|
Atlanta Division
Sandra Branch Betalhem Tolla |
| |
Fred Meyer Division
Anatoliy Bondarchuk Pat Sears |
| |
Mid-Atlantic Division
Dee Dee Hamby |
|
|
Central Division
Selma Bektas Carol Dietz Angela Walker |
| |
Fry’s Division
Marlene Hoffman Dawn Lechner |
| |
Nashville Division
Linda McMillan Linda Whitfield |
|
|
Cincinnati-Dayton Division
Jen Tudor |
| |
Houston Division
Debra Van Matre Gina Wynn |
| |
Ralphs Division
John Dailey Ethelene Scurlark |
|
|
Columbus Division
Colleen Burrows Christy Liff Beth Tipton |
| |
King Soopers Division
Christopher Freeby Chris Vellos |
| |
Roundy’s Division
Sharon Dammann Nancy Johnson |
|
|
Dallas Division
Anna Louise Fowler Shah Navin Candice Peterson |
| |
Louisville Division
Stacey Harrison |
| |
QFC Division
Amber Brask Kurt Mincin |
|
|
Delta Division
Rickie Hill Michael McInvale Sherbert Ware |
| |
Mariano’s Division
Arlene Glazier Loran Henderson Cher Herlache |
| |
Smith’s Division
Sylvia Cronin Sara Jane Bobbie Tremayne |
|
|
Dillons Division
Shannon Haley Pam Meyer James Moulden |
| |
Michigan Division
Falishea Taylor Steve Strachn Margie Yankovitch |
| |
| |
Proposals
|
| | |
Board
Recommendation |
| |
| | No. 1 Election of Directors | | | |
FOR each
Director Nominee recommended by your Board |
| |
| |
No. 2 Advisory Vote to Approve Executive Compensation
|
| | |
FOR
|
| |
| |
No. 3 Ratification of Independent Auditors
|
| | |
FOR
|
| |
| |
No. 4 Approval of additional shares under the 2019 Long-Term Incentive Plan
|
| | |
FOR
|
| |
| | Nos. 5 – 8 Shareholder Proposals | | | |
AGAINST
Each Proposal |
| |
|
Key Attributes and Skills of All Director Nominees
|
| | | | |||
|
•
High integrity and business ethics
•
Strength of character and judgment
•
Ability to devote significant time to Board duties
•
Desire and ability to continually build expertise in emerging areas of strategic focus for our Company
•
Demonstrated focus on promoting equality
•
Business and professional achievements
•
Ability to represent the interests of all shareholders
|
| |
•
Knowledge of corporate governance matters
•
Understanding of the advisory and proactive oversight responsibility of our Board
•
Comprehension of their role as a public company director and the fiduciary duties owed to shareholders
•
Intellectual and analytical skills
|
| |
| | | | |
Nora
Aufreiter |
| |
Kevin
Brown |
| |
Elaine
Chao |
| |
Anne
Gates |
| |
Karen
Hoguet |
| |
Rodney
McMullen |
| |
Clyde
Moore |
| |
Ronald
Sargent |
| |
Amanda
Sourry |
| |
Mark
Sutton |
| |
Ashok
Vemuri |
| |
Total
(of 11) |
| |
| | Business Management | | |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
11
|
| |
| | Retail | | |
•
|
| | | | | | | |
•
|
| |
•
|
| |
•
|
| | | | |
•
|
| |
•
|
| | | | | | | |
6
|
| |
| | Consumer | | |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| | | | |
•
|
| |
•
|
| | | | | | | |
8
|
| |
| |
Financial Expertise
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
11
|
| |
| | Risk Management | | | | | |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
10
|
| |
| | Operations & Technology | | |
•
|
| |
•
|
| |
•
|
| |
•
|
| | | | |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
10
|
| |
| | ESG | | |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
11
|
| |
| | Manufacturing | | | | | |
•
|
| | | | |
•
|
| | | | | | | |
•
|
| | | | | | | |
•
|
| | | | |
4
|
| |
|
|
| |
We delivered record performance results in 2021. By connecting with customers through our expanded seamless digital ecosystem and consistent delivery of full, fresh and friendly customer experience, we successfully navigated dynamic operational environment, labor and supply chain challenges and achieved record revenue and profitability as demonstrated by our financial performance results of ID sales of 0.2%, two year stack increased 14.3%, and adjusted FIFO operating profit of $4.3 Billion1.
|
|
|
|
| |
Our executive compensation program aligns with long-term shareholder value creation. 91% of the CEO’s target total direct compensation and, on average, 83% of the other NEOs’ compensation is at risk and performance based, tied to achievement of performance targets that are important to our shareholders or our long-term share price performance.
|
|
|
|
| |
Annual incentive program design reflected volatile market environment. Our 2021 annual incentive program consisted of two performance periods to maintain the program rigor amid uncertain business outlook at the start of the year, with more challenging sales performance goals implemented in the second half of the year.
|
|
|
|
| |
Annual and long-term performance incentives were earned above target in alignment with our 2021 performance. The annual cash incentive program that included identical sales (excluding fuel) and adjusted FIFO operating profit (including fuel) paid out at approximately 186% of target. Long-term performance unit equity awards granted in 2019 and tied to Restock Kroger savings and benefits, free cash flow and ROIC were earned at 120% of target.
|
|
|
|
| |
We prioritized investment in our people. We strive to create a culture of opportunity for more than 450,000 associates and take seriously our role as a leading employer in the United States. In 2021, we invested more than ever before in our associates by continuing to raise our average hourly wage to $17 and our average hourly rate to over $22, inclusive of industry-leading benefits such as continuing education and tuition reimbursement, training and development, health and wellness. In addition, we continued to invest significantly in the restructure of pension plans to protect future benefits for our hourly associates.
|
|
|
|
| |
In response to our shareholder feedback, we incorporated an ESG metric focused on diversity and inclusion into our 2022 individual performance management program. Our core values of Diversity, Equity & Inclusion are incorporated into compensation decisions made for our associates who supervise a team of others, which range from store department leaders through our senior officers.
|
|
Name
|
| |
Title
|
|
W. Rodney McMullen | | | Chairman and Chief Executive Officer | |
Gary Millerchip | | | Senior Vice President and Chief Financial Officer | |
Stuart W. Aitken | | |
Senior Vice President and Chief Merchandising & Marketing Officer
|
|
Yael Cosset | | | Senior Vice President and Chief Information Officer | |
Timothy A. Massa | | | Senior Vice President and Chief People Officer | |
|
When:
|
| | June 23, 2022, at 11:00 a.m. eastern time. | | |||
|
Where:
|
| | Webcast at www.cesonlineservices.com/kr22_vm | | |||
|
Items of Business:
|
| | 1. | | | To elect 11 director nominees. | |
| | | | 2. | | | To approve our executive compensation, on an advisory basis. | |
| | | | 3. | | | To ratify the selection of our independent auditor for fiscal year 2022. | |
| | | | 4. | | | To approve additional shares under the 2019 Long-Term Incentive Plan | |
| | | | 5. | | |
To vote on 4 shareholder proposals, if properly presented at the meeting.
|
|
| | | | 6. | | | To transact other business as may properly come before the meeting. | |
| | | | | | | Barberry Corp., an activist investment firm affiliated with Carl Icahn (together with their affiliates, the “Icahn Group”), has notified us of its intention to propose two director nominees for election at the Annual Meeting in opposition to the nominees recommended by our Board of Directors. As a result, you may receive solicitation materials, including a colored proxy card, from the Icahn Group seeking your proxy to vote for the Icahn Group’s nominees. The Board of Directors urges you NOT to sign or return or vote any color proxy card sent to you by the Icahn Group. If you have already voted using a proxy card sent to you by the Icahn Group, you can revoke it by: (i) executing and delivering the WHITE proxy card or voting instruction form, (ii) voting via the Internet using the Internet address on the WHITE proxy card or voting instruction form, (iii) voting by telephone using the toll-free number on the WHITE proxy card or voting instruction form or (iv) voting virtually at the Annual Meeting. Only your latest dated proxy will count, and any proxy may be revoked at any time prior to its exercise at the Annual Meeting as described herein. | |
|
Who can Vote:
|
| | Holders of Kroger common shares at the close of business on the record date April 25, 2022 are entitled to notice of and to vote at the meeting. | | |||
| How to Vote: | | | YOUR VOTE IS EXTREMELY IMPORTANT NO MATTER HOW MANY SHARES YOU OWN! Please vote your WHITE proxy in one of the following ways: | | |||
| | | | 1. | | | By the internet, you can vote by the Internet by following the instructions on the enclosed WHITE proxy card or WHITE voting instruction form. | |
|
May 2, 2022
Cincinnati, Ohio |
| |
By Order of the Board of Directors,
Christine S. Wheatley, Secretary |
|
| |
Proposals
|
| | |
Board
Recommendation |
| | |
Voting Approval
Standard |
| | |
Effect of
Abstention |
| | |
Effect of
broker Non-vote |
| |
| | No. 1 Election of Directors | | | |
FOR each
Director Nominee recommended by your Board |
| | |
Plurality of votes cast in a contested election
If the Icahn Group proceeds with its alternative nominations, the number of director nominees will be 13, which exceeds the number of directors to be elected. As provided in our Amended Articles of Incorporation, in such a situation, the 11 nominees who receive the greatest number of votes cast will be elected.
|
| | |
No Effect
|
| | |
No Effect
|
| |
| |
No. 2 Advisory Vote to Approve Executive Compensation
|
| | |
FOR
|
| | | Affirmative vote of the majority of shares participating in the voting | | | |
No Effect
|
| | |
No Effect
|
| |
| |
No. 3 Ratification of Independent Auditors
|
| | |
FOR
|
| | | Affirmative vote of the majority of shares participating in the voting | | | |
No Effect
|
| | |
No Effect
|
| |
| |
No. 4 Approval of additional shares under the 2019 Long-Term Incentive Plan
|
| | |
FOR
|
| | | Affirmative vote of the majority of shares participating in the voting | | | |
No Effect
|
| | |
No Effect
|
| |
| |
Nos. 5 – 8 Shareholder Proposals
|
| | |
AGAINST
Each Proposal |
| | | Affirmative vote of the majority of shares participating in the voting | | | |
No Effect
|
| | |
No Effect
|
| |
|
FOR
|
| | The Board of Directors unanimously recommends that you vote “FOR ALL” of Kroger’s director nominees. | |
|
•
High integrity and business ethics
•
Strength of character and judgement
•
Ability to devote significant time to Board duties
•
Desire and ability to continually build expertise in emerging areas of strategic focus for our Company
•
Demonstrated focus on promoting equality
•
Business and professional achievements
•
Ability to represent the interests of all shareholders
|
| |
•
Knowledge of corporate governance matters
•
Understanding of the advisory and proactive oversight responsibility of our Board
•
Comprehension of their role as a public company director and the fiduciary duties owed to shareholders
•
Intellectual and analytical skills
|
|
| | | | |
Nora
Aufreiter |
| |
Kevin
Brown |
| |
Elaine
Chao |
| |
Anne
Gates |
| |
Karen
Hoguet |
| |
Rodney
McMullen |
| |
Clyde
Moore |
| |
Ronald
Sargent |
| |
Amanda
Sourry |
| |
Mark
Sutton |
| |
Ashok
Vemuri |
| |
Total
(of 11) |
| |
| |
Business
Management |
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
11
|
| |
| |
Retail
|
| |
•
|
| | | | | | | |
•
|
| |
•
|
| |
•
|
| | | | |
•
|
| |
•
|
| | | | | | | |
6
|
| |
| |
Consumer
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| | | | |
•
|
| |
•
|
| | | | | | | |
8
|
| |
| |
Financial
Expertise |
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
11
|
| |
| |
Risk
Management |
| | | | |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
10
|
| |
| |
Operations &
Technology |
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| | | | |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
10
|
| |
| |
ESG
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
•
|
| |
11
|
| |
| | Manufacturing | | | | | |
•
|
| | | | |
•
|
| | | | | | | |
•
|
| | | | | | | |
•
|
| | | | |
4
|
| |
| |
Name of Committee, Number of
Meetings, and Current Members |
| | |
Primary Committee Responsibilities
|
| |
| |
Audit Committee
Meetings in 2021: 5
Members:
Anne Gates, Chair
Kevin M. Brown Karen M. Hoguet Ronald L. Sargent Ashok Vemuri |
| | |
•
Oversees the Company’s financial reporting and accounting matters, including review of the Company’s financial statements and the audit thereof, the Company’s financial reporting and accounting process, and the Company’s systems of internal control over financial reporting
•
Selects, evaluates, and oversees the compensation and work of the independent registered public accounting firm and reviews its performance, qualifications, and independence
•
Oversees and evaluates the Company’s internal audit function, including review of its audit plan, policies and procedures, and significant findings
•
Oversees enterprise risk assessment and risk management, including review of cybersecurity risks and regular reports received from management and independent third parties
•
Review of significant legal and regulatory matters
•
Reviews and monitors the Company’s operational and third-party compliance programs and updates thereto
•
Reviews Ethics Hotline reports and discusses material matters
•
Reviews and approves related party transactions
•
Conducts executive sessions with independent registered public accounting firm and Vice President,
|
| |
| |
Name of Committee, Number of
Meetings, and Current Members |
| | |
Primary Committee Responsibilities
|
| |
| | | | | |
Internal Audit at each meeting
•
Conducts executive sessions with the Group Vice President, Secretary and General Counsel, Vice President and Chief Ethics & Compliance Officer, and Senior Vice President and Chief Financial Officer individually at least once per year
|
| |
| |
Compensation Committee
Meetings in 2021: 5
Members:
Clyde R. Moore, Chair
Amanda Sourry Mark S. Sutton |
| | |
•
Recommends for approval by the independent directors the compensation of the CEO and approves the compensation of senior officers
•
Administers the Company’s executive compensation policies and programs, including determining grants of equity awards under the plans
•
Reviews annual incentive plans and long-term incentive plan metrics and plan design
•
Reviews emerging legislation and governance issues and retail compensation trends
•
Reviews the Company’s executive compensation peer group
•
Reviews CEO pay analysis
•
Reviews Human Capital Management, including Diversity, Equity and Inclusion
•
Has sole authority to retain and direct the Committee’s compensation consultant
•
Assists the full Board with senior management succession planning
•
Conducts executive sessions with Senior Vice President and Chief People Officer and independent compensation consultant
|
| |
| |
Name of Committee, Number of
Meetings, and Current Members |
| | |
Committee Functions
|
| |
| |
Corporate Governance Committee
Meetings in 2021: 2
Members:
Ronald L. Sargent, Chair
Elaine L. Chao Anne Gates Clyde R. Moore |
| | |
•
Oversees the Company’s corporate governance policies and procedures
•
Develops criteria for selecting and retaining directors, including identifying and recommending qualified candidates to be director nominees
•
Designates membership and Chairs of Board Committees
•
Oversees and administers Board evaluation process
•
Reviews the Board’s performance
•
Establishes and reviews the practices and procedures by which the Board performs its functions
•
Reviews director independence, financial literacy, and designation of financial expertise
•
Administers director nomination process
•
Interviews and nominates candidates for director election
•
Reviews compliance with share ownership guidelines
•
Reviews and participates in shareholder engagement
•
Reviews and establishes independent director compensation
|
| |
| |
Name of Committee, Number of
Meetings, and Current Members |
| | |
Committee Functions
|
| |
| | | | | |
•
Oversees the annual CEO evaluation process conducted by the full Board
|
| |
| |
Finance Committee
Meetings in 2021: 4
Members:
Karen M. Hoguet, Chair
Nora A. Aufreiter Amanda Sourry Mark Sutton Ashok Vemuri |
| | |
•
Oversees the Company’s financial affairs and management of the Company’s financial resources
•
Reviews the Company’s annual and long-term financial plans, capital spending plans, capital allocation strategy, and use of cash
•
Reviews the Company’s dividend policy and share buybacks
•
Reviews strategic transactions, and capital structure, including potential issuance of debt or equity securities, credit agreements, and other financing transactions
•
Monitors the investment management of assets held in pension and profit-sharing plans administered by the Company
•
Oversees the Company’s policies and procedures on hedging, swaps, risk management and other derivative transactions
•
Oversees the Company’s engagement and relationships with, and standing in, the financial community
|
| |
| |
Public Responsibilities Committee
Meetings in 2021: 3
Members:
Nora A. Aufreiter, Chair
Kevin M. Brown Elaine L. Chao Ronald L. Sargent |
| | |
•
Reviews the practices of the Company affecting its responsibility as a corporate citizen
•
Examines and reviews the Company’s practices related to environmental sustainability, and social impact, including but not limited to
✓
climate impacts
✓
packaging
✓
food and operational waste
✓
food access,
✓
responsible sourcing,
✓
supplier diversity,
✓
people safety, food safety, and pharmacy safety
•
Examines and reviews the Company’s ESG strategy
•
Reviews the Company’s community engagement and philanthropy
•
Reviews the Company’s advocacy and public policy
•
Reviews the Company’s communications and Corporate Brand stewardship
•
Assesses the Company’s effort in evaluating and responding to changing public expectations and public issues that affect the business
|
| |
|
Audit
|
| |
•
Legal & Regulatory
•
Ethics
•
Operational and Third Party Compliance
•
Data Privacy & Cyber Security
•
Financial Integrity
|
|
|
Compensation & Talent Development
|
| |
•
Human Capital Management
•
Talent Development
•
Executive Compensation
•
Diversity, Equity & Inclusion
|
|
|
Corporate Governance
|
| |
•
Board recruitment/diversity
•
Board succession
•
Shareholder engagement program
•
Shareholder advisory votes & shareholder proposals
•
Independent director compensation
|
|
|
Public Responsibilities
|
| |
•
Environmental Sustainability
•
Climate Impacts
•
Packaging
•
Food Waste (Zero Waste)
•
Social Impact
•
Food Access (Zero Hunger)
•
Community Engagement
•
Philanthropy
•
Responsible Sourcing
•
Human Rights
•
Animal Welfare
•
Safety
•
Food
•
People
•
Pharmacy
•
Advocacy & Public Policy
•
Government Relations
•
Political action (KroPAC)
•
Communications & Brand Stewardship
•
Associate & External Communications
•
Stakeholder Relations
|
|
|
Name
|
| |
Fees
Earned or Paid in Cash |
| |
Stock
Awards(1)(2) |
| |
Change in Pension
Value And Nonqualified Deferred Compensation Earnings(3) |
| |
Total
|
| ||||||||||||
| Nora A. Aufreiter | | | | $ | 110,499 | | | | | $ | 186,197 | | | | | $ | 0 | | | | | $ | 296,696 | | |
| Kevin M. Brown | | | | $ | 105,507 | | | | | $ | 186,197 | | | | | $ | 0 | | | | | $ | 291,704 | | |
| Elaine L. Chao | | | | $ | 49,464 | | | | | $ | 169,589 | | | | | $ | 0 | | | | | $ | 219,053 | | |
| Anne Gates | | | | $ | 130,445 | | | | | $ | 186,197 | | | | | $ | 0 | | | | | $ | 316,642 | | |
| Karen M. Hoguet | | | | $ | 120,467 | | | | | $ | 186,197 | | | | | $ | 0 | | | | | $ | 306,664 | | |
| Susan J. Kropf(4) | | | | $ | 37,742 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 37,742 | | |
| Clyde R. Moore | | | | $ | 115,486 | | | | | $ | 186,197 | | | | | $ | — | | | | | $ | 301,683 | | |
| Ronald L. Sargent | | | | $ | 157,866 | | | | | $ | 186,197 | | | | | $ | 4,837 | | | | | $ | 348,900 | | |
| Amanda Sourry | | | | $ | 95,539 | | | | | $ | 186,197 | | | | | $ | 0 | | | | | $ | 281,736 | | |
| Mark S. Sutton | | | | $ | 95,539 | | | | | $ | 186,197 | | | | | $ | 0 | | | | | $ | 281,736 | | |
| Ashok Vemuri | | | | $ | 102,149 | | | | | $ | 186,197 | | | | | $ | 0 | | | | | $ | 288,346 | | |
|
Name
|
| |
Amount and Nature
of Beneficial Ownership(1) (a) |
| |
Options Exercisable
on or before June 24, 2022 — included in column (a) (b) |
| ||||||
| Stuart Aitken(2) | | | | | 331,920 | | | | | | 166,695 | | |
| Nora A. Aufreiter(3) | | | | | 44,450 | | | | | | — | | |
| Kevin M. Brown | | | | | 7,117 | | | | | | — | | |
| Elaine L. Chao | | | | | 4,062 | | | | | | | | |
| Yael Cosset | | | | | 302,626 | | | | | | 162,149 | | |
| Anne Gates(3) | | | | | 39,005 | | | | | | — | | |
| Karen M. Hoguet(4) | | | | | 15,665 | | | | | | — | | |
| Timothy A. Massa | | | | | 430,581 | | | | | | 266,625 | | |
| W. Rodney McMullen | | | | | 5,852,633 | | | | | | 2,494,750 | | |
| Gary Millerchip | | | | | 428,714 | | | | | | 255,402 | | |
| Clyde R. Moore | | | | | 117,536 | | | | | | — | | |
| Ronald L. Sargent(3) | | | | | 175,851 | | | | | | — | | |
| Amanda Sourry | | | | | 7,117 | | | | | | — | | |
| Mark S. Sutton(3) | | | | | 34,423 | | | | | | — | | |
| Ashok Vemuri | | | | | 21,013 | | | | | | — | | |
|
Directors and executive officers as a group (22 persons, including those named above)
|
| | | | 8,882,633 | | | | | | 3,870,473 | | |
|
Name
|
| |
Address
|
| |
Amount and Nature
of Ownership |
| |
Percentage
of Class |
| ||||||
| Berkshire Hathaway Inc. | | |
3555 Farnam Street
Omaha, NE 68131 |
| | | | 61,412,910(1) | | | | | | 8.4% | | |
| BlackRock, Inc. | | |
55 East 52nd Street
New York, NY 10055 |
| | | | 74,484,953(2) | | | | | | 10.1% | | |
| State Street Corporation | | |
One Lincoln Street
Boston, MA 02111 |
| | | | 37,394,528(3) | | | | | | 5.09% | | |
| Vanguard Group Inc. | | |
100 Vanguard Blvd.
Malvern, PA 19355 |
| | | | 78,978,401(4) | | | | | | 10.74% | | |
|
|
| |
We delivered record performance results in 2021. By connecting with customers through our expanded seamless digital ecosystem and consistent delivery of full, fresh and friendly customer experience, we successfully navigated a dynamic operational environment, labor and supply chain challenges and achieved record revenue and profitability as demonstrated by our financial performance results of ID sales of 0.2%, two year stack increased 14.3%, and adjusted FIFO operating profit of $4.3 Billion2.
|
|
|
|
| |
Our executive compensation program aligns with long-term shareholder value creation. 91% of the CEO’s target total direct compensation and, on average, 83% of the other NEOs’ compensation is at risk and performance based, tied to achievement of performance targets that are important to our shareholders or our long-term share price performance.
|
|
|
|
| |
Annual incentive program design reflected volatile market environment. Our 2021 annual incentive program consisted of two performance periods to maintain the program rigor amid uncertain business outlook at the start of the year, with more challenging sales performance goals implemented in the second half of the year.
|
|
|
|
| |
Annual and long-term performance incentives were earned above target in alignment with our 2021 performance. The annual cash incentive program that included identical sales (excluding fuel) and adjusted FIFO operating profit (including fuel) paid out at approximately 186% of target. Long-term performance unit equity awards granted in 2019 and tied to Restock Kroger savings and benefits, free cash flow and ROIC were earned at 120% of target.
|
|
|
|
| |
We prioritized investment in our people. We strive to create a culture of opportunity for more than 450,000 associates and take seriously our role as a leading employer in the United States. In 2021, we invested more than ever before in our associates by continuing to raise our average hourly wage to $17 and our average hourly rate to over $22, inclusive of industry-leading benefits such as continuing education and tuition reimbursement, training and development, health and wellness. In addition, we continued to invest significantly in the restructure of pension plans to protect future benefits for our hourly associates.
|
|
|
|
| |
In response to our shareholder feedback, we incorporated an ESG metric focused on diversity and inclusion into our 2022 individual performance management program. Our core values of Diversity, Equity & Inclusion are incorporated into compensation decisions made for our associates who supervise a team of others, which range from store department leaders through our senior officers.
|
|
Name
|
| |
Title
|
|
W. Rodney McMullen | | | Chairman and Chief Executive Officer | |
Gary Millerchip | | | Senior Vice President and Chief Financial Officer | |
Stuart W. Aitken | | |
Senior Vice President and Chief Merchandising & Marketing Officer
|
|
Yael Cosset | | | Senior Vice President and Chief Information Officer | |
Timothy A. Massa | | | Senior Vice President and Chief People Officer | |
| | | | |
Annual
|
| | |
Long-Term
|
| | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||
|
Year
|
| | |
Salary
|
| |
Target
Annual Incentive |
| | |
Total Annual
|
| | |
Performance
Units |
| |
Restricted
Stock |
| |
Stock
Options |
| | |
Total
LTI |
| | |
Target
TDC |
| | |
Increase
|
| |||||||||||||||||||||||||||
| 2021 | | | | | $ | 1,355 | | | | | $ | 2,500 | | | | | | $ | 3,855 | | | | | | $ | 5,500 | | | | | $ | 3,300 | | | | | $ | 2,200 | | | | | | $ | 11,000 | | | | | | $ | 14,855 | | | | | | | +3.5% | | |
| 2020 | | | | | $ | 1,355 | | | | | $ | 2,500 | | | | | | $ | 3,855 | | | | | | $ | 5,250 | | | | | $ | 3,150 | | | | | $ | 2,100 | | | | | | $ | 10,500 | | | | | | $ | 14,355 | | | | | | | | | |
|
What we do:
|
| | |
What we do not do:
|
|
|
✓
Alignment of pay and performance
✓
Stock ownership guidelines for executives
✓
Multiple performance metrics under our short- and long-term performance-based plans discourage excessive risk taking and align with our long-term value creation strategy
✓
Double-trigger change in control provisions in all equity awards beginning in 2019
✓
All long-term compensation is equity-based
✓
Engagement of an independent compensation consultant
✓
Robust clawback policy
✓
Ban on hedging, pledging, and short sales of Kroger securities
✓
Minimal perquisites
|
| | |
×
No employment contracts with executive officers
×
No special severance or change in control programs applicable only to executive officers
×
No single trigger cash severance benefits upon a change in control
×
No cash component in long-term incentive plans
×
No tax gross-up payments for executives
×
No special executive life insurance benefit
×
No re-pricing or backdating of options without shareholder approval
×
No guaranteed salary increases or bonuses
×
No payment of dividends or dividend equivalents until performance units are earned
×
No evergreen or reload feature; no shares added to stock plan without shareholder approval
|
|
| | | | | |
2020 Base Salary
|
| | |
2021 Base Salary
|
| | ||||||
| | W. Rodney McMullen | | | | | $ | 1,355,000 | | | | | | $ | 1,355,000 | | | |
| | Gary Millerchip | | | | | $ | 625,000 | | | | | | $ | 750,000 | | | |
| | Stuart W. Aitken | | | | | $ | 860,000 | | | | | | $ | 885,000 | | | |
| | Yael Cosset | | | | | $ | 701,000 | | | | | | $ | 750,000 | | | |
| | Timothy A. Massa | | | | | $ | 700,000 | | | | | | $ | 800,000 | | | |
| | | | | |
2020 Target Annual Incentive
|
| | |
2021 Target Annual Incentive
|
| | ||||||
| | W. Rodney McMullen | | | | | $ | 2,500,000 | | | | | | $ | 2,500,000 | | | |
| | Gary Millerchip | | | | | $ | 700,000 | | | | | | $ | 825,000 | | | |
| | Stuart W. Aitken | | | | | $ | 700,000 | | | | | | $ | 825,000 | | | |
| | Yael Cosset | | | | | $ | 700,000 | | | | | | $ | 825,000 | | | |
| | Timothy A. Massa | | | | | $ | 600,000 | | | | | | $ | 650,000 | | | |
| |
Metric
|
| | | | | | |
Rationale for Use
|
| |
| |
Sales and Profit Grid, maximum payout of 200%
|
| | ||||||||
| |
ID Sales, excluding Fuel
|
| | |
•
|
| | |
Identical Sales (“ID Sales”) represent sales, excluding fuel, at our supermarkets that have been open without expansion or relocation for five full quarters, plus sales growth at all other customer-facing non-supermarket businesses, including Kroger Specialty Pharmacy and ship to home solutions.
|
| |
| • | | | | We believe that ID Sales are the best measure of real growth of our sales across the enterprise. A key driver of our model is ID Sales growth. | | | |||||
| |
Adjusted FIFO Operating Profit, including Fuel
|
| | | • | | | | This financial metric equals gross profit, excluding the LIFO charge, minus OG&A, minus rent, and minus depreciation and amortization. | | |
| | | | | | • | | | | Adjusted FIFO Operating Profit, including fuel, is a key measure of company success as it tracks our earnings from operations, and it measures our day-to-day operational effectiveness. It is a useful measure to investors because it reflects the revenue and expense that a company can control. | | |
| |
Kicker, worth an additional 10%
|
| | ||||||||
| |
Produce Kicker
|
| | |
•
|
| | |
Produce is a primary driver of where customers choose to shop, and it is a key component of our ability to be Fresh for Everyone.
|
| |
| • | | | | An additional 10% is earned if Kroger achieves certain pre-determined goals with respect to produce share. | | |
| | | | | | | | | |
ID Sales, excluding Fuel
|
| |||||||||||||||||||||||||||
| | | | | | | | | |
-8.10%
|
| |
-7.10%
|
| |
-5.10%
|
| |
-3.10%
|
| |
-2.10%
|
| |||||||||||||||
|
Adjusted FIFO Operating Profit,
|
| | | | ≥1,719 | | | | | | 0% | | | | | | 12% | | | | | | 20% | | | | | | 32% | | | | | | 40% | | |
|
including Fuel
|
| | | | ≥1,829 | | | | | | 20% | | | | | | 50% | | | | | | 80% | | | | | | 100% | | | | | | 115% | | |
|
($ in millions)
|
| | | | ≥1,939 | | | | | | 40% | | | | | | 80% | | | | | | 100% | | | | | | 120% | | | | | | 160% | | |
| | | | | | ≥2,049 | | | | | | 70% | | | | | | 100% | | | | | | 120% | | | | | | 150% | | | | | | 180% | | |
| | | | | | ≥2,159 | | | | | | 110% | | | | | | 120% | | | | | | 140% | | | | | | 180% | | | | | | 200% | | |
| | | | | | | | | |
ID Sales, excluding Fuel
|
| |||||||||||||||||||||||||||
| | | | | | | | | |
-1.50%
|
| |
-0.50%
|
| |
1.50%
|
| |
3.50%
|
| |
4.50%
|
| |||||||||||||||
|
Adjusted FIFO Operating Profit,
|
| | | | ≥1,580 | | | | | | 0% | | | | | | 12% | | | | | | 20% | | | | | | 32% | | | | | | 40% | | |
|
including Fuel
|
| | | | ≥1,670 | | | | | | 20% | | | | | | 50% | | | | | | 80% | | | | | | 100% | | | | | | 115% | | |
|
($ in millions)
|
| | | | ≥1,760 | | | | | | 40% | | | | | | 80% | | | | | | 100% | | | | | | 120% | | | | | | 160% | | |
| | | | | | ≥1,850 | | | | | | 70% | | | | | | 100% | | | | | | 120% | | | | | | 150% | | | | | | 180% | | |
| | | | | | ≥1,940 | | | | | | 110% | | | | | | 120% | | | | | | 140% | | | | | | 180% | | | | | | 200% | | |
| |
Corporate Plan Metric
|
| | |
First Half 2021 Performance(1)
(7 of 13 periods) |
| | |
Second Half 2021 Performance(1)
(6 of 13 periods) |
| | ||||||
| |
Identical Sales, excluding fuel
|
| | | | | -2.62% | | | | | | | +3.58% | | | |
| |
Adjusted FIFO Operating Profit, including fuel
|
| | | | $ | 2.32B | | | | | | $ | 1.99B | | | |
| |
Percentage Earned
|
| | | | | 189.6% | | | | | | | 181.6% | | | |
| |
Annual Payout Earned
|
| | |
(189.6% x 7/13) + (181.6% x 6/13) =185.91%
|
| | ||||||||||
| |
Produce Kicker(2)
|
| | |
0%
|
| |
| | | |
Payout Percentage
|
| |
Weight
|
| ||||||
|
Corporate Annual Bonus Plan
|
| | | | 185.91% | | | | | | 60% | | |
|
Merchandising Team Metric
|
| | | | 194.91% | | | | | | 40% | | |
|
Total Earned
|
| |
(185.91% x 0.6) + (194.91% x 0.4%) = 189.51%
|
|
| | | | | |
2019 – 2021 LTIP
|
| | |
2020 – 2022 LTIP
|
| | |
2021 – 2023 LTIP
|
| |
| |
Performance Units and Dividend Equivalents
|
| | | Performance units are equity grants which are paid out in Kroger common shares, based on actual performance at the end of the 3-year performance period, along with dividend equivalents for the performance period on the number of issued common shares ultimately earned. | | | ||||||||
| |
Performance Metrics
|
| | |
Restock Kroger metrics +
ROIC multiplier |
| | |
•
Total Sales without Fuel + Fuel Gallons;
•
Growth in Adjusted FIFO Operating Profit, including Fuel
•
Cumulative Adjusted Free Cash Flow;
•
Fresh Equity metric; and
•
Relative Total Shareholder Return modifier
|
| | ||||
| |
Determination of Payout
|
| | | The payout percentage, based on the extent to which the performance metrics are achieved, is applied to number of performance units awarded. | | | ||||||||
| |
Maximum Payout
|
| | | 120% | | | | 125% | | | | 187.5% | | |
| |
Payout Date
|
| | | March 2022 | | | | March 2023 | | | | March 2024 | | |
| |
Plan Component
|
| | |
2019 – 2020
|
| | |||
| |
Cumulative Restock Savings & Benefits
|
| | |||||||
| | Threshold = 50% payout | | | | | $ | 2.050B | | | |
| | Target = 100% payout | | | | | $ | 3.434B | | | |
| |
Cumulative Adjusted Free Cash Flow
|
| | |||||||
| | Threshold = 50% payout | | | | | $ | 3.675B | | | |
| | Target = 100% payout | | | | | $ | 4.640B | | | |
| |
ROIC Modifier Component
|
| | ||||
| |
FY 2021 ROIC Results
|
| | |
Payout Modifier
|
| |
| | Less than 12.12% | | | |
-20%
|
| |
| | 12.12% – 12.32% | | | |
No change
|
| |
| | Greater than 12.32% | | | |
+20%
|
| |
| |
Plan Component
|
| | |
Goal
|
| | |
Result
|
| | |
Payout Percentage
|
| | |
Weight
|
| | |
Payout Amount
|
| | |||||||||||||||
| |
Cumulative Restock Savings & Benefits
|
| | | | $ | 3.43B | | | | | | $ | 4.14B | | | | | | | 100% | | | | | | | 50% | | | | | | | 50% | | | |
| |
Cumulative Adjusted Free
Cash Flow(1) |
| | | | $ | 4.64B | | | | | | $ | 5.64B | | | | | | | 100% | | | | | | | 50% | | | | | | | 50% | | | |
| |
Unadjusted Payout
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 100% | | | |
| |
ROIC Modifier(2)
|
| | |
Greater than 12.32%
|
| | |
13.17%
|
| | | | | | | | | | | | | | | | | | | +20% | | | | ||||||
| |
Total Payout
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 120% | | | |
| |
Metric
|
| | |
Rationale for Use
|
| | |
Weighting
|
| |
| |
Total Sales without Fuel + Fuel Gallons
|
| | |
•
This metric represents total revenue dollars without fuel + the number of fuel gallons sold over the three-year term of the plan. It represents the important metric of top line growth of the business from all channels.
|
| | |
25%
|
| |
| |
Growth in Adjusted FIFO Operating Profit, including Fuel
|
| | |
•
This financial metric equals gross profit, excluding the LIFO charge, minus OG&A, minus rent, and minus depreciation and amortization.
•
Adjusted FIFO Operating Profit, including fuel, is a key measure of company success as it tracks our earnings from operations, and it measures our day-to-day operational effectiveness. It is a useful measure to investors because it reflects the revenue and expense that a company can control. It is particularly important to focus on growth of this financial measure over time.
|
| | |
25%
|
| |
| |
Cumulative Adjusted Free Cash Flow
|
| | |
•
Adjusted Free Cash Flow is an adjusted free cash flow measure calculated as net cash provided by operating activities minus payments for property and equipment, including payments for lease buyout, plus or minus adjustments for certain items.
•
It is an important measure for the business because it reflects the cash left over after the company pays for operating expenses and capital expenditures.
|
| | |
25%
|
| |
| |
Fresh Equity metric
|
| | |
•
Fresh is a key element of how people decide where to shop. It drives trips and therefore delivers business results. Fresh is the core focus of how we differentiate and drive great engagement with customers and it will be a key driver of our growth.
|
| | |
25%
|
| |
|
TSR Relative to S&P 500
|
| |
Modifier
|
|
| 25th percentile | | |
-25%
|
|
| 50th percentile | | |
No change
|
|
| 75th percentile | | |
+25%
|
|
|
AmerisourceBergen
Best Buy Cardinal Health Costco Wholesale CVS Health |
| |
Home Depot
Johnson & Johnson Lowe’s Procter & Gamble Sysco |
| |
Target
TJX Companies Walgreens Boots Alliance Walmart |
|
|
Position
|
| |
Multiple
|
|
| Chief Executive Officer | | | 5 times base salary | |
| President and Chief Operating Officer | | | 4 times base salary | |
| Executive Vice Presidents and Senior Vice Presidents | | | 3 times base salary | |
| Independent Directors | | | 5 times annual base cash retainer | |
|
Name and Principal
Position |
| |
Fiscal
Year |
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($)(2) |
| |
Non-Equity
Incentive Plan Compensation ($)(3) |
| |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| |||||||||||||||||||||||||||
|
W. Rodney McMullen
Chairman and Chief Executive Officer |
| | | | 2021 | | | | | $ | 1,351,358 | | | | | | | | | | | $ | 8,800,023 | | | | | $ | 2,199,162 | | | | | $ | 4,647,750 | | | | | $ | 159,640 | | | | | $ | 1,010,797 | | | | | $ | 18,168,730 | | |
| | | 2020 | | | | | $ | 1,341,060 | | | | | $ | 769,231 | | | | | $ | 10,900,041 | | | | | $ | 2,101,581 | | | | | $ | 4,888,929 | | | | | $ | 1,795,455 | | | | | $ | 577,277 | | | | | $ | 22,373,574 | | | |||
| | | 2019 | | | | | $ | 1,311,849 | | | | | | | | | | | $ | 8,400,002 | | | | | $ | 2,100,170 | | | | | $ | 2,006,450 | | | | | $ | 6,962,485 | | | | | $ | 348,692 | | | | | $ | 21,129,648 | | | |||
|
Gary Millerchip
Senior Vice President and Chief Financial Officer |
| | | | 2021 | | | | | $ | 726,815 | | | | | | | | | | | $ | 2,800,022 | | | | | $ | 699,735 | | | | | $ | 1,498,006 | | | | | $ | 0 | | | | | $ | 261,842 | | | | | $ | 5,986,420 | | |
| | | 2020 | | | | | $ | 601,050 | | | | | $ | 312,426 | | | | | $ | 2,498,469 | | | | | $ | 540,409 | | | | | $ | 1,092,959 | | | | | $ | 0 | | | | | $ | 122,377 | | | | | $ | 5,167,690 | | | |||
| | | 2019 | | | | | $ | 472,561 | | | | | | | | | | | $ | 2,350,034 | | | | | $ | 775,042 | | | | | $ | 442,755 | | | | | $ | 0 | | | | | $ | 101,888 | | | | | $ | 4,142,280 | | | |||
|
Stuart Aitken
Senior Vice President and Chief Merchandising & Marketing Officer |
| | | | 2021 | | | | | $ | 878,387 | | | | | | | | | | | $ | 2,800,022 | | | | | $ | 699,735 | | | | | $ | 1,527,013 | | | | | $ | 0 | | | | | $ | 300,214 | | | | | $ | 6,205,371 | | |
| | | 2020 | | | | | $ | 849,484 | | | | | $ | 323,077 | | | | | $ | 3,010,038 | | | | | $ | 540,409 | | | | | $ | 1,586,363 | | | | | $ | 0 | | | | | $ | 177,900 | | | | | $ | 6,487,271 | | | |||
| | | 2019 | | | | | $ | 822,460 | | | | | | | | | | | $ | 2,225,025 | | | | | $ | 600,051 | | | | | $ | 830,446 | | | | | $ | 0 | | | | | $ | 134,801 | | | | | $ | 4,612,783 | | | |||
|
Yael Cosset
Senior Vice President and Chief Information Officer |
| | | | 2021 | | | | | $ | 739,685 | | | | | | | | | | | $ | 2,800,022 | | | | | $ | 699,735 | | | | | $ | 1,498,006 | | | | | $ | 0 | | | | | $ | 265,342 | | | | | $ | 6,002,790 | | |
| | | 2020 | | | | | $ | 689,567 | | | | | $ | 312,426 | | | | | $ | 2,998,473 | | | | | $ | 540,409 | | | | | $ | 1,338,239 | | | | | $ | 0 | | | | | $ | 121,168 | | | | | $ | 6,000,282 | | | |||
| | | 2019 | | | | | $ | 638,519 | | | | | | | | | | | $ | 1,825,016 | | | | | $ | 500,042 | | | | | $ | 572,191 | | | | | $ | 0 | | | | | $ | 110,044 | | | | | $ | 3,645,812 | | | |||
|
Timothy A. Massa
Senior Vice President and Chief People Officer |
| | | | 2021 | | | | | $ | 780,914 | | | | | | | | | | | $ | 1,760,033 | | | | | $ | 439,836 | | | | | $ | 1,194,114 | | | | | $ | 0 | | | | | $ | 210,350 | | | | | $ | 4,385,247 | | |
|
Name
|
| |
Restricted Stock
|
| |
Performance Units
|
| ||||||
| Mr. McMullen | | | | $ | 3,300,013 | | | | | $ | 5,500,010 | | |
| Mr. Millerchip | | | | $ | 1,050,017 | | | | | $ | 1,750,005 | | |
| Mr. Aitken | | | | $ | 1,050,017 | | | | | $ | 1,750,005 | | |
| Mr. Cosset | | | | $ | 1,050,017 | | | | | $ | 1,750,005 | | |
| Mr. Massa | | | | $ | 660,017 | | | | | $ | 1,100,016 | | |
|
Name
|
| |
Value of Performance Units
Assuming Maximum Performance |
| |||
| Mr. McMullen | | | | $ | 10,312,519 | | |
| Mr. Millerchip | | | | $ | 3,281,259 | | |
| Mr. Aitken | | | | $ | 3,281,259 | | |
| Mr. Cosset | | | | $ | 3,281,259 | | |
| Mr. Massa | | | | $ | 2,062,530 | | |
|
Name
|
| |
Retirement Plan
Contributions(a) |
| |
Payment of
Dividend Equivalents on Earned Performance Units |
| |
Dividends
Paid on Unvested Restricted Stock |
| |||||||||
| Mr. McMullen | | | | $ | 194,750 | | | | | $ | 524,363 | | | | | $ | 291,684 | | |
| Mr. Millerchip | | | | $ | 89,228 | | | | | $ | 99,879 | | | | | $ | 72,735 | | |
| Mr. Aitken | | | | $ | 98,542 | | | | | $ | 124,848 | | | | | $ | 76,824 | | |
| Mr. Cosset | | | | $ | 89,861 | | | | | $ | 99,879 | | | | | $ | 75,602 | | |
| Mr. Massa | | | | $ | 85,644 | | | | | $ | 74,909 | | | | | $ | 49,797 | | |
| | |
Grant
Date |
| |
Estimated Possible Payouts
Under Non-Equity Incentive Plan Awards |
| |
Estimated Future
Payouts Under Equity Incentive Plan Awards |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#)(3) |
| |
All Other
Option Awards: Number of Securities Underlying Options (#)(4) |
| |
Exercise
or Base Price of Option Awards ($/Sh) |
| |
Grant
Date Fair Value of Stock and Option Awards |
| |||||||||||||||||||||||||||||||||
Name
|
| |
Target
($)(1) |
| |
Maximum
($)(1) |
| |
Target
(#)(2) |
| |
Maximum
(#)(2) |
| ||||||||||||||||||||||||||||||||||||||||||
W. Rodney
McMullen |
| | | | | | | | | $ | 2,500,000 | | | | | $ | 5,250,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 94,448 | | | | | | | | | | | | | | | | | $ | 3,300,013 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 260,973 | | | | | $ | 34.94 | | | | | $ | 2,199,162 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | 157,413 | | | | | | 295,149 | | | | | | | | | | | | | | | | | | | | | | | $ | 5,500,010 | | |
Gary Millerchip | | | | | | | | | | $ | 825,000 | | | | | $ | 1,732,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,052 | | | | | | | | | | | | | | | | | $ | 1,050,017 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 83,037 | | | | | $ | 34.94 | | | | | $ | 699,735 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | 50,086 | | | | | | 93,911 | | | | | | | | | | | | | | | | | | | | | | | $ | 1,750,005 | | |
Stuart Aitken | | | | | | | | | | $ | 825,000 | | | | | $ | 1,732,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,052 | | | | | | | | | | | | | | | | | $ | 1,050,017 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 83,037 | | | | | $ | 34.94 | | | | | $ | 699,735 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | 50,086 | | | | | | 93,911 | | | | | | | | | | | | | | | | | | | | | | | $ | 1,750,005 | | |
Yael Cosset | | | | | | | | | | $ | 825,000 | | | | | $ | 1,732,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,052 | | | | | | | | | | | | | | | | | $ | 1,050,017 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 83,037 | | | | | $ | 34.94 | | | | | $ | 699,735 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | 50,086 | | | | | | 93,911 | | | | | | | | | | | | | | | | | | | | | | | $ | 1,750,005 | | |
Timothy A. Massa | | | | | | | | | | $ | 650,000 | | | | | $ | 1,365,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,890 | | | | | | | | | | | | | | | | | $ | 660,017 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 52,195 | | | | | $ | 34.94 | | | | | $ | 439,836 | | |
| | | | | 3/11/2021 | | | | | | | | | | | | | | | | | | 31,483 | | | | | | 59,031 | | | | | | | | | | | | | | | | | | | | | | | $ | 1,100,016 | | |
| | |
Option Awards
|
| | |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options Exercisable (#) |
| |
Number of
Securities Underlying Unexercised Options Unexercisable (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| | |
Number
of Shares or Units of Stock That Have Not Vested (#) |
| |
Market Value
of Shares or Units of Stock That Have Not Vested ($) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) |
| ||||||||||||||||||||||||
W. Rodney McMullen | | | | | 194,880 | | | | | | — | | | | | $ | 10.98 | | | | | | 7/12/2022 | | | | | | | 53,830(8) | | | | | $ | 2,339,990 | | | | | | | | | | | | | | |
| | | | | 194,880 | | | | | | — | | | | | $ | 18.88 | | | | | | 7/15/2023 | | | | | | | 63,637(9) | | | | | $ | 2,766,300 | | | | | | | | | | | | | | |
| | | | | 300,000 | | | | | | — | | | | | $ | 24.67 | | | | | | 7/15/2024 | | | | | | | 81,131(10) | | | | | $ | 3,526,765 | | | | | | | | | | | | | | |
| | | | | 235,415 | | | | | | — | | | | | $ | 38.33 | | | | | | 7/15/2025 | | | | | | | 94,448(11) | | | | | $ | 4,105,655 | | | | | | | | | | | | | | |
| | | | | 358,091 | | | | | | — | | | | | $ | 37.48 | | | | | | 7/13/2026 | | | | | | | 71,552(12) | | | | | $ | 3,110,365 | | | | | | 180,288(17) | | | | | $ | 8,251,781 | | |
| | | | | 458,501 | | | | | | 114,626(1) | | | | | $ | 22.92 | | | | | | 7/13/2027 | | | | | | | | | | | | | | | | | | | 110,189(18) | | | | | $ | 5,060,981 | | |
| | | | | 261,969 | | | | | | 87,324(1) | | | | | $ | 28.05 | | | | | | 7/13/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 174,129 | | | | | | 174,130(2) | | | | | $ | 24.75 | | | | | | 3/14/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 82,288 | | | | | | 246,866(3) | | | | | $ | 29.12 | | | | | | 3/12/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 260,973(4) | | | | | $ | 34.94 | | | | | | 3/11/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gary Millerchip | | | | | 9,600 | | | | | | — | | | | | $ | 24.67 | | | | | | 7/15/2024 | | | | | | | 5,156(8) | | | | | $ | 224,131 | | | | | | | | | | | | | | |
| | | | | 13,992 | | | | | | — | | | | | $ | 38.33 | | | | | | 7/15/2025 | | | | | | | 12,122(9) | | | | | $ | 526,943 | | | | | | | | | | | | | | |
| | | | | 27,972 | | | | | | — | | | | | $ | 37.48 | | | | | | 7/13/2026 | | | | | | | 3,031(13) | | | | | $ | 131,758 | | | | | | | | | | | | | | |
| | | | | 26,178 | | | | | | 8,727(1) | | | | | $ | 22.92 | | | | | | 7/13/2027 | | | | | | | 11,889(14) | | | | | $ | 516,815 | | | | | | | | | | | | | | |
| | | | | 22,688 | | | | | | 7,563(1) | | | | | $ | 28.05 | | | | | | 7/13/2028 | | | | | | | 20,862(10) | | | | | $ | 906,871 | | | | | | | | | | | | | | |
| | | | | 33,167 | | | | | | 33,168(2) | | | | | $ | 24.75 | | | | | | 3/14/2029 | | | | | | | 30,052(11) | | | | | $ | 1,306,360 | | | | | | | | | | | | | | |
| | | | | 11,056 | | | | | | 5,528(5) | | | | | $ | 24.75 | | | | | | 3/14/2029 | | | | | | | 9,687(12) | | | | | $ | 421,094 | | | | | | | | | | | | | | |
| | | | | 25,558 | | | | | | 25,558(6) | | | | | $ | 22.08 | | | | | | 7/15/2029 | | | | | | | | | | | | | | | | | | | 46,360(17) | | | | | $ | 2,121,897 | | |
| | | | | 21,160 | | | | | | 63,480(3) | | | | | $ | 29.12 | | | | | | 3/12/2030 | | | | | | | | | | | | | | | | | | | 35,060(18) | | | | | $ | 1,610,306 | | |
| | | | | | | | | | | 83,037(4) | | | | | $ | 34.94 | | | | | | 3/11/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stuart Aitken | | | | | 22,326 | | | | | | — | | | | | $ | 38.33 | | | | | | 7/15/2025 | | | | | | | 6,558(8) | | | | | $ | 285,076 | | | | | | | | | | | | | | |
| | | | | 34,828 | | | | | | — | | | | | $ | 37.48 | | | | | | 7/13/2026 | | | | | | | 15,152(9) | | | | | $ | 658,657 | | | | | | | | | | | | | | |
| | | | | 44,593 | | | | | | 11,149(1) | | | | | $ | 22.92 | | | | | | 7/13/2027 | | | | | | | 3,031(13) | | | | | $ | 131,758 | | | | | | | | | | | | | | |
| | | | | 24,843 | | | | | | 8,281(1) | | | | | $ | 28.05 | | | | | | 7/13/2028 | | | | | | | 20,862(10) | | | | | $ | 906,871 | | | | | | | | | | | | | | |
| | | | | 41,459 | | | | | | 41,460(2) | | | | | $ | 24.75 | | | | | | 3/14/2029 | | | | | | | 10,254(15) | | | | | $ | 445,741 | | | | | | | | | | | | | | |
| | | | | 11,056 | | | | | | 5,528(5) | | | | | $ | 24.75 | | | | | | 3/14/2029 | | | | | | | 30,052(11) | | | | | $ | 1,306,360 | | | | | | | | | | | | | | |
| | | | | 21,160 | | | | | | 63,480(3) | | | | | $ | 29.12 | | | | | | 3/12/2030 | | | | | | | 10,018(12) | | | | | $ | 435,482 | | | | | | | | | | | | | | |
| | | | | | | | | | | 83,037(4) | | | | | $ | 34.94 | | | | | | 3/11/2031 | | | | | | | | | | | | | | | | | | | 46,360(17) | | | | | $ | 2,121,897 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 35,060(18) | | | | | $ | 1,610,306 | | |
Yael Cosset | | | | | 13,992 | | | | | | — | | | | | $ | 38.33 | | | | | | 7/15/2025 | | | | | | | 1,110(16) | | | | | $ | 48,252 | | | | | | | | | | | | | | |
| | | | | 18,130 | | | | | | — | | | | | $ | 37.48 | | | | | | 7/13/2026 | | | | | | | 7,066(8) | | | | | $ | 307,159 | | | | | | | | | | | | | | |
| | | | | 6,632 | | | | | | — | | | | | $ | 31.25 | | | | | | 9/15/2026 | | | | | | | 12,122(9) | | | | | $ | 526,943 | | | | | | | | | | | | | | |
| | | | | 8,488 | | | | | | 2,123(7) | | | | | $ | 28.83 | | | | | | 3/9/2027 | | | | | | | 3,031(13) | | | | | $ | 131,758 | | | | | | | | | | | | | | |
| | |
Option Awards
|
| | |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options Exercisable (#) |
| |
Number of
Securities Underlying Unexercised Options Unexercisable (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| | |
Number
of Shares or Units of Stock That Have Not Vested (#) |
| |
Market Value
of Shares or Units of Stock That Have Not Vested ($) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) |
| ||||||||||||||||||||||||
| | | | | 34,812 | | | | | | 8,704(1) | | | | | $ | 22.92 | | | | | | 7/13/2027 | | | | | | | 20,862(10) | | | | | $ | 906,871 | | | | | | | | | | | | | | |
| | | | | 22,124 | | | | | | 7,375(1) | | | | | $ | 28.05 | | | | | | 7/13/2028 | | | | | | | 10,254(15) | | | | | $ | 445,741 | | | | | | | | | | | | | | |
| | | | | 33,167 | | | | | | 33,168(2) | | | | | $ | 24.75 | | | | | | 3/14/2029 | | | | | | | 30,052(11) | | | | | $ | 1,306,360 | | | | | | | | | | | | | | |
| | | | | 11,056 | | | | | | 5,528(5) | | | | | $ | 24.75 | | | | | | 3/14/2029 | | | | | | | 9,687(12) | | | | | $ | 421,094 | | | | | | | | | | | | | | |
| | | | | 21,160 | | | | | | 63,480(3) | | | | | $ | 29.12 | | | | | | 3/12/2030 | | | | | | | | | | | | | | | | | | | 46,360(17) | | | | | $ | 2,121,897 | | |
| | | | | | | | | | | 83,037(4) | | | | | $ | 34.94 | | | | | | 3/11/2031 | | | | | | | | | | | | | | | | | | | 35,060(18) | | | | | $ | 1,610,306 | | |
Timothy A. Massa | | | | | 16,000 | | | | | | — | | | | | $ | 18.88 | | | | | | 7/15/2023 | | | | | | | 7,840(8) | | | | | $ | 340,805 | | | | | | | | | | | | | | |
| | | | | 46,000 | | | | | | — | | | | | $ | 24.67 | | | | | | 7/15/2024 | | | | | | | 9,091(9) | | | | | $ | 395,186 | | | | | | | | | | | | | | |
| | | | | 29,970 | | | | | | — | | | | | $ | 38.33 | | | | | | 7/15/2025 | | | | | | | 3,031(13) | | | | | $ | 131,758 | | | | | | | | | | | | | | |
| | | | | 25,889 | | | | | | — | | | | | $ | 37.48 | | | | | | 7/13/2026 | | | | | | | 15,454(10) | | | | | $ | 671,785 | | | | | | | | | | | | | | |
| | | | | 36,052 | | | | | | 9,013(1) | | | | | $ | 22.92 | | | | | | 7/13/2027 | | | | | | | 18,890(11) | | | | | $ | 821,148 | | | | | | | | | | | | | | |
| | | | | 30,420 | | | | | | 10,141(1) | | | | | $ | 28.05 | | | | | | 7/13/2028 | | | | | | | 8,477(12) | | | | | $ | 368,495 | | | | | | | | | | | | | | |
| | | | | 24,876 | | | | | | 24,876(2) | | | | | $ | 24.75 | | | | | | 3/14/2029 | | | | | | | | | | | | | | | | | | | 34,341(17) | | | | | $ | 1,571,787 | | |
| | | | | 11,056 | | | | | | 5,528(5) | | | | | $ | 24.75 | | | | | | 3/14/2029 | | | | | | | | | | | | | | | | | | | 22,038(18) | | | | | $ | 1,012,206 | | |
| | | | | 15,674 | | | | | | 47,022(3) | | | | | $ | 29.12 | | | | | | 3/12/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 52,195(4) | | | | | $ | 34.94 | | | | | | 3/11/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Option Awards(1)
|
| |
Stock Awards(2)
|
| ||||||||||||||||||
|
Name
|
| |
Number of
Shares Acquired on Exercise (#) |
| |
Value
Realized on Exercise ($) |
| |
Number
of Shares Acquired on Vesting (#) |
| |
Value
Realized on Vesting ($) |
| ||||||||||||
| W. Rodney McMullen | | | | | 182,880 | | | | | $ | 4,839,005 | | | | | | 387,247 | | | | | $ | 19,430,312 | | |
| Gary Millerchip | | | | | — | | | | | | — | | | | | | 77,354 | | | | | $ | 3,829,752 | | |
| Stuart Aitken | | | | | — | | | | | | — | | | | | | 91,990 | | | | | $ | 4,623,666 | | |
| Yael Cosset | | | | | — | | | | | | — | | | | | | 79,508 | | | | | $ | 3,919,821 | | |
| Timothy A. Massa | | | | | 32,000 | | | | | $ | 946,394 | | | | | | 58,707 | | | | | $ | 2,893,402 | | |
| | | |
Vested Restricted Stock
|
| |
Earned Performance Units
|
| ||||||||||||||||||
|
Name
|
| |
Number of
Shares |
| |
Value
Realized |
| |
Number of
Shares |
| |
Value
Realized |
| ||||||||||||
| W. Rodney McMullen | | | | | 132,702 | | | | | $ | 4,898,338 | | | | | | 254,545 | | | | | $ | 14,531,974 | | |
| Gary Millerchip | | | | | 28,869 | | | | | $ | 1,061,743 | | | | | | 48,485 | | | | | $ | 2,768,009 | | |
| Stuart Aitken | | | | | 31,384 | | | | | $ | 1,163,669 | | | | | | 60,606 | | | | | $ | 3,459,997 | | |
| Yael Cosset | | | | | 31,023 | | | | | $ | 1,151,812 | | | | | | 48,485 | | | | | $ | 2,768,009 | | |
| Timothy A. Massa | | | | | 22,343 | | | | | $ | 817,381 | | | | | | 36,364 | | | | | $ | 2,076,021 | | |
Name
|
| |
Plan Name
|
| |
Number of
Years Credited Service (#) |
| |
Present Value of
Accumulated Benefit ($)(1) |
| |
Payments during
Last fiscal year ($) |
| |||||||||
W. Rodney McMullen | | |
Pension Plan
|
| | | | 34 | | | | | $ | 1,953,804 | | | | | | — | | |
| | |
Excess Plan
|
| | | | 34 | | | | | $ | 22,062,474 | | | | | | — | | |
Gary Millerchip | | |
Pension Plan
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Excess Plan
|
| | | | — | | | | | | — | | | | | | — | | |
Stuart Aitken | | |
Pension Plan
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Excess Plan
|
| | | | — | | | | | | — | | | | | | — | | |
Yael Cosset | | |
Pension Plan
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Excess Plan
|
| | | | — | | | | | | — | | | | | | — | | |
Timothy A. Massa | | |
Pension Plan
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Excess Plan
|
| | | | — | | | | | | — | | | | | | — | | |
|
Name
|
| |
Executive Contributions
in Last FY |
| |
Aggregate Earnings
in Last FY(1) |
| |
Aggregate Balance
at Last FYE(2) |
| |||||||||
| W. Rodney McMullen | | | | | — | | | | | $ | 835,503 | | | | | $ | 13,211,343 | | |
| Gary Millerchip | | | | | — | | | | | | — | | | | | | — | | |
| Stuart Aitken | | | | | — | | | | | | — | | | | | | — | | |
| Yael Cosset | | | | | — | | | | | | — | | | | | | — | | |
| Timothy A. Massa | | | | | — | | | | | | — | | | | | | — | | |
| |
Triggering Event
|
| | |
Stock Options
|
| | |
Restricted Stock
|
| | |
Performance Units
|
| |
| |
Involuntary Termination
|
| | | Forfeit all unvested options. Previously vested options remain exercisable for the shorter of one year after termination or the remainder of the original 10-year term | | | | Forfeit all unvested shares | | | | Forfeit all rights to units for which the three-year performance period has not ended | | |
| |
Voluntary Termination/Retirement
•
Prior to minimum age and five years of service(1)
|
| | | Forfeit all unvested options. Previously vested options remain exercisable for the shorter of one year after termination or the remainder of the original 10-year term | | | | Forfeit all unvested shares | | | | Forfeit all rights to units for which the three-year performance period has not ended | | |
| |
Voluntary Termination/ Retirement
•
After minimum
age and five years of service(1)
|
| | | Unvested options held greater than one year continue vesting on the original schedule. All options are exercisable for remainder of the original 10-year term | | | | Unvested shares held greater than one year continue vesting on the original schedule | | | | Pro rata portion(2) of units earned based on performance results over the full three-year period | | |
| |
Death
|
| | | Unvested options are immediately vested. All options are exercisable for the remainder of the original 10-year term | | | | Unvested shares immediately vest | | | | Pro rata portion(2) of units earned based on performance results through the end of the fiscal year in which death occurs. Award will be paid following the end of such fiscal year | | |
| |
Disability
|
| | | Unvested options are immediately vested. All options are exercisable for remainder of the original 10-year term | | | | Unvested shares immediately vest | | | | Pro rata portion(2) of units earned based on performance results over the full three-year period | | |
| |
Change in Control(3)
•
For awards prior
to March 2019
|
| | | Unvested options are immediately vested and exercisable | | | | Unvested shares immediately vest | | | | 50% of the units granted at the beginning of the performance period earned immediately | | |
| |
Triggering Event
|
| | |
Stock Options
|
| | |
Restricted Stock
|
| | |
Performance Units
|
| |
| |
Change in Control(4)
•
For awards in March 2019 and thereafter
|
| | | Unvested options only vest and become exercisable upon an actual or constructive termination of employment within two years following a change in control | | | | Unvested shares only vest upon an actual or constructive termination of employment within two years following a change in control | | | | 50% of the units granted at the beginning of the performance period earned upon an actual or constructive termination of employment within two years following a change in control | | |
Name
|
| |
Involuntary
Termination |
| |
Voluntary
Termination/ Retirement |
| |
Death
|
| |
Disability
|
| |
Change
in Control without Termination |
| |
Change in
Control with Termination |
| ||||||||||||||||||
W. Rodney McMullen | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued and Banked Vacation
|
| | | $ | 638,750 | | | | | $ | 638,750 | | | | | $ | 638,750 | | | | | $ | 638,750 | | | | | $ | 638,750 | | | | | $ | 638,750 | | |
Severance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 7,710,000 | | |
Continued Health and Welfare Benefits(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 50,792 | | |
Stock Options(2)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 12,730,441 | | | | | $ | 12,730,441 | | | | | $ | 3,702,100 | | | | | $ | 12,730,441 | | |
Restricted Stock(3)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 15,849,075 | | | | | $ | 15,849,075 | | | | | $ | 2,339,990 | | | | | $ | 15,849,075 | | |
Performance Units(4)
|
| | | $ | 0 | | | | | $ | 6,821,386 | | | | | $ | 6,821,386 | | | | | $ | 6,821,386 | | | | | $ | 0 | | | | | $ | 7,339,931 | | |
Executive Group Life Insurance
|
| | | | | | | | | | | | | | | $ | 2,000,000 | | | | | | | | | | | | | | | | | | | | |
Gary Millerchip | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued and Banked Vacation
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Severance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 3,018,750 | | |
Continued Health and Welfare Benefits(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 57,389 | | |
Stock Options(2)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,186,280 | | | | | $ | 3,186,280 | | | | | $ | 295,961 | | | | | $ | 3,186,280 | | |
Restricted Stock(3)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 4,033,972 | | | | | $ | 4,033,972 | | | | | $ | 224,131 | | | | | $ | 4,033,972 | | |
Performance Units(4)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,851,535 | | | | | $ | 1,851,535 | | | | | $ | 0 | | | | | $ | 2,096,254 | | |
Executive Group Life Insurance
|
| | | | | | | | | | | | | | | $ | 1,125,000 | | | | | | | | | | | | | | | | | | | | |
Stuart Aitken | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued and Banked Vacation
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Severance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 3,420,000 | | |
Continued Health and Welfare Benefits(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 59,065 | | |
Stock Options(2)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,855,664 | | | | | $ | 2,855,664 | | | | | $ | 356,805 | | | | | $ | 2,855,664 | | |
Restricted Stock(3)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 4,169,945 | | | | | $ | 4,169,945 | | | | | $ | 285,076 | | | | | $ | 4,169,945 | | |
Performance Units(4)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,851,535 | | | | | $ | 1,851,535 | | | | | $ | 0 | | | | | $ | 2,096,254 | | |
Executive Group Life Insurance
|
| | | | | | | | | | | | | | | $ | 1,327,500 | | | | | | | | | | | | | | | | | | | | |
Yael Cosset | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued and Banked Vacation
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Severance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 3,150,000 | | |
Continued Health and Welfare Benefits(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 44,423 | | |
Stock Options(2)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,667,304 | | | | | $ | 2,667,304 | | | | | $ | 323,671 | | | | | $ | 2,667,304 | | |
Restricted Stock(3)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 4,094,178 | | | | | $ | 4,094,178 | | | | | $ | 355,411 | | | | | $ | 4,094,178 | | |
Performance Units(4)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,851,535 | | | | | $ | 1,851,535 | | | | | $ | 0 | | | | | $ | 2,096,254 | | |
Executive Group Life Insurance
|
| | | | | | | | | | | | | | | $ | 1,125,000 | | | | | | | | | | | | | | | | | | | | |
Timothy A. Massa | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued and Banked Vacation
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Severance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,779,182 | | |
Continued Health and Welfare Benefits(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 46,735 | | |
Stock Options(2)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,030,743 | | | | | $ | 2,030,743 | | | | | $ | 341,591 | | | | | $ | 2,030,743 | | |
Restricted Stock(3)
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,729,177 | | | | | $ | 2,729,177 | | | | | $ | 340,805 | | | | | $ | 2,729,177 | | |
Performance Units(4)
|
| | | $ | 0 | | | | | $ | 1,314,534 | | | | | $ | 1,314,534 | | | | | $ | 1,314,534 | | | | | $ | 0 | | | | | $ | 1,430,685 | | |
Executive Group Life Insurance
|
| | | | | | | | | | | | | | | $ | 1,200,000 | | | | | | | | | | | | | | | | | | | | |
|
FOR
|
| | The Board recommends a vote FOR the approval of compensation of our NEOs. | |
|
FOR
|
| | The Board recommends a vote FOR the ratification of PricewaterhouseCoopers LLP as our independent registered public accounting firm. | |
| | | |
Fiscal Year Ended
|
| |||||||||
| | | |
January 29,
2022 |
| |
January 30,
2021 |
| ||||||
| Audit Fees(1) | | | | $ | 5,427,500 | | | | | $ | 5,294,700 | | |
| Audit-Related Fees | | | | $ | 0 | | | | | $ | 0 | | |
| Tax Fees(2) | | | | $ | 25,000 | | | | | | | | |
| All Other Fees(3) | | | | $ | 3,150 | | | | | $ | 900 | | |
| Total | | | | $ | 5,455,650 | | | | | $ | 5,295,600 | | |
|
FOR
|
| | The Board recommends a vote FOR the approval of additional shares under the 2019 Long-Term Incentive Plan | |
|
Plan Category
|
| |
Number of securities
to be issued upon exercise of outstanding options, warrants and rights(1) |
| |
Weighted average
exercise price of outstanding options, warrants and rights(1) |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| |||||||||
|
Equity compensation plans approved by security holders
|
| | | | 29,683,904 | | | | | $ | 28.15 | | | | | | 19,319,196 | | |
|
Equity compensation plans not approved by security holders
|
| | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | 29,683,904 | | | | | $ | 28.15 | | | | | | 19,319,196 | | |
|
Fiscal Year
|
| |
Options
Granted |
| |
Full-Value
Shares Granted |
| |
Total
Granted (full-value shares adjusted)* |
| |
Weighted
Average # of Common Shares Outstanding |
| |
Burn Rate
|
| |||||||||||||||
| 2021 | | | | | 2,110,654 | | | | | | 3,949,493 | | | | | | 11,984,387 | | | | | | 743,885,421 | | | | | | 1.61% | | |
| 2020 | | | | | 2,881,317 | | | | | | 3,986,765 | | | | | | 12,848,230 | | | | | | 773,023,519 | | | | | | 1.66% | | |
| 2019 | | | | | 3,137,452 | | | | | | 5,479,074 | | | | | | 16,835,137 | | | | | | 799,137,250 | | | | | | 2.11% | | |
|
AGAINST
|
| | The Board recommends a vote AGAINST each of the following shareholder proposals, in each case if properly presented at the meeting, for the reasons stated in Kroger’s statements in opposition following each shareholder proposal. | |
| | Name | | | |
Business Address
|
| |
| |
Nora A. Aufreiter
|
| | |
c/o The Kroger Co.
1014 Vine Street Cincinnati, OH 45202 |
| |
| | Kevin M. Brown | | | ||||
| | Elaine L. Chao | | | ||||
| | Anne Gates | | | ||||
| | Karen M. Hoguet | | | ||||
| | W. Rodney McMullen | | | ||||
| | Clyde R. Moore | | | ||||
| | Ronald L. Sargent | | | ||||
| | J. Amanda Sourry Knox (Amanda Sourry) | | | ||||
| | Mark S. Sutton | | | ||||
| | Ashok Vemuri | | |
| |
Name of Participant(a)
|
| | |
Principal Occupation
|
| |
| | W. Rodney McMullen | | | | Chairman of the Board and Chief Executive Officer | | |
| | Gary Millerchip | | | | Senior Vice President and Chief Financial Officer | | |
| | Stuart W. Aitken | | | | Senior Vice President and Chief Merchandising & Marketing Officer | | |
| | Christine S. Wheatley | | | | Group Vice President, Secretary & General Counsel | | |
| | Keith G. Dailey | | | | Group Vice President, Corporate Affairs | | |
| | Robinson C. Quast | | | | Director of Investor Relations | | |
| |
Name
|
| | |
Amount and Nature of
Beneficial Ownership (a) |
| | |
Options Exercisable on or
before June 24, 2022 — included in column (a) (b) |
| | ||||||
| | Christine S. Wheatley | | | | | | 247,409 | | | | | | | 118,408 | | | |
| | Keith G. Dailey | | | | | | 75,978 | | | | | | | 44,522 | | | |
| | Robinson C. Quast | | | | | | 8,345 | | | | | | | 1,665 | | | |
| |
Name
|
| | |
Transaction Date
|
| | |
Number of Company Securities
|
| | |
Transaction Description
|
| | |||||||||
| | Nora A. Aufreiter | | | | | | 6/01/2020 | | | | | | | 46.524 | | | | | | | 1 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 5,111 | | | | | | | 2 | | | |
| | | | | | | | 9/01/2020 | | | | | | | 48.273 | | | | | | | 1 | | | |
| | | | | | | | 12/01/2020 | | | | | | | 52.032 | | | | | | | 1 | | | |
| | | | | | | | 3/01/2021 | | | | | | | 52.506 | | | | | | | 1 | | | |
| | | | | | | | 6/02/2021 | | | | | | | 46.577 | | | | | | | 1 | | | |
| | | | | | | | 7/14/2021 | | | | | | | 4,859 | | | | | | | 2 | | | |
| | | | | | | | 9/01/2021 | | | | | | | 44.502 | | | | | | | 1 | | | |
| | | | | | | | 12/01/2021 | | | | | | | 50.856 | | | | | | | 1 | | | |
| | | | | | | | 3/01/2022 | | | | | | | 42.515 | | | | | | | 1 | | | |
| | Kevin M. Brown | | | | | | 1/27/2021 | | | | | | | 2,258 | | | | | | | 2 | | | |
| | | | | | | | 7/14/2021 | | | | | | | 4,859 | | | | | | | 2 | | | |
| | Elaine L. Chao | | | | | | 8/06/2021 | | | | | | | 4,062 | | | | | | | 2 | | | |
| | Anne Gates | | | | | | 6/01/2020 | | | | | | | 37.766 | | | | | | | 1 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 5,111 | | | | | | | 2 | | | |
| | | | | | | | 9/01/2020 | | | | | | | 39.186 | | | | | | | 1 | | | |
| | | | | | | | 12/01/2020 | | | | | | | 42.238 | | | | | | | 1 | | | |
| | | | | | | | 3/01/2021 | | | | | | | 42.623 | | | | | | | 1 | | | |
| | | | | | | | 6/01/2021 | | | | | | | 37.809 | | | | | | | 1 | | | |
| | | | | | | | 7/14/2021 | | | | | | | 4,859 | | | | | | | 2 | | | |
| |
Name
|
| | |
Transaction Date
|
| | |
Number of Company Securities
|
| | |
Transaction Description
|
| | |||||||||
| | | | | | | | 9/01/2021 | | | | | | | 36.126 | | | | | | | 1 | | | |
| | | | | | | | 12/01/2021 | | | | | | | 41.283 | | | | | | | 1 | | | |
| | | | | | | | 3/01/2022 | | | | | | | 34.512 | | | | | | | 1 | | | |
| | Karen M. Hoguet | | | | | | 7/15/2020 | | | | | | | 5,111 | | | | | | | 2 | | | |
| | | | | | | | 7/14/2021 | | | | | | | 4,859 | | | | | | | 2 | | | |
| | W. Rodney McMullen | | | | | | 6/23/2020 | | | | | | | 140,000 | | | | | | | 3 | | | |
| | | | | | | | 6/23/2020 | | | | | | | 85,381 | | | | | | | 4 | | | |
| | | | | | | | 6/30/2020 | | | | | | | 775.0512 | | | | | | | 5 | | | |
| | | | | | | | 7/13/2020 | | | | | | | 73,840 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2020 | | | | | | | 32,635 | | | | | | | 4 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 17,219 | | | | | | | 6 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 7,610 | | | | | | | 4 | | | |
| | | | | | | | 9/30/2020 | | | | | | | 809.5729 | | | | | | | 5 | | | |
| | | | | | | | 12/31/2020 | | | | | | | 872.4019 | | | | | | | 5 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 94,448 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 71,552 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 260,973 | | | | | | | 8 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 112,590 | | | | | | | 9 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 46,381 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 157,413 | | | | | | | 10 | | | |
| | | | | | | | 3/12/2021 | | | | | | | 58,861 | | | | | | | 6 | | | |
| | | | | | | | 3/12/2021 | | | | | | | 26,014 | | | | | | | 4 | | | |
| | | | | | | | 3/31/2021 | | | | | | | 1,127.5655 | | | | | | | 5 | | | |
| | | | | | | | 5/11/2021 | | | | | | | 182,880 | | | | | | | 3 | | | |
| | | | | | | | 5/11/2021 | | | | | | | 111,658 | | | | | | | 4 | | | |
| | | | | | | | 6/30/2021 | | | | | | | 783.2476 | | | | | | | 5 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 73,841 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 32,635 | | | | | | | 4 | | | |
| | | | | | | | 9/30/2021 | | | | | | | 748.5718 | | | | | | | 5 | | | |
| | | | | | | | 12/31/2021 | | | | | | | 825.0272 | | | | | | | 5 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 60,431 | | | | | | | 7 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 142,858 | | | | | | | 8 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 254,545 | | | | | | | 9 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 112,494 | | | | | | | 4 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 100,718 | | | | | | | 10 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 122,208 | | | | | | | 6 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 54,010 | | | | | | | 4 | | | |
| | | | | | | | 3/14/2022 | | | | | | | 31,818 | | | | | | | 6 | | | |
| | | | | | | | 3/14/2022 | | | | | | | 14,062 | | | | | | | 4 | | | |
| | | | | | | | 3/31/2022 | | | | | | | 894.5786 | | | | | | | 5 | | | |
| | Clyde R. Moore | | | | | | 7/15/2020 | | | | | | | 5,111 | | | | | | | 2 | | | |
| | | | | | | | 7/21/2020 | | | | | | | 13,000 | | | | | | | 3 | | | |
| |
Name
|
| | |
Transaction Date
|
| | |
Number of Company Securities
|
| | |
Transaction Description
|
| | |||||||||
| | | | | | | | 7/21/2020 | | | | | | | 13,000 | | | | | | | 11 | | | |
| | | | | | | | 7/23/2020 | | | | | | | 13,000 | | | | | | | 3 | | | |
| | | | | | | | 7/23/2020 | | | | | | | 13,000 | | | | | | | 11 | | | |
| | | | | | | | 1/27/2021 | | | | | | | 13,000 | | | | | | | 3 | | | |
| | | | | | | | 1/27/2021 | | | | | | | 13,000 | | | | | | | 11 | | | |
| | | | | | | | 7/14/2021 | | | | | | | 4,859 | | | | | | | 2 | | | |
| | Ronald L. Sargent | | | | | | 6/01/2020 | | | | | | | 192.696 | | | | | | | 1 | | | |
| | | | | | | | 6/29/2020 | | | | | | | 13,000 | | | | | | | 3 | | | |
| | | | | | | | 6/29/2020 | | | | | | | 1,318 | | | | | | | 4 | | | |
| | | | | | | | 6/30/2020 | | | | | | | 1,184.8951 | | | | | | | 12 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 5,111 | | | | | | | 12 | | | |
| | | | | | | | 9/01/2020 | | | | | | | 225.929 | | | | | | | 1 | | | |
| | | | | | | | 9/30/2020 | | | | | | | 1,129.9348 | | | | | | | 12 | | | |
| | | | | | | | 12/01/2020 | | | | | | | 243.522 | | | | | | | 1 | | | |
| | | | | | | | 12/30/2020 | | | | | | | 3,200 | | | | | | | 13 | | | |
| | | | | | | | 12/31/2020 | | | | | | | 1,159.2277 | | | | | | | 12 | | | |
| | | | | | | | 3/01/2021 | | | | | | | 245.742 | | | | | | | 1 | | | |
| | | | | | | | 3/08/2021 | | | | | | | 13,000 | | | | | | | 3 | | | |
| | | | | | | | 3/08/2021 | | | | | | | 4,609 | | | | | | | 4 | | | |
| | | | | | | | 3/31/2021 | | | | | | | 1,125.4317 | | | | | | | 12 | | | |
| | | | | | | | 6/01/2021 | | | | | | | 217.991 | | | | | | | 1 | | | |
| | | | | | | | 6/30/2021 | | | | | | | 1,026.7708 | | | | | | | 12 | | | |
| | | | | | | | 7/14/2021 | | | | | | | 4,859 | | | | | | | 12 | | | |
| | | | | | | | 9/01/2021 | | | | | | | 230.591 | | | | | | | 1 | | | |
| | | | | | | | 9/30/2021 | | | | | | | 1,034.2413 | | | | | | | 12 | | | |
| | | | | | | | 12/01/2021 | | | | | | | 263.510 | | | | | | | 1 | | | |
| | | | | | | | 12/31/2021 | | | | | | | 962.6303 | | | | | | | 12 | | | |
| | | | | | | | 3/01/2022 | | | | | | | 220.291 | | | | | | | 1 | | | |
| | | | | | | | 3/15/2022 | | | | | | | 13,000 | | | | | | | 3 | | | |
| | | | | | | | 3/15/2022 | | | | | | | 13,000 | | | | | | | 11 | | | |
| | | | | | | | 3/31/2022 | | | | | | | 791.6983 | | | | | | | 12 | | | |
| |
J. Amanda Sourry Knox
(Amanda Sourry) |
| | | | | 1/27/2021 | | | | | | | 2,258 | | | | | | | 2 | | | |
| | | | | | | | 7/14/2021 | | | | | | | 4,859 | | | | | | | 2 | | | |
| | Mark S. Sutton | | | | | | 6/01/2020 | | | | | | | 32.024 | | | | | | | 1 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 5,111 | | | | | | | 2 | | | |
| | | | | | | | 9/01/2020 | | | | | | | 33.228 | | | | | | | 1 | | | |
| | | | | | | | 12/01/2020 | | | | | | | 35.815 | | | | | | | 1 | | | |
| | | | | | | | 3/01/2021 | | | | | | | 36.142 | | | | | | | 1 | | | |
| | | | | | | | 6/01/2021 | | | | | | | 32.061 | | | | | | | 1 | | | |
| | | | | | | | 7/14/2021 | | | | | | | 4,859 | | | | | | | 2 | | | |
| | | | | | | | 9/01/2021 | | | | | | | 30.633 | | | | | | | 1 | | | |
| |
Name
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| | |
Transaction Date
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| | |
Number of Company Securities
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| | |
Transaction Description
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| | |||||||||
| | | | | | | | 12/01/2021 | | | | | | | 35.006 | | | | | | | 1 | | | |
| | | | | | | | 3/01/2022 | | | | | | | 29.265 | | | | | | | 1 | | | |
| | Ashok Vemuri | | | | | | 7/15/2020 | | | | | | | 5,111 | | | | | | | 2 | | | |
| | | | | | | | 7/14/2021 | | | | | | | 4,859 | | | | | | | 2 | | | |
| | Gary Millerchip | | | | | | 7/13/2020 | | | | | | | 23,240 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2020 | | | | | | | 10,448 | | | | | | | 4 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 6,958 | | | | | | | 6 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 3,128 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 50,086 | | | | | | | 10 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 83,037 | | | | | | | 8 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 30,052 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 9,687 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 8,312 | | | | | | | 9 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 3,783 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 16,045 | | | | | | | 6 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 7,213 | | | | | | | 4 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 6,879 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 3,094 | | | | | | | 4 | | | |
| | | | | | | | 7/15/2021 | | | | | | | 5,945 | | | | | | | 6 | | | |
| | | | | | | | 7/15/2021 | | | | | | | 2,673 | | | | | | | 4 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 32,843 | | | | | | | 10 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 46,584 | | | | | | | 8 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 19,706 | | | | | | | 7 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 48,485 | | | | | | | 9 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 21,808 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 24,154 | | | | | | | 6 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 10,859 | | | | | | | 4 | | | |
| | | | | | | | 3/14/2022 | | | | | | | 9,092 | | | | | | | 6 | | | |
| | | | | | | | 3/14/2022 | | | | | | | 4,088 | | | | | | | 4 | | | |
| | | | | | | | 3/22/2022 | | | | | | | 44,976 | | | | | | | 11 | | | |
| | Stuart Aitken | | | | | | 7/13/2020 | | | | | | | 25,059 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2020 | | | | | | | 11,266 | | | | | | | 4 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 1,618 | | | | | | | 6 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 728 | | | | | | | 4 | | | |
| | | | | | | | 9/17/2020 | | | | | | | 15,380 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 50,086 | | | | | | | 10 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 83,037 | | | | | | | 8 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 30,052 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 10,018 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 30,640 | | | | | | | 9 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 10,079 | | | | | | | 4 | | | |
| | | | | | | | 3/12/2021 | | | | | | | 17,560 | | | | | | | 6 | | | |
| |
Name
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| | |
Transaction Date
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| | |
Number of Company Securities
|
| | |
Transaction Description
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| | | | | | | | 3/12/2021 | | | | | | | 7,894 | | | | | | | 4 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 8,698 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 3,912 | | | | | | | 4 | | | |
| | | | | | | | 9/17/2021 | | | | | | | 5,126 | | | | | | | 6 | | | |
| | | | | | | | 9/17/2021 | | | | | | | 2,305 | | | | | | | 4 | | | |
| | | | | | | | 12/17/2021 | | | | | | | 20,000 | | | | | | | 11 | | | |
| | | | | | | | 3/08/2022 | | | | | | | 22,326 | | | | | | | 3 | | | |
| | | | | | | | 3/08/2022 | | | | | | | 22,326 | | | | | | | 11 | | | |
| | | | | | | | 3/08/2022 | | | | | | | 34,828 | | | | | | | 3 | | | |
| | | | | | | | 3/08/2022 | | | | | | | 34,828 | | | | | | | 11 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 32,843 | | | | | | | 10 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 46,584 | | | | | | | 8 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 19,706 | | | | | | | 7 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 60,606 | | | | | | | 9 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 27,243 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 24,485 | | | | | | | 6 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 11,008 | | | | | | | 4 | | | |
| | | | | | | | 3/14/2022 | | | | | | | 10,607 | | | | | | | 6 | | | |
| | | | | | | | 3/14/2022 | | | | | | | 4,769 | | | | | | | 4 | | | |
| | | | | | | | 3/21/2022 | | | | | | | 52,678 | | | | | | | 11 | | | |
| | Christine S. Wheatley | | | | | | 7/13/2020 | | | | | | | 24,846 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2020 | | | | | | | 11,170 | | | | | | | 4 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 2,260 | | | | | | | 6 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 1,017 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 20,034 | | | | | | | 10 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 33,215 | | | | | | | 8 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 12,021 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 7,046 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 8,556 | | | | | | | 9 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 3,890 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 7,136 | | | | | | | 6 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 3,208 | | | | | | | 4 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 8,483 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 3,814 | | | | | | | 4 | | | |
| | | | | | | | 10/07/2021 | | | | | | | 25,322 | | | | | | | 11 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 14,013 | | | | | | | 10 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 19,876 | | | | | | | 8 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 8,408 | | | | | | | 7 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 30,304 | | | | | | | 9 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 11,298 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 13,399 | | | | | | | 6 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 6,024 | | | | | | | 4 | | | |
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Name
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Transaction Date
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Number of Company Securities
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| | |
Transaction Description
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| | | | | | | | 3/14/2022 | | | | | | | 3,788 | | | | | | | 6 | | | |
| | | | | | | | 3/14/2022 | | | | | | | 1,703 | | | | | | | 4 | | | |
| | | | | | | | 3/18/2022 | | | | | | | 115,869 | | | | | | | 3 | | | |
| | | | | | | | 3/18/2022 | | | | | | | 115,869 | | | | | | | 11 | | | |
| | Keith G. Dailey | | | | | | 7/13/2020 | | | | | | | 2,027 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2020 | | | | | | | 609 | | | | | | | 4 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 290 | | | | | | | 6 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 87 | | | | | | | 4 | | | |
| | | | | | | | 12/08/2020 | | | | | | | 94 | | | | | | | 6 | | | |
| | | | | | | | 12/08/2020 | | | | | | | 29 | | | | | | | 4 | | | |
| | | | | | | | 12/11/2020 | | | | | | | 1,418 | | | | | | | 6 | | | |
| | | | | | | | 12/11/2020 | | | | | | | 425 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 9,545 | | | | | | | 10 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 5,727 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 15,825 | | | | | | | 8 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 1,330 | | | | | | | 9 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 669 | | | | | | | 4 | | | |
| | | | | | | | 3/12/2021 | | | | | | | 2,532 | | | | | | | 6 | | | |
| | | | | | | | 3/12/2021 | | | | | | | 1,200 | | | | | | | 4 | | | |
| | | | | | | | 3/15/2021 | | | | | | | 169 | | | | | | | 6 | | | |
| | | | | | | | 3/15/2021 | | | | | | | 75 | | | | | | | 4 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 2,028 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 913 | | | | | | | 4 | | | |
| | | | | | | | 12/08/2021 | | | | | | | 94 | | | | | | | 6 | | | |
| | | | | | | | 12/08/2021 | | | | | | | 43 | | | | | | | 4 | | | |
| | | | | | | | 12/10/2021 | | | | | | | 1,419 | | | | | | | 6 | | | |
| | | | | | | | 12/10/2021 | | | | | | | 638 | | | | | | | 4 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 7,010 | | | | | | | 10 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 4,206 | | | | | | | 7 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 9,945 | | | | | | | 8 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 6,521 | | | | | | | 9 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 3,011 | | | | | | | 4 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 3,149 | | | | | | | 6 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 1,417 | | | | | | | 4 | | | |
| | | | | | | | 3/14/2022 | | | | | | | 814 | | | | | | | 6 | | | |
| | | | | | | | 3/14/2022 | | | | | | | 366 | | | | | | | 4 | | | |
| | | | | | | | 3/15/2022 | | | | | | | 170 | | | | | | | 6 | | | |
| | | | | | | | 3/15/2022 | | | | | | | 77 | | | | | | | 4 | | | |
| | Robinson C. Quast | | | | | | 6/01/2020 | | | | | | | .9503 | | | | | | | 5 | | | |
| | | | | | | | 7/13/2020 | | | | | | | 1,038 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2020 | | | | | | | 354 | | | | | | | 4 | | | |
| | | | | | | | 7/15/2020 | | | | | | | 701 | | | | | | | 6 | | | |
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Name
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Transaction Date
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Number of Company Securities
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| | |
Transaction Description
|
| | |||||||||
| | | | | | | | 7/15/2020 | | | | | | | 215 | | | | | | | 4 | | | |
| | | | | | | | 9/01/2020 | | | | | | | .9971 | | | | | | | 5 | | | |
| | | | | | | | 12/20/2020 | | | | | | | 1.0671 | | | | | | | 5 | | | |
| | | | | | | | 12/22/2020 | | | | | | | 197.8098 | | | | | | | 11 | | | |
| | | | | | | | 3/11/2021 | | | | | | | 1,477 | | | | | | | 7 | | | |
| | | | | | | | 3/12/2021 | | | | | | | 531 | | | | | | | 6 | | | |
| | | | | | | | 3/12/2021 | | | | | | | 196 | | | | | | | 4 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 1,038 | | | | | | | 6 | | | |
| | | | | | | | 7/13/2021 | | | | | | | 318 | | | | | | | 4 | | | |
| | | | | | | | 7/15/2021 | | | | | | | 701 | | | | | | | 6 | | | |
| | | | | | | | 7/15/2021 | | | | | | | 217 | | | | | | | 4 | | | |
| | | | | | | | 9/15/2021 | | | | | | | 584 | | | | | | | 7 | | | |
| | | | | | | | 9/29/2021 | | | | | | | 240 | | | | | | | 11 | | | |
| | | | | | | | 12/13/2021 | | | | | | | 285 | | | | | | | 11 | | | |
| | | | | | | | 3/07/2022 | | | | | | | 680 | | | | | | | 3 | | | |
| | | | | | | | 3/07/2022 | | | | | | | 680 | | | | | | | 11 | | | |
| | | | | | | | 3/10/2022 | | | | | | | 904 | | | | | | | 7 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 901 | | | | | | | 6 | | | |
| | | | | | | | 3/11/2022 | | | | | | | 320 | | | | | | | 4 | | | |
| | 1 | | | | Phantom stock acquired under Directors’ Deferred Compensation Plan through dividend reinvestment | | |
| | 2 | | | | Grant of incentive share award | | |
| | 3 | | | | Exercise or conversion of stock options | | |
| | 4 | | | | Shares withheld or sold for taxes or costs | | |
| | 5 | | | | Shares acquired in Company employee benefit plans | | |
| | 6 | | | | Vesting of restricted stock | | |
| | 7 | | | | Grant of restricted stock | | |
| | 8 | | | | Grant of stock options | | |
| | 9 | | | | Shares granted upon settlement of performance-based units | | |
| | 10 | | | | Grant of performance-based units | | |
| | 11 | | | | Open market sale | | |
| | 12 | | | | Phantom stock acquired under Directors’ Deferred Compensation Plan through deferral of cash compensation | | |
| | 13 | | | | Open market purchase | | |