SECURITIES AND EXCHANGE COMMISSION
THE SECURITIES EXCHANGE ACT OF 1934
Marietta, Georgia 30067
President and Chief Executive Officer
| | | | By Order of the Board of Directors, | |
| | | |
|
|
|
April 10, 2024
Marietta, Georgia |
| |
Tricia Kinney
General Counsel and Corporate Secretary |
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Marietta, Georgia 30067
770-953-7000
| Anuj Dhanda | | | Shyam K. Reddy | |
| Dominic DiNapoli | | | J. David Smith | |
| Kim S. Fennebresque | | | Carol B. Yancey | |
| Keith A. Haas | | | Marietta Edmunds Zakas | |
| Mitchell B. Lewis | | | | |
Name
|
| |
Position
|
|
Anuj Dhanda | | | Director (since 2023) | |
Dominic DiNapoli | | | Director (since 2016) | |
Kim S. Fennebresque | | | Non-Executive Chairman of the Board of Directors (Director since 2013, Chairman since 2016) | |
Keith A. Haas | | | Director (since 2022) | |
Mitchell B. Lewis | | | Former President and Chief Executive Officer (2014-June 2021) and Director (since 2014) | |
Shyam K. Reddy | | | President and Chief Executive Officer and Director (since 2023) | |
J. David Smith | | | Director (since 2017) | |
Carol B. Yancey | | | Director (since 2021) | |
Marietta Edmunds Zakas | | | Director (since 2022) | |
independent registered public accounting firm for fiscal year 2024.
| | |
2023
|
| |
2022
|
| ||||||
Audit Fees(1)
|
| | | $ | 1,373,582 | | | | | $ | 1,192,496 | | |
Audit-Related Fees(2)
|
| | | | — | | | | | | — | | |
Tax Fees(3)
|
| | | | — | | | | | | — | | |
All Other Fees(4)
|
| | | $ | 180,000 | | | | | $ | 128,101 | | |
Total
|
| | | $ | 1,553,582 | | | | | $ | 1,320,597 | | |
COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS
Name of Beneficial Owner
|
| |
Number of Shares
Beneficially Owned |
| |
Percentage of
Shares Outstanding |
| ||||||
More than 5% Owners | | | | | | | | | | | | | |
BlackRock, Inc.(1)
|
| | | | 936,918 | | | | | | 10.82% | | |
Voss Value Master Fund, L.P.(2)
|
| | | | 645,100 | | | | | | 7.45% | | |
Dimensional Fund Advisors LP(3)
|
| | | | 554,458 | | | | | | 6.40% | | |
The Vanguard Group(4)
|
| | | | 496,056 | | | | | | 5.73% | | |
Tontine Asset Associates, LLC(5)
|
| | | | 485,162 | | | | | | 5.60% | | |
Punch & Associates Investment Management, Inc.(6)
|
| | | | 438,760 | | | | | | 5.07% | | |
Non-Employee Directors | | | | | | | | | | | | | |
Kim S. Fennebresque(7)
|
| | | | 109,848 | | | | | | 1.27% | | |
Anuj Dhanda(8)
|
| | | | 1,561 | | | | | | * | | |
Dominic DiNapoli(9)
|
| | | | 56,688 | | | | | | * | | |
Keith A. Haas(10)
|
| | | | 2,551 | | | | | | * | | |
Mitchell B. Lewis(11)
|
| | | | 33,476 | | | | | | * | | |
J. David Smith(12)
|
| | | | 45,011 | | | | | | * | | |
Carol B. Yancey(13)
|
| | | | 6,103 | | | | | | * | | |
Marietta Edmunds Zakas(14)
|
| | | | 2,551 | | | | | | * | | |
Named Executive Officers | | | | | | | | | | | | | |
Shyam K. Reddy
|
| | | | 34,892 | | | | | | * | | |
Andrew Wamser
|
| | | | 0 | | | | | | * | | |
Tricia Kinney
|
| | | | 0 | | | | | | * | | |
All current executive officers and directors as a group (11 persons)
|
| | | | 292,681 | | | | | | 3.38% | | |
Dwight Gibson(15)
|
| | | | 57,779 | | | | | | * | | |
Kelly C. Janzen(16)
|
| | | | 59,992 | | | | | | * | | |
Kevin A. Henry(17)
|
| | | | 2,329 | | | | | | * | | |
Name
|
| |
Age
|
| |
Position
|
|
Shyam K. Reddy
|
| |
49
|
| | President and Chief Executive Officer | |
Andrew Wamser
|
| |
50
|
| |
Senior Vice President and Chief Financial Officer
|
|
Tricia Kinney
|
| |
52
|
| | General Counsel and Corporate Secretary | |
Officer
|
| |
Base Salary ($)
|
| |||
Shyam K. Reddy(1)
|
| | | | 725,760 | | |
Andrew Wamser(2)
|
| | | | 254,329 | | |
Tricia Kinney(3)
|
| | | | 155,491 | | |
Dwight Gibson(4)
|
| | | | 218,341 | | |
Kelly C. Janzen(5)
|
| | | | 383,048 | | |
Kevin A. Henry(6)
|
| | | | 259,649 | | |
Performance Metric
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||||||||
Adjusted EBITDA (in millions)(1)
|
| | | $ | 151.5M | | | | | $ | 178.2M | | | | | $ | 356.4M | | |
ROWC(2) | | | | | 23.0% | | | | | | 28.8% | | | | | | 57.6% | | |
Officer
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||||||||
Shyam K. Reddy
|
| | | | 50% | | | | | | 100% | | | | | | 200% | | |
Andrew Wamser
|
| | | | 40% | | | | | | 80% | | | | | | 160% | | |
Tricia Kinney
|
| | | | 32.5% | | | | | | 65% | | | | | | 130% | | |
Dwight Gibson
|
| | | | 50% | | | | | | 100% | | | | | | 200% | | |
Kelly C. Janzen
|
| | | | 40% | | | | | | 80% | | | | | | 160% | | |
Kevin A. Henry
|
| | | | 40% | | | | | | 80% | | | | | | 160% | | |
Officer
|
| |
Performance-
Based RSU’s (Target) |
| |
Time-Based
RSU’s |
| |
Total
|
| |||||||||
Shyam K. Reddy
|
| | | | 16,234 | | | | | | 20,979(1) | | | | | | 37,213 | | |
Andrew Wamser
|
| | | | 3,813 | | | | | | 14,423 | | | | | | 18,236 | | |
Tricia Kinney
|
| | | | 2,041 | | | | | | 2,041 | | | | | | 4,082 | | |
Dwight Gibson
|
| | | | — | | | | | | — | | | | | | — | | |
Kelly C. Janzen
|
| | | | 4,475 | | | | | | 4,474 | | | | | | 8,949(2) | | |
Kevin A. Henry
|
| | | | — | | | | | | — | | | | | | — | | |
Kim S. Fennebresque
Keith A. Haas
2023 SUMMARY COMPENSATION TABLE
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
Shyam K Reddy, President and Chief
Executive Officer(2) |
| | | | 2023 | | | | | | 725,760 | | | | | | — | | | | | | 3,380,390 | | | | | | 785,292 | | | | | | 17,077 | | | | | | 4,908,519 | | |
| | | 2022 | | | | | | 501,985 | | | | | | — | | | | | | 1,510,944 | | | | | | 560,831 | | | | | | 6,980 | | | | | | 2,580,740 | | | ||
| | | 2021 | | | | | | 482,384 | | | | | | — | | | | | | 396,183 | | | | | | 784,176 | | | | | | 7,126 | | | | | | 1,669,869 | | | ||
Andrew Wamser, Chief Financial Officer, Senior Vice President(3)
|
| | | | 2023 | | | | | | 254,329 | | | | | | — | | | | | | 1,718,743 | | | | | | 238,209 | | | | | | 3,686 | | | | | | 2,214,967 | | |
Tricia Kinney, General Counsel and Corporate Secretary(4)
|
| | | | 2023 | | | | | | 155,491 | | | | | | 140,960 | | | | | | 360,155 | | | | | | 118,792 | | | | | | 5,078 | | | | | | 780,476 | | |
Dwight Gibson, President and Chief
Executive Officer(5) |
| | | | 2023 | | | | | | 218,341 | | | | | | — | | | | | | — | | | | | | 1,071,050 | | | | | | 1,559,441 | | | | | | 2,848,832 | | |
| | | 2022 | | | | | | 759,615 | | | | | | — | | | | | | 2,044,386 | | | | | | 1,071,050 | | | | | | 25,890 | | | | | | 3,900,941 | | | ||
| | | 2021 | | | | | | 390,385 | | | | | | 200,000 | | | | | | 3,849,347 | | | | | | 836,538 | | | | | | 7,594 | | | | | | 5,283,864 | | | ||
Kelly C. Janzen, Chief Financial Officer, Treasurer, Senior Vice President(6)
|
| | | | 2023 | | | | | | 383,048 | | | | | | — | | | | | | 1,285,264 | | | | | | 293,706 | | | | | | 8,485 | | | | | | 1,970,503 | | |
| | | 2022 | | | | | | 517,308 | | | | | | — | | | | | | 536,618 | | | | | | 580,440 | | | | | | 7,019 | | | | | | 1,641,385 | | | ||
| | | 2021 | | | | | | 492,308 | | | | | | — | | | | | | 404,186 | | | | | | 800,000 | | | | | | 7,394 | | | | | | 1,703,888 | | | ||
Kevin A. Henry, Chief People Officer(7)
|
| | | | 2023 | | | | | | 259,649 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,770 | | | | | | 266,419 | | |
| | | 2022 | | | | | | 426,038 | | | | | | 200,000 | | | | | | 1,422,062 | | | | | | 495,819 | | | | | | 4,735 | | | | | | 2,548,654 | | |
| | | | | | | | |
(a)
|
| |
(a)
|
| |
(a)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
Name
|
| |
Grant Date
|
| |
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards |
| |
Estimated Future Payouts Under
Equity Incentive Plan Awards |
| |
All Other
Stock Awards # |
| |
Grant Date
Fair Value of Stock and Option Awards $ |
| |||||||||||||||||||||||||||||||||||||||
|
Threshold
$ |
| |
Target
$ |
| |
Maximum
$ |
| |
Threshold
# |
| |
Target
# |
| |
Maximum
# |
| ||||||||||||||||||||||||||||||||||||||
Shyam Reddy | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
STIP
|
| | | | | | | | | | 387,500 | | | | | | 775,000 | | | | | | 1,550,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PRSUs
|
| | | | 6/7/2023 | | | | | | | | | | | | | | | | | | | | | | | | 4,870 | | | | | | 16,234 | | | | | | 32,468 | | | | | | | | | | | | 1,515,769 | | |
RSUs
|
| | | | 1/2/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4745 | | | | | | 348,852 | | |
RSUs
|
| | | | 6/7/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16234 | | | | | | 1,515,769 | | |
Andrew Wamser | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
STIP
|
| | | | | | | | | | 230,000 | | | | | | 460,000 | | | | | | 920,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PRSUs
|
| | | | 7/17/2023 | | | | | | | | | | | | | | | | | | | | | | | | 1,144 | | | | | | 3,813 | | | | | | 7,626 | | | | | | | | | | | | 359,375 | | |
RSUs
|
| | | | 7/17/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14423 | | | | | | 1,359,368 | | |
Tricia Kinney | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
STIP
|
| | | | | | | | | | 125,125 | | | | | | 250,250 | | | | | | 500,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PRSUs
|
| | | | 8/29/2023 | | | | | | | | | | | | | | | | | | | | | | | | 612 | | | | | | 2,041 | | | | | | 4,082 | | | | | | | | | | | | 180,077 | | |
RSUs
|
| | | | 8/29/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2041 | | | | | | 180,077 | | |
Dwight Gibson | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
STIP
|
| | | | | | | | | | 362,500 | | | | | | 725,000 | | | | | | 1,450,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Kelly Janzen | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
STIP
|
| | | | | | | | | | 190,000 | | | | | | 380,000 | | | | | | 760,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PRSUs
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,343 | | | | | | 4,475 | | | | | | 8,950 | | | | | | | | | | | | 417,831 | | |
RSUs
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4474 | | | | | | 417,737 | | |
Kevin A. Henry | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
STIP
|
| | | | | | | | | | 212,000 | | | | | | 424,000 | | | | | | 848,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Option/SAR Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Option Exercisable |
| |
Number of
Securities Underlying Unexercised Option Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units That Have Not Vested(1) |
| |
Market
Value of Shares or Units That Have Not Vested ($)(2) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights That Have Not Vested (#)(3) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2)(3) |
| ||||||||||||||||||||||||
Shyam K. Reddy(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,234 | | | | | | 1,839,475 | | | | | | 20,114 | | | | | | 2,279,117 | | |
Andrew Wamser(5)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,423 | | | | | | 1,634,270 | | | | | | 3,813 | | | | | | 432,051 | | |
Tricia Kinney(6)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,041 | | | | | | 231,266 | | | | | | 2,041 | | | | | | 231,266 | | |
Dwight Gibson(7)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,300 | | | | | | 1,733,643 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
Name
|
| |
Number of
shares Acquired on Exercise (#) |
| |
Value
Realized on Exercise ($) |
| |
Number of
Shares Acquired on Vesting (#) |
| |
Value
Realized on Vesting(1) ($) |
| ||||||||||||
Shyam K. Reddy
|
| | | | — | | | | | | — | | | | | | 4,745 | | | | | | 383,741 | | |
Andrew Wamser
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Tricia Kinney
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dwight Gibson
|
| | | | — | | | | | | — | | | | | | 44,160 | | | | | | 3,000,230 | | |
Kelly C. Janzen
|
| | | | — | | | | | | — | | | | | | 32,036 | | | | | | 2,953,996 | | |
Kevin A Henry
|
| | | | — | | | | | | — | | | | | | 3,333 | | | | | | 253,341 | | |
Name
|
| |
Salary and
Bonus ($)(1) |
| |
Continuing Medical
Coverage ($)(2) |
| |
Value of Time-Based
Restricted Stock Units ($)(3) |
| |
Value of Performance-
Based Restricted Stock ($)(4) |
| |
Total ($)
|
| |||||||||||||||
Shyam K. Reddy
|
| | | | 1,550,000 | | | | | | 22,891 | | | | | | 1,839,475 | | | | | | 2,279,117 | | | | | | 5,691,483 | | |
Andrew Wamser
|
| | | | 1,035,000 | | | | | | 22,068 | | | | | | 1,634,270 | | | | | | — | | | | | | 2,691,338 | | |
Tricia Kinney
|
| | | | 635,250 | | | | | | 22,891 | | | | | | 231,266 | | | | | | — | | | | | | 889,407 | | |
Name
|
| |
Salary and
Bonus ($)(1) |
| |
Continuing Medical
Coverage ($)(2) |
| |
Value of Time-Based
Restricted Stock Units ($)(3) |
| |
Value of Performance-
Based Restricted Stock ($)(4) |
| |
Total
|
| |||||||||||||||
Shyam K. Reddy
|
| | | | 3,100,000 | | | | | | 34,336 | | | | | | 1,839,475 | | | | | | 2,279,117 | | | | | | 6,477,928 | | |
Andrew Wamser
|
| | | | 1,610,000 | | | | | | 33,102 | | | | | | 1,634,270 | | | | | | 432,051 | | | | | | 3,709,423 | | |
Tricia Kinney
|
| | | | 635,260 | | | | | | 22,891 | | | | | | 231,266 | | | | | | 231,266 | | | | | | 1,132,128 | | |
Year | | | Summary Comp. Table Total for 1st PEO ($)(1) | | | Summary Comp. Table Total for 2nd PEO ($)(1) | | | Summary Comp. Table Total for 3rd PEO ($)(1) | | | Comp. Actually Paid to 1st PEO ($)(2)(5) | | | Comp. Actually Paid to 2nd PEO ($)(2)(5) | | | Comp. Actual Paid to 3rd PEO ($)(2)(5) | | | Average Summary Comp. Table Total for Non-PEO NEOs ($)(3) | | | Average Comp. Actually Paid to Non-PEO NEOs ($)(4) | | | Value of Initial Fixed $100 Investment Based on: | | | Net Income (000’s) ($)(8) | | | EBITDA (000’s) ($)(9) | | |||||||||||||||||||||||||||||||||||||||
| BX CTSR ($)(6) | | | Peer Group TSR ($)(7) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | | | (b) | | | (b) | | | (b) | | | (c) | | | (c) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | ||||||||||||||||||||||||||||||||||||
2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1st PEO ($) | | | 2nd PEO ($) | | | Average for Non-PEO NEOs (S)(10) | | |||||||||
Summary Compensation Table (SCT) | | | | | | | | | | | | | | | | | |||
Adjustments | | | | | | | | | | | | | | | | | | | |
Less: Grant-date fair value of equity award amounts reported in SCT for covered year | | | | | ( | | | | | | | | | | | ( | | | |
Plus: Year-end fair value of equity awards granted in covered year | | | | | | | | | | | | | | | | | |||
Change in fair value of outstanding, unvested awards granted in prior years | | | | | | | | | | | | | | | | | |||
Fair value as of vesting date for awards granted and vested in covered year | | | | | | | | | | | | | | | | | |||
For awards granted in prior years that vest in the fiscal year, the change in fair value from the end of the prior fiscal year to the vesting date | | | | | | | | | | ( | | | | | | | | ||
For awards granted in prior years that are determined to fail to meet the applicable vesting conditions (i.e., are forfeited), deduct the amount equal to the fair value at the end of the prior fiscal year | | | | | | | | | | | | | | | ( | | | ||
Compensation Actually Paid | | | | | | | | | | | | | | | | |
| Performance Metrics | |
| | |
| | |
| | |
Name
|
| |
Fees Earned or
Paid in Cash ($)(1) |
| |
Stock Awards
($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total ($)
|
| ||||||||||||
Anuj Dhanda(4)
|
| | | | 55,603 | | | | | | 135,027 | | | | | | — | | | | | | 190,630 | | |
Dominic DiNapoli
|
| | | | 105,000 | | | | | | 135,027 | | | | | | — | | | | | | 240,027 | | |
Kim S. Fennebresque
|
| | | | 140,000 | | | | | | 224,987 | | | | | | — | | | | | | 364,987 | | |
Keith A. Haas
|
| | | | 90,000 | | | | | | 135,027 | | | | | | 13,702 | | | | | | 238,729 | | |
Mitchell B. Lewis
|
| | | | 345,625 | | | | | | 135,027 | | | | | | 9,283 | | | | | | 489,935 | | |
J. David Smith
|
| | | | 105,000 | | | | | | 135,027 | | | | | | — | | | | | | 240,027 | | |
Carol B. Yancey
|
| | | | 120,000 | | | | | | 135,027 | | | | | | 9,283 | | | | | | 264,310 | | |
Marietta Edmunds Zakas
|
| | | | 90,000 | | | | | | 135,027 | | | | | | — | | | | | | 225,027 | | |
Board of Directors:
Dominic DiNapoli
Marietta Edmunds Zakas