Performance-Based Units. On January 1, 2020, each NEO (other than Ms. Renner) received a grant of PBUs. On February 1, 2021, each NEO (including Ms. Renner) received a grant of PBUs. In addition, on February 1, 2021, Ms. Renner received a special grant of PBUs. A portion of these awards (50%) vest based on Return on Invested Capital during the three-year performance period and the remaining portion (50%) vest based on Packaging business gross profit dollar growth during such period. The PBUs granted based on ROIC and Packaging gross profit dollar growth may be modified by up to 20% based on Veritiv’s TSR performance relative to the TSR Performance Peer Group for the entire three-year vesting period. Dividend equivalents are not paid on unvested awards. The ultimate value of the awards depends on the number of units earned and the price of the Company’s common stock at the time the awards vest. See “Elements of our Executive Compensation Program—Vesting of 2020 Performance-Based Unit Awards” for additional information.
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Restricted Stock Units
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Performance Share
Unit Awards
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Performance
Based Units
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Name
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Number of
Shares or
Units of
Stock Held
That Have
Not Vested
(#)(1)
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|
Market Value of
Shares or
Units of
Stock Held
That Have
Not Vested
($)(2)
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|
Number of
Shares or
Units of
Stock Held
That Have
Not Vested
(#)(3)
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|
Market Value of
Shares or
Units of
Stock Held
That Have
Not Vested
($)(4)
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Number of
Units and
Market
Value of PBUs
That Have
Not Vested
($)(5)
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Salvatore A. Abbate
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88,072 |
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10,719,243 |
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22,166 |
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2,697,824 |
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3,810,444 |
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Stephen J. Smith
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29,339 |
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3,570,850 |
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8,078 |
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983,173 |
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2,684,304 |
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Daniel J. Watkoske
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24,417 |
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2,971,793 |
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5,344 |
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650,418 |
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1,776,544 |
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Mark W. Hianik
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17,857 |
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2,173,375 |
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4,916 |
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598,326 |
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1,633,786 |
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Karen K. Renner
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14,515 |
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1,766,621 |
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2,462 |
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299,650 |
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1,045,502 |
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Susan B. Salyer
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8,273 |
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1,006,907 |
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1,788 |
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217,617 |
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333,370 |
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(1)
Represents the number of shares that will vest in full during 2023, 2024, 2025, and 2026 assuming continued employment through that date. The shares that vested or will vest assuming continued employment on each of January 1, 2023, January 1, 2024, January 1, 2025 and January 1, 2026 are: 7,015, 7,016, 2,254, and 2,254 respectively, for Mr. Abbate; 5,940, 5,940, 821, and 822, respectively, for Mr. Smith; 3,931, 3,932, 5,543, and 544, respectively, for Mr. Watkoske; 3,615, 3,616, 500, and 500, respectively, for Mr. Hianik; 250, 251, 5,250, and 251, respectively, for Ms. Renner; and 584, 585, 3,682, and 182, respectively, for Ms. Salyer. The shares that vested or will vest assuming continued employment on each of February 1, 2023, February 1, 2024 and February 1, 2025 are: 10,013, 10,013 and 10,013, respectively, for Mr. Abbate; 5,272, 5,272 and 5,272, respectively, for Mr. Smith; 3,489, 3,489 and 3,489, respectively, for Mr. Watkoske; 3,209, 3,208 and 3,209, respectively, for Mr. Hianik; 2,838, 2,837 and 2,838, respectively, for Ms. Renner; and 443, 443, and 443, respectively, for Ms. Salyer. In addition, for Mr. Abbate, the shares that will vest assuming continued employment on each of September 30, 2023 and September 30, 2024 are 19,747 and 19,747, respectively. In addition, for Ms. Salyer, the shares that will vest assuming continued employment on July 1, 2023, July 1, 2024, and July 1, 2025 are 137, 137, and 1,637, respectively. RSUs are paid out in shares of common stock to the NEOs.
(2)
Represents the number of RSUs multiplied by the closing price of the Company’s common stock on December 30, 2022 (the last trading day of fiscal 2022), which was $121.71.
(3)
Represents the actual number of PSUs that could vest following the end of the performance period. The ultimate number of shares issued under the PSU awards depends on the number of units earned and the price of our common stock on the actual vesting date. For additional information, refer to “Elements of our Executive Compensation Program—Long-Term Incentive Program in Place for Grants in 2022.”