Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading symbol |
Name of each exchange on which registered | ||
Large accelerated filer |
☐ |
☒ | ||||
Non-accelerated filer |
☐ |
Smaller reporting company |
||||
Emerging growth company |
• | the conditions in the oil and gas industry; |
• | the effects of public health threats, pandemics and epidemics, like the recent COVID-19 pandemic, and the adverse impact thereof on our business, financial condition, results of operations and liquidity, including, but not limited to, our growth, operating costs, supply chain, labor availability, logistical capabilities, customer demand and industry demand generally, margins, utilization, cash position, taxes, the price of our securities, the ability to access capital markets; |
• | the ability of the members of OPEC+ to agree on and to maintain crude oil price and production controls; |
• | our outstanding debt obligations and the potential effect of limiting our ability to fund future growth; |
• | necessary capital financing may not be available at economic rates or at all; |
• | volatility of our common stock; |
• | operating hazards, including the significant possibility of accidents resulting in personal injury or death, or property damage for which we may have limited or no insurance coverage or indemnification rights; |
• | we may not be fully indemnified against losses incurred due to catastrophic events; |
• | claims, litigation or other proceedings that require cash payments or could impair financial condition; |
• | credit risk associated with our customer base; |
• | the effect of regulatory programs and environmental matters on our operations or prospects; |
• | the impact that unfavorable or unusual weather conditions could have on our operations; |
• | the potential inability to retain key employees and skilled workers; |
• | political, legal, economic and other risks and uncertainties associated with our international operations; |
• | laws, regulations or practices in foreign countries could materially restrict our operations or expose us to additional risks; |
• | potential changes in tax laws, adverse positions taken by tax authorities or tax audits impacting our operating results; |
• | changes in competitive and technological factors affecting our operations; |
• | risks associated with the uncertainty of macroeconomic and business conditions worldwide; |
• | potential impacts of cyber-attacks on our operations; |
• | counterparty risks associated with reliance on key suppliers; |
• | challenges with estimating our potential liabilities related to our oil and natural gas property; and |
• | risks associated with potential changes of the Bureau of Ocean Energy Management security and bonding requirements for offshore platforms. |
Page |
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PART III |
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1 |
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5 |
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28 |
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29 |
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30 |
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PART IV |
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31 |
Name |
Age |
Director Since |
Principal Occupation | |||||||
David D. Dunlap |
58 |
2010 |
Chief Executive Officer and President | |||||||
James M. Funk |
70 |
2005 |
President of J.M. Funk & Associates | |||||||
Terence E. Hall |
74 |
1995 |
Founder and Chairman of the Board | |||||||
Peter D. Kinnear |
73 |
2011 |
Former Chairman, Chief Executive Officer and President of FMC Technologies, Inc. | |||||||
Janiece M. Longoria |
67 |
2015 |
Former Chairman of the Port of Houston Authority | |||||||
Michael M. McShane |
66 |
2012 |
Advisor to Advent International | |||||||
W. Matt Ralls |
70 |
2012 |
Former Chairman, Chief Executive Officer and President of Rowan Companies plc |
Name |
Age |
Offices Held and Term of Office | ||||
David D. Dunlap |
58 |
President and Chief Executive Officer, since February 2011 | ||||
Westervelt T. Ballard, Jr. |
48 |
Executive Vice President, Chief Financial Officer and Treasurer, since March 2018 Executive Vice President of International Services, from February 2012 to February 2018 | ||||
James W. Spexarth |
52 |
Chief Accounting Officer, since March 2018 Vice President and Corporate Controller, from August 2013 to February 2018 | ||||
A. Patrick Bernard |
62 |
Executive Vice President, since April 2016 Senior Executive Vice President, from July 2006 to March 2016 | ||||
Brian K. Moore |
63 |
Executive Vice President of Corporate Services, since April 2016 Senior Executive Vice President of North America Services, from February 2012 to March 2016 | ||||
William B. Masters |
63 |
Executive Vice President and General Counsel, since March 2008 |
Name |
Audit Committee |
Compensation Committee |
Corporate Governance Committee |
|||||||||
James M. Funk |
M |
M |
||||||||||
Peter D. Kinnear |
M* |
M |
||||||||||
Janiece M. Longoria |
M |
C |
||||||||||
Michael M. McShane |
C* |
M |
||||||||||
W. Matt Ralls |
C |
M |
||||||||||
Meetings held in 2019 |
6 |
3 |
3 |
* | Audit committee financial expert |
(C) | Committee chair |
(M) | Committee member |
• | the CEO may grant awards relating to no more than 100,000 shares of our common stock in any fiscal year and awards relating to no more than 20,000 shares to any one participant; |
• | the CEO may grant no more than 30,000 performance share units (PSUs) in any fiscal year and no more than 5,000 PSUs to any one participant; |
• | the CEO may cancel, modify or waive rights under awards related to no more than 20,000 shares and 5,000 PSUs held by a participant; |
• | the CEO must approve the grant in writing during an open window period, with the grant date being the date of the written approval or a future date; and |
• | the CEO must report the grants, cancellations or alterations to the Compensation Committee at its next meeting. |
• | ensure that pay and performance are directly linked so that executive compensation is aligned with the Company’s operating and financial performance, including its stock price performance; and |
• | ensure that we can attract and retain talented executives with the skills, educational background, experience and personal qualities needed to successfully manage our business. |
• | Compensation should be performance driven and incentive compensation should comprise the largest part of an executive’s compensation package. |
• | The largest portion of our target executive compensation (88% for our CEO and 80% for the other named executive officers (NEOs)) is comprised of LTI awards and annual incentive plan (AIP) participation levels that are at-risk, performance-based with the ultimate value primarily determined by both our absolute and relative stock price performance. |
• | Base salary, the only fixed element of compensation in our executive compensation program, accounts for approximately 12% of our CEO’s target compensation and approximately 20% of our other NEOs’ target compensation. |
• | Compensation levels should be competitive in order to attract and retain talented executives. |
• | We annually receive extensive input from our independent compensation consultant regarding the competitiveness of our pay strategy relative to the market. We have a well-defined, established process to evaluate the competitiveness of our executive compensation program. |
• | Incentive compensation should balance short-term and long-term performance, including balancing short-term growth with long-term returns. |
• | Our AIP rewards executives for the achievement of annual goals based on our profitability and achievement of quantitative operational metrics. |
• | The value received by our CEO and other NEOs from LTI grants is aligned with our actual operational and financial performance, including both our absolute and relative stock price performance. |
• | In order to encourage our executives to prudently manage our business without sacrificing long-term returns, the performance metrics used for our PSUs are our 3-year relative total stockholder return (TSR) and return on assets (ROA) as compared to our peers. |
• | We evaluate annually with our independent compensation consultant whether the program is balanced in terms of base pay and incentives, both short-term and long-term. |
• | Compensation programs should provide an element of retention and motivate executives to stay with the Company long-term. |
• | Executives forfeit their opportunity to earn a payout of their PSUs if they voluntarily leave the Company before the 3-year performance cycle is complete, except in the case of retirement. Also, the use of time-vested stock options and restricted stock units (RSUs) provides a strong incentive for executives to stay with the Company. |
• | The retirement benefits provided under our Supplemental Executive Retirement Plan (SERP) increase the longer the executive remains with the Company. |
• | Compensation programs should encourage executives to own Company stock in order to align their interests with our stockholders. |
• | Our stock ownership guidelines require our executive officers to own shares of Company stock equivalent to a stated multiple of the executive’s base salary. The multiple varies depending on the executive’s job title. See “Item 11. Executive Compensation Policies—Stock Ownership Guidelines and Holding Requirement” for more information. |
• | We grant time-vested RSUs as one of our LTI grants, and we may also elect to pay up to 50% of the value of our PSUs in common stock. |
• | We pay for performance. at-risk pay constitutes 88%% of our CEO’s target total direct compensation and 80% of our other NEOs target total direct compensation. |
• | We structure each element of compensation with a specific purpose. |
• | We have “double trigger” change of control provisions. |
• | We review our equity plan share usage regularly. |
• | We consider the views of our stockholders. say-on-pay advisory vote and take into account the results of that vote. We also have a stockholder engagement program and are interested in stockholder feedback regarding our executive compensation program. |
• | We have strong anti-hedging and anti-pledging policies. |
• | We have a broad-based LTI program. non-executive management employees within the Company in an effort to promote stock ownership and alignment with our stockholders’ interests. |
• | We have a claw back policy. |
• | We do not provide any excise tax gross-ups. gross-ups in any executive employment agreement or severance or change of control program. |
• | We have robust stock ownership guidelines. |
• | We have a minimum holding requirement. after-tax shares they acquire pursuant to any LTI awards, unless they have met the required ownership level. |
• | We engage an independent compensation consulting firm. |
• | We annually review tally sheets. |
• | Pearl Meyer provided advisory services related solely to executive and director compensation; |
• | Fees from the Company represented less than 1% of Pearl Meyer’s total revenue; |
• | Pearl Meyer maintains a conflicts policy to prevent a conflict of interest or any other independence issues; |
• | None of the team assigned to the Company had any business or personal relationship with members of the Committee outside of the engagement; |
• | None of the team assigned to the Company had any business or personal relationship with any Company executive officer outside of the engagement; and |
• | None of the team assigned to the Company maintained any individual position in our common stock. |
Performance Peer Group* | |||
• Basic Energy Services, Inc.• C&J Energy Services, Ltd.• Halliburton Co.• Helix Energy Solutions Group, Inc.• Key Energy Services, Inc.• Nabors Industries Ltd. |
• Nine Energy Service, Inc.• Oil States International, Inc.• Patterson-UTI Energy, Inc.• RPC, Inc.• Schlumberger Ltd.• Weatherford International plc | ||
* Reference group for the PSUs granted in 2019 |
Compensation Peer Group | |||
• Baker Hughes, a GE Company• Basic Energy Services, Inc.• Ensco plc• Forum Energy Technologies• Halliburton Co.• Helix Energy Solutions Group, Inc.• Helmerich & Payne, Inc. |
• Key Energy Services, Inc.• Nabors Industries Ltd.• National Oilwell Varco, Inc.• Oceaneering International, Inc.• Oil States International, Inc.• Patterson-UTI Energy, Inc.• RPC, Inc.• Weatherford International plc |
Named Executive Officer |
Minimum |
Target |
Maximum |
|||||||||
Mr. Dunlap |
75 |
% | 150 |
% | 300 |
% | ||||||
Mr. Ballard |
50 |
% | 100 |
% | 200 |
% | ||||||
Mr. Moore |
47.5 |
% | 95 |
% | 190 |
% | ||||||
Mr. Bernard |
45 |
% | 90 |
% | 180 |
% | ||||||
Mr. Masters |
45 |
% | 90 |
% | 180 |
% |
• | Closely Manage G&A: We targeted keeping adjusted G&A expense below $300 million in 2019. Adjusted G&A expense was actually $265.4 million in 2019, exceeding the objective by approximately 11%. |
• | Closely Manage DSO: We targeted to end 2019 with a DSO of 69 to 76 days with the low end of the range representing outperformance. We achieved a DSO of 79 days, slightly more than the high end of the targeted range. |
• | Closely Manage DPO: We targeted to end 2019 with a DPO of 50 to 55 days. We achieved a DPO of 58 days, outperforming the high end of the targeted range by approximately 5%. |
• | Generate Free Cash Flow: We targeted generating a range of between $35 million to $50 million of free cash flow (calculated as net cash provided by operating activities less capital expenditures) in 2019. We generated $5.9 million of free cash flow which was below the target range. |
Goal |
% of Award |
Target Achieved |
Resulting Payout % |
Target Payout % |
||||||||||||
EBITDA Target |
75% |
81.9% |
47.9% |
72.9% |
||||||||||||
Key Operational Objectives |
25% |
Target |
25% |
Component of LTI Program |
Terms |
How the Award Furthers our Compensation Principles | ||
RSUs (21.8% of grant value) |
• Pays out in equivalent number of shares of our common stock• Vests in equal annual installments over a 3-year period, subject to continued service |
• Widely used in the energy industry to strengthen the link between stockholder and employee interests, while motivating executives to remain with the Company• Provides a bridge between the short-term and long-term interests of stockholders, and reduces the impact of share price volatility over industry cycles | ||
Stock Options (12.5% of grant value) |
• Exercise price at fair market value on grant date• Vests in equal annual installments over 3-year period, subject to continued service• 10-year term |
• Motivates executives to continue to grow the value of the Company’s stock over the long-term as the value of the stock option depends entirely on the long-term appreciation of the Company’s stock price | ||
PSUs (65.7% of grant value) |
• 3-year performance period• Vests at the end of the 3-year performance period, subject to continued service• Target payout of $100 per unit with an actual payout range of $0 to $200 per unit based on performance compared to our Performance Peer Group |
• Performance criteria link the Company’s long-term performance directly to compensation received by executive officers and other key employees and encourage them to make significant contributions towards increasing ROA and, ultimately, stockholder returns |
• Performance measures:• 50% Relative ROA• 50% Relative TSR• Payout in cash, although up to 50% of value may be paid in shares of stock in the Committee’s discretion |
• Use of TSR to better align the interests of our executives with those of our stockholders |
NEO |
2019 LTI % of Salary |
Total Value Granted as PSUs |
Total Value Granted as RSUs |
Total Value Granted as Options |
Total Value of 2019 LTI Awards |
|||||||||||||||
Mr. Dunlap |
600 |
% | $ | 3,350,700 |
$ | 1,111,800 |
$ | 637,500 |
$ | 5,100,000 |
||||||||||
Mr. Ballard |
360 |
% | $ | 1,123,943 |
$ | 372,937 |
$ | 213,840 |
$ | 1,710,720 |
||||||||||
Mr. Moore |
300 |
% | $ | 989,294 |
$ | 328,259 |
$ | 188,222 |
$ | 1,505,775 |
||||||||||
Mr. Bernard |
300 |
% | $ | 701,134 |
$ | 232,644 |
$ | 133,397 |
$ | 1,067,175 |
||||||||||
Mr. Masters |
300 |
% | $ | 855,260 |
$ | 283,785 |
$ | 162,721 |
$ | 1,301,766 |
||||||||||
Mr. Spexarth |
300 |
% | $ | 645,700 |
$ | 214,250 |
$ | 122,850 |
$ | 982,800 |
Performance Level Relative to Performance Peer Group |
Percent of Date-of-Grant Value of PSU Received for Relative ROA Level |
Percent of Date-of-Grant Value of PSU Received for Relative TSR Level |
Total Percent of Date-of- Grant Value of PSU Received |
|||||||||
(Below 25th Percentile) |
0 |
% | 0 |
% | 0 |
% | ||||||
Threshold (25th Percentile) |
25 |
% | 25 |
% | 50 |
% | ||||||
Target (50th Percentile) |
50 |
% | 50 |
% | 100 |
% | ||||||
Maximum (75th Percentile or above) |
100 |
% | 100 |
% | 200 |
% |
Named Executive Officer |
Number of Units |
Value of PSU Payout |
||||||
Mr. Dunlap |
25,500 |
$ | 1,275,000 |
|||||
Mr. Ballard |
6,000 |
$ | 300,000 |
|||||
Mr. Moore |
7,529 |
$ | 376,450 |
|||||
Mr. Bernard |
5,336 |
$ | 266,800 |
|||||
Mr. Masters |
6,140 |
$ | 307,000 |
|||||
Mr. Spexarth |
1,541 |
$ | 77,050 |
Position |
Stock Value as a Multiple of Base Salary |
|||
Chief Executive Officer |
6x |
|||
Chief Financial Officer |
3x |
|||
Executive Vice President |
2x |
Name and Principal Position |
Year |
Salary ($) |
Bonus ($) |
Stock Awards ($) (1) |
Option Awards (2) |
Non-equity Incentive Plan Compensation ($) (3) |
All Other Compensation ($) (4) |
Total ($) |
||||||||||||||||||||||||
David D. Dunlap |
2019 |
850,000 |
0 |
1,111,800 |
637,484 |
2,204,756 |
226,460 |
5,030,500 |
||||||||||||||||||||||||
President & Chief |
2018 |
850,000 |
0 |
1,274,999 |
1,274,998 |
3,092,224 |
195,366 |
6,687,587 |
||||||||||||||||||||||||
Executive Officer |
2017 |
850,000 |
0 |
1,274,991 |
1,275,000 |
3,340,603 |
131,209 |
6,871,803 |
||||||||||||||||||||||||
Westervelt T. Ballard, Jr. |
2019 |
475,200 |
0 |
372,911 |
213,823 |
646,525 |
97,322 |
1,805,781 |
||||||||||||||||||||||||
Executive Vice President, |
2018 |
433,333 |
0 |
395,998 |
396,003 |
703,462 |
96,281 |
2,025,077 |
||||||||||||||||||||||||
Chief Financial Officer & Treasurer |
2017 |
400,000 |
0 |
300,001 |
299,999 |
731,939 |
59,263 |
1,791,202 |
||||||||||||||||||||||||
Brian K. Moore |
2019 |
501,925 |
0 |
328,221 |
188,215 |
724,163 |
204,298 |
1,946,822 |
||||||||||||||||||||||||
Executive |
2018 |
501,925 |
0 |
376,442 |
376,446 |
988,774 |
206,997 |
2,450,584 |
||||||||||||||||||||||||
Vice President |
2017 |
501,925 |
0 |
376,448 |
376,442 |
1,057,995 |
156,218 |
2,469,028 |
||||||||||||||||||||||||
A. Patrick Bernard |
2019 |
355,725 |
0 |
232,606 |
133,381 |
500,262 |
166,132 |
1,388,106 |
||||||||||||||||||||||||
Executive |
2018 |
355,725 |
0 |
266,792 |
266,795 |
687,353 |
176,990 |
1,753,655 |
||||||||||||||||||||||||
Vice President |
2017 |
355,725 |
0 |
266,790 |
266,793 |
774,725 |
132,336 |
1,796.369 |
||||||||||||||||||||||||
William B. Masters |
2019 |
433,922 |
0 |
283,749 |
162,704 |
591,782 |
108,818 |
1,580,975 |
||||||||||||||||||||||||
Executive Vice |
2018 |
409,360 |
0 |
230,260 |
307,021 |
705,464 |
112,157 |
1,764,262 |
||||||||||||||||||||||||
President and General Counsel |
2017 |
409,360 |
0 |
307,015 |
307,021 |
796,374 |
102,944 |
1,922,714 |
||||||||||||||||||||||||
James W. Spexarth |
2019 |
327,600 |
0 |
214,250 |
122,828 |
292,053 |
78,280 |
1,035,011 |
||||||||||||||||||||||||
Chief Accounting Officer |
2018 |
307,208 |
0 |
320,079 |
152,421 |
342,676 |
72,845 |
1,195,229 |
||||||||||||||||||||||||
2017 |
257,375 |
0 |
154,066 |
0 |
293,379 |
23,666 |
728,486 |
(1) | The amounts reported in this column represent the grant date fair value of the RSUs that we granted to the NEOs. For a discussion of valuation assumptions, see Note 6 to our consolidated financial statements included in our 2019 Annual Report for the fiscal year ended December 31, 2019. Please see the “Grants of Plan-Based Awards Table During 2019” for more information regarding the stock awards we granted in 2019 and “Item 11. Executive Compensation—Compensation Discussion and Analysis-Long-Term Incentives” sets forth additional information related to RSUs. |
(2) | The Black-Scholes option model is used to determine the grant date fair value of the options that we grant to the NEOs. For additional information, refer to “Item 11. Executive Compensation—Compensation Discussion and Analysis—Long-Term Incentives” and “—Grants of Plan-Based Awards Table During 2019.” For a discussion of valuation assumptions, see Note 6 to our consolidated financial statements included in our 2019 Annual Report for the fiscal year ended December 31, 2019. See the “Grants of Plan-Based Awards Table During 2019” for more information regarding the option awards we granted in 2019. |
(3) | Amounts disclosed for 2019 reflect the AIP payout received by our NEOs and the aggregate cash payout of PSUs with a performance period ending on the last day of 2019. Please see the “Item 11. Executive Compensation—Compensation Discussion and Analysis—Long-Term Incentives” for more information regarding the AIP and PSUs. |
Name |
AIP Payout |
Value of PSU Payout |
||||||
Mr. Dunlap |
$ | 929,756 |
$ | 1,275,000 |
||||
Mr. Ballard |
$ | 346,525 |
$ | 300,000 |
||||
Mr. Moore |
$ | 347,713 |
$ | 376,450 |
||||
Mr. Bernard |
$ | 233,462 |
$ | 266,800 |
||||
Mr. Masters |
$ | 284,782 |
$ | 307,000 |
||||
Mr. Spexarth |
$ | 215,003 |
$ | 77,050 |
(4) | For 2019, the amount includes (i) annual contributions to the NEOs’ retirement account under our SERP and matching contributions to our 401(k) plan, (ii) life insurance premiums paid by the Company and (iii) the value of perquisites, consisting of premium payments made under the ArmadaCare program, the provision of an automobile allowance, including fuel and maintenance costs, commuting expenses and accrued dividend equivalents for outstanding time-based stock awards that were granted, but had not vested until 2019 at which time dividends were paid, as set forth below: |
Name |
SERP Contributions |
401(k) Contributions |
Life Insurance Premiums |
ArmadaCare |
Automobile and Commuting |
Dividends |
||||||||||||||||||
David D. Dunlap |
$ | 181,222 |
$ | 11,200 |
$ | 1,278 |
$ | 14,760 |
$ | 18,000 |
$ | 0 |
||||||||||||
Westervelt T. Ballard, Jr. |
$ | 60,484 |
$ | 11,200 |
$ | 1,278 |
$ | 14,760 |
$ | 9,600 |
$ | 0 |
||||||||||||
Brian K. Moore |
$ | 172,356 |
$ | 11,200 |
$ | 1,278 |
$ | 9,864 |
$ | 9,600 |
$ | 0 |
||||||||||||
A. Patrick Bernard |
$ | 119,468 |
$ | 11,200 |
$ | 1,278 |
$ | 14,760 |
$ | 19,426 |
$ | 0 |
||||||||||||
William B. Masters |
$ | 71,140 |
$ | 11,200 |
$ | 1,278 |
$ | 14,760 |
$ | 10,440 |
$ | 0 |
||||||||||||
James W. Spexarth |
$ | 40,595 |
$ | 11,200 |
$ | 1,258 |
$ | 15,132 |
$ | 9,600 |
$ | 495 |
Grant Date (2) |
No. of Units Granted Under Non-Equity Incentive Plan Awards (3) |
Estimate Future Payouts Under Non-Equity IncentivePlan Awards |
All Other Stock Awards: Number of Shares of Stock or Units |
All Other Option Awards: Number of Securities Underlying Options (4) |
Exercise or Base Price of Option Awards |
Grant Date Fair Value of Stock and Option Awards |
||||||||||||||||||||||||||||||
Name |
Threshold |
Target |
Maximum |
|||||||||||||||||||||||||||||||||
David D. Dunlap |
||||||||||||||||||||||||||||||||||||
AIP (1) |
$ | 637,500 |
$ | 1,275,000 |
$ | 2,550,000 |
||||||||||||||||||||||||||||||
PSUs |
2/5/2019 |
33,507 |
$ | 1,675,350 |
$ | 3,350,700 |
$ | 6,701,400 |
||||||||||||||||||||||||||||
RSUs |
2/5/2019 |
25,500 |
$ | 1,111,800 |
||||||||||||||||||||||||||||||||
Stock Options |
2/5/2019 |
25,914 |
$ | 43.60 |
$ | 637,484 |
||||||||||||||||||||||||||||||
Westervelt T. Ballard, Jr. |
||||||||||||||||||||||||||||||||||||
AIP (1) |
$ | 237,600 |
$ | 475,200 |
$ | 950,400 |
||||||||||||||||||||||||||||||
PSUs |
2/5/2019 |
11,239 |
$ | 561,950 |
$ | 1,123,900 |
$ | 2,247,800 |
||||||||||||||||||||||||||||
RSUs |
2/5/2019 |
8,553 |
$ | 372,911 |
||||||||||||||||||||||||||||||||
Stock Options |
2/5/2019 |
8,692 |
$ | 43.60 |
$ | 213,823 |
||||||||||||||||||||||||||||||
Brian K. Moore |
||||||||||||||||||||||||||||||||||||
AIP (1) |
$ | 238,414 |
$ | 476,829 |
$ | 953,658 |
||||||||||||||||||||||||||||||
PSUs |
2/5/2019 |
9,893 |
$ | 494,650 |
$ | 989,300 |
$ | 1,978,600 |
||||||||||||||||||||||||||||
RSUs |
2/5/2019 |
7,528 |
$ | 328,221 |
||||||||||||||||||||||||||||||||
Stock Options |
2/5/2019 |
7,651 |
$ | 43.60 |
$ | 188,215 |
||||||||||||||||||||||||||||||
A. Patrick Bernard |
||||||||||||||||||||||||||||||||||||
AIP (1) |
$ | 160,076 |
$ | 320,153 |
$ | 640,305 |
||||||||||||||||||||||||||||||
PSUs |
2/5/2019 |
7,011 |
$ | 350,550 |
$ | 701,100 |
$ | 1,402,200 |
||||||||||||||||||||||||||||
RSUs |
2/5/2019 |
5,335 |
$ | 232,606 |
||||||||||||||||||||||||||||||||
Stock Options |
2/5/2019 |
5,422 |
$ | 43.60 |
$ | 133,381 |
||||||||||||||||||||||||||||||
William B. Masters |
||||||||||||||||||||||||||||||||||||
AIP (1) |
$ | 195,265 |
$ | 390,530 |
$ | 781,060 |
||||||||||||||||||||||||||||||
PSUs |
2/5/2019 |
8,553 |
$ | 427,650 |
$ | 855,300 |
$ | 1,710,600 |
||||||||||||||||||||||||||||
RSUs |
2/5/2019 |
6,508 |
$ | 283,749 |
||||||||||||||||||||||||||||||||
Stock Options |
2/5/2019 |
6,614 |
$ | 43.60 |
$ | 162,704 |
||||||||||||||||||||||||||||||
James W. Spexarth |
||||||||||||||||||||||||||||||||||||
AIP (1) |
$ | 147,420 |
$ | 294,840 |
$ | 589,680 |
||||||||||||||||||||||||||||||
PSUs |
2/5/2019 |
6,457 |
$ | 322,850 |
$ | 645,700 |
$ | 1,291,400 |
||||||||||||||||||||||||||||
RSUs |
2/5/2019 |
4,914 |
$ | 214,250 |
||||||||||||||||||||||||||||||||
Stock Options |
2/5/2019 |
4,993 |
$ | 43.60 |
$ | 122,828 |
(1) | The amounts shown reflect possible payments under our 2019 AIP under which the NEOs were eligible to receive a cash bonus based on achievement of certain pre-established performance measures. Please see “Item 11. Executive Compensation—Compensation Discussion and Analysis” for more information regarding our 2019 AIP. |
(2) | On February 5, 2019, the Compensation Committee approved the PSU, RSU and stock option awards for each of our NEOs. |
(3) | The amounts shown reflect PSU grants under our 2019 LTI plan. The PSUs have a 3-year performance period during which the PSUs granted on February 5, 2019 have a performance period of January 1, 2019 through December 31, 2021. In addition, the PSUs vest on December 31, 2021, subject to continued employment through the applicable vesting date. Please see “Item 11. Executive Compensation—Compensation Discussion and Analysis” for more information regarding the PSUs and the LTI awards made by the Compensation Committee. |
(4) | The stock options were granted as part of the 2019 LTI plan and vest one-third annually over a 3-year period, commencing January 15, 2020. Please see “Item 11. Executive Compensation—Compensation Discussion and Analysis” for more information regarding the LTI awards made by the Compensation Committee. |
Option Awards |
Stock Awards |
|||||||||||||||||||||||||||||||
Name |
Number of Securities Underlying Unexercised Options (#) Exercisable |
Number of Securities Underlying Unexercised Options (#) Unexercisable (1) |
Option Exercise Price |
Option Expiration Date |
Number of Shares or Units of Stock That Have Not Vested (2) |
Market Value of Shares or Units of Stock That Have Not Vested (3) |
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested |
Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (3) |
||||||||||||||||||||||||
David D. Dunlap |
35,373 |
$ | 177,219 |
|||||||||||||||||||||||||||||
14,437 |
— |
$ | 254.90 |
04/28/2020 |
— |
— |
||||||||||||||||||||||||||
6,021 |
— |
$ | 346.00 |
12/10/2020 |
||||||||||||||||||||||||||||
6,671 |
— |
$ | 285.90 |
12/08/2021 |
||||||||||||||||||||||||||||
3,696 |
— |
$ | 285.70 |
02/10/2022 |
||||||||||||||||||||||||||||
16,035 |
— |
$ | 230.30 |
01/15/2023 |
||||||||||||||||||||||||||||
21,582 |
— |
$ | 260.20 |
01/15/2024 |
||||||||||||||||||||||||||||
24,000 |
— |
$ | 172.70 |
01/15/2025 |
||||||||||||||||||||||||||||
83,102 |
— |
$ | 97.60 |
01/15/2026 |
||||||||||||||||||||||||||||
10,166 |
5,085 |
$ | 180.30 |
01/15/2027 |
||||||||||||||||||||||||||||
7,404 |
14,808 |
$ | 113.10 |
01/15/2028 |
||||||||||||||||||||||||||||
— |
25,914 |
$ | 43.60 |
02/05/2029 |
||||||||||||||||||||||||||||
Westervelt T. Ballard, Jr. |
11,623 |
$ | 58,231 |
|||||||||||||||||||||||||||||
843 |
— |
$ | 285.90 |
12/08/2021 |
— |
— |
||||||||||||||||||||||||||
331 |
— |
$ | 285.70 |
02/10/2022 |
||||||||||||||||||||||||||||
1,806 |
— |
$ | 230.30 |
01/15/2023 |
||||||||||||||||||||||||||||
2,801 |
— |
$ | 260.20 |
01/15/2024 |
||||||||||||||||||||||||||||
4,185 |
— |
$ | 172.70 |
01/15/2025 |
||||||||||||||||||||||||||||
14,491 |
— |
$ | 97.60 |
01/15/2026 |
||||||||||||||||||||||||||||
2,392 |
1,196 |
$ | 180.30 |
01/15/2027 |
||||||||||||||||||||||||||||
1,742 |
3,484 |
$ | 113.10 |
01/15/2028 |
||||||||||||||||||||||||||||
720 |
1,442 |
$ | 85.60 |
03/01/2028 |
||||||||||||||||||||||||||||
0 |
8,692 |
$ | 43.60 |
02/05/2029 |
||||||||||||||||||||||||||||
Brian K. Moore |
10,442 |
$ | 52,314 |
|||||||||||||||||||||||||||||
4,427 |
— |
$ | 232.90 |
01/31/2021 |
— |
— |
||||||||||||||||||||||||||
4,007 |
— |
$ | 280.09 |
01/31/2022 |
||||||||||||||||||||||||||||
4,697 |
— |
$ | 230.30 |
01/15/2023 |
||||||||||||||||||||||||||||
6,372 |
— |
$ | 260.20 |
01/15/2024 |
||||||||||||||||||||||||||||
7,086 |
— |
$ | 172.70 |
01/15/2025 |
||||||||||||||||||||||||||||
24,536 |
$ | 97.60 |
01/15/2026 |
|||||||||||||||||||||||||||||
3,002 |
1,500 |
$ | 180.30 |
01/15/2027 |
||||||||||||||||||||||||||||
2,186 |
4,372 |
$ | 113.10 |
01/15/2028 |
||||||||||||||||||||||||||||
0 |
7,651 |
43.60 |
02/05/2029 |
|||||||||||||||||||||||||||||
A. Patrick Bernard |
7,400 |
$ | 37,074 |
|||||||||||||||||||||||||||||