Schedule 14A


Download 1.19 Mb.
NameSchedule 14A
page14/23
A typeSchedule
manual-guide.com > manual > Schedule
1   ...   10   11   12   13   14   15   16   17   ...   23

Accounting for Stock-Based Compensation

We account for stock-based payments, including equity awards under our Long-Term Incentive Compensation Plan, in accordance with the requirements of ASC Topic 718, Compensation – Stock Compensation. This means that the value of these awards was determined and shown as an expense for the applicable period in our fiscal 2016 financial statements.

 

41
Table of Contents

COMPENSATION COMMITTEE REPORT

Our Compensation Committee has reviewed and discussed with management the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K of the SEC’s rules and regulations and, based on such review and discussions, the Compensation Committee recommended to the board that the Compensation Discussion and Analysis section be included in this proxy statement.

 

 

THE COMPENSATION COMMITTEE

 

/s/ J. David Scheiner, Chairman

/s/ Bruce J. Klatsky

/s/ Michael W. Rayden

/s/ Alexandra Wilson

 

42
Table of Contents

EXECUTIVE COMPENSATION

Set forth below are tables prescribed by the SEC proxy rules presenting the compensation with respect to fiscal 2014, fiscal 2015 and fiscal 2016 of (i) George Feldenkreis, our Chief Executive Officer, (ii) Anita D. Britt, our Chief Financial Officer, and (iii) our three most highly compensated executive officers in fiscal 2016 other than the Chief Executive Officer and Chief Financial Officer, namely Oscar Feldenkreis, Stanley P. Silverstein and John F. Voith, which we collectively refer to as the “ named executive officers ”).

Summary Compensation Table

The following table discloses compensation paid or to be paid to the named executive officers with respect to fiscal 2016, fiscal 2015 and fiscal 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name and Principal

Position

 

Fiscal

Year

 

 

Salary

($)(1)

 

 

Bonus

($)

 

 

Stock

Awards

($)(3)

 

 

SARS/

Option

Awards

($)(3)

 

 

Non-Equity

Incentive

Plan

Compensation

($)(4)

 

 

Change in

Pension Value

and

Non-Qualified

Deferred

Compensation

Earnings

($)

 

 

All Other

Compensation

($)

 

 

Total

($)

 

George Feldenkreis,

Chairman of the Board and Chief Executive Officer

 

 

 

 

2016

2015

2014

  

  

  

 

 

 

 

1,000,000

973,077

1,023,077

  

  

  

 

 
 

 

197,747
—  

—  

(2) 
  

 

 

 
 

 

370,055
925,035

925,008

(7) 
(8) 

(9) 

 

 
 

 

—  
—  

—  

 
 

 

 

 

 
 

166,500

—  
—  

  

  
 

 

 
 

 

—  
—  

—  

 
  

  

 

 
 

 

232,833
227,096

299,005

(13) 
(13) 

(13) 

 

 
 

 

1,967,135
2,125,208

2,247,090

  
  

  

 

 

 

 

 

 

 

 

 

 

Oscar Feldenkreis,

Vice Chairman, President and Chief Operating Officer

 

 

 

 

2016

2015

2014

  

  

  

 

 
 

 

1,000,000
1,000,000

1,038,462

  
  

  

 

 
 

 

197,747
—  

800,000

(2) 
 

(5) 

 

 
 

 

370,055
925,035

925,008

(7) 
(8) 

(9) 

 

 
 

 

—  
—  

—  

 
 

 

 

 
 

 

166,500
—  

—  

  
 

 

 

 
 

 

—  
—  

—  

 
  

  

 

 
 

 

358,644
136,543

192,313

(14) 
(14) 

(14) 

 

 
 

 

2,092,946
2,061,578

2,955,783

  
  

  

 

 

 

 

 

 

 

 

 

 

Anita D. Britt,

Chief Financial Officer

 

 

 

 

2016

2015

2014

  

  

  

 

 

 

 

423,425

411,000

422,500

  

  

  

 

 
 

 

—  
—  

—  

 
 

 

 

 
 

 

82,251
123,308

246,595

(7) 
(8) 

(9,10) 

 

 
 

 

—  
—  

—  

 
 

 

 

 
 

 

68,541
—  

—  

  
 

 

 

 
 

 

—  
—  

—  

 
  

  

 

 
 

 

24,446
24,560

26,830

(15) 
(15) 

(15) 

 

 
 

 

598,663
558,868

695,925

  
  

  

 

 

 

 

 

 

 

 

 

 

John F. Voith,

President, Golf Division

 

 

 

 

2016

2015

2014

  

  

  

 

 

 

 

515,306

500,000

509,808

  

  

  

 

 
 

 

—  
—  

—  

 
 

 

 

 
 

 

116,710
175,021

349,994

(7) 
(8) 

(9,11) 

 

 
 

 

—  
—  

—  

 
 

 

 

 
 

 

113,775
—  

—  

  
 

 

 

 
 

 

—  
—  

—  

 
  

  

 

 
 

 

26,758
25,204

27,707

(16) 
(16) 

(16) 

 

 
 

 

772,549
700,225

887,509

  
  

  

 

 

 

 

 

 

 

 

 

 

Stanley P. Silverstein,

President, International Development and Global Licensing

 

 

 

 

2016

2015

2014

  

  

  

 

 

 

 

509,808

500,000

195,437

  

  

  

 

 
 

 

—  
—  

175,000

 
 

(6) 

 

 
 

 

116,710
—  

2,224,800

(7) 
  

(12) 

 

 
 

 

—  
—  

—  

 
 

 

 

 
 

 

234,438
50,000

—  

  
  

 

 

 
 

 

—  
—  

—  

 
  

  

 

 
 

 

19,708
19,835

6,641

(17) 
(17) 

(17) 

 

 
 

 

880,664
569,835

2,601,878

  
  

  

 

(1)

Fiscal 2014 and Fiscal 2016 salary reflect 27 payments compared to 26 payments in fiscal 2015.

(2)

Represents a bonus paid in connection with expanding fiscal 2016 adjusted EBITDA margin to 6.1% which was driven by adjusted gross margin expansion of 170 basis points.

(3)

The amounts shown are the grant date fair value calculated in accordance with ASC Topic 718, Compensation – Stock Compensation, excluding the offset of estimated forfeitures. The assumptions used are described in Footnote 23 to our consolidated financial statement in our Annual Report on Form 10-K for fiscal 2016.

(4)

For fiscal 2016, the amount for each of George Feldenkreis and Oscar Feldenkreis represent the bonuses paid under the 2014 LTI Plan. For fiscal 2016, the amounts for each of Anita D. Britt, John F. Voith and Stanley P. Silverstein represent bonuses paid under the Management Incentive Compensation Plan based on performance criteria established and achieved in fiscal 2016, which will be paid in fiscal 2017. Stanley Silverstein was granted a $50,000 “gatekeeper” bonus for fiscal 2015 pursuant to the MIP Plan, paid in fiscal 2016.

(5)

Represents a bonus paid in connection with the sale of certain Asian trademark rights with respect to the John Henry brand pursuant to a divestment incentive bonus plan established to incentivize and reward executives for the successful and expeditious negotiation and close of the divesture of certain non-core trade names and businesses. The Compensation Committee approved a bonus pool in the amount of $1,000,000 for the plan. As a result of the John Henry transaction, which closed in the first quarter of fiscal 2014, we recorded a significant gain in the licensing segment. The Compensation Committee approved the bonus amount for the President/COO based on the magnitude of his responsibilities in the achievement of the close of the transaction and authorized management to allocate the remaining authorized bonus amount among other participants.

 

43
Table of Contents

(6)

Represents guaranteed bonus paid to Mr. Silverstein for fiscal 2014 pursuant to his employment agreement.

(7)

Represents shares of restricted common stock that vest in three equal annual installments commencing on April 22, 2016: 14,820 shares for George Feldenkreis and Oscar Feldenkreis; 3,294 shares for Anita D. Britt; and 4,674 shares for John F. Voith and Stanley P. Silverstein.

(8)

Represents shares of restricted common stock that vest in three equal annual installments commencing on April 28, 2015: 62,250 shares for George Feldenkreis and Oscar Feldenkreis: 8,298 shares for Anita D. Britt; and 11,778 for John F. Voith.

(9)

Represents shares of restricted common stock that vest in three equal annual installments commencing on April 30, 2014: 52,647 shares for George Feldenkreis and Oscar Feldenkreis; 7,017 shares for Anita D. Britt; and 9,960 shares for John F. Voith.

(10)

Represents 7,018 shares of restricted stock granted in April 2013, which vest up to 100%, provided that (a) certain performance criteria has been achieved as of the last day of fiscal 2016 and (b) Ms. Britt is still an employee of the Company on such date.

(11)

Represents: 9,960 shares of restricted stock granted in April 2013, which vest up to 100%, provided that (a) certain performance criteria has been achieved as of the last day of fiscal 2016 and (b) Mr. Voith is still an employee of the Company on such date.

(12)

Consists of 120,000 shares of restricted stock, which vest as follows: (i) 20,000 shares on September 9, 2014 and (ii) 25,000 shares on each of September 9, 2015, 2016, 2017 and 2018.

(13)

Consists of: (i) $6,663 for fiscal 2016 for personal use of our automobiles; (ii) $154,930, in each of fiscal 2016, 2015, and 2014 attributable to our payment of term life insurance premiums on policies for which George Feldenkreis’ family is the beneficiary; (iii) $2,929, $3,166, and $3,014 in fiscal 2016, 2015, and 2014, respectively, in our 401(k) matching contributions; (iv) $9,846, $9,846, and $9,089 in each of fiscal 2016, 2015, and 2014 for the imputed value of group life insurance benefits for which George Feldenkreis’ family is the beneficiary in excess of specified amounts as determined by the Internal Revenue Service; (v) $34,209, $38,904, and $34,798, in fiscal 2016, 2015 and 2014, respectively, attributable to our payment of health and long term disability benefits; (vi) $19,581 in fiscal 2014 for country club membership fees; and (vii) $24,256, $20,250, $77,593, and, in fiscal 2016, 2015 and 2014, respectively, as reimbursement for the payment of New York non-resident income tax.

(14)

Consists of: (i) $11,474, $12,661, and $20,469, in fiscal 2016, 2015, and 2014, respectively, for Oscar Feldenkreis’ personal use of two of our automobiles; (ii) $26,008 in each of fiscal 2016, 2015 and 2014, attributable to our payment of term life insurance premiums on policies for which Oscar Feldenkreis’ family is the beneficiary; (iii) $2,795, $3,120, and $3,060, in fiscal 2016, 2015 and 2014, respectively, in our 401(k) matching contributions; (iv) $2,055, $1,214, and $1,146, for fiscal 2016, 2015, and 2014, respectively, for the imputed value of group life insurance benefits for which Oscar Feldenkreis’ family is the beneficiary in excess of specified amounts as determined by the Internal Revenue Service; (v) $33,688, 25,800, and $28,136, in fiscal 2016, 2015, and 2014, respectively, attributable to our payment of health and long term disability benefits; (vi) $20,940, $19,988, and $19,581, in each of fiscal 2016 , 2015, and 2014, respectively, for country club membership fees; and (vii) $261,684, $47,752, and $93,913, in fiscal 2016, 2015 and 2014, respectively, as reimbursement for the payment of New York non-resident income tax.

(15)

Consists of: (i) $12,000, $12,000, and $12,461, in each of fiscal 2016, 2015 and 2014, respectively, for Ms. Britt’s automobile allowance; (ii) $6,463, $6,702, and $6,353, in fiscal 2016, 2015 and 2014, respectively, attributable to our payment of health and long term disability benefits; (iii) $1,018, $996, and $1,021, in fiscal 2016, 2015 and 2014, respectively, for the imputed value of group life insurance benefits for which Ms. Britt’s family is the beneficiary in excess of specified amounts as determined by the Internal Revenue Service; (iv) $1,560, $1,560, and $1,620, in fiscal 2016, 2015 and 2014, respectively, for a wireless phone allowance; and (v) $3,405, $3,302, and $5,375, in fiscal 2016, 2015 and 2014, respectively, as reimbursement for the payment of New York non-resident income tax.

(16)

Consists of: (i) $8,872, $8,639, and $8,639, in fiscal 2016, 2015 and 2014, respectively, attributable to our payment of health and long term disability benefits; (ii) $3,154, $2,182, and $2,134, in fiscal 2016, 2015 and 2014, respectively, for the imputed value of group life insurance benefits for which Mr. Voith’s family is the beneficiary in excess of specified amounts as determined by the Internal Revenue Service; (iii) $1,560, $1,560, and $1,620, in fiscal 2016, 2015 and 2014, respectively, for a wireless phone allowance; (iv) $2,956, $3,120 and $3,092 in fiscal 2016, 2015 and 2014, respectively, in our 401(k) matching contributions and (v) $10,216, $9,703, and $12,222, in fiscal 2016, 2015 and 2014, respectively, as reimbursement for the payment of New York non-resident income tax.

(17)

Consists of: (i) $3,155, $3,155 and $1,213 in fiscal 2016, 2015 and 2014, respectively, for the imputed value of group life insurance benefits as to which Mr. Silverstein’s family is the beneficiary in excess of specified amounts as determined by the Internal Revenue Service; (ii) $1,560 for a wireless phone allowance in fiscal 2016, and fiscal 2015; (iii) $12,000 for Mr. Silverstein’s automobile allowance in fiscal 2016 and fiscal 2015; (iv) $2,993, $3,120, and $231 in fiscal 2016, 2015, and 2014, respectively, in our matching 401(k) contributions; and (v) $5,197 in fiscal 2014 for legal fees.

 

44
Table of Contents
1   ...   10   11   12   13   14   15   16   17   ...   23

Related:

Schedule 14A iconSchedule 14A (Rule 14a-101)

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A

Schedule 14A iconSchedule 14A




manual


When copying material provide a link © 2017
contacts
manual-guide.com
search