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| Douglas M. Steenland Chairman of the Board |
| | Gordon A. Wilson President and Chief Executive Officer |
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Proposal
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| |
Board’s Voting Recommendation
|
|
No. 1:
Election of Directors (see page 46)
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| | “FOR” each nominee | |
No. 2:
Appointment of Independent Auditors and Authorization of the Audit Committee to determine the Independent Auditors’ Remuneration (see page 47)
|
| | “FOR” | |
No. 3:
Advisory Approval of the Compensation of our Named Executive Officers (see page 49)
|
| | “FOR” | |
|
Proposal
|
| |
Vote Requirement
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| |
Impact of Abstentions
|
|
| No. 1: Election of Directors | | | Directors are elected by a plurality of the votes cast. The eight nominees receiving the most votes, up to the number of directors to be elected, shall be elected as directors, and an absolute majority of the votes cast shall not be a prerequisite to the election of such directors. | | | Not counted as votes cast “for” or “against” and will have no effect on the outcome | |
| No. 2: Appointment of Independent Auditors and Authorization of the Audit Committee to Determine the Independent Auditors’ Remuneration | | | Majority of the votes cast of the Common Shares present, in person or by proxy, and entitled to vote | | | Not counted as votes cast “for” or “against” and will have no effect on the outcome | |
| No. 3: Advisory Approval of the Compensation of our Named Executive Officers | | | Majority of the votes cast of the Common Shares present, in person or by proxy, and entitled to vote | | | Not counted as votes cast “for” or “against” and will have no effect on the outcome | |
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By Phone
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| |
By Internet
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| |
By Mail
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| |
In Person
|
|
| If you received or requested printed copies of the proxy materials by mail, in the U.S. or Canada, vote by dialing the number on the proxy card/VIF | | | Follow the instructions included on the proxy card/VIF or Notice of Internet Availability | | | If you received or requested printed copies of the proxy materials by mail, vote by marking, dating and signing the proxy card or VIF and returning it promptly in the envelope provided | | | Attend the Meeting and vote in person. If you hold any Common Shares in “street name,” you may not vote in person unless you bring with you a legal proxy from the organization that holds your Common Shares | |
Name
|
| |
Age
|
| |
Position
|
|
Gordon A. Wilson
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| |
51
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| | President and Chief Executive Officer, Director | |
Douglas M. Steenland
|
| |
66
|
| | Chairman of the Board | |
Elizabeth L. Buse
|
| |
57
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| | Director | |
Steven R. Chambers
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| |
59
|
| | Director | |
Michael J. Durham
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| |
67
|
| | Director | |
Scott E. Forbes
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| |
60
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| | Director | |
Douglas A. Hacker
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| |
62
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| | Director | |
John B. Smith
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| |
60
|
| | Director | |
|
Name
|
| |
Age
|
| |
Position
|
|
|
Gordon A. Wilson
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| |
51
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| | President and Chief Executive Officer, Director | |
|
Bernard Bot
|
| |
52
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| | Executive Vice President and Chief Financial Officer | |
|
Stephen Shurrock
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| |
47
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| | Executive Vice President and Chief Commercial Officer | |
|
Matthew Minetola
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| |
55
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| |
Executive Vice President and Global Chief Information Officer
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|
|
Robert Bailey
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| |
53
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| | Executive Vice President and Chief Strategy Officer | |
|
Margaret K. Cassidy
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| |
58
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| | Executive Vice President and General Counsel | |
|
Rosemary Thomson
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| |
49
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| | Executive Vice President and Chief Human Resources Officer | |
What We Do
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| |
What We Don’t Do
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|
✓
Variable compensation. Our executive compensation program is designed so that a significant portion of our executives’ compensation is variable based on the Company’s performance over the long and short-term, and more than half of the compensation opportunity for our executive officers is equity-based in order to properly align the interests of our executive officers and shareholders. We also cap incentive compensation opportunities to manage risk-taking.
✓
Performance-based incentives. We use performance-based annual (cash-based) and long-term (equity) incentives, each with different performance metrics. Performance share units (“PSUs”) typically make up 75% of the grant date value of our annual equity awards.
✓
Multi-year vesting requirements. The equity awards granted to our executive officers vest or are earned over multi-year periods, consistent with current market practice and our retention objectives.
✓
Share ownership policy. Our share ownership policy requirements are five times base salary for our President and CEO, three times base salary for our other Named Executive Officers, and one or two times base salary for other senior executives.
✓
Clawback policy. We have a compensation recovery policy (also referred to as a “clawback” policy) for applicable executives, including our Named Executive Officers.
✓
Independent Compensation Committee consultant. The Compensation Committee has engaged its own compensation consultant to assist with the review and analysis of our executive compensation program. This consultant performs no other consulting or other services for us.
|
| |
X
No tax reimbursements. We do not provide any tax reimbursement payments (including “gross-ups”) on any perquisites, other personal benefits (other than standard relocation benefits) or on any severance or change-in-control payments or benefits.
X
No special health or welfare benefits. Our executive officers participate in broad-based company-sponsored health and welfare benefits programs generally on the same basis as our other full-time employees.
X
Hedging and pledging prohibited. Our insider trading policy prohibits our executive officers and members of our Board of Directors from hedging or pledging any of their Travelport common shares.
X
No stock option repricings. We prohibit the repricing of outstanding options to purchase our common shares without prior shareholder approval.
X
No single trigger vesting upon a change in control. We do not automatically accelerate unvested equity grants upon a change in control, and our award agreements contain a double trigger provision, i.e. require a covered termination following a change in control.
X
No dividends on unvested performance or other share units. We do not pay dividends on PSUs or time-based restricted share units (“RSUs”) before shares are vested.
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|
| |
Compensation Element
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| | |
Description
|
| | |
Connection to Objectives
|
| |
| | Base Salary | | | | A fixed level of compensation for the year; used to define short-term incentive compensation opportunities. | | | |
Provide a competitive baseline of pay.
|
| |
| | Annual Bonus | | | |
The bonus is intended to provide competitive annual performance- based opportunity tied to the achievement of financial metrics, operational performance and strategic initiatives within our annual business plan.
Each executive has a target bonus that is a percentage of base salary, and all of our Named Executive Officers have a target bonus of 100% of base salary (with the exception of Mr. Wilson, our President and CEO, whose target bonus is 150% of base salary).
Actual bonus payments are driven by business performance against financial metrics, operational performance and strategic initiatives, as well as individual performance.
Each executive who is eligible for our annual bonus plan can earn up to 200% of target bonus for over-performance against financial metrics, operational performance and strategic initiatives, once funding targets are achieved.
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| | |
Reward strong short-term business performance achievements.
Vary cash-based compensation based on individual, Company and business results.
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| |
| |
Compensation Element
|
| | |
Description
|
| | |
Connection to Objectives
|
| | | |||
| | Long-Term Incentive Plan (LTIP) | | | |
In 2017, our LTIP mix was:
•
25% in RSUs with time-based vesting over four years; and
•
75% (at target) in PSUs with time and performance-based vesting based on three year cumulative EPS results as compared with an EPS goal, subject to the TSR modifier described below under Long-Term Incentives.
|
| | | Align a significant amount of executive compensation with strong longer-term business performance and share price appreciation such that a significant portion of the grant date value of senior executives’ LTIP awards is dependent upon the Company’s performance, thus aligning shareholder and executive interests. | | | | |||
| | Other Executive Benefits and Perquisites | | | |
We provide for comprehensive benefits to our executives, which are generally consistent with the benefits that are offered to other employees. We offer a limited array of perquisites to our executives.
Our US and UK employees are generally eligible for broader employee benefit plans, such as medical and employee share purchase plans. In addition, our Named Executive Officers are eligible for certain other benefits and perquisites, including:
For both US and UK executives:
•
defined contribution plans (including a 401(k) plan in the US);
•
life insurance, subject to certain limitations; and
•
relocation and related expenses, such as housing benefits (when applicable).
For US executives only:
•
deferred compensation plan.
For UK executives only:
•
cash car allowance per UK market practice;
•
family cover for private medical insurance; and
•
financial planning and tax preparation;
For Mr. Wilson only:
•
cash allowance in lieu of previously-provided company car;
•
travel allowance; and
•
cash contributions in lieu of defined contribution plans due to changes in UK tax rules.
For Ms. Cassidy only:
•
defined benefit pension benefits in our frozen plans.
|
| | |
Balance the desire to maintain limited perquisites with the need to attract and retain highly qualified executives.
Based on UK and US market norms.
|
| | | | | |
|
Elements of Total Compensation(1)
for Chief Executive Officer |
| |
Elements of Total Compensation(1)
for Other Named Executives (Average) |
|
| | Key | | | ||||||
| | Base Salary | | | | $ | 764,501 | | | |
| | Incentive Bonus (Target) | | | | $ | 1,146,752 | | | |
| | Time-Vested RSUs | | | | $ | 1,100,003 | | | |
| | PSUs (Target) | | | | $ | 3,497,996 | | | |
| | Key | | | |||
| | Base Salary | | | $448,438 | | |
| | Incentive Bonus (Target) | | | $448,438 | | |
| | Time-Vested RSUs | | | $290,623 | | |
| | PSUs (Target) | | | $924,188 | | |
| | | | | |
Adjusted Operating
Income: % of Target |
| | |
Bonus Pool
Funded: % of Target |
| | ||||||
| | Adjusted Operating Income: Funding Targets | | | | | | | | | | | | | | | | |
| |
$334 million (Threshold)*
|
| | | | | 95% | | | | | | | 40% | | | |
| |
$351 million (Target)
|
| | | | | 100% | | | | | | | 100% | | | |
| |
$397 million (Stretch)
|
| | | | | 113% | | | | | | | 200% | | | |
| |
Named Executive Officer
|
| | |
Base Salary
(US$)(1) |
| | |
Target Bonus
(%) |
| | |
Bonus Payment
(% of Target) |
| | |
2017 Bonus
(US$) |
| | ||||||||||||
| |
Gordon A. Wilson – President, CEO and Director
|
| | | | $ | 764,501(2) | | | | | | | 150% | | | | | | | 65% | | | | | | $ | 745,389 | | | |
| |
Bernard Bot – EVP and CFO
|
| | | | $ | 521,251(2) | | | | | | | 100% | | | | | | | 65% | | | | | | $ | 338,813 | | | |
| |
Stephen Shurrock – EVP and CCO
|
| | | | $ | 521,251(2) | | | | | | | 100% | | | | | | | 65% | | | | | | $ | 338,813 | | | |
| |
Matthew Minetola – EVP and CIO
|
| | | | $ | 401,250 | | | | | | | 100% | | | | | | | 65% | | | | | | $ | 260,813 | | | |
| |
Margaret K. Cassidy – EVP and GC
|
| | | | $ | 350,000 | | | | | | | 100% | | | | | | | 65% | | | | | | $ | 227,500 | | | |
Name
|
| |
2017 Target
Grant Value(1) |
| |||
Gordon A. Wilson
|
| | | $ | 4,400,000 | | |
Bernard Bot
|
| | | $ | 1,500,000 | | |
Stephen Shurrock
|
| | | $ | 1,500,000 | | |
Matthew Minetola
|
| | | $ | 1,000,000 | | |
Margaret K. Cassidy
|
| | | $ | 650,000(2) | | |
Position
|
| |
Market Value of Shares That Must be Owned
(As a Multiple of Base Salary) |
|
Chief Executive Officer | | |
Five
|
|
Executive Vice Presidents | | |
Three
|
|
Senior Vice Presidents | | |
Two
|
|
Group Vice Presidents | | |
One
|
|
Name and Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus(1)
($) |
| |
Stock
Awards(2)(3)(4)(5) ($) |
| |
Option
Awards(6) ($) |
| |
Non-Equity
Incentive Plan Compensation(7) ($) |
| |
Change in
Pension Value and Non- Qualified Deferred Compensation Earnings ($) |
| |
All Other
Compensation(9) ($) |
| |
Total
($) |
| |||||||||||||||||||||||||||
Gordon A. Wilson
President and Chief Executive Officer(10) |
| | | | 2017 | | | | | | 754,271 | | | | | | 0 | | | | | | 4,597,999 | | | | | | 0 | | | | | | 745,389 | | | | | | 0 | | | | | | 174,575(12) | | | | | | 6,272,234 | | |
| | | 2016 | | | | | | 679,690 | | | | | | 0 | | | | | | 3,074,996 | | | | | | 1,025,000 | | | | | | 876,800 | | | | | | 0 | | | | | | 157,284 | | | | | | 5,813,770 | | | ||
| | | 2015 | | | | | | 810,755 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 2,174,482(8) | | | | | | 0 | | | | | | 180,725 | | | | | | 3,165,962 | | | ||
Bernard Bot
Executive Vice President and Chief Financial Officer(10) |
| | | | 2017 | | | | | | 514,275 | | | | | | 0 | | | | | | 1,567,497 | | | | | | 0 | | | | | | 338,813 | | | | | | 0 | | | | | | 75,826(12) | | | | | | 2,496,411 | | |
| | | 2016 | | | | | | 463,425 | | | | | | 0 | | | | | | 1,523,022 | | | | | | 0 | | | | | | 398,546 | | | | | | 0 | | | | | | 131,411 | | | | | | 2,516,404 | | | ||
Stephen Shurrock
Executive Vice President and Chief Commercial Officer(10) |
| | | | 2017 | | | | | | 514,275 | | | | | | 0 | | | | | | 1,567,497 | | | | | | 0 | | | | | | 338,813 | | | | | | 0 | | | | | | 24,519(12) | | | | | | 2,445,104 | | |
| | | 2016 | | | | | | 460,454 | | | | | | 0 | | | | | | 1,155,623 | | | | | | 378,748 | | | | | | 398,546 | | | | | | 0 | | | | | | 22,908 | | | | | | 2,416,279 | | | ||
Matthew Minetola
Executive Vice President and Chief Information Officer |
| | | | 2017 | | | | | | 385,096 | | | | | | 0 | | | | | | 1,045,011 | | | | | | 0 | | | | | | 260,813 | | | | | | 0 | | | | | | 37,177(12) | | | | | | 1,728,097 | | |
| | | 2016 | | | | | | 375,000 | | | | | | 0 | | | | | | 712,502 | | | | | | 237,502 | | | | | | 322,500 | | | | | | 0 | | | | | | 17,650 | | | | | | 1,665,154 | | | ||
| | | 2015 | | | | | | 375,000 | | | | | | 0 | | | | | | 0 | | | | | | 249,999 | | | | | | 356,250 | | | | | | 0 | | | | | | 120,688 | | | | | | 1,101,937 | | | ||
Margaret K. Cassidy
Executive Vice President and General Counsel |
| | | | 2017 | | | | | | 302,332 | | | | | | 0 | | | | | | 679,239 | | | | | | 0 | | | | | | 227,500 | | | | | | 78,413(11) | | | | | | 33,153(12) | | | | | | 1,320,637 | | |
Name
|
| |
Pension/
401(k) Match ($) |
| |
Supplemental
Cash Pension Allowance ($) |
| |
Travel
Allowance ($) |
| |
Cash Car
Allowance ($) |
| |
Housing
Allowance ($) |
| |
Financial
Planning & Tax Preparation ($) |
| |
Life
Insurance ($) |
| |
Relocation
Benefits ($) |
| |
Deferred
Compensation Match ($) |
| |
Family
Cover – Private Medical Insurance ($) |
| |
Total
($) |
| |||||||||||||||||||||||||||||||||
Gordon A. Wilson,
President and Chief Executive Officer |
| | | | 0 | | | | | | 113,141 | | | | | | 6,764 | | | | | | 43,290 | | | | | | — | | | | | | 6,764 | | | | | | 2,498 | | | | | | — | | | | | | — | | | | | | 2,118 | | | | | | 174,575 | | |
Bernard Bot,
Executive Vice President and Chief Financial Officer |
| | | | 13,546 | | | | | | — | | | | | | — | | | | | | 20,698 | | | | | | 33,409 | | | | | | 2,503 | | | | | | 1,703 | | | | | | 438 | | | | | | — | | | | | | 3,529 | | | | | | 75,826 | | |
Stephen Shurrock,
Executive Vice President and Chief Commercial Officer |
| | | | 0 | | | | | | — | | | | | | — | | | | | | 20,698 | | | | | | — | | | | | | 0 | | | | | | 1,703 | | | | | | — | | | | | | — | | | | | | 2,118 | | | | | | 24,519 | | |
Matthew Minetola,
Executive Vice President and Chief Information Officer |
| | | | 16,200 | | | | | | __ | | | | | | __ | | | | | | __ | | | | | | __ | | | | | | __ | | | | | | 5,328 | | | | | | __ | | | | | | 15,649 | | | | | | __ | | | | | | 37,177 | | |
Margaret K. Cassidy,
Executive Vice President and General Counsel |
| | | | 16,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,303 | | | | | | — | | | | | | 13,650 | | | | | | — | | | | | | 33,153 | | |
| | | | | | | | | | | |
Estimated Potential Payouts
Under Non-Equity Incentive Plan Awards(1) |
| |
Estimated Future Payouts
Under Equity Incentive Plan Awards(2) |
| |
All
Other Stock Awards: Number of Shares of Stock or Units (#) |
| |
Grant
Date Fair Value of Stock(2)(3) ($) |
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
Type of
Award |
| |
Grant
Date |
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| |||||||||||||||||||||||||||||||||
Gordon A. Wilson,
President, Chief Executive Officer and Director |
| |
Non-
Equity Incentive Plan |
| | | | | | | | | | 458,701 | | | | | | 1,146,752 | | | | | | 2,293,503 | | | | | | | | |||||||||||||||||||||||||
| RSUs(4) | | | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 89,943 | | | | | | 1,100,003 | | | ||
|
PSUs (5)
|
| | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | 134,914 | | | | | | 269,828 | | | | | | 539,656 | | | | | | | | | | | | 3,497,996 | | | ||
Bernard Bot,
Executive Vice President and Chief Financial Officer |
| |
Non-
Equity Incentive Plan |
| | | | | | | | | | 208,500 | | | | | | 521,251 | | | | | | 1,042,502 | | | | | | | | |||||||||||||||||||||||||
| RSUs(4) | | | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,662 | | | | | | 374,996 | | | ||
| PSUs(5) | | | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | 45,994 | | | | | | 91,987 | | | | | | 183,974 | | | | | | | | | | | | 1,192,501 | | | ||
Stephen Shurrock,
Executive Vice President and Chief Commercial Officer |
| |
Non-
Equity Incentive Plan |
| | | | | | | | | | 208,500 | | | | | | 521,251 | | | | | | 1,042,502 | | | | | | | | |||||||||||||||||||||||||
| RSUs(4) | | | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,662 | | | | | | 374,996 | | | ||
| PSUs(5) | | | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | 45,994 | | | | | | 91,987 | | | | | | 183,974 | | | | | | | | | | | | 1,192,501 | | | ||
Matthew Minetola,
Executive Vice President and Chief Information Officer |
| |
Non-
Equity Incentive Plan |
| | | | | | | | | | 160,500 | | | | | | 401,250 | | | | | | 802,500 | | | | | | | | |||||||||||||||||||||||||
| RSUs(4) | | | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,442 | | | | | | 250,006 | | | ||
| PSUs(5) | | | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | 30,663 | | | | | | 61,325 | | | | | | 122,650 | | | | | | | | | | | | 795,005 | | | ||
Margaret K. Cassidy,
Executive Vice President and General Counsel |
| |
Non-
Equity Incentive Plan |
| | | | | | | | | | 140,000 | | | | | | 350,000 | | | | | | 700,000 | | | | | | | | |||||||||||||||||||||||||
| RSUs(4) | | | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,132 | | | | | | 74,994 | | | ||
| PSUs(5) | | | | | 3/15/17 | | | | | | | | | | | | | | | | | | | | | | | | 9,199 | | | | | | 18,397 | | | | | | 36,794 | | | | | | | | | | | | 238,495 | | | ||
| RSUs(4) | | | | | 7/1/17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,359 | | | | | | 87,500 | | | ||
| PSUs(5) | | | | | 7/1/17 | | | | | | | | | | | | | | | | | | | | | | | | 9,539 | | | | | | 19,077 | | | | | | 38,154 | | | | | | | | | | | | 278,249 | | |
| | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Type of Award
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock that have not Vested (#) |
| |
Market
Value of Shares or Units of Stock that have not Vested ($)(4) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have not Vested (#)(5) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that have not Vested ($)(4) |
| ||||||||||||||||||||||||
Gordon A. Wilson
President, Chief Executive Officer and Director |
| |
2014 RSUs(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,187 | | | | | | 224,634 | | | | | ||||||||||
| 2014 Options(3) | | | | | 128,907 | | | | | | 42,968 | | | | | | 16.00 | | | | | | 9/25/24 | | | | | | | ||||||||||||||||||||||
| 2016 RSUs(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 58,106 | | | | | | 759,445 | | | | | ||||||||||||
| 2016 PSUs(2)(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 309,902 | | | | | | 4,050,419 | | | ||
| 2016 Options(3) | | | | | 63,744 | | | | | | 191,231 | | | | | | 13.23 | | | | | | 3/15/26 | | | | | | | ||||||||||||||||||||||
| 2017 RSUs(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 89,943 | | | | | | 1,175,555 | | | | | ||||||||||||
|
2017 PSUs(2)(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 539,656 | | | | | | 7,053,304 | | | ||
Bernard Bot Executive Vice President and Chief Financial Officer
|
| |
2016 RSUs(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 34,884 | | | | | | 455,934 | | | | | ||||||||||
| 2016 PSUs(2)(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 139,534 | | | | | | 1,823,709 | | | ||
| 2017 RSUs(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,662 | | | | | | 400,752 | | | | | ||||||||||||
|
2017 PSUs(2)(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 183,974 | | | | | | 2,404,540 | | | ||
Stephen Shurrock
Executive Vice President and Chief Commercial Officer |
| |
2016 RSUs(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,020 | | | | | | 287,801 | | | | | ||||||||||
| 2016 PSUs(2)(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 117,442 | | | | | | 1,534,967 | | | ||
| 2016 Options(3) | | | | | 21,668 | | | | | | 65,002 | | | | | | 12.90 | | | | | | 1/4/26 | | | | | | | ||||||||||||||||||||||
| 2017 RSUs(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,662 | | | | | | 400,752 | | | | | ||||||||||||
|
2017 PSUs(2)(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 183,974 | | | | | | 2,404,540 | | | ||
Matthew Minetola
Executive Vice President and Chief Information Officer |
| |
2014 RSUs(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,602 | | | | | | 47,078 | | | | | ||||||||||
| 2014 Options(3) | | | | | 27,018 | | | | | | 9,005 | | | | | | 17.35 | | | | | | 12/1/24 | | | | | | | ||||||||||||||||||||||
| 2015 Options(3) | | | | | 7,233 | | | | | | 27,233 | | | | | | 13.15 | | | | | | 9/8/25 | | | | | | | ||||||||||||||||||||||
| 2016 RSUs(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,464 | | | | | | 175,974 | | | | | ||||||||||||
| 2016 PSUs(2)(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 71,806 | | | | | | 938,504 | | | ||
| 2016 Options(3) | | | | | 14,770 | | | | | | 44,310 | | | | | | 13.23 | | | | | | 3/15/26 | | | | | | | ||||||||||||||||||||||
| 2017 RSUs(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,442 | | | | | | 267,177 | | | | | ||||||||||||
|
2017 PSUs(2)(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 122,650 | | | | | | 1,603,036 | | | ||
Margaret K. Cassidy
Executive Vice President and General Counsel |
| |
2014 RSUs(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,367 | | | | | | 17,867 | | | | | ||||||||||
| 2014 Options(3) | | | | | 10,254 | | | | | | 3,418 | | | | | | 16.00 | | | | | | 9/25/24 | | | | | | | ||||||||||||||||||||||
| 2016 RSUs(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,252 | | | | | | 55,574 | | | | | ||||||||||||
| 2016 PSUs(2)(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,676 | | | | | | 296,375 | | | ||
| 2016 Options(3) | | | | | 4,664 | | | | | | 13,993 | | | | | | 13.23 | | | | | | 3/15/26 | | | | | | | ||||||||||||||||||||||
|
2017 RSUs – April(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,132 | | | | | | 80,145 | | | | | ||||||||||||
|
2017 PSUs – April(2)(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 36,794 | | | | | | 480,898 | | | ||
| 2017 RSUs – July(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,359 | | | | | | 83,112 | | | | | ||||||||||||
|
2017 PSUs – July(2)(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 38,154 | | | | | | 498,673 | | |
| | |
Stock Awards
|
| |||||||||
Name
|
| |
Number of
Shares Acquired on Vesting (#) |
| |
Value Realized
On Vesting ($) |
| ||||||
Gordon A. Wilson
President, Chief Executive Officer and Director |
| | | | 311,557 | | | | | | 4,835,308 | | |
Bernard Bot
Executive Vice President and Chief Commercial Officer |
| | | | 11,628 | | | | | | 166,862 | | |
Stephen Shurrock
Executive Vice President and Chief Commercial Officer |
| | | | 7,340 | | | | | | 105,329 | | |
Matthew Minetola
Executive Vice President and Chief Information Officer |
| | | | 65,727 | | | | | | 1,018,777 | | |
Margaret K. Cassidy
Executive Vice President and General Counsel |
| | | | 24,661 | | | | | | 383,108 | | |
|
Name
|
| |
Plan Name
|
| |
Number of Years
Credited Service (#) |
| |
Present Value of
Accumulated Benefit ($) |
| |
Payments During Last
Fiscal Year ($) |
| |||||||||
|
Margaret K. Cassidy,
Executive Vice President and General Counsel |
| | Galileo & Worldspan U.S. Legacy Pension Plan |
| | | | 12.000(1) | | | | | | 496,903(3) | | | | | | 0 | | |
|
Margaret K. Cassidy,
Executive Vice President and General Counsel |
| | Galileo & Worldspan U.S. Legacy Restoration Plan |
| | | | 15.000(2) | | | | | | 218,032(2)(3) | | | | | | 0 | | |
Name
|
| |
Beginning
Balance at Prior Fiscal Year (“FY”) End (“FYE”) (12/31/2016) ($) |
| |
Executive
Contributions in Last FY ($) |
| |
Company
Contributions in Last FY ($) |
| |
Aggregate
Earnings in Last FY ($) |
| |
Aggregate
Withdrawals/ Distributions ($) |
| |
Aggregate
Balance at Last FYE (12/31/2017) ($) |
| ||||||||||||||||||
Matthew Minetola,
Executive Vice President and Chief Information Officer |
| | | | 4,827 | | | | | | 0 | | | | | | 0 | | | | | | 946 | | | | | | 0 | | | | | | 5,773 | | |
Margaret K. Cassidy,
Executive Vice President and General Counsel |
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Current
|
| |
Cash
Severance Payment ($) |
| |
Continuation of
Certain Benefits (Present Value) ($) |
| |
Acceleration and
Continuation of Equity(1) ($) |
| |
Total
Termination Benefits ($) |
| ||||||||||||
Gordon A. Wilson | | | | | | ||||||||||||||||||||
Voluntary retirement
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary termination
|
| | | | 3,822,506 | | | | | | 0 | | | | | | 6,470,944 | | | | | | 10,293,450 | | |
Change in Control (CIC)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary or good reason termination after CIC
|
| | | | 3,822,506 | | | | | | 0 | | | | | | 7,711,497 | | | | | | 11,534,003 | | |
Bernard Bot | | | | | | ||||||||||||||||||||
Voluntary retirement
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary termination
|
| | | | 0 | | | | | | 0 | | | | | | 2,639,055 | | | | | | 2,639,055 | | |
Change in Control (CIC)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary or good reason termination after CIC
|
| | | | 0 | | | | | | 0 | | | | | | 2,970,811 | | | | | | 2,970,811 | | |
Current
|
| |
Cash
Severance Payment ($) |
| |
Continuation of
Certain Benefits (Present Value) ($) |
| |
Acceleration and
Continuation of Equity(1) ($) |
| |
Total
Termination Benefits ($) |
| ||||||||||||
Stephen Shurrock | | | | | | ||||||||||||||||||||
Voluntary retirement
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary termination
|
| | | | 0 | | | | | | 0 | | | | | | 2,308,879 | | | | | | 2,308,879 | | |
Change in Control (CIC)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary or good reason termination after CIC
|
| | | | 0 | | | | | | 0 | | | | | | 2,669,357 | | | | | | 2,669,357 | | |
Mathew Minetola | | | | | | ||||||||||||||||||||
Voluntary retirement
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary termination
|
| | | | 802,500 | | | | | | 18,000 | | | | | | 1,482,648 | | | | | | 2,303,148 | | |
Change in Control (CIC)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary or good reason termination after CIC
|
| | | | 802,500 | | | | | | 18,000 | | | | | | 1,761,000 | | | | | | 2,581,500 | | |
Margaret K. Cassidy | | | | | | ||||||||||||||||||||
Voluntary retirement
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary termination
|
| | | | 700,000 | | | | | | 20,501 | | | | | | 159,990 | | | | | | 880,491 | | |
Change in Control (CIC)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Involuntary or good reason termination after CIC
|
| | | | 700,000 | | | | | | 20,501 | | | | | | 874,632 | | | | | | 1,595,133 | | |
Name
|
| |
Fees Earned or
Paid in Cash(1) ($) |
| |
Stock Awards(2)
($) |
| |
Total
($) |
| |||||||||
Douglas M. Steenland, Chairman
|
| | | | 150,000 | | | | | | 325,000 | | | | | | 475,000 | | |
Elizabeth L. Buse, Director
|
| | | | 218,000(3) | | | | | | 125,000 | | | | | | 343,000 | | |
Douglas A. Hacker, Director
|
| | | | 105,000 | | | | | | 125,000 | | | | | | 230,000 | | |
Michael J. Durham, Director
|
| | | | 100,000 | | | | | | 125,000 | | | | | | 225,000 | | |
Steven R. Chambers, Director
|
| | | | 85,000 | | | | | | 125,000 | | | | | | 210,000 | | |
Scott E. Forbes, Director
|
| | | | 85,000 | | | | | | 125,000 | | | | | | 210,000 | | |
John B. Smith, Director
|
| | | | 70,708(4) | | | | | | 125,000 | | | | | | 195,708 | | |
| |
Based on this information, for 2017, the ratio of the annual total compensation of Mr. Wilson, our President and Chief Executive Officer, to the annual total compensation of the median employee was 75 to 1.
|
| |
Name and Address of Beneficial Owner
|
| |
Number of Common Shares
Beneficially Owned |
| |
Percentage of Common Shares
Beneficially Owned |
| ||||||
BlackRock, Inc.(1)
|
| | | | 15,870,875 | | | | | | 12.59% | | |
Elliott Associates, L.P. and affiliated entities(2)
|
| | | | 8,042,484 | | | | | | 6.38% | | |
Gordon A. Wilson(3)
|
| | | | 1,150,831 | | | | | | * | | |
Bernard Bot
|
| | | | 23,286 | | | | | | * | | |
Matthew Minetola(4)
|
| | | | 117,192 | | | | | | * | | |
Stephen Shurrock(5)
|
| | | | 55,177 | | | | | | * | | |
Robert Bailey
|
| | | | — | | | | | | * | | |
Margaret Cassidy(6)
|
| | | | 41,476 | | | | | | * | | |
Rosemary Thomson(7)
|
| | | | 9,849 | | | | | | * | | |
Douglas M. Steenland(8)
|
| | | | 91,005 | | | | | | * | | |
Elizabeth L. Buse(9)
|
| | | | 35,002 | | | | | | * | | |
Steven R. Chambers(10)
|
| | | | 23,384 | | | | | | * | | |
Michael J. Durham(11)
|
| | | | 45,002 | | | | | | * | | |
Scott E. Forbes(12)
|
| | | | 14,136 | | | | | | * | | |
Douglas A. Hacker(13)
|
| | | | 50,627 | | | | | | * | | |
John B. Smith(14)
|
| | | | 9,178 | | | | | | * | | |
All directors and executive officers as a group (14 individuals)
|
| | | | 1,666,145 | | | | | | 1.32% | | |
Plan Category
|
| |
Number of Securities to
be Issued Upon Exercise of Outstanding Options, Warrants, Rights and Restricted Share Units |
| |
Weighted-Average
Exercise Price of Outstanding Options, Warrants and Rights (Excluding Restricted Share Units) ($) |
| |
Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in First Column)(c) |
| |||||||||
Equity compensation plans approved by security holders(a)
|
| | | | 5,889,106 | | | | | $ | 13.944 | | | | | | 7,428,577 | | |
Equity compensation plans not approved by
security holders(b) |
| | | | 764,088 | | | | | $ | 12.044 | | | | | | 2,276,298 | | |
Total
|
| | | | 6,653,194 | | | | | $ | 13.508 | | | | | | 9,704,875 | | |
| Options | | | | | 1,800,978 | | |
|
RSUs
|
| | | | 1,424,051 | | |
| PSUs | | | | | 2,664,077 | | |
|
Total
|
| | | | 5,889,106 | | |
|
|
Options
|
| | | | 538,589 | | |
| RSUs | | | | | 45,957 | | |
|
PSUs
|
| | | | 11,290 | | |
|
Total
|
| | | | 595,836 | | |
|
| RSUs | | | | | 80,068 | | |
|
PSUs
|
| | | | 88,184 | | |
| Total | | | | | 168,252 | | |
|
| | |
Year Ended
December 31, |
| | |||||||||||||||||
(in $ thousands)
|
| |
2017
|
| |
2016
|
| |
2015
|
| | |||||||||||
Net income
|
| | | $ | 140,280 | | | | | $ | 15,046 | | | | | $ | 20,210 | | | | ||
Adjustments: | | | | | | |||||||||||||||||
Amortization of acquired intangible assets
|
| | | | 40,854 | | | | | | 47,095 | | | | | | 71,567 | | | | ||
Gain on sale of a subsidiary
|
| | | | (1,217) | | | | | | — | | | | | | — | | | | ||
Loss on early extinguishment of debt
|
| | | | 5,366 | | | | | | 4,333 | | | | | | — | | | | ||
Equity-based compensation and related taxes
|
| | | | 34,739 | | | | | | 31,788 | | | | | | 28,875 | | | | ||
Corporate and restructuring costs
|
| | | | 24,998 | | | | | | 38,772 | | | | | | 19,226 | | | | ||
Impairment of long-lived assets
|
| | | | 1,763 | | | | | | 11,152 | | | | | | — | | | | ||
Income from discontinued operations
|
| | | | (2,007) | | | | | | — | | | | | | — | | | | ||
Share of losses in equity method investments
|
| | | | — | | | | | | — | | | | | | 671 | | | | | |
Gain on sale of shares of Orbitz Worldwide
|
| | | | — | | | | | | — | | | | | | (6,271) | | | | ||
Other – non cash
|
| | | | (42,401) | | | | | | 17,646 | | | | | | (13,527) | | | | ||
Tax impact of adjustments and U.S. Tax Reforms
|
| | | | (21,201) | | | | | | (11,338) | | | | | | 1,594 | | | | ||
Adjusted Net Income
|
| | | | 181,174 | | | | | | 154,494 | | | | | | 122,345 | | | | ||
Adjustments: | | | | | | |||||||||||||||||
Interest expense, net
|
| | | | 117,001 | | | | | | 145,313 | | | | | | 157,442 | | | | ||
Remaining provision for income taxes
|
| | | | 53,431 | | | | | | 41,091 | | | | | | 25,532 | | | | ||
Adjusted Operating Income
|
| | | | 351,606 | | | | | | 340,898 | | | | | | 305,319 | | | | ||
Adjustments: | | | | | | |||||||||||||||||
Depreciation and amortization of property and equipment
|
| | | | 163,756 | | | | | | 162,314 | | | | | | 162,661 | | | | ||
Amortization of customer loyalty payments
|
| | | | 74,651 | | | | | | 71,137 | | | | | | 67,047 | | | | ||
Adjusted EBITDA
|
| | | $ | 590,013 | | | | | $ | 574,349 | | | | | $ | 535,027 | | | | ||
|
| | |
Year Ended
December 31, |
| |||||||||||||||
(in $)
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Income per share – diluted
|
| | | $ | 1.13 | | | | | $ | 0.13 | | | | | $ | 0.13 | | |
Per share adjustments to net income to determine Adjusted Income per Share – diluted
|
| | | | 0.31 | | | | | | 1.10 | | | | | | 0.87 | | |
Adjusted Income per Share – diluted
|
| | | $ | 1.44 | | | | | $ | 1.23 | | | | | $ | 1.00 | | |
|
| | |
Year ended
December 31, |
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Net cash provided by operating activities
|
| | | $ | 317,662 | | | | | $ | 299,019 | | | | | $ | 262,223 | | |
Less: capital expenditures on property and equipment additions
|
| | | | (117,514) | | | | | | (107,460) | | | | | | (106,095) | | |
Free Cash Flow
|
| | | $ | 200,148 | | | | | $ | 191,559 | | | | | $ | 156,128 | | |
|
(in $ thousands)
|
| |
December 31, 2017
|
| |
December 31, 2016
|
| ||||||
Current portion of long-term debt
|
| | | $ | 64,291 | | | | | $ | 63,558 | | |
Non-current portion of long-term debt
|
| | | | 2,165,722 | | | | | | 2,281,210 | | |
Total debt
|
| | | | 2,230,013 | | | | | | 2,344,768 | | |
Less: Cash and cash equivalents
|
| | | | (122,039) | | | | | | (139,938) | | |
Net Debt
|
| | | $ | 2,107,974 | | | | | $ | 2,204,830 | | |
|
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