SEC Form DEF 14A filed by Cogent Communications Holdings Inc.
SECURITIES AND EXCHANGE COMMISSION
the Securities Exchange Act of 1934 (Amendment No. )
Lead Independent Director
Washington, D.C. 20037
(202) 295-4200
TO BE HELD ON MAY 1, 2026
March 20, 2026
Stockholder Meeting to Be Held at 9:00 a.m., May 1, 2026
en/about-cogent/investor-relations/reports.
Washington, D.C. 20037
(202) 295-4200
ELECTION OF DIRECTORS
|
Board
|
| |
Schaeffer
|
| |
Montagner
|
| |
Brooks
|
| |
de Sa
|
| |
Ferguson
|
| |
Howard
|
| |
Howell
|
| |
Kennedy
|
|
|
Knowledge, Skills and Experience
|
| ||||||||||||||||||||||||
|
Public Company Board Experience
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
|
| Financial | | |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| | | | |
x
|
|
|
Risk Management
|
| |
x
|
| |
x
|
| |
x
|
| | | | |
x
|
| |
x
|
| | | | |
x
|
|
| Accounting | | |
x
|
| |
x
|
| |
x
|
| | | | |
x
|
| | | | | | | |
x
|
|
|
Corporate Governance/Ethics
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
|
| Legal/Regulatory | | |
x
|
| | | | |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
|
| HR/Compensation | | |
x
|
| |
x
|
| | | | | | | | | | | | | |
x
|
| |
x
|
|
|
Executive Experience
|
| |
x
|
| |
x
|
| | | | | | | | | | |
x
|
| | | | |
x
|
|
| Operations | | |
x
|
| |
x
|
| | | | |
x
|
| | | | |
x
|
| |
x
|
| | | |
|
Strategic Planning/Oversight
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
|
| Technology | | |
x
|
| |
x
|
| |
x
|
| | | | | | | | | | | | | | | |
|
Mergers and Acquisitions
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| | | |
|
Telecom/Internet Industry
|
| |
x
|
| |
x
|
| |
x
|
| |
x
|
| | | | | | | | | | | | |
| Academia/Education | | |
x
|
| | | | |
x
|
| | | | |
x
|
| | | | | | | |
x
|
|
| Cybersecurity | | |
x
|
| | | | | | | | | | |
x
|
| | | | | | | | | |
| Environmental, Social and Governance | | | | | | | | | | | |
x
|
| | | | |
x
|
| | | | |
x
|
|
APPROVAL OF THE THIRD AMENDED AND RESTATED 2017 INCENTIVE AWARD PLAN
| | | |
2025
|
| |
2024
|
| |
2023
|
| |
TOTAL
|
| |
AVERAGE
|
| |||||||||||||||
|
Options granted
|
| | | | 104 | | | | | | 121 | | | | | | 106 | | | | | | 331 | | | | | | 110 | | |
|
Shares granted
|
| | | | 1,498 | | | | | | 672 | | | | | | 634 | | | | | | 2,804 | | | | | | 935 | | |
| TOTAL | | | | | 1,602 | | | | | | 793 | | | | | | 740 | | | | | | 3,134 | | | | | | 1,045 | | |
|
Weighted average shares – basic EPS
|
| | | | 47,929 | | | | | | 47,628 | | | | | | 47,373 | | | | | | | | | | | | | | |
|
Burn rate – 1 year
|
| | | | 3.34% | | | | | | 1.66% | | | | | | 1.56% | | | | | | | | | | | | | | |
|
Burn rate – 3 year average
|
| | | | 2.18% | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Tranche
|
| |
Number of Shares
|
| |
Stock Price
|
| ||||||
|
1
|
| | | | 200,000 | | | | | $ | 70.00 | | |
|
2
|
| | | | 300,000 | | | | | $ | 85.00 | | |
|
3
|
| | | | 500,000 | | | | | $ | 100.00 | | |
|
Name and Position
|
| |
Number of
Shares Underlying Stock Option Grants (#) |
| |
Number of
Shares Underlying Performance- Based Restricted Stock (#)(1) |
| |
Number of
Shares Underlying Time-Based Restricted Stock (#) |
| |||||||||
| Named Executive Officers: | | | | | | | | | | | | | | | | | | | |
|
Dave Schaeffer, Founder and Chief Executive Officer
|
| | | | | | | | | | 1,109,520 | | | | | | 877,657 | | |
|
Thaddeus Weed, Chief Financial Officer
|
| | | | | | | | | | 38,750 | | | | | | 305,000 | | |
|
Mark Harris, Chief Revenue Officer and Vice President of Global
Sales |
| | | | | | | | | | — | | | | | | 110,168 | | |
|
John Chang, Chief Legal Officer
|
| | | | | | | | | | 19,200 | | | | | | 214,400 | | |
|
Henry Kilmer, Vice President of IP Engineering
|
| | | | | | | | | | 21,600 | | | | | | 91,400 | | |
|
James Bubeck, former Chief Revenue Officer and Vice President of
Global Sales(2) |
| | | | | | | | | | 19,200 | | | | | | 86,800 | | |
|
All Current Executive Officers as a Group
|
| | | | | | | | | | 1,208,270 | | | | | | 1,685,425 | | |
|
All Current Non-Executive Directors as a Group
|
| | | | | | | | | | | | | | | | 336,017 | | |
|
Each Associate of any of such Directors or Executive Officers
|
| | | | | | | | | | | | | | | | — | | |
|
Each Other Person who Received or is to Receive 5% of such Options, Warrants or Rights
|
| | | | | | | | | | | | | | | | — | | |
|
All Employees, including all Officers who are not Executive Officers,
as a Group |
| | | | 770,204 | | | | | | 61,440 | | | | | | 1,887,872 | | |
|
Plan Category
|
| |
Number of Securities to
be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted-average
exercise price of outstanding options, warrants and rights |
| |
Number of Securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| |||||||||
| | | |
(a)
|
| |
(b)
|
| |
(c)
|
| |||||||||
|
Equity compensation plans approved by security holders
|
| | | | 1,123,669 | | | | | $ | 60.59 | | | | | | 877,590 | | |
|
Equity compensation plans not approved by security holders
|
| | | | 0 | | | | | | 0 | | | | | | — | | |
|
Total
|
| | | | 1,123,669 | | | | | $ | 60.59 | | | | | | 877,590 | | |
RATIFICATION OF APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION
|
Director
|
| |
Montagner
|
| |
Brooks
|
| |
de Sa
|
| |
Ferguson
|
| |
Howard
|
| |
Howell
|
| |
Kennedy
|
| |
Schaeffer
|
| |||||||||||||||||||||
|
Audit Committee
|
| | | | | | | | | | x | | | | | | | | | | | | x* | | | | | | | | | | | | | | | | | | x | | | | | |
|
Compensation Committee
|
| | | | x* | | | | | | | | | | | | x | | | | | | | | | | | | | | | | | | x | | | | | | | | | | | |
|
Nominating and Corporate Governance Committee
|
| | | | | | | | | | | | | | | | x* | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | |
Lewis Ferguson
Steven Brooks
Sheryl Kennedy
Among Cogent Communications Holdings, the S&P 500 Index
and the NASDAQ Telecommunications Index
| | | |
12/20
|
| |
12/21
|
| |
12/22
|
| |
12/23
|
| |
12/24
|
| |
12/25
|
| ||||||||||||||||||
|
Cogent Communications Holdings
|
| | | | 100.00 | | | | | | 127.72 | | | | | | 105.78 | | | | | | 149.38 | | | | | | 160.20 | | | | | | 47.80 | | |
|
S&P 500
|
| | | | 100.00 | | | | | | 128.71 | | | | | | 105.40 | | | | | | 133.10 | | | | | | 166.40 | | | | | | 196.16 | | |
|
NASDAQ Telecommunications
|
| | | | 100.00 | | | | | | 102.14 | | | | | | 74.69 | | | | | | 82.63 | | | | | | 93.76 | | | | | | 107.59 | | |
| |
Alarm.com
Blackbaud Cable One Calix CSG Systems International Fastly Five9 Gogo InterDigital Iridium Communications Qualys |
| |
Rapid7
RingCentral Squarespace Teradata Verra Mobility Viasat Viavi Solutions Workiva |
|
|
Named Officer
|
| |
Grant Date
|
| |
Time Based
Restricted Stock (# shares) |
| |
Time Based
Restricted Stock (grant date fair value) |
| |
Performance
Based Restricted Stock (# shares) |
| |
Performance
Based Restricted Stock (grant date fair value) |
| |
Aggregate
Grant Date Fair Value |
| |||||||||||||||
|
Dave Schaeffer
|
| |
1/14/2025
|
| | | | 84,000 | | | | | $ | 6,044,640 | | | | | | 96,000 | | | | | $ | 6,908,160 | | | | | $ | 12,952,800 | | |
|
Dave Schaeffer
|
| |
12/31/2025
|
| | | | 229,657 | | | | | $ | 4,951,405 | | | | | | 321,520 | | | | | $ | 6,931,971 | | | | | $ | 11,883,376 | | |
|
Thaddeus Weed
|
| |
1/9/2025
|
| | | | 19,400 | | | | | $ | 1,418,722 | | | | | | 4,850 | | | | | $ | 354,681 | | | | | $ | 1,773,403 | | |
|
Thaddeus Weed
|
| |
12/31/2025
|
| | | | 100,000 | | | | | $ | 2,156,000 | | | | | | — | | | | | $ | — | | | | | $ | 2,156,000 | | |
|
Thaddeus Weed
|
| |
12/31/2025
|
| | | | 19,400 | | | | | $ | 418,264 | | | | | | 4,850 | | | | | $ | 104,566 | | | | | $ | 522,830 | | |
|
Mark Harris
|
| |
6/1/2025
|
| | | | 1,000 | | | | | $ | 45,710 | | | | | | — | | | | | $ | — | | | | | $ | 45,710 | | |
|
Mark Harris
|
| |
9/2/2025
|
| | | | 668 | | | | | $ | 24,663 | | | | | | — | | | | | $ | — | | | | | $ | 24,663 | | |
|
Mark Harris
|
| |
12/31/2025
|
| | | | 5,000 | | | | | $ | 107,800 | | | | | | — | | | | | $ | — | | | | | $ | 107,800 | | |
|
Mark Harris
|
| |
12/31/2025
|
| | | | 100,000 | | | | | $ | 2,156,000 | | | | | | — | | | | | $ | — | | | | | $ | 2,156,000 | | |
|
John Chang
|
| |
1/9/2025
|
| | | | 9,600 | | | | | $ | 702,048 | | | | | | 2,400 | | | | | $ | 175,512 | | | | | $ | 877,560 | | |
|
John Chang
|
| |
12/31/2025
|
| | | | 9,600 | | | | | $ | 206,976 | | | | | | 2,400 | | | | | $ | 51,744 | | | | | $ | 258,720 | | |
|
John Chang
|
| |
12/31/2025
|
| | | | 100,000 | | | | | $ | 2,156,000 | | | | | | — | | | | | $ | — | | | | | $ | 2,156,000 | | |
|
Henry Kilmer
|
| |
1/9/2025
|
| | | | 9,600 | | | | | $ | 702,048 | | | | | | 2,400 | | | | | $ | 175,512 | | | | | $ | 877,560 | | |
|
Henry Kilmer
|
| |
12/31/2025
|
| | | | 9,600 | | | | | $ | 206,976 | | | | | | 2,400 | | | | | $ | 51,744 | | | | | $ | 258,720 | | |
|
James Bubeck
|
| |
1/9/2025
|
| | | | 9,600 | | | | | $ | 702,048 | | | | | | 2,400 | | | | | $ | 175,512 | | | | | $ | 877,560 | | |
Marc Montagner
Paul de Sa
Deneen Howell
|
Name
|
| |
Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus
|
| |
Stock Awards(a)
|
| | | | | | | |
Non Equity
Incentive Plan Compensation(c) |
| |
All other
Compensation(b) |
| |
TOTAL
|
| |||||||||||||||||||||
|
Dave Schaeffer
|
| |
Chief Executive Officer
|
| | | | 2025 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 24,836,176 | | | | |
|
(d)
|
| | | | $ | 530,243 | | | | | $ | 6,100 | | | | | $ | 25,372,519 | | |
| | | | | | | 2024 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 12,489,000 | | | | | | | | | | | $ | 185,760 | | | | | $ | 6,100 | | | | | $ | 12,680,860 | | | ||
| | | | | | | 2023 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 8,716,255 | | | | | | | | | | | $ | 250,000 | | | | | $ | 9,922 | | | | | $ | 8,976,177 | | | ||
|
Thaddeus Weed
|
| |
Chief Financial Officer
|
| | | | 2025 | | | | | $ | 370,217 | | | | | $ | 0 | | | | | $ | 4,452,233 | | | | |
|
(e)
|
| | | | | | | | | | $ | 6,100 | | | | | $ | 4,828,550 | | |
| | | | | | | 2024 | | | | | $ | 361,187 | | | | | $ | 15,000 | | | | | $ | 4,093,163 | | | | | | | | | | | | | | | | | $ | 6,100 | | | | | $ | 4,460,450 | | | ||
| | | | | | | 2023 | | | | | $ | 348,973 | | | | | $ | 56,711 | | | | | $ | 1,977,595 | | | | | | | | | | | | | | | | | $ | 6,100 | | | | | $ | 2,332,668 | | | ||
|
Mark Harris
|
| |
Chief Revenue Officer
|
| | | | 2025 | | | | | $ | 321,064 | | | | | $ | 0 | | | | | $ | 2,334,173 | | | | |
|
(f)
|
| | | | $ | 131,831 | | | | | $ | 0 | | | | | $ | 2,787,068 | | |
|
John Chang
|
| |
Chief Legal Officer
|
| | | | 2025 | | | | | $ | 294,229 | | | | | $ | 0 | | | | | $ | 3,292,280 | | | | |
|
(g)
|
| | | | | | | | | | $ | 6,100 | | | | | $ | 3,592,609 | | |
| | | | | | | 2024 | | | | | $ | 287,053 | | | | | $ | 15,000 | | | | | $ | 3,168,900 | | | | | | | | | | | | | | | | | $ | 6,100 | | | | | $ | 3,462,053 | | | ||
| | | | | | | 2023 | | | | | $ | 277,346 | | | | | $ | 55,334 | | | | | $ | 692,880 | | | | | | | | | | | | | | | | | $ | 6,100 | | | | | $ | 976,326 | | | ||
|
Henry Kilmer
|
| |
Chief Network Officer
|
| | | | 2025 | | | | | $ | 258,093 | | | | | $ | 0 | | | | | $ | 1,136,280 | | | | |
|
(h)
|
| | | | | | | | | | $ | 6,100 | | | | | $ | 1,400,473 | | |
| | | | | | | 2024 | | | | | $ | 251,798 | | | | | $ | 0 | | | | | $ | 1,282,650 | | | | | | | | | | | | | | | | | $ | 6,100 | | | | | $ | 1,540,548 | | | ||
| | | | | | | 2023 | | | | | $ | 243,283 | | | | | $ | 4,679 | | | | | $ | 692,880 | | | | | | | | | | | | | | | | | $ | 2,002 | | | | | $ | 938,165 | | | ||
|
James Bubeck
|
| |
Former Chief Revenue
Officer |
| | | | 2025 | | | | | $ | 300,430 | | | | | $ | 0 | | | | | $ | 877,560 | | | | |
|
(i)
|
| | | | $ | 86,668 | | | | | $ | 6,100 | | | | | $ | 1,270,758 | | |
| | | | 2024 | | | | | $ | 267,072 | | | | | $ | 0 | | | | | $ | 1,659,900 | | | | | | | | | | | $ | 258,691 | | | | | $ | 6,100 | | | | | $ | 2,191,763 | | | |||||
| | | | | | | 2023 | | | | | $ | 258,040 | | | | | $ | 4,962 | | | | | $ | 692,880 | | | | | | | | | | | $ | 0 | | | | | $ | 6,100 | | | | | $ | 957,020 | | | ||
| | | | | | | | | | | | | | | |
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards |
| |
Estimated Future Payouts Under Equity
Incentive Plan Awards |
| | | |||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Grant Date
|
| |
NOTES
|
| |
Threshold ($)
|
| |
Target ($)
|
| |
Maximum ($)
|
| |
Threshold ($)
|
| |
Target
|
| |
Maximum
|
| |
All Other
Awards: Number of Shares of Stock or Units |
| |
Grant Date Fair
Value of Stock and Option Awards(a) |
| |||||||||||||||||||||||||||
|
Dave Schaeffer
|
| | | | 1/14/2025 | | | | |
|
(b)(c)
|
| | | | | — | | | | | $ | 500,000 | | | | | $ | 667,000 | | | | | | | | | 96,000 | | | | | | 96,000 | | | | | | 84,000 | | | | | $ | 12,952,800 | | |
| | | | 12/31/2025 | | | | |
|
(d)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | 321,520 | | | | | | 321,520 | | | | | | 229,657 | | | | | $ | 11,883,376 | | | ||
|
Thaddeus Weed
|
| | | | 1/9/2025 | | | | |
|
(e)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,850 | | | | | | 19,400 | | | | | $ | 1,773,403 | | |
| | | | 12/31/2025 | | | | |
|
(f)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,850 | | | | | | 19,400 | | | | | $ | 522,830 | | | ||
| | | | 12/31/2025 | | | | |
|
(g)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 100,000 | | | | | $ | 2,156,000 | | | ||
|
Mark Harris
|
| | | | 6/1/2025 | | | | |
|
(h)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,000 | | | | | $ | 45,710 | | |
| | | | 9/2/2025 | | | | |
|
(i)(m)
|
| | | | | | | | | | $ | 146,880 | | | | | | unlimited | | | | | | | | | | | | | | | | | | | | | 668 | | | | | $ | 24,663 | | | ||
| | | | 12/31/2025 | | | | |
|
(j)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,000 | | | | | $ | 107,800 | | | ||
| | | | 12/31/2025 | | | | |
|
(g)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 100,000 | | | | | $ | 2,156,000 | | | ||
|
John Chang
|
| | | | 1/9/2025 | | | | |
|
(k)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,400 | | | | | | 9,600 | | | | | $ | 877,560 | | |
| | | | 12/31/2025 | | | | |
|
(l)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,400 | | | | | | 9,600 | | | | | $ | 258,720 | | | ||
| | | | 12/31/2025 | | | | |
|
(g)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 100,000 | | | | | $ | 2,156,000 | | | ||
|
Henry Kilmer
|
| | | | 1/9/2025 | | | | |
|
(k)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,400 | | | | | | 9,600 | | | | | $ | 877,560 | | |
| | | | 12/31/2025 | | | | |
|
(l)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,400 | | | | | | 9,600 | | | | | $ | 258,720 | | | ||
|
James Bubeck
|
| | | | 1/9/2025 | | | | |
|
(k)(m)
|
| | | | | — | | | | | $ | 146,880 | | | | | | unlimited | | | | | | | | | | | | | | | 2,400 | | | | | | 9,600 | | | | | $ | 877,560 | | |
| | | | | | | | | |
STOCK AWARDS
|
| |||||||||||||||||||||
|
Name
|
| | | | | | | |
Number of Shares
or Units of Stock That Have Not Vested (#) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested ($)(a) |
| |
Equity Incentive Plan
Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity Incentive Plan
Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(a) |
| ||||||||||||
|
Dave Schaeffer
|
| | |
|
(b)
|
| | | | | | | | | | | | | | | | | 88,000 | | | | | $ | 1,897,280 | | |
| | |
|
(c)
|
| | | | | 72,000 | | | | | $ | 1,552,320 | | | | | | 88,000 | | | | | $ | 1,897,280 | | | ||
| | |
|
(d)
|
| | | | | 84,000 | | | | | $ | 1,811,040 | | | | | | 96,000 | | | | | $ | 2,069,760 | | | ||
| | |
|
(e)
|
| | | | | 84,000 | | | | | $ | 1,811,040 | | | | | | 96,000 | | | | | $ | 2,069,760 | | | ||
| | |
|
(f)
|
| | | | | 229,657 | | | | | $ | 4,951,405 | | | | | | 321,520 | | | | | $ | 6,931,971 | | | ||
|
Thaddeus Weed
|
| | |
|
(g)
|
| | | | | 19,400 | | | | | $ | 418,264 | | | | | | 4,850 | | | | | $ | 104,566 | | |
| | |
|
(h)
|
| | | | | 49,400 | | | | | $ | 1,065,064 | | | | | | 4,850 | | | | | $ | 104,566 | | | ||
| | |
|
(i)
|
| | | | | 19,400 | | | | | $ | 418,264 | | | | | | 4,850 | | | | | $ | 104,566 | | | ||
| | |
|
(j)
|
| | | | | 119,400 | | | | | $ | 2,574,264 | | | | | | 4,850 | | | | | $ | 104,566 | | | ||
|
Mark Harris
|
| | |
|
(q)
|
| | | | | 1,500 | | | | | $ | 32,340 | | | | | | 0 | | | | | $ | 0 | | |
| | |
|
(r)
|
| | | | | 1,000 | | | | | $ | 21,560 | | | | | | 0 | | | | | $ | 0 | | | ||
| | |
|
(s)
|
| | | | | 1,000 | | | | | $ | 21,560 | | | | | | 0 | | | | | $ | 0 | | | ||
| | |
|
(t)
|
| | | | | 668 | | | | | $ | 14,402 | | | | | | 0 | | | | | $ | 0 | | | ||
| | |
|
(u)
|
| | | | | 105,000 | | | | | $ | 2,263,800 | | | | | | 0 | | | | | $ | 0 | | | ||
|
John Chang
|
| | |
|
(k)
|
| | | | | 9,600 | | | | | $ | 206,976 | | | | | | 2,400 | | | | | $ | 51,744 | | |
| | |
|
(l)
|
| | | | | 39,600 | | | | | $ | 853,776 | | | | | | 2,400 | | | | | $ | 51,744 | | | ||
| | |
|
(m)
|
| | | | | 9,600 | | | | | $ | 206,976 | | | | | | 2,400 | | | | | $ | 51,744 | | | ||
| | |
|
(n)
|
| | | | | 109,600 | | | | | $ | 2,362,976 | | | | | | 2,400 | | | | | $ | 51,744 | | | ||
|
Henry Kilmer
|
| | |
|
(k)
|
| | | | | 9,600 | | | | | $ | 206,976 | | | | | | 2,400 | | | | | $ | 51,744 | | |
| | |
|
(o)
|
| | | | | 14,600 | | | | | $ | 314,776 | | | | | | 2,400 | | | | | $ | 51,744 | | | ||
| | |
|
(m)
|
| | | | | 9,600 | | | | | $ | 206,976 | | | | | | 2,400 | | | | | $ | 51,744 | | | ||
| | |
|
(p)
|
| | | | | 9,600 | | | | | $ | 206,976 | | | | | | 2,400 | | | | | $ | 51,744 | | | ||
|
Name
|
| |
Option Awards
Number of Shares Acquired on Exercise |
| |
Value
Realized On Exercise |
| |
Stock Awards
Number of Shares Acquired on Vesting |
| |
Value
Realized On Vesting |
| ||||||
|
Dave Schaeffer
|
| | | | | | | | | | 128,683 | | | | | $ | 7,760,304 | | |
|
Thaddeus Weed
|
| | | | | | | | | | 22,000 | | | | | $ | 911,480 | | |
|
Mark Harris
|
| | | | | | | | | | 1,000 | | | | | $ | 47,980 | | |
|
John Chang
|
| | | | | | | | | | 12,000 | | | | | $ | 470,280 | | |
|
Henry Kilmer
|
| | | | | | | | | | 12,000 | | | | | $ | 470,280 | | |
|
James Bubeck
|
| | | | | | | | | | 48,000 | | | | | $ | 1,883,160 | | |
| | | | | | |
Death, disability
or retirement |
| |
Termination
without cause(a) |
| |
Resignation for
Good Reason(a) |
| |
Change of
control(b) |
| |
Termination
without cause upon a change of control(c) |
| |||||||||||||||
|
Dave Schaeffer
|
| |
Cash
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| |
Stock vesting
|
| | | $ | 24,991,856 | | | | | $ | 7,248,094 | | | | | $ | 7,248,094 | | | | | $ | 22,692,094 | | | | | $ | 24,991,856 | | | ||
| | Total | | | | $ | 24,991,856 | | | | | $ | 7,248,094 | | | | | $ | 7,248,094 | | | | | $ | 22,692,094 | | | | | $ | 24,991,856 | | | ||
|
Tad Weed
|
| |
Cash
|
| | | $ | — | | | | | $ | 370,217 | | | | | $ | 370,217 | | | | | $ | — | | | | | $ | 370,217 | | |
| |
Stock vesting
|
| | | $ | 4,198,810 | | | | | $ | 637,742 | | | | | $ | 637,742 | | | | | $ | 4,198,810 | | | | | $ | 4,198,810 | | | ||
| | Total | | | | $ | 4,198,810 | | | | | $ | 1,007,959 | | | | | $ | 1,007,959 | | | | | $ | 4,198,810 | | | | | $ | 4,569,027 | | | ||
|
Mark Harris
|
| |
Cash
|
| | | $ | — | | | | | $ | 81,885 | | | | | $ | 81,885 | | | | | $ | — | | | | | $ | 81,885 | | |
| |
Stock vesting
|
| | | $ | 2,263,800 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,263,800 | | | | | $ | 2,263,800 | | | ||
| | Total | | | | $ | 2,263,800 | | | | | $ | 81,885 | | | | | $ | 81,885 | | | | | $ | 2,263,800 | | | | | $ | 2,345,685 | | | ||
|
Hank Kilmer
|
| |
Cash
|
| | | $ | — | | | | | $ | 64,523 | | | | | $ | 64,523 | | | | | $ | — | | | | | $ | 64,523 | | |
| |
Stock vesting
|
| | | $ | 776,160 | | | | | $ | 147,302 | | | | | $ | 147,302 | | | | | $ | 776,160 | | | | | $ | 776,160 | | | ||
| | Total | | | | $ | 776,160 | | | | | $ | 211,826 | | | | | $ | 211,826 | | | | | $ | 776,160 | | | | | $ | 840,683 | | | ||
|
John Chang
|
| |
Cash
|
| | | $ | — | | | | | $ | 147,114 | | | | | $ | 147,114 | | | | | $ | — | | | | | $ | 147,114 | | |
| |
Stock vesting
|
| | | $ | 3,190,880 | | | | | $ | 211,116 | | | | | $ | 211,116 | | | | | $ | 3,190,880 | | | | | $ | 3,190,880 | | | ||
| | Total | | | | $ | 3,190,880 | | | | | $ | 358,230 | | | | | $ | 358,230 | | | | | $ | 3,190,880 | | | | | $ | 3,337,994 | | | ||
|
James Bubeck
|
| |
Cash
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| |
Stock vesting
|
| | | $ | 517,400 | | | | | $ | 67,452 | | | | | $ | 67,452 | | | | | $ | 517,400 | | | | | $ | 517,400 | | | ||
| | Total | | | | $ | 517,400 | | | | | $ | 67,452 | | | | | $ | 67,452 | | | | | $ | 517,400 | | | | | $ | 517,400 | | | ||
| | | |
Fees
Earned in Cash |
| |
Stock
Awards(a) |
| |
TOTAL
|
| |||||||||
|
Blake Bath(b)
|
| | | $ | — | | | | | $ | 179,537 | | | | | $ | 179,537 | | |
|
Steven Brooks
|
| | | $ | 4,000 | | | | | $ | 439,308 | | | | | $ | 443,308 | | |
|
Paul De Sa
|
| | | $ | 4,000 | | | | | $ | 439,308 | | | | | $ | 443,308 | | |
|
Marc Montagner
|
| | | $ | 4,000 | | | | | $ | 439,308 | | | | | $ | 443,308 | | |
|
Lewis Ferguson
|
| | | $ | 3,000 | | | | | $ | 439,308 | | | | | $ | 442,308 | | |
|
Eve Howard
|
| | | $ | 4,000 | | | | | $ | 439,308 | | | | | $ | 443,308 | | |
|
Deneen Howell
|
| | | $ | 4,000 | | | | | $ | 439,308 | | | | | $ | 443,308 | | |
|
Sheryl Kennedy
|
| | | $ | 4,000 | | | | | $ | 439,308 | | | | | $ | 443,308 | | |
| Year | | | Summary Compensation Table Total for PEO ($) | | | Compensation Actually Paid to PEO ($)(1) | | | Average Summary Compensation Table Total for Non-PEO NEOs ($) | | | Average Compensation Actually Paid to Non-PEO NEOs ($)(1) | | | Value of Initial Fixed $100 Investment Based on: | | | Net Income (Loss) ($) | | | | | |||||||||||||||||||||||||||
| | Total Shareholder Return ($) | | | Peer Group Total Shareholder Return ($)(2) | | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | ( | | | | | | | | ||||||
| 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | |||||||
| 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| 2022 | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Year | | | PEO | | | Non-PEO NEOs | |
| 2025 | | | | | | Thaddeus Weed, Mark Harris, John Chang, Henry Kilmer, James Bubeck | |
| 2024 | | | Dave Schaeffer | | | Thaddeus Weed, James Bubeck, John Chang, Henry Kilmer | |
| 2023 | | | Dave Schaeffer | | | Thaddeus Weed, James Bubeck, John Chang, Henry Kilmer, Greg O’Connor and Jeff Danielson | |
| 2022 | | | Dave Schaeffer | | | Thaddeus Weed, Sean Wallace, James Bubeck, John Chang and Henry Kilmer | |
| 2021 | | | Dave Schaeffer | | | Sean Wallace, James Bubeck, Brad Kummer, John Chang and Timothy O’Neill | |
| | | | 2025 ($, in 000s) | | | 2024 ($, in 000s) | | | 2023 ($, in 000s) | | | 2022 ($, in 000s) | | | 2021 ($, in 000s) | | |||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | ||||||||||||||||||||||||||||||
| Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| | | | 2025 ($, in 000s) | | | 2024 ($, in 000s) | | | 2023 ($, in 000s) | | | 2022 ($, in 000s) | | | 2021 ($, in 000s) | | |||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | ||||||||||||||||||||||||||||||
| Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | | | | | ( | | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | | | ||||||
| Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | | | ||||
| Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | | |||||||
| Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| TOTAL ADJUSTMENTS | | | | | ( | | | | | | ( | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | | | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
![[MISSING IMAGE: bc_paidvstsr-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001158324/000110465926032744/bc_paidvstsr-bw.jpg)
![[MISSING IMAGE: bc_paidvsnetincome-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001158324/000110465926032744/bc_paidvsnetincome-bw.jpg)
![[MISSING IMAGE: bc_paidvsebitda-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001158324/000110465926032744/bc_paidvsebitda-bw.jpg)
OWNERS AND MANAGEMENT
|
Name and Address of Beneficial Owner
|
| |
Amount Owned
|
| |
Percent of Class
|
| ||||||
|
BlackRock, Inc.(1)
50 Hudson Yards, New York, NY 10001 |
| | | | 7,068,397 | | | | | | 14.1% | | |
|
The Vanguard Group, Inc.(2)
100 Vanguard Blvd, Malvern, PA 19355 |
| | | | 5,081,633 | | | | | | 10.1% | | |
|
Turtle Creek Asset Management Inc.(3)
Scotia Plaza, 40 King Street West, Suite 5100, Toronto, Ontario, M5H 3Y2 Canada |
| | | | 4,036,847 | | | | | | 8.1% | | |
|
Dave Schaeffer(4)
|
| | | | 1,248,320 | | | | | | 2.5% | | |
|
Marc Montagner
|
| | | | 96,937 | | | | | | * | | |
|
Steven Brooks
|
| | | | 55,248 | | | | | | * | | |
|
Paul de Sa
|
| | | | 30,347 | | | | | | * | | |
|
Lewis Ferguson
|
| | | | 26,100 | | | | | | * | | |
|
Eve Howard
|
| | | | 23,861 | | | | | | * | | |
|
Deneen Howell
|
| | | | 28,885 | | | | | | * | | |
|
Sheryl Kennedy
|
| | | | 16,845 | | | | | | * | | |
|
Thaddeus Weed(5)
|
| | | | 227,000 | | | | | | * | | |
|
Mark Harris(5)
|
| | | | 110,168 | | | | | | * | | |
|
John Chang(5)
|
| | | | 200,317 | | | | | | * | | |
|
Hank Kilmer(5)
|
| | | | 53,000 | | | | | | * | | |
|
Directors and executive officers as a group (12 persons)(6)
|
| | | | 2,116,488 | | | | | | 4.2% | | |
|
Service
|
| |
2024
|
| |
2025
|
| ||||||
|
Audit Fees(1)
|
| | | $ | 3,629 | | | | | $ | 2,804 | | |
|
Audit-Related Fees
|
| | | $ | — | | | | | $ | — | | |
|
Tax Fees(2)
|
| | | $ | 154 | | | | | $ | 98 | | |
|
All Other Fees
|
| | | $ | — | | | | | $ | — | | |
|
TOTAL
|
| | | $ | 3,783 | | | | | $ | 2,902 | | |
March 20, 2026
2017 INCENTIVE AWARD PLAN