended December 31, 2021 and 2020 were for professional services rendered for consultations on various U.S. federal and state tax compliance assistance. | |||||||||||||
All Other | 2,695 | 2,600 | All Other | 2,695 | 2,695 | |||||||||
The fees for all other services for the years ended December 31, 2017 and December 31, 2016 were for an online research tool subscription service. | ||||||||||||||
The fees for all other services for the years ended December 31, 2021 and 2020 were for an online research tool subscription service. | The fees for all other services for the years ended December 31, 2021 and 2020 were for an online research tool subscription service. | |||||||||||||
Total | $ | 2,679,095 | $ | 2,428,785 | Total | $ | 2,807,969 | $ | 2,782,449 |
RECOMMENDATION AND VOTE REQUIRED | ||
Our Board of Directors recommends that stockholders vote “FOR” the ratification of the appointment of Deloitte as our independent registered public accounting firm for the year ending December 31, |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
STOCKHOLDERS' PROPOSALS |
By Order of the Board of Directors, | |||||
Chief Compliance Officer and Secretary | |||||
Dated: March |
APPENDIX |
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring and Other Costs | Costs Associated with Early Bond Redemption | Non-GAAP | |||||||||||||||||||||||||||||||||||||||||||
Operating Income | $ | 345.8 | $ | — | $ | 3.1 | $ | — | $ | 349.0 | |||||||||||||||||||||||||||||||||||||
Other Income (Expense) | 49.9 | (39.6) | — | 15.0 | 25.3 | ||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes | (89.4) | 9.1 | (0.8) | (3.5) | (84.6) | ||||||||||||||||||||||||||||||||||||||||||
Net Income | 306.3 | (30.5) | 2.4 | 11.5 | 289.6 | ||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (0.4) | — | — | — | (0.4) | ||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to BWXT | $ | 305.9 | $ | (30.5) | $ | 2.4 | $ | 11.5 | 289.2 | ||||||||||||||||||||||||||||||||||||||
Diluted Shares Outstanding | 94.5 | 94.5 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings per Common Share | $ | 3.24 | $ | (0.32) | $ | 0.03 | $ | 0.12 | $ | 3.06 |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring Costs | Costs Associated with Sale of Business | Debt Issuance Costs | One-time Franchise Tax Audit Expense | Non-GAAP | |||||||||||||||||||||||||||||||||||||||||
Operating Income | $ | 358.6 | $ | — | $ | 2.3 | $ | 2.9 | $ | — | $ | 2.6 | $ | 366.3 | |||||||||||||||||||||||||||||||||
Other Income (Expense) | 3.6 | 6.4 | — | — | 0.5 | — | 10.5 | ||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes | (83.0) | (1.6) | (0.6) | (0.7) | (0.1) | (0.6) | (86.5) | ||||||||||||||||||||||||||||||||||||||||
Net Income | 279.2 | 4.8 | 1.7 | 2.2 | 0.4 | 2.0 | 290.3 | ||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (0.5) | — | — | — | — | — | (0.5) | ||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to BWXT | $ | 278.7 | $ | 4.8 | $ | 1.7 | $ | 2.2 | $ | 0.4 | $ | 2.0 | 289.8 | ||||||||||||||||||||||||||||||||||
Diluted Shares Outstanding | 95.7 | 95.7 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings per Common Share | $ | 2.91 | $ | 0.05 | $ | 0.02 | $ | 0.02 | $ | — | $ | 0.02 | $ | 3.03 |
Twelve Months Ended December 31, 2017 | ||||||||||||||||||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Executive Restructuring | Impairment (Gains) / Charges | One Time Tax (Benefit) / Losses | Litigation | Non-GAAP | ||||||||||||||||||||
Operating Income | $ 308.9 | $ 11.0 | $ 2.6 | — | — | $ (7.9) | $ 314.7 | |||||||||||||||||||
Other Income (Expense) | (13.1) | — | — | (0.4) | — | — | (13.5) | |||||||||||||||||||
Provision for Income Taxes | (147.4) | (4.2) | (1.0) | — | 54.6 | 2.8 | (95.1) | |||||||||||||||||||
Net Income | 148.4 | 6.9 | 1.7 | (0.4) | 54.6 | (5.1) | 206.1 | |||||||||||||||||||
Net Income Attributable to Non-Controlling Interest | (0.5) | — | — | — | — | — | (0.5 | ) | ||||||||||||||||||
Net Income Attributable to BWXT | $ 147.8 | $ 6.9 | $ 1.7 | $ (0.4) | $ 54.6 | $ (5.1) | $ 205.6 | |||||||||||||||||||
Diluted Shares Outstanding | 100.4 | 100.4 | ||||||||||||||||||||||||
Diluted Earnings per Common Share | $ 1.47 | $ 0.07 | $ 0.02 | $ 0.00 | $ 0.54 | $ (0.05) | $ 2.05 | |||||||||||||||||||
Twelve Months Ended December 31, 2016 | ||||||||||||||||||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Restructuring | Impairment (Gains) / Charges | One Time Tax (Benefit) / Losses | Framework Agreement & Litigation | Performance Guarantees Release | Non-GAAP | |||||||||||||||||||
Operating Income | $ 239.3 | $ | 21.5 | $ 4.5 | — | — | $ 13.9 | — | $ 279.2 | |||||||||||||||||
Other Income (Expense) | 18.0 | (0.2) | (13.6) | (1.6) | — | — | (9.3) | (6.6) | ||||||||||||||||||
Provision for Income Taxes | (73.7) | (7.1) | (1.6) | — | (5.0) | (5.6) | 3.4 | (89.6 | ) | |||||||||||||||||
Net Income | 183.6 | 14.2 | (10.7) | (1.6) | (5.0) | 8.3 | (5.9) | 182.9 | ||||||||||||||||||
Net Income Attributable to Non-Controlling Interest | (0.6) | — | — | — | — | — | — | (0.6 | ) | |||||||||||||||||
Net Income Attributable to BWXT | $ 183.1 | $ 14.2 | $ | (10.7 | ) | $ (1.6) | $ (5.0) | $ 8.3 | $ (5.9) | $ 182.3 | ||||||||||||||||
Diluted Shares Outstanding | 103.8 | 103.8 | ||||||||||||||||||||||||
Diluted Earnings per Common Share | $ 1.76 | $ 0.14 | $ (0.10) | $ (0.02) | $ (0.05) | $ 0.08 | $ (0.06) | $ 1.76 | ||||||||||||||||||
(1) | May not foot due to rounding. | ||||
(2) | BWXT is providing non-GAAP information regarding certain of its historical results to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT’s ongoing operations. | ||||
VOTE BY INTERNET - www.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 p.m. Eastern Time on May ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 11:59 p.m. Eastern Time on May VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. | |||||
BWX TECHNOLOGIES, INC. | |||||
800 MAIN STREET, 4TH FLOOR | |||||
LYNCHBURG, VIRGINIA 24504 | |||||
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | E41566-P00986 | KEEP THIS PORTION FOR YOUR RECORDS | |||||||
DETACH AND RETURN THIS PORTION ONLY |
BWX TECHNOLOGIES, INC. | |||||||||||||||||||||||||||||||
The Board of Directors recommends you vote FOR | |||||||||||||||||||||||||||||||
1. | Election of four director nominees named below to hold office until the Annual Meeting of Stockholders for 2023: | For | Against | Abstain | For | Against | Abstain | ||||||||||||||||||||||||
1a. Jan A. Bertsch | q | q | q | 1f. Leland D. Melvin | q | q | q | ||||||||||||||||||||||||
1b. Gerhard F. Burbach | q | q | q | 1g. Robert L. Nardelli | q | q | q | ||||||||||||||||||||||||
1c. Rex D. Geveden | q | q | q | 1h. Barbara A. Niland | q | q | q | ||||||||||||||||||||||||
1d. James M. Jaska | q | q | q | 1i. John M. Richardson | q | q | q | ||||||||||||||||||||||||
1e. Kenneth J. Krieg | q | q | q | ||||||||||||||||||||||||||||
The Board of Directors recommends you vote FOR Proposal 2. | For | Against | Abstain | ||||||||||||||||||||||||||||
2. | Advisory vote on compensation of our Named Executive Officers. | q | q | q | |||||||||||||||||||||||||||
The Board of Directors recommends you vote FOR | For | Against | Abstain | ||||||||||||||||||||||||||||
3. | Ratification of Appointment of Independent Registered Public Accounting Firm for the year ending December 31, | q | q | q | |||||||||||||||||||||||||||
The shares represented by this proxy, when properly executed, will be voted in the manner directed herein by the undersigned Stockholder(s). If no direction is made, this proxy will be voted FOR all director nominees and FOR proposals 2 and 3. If any other matters properly come before the meeting, the persons named in this proxy will vote in their discretion. | |||||||||||||||||||||||||||||||
For address changes and/or comments, please check this box and write them on the back where indicated. | q | ||||||||||||||||||||||||||||||
Please indicate if you plan to attend this meeting | q | q | |||||||||||||||||||||||||||||
Yes | No | ||||||||||||||||||||||||||||||
Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. | |||||||||||||||||||||||||||||||
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature (Joint Owners) | Date |
E41567-P00986 |
BWX TECHNOLOGIES, INC. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS ANNUAL MEETING OF STOCKHOLDERS The undersigned stockholder(s) hereby appoint(s) Rex D. Geveden and THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF NO SUCH DIRECTION IS MADE, THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE BOARD OF DIRECTORS’ RECOMMENDATIONS. ATTENTION PARTICIPANTS IN BWXT’S THRIFT PLAN: If you held shares of BWX Technologies, Inc. (“BWXT”) common stock through The Thrift Plan for Employees and Participating Subsidiary and Affiliated Companies (the “Thrift Plan”), this proxy covers all shares for which the undersigned has the right to give voting instructions to Vanguard Fiduciary Trust Company (“Vanguard”), Trustee of the Thrift Plan. Your proxy must be received no later than 11:59 p.m. Eastern Time on PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD | ||||||||||||||||||||
Address Changes/Comments: | ||||||||||||||||||||
(If you noted any Address Changes/Comments above, please mark corresponding box on the reverse side.) | ||||||||||||||||||||
CONTINUED AND TO BE SIGNED ON REVERSE SIDE |