OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END
The following table sets forth information with respect to outstanding equity-based awards at December 31, 2019 for our named executive officers, including grant dates and vesting dates related thereto:
Name
|
|
|
Number of Shares
or Units of Stock
That Have Not Vested
(#)
|
|
|
Market Value of
Shares or Units of
Stock That Have
Not Vested ($)(1)
|
|
|
Equity Incentive
Plan Awards:
Number of
Unearned Shares,
Units or Other
Rights That Have
Not Vested (#)
|
|
|
Equity Incentive
Plan Awards:
Market or
Payout Value of
Unearned Shares,
Units or Other
Rights That Have
Not Vested ($)(1)
|
|
Robert C. Galvin
|
|
|
|
|
55,478(2)
|
|
|
|
|
|
74,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
231,160(3)
|
|
|
|
|
|
312,066
|
|
|
|
|
|
|
|
154,145(4)
|
|
|
|
|
|
208,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,567(5)
|
|
|
|
|
|
96,616
|
|
|
|
|
|
|
|
71,568(6)
|
|
|
|
|
|
96,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John T. McClain
|
|
|
|
|
116,666(7)
|
|
|
|
|
|
157,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87,500(8)
|
|
|
|
|
|
118,125
|
|
|
|
|
|
|
|
87,500(9)
|
|
|
|
|
|
118,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Market value is based on our closing stock price of $1.35 on December 31, 2019.
(2)
On October 18, 2018, Mr. Galvin was granted 83,217 RSUs issued under the 2016 Plan. 27,739 of the RSUs vested on March 31, 2019, 27,739 vested on March 31, 2020 and 27,739 will vest on March 31, 2021, subject to Mr. Galvin’s continued employment with the Company through such vesting date.
(3)
On October 18, 2018, Mr. Galvin was awarded 231,160 PSUs as an inducement grant, subject to the terms and conditions of a performance stock unit award agreement, which sets forth certain performance targets and a performance period. The PSUs cliff vest at the end of a three-year performance period ending on October 15, 2021 based on the percentile ranking of the Company’s total shareholder return relative to its peer companies for such performance period.
(4)
On April 16, 2019, Mr. Galvin was awarded 154,145 RSUs subject to the 2016 Plan. 51,382 of the RSUs vested on March 31, 2020, 51,382 vest on March 31, 2021 and 51,381 vest on March 31, 2022, subject to Mr. Galvin’s continuous employment with the Company through each such vesting date.
(5)
On April 16, 2019, Mr. Galvin was awarded a target number of 143,135 PSUs (the “Galvin 2019 PSUs”), subject to the terms and conditions of a performance stock unit award agreement, which sets forth certain performance targets and a performance period. This number of PSUs represents the remaining target number of Galvin 2019 PSUs that can be earned based on performance during the 2020 calendar year. The Galvin 2019 PSUs will become vested on March 31, 2021, generally subject to Mr. Galvin’s continued employment with the Company on such vesting date.
(6)
This number of PSUs represents the number of Galvin 2019 PSUs that were earned based on 2019 performance and that are not subject to reduction based on TSR, which will become vested on March 31, 2021, generally subject to Mr. Galvin’s continued employment with the Company on such vesting date. 2019 performance was determined to be at 110% of target, but subject to reduction to 100% of target based on the Company’s TSR for 2019 and 2020.
(7)
On February 11, 2019, Mr. McClain was granted 175,000 RSUs as an inducement grant. 58,333 of the RSUs vested on February 11, 2019, and 116,666 vested on February 11, 2020.
(8)
On February 11, 2019, Mr. McClain was awarded a target number of 175,000 PSUs (the “McClain 2019 PSUs”), subject to the terms and conditions of a performance stock unit award agreement, which sets forth certain performance targets and a performance period. This number of PSUs represents the remaining target number of McClain 2019 PSUs that can be earned based on performance during the 2020 calendar year. The McClain 2019 PSUs will become vested on March 31, 2021, generally subject to Mr. McClain’s continued employment with the Company on such vesting date.