|
Sincerely,
|
| |||
|
![]() |
| |
![]() |
|
|
Mikel H. Williams
Chairman of the Board |
| |
Daniel B. Poneman
President and Chief Executive Officer |
|
|
Time and Date:
|
| | 10:00 a.m., Eastern Daylight Time, Tuesday, June 20, 2023 | |
| Place: | | | Online via live webcast. Stockholders may only participate online by logging in at www.virtualshareholdermeeting.com/LEU2023 | |
| Record Date: | | | April 24, 2023 | |
| Voting: | | | Holders of our Class A common stock as of the record date are entitled to vote. Each share of Class A common stock is entitled to one vote for each director nominee and one vote for each of the other proposals to be voted on. | |
| | | |
Board Vote
Recommendation |
|
| Election of seven directors | | |
For
|
|
| | | |
all the director
nominees |
|
| Management proposals | | | | |
|
Advisory vote to advise the Board on the frequency of holding the advisory vote on the Company’s executive compensation
|
| |
1 Year
|
|
|
Advisory vote to approve the Company’s executive compensation
|
| |
For
|
|
|
Vote to approve the Section 382 Rights Agreement, as amended
|
| |
For
|
|
|
Ratification of Deloitte & Touche LLP as auditor for 2023
|
| |
For
|
|
| Transact other business that properly comes before the meeting | | | | |
Name
|
| |
Age
|
| |
Director
Since |
| |
Principal
Occupation |
| |
Independent
|
| |
EC
|
| |
AFC(1)
|
| |
CNGC
|
| |
TCRC
|
|
Mikel H. Williams | | | 66 | | | 2013 | | | Chief Executive Officer, Targus International LLC | | |
X
|
| |
X
|
| |
X
|
| | | | | | |
Kirkland H. Donald
|
| | 69 | | | 2021 | | | Chairman, HII, Inc. | | |
X
|
| | | | |
X
|
| | | | |
X
|
|
Tina W. Jonas | | | 63 | | | 2020 | | | Private Investor | | |
X
|
| |
X
|
| |
X
|
| |
X
|
| | | |
William J. Madia | | | 75 | | | 2008 | | | Vice President emeritus, Stanford University | | | | | |
X
|
| | | | | | | |
X
|
|
Daniel B. Poneman | | | 67 | | | 2015 | | | President and Chief Executive Officer | | | | | |
X
|
| | | | | | | | | |
Bradley J. Sawatzke | | | 64 | | | 2021 | | | Retired Chief Executive Officer, Energy Northwest | | |
X
|
| | | | | | | |
X
|
| |
X
|
|
Neil S. Subin | | | 59 | | | 2017 | | | Chief Investment Officer, MILFAM | | |
X
|
| | | | | | | |
X
|
| | | |
| EC: | | | Executive Committee | |
| AFC: | | | Audit and Finance Committee | |
| CNGC: | | | Compensation, Nominating and Governance Committee | |
| TCRC: | | | Technology, Competition and Regulatory Committee | |
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|
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| |
Mikel H. Williams
|
| |
Director since 2013
Age 66 |
|
|
Mr. Williams has served since 2016 as the CEO and a director of Targus International LLC, a leading global supplier of tech accessories and carrying cases for the mobile working lifestyle.
Mr. Williams formerly served as the CEO and a director of JPS Industries, Inc., a special composite materials manufacturer, from 2013 until its sale in 2015. Prior to that, Mr. Williams was the CEO, President and Director of DDi Corporation, a leading provider of time-critical, technologically advanced electronics manufacturing services, from November 2005 until its sale in May 2012, and a Senior Vice President and Chief Financial Officer (“CFO”) of DDi from November 2004 to October 2005. Mr. Williams has also served in various management positions with several technology related companies in the manufacturing, telecommunications, and professional services industries. Mr. Williams also served on the board of directors of B. Riley Financial, Inc. until its purchase of Targus in October 2022. Mr. Williams formerly served on the board of directors of Tellabs, Inc., until it was sold in 2013; Lightbridge Communications Corp., until it was sold in February 2015; and Iteris, Inc., from 2011 through 2019.
In recommending the election of Mr. Williams, the Board considered the following key competencies: Centrus leadership as current Chairman; CEO and CFO experience; advanced technology and manufacturing experience; and public company experience. Mr. Williams has served as Centrus’ Chairman since September 2014.
|
|
|
![]() |
| |
William J. Madia
|
| |
Director since 2008
Age 75 |
|
|
Dr. Madia is a vice president emeritus at Stanford University where he was responsible for oversight of the SLAC National Accelerator Laboratory, a U.S. Department of Energy (“DOE”) national science lab. Dr. Madia retired from Stanford in October 2019. Dr. Madia is also president of Madia & Associates, Inc., an executive consulting services firm. Dr. Madia retired in 2007 as Executive Vice President of Laboratory Operations of the Battelle Memorial Institute, a non-profit independent research and development organization, where he oversaw the management or co-management of six DOE National Laboratories. Dr. Madia served in that position beginning in 1999. In addition, he was President and CEO of UT-Battelle, LLC, and Laboratory Director at both Pacific Northwest and Oak Ridge National Laboratories. He managed Battelle’s global environmental business, served as President of Battelle Technology International, President and Director of Battelle’s Columbus Laboratories, and Corporate Vice President and General Manager of Battelle’s Project Management Division. He currently serves as a board member at Type 1 Energy, a fusion startup.
In recommending the election of Dr. Madia, the Board considered the following key competencies: science and technology experience, including a Ph.D. in nuclear chemistry; nuclear experience; DOE experience, including the management of six DOE laboratories; and executive and management experience.
|
|
|
![]() |
| |
Daniel B. Poneman
|
| |
Director since 2015
Age 67 |
|
|
Mr. Poneman has been our President and CEO and a director of Centrus since March 23, 2015. From 2009 to 2014, Mr. Poneman was the Deputy Secretary of Energy, also serving as the chief operating officer of the U.S. Department of Energy. Between April 23, 2013 and May 21, 2013, Mr. Poneman served as Acting Secretary of Energy. Prior to assuming his duties as Deputy Secretary, Mr. Poneman served as a principal of the Scowcroft Group for eight years, providing strategic advice to corporations in a variety of strategic industries. In addition, for eight years he practiced law as a partner at Hogan & Hartson and as an associate at Covington & Burling, advising clients on regulatory and policy matters. In prior tours of government, he served as a White House Fellow and as Director of Defense Policy and Arms Control at the National Security Council. From 1993 through 1996 he was Special Assistant to the President and Senior Director for Nonproliferation and Export Controls at the National Security Council. Mr. Poneman is a Senior Fellow at the Belfer Center for Science and International Affairs at the Harvard Kennedy School, a Distinguished Fellow at the Paulson Institute, and a member of the Council on Foreign Relations. He has published four books, most recently Double Jeopardy: Combating Nuclear Terror and Climate Change (MIT Press, 2019). In 2020, he served as commissioner on the National Commission on Grid Resilience.
In recommending the election of Mr. Poneman, the Board considered the following key competencies: current service as Centrus CEO; energy experience; government and contracting experience; and nuclear and defense experience.
|
|
|
![]() |
| |
Neil S. Subin
|
| |
Director since 2017
Age 59 |
|
|
Mr. Subin serves as Chief Investment Officer for MILFAM, a single-family office exclusively managing the assets of the Miller family. Previously, Mr. Subin was the Chairman of Broadbill Investment Partners, LLC, a private investment management firm focused on distressed and special situations investments. Prior to Broadbill, he was the founder and Managing Director of Trendex Capital Management Corp., a private investment advisor focusing primarily on financially distressed companies. Mr. Subin serves on other boards of directors, including those of Alimco Financial Corp. and DynTek Inc. Mr. Subin has held numerous other board seats, including on the boards of directors of Penn Treaty American Corp., PHAZR Inc., FiberTower Corp., Phosphate Holdings, Inc. and Institutional Financial Markets, Inc.
In recommending the election of Mr. Subin, the Board considered the following key competencies: finance experience; and public company experience.
|
|
|
![]() |
| |
Tina W. Jonas
|
| |
Director since 2020
Age 63 |
|
|
Ms. Jonas is an executive with a distinguished career in government and in the private sector. Ms. Jonas is currently an independent consultant and serves on several boards in the defense and aerospace sectors. Prior to becoming an independent consultant, Ms. Jonas served as an executive with UnitedHealth Group, as President of UnitedHealthcare, Military and Veterans, and as Senior Vice President, Operations for Optum, from 2012 to 2014. A recognized expert in military and defense issues, she served more than two decades in government including as Undersecretary of Defense (Chief Financial Officer/Comptroller) for the Department of Defense, from 2004 to 2008. Her corporate experience included serving as a director of operations with United Technologies Corp (NYSE; UTX), Sikorsky Aircraft, from 2008 to 2010.
In recommending the election of Ms. Jonas, the Board considered the following key competencies: financial experience, energy experience; government and contracting experience; and nuclear and defense experience.
|
|
|
![]() |
| |
Kirkland H. Donald
|
| |
Director since 2021
Age 69 |
|
|
Adm. Donald served as a nuclear trained submarine officer for 37 years, ultimately commanding at every level including serving as Commander, Submarine Forces responsible for the staffing, equipping and readiness of a fleet of nearly 75 nuclear powered ships deployed throughout the world, achieving the rank of Admiral. His last assignment in the Navy was a successful eight-year term as the Director, Naval Nuclear Propulsion Program. This is a dual agency program responsible to the United States Departments of Defense and Energy for the safe and effective operation of all nuclear-powered warships and supporting infrastructure and staffing and is recognized worldwide for excellence in reactor safety and reliability. Following retirement in 2013, Admiral Donald joined Systems Planning and Analysis, Inc. of Alexandria, VA and served as President and Chief Executive Officer until 2015. He currently serves on several boards providing expertise in the fields of regulatory compliance, energy, national security, technology risk management, cybersecurity, consequence management, human resources, finance and leadership. His public board service includes:
•
Entergy Corporation (nuclear utility) — Finance Committee and Chairman of the Nuclear Committee.
•
HII, Inc. (naval shipbuilding) — Chairman of the Board, Finance Committee, Cybersecurity Committee.
Additionally, Admiral Donald serves on the following private/non-profit boards:
•
Battelle (technology research and development) — Chairman.
•
CyberCore Technologies (supply chain security solutions).
He also supports the Committee on Foreign Investment in the United States and the Defense Counterintelligence and Security Agency as a Security Monitor for LANXESS Corporation and as an Outside Director and Government Security Committee Member for Rolls-Royce North America and Sauer Compressors USA.
In recommending the election of Admiral Donald, the Board considered the following key competencies: nuclear and defense experience; energy and utility experience; government and contracting experience; public company experience; and executive and management experience.
|
|
|
![]() |
| |
Bradley J. Sawatzke
|
| |
Director since 2021
Age 64 |
|
|
Mr. Sawatzke was appointed CEO of Energy Northwest in April 2018 and retired in June 2021. He previously served as Chief Operating Officer/Chief Nuclear Officer from December 2014 through March 2018, with responsibility for all Energy Northwest generating units. He joined Energy Northwest as Vice President of Nuclear Generation/Chief Nuclear Officer in December 2010. Mr. Sawatzke also serves on the Institute of Nuclear Power Operations Accrediting board and Association of Washington Business Technical board. Mr. Sawatzke holds a Bachelor of Science in Applied Reactor Physics from Winona State University and is a graduate of the Harvard Advanced Management Training Program.
In recommending the election of Mr. Sawatzke the Board considered the following key competencies: nuclear industry experience; energy and utility experience; public company experience; and executive and management experience.
|
|
|
![]() |
| |
Tetsuo Iguchi
|
| |
Director since 2017
Age 56 |
|
|
Mr. Iguchi is Senior Vice President of Government & Industry Relations and General Manager of the Washington D.C. office of Toshiba America, Inc.
Mr. Iguchi previously was assigned to the Overseas Sales and Marketing Department for the Nuclear Division and served as one of the Mount Fuji project team members working for Fukushima Daiichi restoration efforts. In July 2012, he was appointed Assistant General Manager of the Corporate Government & External Relations Division. He transferred to Toshiba America Inc. as Vice President for Government and Industry Relations and Deputy General Manager of the Washington, D.C. office in January 2013 and was Visiting Fellow for the Center for Strategic and International Studies.
|
|
Director
|
| |
Executive
Committee |
| |
Audit and
Finance Committee |
| |
Compensation,
Nominating and Governance Committee |
| |
Technology,
Competition and Regulatory Committee |
|
Kirkland H. Donald
|
| | | | | | | | | | |
X
|
|
W. Thomas Jagodinski
|
| |
X
|
| |
Chair
|
| | | | | | |
Tina W. Jonas
|
| |
X
|
| |
X
|
| |
Chair
|
| | | |
William J. Madia
|
| |
X
|
| | | | | | | |
Chair
|
|
Daniel B. Poneman
|
| |
X
|
| | | | | | | | | |
Bradley J. Sawatzke
|
| | | | | | | |
X
|
| |
X
|
|
Neil S. Subin
|
| | | | | | | |
X
|
| | | |
Mikel H. Williams
|
| |
Chair
|
| |
X
|
| | | | | | |
Number of Meetings in 2022
|
| |
1
|
| |
5
|
| |
9
|
| |
4
|
|
Form of Compensation
|
| |
Amount
|
| |||
Board annual cash retainer(1)
|
| | | $ | 72,000 | | |
Restricted stock unit grant(2)
|
| | | $ | 100,000(5) | | |
Chairman fees(3) | | | | | | | |
Board
|
| | | $ | 100,000 | | |
Audit and Finance Committee
|
| | | $ | 15,000 | | |
CN&G Committee
|
| | | $ | 15,000 | | |
Technology, Competition and Regulatory Committee
|
| | | $ | 50,000 | | |
Committee annual cash retainer(4)
|
| | | $ | 10,000 | | |
Name(1)
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Stock Awards(2) ($)
|
| |
All Other
Compensation(3) ($) |
| |
Total ($)
|
| ||||||||||||
Kirkland H. Donald
|
| | | $ | 92,000 | | | | | $ | 99,987.60 | | | | | | — | | | | | $ | 191,987.60 | | |
W. Thomas Jagodinski
|
| | | $ | 97,000 | | | | | $ | 99,987.60 | | | | | | — | | | | | $ | 196,987.60 | | |
Tina W. Jonas
|
| | | $ | 107,000 | | | | | $ | 99,987.60 | | | | | | — | | | | | $ | 206,987.60 | | |
William J. Madia
|
| | | $ | 142,000 | | | | | $ | 99,987.60 | | | | | $ | 388,000.00 | | | | | $ | 629,987.60 | | |
Bradley J. Sawatzke
|
| | | $ | 92,000 | | | | | $ | 99,987.60 | | | | | | — | | | | | $ | 191,987.60 | | |
Neil S. Subin
|
| | | $ | 82,000 | | | | | $ | 99,987.60 | | | | | | — | | | | | $ | 181,987.60 | | |
Mikel H. Williams
|
| | | $ | 182,000 | | | | | $ | 99,987.60 | | | | | | — | | | | | $ | 281,987.60 | | |
Name
|
| |
Grant Date
|
| |
Number of
Restricted Stock Units |
| |
Grant Date
Fair Value ($) |
| |||||||||
Kirkland H. Donald
|
| | | | 08/05/22 | | | | | | 2,577 | | | | | | 99,987.60 | | |
W. Thomas Jagodinski
|
| | | | 08/05/22 | | | | | | 2,577 | | | | | | 99,987.60 | | |
Tina W. Jonas
|
| | | | 08/05/22 | | | | | | 2,577 | | | | | | 99,987.60 | | |
William J. Madia
|
| | | | 08/05/22 | | | | | | 2,577 | | | | | | 99,987.60 | | |
Bradley J. Sawatzke
|
| | | | 08/05/22 | | | | | | 2,577 | | | | | | 99,987.60 | | |
Neil S. Subin
|
| | | | 08/05/22 | | | | | | 2,577 | | | | | | 99,987.60 | | |
Mikel H. Williams
|
| | | | 08/05/22 | | | | | | 2,577 | | | | | | 99,987.60 | | |
Name
|
| |
Age
|
| |
Position
|
|
Daniel B. Poneman | | |
67
|
| | President and Chief Executive Officer | |
Larry B. Cutlip | | |
63
|
| | Senior Vice President, Field Operations | |
John M.A. Donelson | | |
58
|
| | Senior Vice President and Chief Marketing Officer | |
Kevin J. Harrill | | |
46
|
| | Controller and Chief Accounting Officer | |
Dennis J. Scott | | |
63
|
| | Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary | |
Philip O. Strawbridge | | |
68
|
| | Senior Vice President, Chief Financial Officer, Chief Administrative Officer and Treasurer | |
Name of Beneficial Owners(1)
|
| |
Beneficial
Ownership(2) |
| |
Percentage of
Class A Owned |
| ||||||
Directors and Nominees | | | | | | | | | | | | | |
Mikel H. Williams
|
| | | | 50,022 | | | | | | * | | |
Kirkland H. Donald
|
| | | | 5,363 | | | | | | * | | |
Tetsuo Iguchi
|
| | | | — | | | | | | — | | |
W. Thomas Jagodinski
|
| | | | 50,022 | | | | | | * | | |
Tina W. Jonas
|
| | | | 12,097 | | | | | | * | | |
William J. Madia
|
| | | | 60,022 | | | | | | * | | |
Bradley J. Sawatzke
|
| | | | 5,363 | | | | | | * | | |
Neil S. Subin(3)
|
| | | | 634,667 | | | | | | 4.3% | | |
Daniel B. Poneman
|
| | | | 97,310 | | | | | | * | | |
Named Executive Officers (excluding Mr. Poneman) | | | | | | | | | | | | | |
Philip O. Strawbridge
|
| | | | — | | | | | | * | | |
John M.A. Donelson
|
| | | | 16,073 | | | | | | * | | |
Dennis J. Scott
|
| | | | 1,778 | | | | | | * | | |
Larry B. Cutlip
|
| | | | 14,615 | | | | | | * | | |
Directors and all executive officers as a group (16 persons)
|
| | | | 947,332 | | | | | | 6.4% | | |
Name and Address of Beneficial Owner
|
| |
Amount and
Nature of Beneficial Ownership |
| |
Percent of
Class Owned(1) |
| ||||||
Morris Bawabeh
15 Ocean Avenue Brooklyn, NY 11225 |
| | | | 1,667,776(2) | | | | | | 11.3% | | |
| |
Objective
|
| | |
How We Implement Our Objectives
|
| |
| | Compensation should be aligned with stockholders’ interests. | | | |
•
Strong incentives to maximize long-term value for our stakeholders.
•
Long-term stock ownership by executives and performance incentives provides ongoing alignment.
|
| |
| | Compensation should support our business strategy and objectives. | | | |
•
Reward successful execution of our business plan by linking performance goals directly to our business plan.
•
Stretch performance goals encourage innovation by executives while not encouraging excessive risk-taking.
|
| |
| | Compensation should be structured to pay for performance. | | | |
•
A substantial portion of the total compensation opportunity is variable and dependent upon the individual’s and the Company’s performance.
•
2022 realized compensation was above target opportunity compensation.
|
| |
| | Compensation opportunities should be market competitive. | | | |
•
Compensation and benefits programs are designed to provide competitive compensation relative to the labor markets for our executives while maintaining fiscal responsibility for our stockholders.
•
Target total direct opportunity compensation is intended to approximate the 50th percentile of the market.
•
From time to time, individual executives may be positioned above or below the 50th percentile, as appropriate, based on a combination of factors such as criticality of the role, market demand, individual performance and/or retention risk, among others.
|
| |
| | Compensation and benefits programs should encourage short-term and long-term retention. | | | |
•
Our compensation and benefits programs are intended to encourage retention and reward continuity of service, which is particularly important due to the unique skill sets of our executives.
•
Short-term retention is also important due to the challenges currently facing our business.
|
| |
Company
|
| |
Most Recently
Reported 12-Month Revenues ($M) |
| |
Current
Balance Sheet Assets ($M) |
| |
Capital Intensity
(Assets divided by Revenues) |
| |
6/28/2021
Market Capitalization ($M) |
| ||||||||||||
AAR Corp.
|
| | | $ | 1,631 | | | | | $ | 1,643 | | | | | | 1.0 | | | | | $ | 1,346 | | |
Aerojet Rocketdyne Holdings, Inc.
|
| | | $ | 2,093 | | | | | $ | 2,364 | | | | | | 1.1 | | | | | $ | 3,787 | | |
AeroVironment, Inc.
|
| | | $ | 395 | | | | | $ | 929 | | | | | | 2.4 | | | | | $ | 2,710 | | |
AerSale Corporation
|
| | | $ | 210 | | | | | $ | 400 | | | | | | 1.9 | | | | | $ | 519 | | |
Air Industries Group
|
| | | $ | 50 | | | | | $ | 57 | | | | | | 1.1 | | | | | $ | 40 | | |
Astronics Corporation
|
| | | $ | 451 | | | | | $ | 606 | | | | | | 1.3 | | | | | $ | 525 | | |
BWX Technologies, Inc.
|
| | | $ | 2,110 | | | | | $ | 2,352 | | | | | | 1.1 | | | | | $ | 5,551 | | |
Byrna Technologies Inc.
|
| | | $ | 38 | | | | | $ | 22 | | | | | | 0.6 | | | | | $ | 465 | | |
CPI Aerostructures, Inc.
|
| | | $ | 88 | | | | | $ | 50 | | | | | | 0.6 | | | | | $ | 40 | | |
Curtiss-Wright Corporation
|
| | | $ | 2,387 | | | | | $ | 3,981 | | | | | | 1.7 | | | | | $ | 4,894 | | |
Ducommun Incorporated
|
| | | $ | 613 | | | | | $ | 826 | | | | | | 1.3 | | | | | $ | 637 | | |
Fission Uranium Corp.
|
| | | $ | 0 | | | | | $ | 281 | | | | | | — | | | | | $ | 298 | | |
Fluor Corporation
|
| | | $ | 14,909 | | | | | $ | 7,021 | | | | | | 0.5 | | | | | $ | 2,551 | | |
HEICO Corporation
|
| | | $ | 1,697 | | | | | $ | 3,595 | | | | | | 2.1 | | | | | $ | 17,929 | | |
Hexcel Corporation
|
| | | $ | 1,272 | | | | | $ | 2,894 | | | | | | 2.3 | | | | | $ | 5,190 | | |
Kratos Defense & Security Solutions, Inc.
|
| | | $ | 773 | | | | | $ | 1,565 | | | | | | 2.0 | | | | | $ | 3,381 | | |
Lightbridge Corporation
|
| | | $ | 0 | | | | | $ | 16 | | | | | | — | | | | | $ | 45 | | |
Moog Inc.
|
| | | $ | 2,785 | | | | | $ | 3,406 | | | | | | 1.2 | | | | | $ | 2,738 | | |
NV5 Global, Inc.
|
| | | $ | 647 | | | | | $ | 896 | | | | | | 1.4 | | | | | $ | 1,418 | | |
PAE Incorporated
|
| | | $ | 2,846 | | | | | $ | 1,828 | | | | | | 0.6 | | | | | $ | 823 | | |
Parsons Corporation
|
| | | $ | 3,823 | | | | | $ | 3,865 | | | | | | 1.0 | | | | | $ | 4,085 | | |
RADA Electronic Industries Ltd.
|
| | | $ | 86 | | | | | $ | 170 | | | | | | 2.0 | | | | | $ | 592 | | |
TAT Technologies Ltd.
|
| | | $ | 69 | | | | | $ | 115 | | | | | | 1.7 | | | | | $ | 53 | | |
Uranium Energy Corp.
|
| | | $ | 0 | | | | | $ | 164 | | | | | | — | | | | | $ | 609 | | |
Oriental Non-Ferrous Resources Development Inc.
|
| | | $ | 0 | | | | | $ | 16 | | | | | | — | | | | | $ | 50 | | |
Williams Industrial Services Group
Inc. |
| | | $ | 264 | | | | | $ | 108 | | | | | | 0.4 | | | | | $ | 145 | | |
| |
Compensation Element
|
| | |
Objective
|
| | |
Key Features
|
| |
| | Base Salary | | | |
•
Provides a stable annual income at a level consistent with individual contributions.
|
| | |
•
Reflects individual performance, level of pay relative to the market, internal pay equity and retention considerations.
•
Adjustments are considered annually (or in the event of change in responsibilities).
|
| |
| | Annual Cash Inventive Award | | | |
•
Rewards the achievement of critical annual performance goals aligned with corporate strategic objectives.
|
| | |
•
Performance-based reward tied to achievement of short-term corporate and individual performance.
•
Annual incentives can vary from 0% to 150% of the target amount.
•
Annual performance goals are predetermined.
|
| |
| |
Compensation Element
|
| | |
Objective
|
| | |
Key Features
|
| |
| |
Long Term Incentive Award
|
| | |
•
Aligns NEO’s interests with long-term stockholder interests by linking part of each NEO’s compensation to long-term corporate stock performance, as well as rewarding total stockholder return performance.
•
Provides opportunities for investment in and ownership of the Company, which is designed to promote retention and enable us to attract and motivate our NEOs.
•
Retains NEOs through multi-year vesting.
|
| | |
•
Links value to stock price.
•
Comprised of 100% performance-based RSUs with overlapping three-year performance periods.
•
Vesting subject to achievement of cumulative net income performance threshold.
|
| |
| |
Goal
|
| | |
Targets
|
| | |
Achievement Versus Target
|
| | |
Score for Goal
Category |
| |
| |
1.
Expand market position as an established enrichment supplier: build customer base and increase market share.
(Weight = 35%)
|
| | |
Achieve $230 MM of revenue in the LEU segment with a total gross profit of $115 MM.
|
| | |
Exceeded Target:
•
Achieved $235.6 MM of revenue in the LEU segment.
•
Achieved total gross profit of $130.6 MM.
|
| | |
Overall Goal 1 performance:
129% of target
(weighted average: 45%) |
| |
|
New Business:
Originate $100 MM of SWU business with an average projected cash margin target established by the Committee. |
| | |
Exceeded Target:
•
Originated $302 MM of new SWU business.
•
With an average projected cash margin that exceeded the target.
|
| | |||||||||
| |
2.
Expand business offerings and diversify revenue
(Weight = 25%)
|
| | |
Centrus Technical Solution:
Segment (CTS) — Maintain current HALEU capability by winning the 16-machine operations contract or extending the current contract. |
| | |
Achieved Target:
•
Won the HALEU Operations contract.
|
| | |
Overall Goal 2 performance:
100% of target
(weighted average: 25%) |
| |
| CTS — Measurable steps toward deployment of additional enrichment capacity through finalization of teaming arrangements and responding to any government funding opportunities. | | | |
Partially Achieved Target
|
| | |||||||||
| LEU segment — Make an additional purchase of supply. | | | |
Exceeded Target:
•
Secured two additional sources of supply.
|
| |
| |
Goal
|
| | |
Targets
|
| | |
Achievement Versus Target
|
| | |
Score for Goal
Category |
| |
| |
3.
Achieve financial goals and maintain corporate structure
(Weight = 40%)
|
| | |
Achieve revenue of $290 MM and end of year cash balance of $190 MM (excluding capital raise and balance sheet initiatives).
|
| | |
Exceeded Target:
•
Achieved revenue of $293.8 MM.
•
Achieved end of year cash balance of $212 MM (includes restricted cash).
|
| | |
Overall Goal 2 performance:
80% of target
(weighted average: 41%)
|
| |
| Meet the 2022 net income goal of $65 MM (excluding pension benefit annual evaluation) as specified in the final 2022 budget. | | | |
Exceeded Target:
•
Achieved adjusted net income of $86.3 MM (excludes loss recognized for HALEU Phase 1 of operations contract, additional increase in budget for advanced technology of gain on benefit plans revaluation, and unbudgeted tax provision).
|
| | |||||||||
| Achieve 2022 SG&A target (excluding capital restructuring costs). SG&A target is $33.5 MM. | | | |
Partially Achieved at 70% Level:
•
2022 results of $33.9 MM.
|
| |
Name and Principal Position
|
| |
Fiscal Year
|
| |
Salary(1)(6)
|
| |
Bonus
|
| |
Stock
Awards(2) |
| |
Option
Awards |
| |
Non-Equity
Incentive Plan Compensation(3) |
| |
Change in
Pension Value and Non- Qualified Deferred Compensation Earnings(4) |
| |
All Other
Compensation(5) |
| |
Total
|
| |||||||||||||||||||||||||||
Daniel B. Poneman
President and CEO |
| | | | 2022 | | | | | $ | 750,000 | | | | | | — | | | | | $ | 249,987 | | | | | | — | | | | | $ | 957,375 | | | | | | — | | | | | $ | 96,514 | | | | | $ | 2,053,876 | | |
| | | 2021 | | | | | $ | 750,000 | | | | | | — | | | | | $ | 250,017 | | | | | | — | | | | | $ | 1,019,938 | | | | | | — | | | | | $ | 77,334 | | | | | $ | 2,097,289 | | | ||
| | | 2020 | | | | | $ | 750,000 | | | | | | — | | | | | $ | 285,941 | | | | | | — | | | | | $ | 1,027,575 | | | | | | — | | | | | $ | 76,001 | | | | | $ | 2,139,517 | | | ||
Philip O. Strawbridge
Senior Vice President, Chief Financial Officer, Chief Administrative Officer and Treasurer |
| | | | 2022 | | | | | $ | 607,192 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 980,685 | | | | | | — | | | | | $ | 58,523 | | | | | $ | 1,646,400 | | |
| | | 2021 | | | | | $ | 575,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 727,950 | | | | | | — | | | | | $ | 42,256 | | | | | $ | 1,345,206 | | | ||
| | | 2020 | | | | | $ | 575,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 524,239 | | | | | | — | | | | | $ | 39,949 | | | | | $ | 1,139,188 | | | ||
John M.A. Donelson
Senior Vice President, Sales & Chief Marketing Officer |
| | | | 2022 | | | | | $ | 355,865 | | | | | | — | | | | | $ | 118,624 | | | | | | — | | | | | $ | 272,557 | | | | | | — | | | | | $ | 39,411 | | | | | $ | 786,457 | | |
| | | 2021 | | | | | $ | 355,865 | | | | | | — | | | | | $ | 118,636 | | | | | | — | | | | | $ | 311,246 | | | | | | — | | | | | $ | 27,194 | | | | | $ | 812,941 | | | ||
| | | 2020 | | | | | $ | 355,865 | | | | | | — | | | | | $ | 135,674 | | | | | | — | | | | | $ | 322,399 | | | | | $ | 323,804 | | | | | $ | 26,240 | | | | | $ | 1,163,982 | | | ||
Dennis J. Scott
Senior Vice President, Chief Compliance Officer and Corporate Secretary |
| | | | 2022 | | | | | $ | 290,000 | | | | | | — | | | | | $ | 96,652 | | | | | | — | | | | | $ | 257,520 | | | | | | — | | | | | $ | 41,266 | | | | | $ | 685,438 | | |
Larry B. Cutlip
Senior Vice President, Field Operations |
| | | | 2022 | | | | | $ | 320,000 | | | | | | — | | | | | $ | 106,661 | | | | | | — | | | | | $ | 326,784 | | | | | | — | | | | | $ | 42,409 | | | | | $ | 795,854 | | |
| | | | | | | | |
Estimated future payouts under
non-equity incentive plan awards |
| |
Estimated future payouts under
equity incentive plan awards |
| |
All other
stock awards: Number of shares of stock or units (#) |
| |
All other
option awards: Number of securities underlying options (#) |
| |
Exercise
or base price of option awards ($/Sh) |
| |
Grant date
fair value of stock and option awards(1) |
| ||||||||||||||||||||||||||||||||||||||||||
Name and Principle Position
|
| |
Grant
Dates |
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($)(2) |
| |||||||||||||||||||||||||||||||||||||||||||||
Daniel B. Poneman
President and CEO |
| | | | 02/16/22 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | $ | 249,987 | | | | | | — | | | | | | 7,418 | | | | | | — | | | | | | — | | | | | $ | 249,987 | | |
| | | 03/31/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 249,982 | | | | | | | | | | | | 5,853 | | | | | | | | | | | | | | | | | $ | 249,982 | | | ||
Philip O. Strawbridge
Senior Vice President, Chief Financial Officer, Chief Administrative Officer and Treasurer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
John M.A. Donelson
Senior Vice President, Sales & Chief Marketing Officer |
| | | | 02/16/22 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | $ | 118,624 | | | | | | — | | | | | | 3,520 | | | | | | — | | | | | | — | | | | | $ | 118,624 | | |
| | | 03/31/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 118,606 | | | | | | | | | | | | 2,777 | | | | | | | | | | | | | | | | | $ | 118,606 | | | ||
Dennis J. Scott
Senior Vice President, Chief Compliance Officer and Corporate Secretary |
| | | | 02/16/22 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | $ | 96,652 | | | | | | — | | | | | | 2,868 | | | | | | — | | | | | | — | | | | | $ | 96,652 | | |
| | | 03/31/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 96,653 | | | | | | | | | | | | 2,263 | | | | | | | | | | | | | | | | | $ | 96,653 | | | ||
Larry B. Cutlip
Senior Vice President, Field Operations |
| | | | 02/16/22 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | $ | 106,661 | | | | | | — | | | | | | 3,165 | | | | | | — | | | | | | — | | | | | $ | 106,661 | | |
| | | 03/31/23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 106,647 | | | | | | | | | | | | 2,497 | | | | | | | | | | | | | | | | | $ | 106,647 | | |
| | | | | | | | | | | | | | |
Options
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Exercise
Price ($) |
| |
Options
Expiration Date |
| |
Number
of Shares, Units of Other Rights That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units of Other Rights That Have Not Vested |
| |
Equity
Incentive Plan Market Value of Unearned Shares, Units of Other Rights That Have Not Vested ($)(1) |
| ||||||||||||||||||||||||
Daniel B. Poneman
|
| | | | 96,000 | | | | | | — | | | | | $ | 4.37 | | | | | | 03/26/26 | | | | | | — | | | | | | — | | | | | | 73,519 | | | | | $ | 2,140,413 | | |
Philip O. Strawbridge
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John M.A. Donelson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34,884 | | | | | $ | 1,015,605 | | |
Dennis J. Scott
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,426 | | | | | $ | 827,589 | | |
Larry B. Cutlip
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,107 | | | | | $ | 844,740 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
Name and Principle Position
|
| |
Number of
shares acquired on exercise (#) |
| |
Value
realized on exercise ($) |
| |
Number of
shares acquired on vesting (#) |
| |
Value
realized on vesting ($) |
| ||||||||||||
Daniel B. Poneman
President and CEO |
| | | | 48,000 | | | | | $ | 1,523,515 | | | | | | 39,557 | | | | | $ | 1,333,071 | | |
Philip O. Strawbridge
Senior Vice President, Chief Financial Officer, Chief Administrative Officer and Treasurer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John M.A. Donelson
Senior Vice President, Sales & Chief Marketing Officer |
| | | | — | | | | | | — | | | | | | 18,769 | | | | | $ | 632,515 | | |
Dennis J. Scott
Senior Vice President, Chief Compliance Officer and Corporate Secretary |
| | | | — | | | | | | — | | | | | | 15,295 | | | | | $ | 515,442 | | |
Larry B. Cutlip
Senior Vice President, Field Operations |
| | | | — | | | | | | — | | | | | | 15,295 | | | | | $ | 515,442 | | |
Name and Principle Position
|
| |
Plan name
|
| |
Number of
years credited service (#) |
| |
Present value
of accumulated benefit ($) |
| |
Payments
during last fiscal year ($) |
| |||||||||
Daniel B. Poneman
President and CEO |
| |
N/A
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
Philip O. Strawbridge
Senior Vice President, Chief Financial Officer, Chief Administrative Officer and Treasurer |
| |
N/A
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
John M.A. Donelson
Senior Vice President, Sales & Chief Marketing Officer |
| |
Centrus Pension Plan
|
| | | | 27.3 | | | | | $ | 652,788 | | | | | | — | | |
|
Pension Restoration Plan
|
| | | | 27.3 | | | | | $ | 1,096,304 | | | | | | — | | | ||
Dennis J. Scott
Senior Vice President, Chief Compliance Officer and Corporate Secretary |
| | Centrus Pension Plan | | | | | 28.9 | | | | | $ | 847,343 | | | | | | — | | |
Larry B. Cutlip
Senior Vice President, Field Operations |
| |
Centrus Pension Plan
|
| | | | 41.6 | | | | | $ | 586,456 | | | | | | — | | |
| Enrichment Plan | | | | | 41.6 | | | | | $ | 792,518 | | | | | | — | | |
Name and Principle Position
|
| |
Executive
contributions in last fiscal year ($) |
| |
Registrant
contributions in last fiscal year ($) |
| |
Aggregate
earnings in last fiscal year ($) |
| |
Aggregate
withdrawals/ distributions ($) |
| |
Aggregate
balance at last fiscal year end ($) |
| |||||||||||||||
Daniel B. Poneman
President and CEO |
| | | $ | 37,500.06 | | | | | $ | 31,150.00 | | | | | $ | (771,642) | | | | | $ | — | | | | | $ | 2,699,179 | | |
Philip O. Strawbridge
Senior Vice President, Chief Financial Officer, Chief Administrative Officer and Treasurer |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
John M.A. Donelson
Senior Vice President, Sales & Chief Marketing Officer |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Dennis J. Scott
Senior Vice President, Chief Compliance Officer and Corporate Secretary |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Larry B. Cutlip
Senior Vice President, Field Operations |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Name and Principle Position
|
| |
Voluntary
Termination |
| |
Retirement(1)
|
| |
Involuntary
Not for Cause Termination |
| |
Involuntary
For Cause Termination |
| |
Involuntary
or Good Reason Termination (Change in Control) |
| |
Death or
Disability |
| ||||||||||||||||||
Daniel B. Poneman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance Payments(2)
|
| | | $ | 1,735,954 | | | | | $ | 1,735,954 | | | | | $ | 4,735,954 | | | | | | — | | | | | $ | 4,735,954 | | | | | $ | 1,735,954 | | |
Equity Awards | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retirement Plans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
280G Gross-up | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Continuing Benefits(3)
|
| | | | — | | | | | | — | | | | | $ | 69,032 | | | | | | — | | | | | $ | 69,032 | | | | | | — | | |
Philip O. Strawbridge | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance Payments(2)
|
| | | $ | 589,000 | | | | | $ | 589,000 | | | | | $ | 1,808,960 | | | | | | — | | | | | $ | 3,617,920 | | | | | $ | 589,000 | | |
Equity Awards | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retirement Plans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
280G Gross-up | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Continuing Benefits(3)
|
| | | | — | | | | | | — | | | | | $ | 39,227 | | | | | | — | | | | | $ | 78,454 | | | | | | — | | |
John M.A. Donelson | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance Payments(2)
|
| | | $ | 560,396 | | | | | $ | 560,396 | | | | | $ | 1,129,780 | | | | | | — | | | | | $ | 1,699,164 | | | | | $ | 560,396 | | |
Equity Awards | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retirement Plans
|
| | | $ | 1,901,842 | | | | | $ | 1,901,842 | | | | | $ | 1,901,842 | | | | | $ | 1,901,842 | | | | | $ | 1,901,842 | | | | | $ | 1,048,504 | | |
280G Gross-up | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Continuing Benefits(3)
|
| | | | — | | | | | | — | | | | | $ | 35,322 | | | | | | — | | | | | $ | 70,644 | | | | | | — | | |
Dennis J. Scott | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance Payments(2)
|
| | | $ | 504,085 | | | | | $ | 504,085 | | | | | $ | 1,026,085 | | | | | | — | | | | | $ | 1,548,085 | | | | | $ | 504,396 | | |
Equity Awards | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retirement Plans
|
| | | $ | 847,343 | | | | | $ | 847,343 | | | | | $ | 847,343 | | | | | $ | 847,343 | | | | | $ | 847,343 | | | | | $ | 422,702 | | |
280G Gross-up | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Continuing Benefits(3)
|
| | | | — | | | | | | — | | | | | $ | 41,238 | | | | | | — | | | | | $ | 82,477 | | | | | | — | | |
Larry B. Cutlip | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance Payments(2)
|
| | | $ | 551,279 | | | | | $ | 551,279 | | | | | $ | 1,127,279 | | | | | | — | | | | | $ | 1,703,279 | | | | | $ | 551,279 | | |
Equity Awards | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retirement Plans
|
| | | $ | 1,378,974 | | | | | $ | 1,378,974 | | | | | $ | 1,378,974 | | | | | $ | 1,378,974 | | | | | $ | 1,378,974 | | | | | $ | 716,424 | | |
280G Gross-up | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Continuing Benefits(3)
|
| | | | — | | | | | | — | | | | | $ | 32,591 | | | | | | — | | | | | $ | 65,182 | | | | | | — | | |
Plan Category
|
| |
Column (a) Number of
Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights |
| |
Column (b) for Weighted
Average Exercise Price of Outstanding Options, Warrants and Rights ($) |
| |
Column (c) Number of
Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) |
| |||||||||
Equity compensation plans approved by security holders
|
| | | | 161,519 (1) | | | | | | 7.94 | | | | | | 522,608(2) | | |
Equity compensation plans not approved
by security holders |
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
Total
|
| | | | 161,519 | | | | | | 7.94 | | | | | | 522,608 | | |
Year | | | Summary Compensation Table Total for PEO ($) | | | Compensation Actually Paid to PEO ($)(1) | | | Average Summary Compensation Total from Non-PEO NEOs ($) | | | Average Compensation Actually Paid to Non-PEO NEOs ($) | | | Value of Initial Fixed $100 Investment Based on: | | | Net Income ($) | | | Company- Selected Measure(4) | | |||||||||||||||||||||||||||
| Total Stockholder Return ($)(2) | | | Peer Group Total Stockholder Return ($)(3) | | ||||||||||||||||||||||||||||||||||||||||||||
2022 | | | | $ | 2,053,876 | | | | | $ | 267,187 | | | | | $ | 978,537 | | | | | $ | 354,454 | | | | | $ | 472 | | | | | $ | 104 | | | | | $ | 52 | | | | | $ | 294 | | |
2021 | | | | $ | 2,097,289 | | | | | $ | 4,604,349 | | | | | $ | 1,079,074 | | | | | $ | 2,812,351 | | | | | $ | 725 | | | | | $ | 109 | | | | | $ | 175 | | | | | $ | 298 | | |
2020 | | | | $ | 2,139,517 | | | | | $ | 4,991,181 | | | | | $ | 1,151,585 | | | | | $ | 2,430,721 | | | | | $ | 336 | | | | | $ | 106 | | | | | $ | 54 | | | | | $ | 247 | | |
| | | 2020 | | | 2021 | | | 2022 | | |||||||||||||||||||||||||||
Adjustments | | | PEO | | | Avg. Other NEOs | | | PEO | | | Avg. Other NEOs | | | PEO | | | Avg. Other NEOs | | ||||||||||||||||||
Deduction for amounts reported in the “Stock Awards” and “Option Awards” columns in the SCT for applicable FY | | | | $ | (285,941) | | | | | $ | (67,837) | | | | | $ | (250,017) | | | | | $ | (59,318) | | | | | $ | (249,987) | | | | | $ | (80,484) | | |
Increase in fair value of awards granted during applicable FY that remain unvested as of applicable FY end, determined as of applicable FY end | | | | $ | 1,209,201 | | | | | $ | 286,873 | | | | | $ | 338,449 | | | | | $ | 80,299 | | | | | $ | 240,937 | | | | | $ | 77,570 | | |
Change in fair value of awards granted during prior FY that were outstanding and unvested as of applicable FY end, determined based on change in fair value from prior FY end to applicable FY end | | | | $ | 1,928,404 | | | | | $ | 1,222,003 | | | | | $ | 2,547,584 | | | | | $ | 1,267,891 | | | | | $ | (1,136,420) | | | | | $ | (356,017) | | |
Change in fair value of awards granted during prior FY that vested during applicable FY, determined based on change in fair value from prior FY end to vesting date | | | | $ | — | | | | | $ | — | | | | | $ | (128,956) | | | | | $ | 444,406 | | | | | $ | (641,219) | | | | | $ | (265,152) | | |
Reduction for values reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT for applicable FY | | | | | N/A | | | | | $ | (161,902) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Increase for Service Cost and, if applicable, Prior Service Cost for pension plans | | | | | N/A | | | | | $ | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Total adjustments | | | | $ | 2,851,664 | | | | | $ | 1,279,136 | | | | | $ | 2,507,060 | | | | | $ | 1,733,277 | | | | | $ | (1,786,689) | | | | | $ | (624,083) | | |
Type of Fee
|
| |
Amount Billed
For Year Ended December 31, 2022 |
| |
Amount Billed
For Year Ended December 31, 2021 |
| ||||||
| | |
(In thousands)
|
| |
(In thousands)
|
| ||||||
Audit Fees(1)
|
| | | $ | 1,571 | | | | | $ | 1,465 | | |
Audit-Related Fees
|
| | | | — | | | | | | — | | |
Tax Fees(2)
|
| | | $ | 67 | | | | | $ | 74 | | |
All Other Fees(3)
|
| | | $ | 4 | | | | | $ | 3 | | |
Total
|
| | | $ | 1,643 | | | | | $ | 1,542 | | |
| | | | | A-1 | | | |
| | | | | A-9 | | | |
| | | | | A-9 | | | |
| | | | | A-11 | | | |
| | | | | A-12 | | | |
| | | | | A-12 | | | |
| | | | | A-13 | | | |
| | | | | A-14 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-16 | | | |
| | | | | A-20 | | | |
| | | | | A-20 | | | |
| | | | | A-21 | | | |
| | | | | A-21 | | | |
| | | | | A-22 | | | |
| | | | | A-23 | | | |
| | | | | A-23 | | | |
| | | | | A-23 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | |