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Proxy Statement Pursuant to Section 14(a) of the Securities
Filed by the Registrant x | Filed by a Party other than the Registrant o |
Check the appropriate box:
o Preliminary Proxy Statement
o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
x Definitive Proxy Statement
o Definitive Additional Materials
o Soliciting Material Pursuant to section 240.14a-12
Brooks Automation, Inc.
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
x | No fee required. |
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o | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
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BROOKS AUTOMATION, INC.
TO BE HELD ON FEBRUARY 8, 2012
1. | To elect nine directors to serve for the ensuing year and until their successors are duly elected; | |
2. | To approve an amendment to the Company’s 1995 Employee Stock Purchase Plan to increase the number of shares of the Company’s common stock available for issuance thereunder by 1,000,000 shares, from 3,000,000 to 4,000,000; | |
3. | To approve, on an advisory basis, the overall compensation of Brooks’ executive officers; | |
4. | To recommend, on an advisory basis, the frequency of advisory votes on executive compensation; and | |
5. | To ratify the selection of PricewaterhouseCoopers LLP as our independent registered accounting firm for the 2012 fiscal year. |
Vice President, General
Counsel and Secretary
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PROXY STATEMENT
FOR THE ANNUAL MEETING OF STOCKHOLDERS
To Be Held On February 8, 2012
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• | filing with our corporate secretary, before the vote at the Annual Meeting, a written notice of revocation bearing a later date than the proxy; | |
• | authorizing a later dated proxy relating to the same shares and delivering it to us before the vote at the Annual Meeting; or | |
• | attending the Annual Meeting and voting in person, although attendance at the meeting will not by itself constitute a revocation of the proxy. |
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Shares of | ||||||||
Common Stock | ||||||||
Beneficially | Percentage of | |||||||
Name | Owned(1)(2) | Class | ||||||
Named Executive Officers, Director Nominees and Director Emeritus: | ||||||||
Stephen S. Schwartz | 459,127 | * | ||||||
Martin S. Headley | 320,372 | * | ||||||
Steven A. Michaud (3) | 214,949 | * | ||||||
Thomas R. Leitzke | 38,413 | * | ||||||
Clinton M. Haris (4) | 116,373 | * | ||||||
A. Clinton Allen (5) | 77,500 | * | ||||||
Joseph R. Martin (6) | 58,800 | * | ||||||
John K. McGillicuddy (7) | 52,500 | * | ||||||
Krishna G. Palepu (8) | 69,785 | * | ||||||
C.S. Park (9) | 30,000 | * | ||||||
Kirk P. Pond | 42,500 | * | ||||||
Marvin G. Schorr (10) | 186,048 | * | ||||||
Alfred Woollacott, III (11) | 80,820 | * | ||||||
Mark S. Wrighton (12) | 83,484 | * | ||||||
All directors nominees, directoremeritusand executive officers as a group (18 persons) (19) | 1,937,705 | 2.92 | % | |||||
Five Percent Owners: | ||||||||
BlackRock, Inc. 40 East 52nd Street, New York, NY 10022 (13) | 4,956,331 | 7.48 | % | |||||
Barrow, Hanley Mewhinney & Strauss, LLC 2200 Ross Avenue, 31st Floor, Dallas, Texas75201-2761 (14) | 4,808,852 | 7.26 | % | |||||
Dimensional Fund Advisors LP Palisades West, Building One 6300 Bee Cave Road, Austin, Texas 78746 (15) | 4,565,179 | 6.89 | % | |||||
Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151 (16) | 4,475,182 | 6.75 | % | |||||
Polaris Capital Management, LLC, 125 Summer Street, Suite 1470, Boston, MA 02110 (17) | 3,958,940 | 5.97 | % | |||||
T. Rowe Price Associates, Inc. 100 E. Pratt Street, Baltimore, Maryland 21202 (18) | 3,585,404 | 5.41 | % |
* | Less than one percent. | |
(1) | To our knowledge, the persons named in this table have sole voting and investment power with respect to all shares of Common Stock shown as beneficially owned by them, subject to community property laws |
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where applicable and except as indicated in the other footnotes to this table. In addition, shares indicated as beneficially owned by officers and directors in some instances include restricted stock over which the officer or director has voting power but no investment power. | ||
(2) | In computing the number of shares beneficially owned by a person and the percentage ownership of that person, shares of Common Stock subject to options or warrants held by that person that are currently exercisable or exercisable within 60 days after November 18, 2011 are deemed outstanding. Such shares, however, are not deemed outstanding for the purpose of computing the percentage ownership of any other person. | |
(3) | Includes 2,042 shares held in our 401(k) retirement savings plan and 25,540 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011. | |
(4) | Includes 4,000 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011. | |
(5) | Includes 10,000 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011, as well as 10,000 shares held by a relative of Mr. Allen, over which he has no voting rights. | |
(6) | Includes 20,000 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011. | |
(7) | Includes 10,000 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011, as well as 22,500 shares issued in the form of restricted stock units that do not vest until separation from service as a Brooks director. | |
(8) | Includes 25,000 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011. | |
(9) | Includes 7,500 shares issued in the form of restricted stock units that do not vest until the earlier of the attainment of age 65 or separation from service as a Brooks director. | |
(10) | Includes 27,220 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011. | |
(11) | Includes 36,100 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011. | |
(12) | Includes 27,220 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011. | |
(13) | Based upon the most recent Schedule 13G filed by BlackRock, Inc. with the SEC on February 3, 2011, as of December 31, 2010, BlackRock, Inc. had sole voting power over 4,956,331 shares and sole dispositive power over 4,956,331 shares. | |
(14) | Based upon the most recent Schedule 13G filed by Barrow, Hanley Mewhinney & Strauss, LLC with the SEC on February 11, 2011, as of December 31, 2010 Barrow, Hanley Mewhinney & Strauss, LLC had sole voting power over 1,980,052 shares, shared voting power over 2,828,800 shares and sole dispositive power over 4,808,852 shares. | |
(15) | Based upon the most recent Schedule 13G filed by Dimensional Fund Advisors LP with the SEC on February 11, 2011, as of December 31, 2010, Dimensional Fund Advisors LP had sole voting power over 4,489,895 shares and sole dispositive power over 4,565,179 shares. | |
(16) | Based upon the most recent Schedule 13G filed by Royce & Associates, LLC with the SEC on January 12, 2011, as of December 31, 2010 Royce & Associates, LLC had sole voting power over 4,475,182 shares and sole dispositive power over 4,475,182 shares. | |
(17) | Based upon the most recent Schedule 13G filed by Polaris Capital Management, LLC with the SEC on January 31, 2011, as of December 31, 2010 Polaris Capital Management, LLC had sole voting power over 3,958,940 shares and sole dispositive power over 3,983,040 shares. | |
(18) | Based upon the most recent Schedule 13G filed by T. Rowe Price Associates, Inc. with the SEC on February 10, 2011, as of December 31, 2010 T. Rowe Price Associates, Inc. had sole voting power over 1,154,634 shares and sole dispositive power over 3,585,404 shares. | |
(19) | Includes 185,080 shares issuable pursuant to stock options exercisable within 60 days of November 18, 2011 and 2,042 shares held in our 401(k) retirement savings plan. |
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ELECTION OF DIRECTORS
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Name | Age | Position | Director Since | |||||||
A. Clinton Allen (2)(5) | 67 | Director | 2003 | |||||||
Joseph R. Martin (3)(4) | 64 | Chairman of the Board of Directors | 2001 | |||||||
John K. McGillicuddy (1)(3)(4) | 68 | Director | 2003 | |||||||
Krishna G. Palepu (3)(4)(5) | 57 | Director | 2005 | |||||||
C. S. Park (2)(3) | 63 | Director | 2008 | |||||||
Kirk P. Pond (2)(3) | 67 | Director | 2007 | |||||||
Stephen S. Schwartz (4) | 52 | Director, President and CEO | 2010 | |||||||
Alfred Woollacott, III (1)(5) | 65 | Director | 2005 | |||||||
Mark S. Wrighton (1)(5) | 62 | Director | 2005 |
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STOCKHOLDERS VOTEFORTHE ELECTION OF THE NINE NAMED NOMINEES
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• | By telephone:(978) 262-4400 |
• | By electronic mail:Directors@Brooks.com |
• | By first class mail, overnight mail or courier: |
15 Elizabeth Drive
Chelmsford, MA 01824
HR & | Nominating & | |||||||||
Name of Director | Audit | Executive | Finance | Compensation | Governance | |||||
Non-Employee Directors: | ||||||||||
A. Clinton Allen | Chair | Member | ||||||||
Joseph R. Martin (1) | Chair | Member | ||||||||
John K. McGillicuddy | Chair | Member | Member | |||||||
Professor Krishna G. Palepu | Member | Member | Chair | |||||||
Dr. C.S. Park | Member | Member | ||||||||
Kirk P. Pond | Chair | Member | ||||||||
Dr. Marvin Schorr (2) | ||||||||||
Alfred Woollacott, III | Member | Member | ||||||||
Dr. Mark S. Wrighton | Member | Member | ||||||||
Employee Director | ||||||||||
Stephen S. Schwartz | Member | |||||||||
Number of Meetings in Fiscal 2011 | 5 | 4 | 4 | 6 | 4 |
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“The Board should be free to select the Chairman and Chief Executive Officer in any way that seems best for the Company at a given point in time. While the same person may occupy both offices, the Company’s current practice is to have an independent director serve as Chairman, and another individual serve as the Chief Executive Officer. In the event that the same person serves as both the Chairman and Chief Executive Officer, a Lead Independent Director shall be selected by the independent Directors. The Chairman or Lead Director shall be responsible to chair the regularly-scheduled meetings of independent Directors and to assume such other responsibilities that the independent Directors may designate from time to time.” |
• | The independent oversight of the Company is enhanced. | |
• | The objectivity of the Board’s evaluation of the Chief Executive Officer is increased. | |
• | Having a non-executive Chairman provides an independent spokesman for the company. | |
• | The Chief Executive Officer has the benefit of a fully independent and experienced sounding board. | |
• | The Board can provide a fully independent and objective assessment of risk. |
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Fiscal Year 2011
Change in | ||||||||||||||||
Pension | ||||||||||||||||
Value and | ||||||||||||||||
Fees | Non-qualified | |||||||||||||||
Earned | Deferred | |||||||||||||||
or Paid in | Stock | Compensation | ||||||||||||||
Cash | Awards | Earnings | Total | |||||||||||||
Name | ($) | ($) (1) | ($) | ($) | ||||||||||||
(a) | (b) | (c) | (e) | (f) | ||||||||||||
Joseph R. Martin | $ | 123,250 | $ | 125,200 | $ | 248,450 | ||||||||||
A. Clinton Allen | $ | 98,250 | $ | 93,900 | $ | 192,150 | ||||||||||
Kirk P. Pond | $ | 98,250 | $ | 93,900 | $ | 192,150 | ||||||||||
John K. McGillicuddy | $ | 107,250 | $ | - | $ | (14,625 | ) (2)(4) | $ | 92,625 | |||||||
Krishna G. Palepu | $ | 100,750 | $ | 93,900 | $ | 194,650 | ||||||||||
Alfred Woollacott, III | $ | 89,500 | $ | 93,900 | $ | 183,400 | ||||||||||
Mark S. Wrighton | $ | 88,000 | $ | 93,900 | $ | 181,900 | ||||||||||
C. S. Park | $ | 89,500 | $ | 93,900 | $ | 10,875 | (3)(4) | $ | 194,275 | |||||||
Marvin G. Schorr (5) | $ | 74,000 | $ | 93,900 | $ | 167,900 | ||||||||||
u | $80,000 annual Board retainer to each nonemployee director; | |
u | $5,000 annual Committee retainer to each nonemployee director for each Committee that such director serves on; | |
u | an additional $40,000 annual retainer to the non-executive Chairman of the Board; |
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u | an additional $10,000 annual retainer to each of the Chairman of the Human Resources and Compensation Committee and the Chairman of the Nominating and Governance Committee; and | |
u | an additional $20,000 annual retainer to the Chairman of the Audit Committee. | |
u | an annual award of unrestricted shares of Brooks common stock having a market value of $80,000 ($120,000 for the nonexecutive Chairman of the Board) based on the closing price on the date of grant. |
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Name | Age | Position with the Company | ||||
Stephen S. Schwartz | 52 | President and Chief Executive Officer | ||||
Martin S. Headley | 55 | Executive Vice President and Chief Financial Officer | ||||
Timothy S. Mathews | 48 | Vice President, Corporate Controller and Principal Accounting Officer | ||||
Clinton M. Haris | 39 | Senior Vice President of Brooks Life Science Systems | ||||
Thomas R. Leitzke | 62 | Senior Vice President of Supply Chain and Manufacturing Operations | ||||
John Lillig | 62 | Senior Vice President and Managing Director, Brooks Life Science Systems | ||||
Steven A. Michaud | 49 | Senior Vice President, Brooks Product Solutions | ||||
Sally White | 46 | Senior Vice President, Global Services | ||||
Jason W. Joseph | 41 | Vice President, General Counsel and Secretary |
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• Stephen S. Schwartz | President and Chief Executive Officer |
• Martin S. Headley | Executive Vice President Chief Financial Officer |
• Steven A. Michaud | Senior Vice President, Brooks Product Solutions |
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• Clinton M. Haris | Senior Vice President, Brooks Life Science Systems |
• Thomas R. Leitzke | Senior Vice President, Supply Chain and Manufacturing Operations |
• | An appropriate balance between fixed and variable pay | |
• | Performance-based awards tied to company, business group and individual results that may be greater than competitive total compensation levels when warranted by performance results that have a high target objective | |
• | Recognition that in a highly cyclical industry, the ability to perform throughout the cycles is critical to our long term success |
Chief Executive Officer | Other Executives | |||||||||||||||
Brooks | Market | Brooks | Market | |||||||||||||
Base Salary | 21 | % | 23 | % | 37 | % | 37 | % | ||||||||
Annual Target Incentive | 21 | % | 23 | % | 23 | % | 20 | % | ||||||||
Long Term Equity Incentive | 58 | % | 54 | % | 40 | % | 43 | % | ||||||||
100 | % | 100 | % | 100 | % | 100 | % |
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• | Salary adjustment recommendations are made after a compilation and review of executive compensation survey and peer company data and, more significantly, an evaluation of individual performance over the prior performance period. | |
• | Annual performance-based variable compensation payments are primarily determined by our actual financial performance against specified metrics as well as the achievement of strategic individual objectives. |
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• | Equity grants, which can be made in the form of stock options, restricted shares or performance shares, are reviewed by the Board and are intended to provide long-term compensation that seeks to retain our executives and reward them for bringing value to stockholders. |
• | the appropriateness of our peer group of firms for executive compensation comparison purposes; | |
• | a competitive assessment of Brooks as compared to the market based on the compensation components of base salary, target and actual annual incentives, long term incentives, and total direct compensation; and | |
• | periodic attendance at the scheduled meetings to assist with ongoing support. |
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• | The most recent increases to executive salaries were made in January, 2008. During the three year period (2008-2010) continuing executives reduced their salaries by approximately 10% during most of 2009. | |
• | The executive team had just completed a very profitable and successful 2010 fiscal year. Dr. Schwartz noted Brooks’ strong finish to the fiscal year with excellent top line growth and record quarterly operating performance. Revenues for the year ended September 30, 2010 were $593.0 million, a 171% increase from $218.7 million for the prior fiscal year. Net income attributable to Brooks for fiscal year 2010 was $59.0 million, as compared to the prior fiscal year’s net loss of $(277.9) million. | |
• | Net income from operations was $47.0 million for fiscal year 2010 as compared to a loss of $(228.0) million in 2009. |
Name | Former Base Salary | Adjustment | Percent | Current Base Salary | ||||||||||||
Martin S. Headley | $ | 425,000 | $ | 0 | 0 | % | $ | 425,000 | ||||||||
Steven A. Michaud | $ | 300,000 | $ | 15,000 | 5 | % | $ | 315,000 | ||||||||
Thomas R. Leitzke | $ | 250,000 | $ | 30,000 | 12 | % | $ | 280,000 | ||||||||
Clinton M. Haris | $ | 225,000 | $ | 45,000 | 20 | % | $ | 270,000 |
• | EBIDTA/Revenue | |
• | Return on Invested Capital |
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• | Gross Margin | |
• | Customer satisfaction as evidenced byout-of-box quality, on-time delivery, closure of customer issues that have been escalated to more senior levels of management. | |
• | New product revenue growth |
• | Aggressive management of the investment in operating assets by measuring the return on invested capital (ROIC). | |
• | The growth and value created through achieving aggressive levels of net income before interest, taxes, depreciation and amortization (adjusted EBIDTA) as percent of revenue. |
• | Growing revenue to $688 .1 million; an increase of 16% from fiscal 2010 | |
• | Increasing Adjusted EBITDA 48% to $111.2 million | |
• | Achieving record cash flow from operating activities of $87.6 million | |
• | Generating 79design-in-wins with OEM Customers, helping to realize increased market gains | |
• | Divesting of our low margin, non-core contract manufacturing business |
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• | Diversifying our business with the acquisition of Life Science Systems companies Nexus and RTS |
Target | Target | Actual | Actual | |||||||||||||||||
Name | Base Salary | PBVC | Award | Award | Percentage of Target | |||||||||||||||
Stephen S. Schwartz | $ | 575,000 | 100 | % | $ | 575,000 | $ | 525,000 | 91 | % | ||||||||||
Martin S. Headley | $ | 425,000 | 100 | % | $ | 425,000 | $ | 407,596 | 96 | % | ||||||||||
Steven A. Michaud | $ | 315,000 | 60 | % | $ | 186,577 | $ | 168,759 | 90 | % | ||||||||||
Thomas R. Leitzke | $ | 280,000 | 60 | % | $ | 163,154 | $ | 149,612 | 92 | % | ||||||||||
Clinton M. Haris | $ | 270,000 | 60 | % | $ | 154,731 | $ | 156,162 | 101 | % |
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Time Based | Performance Based | Grant | ||||||||||||||
Name of Executive | Shares(1) | Shares | Total Shares | Value of Shares | ||||||||||||
Martin Headley | 32,000 | 32,000 | 64,000 | $ | 545,280 | |||||||||||
Steven Michaud | 13,500 | 13,500 | 27,000 | $ | 230,040 | |||||||||||
Thomas Leitzke | - | - | - | - | ||||||||||||
Clinton Haris | 10,500 | 10,500 | 21,000 | $ | 178,920 |
(1) | Vesting in one-third increments from the grant anniversary date. |
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• | generate cumulative cash flow from operations over the three year period; weighting 40% | |
• | achieve an aggressive return on invested capital by the end of fiscal year 2013: weighting 40% | |
• | grow revenue within the top 25% of companies relative to the 2011 peer group; weighting 20% |
Time Based | Performance Based | Grant | ||||||||||||||
Name of Executive | Shares(1) | Shares | Total Shares | Value of Shares | ||||||||||||
Martin Headley | 30,000 | 30,000 | 60,000 | $ | 743,400 | |||||||||||
Steven Michaud | 13,000 | 13,000 | 26,000 | $ | 322,140 | |||||||||||
Thomas Leitzke | 12,500 | 12,500 | 25,000 | $ | 309,750 | |||||||||||
Clinton Haris | 11,000 | 11,000 | 22,000 | $ | 272,580 |
(1) | Vesting in one-third increments from the grant anniversary date |
• Base Salary | $500,000 | |
• PBVC Annual Target | 100% | |
• Time Based Special Equity Award | 100,000 restricted shares; three-year pro rata vesting provisions | |
• LTIP Equity Award | 100,000 restricted shares covering the 2010-2012 LTIP performance period with 50% of the shares tied to performance metrics and 50% time-based over 3 years | |
• Relocation Benefits | As needed to a maximum of $200,000 |
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• | Leadership in the divestiture of the Extended Factory |
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• | Acquisition of RTS and Nexus Biosystems as the foundation for the Company’s strategic plan of non-organic growth | |
• | Increases in gross margins and market shares | |
• | Record cash flow from Operating activities | |
• | Total Shareholders Return of 21%, ranking the Company fourth of fourteen companies in the peer group |
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as of September 30, 2011:
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�� | ||||||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||||||||||
Value & | ||||||||||||||||||||||||||||||||||||
Nonqualified | ||||||||||||||||||||||||||||||||||||
Non-Equity | Deferred | |||||||||||||||||||||||||||||||||||
Stock | Incentive Plan | Compensation | All Other | |||||||||||||||||||||||||||||||||
Name and Principal | Salary | Bonus | Awards | Compensation | Earnings | Compensation | Total | |||||||||||||||||||||||||||||
Position | Year | ($) | ($) | ($) (1) | ($) (2) | ($) | ($) | ($) | ||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||||||||
Stephen S. Schwartz | 2011 | $ | 563,461 | $ | - | $ | 2,738,250 | $ | 525,000 | $ | 33,522 | (3) | $ | 3,860,233 | ||||||||||||||||||||||
President & Chief Executive Officer | 2010 | $ | 240,385 | (4) | $ | - | $ | 1,888,000 | $ | 250,000 | $ | 69,476 | $ | 2,447,861 | ||||||||||||||||||||||
Martin S. Headley | 2011 | $ | 425,000 | $ | - | $ | 743,400 | $ | 407,596 | $ | 11,025 | (5) | $ | 1,587,021 | ||||||||||||||||||||||
Executive Vice President & Chief Financial Officer | 2010 2009 | $ | 413,721 $403,357 | $ | - $- | $ | 1,017,280 $810,005 | $ | 505,325 $- | $ | 11,773 $79,424 | $ | 1,948,099 $1,292,786 | |||||||||||||||||||||||
Steven A. Michaud | 2011 | $ | 310,961 | $ | - | $ | 322,140 | $ | 168,759 | $ | 13,753 | (6) | $ | 16,282 | (7) | $ | 831,895 | |||||||||||||||||||
Senior Vice President, Brooks Products Solutions | 2010 2009 | $ | 292,039 $276,964 | $ | - $- | $ | 702,040 $333,200 | $ | 180,000 $- | $ | 11,351 $(15,244 | ) | $ | 19,401 $22,123 | $ | 1,204,831 $617,043 | ||||||||||||||||||||
Thomas R. Leitzke | 2011 | $ | 271,923 | $ | - | $ | 309,750 | $ | 149,612 | $ | 69,004 | (8) | $ | 800,289 | ||||||||||||||||||||||
Senior Vice President, Global Operations | ||||||||||||||||||||||||||||||||||||
Clinton M. Haris | 2011 | $ | 257,885 | $ | - | $ | 272,580 | $ | 156,162 | $ | (3,257 | ) (9) | $ | 37,148 | (10) | $ | 720,518 | |||||||||||||||||||
Senior Vice President, Brooks Life Science Systems | 2010 | $ | 216,087 | $ | - | $ | 650,920 | $ | 135,000 | $ | 23,284 | $ | 10,014 | (5) | $ | 1,035,305 | ||||||||||||||||||||
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Fiscal Year 2011
All | ||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||
Stock | Grant | |||||||||||||||||||||||||||||||||||
Awards: | Date | |||||||||||||||||||||||||||||||||||
Number | Fair Value | |||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under | Estimated Future Payouts | of Shares | of Stock | |||||||||||||||||||||||||||||||||
Non-Equity Incentive Plan Awards | Under Equity Incentive Plan Awards | of Stock | and | |||||||||||||||||||||||||||||||||
Threshold | Target | Maximum | Threshold | Target | Maximum | or Units | Option | |||||||||||||||||||||||||||||
Name | Grant Date | ($) | ($) | ($) | (#) | (#) | (#) | (#) | Awards | |||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) (5) | |||||||||||||||||||||||||||
Stephen S. Schwartz | 10/1/2010 (1 | ) | $ | 575,000 | $ | 1,300,000 | ||||||||||||||||||||||||||||||
12/2/2010 (4 | ) | 150,000 | $ | 1,189,500 | ||||||||||||||||||||||||||||||||
2/3/2011 (2 | ) | 62,500 | $ | 774,375 | ||||||||||||||||||||||||||||||||
2/3/2011 (3 | ) | 62,500 | 62,500 | $ | 774,375 | |||||||||||||||||||||||||||||||
Martin S. Headley | 10/1/2010 (1 | ) | $ | 425,000 | $ | 637,500 | ||||||||||||||||||||||||||||||
2/3/2011 (2 | ) | 30,000 | $ | 371,700 | ||||||||||||||||||||||||||||||||
2/3/2011 (3 | ) | 30,000 | 30,000 | $ | 371,700 | |||||||||||||||||||||||||||||||
Steven A. Michaud | 10/1/2010 (1 | ) | $ | 189,000 | $ | 315,000 | ||||||||||||||||||||||||||||||
2/3/2011 (2 | ) | 13,000 | $ | 161,070 | ||||||||||||||||||||||||||||||||
2/3/2011 (3 | ) | 13,000 | 13,000 | $ | 161,070 | |||||||||||||||||||||||||||||||
Thomas R. Leitzke | 10/1/2010 (1 | ) | $ | 168,000 | $ | 168,000 | ||||||||||||||||||||||||||||||
2/3/2011 (2 | ) | 12,500 | $ | 154,875 | ||||||||||||||||||||||||||||||||
2/3/2011 (3 | ) | 12,500 | 12,500 | $ | 154,875 | |||||||||||||||||||||||||||||||
Clinton M. Haris | 10/1/2010 (1 | ) | $ | 162,000 | $ | 162,000 | ||||||||||||||||||||||||||||||
2/3/2011 (2 | ) | �� | 11,000 | $ | 136,290 | |||||||||||||||||||||||||||||||
2/3/2011 (3 | ) | 11,000 | 11,000 | $ | 136,290 | |||||||||||||||||||||||||||||||
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Fiscal Year 2011
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||
Incentive | ||||||||||||||||||||||||||||||||||||||||
Equity | Plan Awards: | |||||||||||||||||||||||||||||||||||||||
Incentive | Market | |||||||||||||||||||||||||||||||||||||||
Market | Plan | or Payout | ||||||||||||||||||||||||||||||||||||||
Value of | Awards: | Value of | ||||||||||||||||||||||||||||||||||||||
Shares | Number of | Unearned | ||||||||||||||||||||||||||||||||||||||
or Units | Unearned | Shares, | ||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | of Stock | Shares, Units | Units or | |||||||||||||||||||||||||||||||||||
Securities | Securities | Shares or | That | or Other | Other | |||||||||||||||||||||||||||||||||||
Underlying | Underlying | Option | Units of | Have | Rights That | Rights | ||||||||||||||||||||||||||||||||||
Unexercised | Unexercised | Exercise | Option | Stock That | Not | Have Not | That Have | |||||||||||||||||||||||||||||||||
Options (#) | Options (#) | Price | Expiration | Have Not | Vested | Vested | Not Vested | |||||||||||||||||||||||||||||||||
Name | Exercisable | Unexercisable | ($) | Date | Vested (#) | ($) | (#) | ($) | ||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) (9) | (h) | (i) (9) | ||||||||||||||||||||||||||||||||
Stephen S. Schwartz | 66,670 (1 | ) | $ | 543,361 | ||||||||||||||||||||||||||||||||||||
50,000 (3 | ) | $ | 407,500 | 50,000 (3 | ) | $ | 407,500 | |||||||||||||||||||||||||||||||||
150,000 (6 | ) | $ | 1,222,500 | |||||||||||||||||||||||||||||||||||||
62,500 (2 | ) | $ | 509,375 | 62,500 (2 | ) | $ | 509,375 | |||||||||||||||||||||||||||||||||
Martin S. Headley | 21,334 (5 | ) | $ | 173,872 | 32,000 (5 | ) | $ | 260,800 | ||||||||||||||||||||||||||||||||
50,000 (4 | ) | $ | 407,500 | |||||||||||||||||||||||||||||||||||||
30,000 (2 | ) | $ | 244,500 | 30,000 (2 | ) | $ | 244,500 | |||||||||||||||||||||||||||||||||
Steven A. Michaud | 10,000 | $ | 13.03 | 10/26/2012 | 9,000 (5 | ) | $ | 73,350 | 13,500 (5 | ) | $ | 110,025 | ||||||||||||||||||||||||||||
5,550 | $ | 18.11 | 02/20/2012 | 50,000 (4 | ) | $ | 407,500 | |||||||||||||||||||||||||||||||||
9,990 | $ | 17.34 | 04/28/2014 | 13,000 (2 | ) | $ | 105,950 | 13,000 (2 | ) | $ | 105,950 | |||||||||||||||||||||||||||||
Thomas R. Leitzke | 10,000 (7 | ) | $ | 81,500 | ||||||||||||||||||||||||||||||||||||
12,500 (2 | ) | $ | 101,875 | 12,500 (2 | ) | $ | 101,875 | |||||||||||||||||||||||||||||||||
Clinton M. Haris | 4,000 | $ | 17.22 | 12/20/2011 | 1,166 (8 | ) | $ | 9,503 | ||||||||||||||||||||||||||||||||
7,000 (5 | ) | $ | 57,050 | 10,500 (5 | ) | $ | 85,575 | |||||||||||||||||||||||||||||||||
50,000 (4 | ) | $ | 407,500 | |||||||||||||||||||||||||||||||||||||
11,000 (2 | ) | $ | 89,650 | 11,000 (2 | ) | $ | 89,650 | |||||||||||||||||||||||||||||||||
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Fiscal Year 2011
Stock Awards | ||||||||
Number of | Value | |||||||
Shares | Realized | |||||||
Acquired on | on | |||||||
Vesting | Vesting | |||||||
Name | (#) | ($) | ||||||
(a) | (b) | (c) (1) | ||||||
Stephen S. Schwartz | 49,995 | $ | 587,441 | |||||
Martin S. Headley | 41,333 | $ | 441,475 | |||||
Steven A. Michaud | 11,167 | $ | 111,558 | |||||
Thomas R. Leitzke | 5,000 | $ | 46,000 | |||||
Clinton M. Haris | 5,917 | $ | 73,289 | |||||
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Fiscal Year 2011
Number of | Present | |||||||||||||||
Years | Value of | Payments | ||||||||||||||
Credited | Accumulated | During Last | ||||||||||||||
Service | Benefit | Fiscal Year | ||||||||||||||
Name | Plan Name | (#) | ($) (1) | ($) | ||||||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||||||
Steven A. Michaud | Helix Employees Pension Plan | 18.2 (2 | ) | $ | 228,674 | $ | - | |||||||||
Fiscal Year 2011
Aggregate | Aggregate | |||||||||||
Earnings in | Aggregate | Balance at | ||||||||||
Last FY | Withdrawals/ | Last FYE | ||||||||||
Name | ($) | Distributions ($) | ($) | |||||||||
(a) | (b) | (c) | (d) | |||||||||
Clinton M. Haris | $ | (3,257 | ) | $ | - | $ | 232,054 | |||||
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Salary & | Vesting | Vesting | ||||||||||||||||
Other Cash | of Stock | of Stock | ||||||||||||||||
Payments | Options | Awards | Total | |||||||||||||||
Name | Event | ($) | ($) | ($) (2) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Stephen S. Schwartz | Termination Without Cause or for Good Reason | $ | 1,162,852 (1 | ) | $ | 1,162,852 | ||||||||||||
Change of Control with Termination | $ | 1,162,852 (1 | ) | $ | 3,463,791 | $ | 4,626,643 | |||||||||||
Martin S. Headley | Termination Without Cause or for Good Reason | $ | 870,852 (1 | ) | $ | 870,852 | ||||||||||||
Change of Control with Termination | $ | 870,852 (1 | ) | $ | 1,331,172 | $ | 2,202,024 | |||||||||||
Steven A. Michaud | Termination Without Cause or for Good Reason | $ | 516,766 (1 | ) | $ | -(3 | ) | $ | 516,766 | |||||||||
Change of Control with Termination | $ | 516,766 (1 | ) | $ | 802,775 | $ | 1,319,541 | |||||||||||
Thomas R. Leitzke | Termination Without Cause or for Good Reason | $ | - | $ | - | |||||||||||||
Change of Control with Termination | $ | - | $ | 285,250 | $ | 285,250 | ||||||||||||
Clinton M. Haris | Termination Without Cause or for Good Reason | $ | - | $ | -(4 | ) | $ | - | ||||||||||
Change of Control with Termination | $ | - | $ | 738,928 | $ | 738,928 | ||||||||||||
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Number of | ||||||||||||
Securities to | Number of | |||||||||||
be Issued | Weighted-Average | Securities Remaining | ||||||||||
Upon Exercise | Exercise Price of | Available for | ||||||||||
of Outstanding | Outstanding | Future Issuance | ||||||||||
Options, | Options, | Under Equity | ||||||||||
Warrants | Warrants and | Compensation | ||||||||||
Plan Category | and Rights | Rights | Plans (2) | |||||||||
Equity compensation plans approved by security holders (1) | 361,637 | $ | 14.47 | 5,266,210 | (3) | |||||||
Equity compensation plans not approved by security holders | 8,500 | $ | 18.75 | 0 | ||||||||
Total | 370,137 | $ | 14.57 | 5,266,210 | ||||||||
(1) | Includes an aggregate of 68,262 options at a weighted average exercise price of $13.70 assumed by the Company in connection with past acquisitions and business combinations. | |
(2) | Excludes securities reflected in the first column of the table. | |
(3) | Excludes 292,095 shares that may be issued under our Employee Stock Purchase Plan. |
• | an executive officer, director or director nominee; | |
• | any person who is known to be the beneficial owner of more than 5% of our common stock; | |
• | any person who is an immediate family member (as defined under Item 404 of Regulation S-K) of an executive officer, director or director nominee or beneficial owner of more than 5% of our common stock; | |
• | any firm, corporation or other entity in which any of the foregoing persons is employed or is a partner or principal or in a similar position or in which such person, together with any other of the foregoing persons, has a 5% or greater beneficial ownership interest. |
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2011 | 2010 | |||||||
Audit Fees | $ | 1,606,734 | $ | 1,364,680 | ||||
Audit-Related Fees | - | - | ||||||
Tax Fees | $ | 180,910 | $ | 317,739 | ||||
All Other Fees | $ | 502,781 | $ | 3,000 |
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EMPLOYEE STOCK PURCHASE PLAN
• | voluntary participation by employees, with the right to withdraw from the program up to the time stock is purchased (subject to such reasonable administrative requirements imposed by the Compensation Committee); | |
• | automatic withdrawal on termination of employment; | |
• | two six-month offering periods per year; | |
• | purchase price per share is 85% of the lower of the stock’s fair market value, defined as the average of the high and low stock price on such date, at the beginning of an enrollment period or on the purchase date; | |
• | payment is made through payroll deductions; | |
• | no employee may participate if he or she would then own 5% or more of the voting power or the value of the company’s Common Stock; | |
• | an employee may not buy more than $25,000 worth of stock in any calendar year, based on the fair market value of the stock on the enrollment date; | |
• | no employee may allocate more than 10% of his or her annual compensation to the purchase of stock under the plan; and | |
• | no employee may purchase more than 1,500 shares on any purchase date. |
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Shares | ||||
Total shares currently authorized under plan | 3,000,000 | |||
Proposed increase | 1,000,000 | |||
Proposed total shares authorized under plan | 4,000,000 | |||
Total shares currently available for issuance under plan (as of October 31, 2011) | 292,095 | |||
Proposed increase | 1,000,000 | |||
Proposed total shares available for issuance | 1,292,095 |
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ADVISORY VOTE ON EXECUTIVE COMPENSATION
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ADVISORY VOTE ON FREQUENCY OF FUTURE ADVISORY VOTES ON EXECUTIVE COMPENSATION
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RATIFICATION OF SELECTION
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PROPOSAL NO. 5.
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1. | PURPOSE |
2. | ELIGIBLE EMPLOYEES |
3. | STOCK SUBJECT TO THE PLAN |
4. | OFFERING PERIODS AND STOCK OPTIONS |
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5. | EXERCISE OF OPTION |
A-2
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6. | AUTHORIZATION FOR ENTERING PLAN |
7. | ALLOWABLE PAYROLL DEDUCTIONS |
8. | UNUSED PAYROLL DEDUCTIONS |
9. | CHANGE IN PAYROLL DEDUCTIONS |
10. | WITHDRAWAL FROM THE PLAN |
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11. | ISSUANCE OF STOCK |
12. | NO TRANSFER OR ASSIGNMENT OF EMPLOYEE’S RIGHTS |
13. | TERMINATION OF EMPLOYEE’S RIGHTS |
14. | DEATH OF PARTICIPANT |
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15. | TERMINATION AND AMENDMENTS TO PLAN |
16. | LIMITATIONS OF SALE OF STOCK PURCHASED UNDER THE PLAN |
17. | COMPANY’S PAYMENT OF EXPENSES RELATED TO PLAN |
18. | PARTICIPATING SUBSIDIARIES |
19. | ADMINISTRATION OF THE PLAN |
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20. | OPTIONEES NOT STOCKHOLDERS |
21. | APPLICATION OF FUNDS |
22. | GOVERNMENTAL REGULATION |
23. | TRANSFERABILITY |
24. | EFFECT OF CHANGES OF COMMON STOCK |
25. | MERGER OR CONSOLIDATION |
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26. | WITHHOLDING OF ADDITIONAL FEDERAL INCOME TAX |
27. | EQUAL TREATMENT |
28. | APPROVAL OF STOCKHOLDERS |
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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 the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. 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 the day before the cut-off date or meeting date. Have your proxy card in hand when you call and then follow the instructions. 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. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | x | KEEP THIS PORTION FOR YOUR RECORDS | ||
DETACH AND RETURN THIS PORTION ONLY |
For All | Withhold All | For All Except | To withhold authority to vote for any individual nominee(s), mark “For All Except” and write the number(s) of the nominee(s) on the line below | |||||||||
The Board of Directors recommends a vote FOR the following: | ||||||||||||
¨ | ¨ | ¨ | ||||||||||
1. Election of Directors Nominees |
01 | A. Clinton Allen | 02 | Joseph R. Martin | 03 | John K. McGillicuddy | 04 | Krishna G. Palepu | 05 | C.S. Park | |||||||||||||||||||
06 | Kirk P. Pond | 07 | Stephen S. Schwartz | 08 | Alfred Woollacott, III | 09 | Mark S. Wrighton |
The Board of Directors recommends you vote FOR proposals 2 and 3. | For | Against | Abstain | |||||
2. | To approve an amendment to the Company's 1995 Employee Stock Purchase Plan to increase the number of shares of the Company's common stock available for issuance thereunder by 1,000,000 shares, from 3,000,000 to 4,000,000. | ¨ | ¨ | ¨ | ||||
3. | To approve, on an advisory basis, the overall compensation of Brooks’ executive officers. | ¨ | ¨ | ¨ |
The Board of Directors recommends you vote 1 YEAR on the following proposal: | 1 year | 2 years | 3 years | Abstain | ||||||
4. | To recommend, on an advisory basis, the frequency of advisory votes on executive compensation. | ¨ | ¨ | ¨ | ¨ |
The Board of Directors recommends you vote FOR the following proposal: | For | Against | Abstain | |||||
5. | To ratify the selection of PricewaterhouseCoopers LLP as our independent registered accounting firm for the 2012 fiscal year. | ¨ | ¨ | ¨ | ||||
NOTE: The stockholders will also act on any other business as may properly come before the meeting. |
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. | |||||||||
SHARES CUSIP # SEQUENCE # | ||||||||||||
Signature [PLEASE SIGN WITHIN BOX] | Date | JOB # | Signature (Joint Owners) | Date |
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Jason Joseph
Vice President, General Counsel and Secretary
BROOKS AUTOMATION, INC. ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON FEBRUARY 8, 2012 |