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beginning on March 26, 2022, subject to each named executive officer’s continued service relationship with the Company
on each applicable vesting date.
As described in the Compensation Discussion and Analysis under “2021 Compensation
Components—Performance Awards” and “2021 Long-Term
Equity Incentive Compensation Plan,” Performance Units do
not have threshold, target and maximum values as contemplated by SEC rules. Instead, the Company must achieve certain
performance goals for Performance Units to be granted, and the number of Performance Units that actually become earned
at the end of the applicable measurement period may be adjusted prior to the applicable vesting date based on the occurrence
of certain performance-related events.
(2)
In March 2021, immediately vested common stock was awarded under the 2012 Plan with respect to 2020 service to the
Company based on achievement of performance goals under the 2020 LTICP,
2018 LTICP and 2016 LTICP,
as described in
“Compensation Discussion and Analysis—2021 Compensation Components—Equity-Based Compensation” and
“Compensation Discussion and Analysis—2021 Compensation Components—Performance Awards.”
(3)
Of these amounts, 23,667 and 17,370 shares, respectively, were surrendered by Messrs. Cauley and Haas to meet federal
income tax withholding obligations associated with the awards of fully vested shares of common stock.
(4)
Amount represents the aggregate grant date fair value of immediately vested shares of common stock and Performance
Units, as applicable, calculated in accordance with FASB ASC Topic
718 and based on the average market closing price of
our common stock for the 10 day period ending on March 19, 2021.
Narrative Disclosure to Summary Compensation Table
and Grants of Plan-Based Awards
Table
Based on the application of our compensation principles and the Company’s
achievement of performance goals
under each of the 2021 LTICP,
2019
LTICP and
2017
LTICP,
as described in “Compensation Discussion and
Analysis—Compensation Decisions Following Fiscal Year
End—2022
Long-Term Equity-Based
Incentive
Awards,”
the Compensation Committee approved the performance bonuses shown
in the table below for the named
executive officers in March 2022. Because the size of each named
executive officer’s performance bonus (i.e., the
percentage of the relevant bonus pool under each of the 2021 LTICP,
2019 LTICP
and 2017 LTICP
to be granted to
each named executive officer) was unknown until March 2022
such that the awards were not granted to the named
executive officers until March 2022, these awards are not
included in the Summary Compensation Table
or the
Grants of Plan-Based Awards
table above. The table is not a substitute for, and should
be read together with the
Summary Compensation Table,
which presents 2021 named executive officer compensation
in accordance with SEC
disclosure rules and includes additional compensation elements and other
important information.
Supplemental Compensation Table
Performance
Name
Stock Awards
(1)
Unit Awards
(2)
Total
Robert E. Cauley
$
256,037
$
256,037
$
512,074
President and Chief Executive Officer
George H. Haas, IV
$
195,117
$
195,117
$
390,234
Chief Financial Officer
(1)
Amounts represent the grant date fair value of immediately vested shares of common stock calculated in accordance with
FASB ASC Topic
718 granted to each of our named executive officers on March 28, 2022, with respect to 2021 service to
the Company. Messrs. Cauley and Haas were awarded 77,352 and 58,947 shares of common stock, respectively, with a
value of $3.31 per share. Of these amounts, 28,590 and 21,428 shares, respectively, were surrendered by Messrs. Cauley and
Haas to meet federal income tax withholding obligations associated with the awards.
(2)
Amounts represent the grant date fair value of Performance Units calculated in accordance with FASB ASC Topic
718
granted to each of our named executive officers on March 28, 2022, with respect to 2021 service to the Company. Messrs.
Cauley and Haas were awarded 77,352 and 58,947 Performance Units, respectively, with a value of $3.31 per share.
Beginning in 2023, 10% of the Performance Units granted to Messrs. Cauley and Haas in 2022 will vest on the fifth day
prior to the end of the first ten calendar quarters beginning on March 26, 2023, subject to each named executive officer’s
continued service relationship with the Company on each applicable vesting date, and subject to adjustment as described in
the Compensation Discussion and Analysis under “2021 Long-Term Equity Incentive Compensation Plan.”