In 2020, we awarded our named executive officers 245,238 target performance stock units, options to purchase 790,754
shares of our common stock and 245,238 restricted stock units. These awards represented approximately 33% of the total equity incentives granted to management and other employees in 2020. We believe that it was appropriate to award this percentage
to our named executive officers because they are in the best position to drive our future results and implement our long-term business strategy.
Incremental Long-Term Awards
In addition to the annual awards issued to our named executive officers, after consultation with FW Cook and a
review of our peer group, in January 2020, we issued one-time equity awards, comprised of a combination of stock options and restricted stock units, to Messrs. Szlosek, Vanderhaegen, Brophy and Wondrasch in
the amounts of $2,500,000, $2,000,000, 2,000,000 and 1,500,000, respectively (Mr. Stubblefield did not participate). These awards were split evenly between stock options and restricted stock units and vest over a three-year period with one-third vesting on each anniversary of the date of grant, subject to the named executive officers continued employment through the applicable vesting date. The purpose of these awards was to further align
the variable, performance-based element of those named executive officers compensation with increases in stockholder value and enhance long-term retention.
Additional details regarding the equity awards described above, including grant dates and exercise prices, are provided under Executive compensation tables
Outstanding equity awards at December 31, 2020.
Other Components of 2020 Executive Compensation Program
Retirement and Other Benefits
U.S. Pension
plan. We sponsor a defined benefit pension plan that was frozen on May 31, 2005 (the U.S. Pension Plan). In 2016, we made a decision to re-open the U.S. Pension Plan solely
for purposes of providing a cash balance benefit to U.S. employees (except employees covered by collective bargaining agreements). For 2020, an amount equal to 2% of each eligible employees compensation was allocated by the Company to the U.S.
Pension Plan on a quarterly basis. All contributions to the U.S. Pension Plan are fully-vested upon contribution. Messrs. Stubblefield, Szlosek, Brophy and Wondrasch are eligible to participate in and receive benefits under the U.S. Pension
Plan, which was subsequently closed to new entrants on January 1, 2019. Additional details regarding this pension plan are provided under Executive Compensation Tables-Pension Benefits.
Swiss Savings Plan. Our Swiss subsidiary, VWR International GmbH, sponsors the Swiss savings plan, which is a cash balance benefit plan the (Swiss Savings
Plan). Each year, contributions to the plan are made by each of the individual participants in the plan and the employer, with the employer portion of the contribution being at least equal to the total contributions made by the participant, up
to a maximum contribution of 13% of the participants base salary, based on a statutory age-based schedule. Amounts in the plan bear interest depending on the annual performance of the Swiss savings plan,
including certain minimum amounts as set by Swiss law. Retirement benefits may be paid in the form of a lump-sum payment or a retirement pension when the employee reaches the normal retirement age under the
plan of 65, based on a statutory conversion factor. Mr. Vanderhaegen was eligible to participate in the Swiss Savings Plan in 2020.
Savings plan. We
sponsor the Avantor, Inc. Retirement Savings 401(k) Plan (the Savings Plan), which is a tax-qualified retirement savings plan available to all U.S.-based employees, including our
U.S.-based named executive officers. Our employees are able to contribute, on a before-tax basis, up to 99% of their earnings to the Savings Plan, up to the limit prescribed by the Internal Revenue
Service. We match 100% of the first 4% of contributions to the Savings Plan, subject to earnings limitations under applicable federal income tax rules. Company contributions to the Savings Plan are fully-vested upon contribution. Messrs.
Stubblefield, Szlosek, Brophy and Wondrasch are eligible to participate in the Savings Plan. Our contributions to named executive officers respective Savings Plan accounts is reflected in the column All Other Compensation of the
Summary Compensation Table.
Supplemental savings retirement plan. Mr. Stubblefield was eligible to participate in the Avantor Supplemental Savings
Retirement Plan (the SSRP). The SSRP is a nonqualified deferred compensation plan that became effective on November 14, 2013 and was closed to additional contributions in September 2014. Under the SSRP, eligible participants were
entitled to defer up to 50% of their base salaries and up to 100% of their annual cash bonus awards. In addition, the SSRP allowed us to credit certain matching amounts to the notional account of each eligible participant for each year. These
matching amounts were provided to restore matching amounts to which the participant would otherwise be entitled under the applicable Savings Plan, but which are limited due to earnings limitations under federal income tax rules. Additional details
regarding this plan are provided under Executive Compensation Tables-Supplemental Savings Retirement Plan.
Perquisites and Other
Personal Benefits
Our Compensation and Human Resources Committee periodically reviews the levels of perquisites and other personal benefits provided to our
named executive officers. The perquisites and other benefits provided to our named executive officers in 2020 included a company car and internet and children allowances for Mr. Vanderhaegen equal to $12,614 (pursuant to the terms of
Mr. Vanderhaegen s employment agreement).
Our named executive officers are offered health coverage and disability insurance under the same programs as
all other associates.
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