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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Date
Tuesday, May 7, 2024 |
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Place
70 St. Mary Axe London EC3A 8BE, United Kingdom |
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Time
1:00 p.m. BST/8:00 a.m. EDT |
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Record Date
March 8, 2024 |
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Availability of Materials
The Proxy Statement and our Annual Report for the fiscal year ended December 31, 2023 are available at http://ir.clarivate.com.
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Webcast Attendees (Listen Only)
https://bit.ly/Clarivate_2024_AGM
or
https://teams.microsoft.com/l/meetup-
join/19%3ameeting_ZTM0YzY3MzYtYjY2Mi00ZGJkLWE3YTktMTIyODdlYzg4MDE0%40thread.v2/0? context=%7B%22Tid%22%3A%22127fa96e-00b4-429e-95f9-72c2828437a4%22%2C%22Oid%22% 3A%223dabab15-2607-483d-be4b-0921b13a7368%22%2C%22IsBroadcastMeeting%22%3Atrue% 2C%22role%22%3A%22a%22%7D&btype=a&role=a |
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Internet
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Online at
www.proxyvote.com |
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QR Code
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Scan this QR code (note: additional software may be required)
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Email
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Scan a pdf copy of the original voted proxy card and submit via email to AGM2024@clarivate.com
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Mail
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Mail your completed and signed proxy card in the postage-paid envelope provided to
Vote Processing, c/o Broadridge 51 Mercedes Way, Edgewood, NY 11717 |
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In Person
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Vote in person at the Annual General Meeting
(see How You Can Vote below for further information) |
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Clarivate 2024 Proxy Statement
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Proposal 1
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RESOLVED, that each of Andrew Snyder, Jonathan Gear, Valeria Alberola, Michael Angelakis, Jane Okun Bomba, Usama N. Cortas, Adam T. Levyn, Anthony Munk, Wendell Pritchett, Richard W. Roedel and Saurabh Saha be re-elected to serve as a director of the Company, and that Suzanne Heywood be elected to serve as a director of the Company, until the 2025 Annual General Meeting, or until his or her successor is duly elected and qualified, and further
RESOLVED, that in the event that any of the above nominees should become unavailable prior to the Annual General Meeting, proxies in the enclosed form will be voted for a substitute nominee or nominees designated by the Board, or the Board may reduce the number of directors to constitute the entire Board, at its discretion.
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Proposal 2
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RESOLVED, that the shareholders of the Company hereby approve, on an advisory, non-binding basis, the compensation of our named executive officers as disclosed in this Proxy Statement.
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Proposal 3
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RESOLVED, that the shareholders of the Company hereby ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accountants for the fiscal year 2024 on a non-binding and advisory basis.
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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✔
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Proposal 1:
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Election of Director Nominees; |
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Proposal 2:
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Advisory Approval of Executive Compensation; and |
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Proposal 3:
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Ratification of Appointment of Independent Registered Public Accountants. |
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Clarivate 2024 Proxy Statement
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Via the Internet:
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Go to www.proxyvote.com to vote via the Internet using the 16-digit control number you were provided on your proxy card or Notice of Internet Availability. You will need to follow the instructions on the website.
You must register your vote over the internet no later than 11:59 p.m. Eastern time on May 3, 2024.
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By QR code:
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Scan the QR code located on your proxy card or Notice of Internet Availability to access www.proxyvote.com and vote your shares online. Additional software may be required for scanning.
You must register your vote online no later than 11:59 p.m. Eastern time on May 3, 2024.
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By email:
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A scanned PDF copy of your original completed and signed proxy card may be sent via email to AGM2024@clarivate.com.
A proxy card sent to us by email must be received no later than 11:59 p.m. Eastern time on May 3, 2024.
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By mail:
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If you received a paper copy in the mail of the Proxy Materials and a proxy card, you may mark, sign, date and return your proxy card in the enclosed postage-paid envelope.
Please mail your proxy card in the enclosed pre-paid return envelope no later than April 19, 2024 in order for us to receive your proxy card by the May 3, 2024 deadline.
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In person
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Proposal
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Vote required
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Voting options
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Impact of
“abstain” or broker non- votes |
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Broker
discretionary voting allowed |
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Proposal 1
Election of Directors |
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a simple majority of the votes cast by, or on behalf of, the shareholders entitled to vote in person or represented by proxy
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“FOR”
“AGAINST” “ABSTAIN” |
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None(1)
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No(2)
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Proposal 2
Advisory approval of executive compensation or “say on pay” |
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a simple majority of the votes cast by, or on behalf of, the shareholders entitled to vote in person or represented by proxy
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“FOR”
“AGAINST” “ABSTAIN” |
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None(1)
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No(2)
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Proposal 3
Ratification of appointment of independent registered public accountants |
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a simple majority of the votes cast by, or on behalf of, the shareholders entitled to vote in person or represented by proxy
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“FOR”
“AGAINST” “ABSTAIN” |
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None(1)
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Yes(3)
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Name and Principal Occupation
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Age*
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Director
Since |
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Independent
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AC
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HRCC
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NGC
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RSC
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Andrew Snyder
Chief Executive Officer, Cambridge Information Group |
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53
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2021
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✔
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M
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Jonathan Gear
Chief Executive Officer, Clarivate Plc |
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53
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2022
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Valeria Alberola
Chief Executive Officer, ZOMALAB |
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52
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2021
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✔
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M,F
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M
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Michael Angelakis
Chairman and Chief Executive Officer, Atairos |
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59
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2021
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✔
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M
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Jane Okun Bomba
President, Saddle Ridge Consulting |
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61
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2020
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✔
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C
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Usama N. Cortas
Partner, Leonard Green & Partners, L.P. |
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46
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2020
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✔
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M
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M
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Suzanne Heywood
Chief Operating Officer, Exor N.V. |
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—
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Adam T. Levyn
Partner, Leonard Green & Partners, L.P. |
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40
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2020
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✔
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Anthony Munk
Vice Chairman, Onex Corporation |
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63
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2019
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✔
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M,F
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Clarivate 2024 Proxy Statement
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Name and Principal Occupation
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Age*
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Director
Since |
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Independent
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AC
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HRCC
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NGC
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RSC
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Wendell Pritchett
Riepe Presidential Professor of Law and Education, University of Pennsylvania |
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59
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2022
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✔
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C
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M
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Richard W. Roedel
Retired CEO and Chairman, BDO Seidman LLP |
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74
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2020
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✔
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C,F
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C
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Saurabh Saha
Chief Executive Officer, Centessa Pharmaceuticals |
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47
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2023
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✔
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M
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M
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Chair
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AC Financial Expert
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M
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C
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F
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The Board unanimously recommends that you vote “FOR” the election of each of the director nominees listed above.
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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The Board unanimously recommends that you vote “FOR” the approval of the compensation of our Named Executive Officers, as disclosed in this Proxy Statement, pursuant to the compensation disclosure rules of the Securities and Exchange Commission
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Clarivate 2024 Proxy Statement
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(In thousands)
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2023
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2022
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Audit Fees | | | | $ | 8,857 | | | | | $ | 8,922 | | |
Audit-Related Fees | | | | | 94 | | | | | | — | | |
Tax Fees | | | | | — | | | | | | — | | |
All Other Fees | | | | | 1 | | | | | | 1 | | |
Total
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| | | $ | 8,952 | | | | | $ | 8,923 | | |
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Clarivate 2024 Proxy Statement
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The Board unanimously recommends that you vote “FOR” the ratification of PricewaterhouseCoopers LLP as our Independent Registered Public Accountants
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Clarivate 2024 Proxy Statement
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Key Corporate Governance Documents
The following materials are accessible through the Investor Relations section of our website at http://ir.clarivate.com:
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Articles of Association
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Corporate Governance Guidelines
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Committee Charters
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Code of Conduct
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Annual election of directors
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100% independent Board committees
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Active shareholder engagement by our CEO, CFO, and Investor Relations team
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Regular executive sessions, where independent directors meet without management present
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Director overboarding policy limiting service to three other public company boards; no Audit Committee member may simultaneously serve on the audit committee of more than two other public companies; and our CEO and executive officers may only serve on the board of one other public company
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Board takes active role in succession planning
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11 out of 12 director nominees are independent
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Annual Board and committee self-evaluations are conducted
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Active Board oversight of strategy, risk management and environmental, social and governance (“ESG”) matters
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Robust director selection process resulting in a diverse and global Board in terms of gender, race, ethnicity, experience, perspectives, skills and tenure
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Andrew Snyder
Director since 2021
Independent Non-Executive Board Chair Age: 53
Nominating and Governance Committee
(Member) |
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Specific expertise: Mr. Snyder was selected to serve on the Board of Directors due to his strong leadership skills and proven track record driving financial growth and product development.
Andy Snyder has been a member of our Board since December 2021 and our non-executive Board Chair since October 2022. He is also currently CEO of Cambridge Information Group (“CIG”), a family-owned investment firm. Mr. Snyder has built and managed the CIG portfolio since 2003, which today has a primary focus on education, technology and information services companies. From 2003 to 2021, Mr. Snyder was responsible for building ProQuest from a legacy company (CSA) of 190 employees to one of the leading providers of information and software solutions to the global academic and research community with nearly 3,000 professionals. CIG sold ProQuest to Clarivate in December 2021. Prior to joining CIG, Mr. Snyder spent seven years at the Goldman Sachs Group where he focused on traditional media, technology and services investing for the firm’s private equity fund. He also spent one year as the Assistant to the Chairman and CEO of Goldman Sachs. Mr. Snyder graduated cum laude from the Wharton School at the University of Pennsylvania, and earned a J.D. from Georgetown University Law Center, where he graduated magna cum laude.
In addition to Clarivate, Mr. Snyder currently serves on the New York-Presbyterian Board of Trustees and the Board of Advisors of Penn Libraries. He formerly served on the boards of Shining Hope for Communities, Blucora, Inc., and The Browning School.
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Jonathan Gear
Director since 2022
Chief Executive Officer Age: 53 |
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Specific expertise: Mr. Gear was selected to serve on the Board of Directors due to his knowledge of the Company’s operations, strategy and customers as well as his experience as a seasoned technology executive.
Jonathan Gear has served as our Chief Executive Officer since September 1, 2022 and a member of our board of directors since July 2022. He joined Clarivate as CEO-elect in July 2022. Mr. Gear most recently served as Chief Financial Officer of IHS Markit Ltd. (“IHS Markit”), a position he held from February 2020 through February 2022, at which time IHS Markit completed its merger with S&P Global Inc. Prior to that, Mr. Gear served as Executive Vice President and President of the Resources, Transportation and CMS segments at IHS Markit since July 2016. Earlier, he served in multiple leadership roles across IHS Inc. (“IHS”). Prior to joining IHS in 2005, Mr. Gear held leadership positions at Activant Solutions Inc., smarterwork.com and Booz Allen Hamilton. He holds a BA in Political Economics from the University of California-Berkeley and an MBA from Stanford University.
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Clarivate 2024 Proxy Statement
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Valeria Alberola
Director since 2021
Independent Age: 52
Audit Committee
(Member)
Human Resources and Compensation Committee (Member)
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Specific expertise: Ms. Alberola was selected to serve on the Board of Directors due to her significant global experience in corporate finance, mergers and acquisitions, and operations.
Valeria Alberola has been a member of our Board since May 2021. Ms. Alberola serves as the Chief Executive Officer of ZOMALAB and brings over 25 years of global experience in corporate finance, investment banking, sustainable investments, operations and strategic management consulting. Prior to joining ZOMALAB, she was the CFO of Bridge Education Group, a global education company, where she helped scale the organization to 10 locations in the U.S. and Latin America to serve over 3,000 students annually. Previously, she was a partner at Q Advisors, a San Francisco and Denver-based investment banking firm, where she executed private and public transactions, including mergers and acquisitions and debt and equity financings for technology and telecommunications clients globally. Prior to Q Advisors, Ms. Alberola was the Director of Business Development for VeloCom, a global telecommunications company, where she was involved in acquisition and capital raising activities. She was also a strategic management consultant with McKinsey & Company in Santiago, Chile, and an equity analyst with Citigroup in São Paulo, Brazil. Ms. Alberola received a B.S. in Economics and Business Administration from the Pontificia Universidad Católica de Chile and an M.B.A. from the Kellogg School of Management at Northwestern University, where she was a Fulbright scholar.
Ms. Alberola is a founding board member of Endeavor Colorado and a partner of Colorado Thrives, a coalition of CEOs from some of Colorado’s largest companies.
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Michael Angelakis
Director since 2021
Independent Age: 59
Nominating and Governance Committee (Member)
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Specific expertise: Mr. Angelakis was selected to serve on the Board of Directors due to his significant experience in a variety of strategic financing transactions and investments in business and information services companies.
Michael Angelakis has been a member of our Board since December 2021 and is the Chairman and Chief Executive Officer of Atairos. He also serves as a Senior Advisor to the Executive Management Committee of Comcast Corporation. Prior to founding Atairos, he served as Comcast’s Vice Chairman and Chief Financial Officer. In those roles, Mr. Angelakis was responsible for many strategic, financial, administrative and other areas within Comcast. During his tenure at Comcast, Mr. Angelakis was recognized by Institutional Investor magazine as one of “America’s Best Chief Financial Officers” six out of eight years. Prior to joining Comcast, Mr. Angelakis served as a Managing Director and a member of the Management and Investment Committees of Providence Equity Partners, one of the leading private equity firms investing in technology, media and communications companies around the world. Before joining Providence, Mr. Angelakis was Chief Executive Officer of State Cable TV Corporation and Aurora Telecommunications. He also served as Vice President at Manufacturers Hanover Trust Company in New York, where he oversaw one of the institution’s media and communications portfolios. Additionally, Mr. Angelakis spent several years in London developing Manufacturers Hanover’s merchant banking activities throughout Western Europe. He is a graduate of Babson College and the Owner/President Management Program at the Harvard Business School.
He is a member of the Board of Directors of ExxonMobil, Bowlero Corporation and TriNet Group, which are publicly listed companies. Previously, Mr. Angelakis was the Chairman of the Board for the Federal Reserve Bank of Philadelphia, a member of the Board of Directors of Duke Energy, Hewlett Packard Enterprises, Learfield College and Groupon Corporation, as well as a trustee of Babson College.
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Clarivate 2024 Proxy Statement
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Jane Okun Bomba
Director since 2020
Independent Age: 61
Human Resources and Compensation Committee (Chair)
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Specific expertise: Ms. Okun Bomba was selected to serve on the Board of Directors due to her significant experience in human resources, finance, sustainability/ESG and investor relations.
Jane Okun Bomba has been a member of our Board since May 2020. Ms. Okun Bomba also serves on the board of directors of Brightview Holdings, Inc. since April 2019 and previously served on the board of directors of Service Source International. Ms. Okun Bomba has served as President of Saddle Ridge Consulting since January 2018 and advises on a range of strategic issues, including investor relations, corporate perception and governance, transaction integration, human resources and ESG. Previously, from 2004 to 2017, Ms. Okun Bomba was an executive at IHS Markit Ltd (previously IHS Inc.), most recently as Executive Vice President, Chief Administrative Officer, where she led 450 people in corporate functions including HR, Marketing, Communications, Sustainability and Investor Relations. Prior to IHS, she was a partner at Genesis, Inc. and headed investor relations at Velocom, MediaOne Group, and Northwest Airlines. She held various management positions in corporate finance at Northwest Airlines and American Airlines and was a CPA at PriceWaterhouse. Ms. Okun Bomba holds both a BGS and an MBA from the University of Michigan at Ann Arbor. She completed graduate studies at the Stockholm School of Economics, and board director education in the Women’s Director Development Program at the Kellogg School of Management, Northwestern University and the Directors’ Consortium.
Ms. Okun Bomba is a member of the International Women’s Forum and the University of Michigan, Ross School of Business Advisory Board.
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Usama N. Cortas
Director since 2020
Independent Age: 46
Human Resources and Compensation Committee (Member)
Nominating and Governance Committee (Member)
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Specific expertise: Mr. Cortas was selected to serve on the Board of Directors due to his extensive experience in finance and in the Intellectual Property information services sector.
Usama Cortas has been a member of our Board since October 2020 and is currently a Partner with Leonard Green & Partners, L.P. (“LGP”). Prior to joining LGP in 2003, Mr. Cortas worked in the Investment Banking Division of Morgan Stanley in their New York office from 2000 to 2003. He earned a Bachelor of Arts degree in Economics-Political Science from Columbia University.
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Clarivate 2024 Proxy Statement
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Suzanne Heywood
Independent
Age: 55 |
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Specific expertise: Lady Heywood was selected to serve on the Board of Directors due to her extensive global experience in finance and strategic matters.
Suzanne Heywood was nominated by the Board to stand for election at the Annual General Meeting. Lady Heywood currently serves as the Chief Operating Officer of Exor N.V, a global holding company listed in the Netherlands. She has held this position since November 2022 after previously serving as Managing Director of Exor N.V. from 2016. Prior to Exor, she was a partner at McKinsey & Company, co-leading their global service line on organization design and working on strategic issues with clients across different sectors. She has published a book, “Reorg,” and multiple articles on these topics. Prior to McKinsey, Lady Heywood worked for the U.K. Government, including as Private Secretary to the Financial Secretary of the U.K. Treasury. She holds a B.A. in science from Oxford University and Ph.D. from Cambridge University. Prior to that she was self-educated, growing up sailing around the world on the yacht ‘Wavewalker’.
Lady Heywood currently serves as Chair of the Boards of CNHi Industrial N.V. and of Iveco Group N.V.
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Adam T. Levyn
Director since 2020
Independent Age: 40
Risk and Sustainability Committee
(Member) |
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Specific expertise: Mr. Levyn was selected to serve on the Board of Directors due to his extensive experience in finance and investments.
Adam Levyn has been a member of our Board since October 2020 and is currently a Partner with LGP. Prior to joining LGP in 2011, Mr. Levyn worked in private equity at Kohlberg Kravis Roberts & Co. in their New York office from 2007 to 2009 and in the Global Industrials Group of Bear, Stearns & Co. Inc. in their New York office from 2005 to 2007. He earned a Bachelor of Arts degree in Economics from Princeton University and an M.B.A. from Harvard Business School.
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Anthony Munk
Director since 2019
Independent Age: 63
Audit Committee
(Member) |
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Specific expertise: Mr. Munk was selected to serve on the Board of Directors due to his significant experience in a variety of strategic and financing transactions.
Anthony Munk has been a member of the Company’s Board since May 2019. He served as our Lead Independent Director from May 2020 to October 2022. Mr. Munk is Vice Chairman of Onex Corporation, which he joined in 1988, and is Chair of Onex Partners’ Private Equity Investment Committee. Prior to joining Onex, Mr. Munk was a Vice President with First Boston Corporation in London, England and an Analyst with Guardian Capital in Toronto. Mr. Munk holds a B.A. (Honors) in Economics from Queen’s University.
Mr. Munk currently also serves on the public company board of Emerald Holdings, Inc. Mr. Munk previously served on the public company boards of Jeld-Wen, Barrick Gold, RSI Home Products, and Cineplex Inc.
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Clarivate 2024 Proxy Statement
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Wendell Pritchett, Ph.D.
Director since 2022
Independent Age: 59
Nominating and Governance Committee (Chair)
Risk and Sustainability Committee
(Member) |
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Specific expertise: Dr. Pritchett was selected to serve on the Board of Directors due to his deep knowledge and experience in academia.
Wendell Pritchett, Ph.D. has been a member of our Board since July 2022. Dr Pritchett is the Riepe Presidential Professor of Law and Education at the University of Pennsylvania. Dr. Pritchett previously served as the Interim President of the University of Pennsylvania from February 2022 to June 2022 and as the University Provost from 2017 to 2021. In 2018, he was appointed Chairman of the Nominating Panel of the Philadelphia School Board by Philadelphia Mayor James Kenney. Dr. Pritchett first joined the University of Pennsylvania Law faculty in 2002 and served as Interim Dean and Presidential Professor from 2014 to 2015 and as associate dean for academic affairs from 2006 to 2007. A professor at the University of Pennsylvania School of Law from 2001 to 2009, Dr. Pritchett also served as Chancellor of Rutgers-Camden from 2009 to 2014, and in 2008 served as Deputy Chief of Staff and Director of Policy for Philadelphia Mayor Michael Nutter, who also appointed him to the School Reform Commission, where he served from 2011 to 2014. Dr. Pritchett served as Chair of the Redevelopment Authority of Philadelphia and as President of the Philadelphia Housing Development Corporation from 2008 to 2011. Dr. Pritchett earned his Ph.D. in history from the University of Pennsylvania in 1997, a J.D. from Yale Law School in 1991 and a B.A. in political science from Brown University in 1986.
Dr. Pritchett is a member of the public company board of Toll Brothers, Inc. He also serves as Chair of the Board of Trustees of College Unbound and is a board member of Public Health Management Corporation, Philadelphia Foundation, LifePoint Health, Minerva University and Reinvestment Fund.
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Richard W. Roedel
Director since 2020
Independent Age: 74
Audit Committee
(Chair)
Risk and Sustainability Committee
(Chair) |
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Specific expertise: Mr. Roedel was selected to serve on the Board of Directors due to his significant finance, accounting and risk management experience.
Richard W. Roedel has been a member of our Board since May 2020. Until 2000, Mr. Roedel was employed by BDO Seidman LLP, having been managing partner of its Chicago and New York Metropolitan area offices and later Chairman and CEO. Mr. Roedel is a graduate of The Ohio State University and is a CPA.
Mr. Roedel also serves on the public company boards of directors of Brightview Holdings, Inc., LSB Industries, Inc. and Luna Innovations Incorporated. Mr. Roedel serves as Non-Executive Chairman of LSB and Luna Innovations. Mr. Roedel has previously served on the boards of Six Flags Entertainment, IHS Markit Ltd (previously IHS Inc.), Lorillard, Inc., Sealy Corporation, BrightPoint, Inc, Broadview Holdings, Inc., Dade Behring Holdings, Inc. and Take-Two Interactive Software, Inc. Mr. Roedel was formerly a member of the National Association of Corporate Directors Risk Oversight Advisory Council. Mr. Roedel was appointed to a three-year term, ending in 2017, on the Standing Advisory Group of the Public Company Accounting Oversight Board.
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Clarivate 2024 Proxy Statement
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Saurabh Saha, M.D. Ph.D.
Director since 2023
Independent Age: 47
Human Resources and Compensation Committee (Member)
Risk and Sustainability Committee
(Member) |
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Specific expertise: Dr. Saha was selected to serve on the Board of Directors due to his significant experience and deep expertise in the areas of health and life sciences.
Saurabh Saha, M.D. Ph.D. has been a member of our Board since May 2023. Dr. Saha brings over 20 years of experience in the health and life sciences field and has served as the Chief Executive Officer of Centessa Pharmaceuticals since 2021. Prior to joining Centessa, he was Senior Vice President of Research & Development and Global Head of Translational Medicine for Bristol Myers Squibb from 2017 to 2021, where he led translational medicine research and development across all therapeutic areas (hematology, oncology, cardiovascular, immunosciences, fibrosis and neuroscience) spanning discovery, development and commercialization. Previously, Dr. Saha was a venture partner at Atlas Venture and President and Chief Executive Officer of Delinia, a biotechnology company developing novel therapeutics for the treatment of autoimmune diseases. Earlier in his career, he led the New Indications Discovery Unit at Novartis and was a strategic consultant with McKinsey & Company, providing strategic advice for drug discovery research at the world’s top biotech and pharmaceutical companies. Dr. Saha received a B.Sc. in Biology with Honors from California Institute of Technology, an M.Sc. in Biochemistry from Oxford University, and an M.D. and Ph.D. from The Johns Hopkins University School of Medicine. Over the course of his career, he has published over 100 papers and patents (issued and pending).
Dr. Saha is currently a member of the board of directors of Centessa Pharmaceuticals. He is an associate member and global clinical scholar at Harvard Medical School.
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Name
|
| |
Audit Committee
|
| |
Nominating and
Governance Committee |
| |
Human
Resources and Compensation Committee |
| |
Risk and
Sustainability Committee |
|
Andrew Snyder(1) | | | | | |
M
|
| | | | | | |
Valeria Alberola | | |
M
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| | | | |
M
|
| | | |
Michael Angelakis | | | | | |
M
|
| | | | | | |
Jane Okun Bomba | | | | | | | | |
C
|
| | | |
Usama N. Cortas | | | | | |
M
|
| |
M
|
| | | |
Adam T. Levyn | | | | | | | | | | | |
M
|
|
Anthony Munk | | |
M
|
| | | | | | | | | |
Wendell Pritchett | | | | | |
C
|
| | | | |
M
|
|
Richard W. Roedel | | |
C
|
| | | | | | | |
C
|
|
Saurabh Saha | | | | | | | | |
M
|
| |
M
|
|
Number of Meetings | | |
5
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| |
5
|
| |
7
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| |
5
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Director Compensation
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Amount(1)
($) |
| |||
Board of Directors Annual Retainer | | | | | 85,000 | | |
Board of Directors Annual RSU Grant | | | | | 165,000 | | |
Non-Executive Board Chair Annual Retainer | | | | | 120,000 | | |
Audit Committee Chair Annual Retainer | | | | | 30,000 | | |
Human Resources and Compensation Committee Chair Annual Retainer | | | | | 30,000 | | |
Nominating and Governance Committee Chair Annual Retainer | | | | | 20,000 | | |
Risk and Sustainability Committee Chair Annual Retainer | | | | | 20,000 | | |
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Clarivate 2024 Proxy Statement
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Name(1)
|
| |
Fees Earned or
Paid in Cash(2) ($) |
| |
Stock Awards(3)
($) |
| |
Total
($) |
| |||||||||
Andrew Snyder | | | | | 205,000 | | | | | | 165,000 | | | | | | 370,000 | | |
Valeria Alberola | | | | | 85,000 | | | | | | 165,000 | | | | | | 250,000 | | |
Michael Angelakis | | | | | 85,000 | | | | | | 165,000 | | | | | | 250,000 | | |
Jane Okun Bomba | | | | | 115,000 | | | | | | 165,000 | | | | | | 280,000 | | |
Wendell Pritchett | | | | | 105,000 | | | | | | 165,000 | | | | | | 270,000 | | |
Richard W. Roedel | | | | | 130,111 | | | | | | 165,000 | | | | | | 295,111 | | |
Saurabh Saha | | | | | 56,044 | | | | | | 165,000 | | | | | | 221,044 | | |
Former Directors: | | | | | | | | | | | | | | | | | | | |
Sheryl von Blucher(4) | | | | | 26,139 | | | | | | — | | | | | | 26,139 | | |
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Name
|
| |
Age
|
| |
Position
|
|
Jonathan Gear | | |
53
|
| | Chief Executive Officer | |
Jonathan Collins | | |
44
|
| | Executive Vice President & Chief Financial Officer | |
Henry Levy | | |
51
|
| | President, Life Sciences & Healthcare | |
Melanie D. Margolin | | |
52
|
| | Chief Legal Officer | |
Gordon Samson | | |
58
|
| | President, Intellectual Property | |
Bar Veinstein | | |
51
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| | President, Academia & Government | |
Julie M. Wilson | | |
61
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| | Chief People Officer | |
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Clarivate Plc Ordinary Shares
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Name of Beneficial Owner(1)
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| |
Shares
Beneficially Owned |
| |
% of Shares
Beneficially Owned |
| ||||||
Andrew Snyder(2) | | | | | 23,667,033 | | | | | | 3.54 | | |
Jonathan Gear(3) | | | | | 208,102 | | | | | | * | | |
Valeria Alberola(4) | | | | | 36,633 | | | | | | * | | |
Michael Angelakis(5) | | | | | 12,294,406 | | | | | | 1.84 | | |
Jane Okun Bomba(6) | | | | | 122,934 | | | | | | * | | |
Usama N. Cortas(7) | | | | | 116,666,507 | | | | | | 17.46 | | |
Adam T. Levyn | | | | | — | | | | | | — | | |
Anthony Munk | | | | | — | | | | | | — | | |
Wendell Pritchett(8) | | | | | 29,649 | | | | | | * | | |
Richard W. Roedel(9) | | | | | 109,658 | | | | | | * | | |
Saurabh Saha(10) | | | | | 22,058 | | | | | | * | | |
Jonathan Collins(11) | | | | | 121,776 | | | | | | * | | |
Michael Easton(12) | | | | | 70,849 | | | | | | * | | |
Henry Levy(13) | | | | | 111,546 | | | | | | * | | |
Gordon Samson(14) | | | | | 724,683 | | | | | | * | | |
Melanie D. Margolin(15) | | | | | 35,062 | | | | | | * | | |
Bar Veinstein(16) | | | | | 309,900 | | | | | | * | | |
Julie Wilson(17) | | | | | 92,449 | | | | | | * | | |
All current directors and executive officers as a group
(18 individuals)(18) |
| | | | 154,623,245 | | | | | | 23.14 | | |
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Clarivate 2024 Proxy Statement
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Clarivate Plc Ordinary Shares
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Name and Address of Beneficial Owner
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Shares Beneficially
Owned |
| |
% of Shares
Beneficially Owned |
| ||||||
Leonard Green & Partners, L.P.(1) | | | | | 116,666,507 | | | | | | 17.29 | | |
Clarkston Capital Partners, LLC(2) | | | | | 56,341,399 | | | | | | 8.49 | | |
Exor N.V.(3) | | | | | 63,855,293 | | | | | | 9.62 | | |
ONEX Corp.(4) | | | | | 42,855,384 | | | | | | 6.35 | | |
Castik Capital S.a.r.l.(5) | | | | | 38,089,963 | | | | | | 5.65 | | |
Impactive Capital LP(6) | | | | | 35,795,452 | | | | | | 5.39 | | |
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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2023 Results
|
| |
2022 Results
|
| ||||||
Net Loss attributable to ordinary shares | | |
$(987)M
|
| |
$(4,036)M
|
| ||||||
Adjusted EBITDA(2) | | | | $ | 1,117M | | | | | $ | 1,113M | | |
Adjusted EBITDA Margin(2) | | | | | 43% | | | | | | 42% | | |
Adjusted diluted EPS(2) | | | | $ | 0.82 | | | | | $ | 0.85 | | |
Revenue | | | | $ | 2,629M | | | | | $ | 2,660M | | |
Net cash provided by operating activities | | | | $ | 744M | | | | | $ | 509M | | |
Free Cash Flow(2) | | | | $ | 502M | | | | | $ | 306M | | |
Market Capitalization (for the years ended December 31, 2023 and 2022, respectively)
|
| | | $ | 6B | | | | | $ | 6B | | |
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Compensation Philosophy and Objectives
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Total Rewards Strategy Supports our Mission, Vision and Values
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| | The components of compensation encourage our colleagues to aim for greatness by pursuing top performance and challenging the status quo in the belief that human ingenuity can transform the world and improve our future. | |
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Incentives Aligned to Key Business Objectives Appropriate to Colleague Roles
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| | We aim to drive superior business and financial results by setting clear, measurable short- and long-term performance targets that support our business strategy and the creation of long-term shareholder value while also ensuring that our executives are not incentivized to take inappropriate risks. | |
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Supports a Pay for Performance Culture
|
| | Total compensation should be competitive and performance should be appropriately rewarded. We believe there should be an upside as well as a downside risk of payouts if our performance is above or below our goals. | |
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Designed to Attract, Retain and Motivate Top Talent
|
| | Total compensation should be competitive in order to attract qualified individuals, motivate performance and retain, develop and reward colleagues with the abilities and skills needed to foster long-term value creation. We also strive to achieve equity and balance through our compensation programming to support greater diversity across our workforce. | |
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Programs Globally Consistent and Locally Competitive
|
| | Total compensation should be globally consistent and locally competitive to attract and retain qualified talent in the markets in which we operate. | |
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2023 Peer Group for Compensation Benchmarking Purposes
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Dun & Bradstreet Holdings, Inc. (DNB)
|
| |
ICON plc (ICLR)
|
| |
Teradata Corporation (TDC)
|
|
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Equifax, Inc. (EFX)
|
| |
Informa plc (INF)
|
| |
Thomson Reuters Corporation (TRI)
|
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ExlService Holdings, Inc. (EXLS)
|
| |
Moody’s Corporation (MCO)
|
| |
TransUnion (TRU)
|
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FactSet Research Systems Inc. (FDS)
|
| |
Morningstar, Inc. (MORN)
|
| |
Verisk Analytics, Inc. (VRSK)
|
|
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Fair Isaac Corporation (FICO)
|
| |
MSCI Inc. (MCSI)
|
| |
Wolters Kluwer N.V. (WKL)
|
|
|
Gartner, Inc. (IT)
|
| |
SS&C Technologies Holdings, Inc. (SSNC)
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WHAT WE DO
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| | |
WHAT WE DON’T DO
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| ✓ | | | We have an HRCC that is fully composed of independent directors | | | | ✘ | | | We do not permit our colleagues to engage in hedging transactions | |
| ✓ | | | The HRCC engages an independent compensation consultant | | | | ✘ | | | We do not permit our colleagues to pledge Company securities to secure margin or other loans | |
| ✓ | | | We have adopted share ownership guidelines for our executive officers and Board of Directors | | | | ✘ | | | We do not reprice underwater stock options | |
| ✓ | | | The majority of NEO pay is at risk and dependent upon performance | | | | ✘ | | | We do not provide excise tax gross-up payments | |
| ✓ | | | The mix of executive officer equity awards includes a performance-based element | | | | ✘ | | | We do not have an evergreen provision that automatically adds shares to our equity incentive plan | |
| ✓ | | | We engage with our shareholders to discuss executive compensation and corporate governance matters | | | | ✘ | | | We do not provide excessive perquisites | |
| ✓ | | | We maintain clawback policies that require covered executives to reimburse performance-based compensation in specified circumstances | | | | ✘ | | | We do not grant single-trigger equity awards | |
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Clarivate 2024 Proxy Statement
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Pay Element
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Fixed/Variable/
At-Risk |
| | |
Payment Method
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Alignment to Business Objectives
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| |
Base Salary
|
| | |
Fixed
|
| | |
Cash
|
| | |
Benchmark base salaries to ensure market competitiveness in the attraction and retention of key talent
|
| |
| Provides a competitive fixed rate of pay relative to similar positions in the market | | | |||||||||||||
| |
Retirement, Health and Welfare Benefits
|
| | |
Benefits
|
| | |
Market-aligned programs to facilitate strong productivity and provide support in times of personal need
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Health, welfare and retirement programs
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Limited perquisites
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| |
Annual
Incentive Plan |
| | |
At-Risk/Variable
|
| | |
Cash
|
| | |
Rewards performance for achievement of rigorous and challenging short-term performance goals aligned with the Company’s annual operating plan
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| |
| Motivates executives to deliver on individual objectives supportive of broader business objectives | | | |||||||||||||
| Annual recognition of performance against pre-established targets | | | |||||||||||||
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| |
Long Term Incentive Program
|
| | |
PSUs and RSUs
|
| | |
Rewards performance for achievement of rigorous long-term performance goals aligned with the interests of shareholders and the Company’s strategy
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Supports retention and mitigates excessive risk taking
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Clarivate 2024 Proxy Statement
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Name
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Title
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|
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Jonathan Gear
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| | Chief Executive Officer | |
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Jonathan Collins
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| | Executive Vice President and Chief Financial Officer | |
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Bar Veinstein
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| | President, Academia and Government | |
|
Henry Levy
|
| | President, Life Sciences and Healthcare | |
|
Gordon Samson
|
| | President, Intellectual Property | |
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| |
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Clarivate 2024 Proxy Statement
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Name
|
| |
2023 Year-End
Base Salary |
| |
2022 Year-End
Base Salary |
| |
% Increase
|
| |||||||||
| Jonathan Gear | | | | $ | 900,000 | | | | | $ | 900,000 | | | | | | 0% | | |
| Jonathan Collins | | | | $ | 750,000 | | | | | $ | 750,000 | | | | | | 0% | | |
| Bar Veinstein(1)(2) | | | | $ | 600,000 | | | | | | N/A | | | | | | N/A | | |
| Henry Levy(1) | | | | $ | 600,000 | | | | | | N/A | | | | | | N/A | | |
| Gordon Samson(1)(2)(3) | | | | $ | 600,000 | | | | | $ | 553,124 | | | | | | 8.5% | | |
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Name
|
| |
2023 AIP Target
|
| |||
|
Jonathan Gear
|
| | | | 150% | | |
|
Jonathan Collins
|
| | | | 100% | | |
|
Bar Veinstein(1)
|
| | | | 100% | | |
|
Henry Levy(1)
|
| | | | 100% | | |
|
Gordon Samson
|
| | | | 100% | | |
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Clarivate 2024 Proxy Statement
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Metric
|
| |
Weighting
|
| |
Payout Level
|
| |
2023 Corporate
Goal (in millions, except Voice of Customer) |
| |
2023 Results
(in millions, except Voice of Customer) |
| |||||||||||||||
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Pre-bonus Adjusted EBITDA(1)
|
| | | | 90% | | | |
Threshold
|
| | | | 0% | | | | | $ | 1,126 | | | | | | | | |
| Target | | | | | 100% | | | | | $ | 1,215 | | | | | $ | 1,172 | | | |||||||||
| Maximum | | | | | 200% | | | | | $ | 1,303 | | | | | | | | | |||||||||
|
Voice of Customer
|
| | | | 10% | | | |
Threshold
|
| | | | 90% | | | | | | <79 | | | | | | | | |
| Target | | | | | 100% | | | | | | 79 | | | | | | 76 | | | |||||||||
| Maximum | | | | | 110% | | | | | | >79 | | | | | | | | |
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Final Calculation-AIP Payments
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| | | | | | | | | | |
Pre-bonus Adjusted EBITDA
Performance |
| | |
Voice of Customer Performance
|
| | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
Name
|
| | |
AIP Target
($) |
| | |
% of AIP
Tied to Goal |
| |
Performance
Level Achieved |
| |
Amount
Earned ($) |
| | |
% of AIP
Tied to Goal |
| |
Performance
Level Achieved |
| |
Amount
Earned ($) |
| | |
Individual
Modifier(3) |
| | |
Final AIP
Payment ($) |
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Jonathan Gear | | | | | | 1,350,000 | | | | | | | 90% | | | | | | 71% | | | | | | 864,000 | | | | | | | 10% | | | | | | 90% | | | | | | 121,500 | | | | | | | — | | | | | | | 985,500 | | |
Jonathan Collins | | | | | | 750,000 | | | | | | | 90% | | | | | | 71% | | | | | | 480,000 | | | | | | | 10% | | | | | | 90% | | | | | | 67,500 | | | | | | | — | | | | | | | 547,500 | | |
Bar Veinstein(1)(2) | | | | | | 600,000 | | | | | | | 90% | | | | | | 71% | | | | | | 384,000 | | | | | | | 10% | | | | | | 90% | | | | | | 54,000 | | | | | | | — | | | | | | | 438,000 | | |
Henry Levy(1) | | | | | | 600,000 | | | | | | | 90% | | | | | | 71% | | | | | | 384,000 | | | | | | | 10% | | | | | | 90% | | | | | | 54,000 | | | | | | | — | | | | | | | 438,000 | | |
Gordon Samson(2) | | | | | | 588,434 | | | | | | | 90% | | | | | | 71% | | | | | | 376,598 | | | | | | | 10% | | | | | | 90% | | | | | | 52,959 | | | | | | | — | | | | | | | 429,557 | | |
Ratio of Performance to Time-Based Equity
|
| ||||||||||||
Position
|
| |
PSUs
|
| |
RSUs
|
| ||||||
CEO | | | | | 75% | | | | | | 25% | | |
Other NEOs | | | | | 50% | | | | | | 50% | | |
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Clarivate 2024 Proxy Statement
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Revenue and Adjusted EBITDA Margin %
|
| |
Modifier: 3-Year Relative
TSR vs. S&P 500 |
| |||||||||||||||||||||||||||
2021 Goals
|
| ||||||||||||||||||||||||||||||
Performance Range
|
| |
Payout
Range |
| |
Revenue ($m)
(50%) |
| |
Adjusted
EBITDA Margin % (50%) |
| |
Percentile
|
| |
Modifier
|
| |||||||||||||||
Maximum | | | | | 200% | | | | | $ | 1,850 | | | | | | 46.0% | | | | | | =>P75 | | | | | | 1.2x | | |
Target | | | | | 100% | | | | | $ | 1,802 | | | | | | 45.0% | | | | | | P50 | | | | | | 1.0x | | |
Threshold | | | | | 50% | | | | | $ | 1,750 | | | | | | 42.5% | | | | | | <=P25 | | | | | | 0.8x | | |
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Clarivate 2024 Proxy Statement
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Revenue and Adjusted EBITDA Margin %
|
| |
Modifier: 3-Year Relative
TSR vs. S&P 500 |
| |||||||||||||||||||||||||||
2022 Goals
|
| ||||||||||||||||||||||||||||||
Performance Range
|
| |
Payout
Range |
| |
Revenue ($m)
(50%) |
| |
Adjusted
EBITDA Margin % (50%) |
| |
Percentile
|
| |
Modifier
|
| |||||||||||||||
Maximum | | | | | 200% | | | | | $ | 2,911 | | | | | | 42.9% | | | | | | =>P75 | | | | | | 1.2x | | |
Target | | | | | 100% | | | | | $ | 2,840 | | | | | | 41.9% | | | | | | P50 | | | | | | 1.0x | | |
Threshold | | | | | 50% | | | | | $ | 2,740 | | | | | | 41.4% | | | | | | <=P25 | | | | | | 0.8x | | |
Adjusted Diluted EPS and Adjusted EBITDA
|
| |
Modifier: 3-Year Relative
TSR vs. S&P 500 |
| |||||||||||||||||||||||||||
2023 Goals
|
| ||||||||||||||||||||||||||||||
Performance Range
|
| |
Payout
Range |
| |
Adjusted
Diluted EPS (50%) |
| |
Adjusted
EBITDA ($m) (50%) |
| |
Percentile
|
| |
Modifier
|
| |||||||||||||||
Maximum | | | | | 200% | | | | | $ | 0.83 | | | | | $ | 1,145 | | | | | | =>P75 | | | | | | 1.2x | | |
Target | | | | | 100% | | | | | $ | 0.80 | | | | | $ | 1,130 | | | | | | P50 | | | | | | 1.0x | | |
Threshold | | | | | 50% | | | | | $ | 0.77 | | | | | $ | 1,116 | | | | | | <=P25 | | | | | | 0.8x | | |
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Clarivate 2024 Proxy Statement
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| | |
RSUs
|
| |
PSUs(1)
|
| ||||||||||||||||||
NEO
|
| |
Units (#)
|
| |
Grant Value ($)
|
| |
Target Units (#)
|
| |
Grant Value ($)
|
| ||||||||||||
Jonathan Gear | | | | | 164,185 | | | | | | 1,874,993 | | | | | | 648,994 | | | | | | 8,704,350 | | |
Jonathan Collins | | | | | 109,457 | | | | | | 1,249,999 | | | | | | 167,610 | | | | | | 2,174,507 | | |
Bar Veinstein(2) | | | | | 113,378 | | | | | | 999,994 | | | | | | 113,378 | | | | | | 1,185,934 | | |
Henry Levy(2) | | | | | 113,378 | | | | | | 999,994 | | | | | | 113,378 | | | | | | 1,185,934 | | |
Gordon Samson | | | | | 87,565 | | | | | | 999,992 | | | | | | 138,125 | | | | | | 1,776,581 | | |
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Clarivate 2024 Proxy Statement
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Position
|
| |
Share Ownership Guidelines
|
|
| Chief Executive Officer | | | 6 times base salary | |
| Other Executive Officers and Leadership Team | | | 3 times base salary | |
| Non-employee Directors | | | 5 times annual retainer | |
|
What counts as ownership
|
| |
What does not count as ownership
|
|
|
✓ Shares owned directly or indirectly via a trust
✓ Shares held in a 401(k) account ✓ Shares held by spouse or minor children ✓ Unvested RSUs ✓ Unvested deferred shares/share units |
| |
✘ Unvested and Unearned PSUs
✘ Unexercised stock options |
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
|
|
| | | | | |
Year
|
| | |
Salary(2)
($) |
| | |
Bonus(3)
($) |
| | |
Stock
Awards(4) ($) |
| | |
Option
Awards ($) |
| | |
Non-Equity
Incentive Plan Compen- sation(5) ($) |
| | |
All Other
Compen- sation(6) ($) |
| | |
Total
($) |
| | ||||||||||||||||||||||||
| |
Jonathan Gear
Chief Executive Officer |
| | | | | 2023 | | | | | | | 902,472 | | | | | | | — | | | | | | | 10,579,343 | | | | | | | — | | | | | | | 985,500 | | | | | | | 13,530 | | | | | | | 12,480,845 | | | |
| | | 2022 | | | | | | | 432,692 | | | | | | | — | | | | | | | 7,561,183 | | | | | | | — | | | | | | | 381,568 | | | | | | | 165 | | | | | | | 8,375,608 | | | | |||||
| |
Jonathan Collins
Executive Vice President and Chief Financial Officer |
| | | | | 2023 | | | | | | | 752,060 | | | | | | | — | | | | | | | 3,424,506 | | | | | | | — | | | | | | | 547,500 | | | | | | | 13,530 | | | | | | | 4,737,596 | | | |
| | | 2022 | | | | | | | 752,060 | | | | | | | 750,000 | | | | | | | 1,655,311 | | | | | | | — | | | | | | | 444,675 | | | | | | | 12,530 | | | | | | | 3,614,576 | | | | |||||
| | | 2021 | | | | | | | 32,555 | | | | | | | — | | | | | | | 7,403,195 | | | | | | | | | | | | | | — | | | | | | | 16 | | | | | | | 7,435,766 | | | | |||||
| |
Bar Veinstein(1)(7)
President, Academia and Government |
| | | | | 2023 | | | | | | | 411,884 | | | | | | | — | | | | | | | 8,185,927 | | | | | | | — | | | | | | | 438,000 | | | | | | | 63,472 | | | | | | | 9,099,283 | | | |
| |
Henry Levy(1)
President, Life Sciences and Healthcare |
| | | | | 2023 | | | | | | | 399,725 | | | | | | | — | | | | | | | 4,185,925 | | | | | | | — | | | | | | | 438,000 | | | | | | | 13,420 | | | | | | | 5,037,070 | | | |
| |
Gordon Samson(7)
President, Intellectual Property |
| | | | | 2023 | | | | | | | 588,281 | | | | | | | — | | | | | | | 2,776,573 | | | | | | | — | | | | | | | 429,557 | | | | | | | 59,157 | | | | | | | 3,853,568 | | | |
| | | 2022 | | | | | | | 583,874 | | | | | | | — | | | | | | | 1,375,611 | | | | | | | — | | | | | | | 346,310 | | | | | | | 93,020 | | | | | | | 2,398,815 | | | | |||||
| | | 2021 | | | | | | | 479,049 | | | | | | | — | | | | | | | 1,578,182 | | | | | | | — | | | | | | | 123,936 | | | | | | | 83,506 | | | | | | | 2,264,673 | | | |
|
Clarivate 2024 Proxy Statement
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|
Clarivate 2024 Proxy Statement
|
|
| | | | | | | | | | | | | | | | | | | |
AIP
|
| | |
PSUs
|
| | |
RSUs
|
| | | | | | | | | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
Estimated Future 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(3) ($) |
| | |
Grant Date
Fair Value of Stock Awards(4) ($) |
| | ||||||||||||||||||||||||||||||||||||||||
| |
Name
|
| | |
Grant Date
|
| | |
Approval
Date |
| | |
Threshold
$ |
| | |
Target
$ |
| | |
Maximum
$ |
| | |
Threshold
# |
| | |
Target
# |
| | |
Maximum
# |
| | ||||||||||||||||||||||||||||||||||||||
| |
Jonathan Gear
|
| | | | | | | | | | | | | | | | | | | 675,000 | | | | | | | 1,350,000 | | | | | | | 2,700,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 02/22/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 62,575 | | | | | | | 156,438 | | | | | | | 312,876 | | | | | | | | | | | | | | 1,606,618 | | | | |||||
| | | 03/01/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 197,022 | | | | | | | 492,556 | | | | | | | 985,112 | | | | | | | | | | | | | | 7,097,732 | | | | |||||
| | | 03/01/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 164,185 | | | | | | | 1,874,993 | | | | |||||
| |
Jonathan Collins
|
| | | | | | | | | | | | | | | | | | | 375,000 | | | | | | | 750,000 | | | | | | | 1,500,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 02/22/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 23,261 | | | | | | | 58,153 | | | | | | | 116,306 | | | | | | | | | | | | | | 597,231 | | | | |||||
| | | 03/01/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 43,782 | | | | | | | 109,457 | | | | | | | 218,914 | | | | | | | | | | | | | | 1,577,275 | | | | |||||
| | | 03/01/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 109,457 | | | | | | | 1,249,999 | | | | |||||
| |
Bar
Veinstein |
| | | | | | | | | | | | | | | | | | | 300,000 | | | | | | | 600,000 | | | | | | | 1,200,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 05/01/2023 | | | | | | | 03/21/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 45,351 | | | | | | | 113,378 | | | | | | | 226,756 | | | | | | | | | | | | | | 1,185,934 | | | | |||||
| | | 05/01/2023 | | | | | | | 03/21/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 113,378 | | | | | | | 999,994 | | | | |||||
| | | 05/01/2023 | | | | | | | 03/21/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 680,272 | | | | | | | 5,999,999 | | | | |||||
| |
Henry Levy
|
| | | | | | | | | | | | | | | | | | | 300,000 | | | | | | | 600,000 | | | | | | | 1,200,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 05/01/2023 | | | | | | | 03/21/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 45,351 | | | | | | | 113,378 | | | | | | | 226,756 | | | | | | | | | | | | | | 1,185,934 | | | | |||||
| | | 05/01/2023 | | | | | | | 03/21/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 113,378 | | | | | | | 999,994 | | | | |||||
| | | 05/01/2023 | | | | | | | 03/21/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 226,757 | | | | | | | 1,999,997 | | | | |||||
| |
Gordon
Samson |
| | | | | | | | | | | | | | | | | | | 294,217 | | | | | | | 588,434 | | | | | | | 1,176,868 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 02/22/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,615 | | | | | | | 4,038 | | | | | | | 8,076 | | | | | | | | | | | | | | 36,988 | | | | |||||
| | | 02/22/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,608 | | | | | | | 46,522 | | | | | | | 93,044 | | | | | | | | | | | | | | 477,781 | | | | |||||
| | | 03/01/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 35,026 | | | | | | | 87,565 | | | | | | | 175,130 | | | | | | | | | | | | | | 1,261,812 | | | | |||||
| | | 03/01/2023 | | | | | | | 02/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 87,565 | | | | | | | 999,992 | | | |
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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|
| |
Name
|
| | |
Grant Date
|
| | |
Number of
Shares or Units of Stock That Have Not Vested(1) (#) |
| | |
Market Value
of Shares or Units of Stock That Have Not Vested(2) ($) |
| | |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) (#) |
| | |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2)(3) ($) |
| | |||||||||||||||
| |
Jonathan Gear
|
| | | | | 07/15/2022 | | | | | | | 156,438 | | | | | | | 1,448,616 | | | | | | | 234,657 | | | | | | | 2,172,924 | | | |
| | | 07/15/2022 | | | | | | | 151,625 | | | | | | | 1,404,048 | | | | | | | | | | | | | | | | | | |||||
| | | 03/01/2023 | | | | | | | 164,185 | | | | | | | 1,520,353 | | | | | | | 492,556 | | | | | | | 4,561,069 | | | | |||||
| |
Jonathan Collins
|
| | | | | 12/16/2021 | | | | | | | 62,554 | | | | | | | 579,250 | | | | | | | | | | | | | | | | | |
| | | 03/01/2022 | | | | | | | 58,153 | | | | | | | 538,497 | | | | | | | 87,229 | | | | | | | 807,741 | | | | |||||
| | | 03/01/2023 | | | | | | | 109,457 | | | | | | | 1,013,572 | | | | | | | 109,457 | | | | | | | 1,013,572 | | | | |||||
| |
Bar Veinstein
|
| | | | | 05/01/2023 | | | | | | | 113,378 | | | | | | | 1,049,880 | | | | | | | 113,378 | | | | | | | 1,049,880 | | | |
| | | 05/01/2023 | | | | | | | 680,272 | | | | | | | 6,299,319 | | | | | | | | | | | | | | | | | | |||||
| |
Henry Levy
|
| | | | | 05/01/2023 | | | | | | | 113,378 | | | | | | | 1,049,880 | | | | | | | 113,378 | | | | | | | 1,049,880 | | | |
| | | 05/01/2023 | | | | | | | 226,757 | | | | | | | 2,099,770 | | | | | | | | | | | | | | | | | | |||||
| |
Gordon Samson
|
| | | | | 06/21/2021 | | | | | | | 15,583 | | | | | | | 144,299 | | | | | | | | | | | | | | | | | |
| | | 08/15/2021 | | | | | | | 14,406 | | | | | | | 133,400 | | | | | | | | | | | | | | | | | | |||||
| | | 03/01/2022 | | | | | | | 46,522 | | | | | | | 430,794 | | | | | | | 69,783 | | | | | | | 646,191 | | | | |||||
| | | 03/01/2023 | | | | | | | 87,565 | | | | | | | 810,852 | | | | | | | 87,565 | | | | | | | 810,852 | | | |
| |
Name
|
| | |
Vesting Date
|
| | |
Number of
Shares Vesting |
| | ||||||
| |
Jonathan Gear
|
| | | | | 03/01/2024 | | | | | | | 132,947 | | | |
| | | 07/11/2024 | | | | | | | 101,083 | | | | |||||
| | | 03/01/2025 | | | | | | | 132,947 | | | | |||||
| | | 07/11/2025 | | | | | | | 50,542 | | | | |||||
| | | 03/01/2026 | | | | | | | 54,729 | | | |
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Clarivate 2024 Proxy Statement
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|
| |
Name
|
| | |
Vesting Date
|
| | |
Number of
Shares Vesting |
| | ||||||
| |
Jonathan Collins
|
| | | | | 03/01/2024 | | | | | | | 128,115 | | | |
| | | 03/01/2025 | | | | | | | 65,563 | | | | |||||
| | | 03/01/2026 | | | | | | | 36,486 | | | | |||||
| |
Bar Veinstein
|
| | | | | 03/01/2024 | | | | | | | 37,792 | | | |
| | | 05/01/2024 | | | | | | | 272,108 | | | | |||||
| | | 03/01/2025 | | | | | | | 37,793 | | | | |||||
| | | 05/01/2025 | | | | | | | 272,109 | | | | |||||
| | | 03/01/2026 | | | | | | | 37,793 | | | | |||||
| | | 05/01/2026 | | | | | | | 136,055 | | | | |||||
| |
Henry Levy
|
| | | | | 03/01/2024 | | | | | | | 37,792 | | | |
| | | 05/01/2024 | | | | | | | 90,702 | | | | |||||
| | | 03/01/2025 | | | | | | | 37,793 | | | | |||||
| | | 05/01/2025 | | | | | | | 90,703 | | | | |||||
| | | 03/01/2026 | | | | | | | 37,793 | | | | |||||
| | | 05/01/2026 | | | | | | | 45,352 | | | | |||||
| |
Gordon Samson
|
| | | | | 02/21/2024 | | | | | | | 10,368 | | | |
| | | 03/01/2024 | | | | | | | 68,032 | | | | |||||
| | | 08/15/2024 | | | | | | | 4,038 | | | | |||||
| | | 03/01/2025 | | | | | | | 52,449 | | | | |||||
| | | 03/01/2026 | | | | | | | 29,189 | | | |
| | | | | |
Option Awards
|
| | |
Stock Awards
|
| | ||||||||||||||||||||
| |
Name
|
| | |
Number of
Shares Acquired on Exercise (#) |
| | |
Value Realized
on Exercise ($)(1) |
| | |
Number of
Shares Acquired on Vesting (#) |
| | |
Value Realized
on Vesting(2) ($) |
| | ||||||||||||
| | Jonathan Gear | | | | | | — | | | | | | | — | | | | | | | 179,301 | | | | | | | 1,876,789 | | | |
| | Jonathan Collins | | | | | | — | | | | | | | — | | | | | | | 154,183 | | | | | | | 1,760,770 | | | |
| | Bar Veinstein | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |
| | Henry Levy | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |
| | Gordon Samson | | | | | | — | | | | | | | — | | | | | | | 42,882 | | | | | | | 472,147 | | | |
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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|
Name
|
| |
Description of
Payments |
| |
Involuntary
Termination Without Cause (not Related to Change in Control) ($) |
| |
Involuntary
Termination Without Cause (Change in Control) ($) |
| |
Death or
Disability ($) |
| |||||||||
Jonathan Gear | | | PSUs(1) | | | | | 2,336,257 | | | | | | 6,733,992 | | | | | | 6,733,992 | | |
| | | RSUs(2) | | | | | 3,866,226 | | | | | | 4,373,016 | | | | | | 4,373,016 | | |
| | | Severance(3) | | | | | 3,375,000 | | | | | | 4,500,000 | | | | | | — | | |
| | |
Continued Benefits(3)
|
| | | | 35,852 | | | | | | 47,803 | | | | | | — | | |
Total Jonathan Gear | | | | | | | | 9,613,335 | | | | | | 15,654,811 | | | | | | 11,107,008 | | |
Jonathan Collins | | | PSUs(1) | | | | | — | | | | | | 1,821,312 | | | | | | 1,821,312 | | |
| | | RSUs(2) | | | | | 1,793,458 | | | | | | 2,131,319 | | | | | | 2,131,319 | | |
| | | Severance(3) | | | | | 2,250,000 | | | | | | 3,000,000 | | | | | | — | | |
| | |
Continued Benefits(3)
|
| | | | 35,852 | | | | | | 47,803 | | | | | | — | | |
Total Jonathan Collins | | | | | | | | 4,079,310 | | | | | | 7,000,434 | | | | | | 3,952,631 | | |
Bar Veinstein | | | PSUs(1) | | | | | — | | | | | | 1,049,880 | | | | | | 1,049,880 | | |
| | | RSUs(2) | | | | | 5,739,367 | | | | | | 7,349,199 | | | | | | 7,349,199 | | |
| | | Severance(3) | | | | | 1,800,000 | | | | | | 2,400,000 | | | | | | — | | |
| | |
Continued Benefits(3)
|
| | | | — | | | | | | — | | | | | | — | | |
Total Bar Veinstein | | | | | | | | 7,539,367 | | | | | | 10,799,079 | | | | | | 8,399,079 | | |
Henry Levy | | | PSUs(1) | | | | | — | | | | | | 1,049,880 | | | | | | 1,049,880 | | |
| | | RSUs(2) | | | | | 2,379,727 | | | | | | 3,149,650 | | | | | | 3,149,650 | | |
| | | Severance(3) | | | | | 1,800,000 | | | | | | 2,400,000 | | | | | | — | | |
| | |
Continued Benefits(3)
|
| | | | 38,984 | | | | | | 51,979 | | | | | | — | | |
Total Henry Levy | | | | | | | | 4,218,711 | | | | | | 6,651,509 | | | | | | 4,199,530 | | |
Gordon Samson | | | PSUs(1) | | | | | — | | | | | | 1,569,218 | | | | | | 1,569,218 | | |
| | | RSUs(2) | | | | | 1,153,046 | | | | | | 1,423,336 | | | | | | 1,423,336 | | |
| | | Severance(3) | | | | | 1,800,000 | | | | | | 2,400,000 | | | | | | — | | |
| | |
Continued Benefits(3)
|
| | | | — | | | | | | — | | | | | | — | | |
Total Gordon Samson | | | | | | | | 2,953,046 | | | | | | 5,392,554 | | | | | | 2,992,554 | | |
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Clarivate 2024 Proxy Statement
|
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|
Clarivate 2024 Proxy Statement
|
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| |
Chile (12)
|
| | |
Columbia (11)
|
| | |
Egypt (1)
|
| |
| |
Hungary (4)
|
| | |
Malaysia (319)
|
| | |
Mexico (35)
|
| |
| |
Philippines (3)
|
| | |
South Africa (4)
|
| | |
Turkey (4)
|
| |
|
Clarivate 2024 Proxy Statement
|
|
| | Fiscal Year | | | | Summary Compensation Table Total for First PEO(1) | | | | Compensation Actually Paid to First PEO(5) | | | | Summary Compensation Table Total for Second PEO(1) | | | | Compensation Actually Paid to Second PEO(5) | | | | Average Summary Compensation Table Total for Non-PEO NEOs(2) | | | | Average Compensation Actually Paid to Non-PEO NEOs(5) | | | | Value of Initial Fixed $100 Investment Based On: | | | | Net Income/(Loss)(4) | | | | EBITDA | | | ||||||||||||||||||||||||||||||||||
| Total Shareholder Return | | | | Peer Group Total Shareholder Return(3) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (a) | | | | (b) | | | | (c) | | | | (b) | | | | (c) | | | | (d) | | | | (e) | | | | (f) | | | | (g) | | | | (h) | | | | (i) | | | ||||||||||||||||||||||||||||||
| | 2023 | | | | | | | | | | | | | | | | | | N/A | | | | | | | N/A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | |||||||
| | 2022 | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | |||||||
| | 2021 | | | | | | | | | | | | N/A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | ||||||||
| | 2020 | | | | | | | | | | | | N/A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | |
| | Fiscal Year | | | | Summary Compensation Table Total for First PEO | | | | Exclusion of Stock Awards & Option Awards | | | | Year End Fair Value of Unvested Equity Granted During the Current Year (a) | | | | Change in Fair Value of Prior Awards that Vested During the Current Year (b) | | | | Change in Fair Value of Prior Awards that Remained Unvested at End of Current Year (c) | | | | Fair Value at Vest of Awards Granted and Vested During the Current Year (d) | | | | Prior Year End Fair Value of Prior Awards that Forfeited During the Current Year (e) | | | | Inclusion of Equity Values (a) + (b) + (c) +(d) – (e) | | | | Compensation Actually Paid to First PEO | | | |||||||||||||||||||||||||||
| | 2023 | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fiscal Year | | | | Average Summary Compensation Table Total for Non-PEO NEOs | | | | Exclusion of Stock Awards & Option Awards | | | | Year End Fair Value of Unvested Equity Granted During the Current Year (a) | | | | Change in Fair Value of Prior Awards that Vested During the Current Year (b) | | | | Change in Fair Value of Prior Awards that Remained Unvested at End of Current Year (c) | | | | Fair Value at Vest of Awards Granted and Vested During the Current Year (d) | | | | Prior Year End Fair Value of Prior Awards that Forfeited During the Current Year (e) | | | | Inclusion of Equity Values (a) + (b) + (c) +(d) – (e) | | | | Average Compensation Actually Paid to Non-PEO NEOs | | | |||||||||||||||||||||||||||
| | 2023 | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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Clarivate 2024 Proxy Statement
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| | Our Annual Report for the year ended December 31, 2023 has been mailed with this Proxy Statement. | | |
| | You may also review that document and all exhibits on our website (http://ir.clarivate.com). | | |
| | We will provide printed copies of exhibits to the Annual Report but will charge a reasonable fee per page to any requesting shareholder. Send that request in writing to Clarivate Plc, 70 St. Mary Axe, London EC3A 8BE, United Kingdom, Attention: Investor Relations. | | |
| | The request must include a representation by the shareholder that as of our Record Date, March 8, 2024, the shareholder was entitled to vote at the Annual General Meeting. | | |
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Clarivate 2024 Proxy Statement
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Year Ended December 31,
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2023
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2022
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Net income (loss) attributable to ordinary shares | | | | $ | (986.6) | | | | | $ | (4,035.6) | | |
Dividends on preferred shares | | | | | 75.4 | | | | | | 75.4 | | |
Net income (loss) | | | | | (911.2) | | | | | | (3,960.2) | | |
Provision (benefit) for income taxes | | | | | (101.3) | | | | | | (28.9) | | |
Depreciation and amortization | | | | | 708.3 | | | | | | 710.5 | | |
Interest expense, net | | | | | 293.7 | | | | | | 270.3 | | |
Transaction related costs(1) | | | | | 8.2 | | | | | | 14.2 | | |
Share-based compensation expense | | | | | 108.9 | | | | | | 102.2 | | |
Gain on sale from divestitures | | | | | — | | | | | | (278.5) | | |
Goodwill and intangible asset impairments | | | | | 979.9 | | | | | | 4,449.1 | | |
Restructuring and other impairments | | | | | 40.0 | | | | | | 66.7 | | |
Fair value adjustment of warrants | | | | | (15.9) | | | | | | (206.8) | | |
Other(2) | | | | | 6.6 | | | | | | (25.9) | | |
Adjusted EBITDA
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| | | $ | 1,117.2 | | | | | $ | 1,112.7 | | |
Adjusted EBITDA Margin
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| | | | 42.5% | | | | | | 41.8% | | |
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Clarivate 2024 Proxy Statement
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Year Ended December 31,
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Year Ended December 31,
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2023
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Net income (loss) attributable to ordinary shares, diluted
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| | | $ | (986.6) | | | | | $ | (1.47) | | | | | $ | (4,233.2) | | | | | $ | (6.24) | | |
Change in fair value of private placement warrants | | | | | — | | | | | | — | | | | | | 197.6 | | | | | | 0.29 | | |
Net income (loss) attributable to ordinary shares | | | | | (986.6) | | | | | | (1.47) | | | | | | (4,035.6) | | | | | | (5.95) | | |
Dividends on preferred shares | | | | | 75.4 | | | | | | 0.11 | | | | | | 75.4 | | | | | | 0.11 | | |
Net income (loss) and EPS | | | | | (911.2) | | | | | | (1.36) | | | | | | (3,960.2) | | | | | | (5.84) | | |
Transaction related costs(1) | | | | | 8.2 | | | | | | 0.01 | | | | | | 14.2 | | | | | | 0.02 | | |
Share-based compensation expense | | | | | 108.9 | | | | | | 0.16 | | | | | | 102.2 | | | | | | 0.15 | | |
Amortization related to acquired intangible assets | | | | | 564.3 | | | | | | 0.84 | | | | | | 579.6 | | | | | | 0.85 | | |
Goodwill and intangible asset impairments | | | | | 979.9 | | | | | | 1.46 | | | | | | 4,449.1 | | | | | | 6.56 | | |
Restructuring and other impairments | | | | | 40.0 | | | | | | 0.06 | | | | | | 66.7 | | | | | | 0.10 | | |
Fair value adjustment of warrants | | | | | (15.9) | | | | | | (0.02) | | | | | | (206.8) | | | | | | (0.30) | | |
Other(2) | | | | | 6.6 | | | | | | (0.06) | | | | | | (304.4) | | | | | | (0.52) | | |
Income tax impact of related adjustments | | | | | (181.7) | | | | | | (0.27) | | | | | | (112.4) | | | | | | (0.17) | | |
Adjusted net income and Adjusted diluted EPS
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| | | $ | 599.1 | | | | | $ | 0.82 | | | | | $ | 628.0 | | | | | $ | 0.85 | | |
Adjusted weighted-average ordinary shares (Diluted)
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731.3
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737.1
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Clarivate 2024 Proxy Statement
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Year Ended December 31,
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Net cash provided by operating activities | | | | $ | 744.2 | | | | | $ | 509.3 | | |
Capital expenditures
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| | | | (242.5) | | | | | | (202.9) | | |
Free Cash Flow
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| | | $ | 501.7 | | | | | $ | 306.4 | | |