04/17/2024 | Press release | Distributed by Public on 04/17/2024 13:50
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NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 30, 2024
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PROXY SUMMARY
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PROXY STATEMENT-ANNUAL MEETING OF SHAREHOLDERS
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PROPOSAL ONE: ELECTION OF DIRECTORS
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BOARD OF DIRECTORS AND CORPORATE GOVERNANCE
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BOARD OF DIRECTORS' COMPENSATION
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EXECUTIVE OFFICERS WHO ARE NOT DIRECTORS
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
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EXECUTIVE COMPENSATION
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PROPOSAL TWO: APPOINTMENT OF OUR INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM AND CERTIFIED AUDITOR
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REPORT OF THE AUDIT COMMITTEE
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EXTERNAL AUDITOR FEES
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PROPOSAL THREE: APPROVAL OF OUR LUXEMBOURG STATUTORY ACCOUNTS
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PROPOSAL FOUR: RECEIPT AND APPROVAL OF OUR DIRECTORS' REPORT FOR THE LUXEMBOURG STATUTORY ACCOUNTS AND RECEIPT OF OUR SUPERVISORY AUDITOR'S REPORT FOR THE LUXEMBOURG ANNUAL ACCOUNTS
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PROPOSAL FIVE: ALLOCATION OF THE RESULTS IN THE LUXEMBOURG ANNUAL ACCOUNTS
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PROPOSAL SIX: DISCHARGE OF OUR DIRECTORS AND SUPERVISORY AUDITOR
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PROPOSAL SEVEN: ADVISORY VOTE ON EXECUTIVE COMPENSATION ("SAY-ON-PAY")
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PROPOSAL EIGHT: APPROVE THE AMENDMENT OF OUR 2009 EQUITY INCENTIVE PLAN (THE "PLAN") TO INCREASE THE NUMBER OF SHARES OF COMMON STOCK RESERVED FOR ISSUANCE UNDER THE PLAN BY AN ADDITIONAL 3.3 MILLION SHARES
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BUSINESS RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
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SHAREHOLDER PROPOSALS
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ANNUAL REPORT
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| Date: | | |
Thursday, May 30, 2024
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| Time: | | |
9:00 a.m. Central European Time
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Location:
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Altisource Portfolio Solutions S.A.
33, Boulevard Prince Henri L-1724 Luxembourg City Grand Duchy of Luxembourg |
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Annual Meeting of Shareholders
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Proposals
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Recommendation
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(1)
Election of Directors
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✓ FOR each nominee
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(2)
Appointment of our Independent Registered Certified Public Accounting Firm and Certified Auditor
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✓ FOR
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(3)
Approval of our Luxembourg Statutory Accounts
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✓ FOR
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(4)
Receipt and Approval of our Directors' report for the Luxembourg Statutory Accounts and Receipt of the Supervisory Auditor's report for the Luxembourg Annual Accounts
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✓ FOR
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(5)
Allocation of the Results in the Luxembourg Annual Accounts
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✓ FOR
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(6)
Discharge of our Directors and Supervisory Auditor
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✓ FOR
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(7)
Advisory Vote on Executive Compensation ("Say-on-Pay")
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✓ FOR
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(8)
Amendment of our 2009 Equity Incentive Plan (the "Plan") to increase the number of shares of common stock reserved for issuance under the Plan by an additional 3.3 million shares
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✓ FOR
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Proxy Summary
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Proxy Summary
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Proxy Summary
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2019
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2020
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2021
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2022
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2023
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| Facilities | | |
% of Facilities
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| Certified Facilities(1) | | | | | 33% | | | | | | 33% | | | | | | 50% | | | | | | 50% | | | | | | 25% | | |
| Low-Flow Plumbing | | | | | 56% | | | | | | 67% | | | | | | 67% | | | | | | 67% | | | | | | 75% | | |
| Rainwater Harvesting | | | | | 11% | | | | | | 17% | | | | | | 33% | | | | | | 50% | | | | | | 75% | | |
| Carbon Footprint/Greenhouse Gas (direct) | | |
CO2 Emitted
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| Transport - Employee Commuting | | | | | 3,765,000 | | | | | | 1,494,000 | | | | | | 304,000 | | | | | | 200,000 | | | | | | 299,000(3) | | |
| Refrigeration and Air Conditioning(2) | | | | | 274,000 | | | | | | 325,000 | | | | | | 202,000 | | | | | | 104,000 | | | | | | 70,000 | | |
| Fire Suppression(2) | | | | | 5,000 | | | | | | 5,000 | | | | | | 5,000 | | | | | | 290 | | | | | | 290 | | |
| Business Travel | | | | | 424,000 | | | | | | 115,000 | | | | | | 54,000 | | | | | | 70,000 | | | | | | 25,000 | | |
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Carbon Footprint/Greenhouse Gas (indirect)
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Units Consumed
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| Paper Cups (number) | | | | | 178,507 | | | | | | 26,640 | | | | | | 3,960 | | | | | | 3,700 | | | | | | 4,410(3) | | |
| Paper Sheets (number) | | | | | 1,508,190 | | | | | | 223,300 | | | | | | 70,280 | | | | | | 50,800 | | | | | | 36,540 | | |
| Paper Towels (units) | | | | | 40,388 | | | | | | 8,491 | | | | | | 896 | | | | | | 420 | | | | | | 974(3) | | |
| Power (kWh) | | | | | 5,542,196 | | | | | | 1,512,392 | | | | | | 1,071,843 | | | | | | 1,351,618 | | | | | | 445,899 | | |
| Water (liters) | | | | | 27,921,888 | | | | | | 6,191,957 | | | | | | 3,103,890 | | | | | | 2,248,190 | | | | | | 1,346,016 | | |
| Recycle and Reduce | | |
% Of Total Facilities
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| Plastic Recycling | | | | | 56% | | | | | | 50% | | | | | | 67% | | | | | | 83% | | | | | | 67% | | |
| Paper Recycling | | | | | 56% | | | | | | 50% | | | | | | 67% | | | | | | 83% | | | | | | 75% | | |
| Permanent Kitchenware | | | | | 56% | | | | | | 67% | | | | | | 67% | | | | | | 67% | | | | | | 50%(4) | | |
| E-Recycling | | | | | 78% | | | | | | 83% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
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Country
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U.S.
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India
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Uruguay
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Luxembourg
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| Percentage of Altisource Direct GHG Contribution by Country | | | | | 19.3% | | | | | | 11.4% | | | | | | 68.5% | | | | | | 0.8% | | |
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Proxy Summary
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Proxy Summary
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Proxy Summary
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Proxy Summary
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Proxy Statement
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Proxy Statement
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Proposal One
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Committee Memberships(1)
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Name
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Age(1)
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Director
Since |
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Independent
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Executive
Committee |
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Audit
Committee |
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Compensation
Committee |
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Compliance
Committee |
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Nom/Gov
Committee |
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| John. G. Aldridge, Jr. | | | | | 55 | | | | | | 2022 | | | | |
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✓
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✓(2)
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| Mary C. Hickok | | | | | 30 | | | | | | 2022 | | | | |
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✓
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✓
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✓(2)
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| Joseph L. Morettini | | | | | 71 | | | | | | 2017 | | | | |
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✓
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✓
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✓(2)
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| Roland Müller-Ineichen(3) | | | | | 63 | | | | | | 2009 | | | | |
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✓
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✓(2)
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✓(2)
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✓
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✓
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| William B. Shepro | | | | | 55 | | | | | | 2009 | | | | | | | | | | |
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✓
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✓
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Proposal One
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Proposal One
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Board of Directors and Corporate Governance
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Board of Directors and Corporate Governance
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Board of Directors and Corporate Governance
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Board of Directors and Corporate Governance
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Board Diversity Matrix (as of April 17, 2024)
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| Country of Principal Executive Offices | | | Grand Duchy of Luxembourg | | |||||||||
| Foreign Private Issuer | | | No | | |||||||||
| Disclosure Prohibited under Home Country Law | | | No | | |||||||||
| Total Number of Directors | | | 5 | | |||||||||
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Female
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Male
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Non-Binary
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Did Not Disclose
Gender |
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| Part I: Gender Identity | | ||||||||||||
| Directors | | |
1
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4
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| Part II: Demographic Background | | ||||||||||||
| Underrepresented Individual in Home Country Jurisdiction | | | | | | | | | | | | | |
| LGBTQ+ | | | | | | | | | | | | | |
| Did Not Disclose Demographic Background | | | 5 | | | | |
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Board of Directors and Corporate Governance
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Board of Directors and Corporate Governance
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Board of Directors' Compensation
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Name
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Fees Earned
or Paid in Cash(1) |
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Stock
Awards(2) |
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All Other
Compensation |
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Total
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| John G. Aldridge, Jr.(3) | | | | $ | 71,500 | | | | | $ | 50,141 | | | | | | - | | | | | $ | 121,641 | | |
| Mary C. Hickok(4) | | | | $ | 79,000 | | | | | $ | 50,141 | | | | | | - | | | | | $ | 129,141 | | |
| Joseph L. Morettini | | | | $ | 76,500 | | | | | $ | 49,638 | | | | | | - | | | | | $ | 126,138 | | |
| Roland Müller-Ineichen(5) | | | | $ | 91,500 | | | | | $ | 49,638 | | | | | | - | | | | | $ | 141,138 | | |
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Board of Directors' Compensation
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Name
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Age(1)
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Position
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| Michelle D. Esterman | | |
51
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| | Chief Financial Officer | |
| Gregory J. Ritts | | |
55
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| | Chief Legal and Compliance Officer | |
Name of Beneficial Owner:
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Amount
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Percent
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William C. Erbey(2) | | | | | 6,000,709 | | | | | | 22.26% | | |
Deer Park Road Management Company, LP(3) | | | | | 4,248,976 | | | | | | 15.76% | | |
Hoak Public Equities, L.P.(4) | | | | | 1,673,677 | | | | | | 6.21% | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | |
William B. Shepro(5) | | | | | 1,058,813 | | | | | | 3.93% | | |
Michelle D. Esterman(6) | | | | | 192,507 | | | | | | * | | |
Gregory J. Ritts(7) | | | | | 98,371 | | | | | | * | | |
Roland Müller-Ineichen | | | | | 81,294 | | | | | | * | | |
Joseph L. Morettini | | | | | 58,061 | | | | | | * | | |
John G. Aldridge, Jr.(8) | | | | | 60,355 | | | | | | * | | |
Mary C. Hickok(9) | | | | | 0 | | | | | | * | | |
All Directors and Executive Officers as a Group (7 persons) | | | | | 1,549,401 | | | | | | 5.74% | | |
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Security Ownership of Certain Beneficial Owners and Management
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Plan category
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Number of securities
to be issued upon exercise of outstanding options, warrants and rights |
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Weighted average
exercise price of outstanding options, warrants and rights |
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Number of securities
remaining available for future issuance under equity compensation plans |
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| Equity compensation plans approved by security holders | | | | | 739,189 | | | | | $ | 27.04 | | | | | | 1,799,477 | | |
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Security Ownership of Certain Beneficial Owners and Management
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Name and
Principal Position |
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Year
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Salary(1)
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Stock
Awards(2) |
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Non-Equity
Incentive Plan Compensation(3) |
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All Other
Compensation(4) |
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Total
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William B. Shepro
Chief Executive Officer |
| | | | 2022 | | | | | $ | 877,119 | | | | | $ | 1,414,117 | | | | | | - | | | | | $ | 380,203 | | | | | $ | 2,671,439 | | |
| | | 2023 | | | | | $ | 879,894(5) | | | | | $ | 1,185,575 | | | | | | - | | | | | $ | 288,662(6) | | | | | $ | 2,354,130 | | | |||
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Michelle D. Esterman
Chief Financial Officer |
| | | | 2022 | | | | | $ | 430,500 | | | | | $ | 333,705 | | | | | | - | | | | | | - | | | | | $ | 764,205 | | |
| | | 2023 | | | | | $ | 411,624(7) | | | | | $ | 277,451 | | | | | | - | | | | | | - | | | | | $ | 689,075 | | | |||
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Gregory J. Ritts
Chief Legal and Compliance |
| | | | 2022 | | | | | $ | 477,915 | | | | | $ | 316,185 | | | | | | - | | | | | $ | 92,075 | | | | | $ | 886,175 | | |
| | | 2023 | | | | | $ | 505,317(8) | | | | | $ | 256,348 | | | | | | - | | | | | $ | 111,046(9) | | | | | $ | 872,711 | | |
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Executive Compensation
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Executive Compensation
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Consolidated Service
Revenue Budget |
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Consolidated Adjusted
EBITDA Budget |
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Support Function
Budget |
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EBITDA
Improvement Goal |
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| William B. Shepro | | | | | 40% | | | | | | 60% | | | | | | | | | | | | | | |
| Michelle D. Esterman | | | | | 25% | | | | | | 50% | | | | | | 5% | | | | | | 20% | | |
| Gregory J. Ritts | | | | | 25% | | | | | | 50% | | | | | | 5% | | | | | | 20% | | |
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Target
Annual Bonus |
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Percentage
Achievement on Scorecard |
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Earned Based
on Scorecard |
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Adjustments
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Actual
Earnings |
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Percentage
Earnings |
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| William B. Shepro | | | | $ | 1,391,208 | | | | | | 53.4% | | | | | $ | 742,232 | | | | | $ | (232,962) | | | | | $ | 509,270 | | | | | | 36.6% | | |
| Michelle D. Esterman | | | | $ | 300,000 | | | | | | 79.4% | | | | | $ | 238,253 | | | | | $ | (74,779) | | | | | $ | 163,474 | | | | | | 54.5% | | |
| Gregory J. Ritts | | | | $ | 246,000 | | | | | | 79.4% | | | | | $ | 195,367 | | | | | $ | (61,319) | | | | | $ | 134,048 | | | | | | 54.5% | | |
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Actual Earnings
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Average Stock Price
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# RSUs Granted
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| William B. Shepro | | | | $ | 300,000(1) | | | | | $ | 2.861 | | | | | | 104,858 | | |
| Michelle D. Esterman | | | | $ | 163,474 | | | | | $ | 2.861 | | | | | | 57,139 | | |
| Gregory J. Ritts | | | | $ | 134,048 | | | | | $ | 2.861 | | | | | | 46,854 | | |
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Executive Compensation
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Name
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Time-Based RSUs
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Performance and
Market-Based RSUs |
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Total Award
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| William B. Shepro | | | | | 51,218 | | | | | | 51,218 | | | | | | 102,436 | | |
| Michelle D. Esterman | | | | | 12,500 | | | | | | 12,500 | | | | | | 25,000 | | |
| Gregory J. Ritts | | | | | 12,500 | | | | | | 12,500 | | | | | | 25,000 | | |
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Executive Compensation
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Executive Compensation
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Option Awards
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Stock Awards(5)
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Name
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Number of
Securities Underlying Unexercised Options Exercisable |
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Number of
Securities Underlying Unexercised Options Unexercisable(1) |
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Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options(2) |
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Option
Exercise Price |
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Option
Expiration Date |
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Number of
Securities That Have Not Vested(3) |
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Market
Value of Securities That Have Not Vested |
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Equity
Incentive Plan Awards: Number of Securities Underlying Unearned Shares(4) |
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Market
Value of Unearned Shares That Have Not Vested |
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William B. Shepro
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| | | | 52,400 | | | | | | - | | | | | | - | | | | | $ | 18.79 | | | | | | 4/15/2025 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
| | | 200,000 | | | | | | - | | | | | | - | | | | | $ | 24.82 | | | | | | 2/12/2028 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 40,000(6) | | | | | $ | 142,400 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 12,599(15) | | | | | $ | 44,852 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 4,200(14) | | | | | $ | 14,952 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 40,794(18) | | | | | $ | 145,867 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 21,553(16) | | | | | $ | 76,729 | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 27,317(17) | | | | | $ | 97,249 | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 51,218(21) | | | | | $ | 182,336 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 129,521(19) | | | | | $ | 461,095 | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 51,218(20) | | | | | $ | 182,336 | | | |||
|
Michelle D. Esterman
|
| | | | 13,400 | | | | | | - | | | | | | - | | | | | $ | 18.79 | | | | | | 4/15/2025 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
| | | 6,250 | | | | | | - | | | | | | - | | | | | $ | 21.89 | | | | | | 2/10/2025 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | 12,500 | | | | | | - | | | | | | - | | | | | $ | 21.89 | | | | | | 2/10/2025 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | | | | | | | - | | | | | | 6,250(7) | | | | | $ | 21.89 | | | | | | 2/10/2025 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | 17,316 | | | | | | - | | | | | | - | | | | | $ | 24.82 | | | | | | 2/12/2028 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 19,000(6) | | | | | $ | 67,640 | | | |||
| | | - | | | | | | - | | | | | | | | | | | | | | | | | | | | | | | | - | | | | | | - | | | | | | 9,333(15) | | | | | $ | 33,225 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 3,112(14) | | | | | $ | 11,079 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 10,000(18) | | | | | $ | 35,600 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 6,667(17) | | | | | $ | 41,132 | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 4,887(16) | | | | | $ | 41,132 | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 12,500(21) | | | | | $ | 44,500 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 28,996(19) | | | | | $ | 103,226 | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 12,500(20) | | | | | $ | 44,500 | | |
| |
Executive Compensation
|
|
| | | |
Option Awards
|
| |
Stock Awards(5)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Number of
Securities Underlying Unexercised Options Exercisable |
| |
Number of
Securities Underlying Unexercised Options Unexercisable(1) |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options(2) |
| |
Option
Exercise Price |
| |
Option
Expiration Date |
| |
Number of
Securities That Have Not Vested(3) |
| |
Market
Value of Securities That Have Not Vested |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unearned Shares(4) |
| |
Market
Value of Unearned Shares That Have Not Vested |
| |||||||||||||||||||||||||||
|
Gregory J. Ritts
|
| | | | 7,800 | | | | | | - | | | | | | - | | | | | $ | 18.79 | | | | | | 4/15/2025 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
| | | 14,842 | | | | | | - | | | | | | - | | | | | $ | 24.82 | | | | | | 2/12/2028 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | 3,333(13) | | | | | $ | 27.65 | | | | | | 7/27/2027 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | 1,667(12) | | | | | $ | 27.65 | | | | | | 7/27/2027 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | 5,000 | | | | | | - | | | | | | - | | | | | $ | 32.64 | | | | | | 8/29/2026 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | 3,333(10) | | | | | $ | 32.64 | | | | | | 8/29/2026 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | 1,667(11) | | | | | $ | 32.64 | | | | | | 8/29/2026 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | 7,500 | | | | | | - | | | | | | - | | | | | $ | 96.87 | | | | | | 10/1/2024 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | 15,000(8) | | | | | $ | 96.87 | | | | | | 10/1/2024 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | 7,500(9) | | | | | $ | 96.87 | | | | | | 10/1/2024 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 19,000(6) | | | | | $ | 67,640 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 8,200(15) | | | | | $ | 29,192 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 2,734(14) | | | | | $ | 9,733 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 10,000(18) | | | | | $ | 35,600 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 4,316(16) | | | | | $ | 15,365 | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 6,667(17) | | | | | $ | 23,735 | | | | | | - | | | | | | - | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 75,000(21) | | | | | $ | 44,500 | | | |||
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 24,358(19) | | | | | $ | 86,714 | | | | | | - | | | | | | - | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,500(20) | | | | | $ | 44,500 | | |
| |
Executive Compensation
|
|
| |
Executive Compensation
|
|
| |
Executive Compensation
|
|
|
Year
|
| |
Summary
Compensation Table Total for PEO(1) |
| |
Compensation
Actually Paid to PEO(2) |
| |
Average
Summary Compensation Table Total for Non-PEO Named Executive Officers(3) |
| |
Average
Compensation Actually Paid to Non-PEO Named Executive Officers(2) |
| |
Total
Shareholder Return (Initial Value $100)(4) |
| |
Net Income
|
| ||||||||||||||||||
|
2021
|
| | | $ | 2,161,673 | | | | | $ | 1,783,989 | | | | | $ | 867,411 | | | | | $ | 762,472 | | | | | $ | (12.89) | | | | | $ | 11,811,581 | | |
|
2022
|
| | | $ | 2,671,439 | | | | | $ | 1,982,879 | | | | | $ | 825,190 | | | | | $ | 638,930 | | | | | $ | (26.55) | | | | | $ | (53,418,000) | | |
|
2023
|
| | | $ | 2,354,131 | | | | | $ | 597,323 | | | | | $ | 780,893 | | | | | $ | 260,658 | | | | | $ | (62.37) | | | | | $ | (56,290,000) | | |
| |
Executive Compensation
|
|
|
Item and Value Added (Deducted)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| For PEO: | | | | | | | | | | | | | | | | | | | |
| Summary Compensation Table Total | | | | $ | 2,354,131 | | | | | $ | 2,671,439 | | | | | $ | 2,161,673 | | |
| - Summary Compensation Table "Stock Awards" column value | | | | $ | (1,185,575) | | | | | $ | (1,414,117) | | | | | $ | (465,961) | | |
| + year-end fair value of outstanding and unvested equity awards granted in the fiscal year | | | | $ | 825,767 | | | | | $ | 1,284,961 | | | | | $ | 552,002 | | |
| +/- change in fair value of outstanding and unvested equity awards granted in prior years | | | | $ | (865,194) | | | | | $ | (198,831) | | | | | $ | (278,816) | | |
| + vest date fair value of equity awards granted in the covered year | | | | | - | | | | | | - | | | | | | - | | |
| +/- change in fair value of prior-year equity awards vested in the fiscal year | | | | $ | (336,571) | | | | | $ | 17,305 | | | | | $ | (184,909) | | |
|
- fair value at the end of prior year of awards granted in prior years that fail to meet vesting conditions |
| | | $ | (195,235) | | | | | $ | (377,878) | | | | | | - | | |
| Compensation Actually Paid | | | | $ | 597,323 | | | | | $ | 1,982,789 | | | | | $ | 1,783,989 | | |
|
Item and Value Added (Deducted)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| For Non-PEO Named Executive Officers (Average): | | | | | | | | | | | | | | | | | | | |
| Summary Compensation Table Total | | | | $ | 780,893 | | | | | $ | 825,190 | | | | | $ | 867,411 | | |
| - Summary Compensation Table "Stock Awards" column value | | | | $ | (266,900) | | | | | $ | (324,945) | | | | | $ | (164,044) | | |
|
+ year-end fair value of outstanding and unvested equity awards granted in the fiscal year |
| | | $ | 183,970 | | | | | $ | 298,033 | | | | | $ | 156,575 | | |
| +/- change in fair value of outstanding and unvested equity awards granted in prior years | | | | $ | (306,552) | | | | | $ | (80,955) | | | | | $ | (57,478) | | |
| + vest date fair value of equity awards granted in the covered year | | | | | - | | | | | | - | | | | | $ | 30,779 | | |
| +/- change in fair value of prior-year equity awards vested in the fiscal year | | | | $ | (90,127) | | | | | $ | 1,532 | | | | | $ | (70,771) | | |
| - fair value at the end of prior year of awards granted in prior years that fail to meet vesting conditions | | | | $ | (40,626) | | | | | $ | (79,925) | | | | | | | | |
| Compensation Actually Paid | | | | $ | 260,658 | | | | | $ | 638,930 | | | | | $ | 762,472 | | |
| |
Executive Compensation
|
|
| |
Executive Compensation
|
|
| |
Proposal Two
|
|
|
Category
|
| |
2022
|
| |
2023
|
| ||||||
| Audit Fees | | | | $ | 1,819,074 | | | | | $ | 1,825,616 | | |
| Audit-Related Fees | | | | | | | | | | | | | |
| Tax Fees | | | | | | | | | | | | | |
| All Other Fees | | | | $ | 41,685 | | | | | $ | 26,250 | | |
| Total | | | | $ | 1,971,009(2) | | | | | $ | 1,851,866(1) | | |
| |
External Auditor Fees
|
|
| |
Proposal Three
|
|
| |
Proposal Four
|
|
| |
Proposal Five
|
|
| |
Proposal Six
|
|
| |
Proposal Seven
|
|
| |
Proposal Eight
|
|
| |
Proposal Eight
|
|