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Date and Time:
|
| | Wednesday, June 3, 2020, at 9 a.m. Eastern time | |
|
Location:
|
| | 875 Third Avenue, 28th Floor, New York, NY 10022 | |
|
Record Date:
|
| | April 6, 2020 | |
|
Mailing Date:
|
| | Beginning April 15, 2020 | |
|
Voting:
|
| | Each share of Focus’ Class A common stock and Class B common stock outstanding on the Record Date is entitled to one vote. You may vote by telephone, internet, mail or by attending the Annual Meeting. Please see “How do I vote?” on page 14. | |
Proposal
|
| | | | | |
Board’s Voting
Recommendation |
| | |
Vote Required for
Approval |
| | |
Page References
(for more detail) |
|
Proposal One:
|
| | Election of Class II Directors | | | |
FOR EACH NOMINEE
|
| | |
PLURALITY OF
VOTES CAST |
| | |
17
|
|
Proposal Two:
|
| | Ratification of Appointment of Independent Auditors | | | |
FOR
|
| | |
MAJORITY OF
VOTES PRESENT |
| | |
19
|
|
Proposal Three:
|
| |
Non-Binding Advisory Vote to Approve Compensation of Our Named Executive Officers
|
| | |
FOR
|
| | |
MAJORITY OF
VOTES PRESENT |
| | |
21
|
|
Proposal Four:
|
| |
Non-Binding Advisory Vote on the Frequency of Future Advisory Votes to Approve Compensation of Our Named Executive Officers
|
| | |
1 YEAR
|
| | |
FREQUENCY
RECEIVING THE HIGHEST NUMBER OF THE VOTES |
| | |
22
|
|
|
Name
|
| | |
Independent
|
| | |
Audit and Risk
Committee |
| | |
Compensation
Committee |
| | |
Nominating,
Governance and Sustainability Committee |
|
| Joseph Feliciani, Jr. | | | |
●
|
| | |
●
|
| | |
—
|
| | |
—
|
|
| Noah Gottdiener | | | |
●
|
| | |
—
|
| | |
●
|
| | |
—
|
|
| Rajini Sundar Kodialam | | | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
|
| |
Joseph Feliciani, Jr.
|
|
|
Mr. Feliciani has served on our Board of Directors since April 2019. Mr. Feliciani served as the Chief Operating Officer of Finance of BlackRock, Inc. (“BlackRock”) from 2016 through his retirement in 2018 and as the Chief Accounting Officer of BlackRock from 1997 through 2016. During his tenure at BlackRock, he served as Chair of that firm’s retirement committee and as a member of the Finance Executive Committee, Global Operating Committee and Enterprise Risk Management Committee. Prior to joining BlackRock, Mr. Feliciani was the Controller of the asset management business of PNC Financial Services Group, Inc. Other than the Company, Mr. Feliciani does not currently serve on any public or private company boards of directors. Mr. Feliciani holds a Bachelor of Business Administration with a concentration in Accounting from Temple University.
|
| |||
|
Mr. Feliciani is qualified to serve as a director because of his accounting, audit, financial services industry, risk management and public company corporate governance experience. Mr. Feliciani was nominated by the Board of Directors based on the recommendation of the nominating, governance and sustainability committee.
|
|
|
|
| |
Noah Gottdiener
|
|
|
Mr. Gottdiener has served on our Board of Directors since July 2018. Mr. Gottdiener has served as Chief Executive Officer and Chairman of the board of directors of Duff & Phelps Corp (“Duff & Phelps”) since 2004. He also served as Chief Executive Officer and a member of the board of managers of Duff & Phelps Acquisitions, LLC, a subsidiary of Duff & Phelps. Prior to joining Duff & Phelps, Mr. Gottdiener was the founding partner of Stone Ridge Partners LLC (“Stone Ridge”), a mergers and acquisitions advisory firm. Prior to founding Stone Ridge, he was a Partner of Thomas Weisel Partners, a Partner of Furman Selz LLC and a Managing Director at Lehman Brothers. Other than the Company, Mr. Gottdiener does not currently serve on any public company boards of directors. Mr. Gottdiener currently serves on the board of directors of Duff & Phelps, which is a private company. Mr. Gottdiener holds a Bachelor of Arts from Princeton University and a Master of Business Administration from Harvard Business School.
|
| |||
|
Mr. Gottdiener is qualified to serve as a director because of his financial services industry and board experience. Mr. Gottdiener was nominated by the Board of Directors based on the recommendation of the nominating, governance and sustainability committee.
|
|
|
|
| |
Rajini Sundar Kodialam
|
|
|
Ms. Kodialam has served as our Chief Operating Officer since our formation in 2015 and has served on our Board of Directors since July 2018. Ms. Kodialam co-founded Focus Financial Partners, LLC (“Focus LLC”) and has served as Managing Director of Focus LLC since 2005, and served as a member of the board of managers from July 2017 to July 2018. Prior to co-founding Focus LLC, Ms. Kodialam worked at American Express (“AMEX”) from 1998 to 2005 where she served as a Vice President from 1999 to 2005. Prior to joining AMEX, Ms. Kodialam was with McKinsey & Company. Other than the Company, Ms. Kodialam does not currently serve on any public or private company boards of directors. Ms. Kodialam holds a Master of Business Administration in Finance and Marketing from the Columbia University Graduate School of Business, a Post Graduate Diploma in Management from the Indian Institute of Management, Ahmedabad and a Bachelor of Arts from Delhi University, India.
|
| |||
|
Ms. Kodialam is qualified to serve as a director because of her operational and historical experience as a co-founder and Managing Director of Focus LLC and as a member of our Board of Directors, as well as her extensive experience in the financial services industry. Ms. Kodialam was nominated by the Board of Directors based on the recommendation of the nominating, governance and sustainability committee.
|
|
| | | | |
2019
|
| | |
2018
|
| ||||||
| Audit Fees | | | | | $ | 3,204,857 | | | | | | $ | 2,019,482 | | |
| Audit-Related Fees | | | | | $ | 39,985 | | | | | | $ | 1,067,247 | | |
| Tax Fees | | | | | $ | — | | | | | | $ | 16,272 | | |
| All Other Fees | | | | | $ | 2,058 | | | | | | $ | 2,927 | | |
| Total | | | | | $ | 3,246,900 | | | | | | $ | 3,105,928 | | |
|
Name
|
| | |
Position
|
| | |
Age
|
| | |
Class
|
|
| Ruediger Adolf | | | |
Chief Executive Officer and Chairman of the Board of Directors
|
| | | 57 | | | | Class I(b) | |
|
Rajini Sundar Kodialam*
|
| | | Chief Operating Officer and Director | | | | 52 | | | | Class II | |
| Leonard Chang | | | | Senior Managing Director and Head of M&A | | | | 45 | | | | — | |
| James Shanahan | | | | Chief Financial Officer | | | | 49 | | | | — | |
| J. Russell McGranahan | | | | General Counsel and Corporate Secretary | | | | 49 | | | | — | |
| James D. Carey | | | | Independent Director | | | | 53 | | | | Class I(b) | |
| Fayez S. Muhtadie | | | | Independent Director | | | | 42 | | | | Class III(a) | |
|
Christopher J. Harrington
|
| | | Independent Director | | | | 39 | | | | Class I(b) | |
|
Deborah D. McWhinney
|
| | | Independent Director | | | | 65 | | | | Class III(a) | |
| Noah Gottdiener* | | | | Independent Director | | | | 63 | | | | Class II | |
| Joseph Feliciani, Jr.* | | | | Independent Director | | | | 63 | | | | Class II | |
|
|
| |
Ruediger Adolf
|
|
|
Mr. Adolf has served as our Chief Executive Officer and Chairman and as a member of our Board of Directors since our formation in 2015. Mr. Adolf founded Focus LLC, our subsidiary, and has served as Chief Executive Officer of Focus LLC since 2004. He also served as a member of the board of managers of Focus LLC from 2004 to 2018. From 1998 to 2003, Mr. Adolf served as Senior Vice President and General Manager of the AMEX Global Brokerage and Banking division. Prior to this role, Mr. Adolf was Senior Vice President of Strategy and Business Development. Before joining AMEX, Mr. Adolf was a partner at McKinsey & Company. Other than the Company, Mr. Adolf does not currently serve on any public or private company boards of directors. Mr. Adolf holds a Mag. iur. and a Dr. iur. from the University of Innsbruck, Austria.
|
| |||
|
Mr. Adolf is qualified to serve as a director because of his operational and historical experience as our Founder and Chief Executive Officer, and as a member of our Board of Directors. Mr. Adolf is also qualified because of his extensive experience in the financial services industry, particularly in the wealth management industry.
|
|
|
|
| |
James D. Carey
|
|
|
Mr. Carey has served on our Board of Directors since July 2018. Mr. Carey is a Senior Principal of Stone Point Capital LLC (together with its affiliates, “Stone Point”). He has been with Stone Point or its predecessor entities since 1997. Mr. Carey currently serves on the board of directors of Enstar Group Limited, which is also a public company. In addition, Mr. Carey currently serves as a director on the following private company boards of directors: Alliant Insurance Services, Inc., Amherst Pierpont Securities LLC, Citco III Limited (Observer), New Point Limited VII, North Bay Holdings Limited, Northshore Holdings Limited, Sedgwick Claims Management Services, Inc. and StarStone Specialty Holdings Ltd. All of Mr. Carey’s board positions are in connection with Mr. Carey’s full time responsibilities as a Senior Principal with Stone Point. Mr. Carey holds a Bachelor of Science from Boston College, a Juris Doctor from Boston College Law School and a Master of Business Administration from Duke University Fuqua School of Business.
|
| |||
|
Mr. Carey is qualified to serve as a director because of his extensive financial services industry and board experience, and because of his affiliation with Stone Point. Mr. Carey was nominated by the Board of Directors in accordance with our nomination agreement with Stone Point.
|
|
|
|
| |
Christopher J. Harrington
|
|
|
Mr. Harrington has served on our Board of Directors since July 2018. Mr. Harrington served on the board of managers of Focus LLC from July 2017 to July 2018. Mr. Harrington is a Member of Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR” and, together with Stone Point, our “private equity investors”). He joined KKR in 2008 and leads the firm’s financial services industry team within the Americas Private Equity platform. Prior to joining KKR, Mr. Harrington was with Merrill Lynch & Co., where he was involved in a variety of acquisitions, divestitures, and other corporate advisory transactions. Mr. Harrington currently serves on the board of directors of Mr. Cooper Group, which is also a public company. In addition, Mr. Harrington currently serves on the board of directors of USI Insurance Services, which is a private company. All of Mr. Harrington’s board positions are in connection with Mr. Harrington’s full time responsibilities as a Member of KKR. Mr. Harrington holds a Bachelor of Arts from Harvard College and a Juris Doctor from Harvard Law School.
|
| |||
|
Mr. Harrington is qualified to serve as a director because of his extensive financial services industry and board experience, and because of his affiliation with KKR. Mr. Harrington was nominated by the Board of Directors in accordance with our nomination agreement with KKR.
|
|
|
|
| |
Deborah D. McWhinney
|
|
|
Ms. McWhinney has served on our Board of Directors since July 2018. Ms. McWhinney was with Citigroup, Inc. (“Citi”) from 2009 to 2014, where she served as Chief Executive Officer of Global Enterprise Payments from September 2013 to January 2014, as Chief Operating Officer of Global Enterprise Payments from February 2011 to September 2013, and as President of Personal Banking and Wealth Management from May 2009 to February 2011. Prior to joining Citi, Ms. McWhinney was with The Charles Schwab Corporation (“Schwab”), where she served as President of Schwab Institutional from 2001 to 2007 and as Chair of the Global Risk Committee of Schwab from 2004 to 2007. Ms. McWhinney currently serves on the following public company boards of directors: BorgWarner Inc., Fluor Corporation and IHS Markit Ltd. Other than charitable activities, Ms. McWhinney does not currently serve on any private company boards of directors. She previously served on the board of managers of Focus LLC from 2007 to 2009 and the board of directors of Lloyds Banking Group plc from 2015 to 2018 and Fresenius Medical Care AG & Co. from 2016 to 2018. Ms. McWhinney holds a Bachelor of Science from University of Montana and a Certificate of Completion with honors from Pacific Coast Banking School.
|
| |||
| Ms. McWhinney is qualified to serve as a director because of her financial services industry and board experience. | |
|
|
| |
Leonard Chang
|
|
|
Mr. Chang has served as our Senior Managing Director and Head of M&A since 2019 and as Managing Director since our formation in 2015. Mr. Chang co-founded Focus LLC and has served as Managing Director of Focus LLC since 2004. Prior to co-founding Focus LLC, Mr. Chang worked at the Boston Consulting Group from 2001 to 2004 where he served as a Consultant. Prior to joining Boston Consulting Group, Mr. Chang was with AMEX where he last served as Manager. Mr. Chang holds a Master of Business Administration from Harvard Business School and a Bachelor of Science in Economics with dual concentration in Finance and Management from the Wharton School at the University of Pennsylvania.
|
|
|
|
| |
James Shanahan
|
|
|
Mr. Shanahan has served as our Chief Financial Officer since our formation in 2015 and has served as Chief Financial Officer of Focus LLC since 2006. From 2001 to 2006, Mr. Shanahan served in the Chief Financial Officer/Vice President of Operations roles for Sybari Software, a software security company that became a subsidiary of Microsoft in 2005. Prior to Microsoft, Mr. Shanahan was with PricewaterhouseCoopers from 1992 to 2001 where he last served as a Senior Audit Manager. Mr. Shanahan is a Certified Public Accountant and holds a Master of Business Administration and a Bachelor of Business Administration from Hofstra University. Additionally, Mr. Shanahan is a Chartered Financial Consultant and Personal Financial Specialist.
|
|
|
|
| |
J. Russell McGranahan
|
|
|
Mr. McGranahan has served as our General Counsel and Corporate Secretary since our formation in 2015 and has served as General Counsel of Focus LLC since 2015. From 2006 to 2015, Mr. McGranahan served as a Managing Director, M&A Counsel and Corporate Secretary at BlackRock. Prior to BlackRock, Mr. McGranahan was counsel in the mergers and acquisitions and corporate departments of Skadden, Arps, Slate, Meagher & Flom LLP from 2000 to 2006. Prior to Skadden, Mr. McGranahan was a corporate associate at White & Case LLP. Mr. McGranahan holds a Juris Doctorate from Yale Law School and a Bachelor of Arts in Economics and World Politics from the Catholic University of America. Additionally, Mr. McGranahan has also earned the Chartered Financial Analyst® designation.
|
|
|
Director
|
| | |
Board
of Directors |
| | |
Audit and Risk
Committee |
| | |
Compensation
Committee |
| | |
Nominating,
Governance and Sustainability Committee |
|
| Ruediger Adolf* | | | |
C
|
| | |
—
|
| | |
—
|
| | |
—
|
|
| James D. Carey | | | |
●
|
| | |
—
|
| | |
●
|
| | |
—
|
|
| Joseph Feliciani, Jr.** | | | |
●
|
| | |
C
|
| | |
—
|
| | |
—
|
|
| Noah Gottdiener | | | |
●
|
| | |
—
|
| | |
C
|
| | |
—
|
|
| Christopher J. Harrington | | | |
●
|
| | |
—
|
| | |
—
|
| | |
●
|
|
| Rajini Sundar Kodialam* | | | |
●
|
| | |
—
|
| | |
—
|
| | |
—
|
|
| Deborah D. McWhinney** | | | |
●
|
| | |
●
|
| | |
—
|
| | |
C
|
|
| Fayez S. Muhtadie | | | |
L
|
| | |
—
|
| | |
●
|
| | |
●
|
|
| Number of 2019 Meetings | | | |
6
|
| | |
6
|
| | |
5
|
| | |
2
|
|
|
✓
Preside over all meetings or executive sessions of independent directors and report to the Board, as appropriate, concerning such sessions;
✓
Review Board meeting agendas and schedules in collaboration with the Chairman of the Board to ensure there is sufficient time for discussion, recommend matters for the Board to consider and advise on the information submitted to the Board by management;
✓
Serve as a liaison and supplemental channel of communication between other directors and the Chairman of the Board, without inhibiting direct communications between the Chairman of the Board and other directors;
✓
Serve as the principal liaison for consultation and communication between the independent directors and stockholders;
|
| |
✓
Consult with inside and outside counsel and other advisors as he or she deems appropriate in fulfilling the Lead Independent Director role;
✓
Collaborate with the compensation committee of the Board on the annual performance evaluation of the Chief Executive Officer;
✓
Collaborate with the nominating, governance and sustainability committee of the Board on matters related to Board effectiveness and independence, including the performance and structure of the Board and its committees, and the performance of individual directors; and
✓
Perform such other duties as the Board may from time to time delegate.
|
|
|
✓
Workplace Diversity and Inclusiveness; Policy Against Discrimination, Abuse and Harassment;
✓
Our Culture;
✓
Health, Safety and Wellness;
✓
Mental Health Management and Work-Life Balance;
✓
Maternity, Parental and Other Leaves;
✓
Employment Security and Responsible Workforce Restructuring;
|
| |
✓
Types of Employment and Non-Regular Employment;
✓
Compensation Practices, Training, Performance Management and Recognition and Tuition Assistance Program;
✓
Tax Base Erosion and Profit Shifting; Political Participation; Government Payments; and
✓
Data Security/Cyber Security and Privacy.
|
|
|
Named Executive Officer
|
| | |
Position
|
|
| Ruediger Adolf | | | | Chief Executive Officer and Chairman of the Board of Directors | |
| Rajini Sundar Kodialam | | | | Chief Operating Officer and Director | |
| Leonard Chang | | | | Senior Managing Director and Head of M&A | |
| James Shanahan | | | | Chief Financial Officer | |
| J. Russell McGranahan | | | | General Counsel and Corporate Secretary | |
|
Component
|
| | |
Performance Period
|
| | |
Objective
|
| | |
Performance
Measurement Methodology for 2019 |
|
|
Base Salary
|
| | |
Annual
|
| | |
Recognizes an individual’s role and responsibilities and serves as an important retention vehicle
|
| | |
Reviewed annually and set based on competitive and internal equity considerations
|
|
|
Annual Cash
Incentive Awards |
| | |
Annual
|
| | |
Rewards achievement of annual financial and other objectives, subject to meeting individual performance expectations
|
| | |
Based on performance objectives established by the compensation committee at the beginning of the year
|
|
|
Equity
Incentive Unit Awards |
| | |
Long-Term
|
| | |
Designed to align performance with long-term strategic goals and share price appreciation
|
| | |
Annual grants based on performance objectives established by the compensation committee at the beginning of the year
Vests 25% on first anniversary of grant date, and 25% annually thereafter
Value based solely on share price appreciation (no increase, no value)
|
|
|
Named Executive Officer
|
| | |
2018
|
| | |
2019
|
| | |
% Increase
|
| |||||||||
| Ruediger Adolf | | | | | $ | 831,960 | | | | | | $ | 856,967 | | | | | | | 3% | | |
| Rajini Sundar Kodialam | | | | | $ | 545,900 | | | | | | $ | 562,277 | | | | | | | 3% | | |
| Leonard Chang | | | | | $ | 437,750 | | | | | | $ | 450,883 | | | | | | | 3% | | |
| James Shanahan | | | | | $ | 489,250 | | | | | | $ | 503,928 | | | | | | | 3% | | |
| J. Russell McGranahan | | | | | $ | 437,750 | | | | | | $ | 450,883 | | | | | | | 3% | | |
|
Metric
|
| | |
Weighting
|
| | |
Level to
Achieve Minimum Weighting (50% value); Represents 75% of Metric Target |
| | |
Level to
Achieve Target Weighting (100% value); Represents 100% of Metric Target |
| | |
Level to
Achieve Maximum Weighing (200% value); Represents 125% of Metric Target |
| | |
Actual 2019
Growth |
| | |
Resulting
Value |
|
| YoY Revenue Growth | | | |
25%
|
| | |
15%
(+$136.6 million) |
| | |
20%
(+$182.2 million) |
| | |
25%
(+$227.7 million) |
| | |
33.8%
(+$307.5 million) |
| | |
200%
|
|
| YoY Adjusted Net Income Growth | | | |
25%
|
| | |
15%
(+$18.8 million) |
| | |
20%
(+$25.1 million) |
| | |
25%
(+31.3 million) |
| | |
42.5%
(+$53.2 million) |
| | |
200%
|
|
| YoY Adjusted Net Income Per Share Growth | | | |
25%
|
| | |
15%
(+$0.26) |
| | |
20%
(+$0.35) |
| | |
25%
(+$0.44) |
| | |
36.8%
(+$0.64) |
| | |
200%
|
|
| Qualitative Assessment | | | |
25%
|
| | | | | | |
Qualitative
assessment based on factors set for above. |
| | | | | | |
N/A
|
| | |
75%
|
|
|
Weighted Value
|
| | | | | | | | | | | | | | | | | | | | | | |
168.75%
|
|
| | | | | | | | | | | |
Opportunity
|
| | |
Actual
|
| ||||||||||||||||||||
|
Named
Executive Officer |
| | |
2019 Base Salary
|
| | |
Target Bonus
Percentage (as % of base salary) |
| | |
Target Cash
Incentive Award ($) |
| | |
2019 Cash
Incentive Award Earned |
| | |
As a % of Target
|
| |||||||||||||||
| Ruediger Adolf | | | | | $ | 856,967 | | | | | | | 200% | | | | | | $ | 1,713,934 | | | | | | $ | 2,892,260 | | | | | | | 168.75% | | |
| Rajini Sundar Kodialam | | | | | $ | 562,277 | | | | | | | 200% | | | | | | $ | 1,124,554 | | | | | | $ | 1,897,685 | | | | | | | 168.75% | | |
| Leonard Chang | | | | | $ | 450,883 | | | | | | | 200% | | | | | | $ | 901,766 | | | | | | $ | 1,521,728 | | | | | | | 168.75% | | |
| James Shanahan | | | | | $ | 503,928 | | | | | | | 150% | | | | | | $ | 755,892 | | | | | | $ | 1,275,566 | | | | | | | 168.75% | | |
| J. Russell McGranahan | | | | | $ | 450,883 | | | | | | | 150% | | | | | | $ | 676,325 | | | | | | $ | 1,141,296 | | | | | | | 168.75% | | |
|
Named Executive Officer
|
| | |
Incentive Unit Awards
(#) |
| |||
| Ruediger Adolf | | | | | | 406,788 | | |
| Rajini Sundar Kodialam | | | | | | 266,904 | | |
| Leonard Chang | | | | | | 214,027 | | |
| James Shanahan | | | | | | 179,405 | | |
| J. Russell McGranahan | | | | | | 160,520 | | |
| | | | | | | | | | | | | | | | | | | | | |
Option Awards ($)(1)
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||
|
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)
|
| |
IPO Option
Awards with $100 Condition ($)(2) |
| |
Annual LTI
Awards for Prior Year Performance ($)(3) |
| |
Annual LTI
Option Awards ($)(4) |
| |
Non-Equity
Incentive Plan Compensation ($)(5) |
| |
All Other
Compensation ($)(6) |
| |
Total ($)(7)
|
| |||||||||||||||||||||||||||
|
Ruediger Adolf
Founder of Focus LLC and Chief Executive Officer and Chairman |
| | | | 2019 | | | | | | 856,967 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,895,746 | | | | | | 2,892,260 | | | | | | 169,858 | | | | | | 6,814,831 | | |
| | | 2018 | | | | | | 831,960 | | | | | | 2,750,000 | | | | | | 3,176,000 | | | | | | 2,140,243 | | | | | | 2,567,749 | | | | | | — | | | | | | 171,299 | | | | | | 11,637,251 | | | |||
| | | 2017 | | | | | | 736,837 | | | | | | 1,754,255 | | | | | | — | | | | | | 1,269,102 | | | | | | — | | | | | | — | | | | | | 157,257 | | | | | | 3,917,451 | | | |||
|
Rajini Sundar Kodialam
Co-Founder of Focus LLC and Chief Operating Officer and Board Member |
| | | | 2019 | | | | | | 562,277 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,899,973 | | | | | | 1,897,685 | | | | | | 59,552 | | | | | | 4,419,487 | | |
| | | 2018 | | | | | | 545,900 | | | | | | 1,600,000 | | | | | | 2,580,500 | | | | | | 1,527,136 | | | | | | 1,493,968 | | | | | | — | | | | | | 59,052 | | | | | | 7,806,556 | | | |||
| | | 2017 | | | | | | 482,944 | | | | | | 1,197,021 | | | | | | — | | | | | | 866,054 | | | | | | — | | | | | | — | | | | | | 38,124 | | | | | | 2,584,143 | | | |||
|
Leonard Chang
Co-Founder of Focus LLC and Senior Managing Director and Head of M&A |
| | | | 2019 | | | | | | 450,883 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,523,565 | | | | | | 1,521,728 | | | | | | 31,631 | | | | | | 3,527,807 | | |
|
James Shanahan
Chief Financial Officer |
| | | | 2019 | | | | | | 503,928 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,277,106 | | | | | | 1,275,566 | | | | | | 37,388 | | | | | | 3,093,988 | | |
| | | 2018 | | | | | | 489,250 | | | | | | 1,350,000 | | | | | | 2,143,800 | | | | | | — | | | | | | 1,260,531 | | | | | | — | | | | | | 36,887 | | | | | | 5,280,468 | | | |||
| | | 2017 | | | | | | 434,274 | | | | | | 928,723 | | | | | | — | | | | | | 599,576 | | | | | | 1,107,667 | | | | | | — | | | | | | 33,114 | | | | | | 3,103,354 | | | |||
|
J. Russell McGranahan
General Counsel and Corporate Secretary |
| | | | 2019 | | | | | | 450,883 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,142,672 | | | | | | 1,141,296 | | | | | | 35,429 | | | | | | 2,770,280 | | |
| | | | | | | | | |
Estimated Possible Payouts
Under Non-Equity Incentive Plan Awards(1) |
| |
All Other
Option Awards: Number of Securities Underlying Options (#)(2)(3) |
| |
Exercise
or Base Price of Option Awards ($/Share) |
| |
Grant Date
Fair Value of Stock and Option Awards ($)(4) |
| ||||||||||||||||||||||||
|
Name
|
| |
Grant Date
|
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| ||||||||||||||||||||||||||||||
|
Ruediger Adolf
|
| | | | 12/11/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | 406,788 | | | | | | 27.90 | | | | | | 2,895,746 | | |
| | | — | | | | | | 856,967 | | | | | | 1,713,934 | | | | | | 3,427,868 | | | | | | | | | | | | | | | | | | | | | |||
|
Rajini Sundar Kodialam
|
| | | | 12/11/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | 266,904 | | | | | | 27.90 | | | | | | 1,899,973 | | |
| | | — | | | | | | 562,277 | | | | | | 1,124,554 | | | | | | 2,249,108 | | | | | | | | | | | | | | | | | | | | | |||
|
Leonard Chang
|
| | | | 12/11/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | 214,027 | | | | | | 27.90 | | | | | | 1,523,565 | | |
| | | — | | | | | | 450,883 | | | | | | 901,766 | | | | | | 1,803,532 | | | | | | | | | | | | | | | | | | | | | |||
|
James Shanahan
|
| | | | 12/11/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | 179,405 | | | | | | 27.90 | | | | | | 1,277,106 | | |
| | | — | | | | | | 377,946 | | | | | | 755,892 | | | | | | 1,511,784 | | | | | | | | | | | | | | | | | | | | | |||
|
J. Russell McGranahan
|
| | | | 12/11/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | 160,520 | | | | | | 27.90 | | | | | | 1,142,672 | | |
| | | — | | | | | | 338,162 | | | | | | 676,325 | | | | | | 1,352,649 | | | | | | | | | | | | | | | | | | | | |
| | |
Option Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Date of Grant
of Options |
| |
Number of Securities
Underlying Unexercised Options (#) Exercisable(1) |
| |
Number of Securities
Underlying Unexercised Options (#) Unexercisable(1) |
| |
Option
Exercise Price ($)(2) |
| |
Option
Expiration Date(1) |
| |||||||||||||||
Ruediger Adolf
|
| | | | 1/6/2006 | | | | | | 175,421 | | | | | | | | | | | | 1.42 | | | | | | N/A | | |
| | | | | 1/29/2007 | | | | | | 97,798 | | | | | | | | | | | | 5.50 | | | | | | N/A | | |
| | | | | 2/5/2007 | | | | | | 46,386 | | | | | | | | | | | | 6.00 | | | | | | N/A | | |
| | | | | 12/26/2007 | | | | | | 200,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 12/23/2009 | | | | | | 173,000 | | | | | | | | | | | | 7.00 | | | | | | N/A | | |
| | | | | 2/1/2010 | | | | | | 16,511 | | | | | | | | | | | | 16.00 | | | | | | N/A | | |
| | | | | 2/1/2010 | | | | | | 14,676 | | | | | | | | | | | | 7.00 | | | | | | N/A | | |
| | | | | 2/1/2010 | | | | | | 149,405 | | | | | | | | | | | | 7.00 | | | | | | N/A | | |
| | | | | 5/9/2011 | | | | | | 146,965 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 5/9/2011 | | | | | | 78,035 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 2/17/2012 | | | | | | 162,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 12/21/2012 | | | | | | 170,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 10/4/2013 | | | | | | 120,000 | | | | | | | | | | | | 11.00 | | | | | | N/A | | |
| | | | | 1/27/2014 | | | | | | 100,000 | | | | | | | | | | | | 11.00 | | | | | | N/A | | |
| | | | | 1/27/2014 (3) | | | | | | 90,000 | | | | | | | | | | | | 11.00 | | | | | | N/A | | |
| | | | | 8/15/2014 (3) | | | | | | 470,000 | | | | | | | | | | | | 12.00 | | | | | | N/A | | |
| | | | | 12/5/2014 | | | | | | 195,000 | | | | | | | | | | | | 13.00 | | | | | | N/A | | |
| | | | | 12/28/2015 | | | | | | 200,000 | | | | | | | | | | | | 19.00 | | | | | | N/A | | |
| | | | | 1/12/2017 | | | | | | 190,500 | | | | | | | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 7/3/2017 | | | | | | 362,500 (6) | | | | | | 362,500 (6) | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 1/2/2018 | | | | | | 103,142 (7) | | | | | | 103,142 (7) | | | | | | 23.00 | | | | | | N/A | | |
| | | | | 1/2/2018 (3) | | | | | | 50,000 (7) | | | | | | 50,000 (7) | | | | | | 23.00 | | | | | | N/A | | |
| | | | | 7/25/2018 | | | | | | | | | | | | 800,000 (8) | | | | | | 33.00 | | | | | | N/A | | |
| | | | | 12/18/2018 | | | | | | 82,911 (9) | | | | | | 248,731 (9) | | | | | | 28.50 | | | | | | N/A | | |
| | | | | 12/11/2019 | | | | | | | | | | | | 306,788 (10) | | | | | | 27.90 | | | | | | N/A | | |
| | | | 12/11/2019 (3) | | | | | | | | | | | | 100,000 (10) | | | | | | 27.90 | | | | | | N/A | | | |
Rajini Sundar Kodialam
|
| | | | 12/26/2007 | | | | | | 82,348 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 2/1/2010 | | | | | | 9,401 | | | | | | | | | | | | 16.00 | | | | | | N/A | | |
| | | | | 5/9/2011 | | | | | | 88,179 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 5/9/2011 | | | | | | 46,821 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 2/17/2012 | | | | | | 58,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 12/21/2012 | | | | | | 70,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 10/4/2013 (4) | | | | | | 250,000 | | | | | | | | | | | | 11.00 | | | | | | N/A | | |
| | | | | 1/27/2014 (4) | | | | | | 90,000 | | | | | | | | | | | | 11.00 | | | | | | N/A | | |
| | | | | 11/21/2014 (4) | | | | | | 200,000 | | | | | | | | | | | | 13.00 | | | | | | N/A | | |
| | | | | 12/5/2014 (4) | | | | | | 95,000 | | | | | | | | | | | | 13.00 | | | | | | N/A | | |
| | | | | 12/28/2015 (4) | | | | | | 130,000 | | | | | | | | | | | | 19.00 | | | | | | N/A | | |
| | | | | 1/12/2017 (4) | | | | | | 130,000 | | | | | | | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 7/3/2017 | | | | | | 50,000 (6) | | | | | | 50,000 (6) | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 7/3/2017 (4) | | | | | | 225,000 (6) | | | | | | 225,000 (6) | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 1/2/2018 | | | | | | 46,772 (7) | | | | | | 46,772 (7) | | | | | | 23.00 | | | | | | N/A | | |
| | | | | 1/2/2018 (4) | | | | | | 62,500 (7) | | | | | | 62,500 (7) | | | | | | 23.00 | | | | | | N/A | | |
| | | | | 7/25/2018 | | | | | | | | | | | | 487,500 (8) | | | | | | 33.00 | | | | | | N/A | | |
| | | | | 7/25/2018 (4) | | | | | | | | | | | | 162,500 (8) | | | | | | 33.00 | | | | | | N/A | | |
| | | | | 12/18/2018 | | | | | | 48,239 (9) | | | | | | 144,717 (9) | | | | | | 28.50 | | | | | | N/A | | |
| | | | | 12/11/2019 | | | | | | | | | | | | 266,904 (10) | | | | | | 27.90 | | | | | | N/A | | |
| | |
Option Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Date of Grant
of Options |
| |
Number of Securities
Underlying Unexercised Options (#) Exercisable(1) |
| |
Number of Securities
Underlying Unexercised Options (#) Unexercisable(1) |
| |
Option
Exercise Price ($)(2) |
| |
Option
Expiration Date(1) |
| |||||||||||||||
Leonard Chang
|
| | | | 2/5/2007 | | | | | | 10,316 | | | | | | | | | | | | 6.00 | | | | | | N/A | | |
| | | | | 12/26/2007 | | | | | | 80,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 12/23/2009 | | | | | | 79,000 | | | | | | | | | | | | 7.00 | | | | | | N/A | | |
| | | | | 2/1/2010 | | | | | | 7,540 | | | | | | | | | | | | 16.00 | | | | | | N/A | | |
| | | | | 2/1/2010 | | | | | | 6,702 | | | | | | | | | | | | 7.00 | | | | | | N/A | | |
| | | | | 2/1/2010 | | | | | | 59,762 | | | | | | | | | | | | 7.00 | | | | | | N/A | | |
| | | | | 5/9/2011 | | | | | | 45,723 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 5/9/2011 | | | | | | 24,277 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 2/17/2012 | | | | | | 22,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 12/21/2012 | | | | | | 50,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 10/4/2013 | | | | | | 25,000 | | | | | | | | | | | | 11.00 | | | | | | N/A | | |
| | | | | 1/27/2014 | | | | | | 40,000 | | | | | | | | | | | | 11.00 | | | | | | N/A | | |
| | | | | 12/5/2014 | | | | | | 50,000 | | | | | | | | | | | | 13.00 | | | | | | N/A | | |
| | | | | 12/28/2015 | | | | | | 50,000 | | | | | | | | | | | | 19.00 | | | | | | N/A | | |
| | | | | 1/12/2017 | | | | | | 70,000 | | | | | | | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 7/3/2017 | | | | | | 200,000 (6) | | | | | | 200,000 (6) | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 11/22/17 | | | | | | 72,627 (7) | | | | | | 72,626 (7) | | | | | | 22.00 | | | | | | N/A | | |
| | | | | 7/25/2018 | | | | | | | | | | | | 600,000 (8) | | | | | | 33.00 | | | | | | N/A | | |
| | | | | 12/18/2018 | | | | | | 36,179 (9) | | | | | | 108,538 (9) | | | | | | 28.50 | | | | | | N/A | | |
| | | | 12/11/2019 | | | | | | | | | | | | 214,027 (10) | | | | | | 27.90 | | | | | | N/A | | | |
James Shanahan
|
| | | | 12/26/2007 | | | | | | 90,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 2/1/2010 | | | | | | 11,739 | | | | | | | | | | | | 16.00 | | | | | | N/A | | |
| | | | | 5/9/2011 | | | | | | 145,723 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 5/9/2011 | | | | | | 24,277 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 2/17/2012 | | | | | | 87,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 12/21/2012 | | | | | | 70,000 | | | | | | | | | | | | 9.00 | | | | | | N/A | | |
| | | | | 10/4/2013 | | | | | | 70,000 | | | | | | | | | | | | 11.00 | | | | | | N/A | | |
| | | | | 1/27/2014 | | | | | | 70,000 | | | | | | | | | | | | 11.00 | | | | | | N/A | | |
| | | | | 12/5/2014 (5) | | | | | | 75,000 | | | | | | | | | | | | 13.00 | | | | | | N/A | | |
| | | | | 12/28/2015 (5) | | | | | | 90,000 | | | | | | | | | | | | 19.00 | | | | | | N/A | | |
| | | | | 1/12/2017 (5) | | | | | | 90,000 | | | | | | | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 7/3/2017 | | | | | | 200,000 (6) | | | | | | 200,000 (6) | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 11/22/2017 | | | | | | 83,703 (7) | | | | | | 83,702 (7) | | | | | | 22.00 | | | | | | N/A | | |
| | | | | 7/25/2018 | | | | | | | | | | | | 540,000 (8) | | | | | | 33.00 | | | | | | N/A | | |
| | | | | 12/18/2018 | | | | | | 40,702 (9) | | | | | | 122,104 (9) | | | | | | 28.50 | | | | | | N/A | | |
| | | | 12/11/2019 | | | | | | | | | | | | 179,405 (10) | | | | | | 27.90 | | | | | | N/A | | | |
J. Russell McGranahan
|
| | | | 8/5/2015 | | | | | | 100,000 | | | | | | | | | | | | 16.00 | | | | | | N/A | | |
| | | | | 12/28/2015 | | | | | | 75,213 | | | | | | | | | | | | 19.00 | | | | | | N/A | | |
| | | | | 1/12/2017 | | | | | | 70,000 | | | | | | | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 7/3/2017 | | | | | | 125,000 (6) | | | | | | 125,000 (6) | | | | | | 21.00 | | | | | | N/A | | |
| | | | | 11/22/2017 | | | | | | 67,880 (7) | | | | | | 67,879 (7) | | | | | | 22.00 | | | | | | N/A | | |
| | | | | 7/25/2018 | | | | | | | | | | | | 500,000 (8) | | | | | | 33.00 | | | | | | N/A | | |
| | | | | 12/18/2018 | | | | | | 30,149 (9) | | | | | | 90,448 (9) | | | | | | 28.50 | | | | | | N/A | | |
| | | | | 12/11/2019 | | | | | | | | | | | | 160,520 (10) | | | | | | 27.90 | | | | | | N/A | | |
| | | |
Stock Option Awards
|
| |||||||||
|
Name
|
| |
Number of Shares
Acquired on Exercise (#)(1) |
| |
Value Realized
on Exercise ($)(2) |
| ||||||
| Ruediger Adolf | | | | | 159,482 | | | | | $ | 0 | | |
| Rajini Sundar Kodialam | | | | | 102,875 | | | | | $ | 0 | | |
| Leonard Chang | | | | | 72,493 | | | | | $ | 0 | | |
| James Shanahan | | | | | 82,554 | | | | | $ | 0 | | |
| J. Russell McGranahan | | | | | 64,089 | | | | | $ | 0 | | |
|
Name
|
| |
Benefits
Payable Upon Death |
| |
Benefits
Payable Upon Disability |
| |
Benefits
Payable Upon Termination for Cause |
| |
Benefits
Payable Upon Termination Without Cause, For Good Reason or Company Non-Renewal |
| |
Benefits
Payable Upon Company Sale |
| |
Benefits Payable
Upon Termination Without Cause, For Good Reason or Company Non-Renewal in Connection with a Change in Control(1) |
| ||||||||||||||||||
| Ruediger Adolf | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash Payments
|
| | | $ | 1,499,692 (2) | | | | | $ | 3,534,989 (3) | | | | | | — | | | | | $ | 5,570,286 (4) | | | | | | — | | | | | $ | 5,570,286 (4) | | |
|
Accelerated Vesting of Equity
|
| | | | — | | | | | $ | 735,501 (5) | | | | | | — | | | | | $ | 735,501 (5) | | | | | $ | 4,941,130 (6) | | | | | $ | 1,870,755 (7) | | |
|
Reimbursement of COBRA Premiums (8)
|
| | | $ | 52,903 | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | |
|
Total
|
| | | $ | 1,552,595 | | | | | $ | 4,323,393 | | | | | $ | — | | | | | $ | 6,358,690 | | | | | $ | 4,941,130 | | | | | $ | 7,493,944 | | |
| Rajini Sundar Kodialam | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash Payments
|
| | | $ | 983,985 (2) | | | | | $ | 2,319,393 (3) | | | | | | — | | | | | $ | 3,654,801 (4) | | | | | | — | | | | | $ | 3,654,801 (4) | | |
|
Accelerated Vesting of Equity
|
| | | | — | | | | | $ | 505,047 (5) | | | | | | — | | | | | $ | 505,047 (5) | | | | | $ | 3,595,655 (6) | | | | | $ | 1,266,405 (7) | | |
|
Reimbursement of COBRA Premiums (8)
|
| | | $ | 52,903 | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | |
|
Total
|
| | | $ | 1,036,888 | | | | | $ | 2,877,343 | | | | | $ | — | | | | | $ | 4,212,751 | | | | | $ | 3,595,655 | | | | | $ | 4,974,109 | | |
| Leonard Chang | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash Payments
|
| | | $ | 789,045 (2) | | | | | $ | 1,239,928 (3) | | | | | | — | | | | | $ | 2,254,415 (4) | | | | | | — | | | | | $ | 2,254,415 (4) | | |
|
Accelerated Vesting of Equity
|
| | | | — | | | | | $ | 390,356 (5) | | | | | | — | | | | | $ | 390,356 (5) | | | | | $ | 2,677,820 (6) | | | | | $ | 983,820 (7) | | |
|
Reimbursement of COBRA Premiums (8)
|
| | | $ | 52,903 | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | |
|
Total
|
| | | $ | 841,948 | | | | | $ | 1,683,187 | | | | | $ | — | | | | | $ | 2,697,674 | | | | | $ | 2,677,820 | | | | | $ | 3,291,138 | | |
| James Shanahan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash Payments
|
| | | $ | 692,901 (2) | | | | | $ | 1,196,829 (3) | | | | | | — | | | | | $ | 2,015,712 (4) | | | | | | — | | | | | $ | 2,015,712 (4) | | |
|
Accelerated Vesting of Equity
|
| | | | — | | | | | $ | 422,523 (5) | | | | | | — | | | | | $ | 422,523 (5) | | | | | $ | 2,719,361 (6) | | | | | $ | 1,025,361 (7) | | |
|
Reimbursement of COBRA Premiums (8)
|
| | | $ | 52,903 | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | |
|
Total
|
| | | $ | 745,804 | | | | | $ | 1,672,255 | | | | | $ | — | | | | | $ | 2,491,138 | | | | | $ | 2,719,361 | | | | | $ | 3,093,976 | | |
| J. Russell McGranahan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash Payments
|
| | | $ | 619,964 (2) | | | | | $ | 1,070,847 (3) | | | | | | — | | | | | $ | 1,803,532 (4) | | | | | | — | | | | | $ | 1,803,532 (4) | | |
|
Accelerated Vesting of Equity
|
| | | | — | | | | | $ | 345,773 (5) | | | | | | — | | | | | $ | 345,773 (5) | | | | | $ | 1,905,557 (6) | | | | | $ | 846,807 (7) | | |
|
Reimbursement of COBRA Premiums (8)
|
| | | $ | 52,903 | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | | | | | — | | | | | $ | 52,903 | | |
|
Total
|
| | | $ | 672,867 | | | | | $ | 1,469,523 | | | | | $ | — | | | | | $ | 2,202,208 | | | | | $ | 1,905,557 | | | | | $ | 2,703,242 | | |
|
Plan category
|
| |
Number of securities
to be issued upon exercise of outstanding options, warrants and rights (#) |
| |
Weighted-average
exercise price of outstanding options, warrants and rights ($)(1) |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) (#)(3) |
| |||||||||
| Equity compensation plans approved by security holders | | | | | | | | | | | | | | ||||||
|
Omnibus Plan(2)
|
| | | | 4,858,097 | | | | | | 27.67 | | | | | | 4,140,454 | | |
| Equity compensation plans not approved by security holders | | | | | | | | | | | | | | ||||||
|
None
|
| | | | | | | | | | | | | | | | | | |
| Total | | | | | 4,858,097 | | | | | | 27.67 | | | | | | 4,140,454 | | |
|
Name(1)
|
| | |
Fees Earned or
Paid in Cash ($)(2) |
| | |
Option Awards
($)(3) |
| | |
Total ($)
|
| |||||||||
| James D. Carey | | | | | | 55,000 | | | | | | | — | | | | | | | 55,000 | | |
| Joseph Feliciani, Jr. | | | | | | 60,000 | | | | | | | 464,968 | | | | | | | 524,968 | | |
| Noah Gottdiener | | | | | | 95,000 | | | | | | | 170,205 | | | | | | | 265,205 | | |
|
Christopher J. Harrington
|
| | | | | — | | | | | | | — | | | | | | | — | | |
| Deborah D. McWhinney | | | | | | 105,000 | | | | | | | 170,205 | | | | | | | 275,205 | | |
| Fayez S. Muhtadie | | | | | | 100,000 | | | | | | | — | | | | | | | 100,000 | | |
| | | | |
Class A
Common Stock |
| | |
Class B
Common Stock |
| | |
Combined Voting
Power(1) |
| ||||||||||||||||||||||||||||||
|
Name and Address of Beneficial Owner
|
| | | | | Number | | | | | | | % | | | | | | | Number | | | | | | | % | | | | | | | Number | | | | | | | % | | |
| 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Entities affiliated with Stone Point(2) | | | | | | 11,496,201 | | | | | | | 24.0% | | | | | | | 9,898,270 | | | | | | | 45.5% | | | | | | | 21,394,471 | | | | | | | 30.8% | | |
| Entities affiliated with KKR(3) | | | | | | 5,139,807 | | | | | | | 10.8% | | | | | | | 4,384,002 | | | | | | | 20.1% | | | | | | | 9,523,809 | | | | | | | 13.7% | | |
| JPMorgan Chase & Co.(4) | | | | | | 3,215,997 | | | | | | | 6.7% | | | | | | | — | | | | | | | 0.0% | | | | | | | 3,215,997 | | | | | | | 4.6% | | |
| The Vanguard Group(5) | | | | | | 2,687,957 | | | | | | | 5.6% | | | | | | | — | | | | | | | 0.0% | | | | | | | 2,687,957 | | | | | | | 3.9% | | |
| Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| Ruediger Adolf | | | | | | — | | | | | | | 0.0% | | | | | | | 58,495 | | | | | | | 0.3% | | | | | | | 58,495 | | | | | | | 0.1% | | |
| James D. Carey(6) | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | |
| Leonard Chang | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | |
| Joseph Feliciani, Jr. | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | |
| Noah Gottdiener | | | | | | 7,575 | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | | | | | | 7,575 | | | | | | | 0.0% | | |
| Christopher J. Harrington | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | |
| Rajini Sundar Kodialam | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | |
| J. Russell McGranahan | | | | | | 1,000 | | | | | | | 0.0% | | | | | | | 14,513 | | | | | | | 0.1% | | | | | | | 15,513 | | | | | | | 0.0% | | |
| Deborah D. McWhinney | | | | | | 3,000 | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | | | | | | 3,000 | | | | | | | 0.0% | | |
| Fayez S. Muhtadie | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | |
| James Shanahan | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | | | | | | — | | | | | | | 0.0% | | |
| Directors and executive officers as a group (11 individuals) | | | | | | 11,575 | | | | | | | 0.0% | | | | | | | 73,008 | | | | | | | 0.3% | | | | | | | 84,583 | | | | | | | 0.1% | | |
| | |
Twelve Months Ended
December 31, |
| | | | |||||||||
| | |
2018
|
| |
2019
|
| | ||||||||
| | |
(dollars in thousands,
except per share data) |
| | |||||||||||
Net income (loss) | | | | $ | (41,087) | | | | | $ | (12,025) | | | | ||
Income tax expense | | | | | 9,450 | | | | | | 7,049 | | | | ||
Amortization of debt financing costs | | | | | 3,498 | | | | | | 3,452 | | | | ||
Intangible amortization | | | | | 90,381 | | | | | | 130,718 | | | | ||
Non-cash equity compensation expense | | | | | 44,468 | | | | | | 18,329 | | | | ||
Non-cash changes in fair value of estimated contingent consideration | | | | | 6,638 | | | | | | 38,797 | | | | ||
Gain on sale of investment | | | | | (5,509) | | | | | | — | | | | ||
Loss on extinguishment of borrowings | | | | | 21,071 | | | | | | — | | | | ||
Impairment of equity method investment | | | | | — | | | | | | 11,749 | | | | ||
Management contract buyout | | | | | — | | | | | | 1,428 | | | | ||
Other one-time transaction expenses(1) | | | | | 11,529 | | | | | | 1,486 | | | | ||
Subtotal
|
| | | | 140,439 | | | | | | 200,983 | | | | ||
Pro forma income tax expense (27%) | | | | | (37,919) | | | | | | (54,265) | | | | ||
Tax Adjustments(2) | | | | | 22,828 | | | | | | 31,860 | | | | ||
Adjusted Net Income | | | | $ | 125,348 | | | | | $ | 178,578 | | | | ||
Adjusted Shares Outstanding | | | | | 71,960,540 | | | | | | 75,039,357 | | | | ||
Adjusted Net Income Per Share | | | | $ | 1.74 | | | | | $ | 2.38 | | | | ||
Calculation of Adjusted Shares Outstanding: | | | | | | | | | | | | | | | ||
Weighted average shares of Class A common stock outstanding—basic(3) | | | | | 43,122,782 | | | | | | 46,792,389 | | | | ||
Adjustments: | | | | | | | | | | | | | | | ||
Weighted average incremental shares of Class A common stock related to stock options and unvested Class A common stock and restricted stock units(4)
|
| | | | 102,549 | | | | | | 20,428 | | | | ||
Weighted average Focus LLC common units outstanding(5)
|
| | | | 22,630,668 | | | | | | 22,424,378 | | | | ||
Weighted average common unit equivalent of
Focus LLC incentive units outstanding(6) |
| | | | 6,104,541 | | | | | | 5,802,162 | | | | ||
Adjusted Shares Outstanding | | | | | 71,960,540 | | | | | | 75,039,357 | | | | ||
|