(1)
The market value of unvested restricted common stock and RSUs is calculated by multiplying the number of unvested shares of restricted common stock and RSUs held by the applicable named executive officer by the closing price of our common stock on December 30, 2022, which was $101.35.
(2)
Includes PSUs at “target” performance levels. However, the performance for the PSUs as measured as of December 31, 2022 was below the “threshold” level for any payout. The PSUs were granted in January 2021 and January 2022 and vest based on the Company’s total stockholder return versus two comparator groups from January 11, 2021 to December 31, 2023 and from January 11, 2022 to December 31, 2024, respectively.
(3)
The market value of unvested PSUs is calculated by multiplying the PSUs at “target” performance levels by the closing price of our common stock on December 30, 2022, which was $101.35.
(4)
14,936, 9,610 and 5,406 RSUs are released from forfeiture restrictions on January 1, 2023, January 1, 2024 and January 1, 2025, respectively, provided that Mr. Gold continues to be an employee of the Company or a non-employee member of the Board on each such date.
(5)
9,630, 6,079 and 3,861 shares of restricted common stock and RSUs are released from forfeiture restrictions on January 1, 2023, January 1, 2024 and January 1, 2025, respectively, provided that Mr. Smithers continues to be an employee of the Company or a non-employee member of the Board on each such date.
(6)
4,855, 2,414 and 1,545 RSUs are released from forfeiture restrictions on January 1, 2023, January 1, 2024 and January 1, 2025, respectively, provided that Ms. Hastings continues to be an employee of the Company or a non-employee member of the Board on each such date.
(7)
4,460, 2,241 and 1,390 shares of restricted common stock are released from forfeiture restrictions on January 1, 2023, January 1, 2024 and January 1, 2025, respectively, provided that Mr. Wolfe continues to be an employee of the Company or a non-employee member of the Board on each such date.
Stock Vested During 2022
The table below provides information about restricted stock vesting for each of our named executive officers during the fiscal year ended December 31, 2022. No stock options were outstanding or exercised during the fiscal year ended December 31, 2022.
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Stock Awards
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Name
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Number of Shares or
Units Acquired on
Vesting (#)(1)
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Value Realized on
Vesting ($)(2)
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Alan Gold
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15,208 |
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$ |
3,998,335 |
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Paul Smithers
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9,555 |
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2,512,105 |
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Catherine Hastings
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5,834 |
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1,533,817 |
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Brian Wolfe
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5,594 |
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1,470,719 |
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(1)
Represents the aggregate of equity grants that vested on January 1, 2022.
(2)
This column represents the number of shares of stock and/or RSUs that vested multiplied by the market price of the common stock on the vesting date.
We did not provide any defined benefit pension plans in which our named executive officers participated during 2022. Accordingly, we have not included a Pension Benefits table in this proxy statement.
Nonqualified Deferred Compensation for 2022
Executive officers, directors and other key employees may choose to defer up to specified maximum amounts of compensation by contributing those amounts to our NQDC Plan, which was established effective as of January 1, 2020. For 2022, the NQDC Plan allowed for deferrals of up to 80% of an employee’s base salary, 100% of an employee’s bonus and 100% of director fees, as well as 100% deferral of settlement of vested RSUs for both employees and directors. No director or employee received matching or other contributions from the Company in 2022 in connection with these deferrals.
Deferred amounts are credited to each participant’s account, which is deemed invested in one or more investment alternatives chosen by each participant from a range of mutual fund offerings and other investments available under the NQDC Plan. Each participant’s account is adjusted to reflect the investment performance of the selected investments. Benefits under the plan are payable in cash and generally will be