0001709682 2022-01-01 2022-12-31 0001709682 2021-01-01 2021-12-31 0001709682 ecd:PeoMember 2022-01-01 2022-12-31 0001709682 ecd:PeoMember 2021-01-01 2021-12-31 0001709682 ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0001709682 ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0001709682 ctos:StockAwardsAdjustmentsMember ecd:PeoMember 2022-01-01 2022-12-31 0001709682 ctos:StockAwardsAdjustmentsMember ecd:PeoMember 2021-01-01 2021-12-31 0001709682 ctos:EquityAwardsGrantedDuringYearUnvestedMember ecd:PeoMember 2022-01-01 2022-12-31 0001709682 ctos:EquityAwardsGrantedDuringYearUnvestedMember ecd:PeoMember 2021-01-01 2021-12-31 0001709682 ctos:EquityAwardsGrantedInPriorYearsUnvestedMember ecd:PeoMember 2022-01-01 2022-12-31 0001709682 ctos:EquityAwardsGrantedInPriorYearsUnvestedMember ecd:PeoMember 2021-01-01 2021-12-31 0001709682 ctos:EquityAwardsGrantedInPriorYearsVestedMember ecd:PeoMember 2022-01-01 2022-12-31 0001709682 ctos:EquityAwardsGrantedInPriorYearsVestedMember ecd:PeoMember 2021-01-01 2021-12-31 0001709682 ctos:EquityAwardsModifiedDuringYearMember ecd:PeoMember 2022-01-01 2022-12-31 0001709682 ctos:EquityAwardsModifiedDuringYearMember ecd:PeoMember 2021-01-01 2021-12-31 0001709682 ctos:StockAwardsAdjustmentsMember ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0001709682 ctos:StockAwardsAdjustmentsMember ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0001709682 ctos:EquityAwardsGrantedDuringYearUnvestedMember ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0001709682 ctos:EquityAwardsGrantedDuringYearUnvestedMember ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0001709682 ctos:EquityAwardsGrantedInPriorYearsUnvestedMember ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0001709682 ctos:EquityAwardsGrantedInPriorYearsUnvestedMember ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0001709682 ctos:EquityAwardsGrantedInPriorYearsVestedMember ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0001709682 ctos:EquityAwardsGrantedInPriorYearsVestedMember ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0001709682 ctos:EquityAwardsThatFailedToMeetVestingConditionsMember ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0001709682 ctos:EquityAwardsThatFailedToMeetVestingConditionsMember ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0001709682 ctos:EquityAwardsModifiedDuringYearMember ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0001709682 ctos:EquityAwardsModifiedDuringYearMember ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0001709682 1 2022-01-01 2022-12-31 0001709682 2 2022-01-01 2022-12-31 0001709682 3 2022-01-01 2022-12-31 iso4217:USD pure 0001709682 DEF 14A false Custom Truck One Source, Inc. As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for each of the last two completed fiscal years. In determining the "compensation actually paid" to our NEOs, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values reported in our Summary Compensation Table, as well as the adjusted values required in this section for the 2021 and 2022 fiscal years.The assumptions used in calculating the fair value of unvested stock-based awards as of December 31 of each year (or the vest date, if earlier) were consistent with those used to calculate the grant date fair value. The amounts shown do not constitute a promise or commitment by the Company to pay and final outcomes are likely to differ.For our NEOs, 100% of their bonus opportunity for 2022 was based on Company ("corporate") Adjusted EBITDA for 2022.Gross Profit is the performance measure used to evaluate the Company’s operating segment performance. For additional information, see Note 21 to our audited consolidated financial statements included in our 2022 Annual Report on Form 10-K. <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:6.502%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.455%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:0 1pt"/><td colspan="3" style="background-color:#6d6d6d;padding:0 1pt"/><td colspan="3" style="background-color:#6d6d6d;padding:0 1pt"/><td colspan="3" style="background-color:#6d6d6d;padding:0 1pt"/><td colspan="3" style="background-color:#6d6d6d;padding:0 1pt"/><td colspan="6" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Value of Initial Fixed $100 Investment Based On:</span></td><td colspan="3" style="background-color:#6d6d6d;padding:0 1pt"/><td colspan="3" style="background-color:#6d6d6d;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Year</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Summary Compensation Table Total for PEO</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Compensation Actually Paid to PEO</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)(2)(3)</span></div></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Average Summary Compensation Table Total for Non-PEO NEOs</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Average Compensation Actually Paid to Non-PEO NEOs</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)(3)</span></div></td><td colspan="3" style="background-color:#6d6d6d;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Company<br/>Total<br/>Shareholder<br/>Return</span></td><td colspan="3" style="background-color:#6d6d6d;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Peer Group</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Shareholder</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Return</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</span></div></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net Income (Loss)<br/>($ in millions)</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjusted EBITDA</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(5)</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">($ in millions)</span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2022</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$4,261,163</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$3,142,037</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$2,134,747</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1,445,764</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$85.75</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$114.07</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$38.9</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$393.0</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2021</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$6,447,451</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$5,441,201</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$4,009,465</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$2,510,468</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$108.55</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$125.90</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$(181.5)</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$277.3</span></td></tr></table> 4261163 3142037 2134747 1445764 85.75 114.07 38900000 393000000.0 6447451 5441201 4009465 2510468 108.55 125.90 -181500000 277300000 Fred Ross ("CEO") served as the principal executive officer ("PEO") for each year shown. Fred Ross Compensation Actually Paid ("CAP") is an amount calculated using a formula prescribed by the SEC based on total compensation as disclosed in the <span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i905fa9f4c0e54693b6162210d7683c81_3639" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">"Summary Compensation Table"</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> ("SCT") on page </span><span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i905fa9f4c0e54693b6162210d7683c81_3639" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">41</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, with specified adjustments for pensions (if applicable) and stock-based compensation. To calculate CAP, the following amounts were deducted from and added to SCT total compensation:</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:33.453%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.715%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.715%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:20.717%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEO SCT Total to CAP Reconciliation:</span></td></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SCT Total</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(i)</span></div></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net Adjustments to SCT Total</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(ii) (iii)</span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CAP</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2022</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$4,261,163</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,119,126)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$3,142,037</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2021</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$6,447,451</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,006,250)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$5,441,201</span></td></tr></table></div><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:33.453%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.715%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.715%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:20.717%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Non-PEO NEOs SCT Total to CAP Reconciliation:</span></td></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SCT Total</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(i)</span></div></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net Adjustments to SCT Total</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(ii) (iii)</span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CAP</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2022</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$2,134,747</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(688,983)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$1,445,764</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2021</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$4,009,465</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,498,997)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$2,510,468</span></td></tr></table></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(i) Reflects "Total Compensation" reported in the SCT for each year shown.</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(ii) Includes the grant date fair value of equity-based awards granted in each year as reflected in the SCT.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(iii) Includes the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. Fair value or change in fair value, as applicable, of equity awards was determined by reference to (i) for RSUs, the closing price per share on the applicable year-end dates or, in the case of vesting dates, the closing price per share on the applicable vesting dates; (ii) for PSUs (excluding any market-based awards), the same valuation methodology as RSU awards except that the year-end values are multiplied by the probability of achievement of the applicable performance objective as of the applicable date; and, (iii) for market-based awards, the fair value is calculated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon historical volatility (based on the weighted-average combination of the Company’s historic volatility and of the implied volatility of a group of the Company’s peers), risk-free rates of return, and correlation matrix. Please refer to the section </span><span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i22d3a7a3261e47ebb69f962660278fe7_14069" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">"Accounting for Share-Based Compensation"</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> in the CD&amp;A on page </span><span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i22d3a7a3261e47ebb69f962660278fe7_14069" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">38</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> for additional information. The equity components of CAP for each fiscal year are further detailed in the supplemental tables below. No adjustments for pensions are required as the Company does not have a defined-benefit plan.</span></div><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:73.973%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.363%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.364%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustments to Determine Compensation "Actually Paid" for CEO</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2022</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2021</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deduction for amounts reported under the "Stock Awards" column in the SCT</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(2,959,250)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(5,440,750)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase for fair value of awards granted during year that remain unvested as of year-end</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,836,750</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,434,500</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,134,438)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18,813)</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase based upon incremental fair value of awards modified during year</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">156,625</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total adjustments</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,119,126)</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,006,250)</span></td></tr></table></div><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:73.973%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.363%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.364%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustments to Determine Average Compensation "Actually Paid" for Non-CEO NEOs</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2022</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2021</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deduction for amounts reported under the "Stock Awards" column in the SCT</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,441,642)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(3,400,469)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase for fair value of awards granted during year that remain unvested as of year-end</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,391,358</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,900,500</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(406,089)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">972</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(37,218)</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deduction of fair value of awards granted prior to year that were forfeited during year</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(250,750)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase based upon incremental fair value of awards modified during year</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55,358</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total adjustments</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(688,983)</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,498,997)</span></td></tr></table></div> Compensation Actually Paid ("CAP") is an amount calculated using a formula prescribed by the SEC based on total compensation as disclosed in the <span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i905fa9f4c0e54693b6162210d7683c81_3639" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">"Summary Compensation Table"</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> ("SCT") on page </span><span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i905fa9f4c0e54693b6162210d7683c81_3639" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">41</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, with specified adjustments for pensions (if applicable) and stock-based compensation. To calculate CAP, the following amounts were deducted from and added to SCT total compensation:</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:33.453%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.715%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.715%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:20.717%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEO SCT Total to CAP Reconciliation:</span></td></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SCT Total</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(i)</span></div></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net Adjustments to SCT Total</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(ii) (iii)</span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CAP</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2022</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$4,261,163</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,119,126)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$3,142,037</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2021</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$6,447,451</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,006,250)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$5,441,201</span></td></tr></table></div><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:33.453%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.715%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.715%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:20.717%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Non-PEO NEOs SCT Total to CAP Reconciliation:</span></td></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SCT Total</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(i)</span></div></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net Adjustments to SCT Total</span><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(ii) (iii)</span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CAP</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2022</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$2,134,747</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(688,983)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$1,445,764</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2021</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$4,009,465</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,498,997)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$2,510,468</span></td></tr></table></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(i) Reflects "Total Compensation" reported in the SCT for each year shown.</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(ii) Includes the grant date fair value of equity-based awards granted in each year as reflected in the SCT.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(iii) Includes the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. Fair value or change in fair value, as applicable, of equity awards was determined by reference to (i) for RSUs, the closing price per share on the applicable year-end dates or, in the case of vesting dates, the closing price per share on the applicable vesting dates; (ii) for PSUs (excluding any market-based awards), the same valuation methodology as RSU awards except that the year-end values are multiplied by the probability of achievement of the applicable performance objective as of the applicable date; and, (iii) for market-based awards, the fair value is calculated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon historical volatility (based on the weighted-average combination of the Company’s historic volatility and of the implied volatility of a group of the Company’s peers), risk-free rates of return, and correlation matrix. Please refer to the section </span><span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i22d3a7a3261e47ebb69f962660278fe7_14069" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">"Accounting for Share-Based Compensation"</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> in the CD&amp;A on page </span><span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i22d3a7a3261e47ebb69f962660278fe7_14069" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">38</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> for additional information. The equity components of CAP for each fiscal year are further detailed in the supplemental tables below. No adjustments for pensions are required as the Company does not have a defined-benefit plan.</span></div><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:73.973%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.363%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.364%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustments to Determine Compensation "Actually Paid" for CEO</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2022</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2021</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deduction for amounts reported under the "Stock Awards" column in the SCT</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(2,959,250)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(5,440,750)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase for fair value of awards granted during year that remain unvested as of year-end</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,836,750</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,434,500</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,134,438)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18,813)</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase based upon incremental fair value of awards modified during year</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">156,625</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total adjustments</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,119,126)</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,006,250)</span></td></tr></table></div><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:73.973%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.363%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.364%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustments to Determine Average Compensation "Actually Paid" for Non-CEO NEOs</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2022</span></td><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2021</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deduction for amounts reported under the "Stock Awards" column in the SCT</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,441,642)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(3,400,469)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase for fair value of awards granted during year that remain unvested as of year-end</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,391,358</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,900,500</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(406,089)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">972</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(37,218)</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deduction of fair value of awards granted prior to year that were forfeited during year</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(250,750)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase based upon incremental fair value of awards modified during year</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55,358</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total adjustments</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(688,983)</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:1pt solid #6d6d6d;border-top:0.5pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$(1,498,997)</span></td></tr></table></div> 4261163 -1119126 3142037 6447451 -1006250 5441201 2134747 -688983 1445764 4009465 -1498997 2510468 -2959250 -5440750 2836750 4434500 -1134438 0 -18813 0 156625 0 -1119126 -1006250 -1441642 -3400469 1391358 1900500 -406089 972 -37218 0 -250750 0 55358 0 -688983 -1498997 The peer group is the S&amp;P 600 Industrials and comprises those companies included in the S&amp;P SmallCap 600 that are classified as members of the GICS® Industrials sector peer group (the "PvP Peer Group"). As an additional measure, the Company has included Adjusted EBITDA, which is used by the Company to evaluate performance and allocate resources. Refer to additional information refer to <span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ie23f15fb60474426933c932f1689b7c8_6520" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">2022 Short-Term Incentive Plan ("STIP")</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> on page </span><span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ie23f15fb60474426933c932f1689b7c8_6520" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">34</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">.</span>Adjusted EBITDA is the performance measure used for performance units (the PSUs), as discussed in <span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i22d3a7a3261e47ebb69f962660278fe7_14062" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">"Long-Term Incentive Plan ("LTIP")"</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> beginning on page </span><span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i22d3a7a3261e47ebb69f962660278fe7_14062" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">35</a></span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">.</span> Adjusted EBITDA <div style="margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Compensation Actually Paid vs. Net Income (Loss)</span></div><div style="margin-top:8pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">■</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.68pt">Compensation actually paid to our CEO of $3.1 million and $5.4 million and average compensation actually paid to our non-CEO NEOs of $1.4 million and $2.5 million compares to net income (loss) of $38.9 million and $(181.5) million for 2022 and 2021, respectively.</span></div> 3100000 5400000 1400000 2500000 38900000 -181500000 <div style="margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Compensation Actually Paid vs. Adjusted EBITDA</span></div><div style="margin-top:8pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">■</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.68pt">Compensation actually paid to our CEO of $3.1 million and $5.4 million and average compensation actually paid to our non-CEO NEOs of $1.4 million and $2.5 million compares to Adjusted EBITDA of $393.0 million and $277.3 million for 2022 and 2021, respectively.</span></div> 3100000 5400000 1400000 2500000 393000000 277300000 <div style="margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Company Cumulative TSR vs. PvP Peer Group TSR</span></div><div style="margin-top:8pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">■</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.68pt">The Company’s TSR for 2022 and 2021 of $85.75 and $108.55, respectively, compares to Peer Group TSR of $114.07 and $125.90 for 2022 and 2021, respectively.</span></div> 85.75 108.55 114.07 125.90 <div style="margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Compensation Actually Paid vs. Company Cumulative TSR</span></div><div style="margin-top:8pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">■</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.68pt">Compensation actually paid to our CEO and average compensation actually paid to our non-CEO NEOs declined 42% compared to a 21% decline in the Company's TSR.</span></div> 0.42 0.21 <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Most Important Performance Measures</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjusted EBITDA</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)(2)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gross Profit</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-bottom:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Leverage Ratio</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</span></div></td></tr></table> Adjusted EBITDA Gross Profit Leverage Ratio Leverage Ratio is a measure used by the Company to evaluate the ability to service debt. Leverage Ratio is calculated as the ratio of "net debt," which is total debt and finance leases excluding deferred financing fees less cash and cash equivalents, to Adjusted EBITDA.