| QUANEX BUILDING PRODUCTS CORPORATION | | |
January 25, 2022
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1800 West Loop South
Suite 1500 Houston, Texas 77027 (713) 961-4600 |
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Dear Fellow Stockholder:
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| You are cordially invited to attend the Company's Annual Meeting of Stockholders to be held at 8 a.m., C.S.T., on Tuesday, February 22, 2022, at the Post Oak Hotel located at 1600 West Loop South, Houston, Texas 77027. | | |||
| | | | This year you will be asked to vote in favor of the election of nine directors, in favor of an advisory vote approving the Company’s named executive officer compensation, and in favor of a resolution ratifying the Company’s appointment of its independent auditor for the 2022 fiscal year. These proposals are more fully explained in the attached Proxy Statement, which you are encouraged to read. | |
| | | | THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE IN FAVOR OF EACH PROPOSAL OUTLINED IN THE ATTACHED PROXY. THE BOARD FURTHER URGES YOU TO VOTE AT YOUR EARLIEST CONVENIENCE, WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING. | |
| | | | Thank you for your continued support. | |
| | | | Sincerely, | |
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| | | |
William C. Griffiths
Chairman of the Board |
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| | | | A-1 | | |
|
Nominees for election to a
term that will expire at the 2023 Annual Meeting |
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Principal Occupation
|
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Age
|
| |
Director
Since |
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| Susan F. Davis | | | Retired Executive Vice President — Asia Pacific of Johnson Controls, Inc., a global leader in automotive systems, building efficiency and power solutions (Milwaukee, Wisconsin). | | |
68
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2007
|
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| William C. Griffiths | | | Executive Chairman of the Board, Quanex Building Products Corporation (Houston, Texas). | | |
70
|
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2009
|
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| Bradley E. Hughes | | | Retired President and Chief Executive Officer of Cooper Tire & Rubber Co. (Findlay, Ohio). | | |
60
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N/A
|
|
| Jason D. Lippert | | |
Chief Executive Officer of LCI Industries (Elkhart, Indiana).
|
| |
49
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2021
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|
| Donald R. Maier | | | Executive Consultant to Alto Pharmacy, an online pharmacy service company (San Francisco, California). | | |
57
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2019
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| Meredith W. Mendes | | | Chief Operating Officer and Partner of Gresham Partners, LLC, a wealth management firm (Chicago, Illinois). | | |
63
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2019
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| Curtis M. Stevens | | | Retired Chief Executive Officer of Louisiana-Pacific Corporation, a leading building materials manufacturer (Nashville, Tennessee). | | |
69
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2010
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| William E. Waltz, Jr. | | | President and Chief Executive Officer of Atkore, Inc. (Harvey, Illinois). | | |
57
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2020
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| George L. Wilson | | | President and Chief Executive Officer, Quanex Building Products Corporation (Houston, Texas). | | |
53
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2020
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Name and Age
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Office and Length of Service
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| William C. Griffiths, 70 | | | Executive Chairman effective January 1, 2020 | |
| George L. Wilson, 53 | | | President and Chief Executive Officer effective January 1, 2020 | |
| Scott M. Zuehlke, 45 | | | Senior Vice President – Chief Financial Officer & Treasurer effective November 1, 2019 | |
| Paul B. Cornett, 44 | | | Senior Vice President – General Counsel & Secretary effective November 1, 2019 | |
| Mark A. Livingston, 58 | | | Vice President – Chief Accounting Officer & Controller effective November 1, 2019 | |
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Name
|
| |
Fees Earned
or Paid in Cash(1) ($) |
| |
Restricted
Stock Unit Awards(2) ($) |
| |
Option
Awards(2) ($) |
| |
Change in
Pension Value & Nonqualified Deferred Compensation Earnings(3) ($) |
| |
All Other
Compensation(4) ($) |
| |
Total
($) |
| ||||||||||||||||||
| Robert R. Buck(5) | | | | | 35,750 | | | | | | 77,377 | | | | | | — | | | | | | — | | | | | | 4,692 | | | | | | 117,819 | | |
| Susan F. Davis | | | | | 77,500 | | | | | | 77,377 | | | | | | — | | | | | | — | | | | | | 19,080 | | | | | | 173,957 | | |
| Donald R. Maier | | | | | 77,256 | | | | | | 77,377 | | | | | | — | | | | | | — | | | | | | 3,675 | | | | | | 158,308 | | |
| Meredith W. Mendes | | | | | 75,500 | | | | | | 77,377 | | | | | | — | | | | | | — | | | | | | 2,787 | | | | | | 155,664 | | |
| Joseph D. Rupp | | | | | 94,375 | | | | | | 77,377 | | | | | | — | | | | | | — | | | | | | 11,993 | | | | | | 183,745 | | |
| Curtis M. Stevens | | | | | 82,500 | | | | | | 77,377 | | | | | | — | | | | | | — | | | | | | 14,289 | | | | | | 174,166 | | |
| William E. Waltz Jr. | | | | | 74,619 | | | | | | 77,377 | | | | | | — | | | | | | — | | | | | | 2,037 | | | | | | 154,033 | | |
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Restricted Stock Units
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Stock Options
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2021 Grants
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Total Units
Outstanding as of October 31, 2021 (#) |
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2021 Grants
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Total Stock Options
Outstanding as of October 31, 2021 (#) |
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Grant Date
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Grant Date
Fair Value ($) |
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Grant Date
|
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Grant Date
Fair Value ($) |
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Name
|
| | | | ||||||||||||||||||||||||||||||||||||
| Buck | | | | | 11/2/2020 | | | | | | 77,377 | | | | | | — | | | | | | n/a | | | | | | — | | | | | | 20,876 | | | | | |
| Davis | | | | | 11/2/2020 | | | | | | 77,377 | | | | | | 37,479 | | | | | | n/a | | | | | | — | | | | | | 15,876 | | | | | |
| Maier | | | | | 11/2/2020 | | | | | | 77,377 | | | | | | 11,484 | | | | | | n/a | | | | | | — | | | | | | — | | | | | |
| Mendes | | | | | 11/2/2020 | | | | | | 77,377 | | | | | | 8,708 | | | | | | n/a | | | | | | — | | | | | | — | | | | | |
| Rupp | | | | | 11/2/2020 | | | | | | 77,377 | | | | | | 37,479 | | | | | | n/a | | | | | | — | | | | | | 24,008 | | | | | |
| Stevens | | | | | 11/2/2020 | | | | | | 77,377 | | | | | | 23,774 | | | | | | n/a | | | | | | — | | | | | | 15,876 | | | | | |
| Waltz | | | | | 11/2/2020 | | | | | | 77,377 | | | | | | 4,413 | | | | | | n/a | | | | | | — | | | | | | — | | | | | |
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|
| |
Achieved Record Revenue and Earnings
•
Revenue increased by 26%
•
Diluted Earnings Per Share increased by 45%
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|
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Strengthened Our Balance Sheet
•
Repaid $65 million of debt
•
Repurchased $11.2 million of stock
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Delivered Strong Results to Our Shareholders
•
Share price at the end of the fiscal year at $20.72 which is 13.8% higher than prior year-end
•
Three-year total shareholder return of +42.8%
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Gave Back to Our Employees and Communities
•
The Quanex Foundation donated more than $800,000 to various community organizations
•
Raised wages across multiple locations and experience levels and paid an annual bonus to every Company employee
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What We Do
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What We Don’t Do
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| • | | | Link annual incentive compensation to the achievement of objective pre-established performance goals. | | | • | | | No tax gross ups for executive officers. | |
| • | | | Provide 70% of our long-term compensation in the form of performance-based long-term incentives. | | | • | | | No hedging or pledging of Company stock. | |
| • | | | Target the market median for all elements of compensation. | | | • | | | No “single-trigger” change in control payments. | |
| • | | | Apply robust minimum stock ownership guidelines. | | | • | | | No excessive perquisites. | |
| • | | | Maintain a clawback policy. | | | • | | | No liberal share recycling. | |
| • | | | Use and review compensation tally sheets. | | | • | | | No dividends on new awards of unvested stock. | |
| • | | | Evaluate the risk of our compensation programs. | | | | | | | |
| • | | | Use an independent compensation consultant. | | | | | | | |
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Objectives
|
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How We Meet Our Objectives
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Attract and retain effective leadership
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| |
•
We provide a competitive total pay package, taking into account base salary, incentives, benefits, and perquisites for each executive.
•
We regularly benchmark our pay programs against the competitive market, comparing both fixed and variable, at-risk compensation that is tied to short-term and long-term performance; we use the results of this analysis as context in making pay adjustments.
•
Our long-term plan includes three-year performance cycles for performance-based awards and three-year vesting schedules for time-based awards.
•
We compete effectively for the highest caliber people who will determine our long-term success.
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Motivate and reward executives for achieving specific financial goals
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| |
•
We offer a compensation program that focuses on variable, performance-based compensation through annual and long-term incentive awards).
•
Specific financial performance measures used in the incentive programs include:
•
In fiscal 2021, the AIA used a corporate scorecard based on 40% Revenue, 40% Adjusted EBITDA, and 20% Working Capital as a Percentage of Sales.
•
In fiscal 2021, the long-term incentive mix was based on 30% restricted stock, 30% PRSUs, and 40% performance shares. The PRSUs are based 100% on Absolute TSR performance and the performance share awards are based on corporate RONA, each earned over a three-year period.
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Create a strong financial incentive to meet or exceed long-term financial goals and build long-term value
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| |
•
We link a significant part of total compensation to Quanex’s financial and stock price performance — over 70% of our compensation mix is performance-based.
•
We deliver 70% of long-term incentives in the form of performance-based compensation.
•
For SVPs and above, long-term compensation opportunities are weighted to deliver more than two times the target short-term incentive opportunity, resulting in a significant portion of our total compensation delivered in the form of long-term incentives.
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Align executive and shareholder interests
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| |
•
In order to emphasize long-term shareholder returns, we require significant Quanex stock ownership among executives through the use of stock ownership guidelines.
•
The ultimate value of our annual equity grants is driven by stock price performance over the grant date value.
•
We use absolute TSR as the sole metric for 30% of our long-term incentive compensation, which ensures that executives do not earn certain performance-based compensation when our shareholders for that same period have suffered a loss in value.
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|
|
AAON Inc.
American Woodmark Corp. Apogee Enterprises Inc. Armstrong Flooring Inc. Cornerstone Building Brands, Inc. |
| |
CSW Industrials Inc.
Gibraltar Industries Inc. Griffon Industries Inc. Insteel Industries Inc. L.B. Foster Company Masonite International Corp. |
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Mueller Water Products, Inc.
Patrick Industries Inc. PGT, Inc. Simpson Manufacturing Inc. Trex Company, Inc. |
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AAON Inc.
American Woodmark Corp. Apogee Enterprises Inc. Armstrong Flooring Inc. Cornerstone Building Brands. CSW Industrials Inc. |
| |
Gibraltar Industries Inc.
Griffon Corporation Insteel Industries Inc. L.B. Foster Company Masonite International Corp. Mueller Water Products, Inc. |
| |
Patrick Industries Inc.
PGT, Inc. Simpson Manufacturing Trex Company, Inc. Tredegar Corporation |
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|
Name and Principal Position
|
| |
Fiscal 2020
Base Salary |
| |
Fiscal 2021
Base Salary |
| |
Base Salary
Increase |
| |||||||||
|
George L. Wilson
President and CEO |
| | | $ | 575,000 | | | | | $ | 675,000 | | | | | | 17% | | |
|
William C. Griffiths
Executive Chairman |
| | | $ | 500,000 | | | | | $ | 500,000 | | | | | | 0% | | |
|
Scott M. Zuehlke
Senior Vice President, CFO and Treasurer |
| | | $ | 330,000 | | | | | $ | 370,000 | | | | | | 12% | | |
|
Paul B. Cornett
Senior Vice President, General Counsel and Secretary |
| | | $ | 310,000 | | | | | $ | 350,000 | | | | | | 13% | | |
|
Mark A. Livingston
Vice President, Chief Accounting Officer and Controller |
| | | $ | 240,000 | | | | | $ | 275,000 | | | | | | 15% | | |
|
Participant
|
| |
Title
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||||||||
|
Wilson
|
| |
CEO
|
| | | | 50% | | | | | | 100% | | | | | | 200% | | |
|
Griffiths
|
| |
Executive Chair
|
| | | | 50% | | | | | | 100% | | | | | | 200% | | |
|
Zuehlke
|
| |
CFO
|
| | | | 27.5% | | | | | | 55% | | | | | | 110% | | |
|
Cornett
|
| |
GC
|
| | | | 25% | | | | | | 50% | | | | | | 100% | | |
|
Livingston
|
| |
CAO
|
| | | | 25% | | | | | | 50% | | | | | | 100% | | |
|
Participant
|
| |
Title
|
| |
Target %
(as a % of salary) |
| |
Achieved %
(as a % of Target) |
| |
Achieved %
(as a % of salary) |
| |||||||||
|
Wilson
|
| |
CEO
|
| | | | 100% | | | | | | 200% | | | | | | 200% | | |
|
Griffiths
|
| |
Executive Chair
|
| | | | 100% | | | | | | 200% | | | | | | 200% | | |
|
Zuehlke
|
| |
CFO
|
| | | | 55% | | | | | | 200% | | | | | | 110% | | |
|
Cornett
|
| |
GC
|
| | | | 50% | | | | | | 200% | | | | | | 100% | | |
|
Livingston
|
| |
CAO
|
| | | | 50% | | | | | | 200% | | | | | | 100% | | |
|
Participant
|
| |
Title
|
| |
LTI Target
|
| |||
|
Wilson
|
| |
CEO
|
| | | $ | 1,650,000 | | |
|
Griffiths*
|
| |
Executive Chair
|
| | | $ | — | | |
|
Zuehlke
|
| |
CFO
|
| | | $ | 470,000 | | |
|
Cornett
|
| |
GC
|
| | | $ | 325,000 | | |
|
Livingston
|
| |
CAO
|
| | | $ | 200,000 | | |
|
Milestones
|
| |
Absolute Total
Shareholder Return Performance |
| |
Performance
Restricted Stock Units Modifier |
| ||||||
| Maximum | | | | | ≥50% | | | | | | 150% | | |
| Target | | | | | 20% | | | | | | 100% | | |
| Threshold | | | | | –20% | | | | | | 50% | | |
|
Milestones
|
| |
RONA
Performance |
| |
Performance
Share Modifier |
| ||||||
| Maximum | | | | | 14.5% | | | | | | 200% | | |
| Target | | | | | 12.6% | | | | | | 100% | | |
| Threshold | | | | | 10.3% | | | | | | 75% | | |
|
Milestones
|
| |
RONA
Performance |
| |
Payout
Opportunity |
| ||||||
| Performance Measures: | | | | | | | | | | | | | |
| Maximum | | | | | 9.6% | | | | | | 200% | | |
| Target | | | | | 8.4% | | | | | | 100% | | |
| Threshold | | | | | 7.1% | | | | | | 75% | | |
| Actual Performance | | | | | 17.0% | | | | | | 200% | | |
|
Officer
|
| |
Fiscal 2019
Performance Shares Granted (#) |
| |
Total
Performance Shares Earned (200% of Target) (#) |
| |
Total Payout
($) |
| |||||||||
| Griffiths | | | | | 55,600 | | | | | | 111,200 | | | | | | 2,318,520 | | |
| Wilson | | | | | 23,300 | | | | | | 46,600 | | | | | | 971,610 | | |
| Zuehlke | | | | | 4,500 | | | | | | 9,000 | | | | | | 187,650 | | |
| Cornett* | | | | | — | | | | | | — | | | | | | — | | |
| Livingston* | | | | | — | | | | | | — | | | | | | — | | |
|
Officer
|
| |
Fiscal 2019
Performance RSUs Granted (#) |
| |
TSR
Total Shares Vested (138% of Target) (#) |
| |
Cash
Paid for Accumulated Dividends during Performance Period ($) |
| |||||||||
| Griffiths | | | | | 42,400 | | | | | | 58,520 | | | | | $ | 56,179 | | |
| Wilson | | | | | 17,800 | | | | | | 24,568 | | | | | $ | 23,585 | | |
| Zuehlke | | | | | 3,500 | | | | | | 4,831 | | | | | $ | 4,638 | | |
| Cornett* | | | | | — | | | | | | — | | | | | | — | | |
| Livingston* | | | | | — | | | | | | — | | | | | | — | | |
|
Level
|
| |
Typical Executive Position
|
| |
Stock Ownership Goal
|
|
|
1
|
| |
CEO & Executive Chair
|
| |
4x Base Salary
|
|
|
2
|
| |
SVP
|
| |
2x Base Salary
|
|
|
3
|
| |
VP
|
| |
1x Base Salary
|
|
|
Executive Compensation Element
|
| |
Action Item
|
|
|
Base Salaries
|
| |
•
Review and/or adjust based on market review
|
|
|
Short-Term Incentives
|
| |
•
Determine year-end results and approve payouts
•
Set goals for upcoming year
|
|
|
Long-Term Incentives
|
| |
•
Determine performance results and approve long-term plan’s payouts
•
Set goals for long-term plan’s next three-year performance cycle
•
Determine and approve equity awards, including restricted stock awards and long-term performance based awards
|
|
|
Severance Policy Benefits
|
| | | | | | | ||||||
|
Tier
|
| |
Qualifying Termination without
Change in Control |
| |
Qualifying Termination following
Change in Control |
| | | ||||
|
Tier 1
(Wilson) |
| |
•
2x base salary plus 2x target annual bonus at the time of Qualifying Termination, payable in installments on normal payroll schedule; and
•
Pro-rata annual bonus for year of termination based on actual Company performance and number of days worked by the Executive during the fiscal year, to be paid at the same time bonuses are paid to active employees; and
•
Continued health and welfare benefits, or reimbursement thereof, for eighteen (18) months for the Executive and his or her spouse and dependents, subject to earlier termination when the Executive becomes eligible for such benefits from a subsequent employer.
|
| |
•
2.5x base salary plus 2.5x target annual bonus at the time of Qualifying Termination (or, if higher, at the time of Change in Control), payable in a lump sum within fifteen (15) days of termination; and
•
Pro-rata target annual bonus for year of termination based on number of days worked by the Executive during the fiscal year, payable in a lump sum within fifteen (15) days of termination; and
•
Continued health and welfare benefits, or reimbursement thereof, for eighteen (18) months for the Executive and his or her spouse and dependents, subject to earlier termination when the Executive becomes eligible for such benefits from a subsequent employer.
|
| | | ||||
|
Tier 2
(Zuehlke, Cornett, Livingston) |
| |
•
1.5x base salary plus 1.5x target annual bonus at the time of Qualifying Termination, payable in installments on normal payroll schedule; and
•
Pro-rata annual bonus for year of termination based on actual Company performance and number of days worked by the Executive during the fiscal year, to be paid at the same time bonuses are paid to active employees; and
•
Continued health and welfare benefits, or reimbursement thereof, for eighteen (18) months for the Executive and his or her spouse and dependents, subject to earlier termination when the Executive becomes eligible for such benefits from a subsequent employer.
|
| |
•
2x base salary plus 2x target annual bonus at the time of Qualifying Termination (or, if higher, at the time of Change in Control), payable in a lump sum within fifteen (15) days of termination; and
•
Pro-rata target annual bonus for year of termination based on number of days worked by the Executive during the fiscal year, payable in a lump sum within fifteen (15) days of termination; and
•
Continued health and welfare benefits, or reimbursement thereof, for eighteen (18) months for the Executive and his or her spouse and dependents, subject to earlier termination when the Executive becomes eligible for such benefits from a subsequent employer.
|
| | |
|
Name
|
| |
Severance
Payment ($) |
| |
Pro-rated
Bonus ($) |
| |
Restricted
Stock/ RSUs (Unvested)(1) ($) |
| |
Performance
Shares(1) ($) |
| |
Performance
Restricted Stock Units(1) ($) |
| |
Health &
Welfare Benefits(2) ($) |
| |
Total
Benefit ($) |
| |||||||||||||||||||||
|
William C. Griffiths
Enhanced Retirement(4) Death/Disability Involuntary w/o Cause(5) Change in Control(6) Termination after Change in Control(7) |
| | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | 2,410,816(8) | | | | | | 1,268,714 | | | | | | — | | | | | | 4,679,530 | | |
| | | — | | | | | | 1,000,000 | | | | | | 837,220 | | | | | | 2,410,816(8) | | | | | | 1,268,714 | | | | | | — | | | | | | 5,516,750 | | | |||
| | | 1,000,000 | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,932 | | | | | | 2,026,932 | | | |||
| | | — | | | | | | 500,000 | | | | | | 864,024 | | | | | | 1,205,408 | | | | | | 1,252,377 | | | | | | — | | | | | | 3,821,809 | | | |||
| | | 3,530,144 | | | | | | 680,650 | | | | | | 864,024 | | | | | | 1,205,408 | | | | | | 1,252,377 | | | | | | 55,724 | | | | | | 7,588,327 | | | |||
|
George L. Wilson
Enhanced Retirement(4) Death/Disability Involuntary w/o Cause(5) Change in Control(6) Termination after Change in Control(7) |
| | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
| | | — | | | | | | 1,346,184 | | | | | | 1,148,773 | | | | | | 2,101,756(8) | | | | | | 1,336,032 | | | | | | — | | | | | | 5,933,347 | | | |||
| | | 2,696,154 | | | | | | 1,346,184 | | | | | | — | | | | | | — | | | | | | — | | | | | | 40,870 | | | | | | 4,083,208 | | | |||
| | | — | | | | | | —(9) | | | | | | 1,309,376 | | | | | | 1,594,503(9) | | | | | | 1,366,032 | | | | | | — | | | | | | 4,269,911 | | | |||
| | | 3,370,193 | | | | | | 673,077 | | | | | | 1,309,376 | | | | | | 1,596,440 | | | | | | 1,366,032 | | | | | | 40,870 | | | | | | 8,355,987 | | | |||
|
Scott M. Zuehlke
Enhanced Retirement(4) Death/Disability Involuntary w/o Cause(5) Change in Control(6) Termination after Change in Control(7) |
| | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
| | | — | | | | | | 406,154 | | | | | | 303,551 | | | | | | 516,029(8) | | | | | | 340,368 | | | | | | — | | | | | | 1,566,102 | | | |||
| | | 859,616 | | | | | | 406,154 | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,740 | | | | | | 1,290,510 | | | |||
| | | — | | | | | | 203,077 | | | | | | 352,504 | | | | | | 418,416 | | | | | | 352,212 | | | | | | — | | | | | | 1,326,209 | | | |||
| | | 1,146,154 | | | | | | 203,077 | | | | | | 352,504 | | | | | | 418,416 | | | | | | 352,212 | | | | | | 24,740 | | | | | | 2,497,104 | | | |||
|
Paul Cornett
Enhanced Retirement(4) Death/Disability Involuntary w/o Cause(5) Change in Control(6) Termination after Change in Control(7) |
| | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
| | | — | | | | | | 349,231 | | | | | | 353,850 | | | | | | 226,447(8) | | | | | | 167,240 | | | | | | — | | | | | | 1,096,768 | | | |||
| | | 786,923 | | | | | | 349,231 | | | | | | — | | | | | | — | | | | | | — | | | | | | 39,053 | | | | | | 1,175,207 | | | |||
| | | — | | | | | | 174,616 | | | | | | 453,636 | | | | | | 226,408 | | | | | | 177,998 | | | | | | — | | | | | | 1,032,658 | | | |||
| | | 1,049,231 | | | | | | 174,616 | | | | | | 453,636 | | | | | | 226,408 | | | | | | 177,998 | | | | | | 39,053 | | | | | | 2,120,941 | | | |||
|
Mark Livingston
Enhanced Retirement(4) Death/Disability Involuntary w/o Cause(5) Change in Control(6) Termination after Change in Control(7) |
| | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
| | | — | | | | | | 274,327 | | | | | | 183,324 | | | | | | 134,702(8) | | | | | | 99,464 | | | | | | — | | | | | | 691,817 | | | |||
| | | 618,245 | | | | | | 274,327 | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,207 | | | | | | 919,779 | | | |||
| | | — | | | | | | 137,164 | | | | | | 210,264 | | | | | | 134,680 | | | | | | 104,710 | | | | | | — | | | | | | 586,818 | | | |||
| | | 824,327 | | | | | | 137,164 | | | | | | 210,264 | | | | | | 134,680 | | | | | | 104,710 | | | | | | 27,207 | | | | | | 1,438,352 | | |
|
Name/Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards(1) ($) |
| |
Option
Awards(1) ($) |
| |
Non-Equity
Incentive Plan Compensation(2) ($) |
| |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings(3) ($) |
| |
All Other
Compensation(4) ($) |
| |
Total
($) |
| |||||||||||||||||||||||||||
|
William C. Griffiths
Executive Chairman of the Board |
| | | | 2021 | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,425,272 | | | | | | 6,826 | | | | | | 43,382 | | | | | | 3,975,480 | | |
| | | 2020 | | | | | | 552,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 680,650 | | | | | | 28,880 | | | | | | 52,609 | | | | | | 1,314,639 | | | |||
| | | 2019 | | | | | | 815,000 | | | | | | — | | | | | | 1,146,283 | | | | | | — | | | | | | 838,795 | | | | | | 63,473 | | | | | | 60,140 | | | | | | 2,923,691 | | | |||
|
George L. Wilson
President — Chief Executive Officer |
| | | | 2021 | | | | | | 675,000 | | | | | | — | | | | | | 1,023,660 | | | | | | — | | | | | | 2,362,500 | | | | | | (3,822) | | | | | | 49,783 | | | | | | 4,107,121 | | |
| | | 2020 | | | | | | 562,000 | | | | | | — | | | | | | 791,520 | | | | | | — | | | | | | 642,485 | | | | | | 24,734 | | | | | | 87,171 | | | | | | 2,107,910 | | | |||
| | | 2019 | | | | | | 495,000 | | | | | | — | | | | | | 481,139 | | | | | | — | | | | | | 306,025 | | | | | | 71,704 | | | | | | 39,355 | | | | | | 1,393,223 | | | |||
|
Scott M. Zuehlke
Senior Vice President — Chief Financial Officer & Treasurer |
| | | | 2021 | | | | | | 370,000 | | | | | | — | | | | | | 291,588 | | | | | | — | | | | | | 602,444 | | | | | | (2,095) | | | | | | 21,653 | | | | | | 1,283,590 | | |
| | | 2020 | | | | | | 330,000 | | | | | | — | | | | | | 246,380 | | | | | | — | | | | | | 216,153 | | | | | | 11,869 | | | | | | 19,015 | | | | | | 823,417 | | | |||
| | | 2019 | | | | | | 250,000 | | | | | | — | | | | | | 94,047 | | | | | | — | | | | | | 110,051 | | | | | | 27,832 | | | | | | 9,490 | | | | | | 491,420 | | | |||
|
Paul B. Cornett
Senior Vice President — General Counsel & Secretary |
| | | | 2021 | | | | | | 350,000 | | | | | | — | | | | | | 200,596 | | | | | | — | | | | | | 349,231 | | | | | | 36,353 | | | | | | 22,313 | | | | | | 958,493 | | |
| | | 2020 | | | | | | 310,000 | | | | | | — | | | | | | 180,420 | | | | | | — | | | | | | 184,153 | | | | | | 112,694 | | | | | | 20,727 | | | | | | 807,994 | | | |||
| | | 2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
|
Mark A. Livingston
Vice President — Chief Accounting Officer & Controller |
| | | | 2021 | | | | | | 275,000 | | | | | | — | | | | | | 124,080 | | | | | | — | | | | | | 274,327 | | | | | | — | | | | | | 14,974 | | | | | | 688,381 | | |
| | | 2020 | | | | | | 240,000 | | | | | | — | | | | | | 100,880 | | | | | | — | | | | | | 143,773 | | | | | | — | | | | | | 16,477 | | | | | | 501,130 | | | |||
| | | 2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | |
Annual Incentive
|
| |
Performance Unit
Payout |
| |
Performance Share
Payout |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Year
|
| |
Total
($) |
| |
Deferred
($) |
| |
Total
($) |
| |
Deferred
($) |
| |
Total
($) |
| |
Deferred
($) |
| |
Total
($) |
| |
Deferred
($) |
| |||||||||||||||||||||||||||
|
Griffiths
|
| | | | 2021 | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,425,272 | | | | | | — | | | | | | 3,425,272 | | | | | | — | | |
| | | 2020 | | | | | | 680,650 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 680,650 | | | | | | — | | | |||
| | | 2019 | | | | | | 578,426 | | | | | | — | | | | | | — | | | | | | — | | | | | | 260,369 | | | | | | — | | | | | | 838,795 | | | | | | — | | | |||
|
Wilson
|
| | | | 2021 | | | | | | 1,346,154 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,016,346 | | | | | | — | | | | | | 2,362,500 | | | | | | — | | |
| | | 2020 | | | | | | 642,485 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 642,485 | | | | | | — | | | |||
| | | 2019 | | | | | | 262,564 | | | | | | — | | | | | | — | | | | | | — | | | | | | 43,461 | | | | | | — | | | | | | 306,025 | | | | | | — | | | |||
|
Zuehlke
|
| | | | 2021 | | | | | | 406,154 | | | | | | — | | | | | | — | | | | | | — | | | | | | 196,290 | | | | | | — | | | | | | 602,444 | | | | | | — | | |
| | | 2020 | | | | | | 216,153 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 216,153 | | | | | | — | | | |||
| | | 2019 | | | | | | 88,716 | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,335 | | | | | | — | | | | | | 110,051 | | | | | | — | | | |||
|
Cornett
|
| | | | 2021 | | | | | | 349,231 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 349,231 | | | | | | — | | |
| | | 2020 | | | | | | 184,153 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 184,153 | | | | | | — | | | |||
| | | 2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
|
Livingston
|
| | | | 2021 | | | | | | 274,327 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 274,327 | | | | | | — | | |
| | | 2020 | | | | | | 143,773 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 143,773 | | | | | | — | | | |||
| | | 2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
Year
|
| |
Life
Insurance ($) |
| |
Financial
Planning ($) |
| |
Automobile
($) |
| |
Housing &
Relocation ($) |
| |
401K
Match ($) |
| |
Health
Assess-ment ($) |
| |
Unvested
Restricted Stock and RSU Dividends* ($) |
| |
Cell Phone
Stipend ($) |
| |
Total
($) |
| ||||||||||||||||||||||||||||||
|
Griffiths
|
| | | | 2021 | | | | | | 15,618 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,420 | | | | | | — | | | | | | 13,344 | | | | | | — | | | | | | 43,382 | | |
| | | 2020 | | | | | | 13,851 | | | | | | 1,811 | | | | | | — | | | | | | — | | | | | | 13,954 | | | | | | — | | | | | | 22,993 | | | | | | — | | | | | | 52,609 | | | |||
| | | 2019 | | | | | | 17,877 | | | | | | 1,750 | | | | | | — | | | | | | — | | | | | | 6,992 | | | | | | — | | | | | | 33,521 | | | | | | — | | | | | | 60,140 | | | |||
|
Wilson
|
| | | | 2021 | | | | | | 3,187 | | | | | | — | | | | | | 12,000 | | | | | | — | | | | | | 14,500 | | | | | | — | | | | | | 20,096 | | | | | | — | | | | | | 49,783 | | |
| | | 2020 | | | | | | 2,883 | | | | | | — | | | | | | 12,000 | | | | | | 42,838 | | | | | | 14,250 | | | | | | — | | | | | | 15,200 | | | | | | — | | | | | | 87,171 | | | |||
| | | 2019 | | | | | | 2,415 | | | | | | — | | | | | | 12,000 | | | | | | 4,500 | | | | | | 7,666 | | | | | | 2,150 | | | | | | 10,624 | | | | | | — | | | | | | 39,355 | | | |||
|
Zuehlke
|
| | | | 2021 | | | | | | 822 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,423 | | | | | | — | | | | | | 5,408 | | | | | | — | | | | | | 21,653 | | |
| | | 2020 | | | | | | 499 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,327 | | | | | | — | | | | | | 5,189 | | | | | | — | | | | | | 19,015 | | | |||
| | | 2019 | | | | | | 390 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,769 | | | | | | — | | | | | | 3,331 | | | | | | — | | | | | | 9,490 | | | |||
|
Cornett
|
| | | | 2021 | | | | | | 82 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,250 | | | | | | — | | | | | | 6,981 | | | | | | — | | | | | | 22,313 | | |
| | | 2020 | | | | | | 397 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,469 | | | | | | — | | | | | | 5,861 | | | | | | — | | | | | | 20,727 | | | |||
| | | 2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
|
Livingston
|
| | | | 2021 | | | | | | 1,780 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,385 | | | | | | — | | | | | | 3,232 | | | | | | 577 | | | | | | 14,974 | | |
| | | 2020 | | | | | | 1,617 | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,997 | | | | | | — | | | | | | 2,240 | | | | | | 623 | | | | | | 16,477 | | | |||
| | | 2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Name
|
| |
Grant
Date |
| |
Non-
Equity Incentive Plan Awards (#) |
| |
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards |
| |
All Other
Stock Awards: Number of Shares of Stock or Units(4) (#) |
| |
All Other
Option Awards: Number of Securities Underlying Options(5) (#) |
| |
Exercise
or Base Price of Option Awards(5) ($/Sh) |
| |
Grant Date
Fair Value of Stock Awards(6) ($) |
| |
Grant Date
Fair Value of Option Awards(5) ($) |
| ||||||||||||||||||||||||||||||||||||
|
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Griffiths | | | | | 2021 | | | | | | — | | | | | | 250,000(2) | | | | | | 500,000(2) | | | | | | 1,000,000(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 12/2/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Wilson | | | | | 2021 | | | | | | — | | | | | | 337,500(2) | | | | | | 675,000(2) | | | | | | 1,350,000(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 12/2/2020 | | | | | | 34,000(1) | | | | | | 527,340(3) | | | | | | 703,120(3) | | | | | | 1,406,240(3) | | | | | | 49,500 | | | | | | — | | | | | | — | | | | | | 1,023,660 | | | | | | — | | |
| Zuehlke | | | | | 2021 | | | | | | — | | | | | | 103,600(2) | | | | | | 203,500(2) | | | | | | 407,000(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 12/2/2020 | | | | | | 9,700(1) | | | | | | 150,447(3) | | | | | | 200,596(3) | | | | | | 401,192(3) | | | | | | 14,100 | | | | | | — | | | | | | — | | | | | | 291,588 | | | | | | — | | |
| Cornett | | | | | 2021 | | | | | | — | | | | | | 87,500(2) | | | | | | 175,000(2) | | | | | | 350,000(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 12/2/2020 | | | | | | 6,700(1) | | | | | | 103,917(3) | | | | | | 138,556(3) | | | | | | 277,112(3) | | | | | | 9,700 | | | | | | — | | | | | | — | | | | | | 200,596 | | | | | | — | | |
| Livingston | | | | | 2021 | | | | | | — | | | | | | 68,750(2) | | | | | | 137,500(2) | | | | | | 275,000(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 12/2/2020 | | | | | | 4,100(1) | | | | | | 63,591(3) | | | | | | 84,788(3) | | | | | | 169,576(3) | | | | | | 6,000 | | | | | | — | | | | | | — | | | | | | 124,080 | | | | | | — | | |
| | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
|
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of Shares
or Units of Stock That Have Not Vested(7) (#) |
| |
Market Value
of Shares or Units of Stock That Have Not Vested(7) ($) |
| ||||||||||||||||||
| Griffiths | | | | | — | | | | | | —(1) | | | | | | — | | | | | | — | | | | | | 84,100 | | | | | | 1,743,393 | | |
| Wilson | | | | | — | | | | | | —(1) | | | | | | — | | | | | | — | | | | | | 49,500 | | | | | | 1,026,135 | | |
| | | | | | 17,100 | | | | | | —(2) | | | | | | 19.45 | | | | | | 11/30/2026 | | | | | | 40,800 | | | | | | 845,784 | | |
| | | | | | 14,400 | | | | | | —(3) | | | | | | 19.31 | | | | | | 12/2/2025 | | | | | | 35,300 | | | | | | 731,769 | | |
| | | | | | 6,300 | | | | | | —(4) | | | | | | 20.28 | | | | | | 12/3/2024 | | | | | | — | | | | | | — | | |
| Zuehlke | | | | | — | | | | | | —(1) | | | | | | — | | | | | | — | | | | | | 14,100 | | | | | | 292,293 | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,700 | | | | | | 263,271 | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,900 | | | | | | 143,037 | | |
| Cornett | | | | | — | | | | | | —(1) | | | | | | — | | | | | | — | | | | | | 9,700 | | | | | | 201,081 | | |
| | | | | | 5,500 | | | | | | —(2) | | | | | | 19.45 | | | | | | 11/30/2026 | | | | | | 9,300 | | | | | | 192,789 | | |
| | | | | | 5,500 | | | | | | —(3) | | | | | | 19.31 | | | | | | 12/2/2025 | | | | | | 4,500 | | | | | | 93,285 | | |
| | | | | | 1,800 | | | | | | —(4) | | | | | | 20.28 | | | | | | 12/3/2024 | | | | | | — | | | | | | — | | |
| | | | | | 2,000 | | | | | | —(5) | | | | | | 17.63 | | | | | | 12/5/2023 | | | | | | — | | | | | | — | | |
| | | | | | 1,500 | | | | | | —(6) | | | | | | 21.11 | | | | | | 12/5/2022 | | | | | | — | | | | | | — | | |
| Livingston | | | | | — | | | | | | —(1) | | | | | | — | | | | | | — | | | | | | 6,000 | | | | | | 124,380 | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,200 | | | | | | 107,796 | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,500 | | | | | | 93,285 | | |
| | | | | | | | | |
Number of Shares or Units of
Stock That Have Not Vested |
| |
Market
Value of Shares or Units of Stock That Have Not Vested(11) ($) |
| ||||||||||||||||||||||||
| | | |
Grant
Date |
| |
Restricted
Stock Awards(8) (#) |
| |
Performance
Shares(9) (#) |
| |
Performance
Restricted Stock Units(10) (#) |
| |
Total
Shares (#) |
| |||||||||||||||||||||
| Griffiths | | | | | 12/2/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 12/5/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 12/5/2018 | | | | | | 41,700 | | | | | | — | | | | | | 42,400 | | | | | | 84,100 | | | | | | 1,743,393 | | |
| Wilson | | | | | 12/2/2020 | | | | | | 25,500 | | | | | | — | | | | | | 24,000 | | | | | | 49,500 | | | | | | 1,026,135 | | |
| | | | | | 12/5/2019 | | | | | | 19,800 | | | | | | — | | | | | | 21,000 | | | | | | 40,800 | | | | | | 845,784 | | |
| | | | | | 12/5/2018 | | | | | | 17,500 | | | | | | — | | | | | | 17,800 | | | | | | 35,300 | | | | | | 731,769 | | |
| Zuehlke | | | | | 12/2/2020 | | | | | | 7,300 | | | | | | — | | | | | | 6,800 | | | | | | 14,100 | | | | | | 292,293 | | |
| | | | | | 12/5/2019 | | | | | | 6,200 | | | | | | — | | | | | | 6,500 | | | | | | 12,700 | | | | | | 263,271 | | |
| | | | | | 12/5/2018 | | | | | | 3,400 | | | | | | — | | | | | | 3,500 | | | | | | 6,900 | | | | | | 143,037 | | |
| Cornett | | | | | 12/2/2020 | | | | | | 5,000 | | | | | | — | | | | | | 4,700 | | | | | | 9,700 | | | | | | 201,081 | | |
| | | | | | 12/5/2019 | | | | | | 4,500 | | | | | | — | | | | | | 4,800 | | | | | | 9,300 | | | | | | 192,789 | | |
| | | | | | 12/5/2018 | | | | | | 4,500 | | | | | | — | | | | | | — | | | | | | 4,500 | | | | | | 93,285 | | |
| Livingston | | | | | 12/2/2020 | | | | | | 3,100 | | | | | | — | | | | | | 2,900 | | | | | | 6,000 | | | | | | 124,380 | | |
| | | | | | 12/5/2019 | | | | | | 2,500 | | | | | | — | | | | | | 2,700 | | | | | | 5,200 | | | | | | 107,796 | | |
| | | | | | 02/4/2019 | | | | | | 4,500 | | | | | | — | | | | | | — | | | | | | 4,500 | | | | | | 93,285 | | |
| | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
|
Name
|
| |
Number of
Shares Acquired on Exercise (#) |
| |
Value Realized
on Exercise(1) ($) |
| |
Number of
Shares Acquired on Vesting (#) |
| |
Value Realized
on Vesting(2) ($) |
| ||||||||||||
| Griffiths | | | | | 481,519 | | | | | | 2,690,353 | | | | | | 24,200 | | | | | | 523,688 | | |
| Wilson | | | | | 54,800 | | | | | | 234,499 | | | | | | 10,200 | | | | | | 220,728 | | |
| Zuehlke | | | | | 20,800 | | | | | | 113,671 | | | | | | 2,000 | | | | | | 43,280 | | |
| Cornett | | | | | 1,500 | | | | | | 10,560 | | | | | | 1,500 | | | | | | 32,460 | | |
| Livingston | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
NEOs Eligible
|
| |
Time Frame
|
| |
Plan Name
|
| |
Earnings
|
| |
Formula
|
| |
Form of Payment
|
|
| All NEOs except Paul Cornett and Mark Livingston | | |
For salaried and non-union employees (12 month service commitment added in 2018).(1)
Frozen on January 1, 2020
|
| |
Pension Plan
(Cash balance) |
| |
Salary and Bonus
(Earnings up to the tax limit are included in the Plan; benefits on the excess are accrued under the Restoration Plan) |
| | 4% of Earnings + Interest at the 30-year Treasury security in effect on the first day of the fifth month of the year(2) | | | Annuity or lump sum | |
| Paul Cornett | | | For salaried and non-union employees who began participating at Quanex Corporation. | | |
Pension Plan
(Traditional) |
| |
Highest 5-calendar year monthly average of salary and bonus
(Earnings up to the tax limit are included in the Plan; benefits on the excess are accrued under the Restoration Plan) |
| |
Greater of:
(i) 1% of Pension Earnings (capped at Social Security covered compensation) plus 1.5% of Pension Earnings in excess of Social Security covered compensation x years of service (up to January 1, 2020) or (ii) $9.00 x years in service less monthly accrued benefits under other qualified defined benefit plans that consider years of service(2) |
| | Monthly single life annuity | |
| All NEOs except Mark Livingston(1) | | | Highly compensated individuals designated by a Committee of the Board who participate in the Pension Plan | | | Restoration Plan | | | Earnings as defined under Pension Plan (without caps) | | | Benefit under Pension plan without cap less benefit under Pension Plan with cap(3) | | | Lump Sum(4) | |
|
Name
|
| |
Plan Name
|
| |
Number of Years
Credited Service (#) |
| |
Present Value of
Accumulated Benefit ($) |
| ||||||
| William C. Griffiths | | |
Restoration Plan
|
| | | | 6.49 | | | | | | 388,324 | | |
| | | | Pension Plan | | | | | 6.49 | | | | | | 77,776 | | |
| George L. Wilson | | |
Restoration Plan
|
| | | | 11.33 | | | | | | 143,098 | | |
| | | | Pension Plan | | | | | 11.33 | | | | | | 117,829 | | |
| Scott M. Zuehlke | | |
Restoration Plan
|
| | | | 3.94 | | | | | | 17,513 | | |
| | | | Pension Plan | | | | | 3.94 | | | | | | 58,001 | | |
| Paul B. Cornett | | |
Restoration Plan
|
| | | | 14.36 | | | | | | 116,332 | | |
| | | | Pension Plan | | | | | 14.36 | | | | | | 427,882 | | |
| Mark A. Livingston(1) | | | | | | | | — | | | | | | — | | |
|
Name
|
| |
NEO
Contributions in the last fiscal year ($) |
| |
Company
Contributions in the last fiscal year ($) |
| |
Aggregate
Earnings in last fiscal year ($) |
| |
Aggregate
withdrawals/ distributions ($) |
| |
Aggregate
balance at last fiscal year end ($) |
| |||||||||||||||
| Wilson | | | | | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Griffiths | | | | | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Zuehlke | | | | | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Cornett | | | | | — | | | | | | — | | | | | $ | 746 | | | | | $ | — | | | | | $ | 43,026 | | |
| Livingston | | | | | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | |
Common Stock
Owned of Record |
| |
Restricted
Stock Units |
| |
Phantom
Common Stock Credited Under DC Plan |
| |
Common Stock
Underlying Exercisable Options(1) |
| |
Total
|
| |
Percent
|
| ||||||||||||||||||
| William C. Griffiths | | | | | 252,619 | | | | | | 5,954 | | | | | | — | | | | | | — | | | | | | 258,573 | | | | | | * | | |
| George L. Wilson | | | | | 148,743 | | | | | | — | | | | | | — | | | | | | 37,800 | | | | | | 186,543 | | | | | | * | | |
| Scott M. Zuehlke | | | | | 37,531 | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,531 | | | | | | * | | |
| Paul B. Cornett | | | | | 27,973 | | | | | | 7,816 | | | | | | 2,404 | | | | | | 14,800 | | | | | | 52,993 | | | | | | * | | |
| Mark A. Livingston | | | | | 13,600 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,600 | | | | | | * | | |
| Susan F. Davis | | | | | — | | | | | | 42,276 | | | | | | 22,410 | | | | | | 15,876 | | | | | | 80,562 | | | | | | * | | |
| Jason D. Lippert | | | | | 20,450 | | | | | | 4,797 | | | | | | 596 | | | | | | — | | | | | | 25,843 | | | | | | * | | |
| Donald R. Maier | | | | | — | | | | | | 16,351 | | | | | | — | | | | | | — | | | | | | 16,351 | | | | | | * | | |
| Meredith W. Mendes | | | | | 700 | | | | | | 13,505 | | | | | | — | | | | | | — | | | | | | 14,205 | | | | | | * | | |
| Joseph D. Rupp | | | | | 45,910 | | | | | | 42,276 | | | | | | | | | | | | 15,876 | | | | | | 104,062 | | | | | | * | | |
| Curtis M. Stevens | | | | | — | | | | | | 24,420 | | | | | | 15,452 | | | | | | 15,876 | | | | | | 55,748 | | | | | | * | | |
| William E. Waltz, Jr. | | | | | — | | | | | | 9,210 | | | | | | 4,203 | | | | | | — | | | | | | 13,413 | | | | | | * | | |
| All Officers and Directors as a group | | | | | 547,526 | | | | | | 166,605 | | | | | | 45,065 | | | | | | 100,228 | | | | | | 859,424 | | | | | | 2.57 | | |
| | | |
FY 2021
|
| |
FY 2020
|
| ||||||
| Audit Fees(1) | | | | $ | 1,742,313 | | | | | $ | 1,635,264 | | |
| Audit-Related Fees | | | | | — | | | | | | — | | |
| Tax Fees(2) | | | | | — | | | | | | 66,780 | | |
| All Other Fees | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 1,742,313 | | | | | $ | 1,702,044 | | |
|
Pertinent Characteristic
|
| |
Davis
|
| |
Griffiths
|
| |
Hughes*
|
| |
Lippert
|
| |
Maier
|
| |
Mendes
|
| |
Rupp**
|
| |
Stevens
|
| |
Waltz
|
| |
Wilson
|
|
|
Operations / Manufacturing
Process Expertise |
| | | | | | | | | | |
|
| |
|
| | | | |
|
| |
|
| |
|
| |
|
|
|
Strategy Development and Implementation Expertise
|
| |
|
| |
|
| |
|
| |
|
| | | | | | | |
|
| |
|
| |
|
| | | |
|
CEO Experience
|
| | | | |
|
| |
|
| |
|
| |
|
| | | | |
|
| |
|
| |
|
| |
|
|
|
CFO and/or Audit Committee Experience
|
| | | | | | | |
|
| | | | | | | |
|
| | | | |
|
| | | | | | |
|
Accounting Experience
|
| | | | | | | | | | | | | | | | |
|
| | | | | | | | | | |
|
|
|
IT/Cybersecurity Expertise
|
| | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
ESG/DE&I Expertise
|
| |
|
| | | | | | | | | | | | | | | | | | | | | | |
|
| | | |
|
Risk Management Experience
|
| |
|
| | | | | | | | | | | | | |
|
| |
|
| | | | | | | | | |
|
Building Products Experience
|
| | | | |
|
| | | | | | | |
|
| | | | | | | |
|
| | | | |
|
|
|
M&A Experience
|
| | | | |
|
| |
|
| |
|
| |
|
| | | | |
|
| | | | |
|
| | | |
|
Human Resources Experience
|
| |
|
| | | | | | | | | | | | | |
|
| | | | | | | | | | |
|
|
|
International Expertise
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | | | | | | | | | | | | | | |
|
Ethnicity***
|
| |
W
|
| |
W
|
| |
W
|
| |
W
|
| |
W
|
| |
H
|
| |
W
|
| |
W
|
| |
W
|
| |
W
|
|
|
Gender***
|
| |
F
|
| |
M
|
| |
M
|
| |
M
|
| |
M
|
| |
F
|
| |
M
|
| |
M
|
| |
M
|
| |
M
|
|
|
Name and Address
|
| |
Amount and Nature of
Beneficial Ownership |
| |
Percent
(%) |
| ||||||
|
BlackRock Institutional Trust Company, N.A.
400 Howard Street, San Francisco, CA 94105 |
| | | | 5,460,611(1) | | | | | | 16.4% | | |
|
The Vanguard Group, Inc.
PO Box 2600, V26, Valley Forge, PA 19482-2600 |
| | | | 3,630,147(2) | | | | | | 10.9% | | |
|
Allspring Global Investments, LLC
525 Market Street, 12th Floor, San Francisco, CA 94105 |
| | | | 3,262,914(3) | | | | | | 9.8% | | |
|
Dimensional Fund Advisors, L.P.
6300 Bee Cave Road, Building One, Austin, TX 78746 |
| | | | 2,438,552(4) | | | | | | 7.3% | | |
| | | |
FY 2019
|
| |
FY 2020
|
| |
FY 2021
|
| |||||||||
| Adjusted EBITDA | | | | $ | 102.7 | | | | | $ | 104.5 | | | | | $ | 126.8 | | |
|
Costs of goods sold(1)
|
| | | | — | | | | | | — | | | | | | 0.3 | | |
|
Selling, general, and administrative adjustments(2)
|
| | | | 4.5 | | | | | | 1.4 | | | | | | 1.9 | | |
|
Restructuring charges
|
| | | | 0.4 | | | | | | 0.6 | | | | | | — | | |
|
Asset impairment charges
|
| | | | 74.6 | | | | | | — | | | | | | — | | |
|
Depreciation and amortization
|
| | | | 49.6 | | | | | | 47.2 | | | | | | 42.7 | | |
|
Interest expense
|
| | | | 9.6 | | | | | | 5.2 | | | | | | 2.5 | | |
|
Other, net
|
| | | | (0.1) | | | | | | (0.2) | | | | | | (0.7) | | |
|
Income tax expense
|
| | | | 10.8 | | | | | | 11.8 | | | | | | 23.1 | | |
|
Net (loss) income
|
| | | $ | (46.7) | | | | | $ | 38.5 | | | | | $ | 57.0 | | |