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DEF 14A
GRAHAM HOLDINGS CO filed this Form DEF 14A on 03/23/2017
Entire Document
 


The following table shows the compensation paid by the Company during the most recent three years to our named executive officers. No disclosure is provided for fiscal years for which those persons were not named executive officers.

SUMMARY COMPENSATION TABLE

 

Name and Principal Position

(a)

  Year
(b)
    Salary ($)
(c)1
    Bonus ($)
(d)2
    Stock
Awards ($)
(e)3
    Option
Awards ($)
(f)3
   

Non-

Equity
Incentive
Plan
Compen-
sation ($)
(g)4

    Change in
Pension Value
and Non-
Qualified
Deferred
Compen-
sation
Earnings ($)
(h)5
   

All

Other
Compen-
sation ($)
(i)6

   

Total ($)

(j)

 

Timothy J. O’Shaughnessy

    2016       750,000                         1,860,025       6,417       2,500       2,618,942  

President and Chief Executive Officer

    2015       750,000                   2,951,507       906,000       4,972             4,612,479  
    2014       125,000                   8,800,000       130,600                   9,055,600  

Hal S. Jones

    2016       810,000                         1,764,414       649,952       47,250       3,271,616  

Senior Vice President–Finance and Chief Financial Officer

    2015       785,000       200,000       610,299       398,287       474,140       469,837       45,590       2,983,153  
    2014       755,000                         1,174,200       2,280,070       1,444,660       5,653,930  

Andrew S. Rosen

    2016       1,625,000                         1,901,877       1,988,664       81,311       5,596,852  

Chairman Kaplan Inc. and Executive
Vice President–Graham Holdings Co.

    2015       1,625,000             871,855       15,528,977       1,151,079       550,490       112,350       19,839,751  
    2014       1,625,000                         1,129,486       3,965,652       2,099,550       8,819,688  

Wallace R. Cooney

    2016       480,000                         920,166       95,188       11,243       1,506,597  

Vice President–Finance and Chief
Accounting Officer

                                                                       

Nicole M. Maddrey

    2016       525,000                         590,807       73,519       17,284       1,206,610  

Senior Vice President, General Counsel
and Secretary

    2015       500,000       400,000       435,928             241,600       37,118       42,840       1,657,486  
                                                                       

Gerald M. Rosberg

    2016       289,678             453,976             1,237,493       172,399       11,408       2,164,954  

Senior Vice President–Planning and Development

    2015       665,000             610,299       347,519       321,328             39,350       1,983,496  
    2014       642,000                         1,048,200       632,301       1,036,184       3,358,685  

 

1. Amounts in this column represent base salary earned for each of the named executive officers in 2016. Mr. O’Shaughnessy joined the Company as President on November 3, 2014, and became President and Chief Executive Officer on November 12, 2015. Mr. Rosberg retired from the Company on May 31, 2016.

 

2. Amounts in this column represent special payments made in recognition of extraordinary efforts in connection with the Cable ONE spin-off in 2015.

 

3. The amounts shown in this column represent the grant date fair value of stock and option awards computed in accordance with FASB ASC TOPIC 718 and reflect an estimate of the grant date fair value of stock and option grants made through the close of the 2016 fiscal year, rather than amounts paid to or realized by the named executive officers. There can be no assurance that the amounts calculated will be realized, and amounts realized could ultimately exceed the amounts calculated. In May 2015, the Compensation Committee approved adding an anti-dilution provision to the outstanding stock options in connection with the spin-off of Cable ONE. In accordance with ASC 718, the Company calculated the incremental fair value of the modified award over the fair value of the original award. In July 2015, the Company recorded $398,287, $15,528,977 and $347,519 in additional compensation expense resulting from the modification of Mr. Jones, Mr. Rosen and Mr. Rosberg’s outstanding stock options, respectively, covering 2,000, 50,000 and 1,000 stock options, respectively, with an exercise price of $651.91, $502.58 and $368.56, respectively, and an expiration date of May 12, 2018, February 22, 2021 and December 15, 2018, respectively. In addition, in May 2016, the Company recorded $453,976 in additional compensation expense resulting from the modification due to the accelerated vesting of Mr. Rosberg’s restricted stock award (800 Company shares and 800 CABO shares) upon his retirement. See Note 13 of Notes to the Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K, filed on February 24, 2017, for a discussion of the assumptions used in valuation of the stock and option awards.

 

4. Amounts in this column for 2016 represent payments under the 2016 annual bonus plan and the 2013–2016 Performance Unit Plan as follows: Mr. O’Shaughnessy, $860,025 in annual bonus, $1,000,000 in Performance Units; Mr. Jones, $464,414 in annual bonus, $1,300,000 in Performance Units; Mr. Rosen, $1,301,877 in annual bonus, $600,000 in Performance Units; Mr. Cooney, $220,166 in annual bonus, $700,000 in Performance Units, Ms. Maddrey, $240,807 in annual bonus, $350,000 in Performance Units; Mr. Rosberg, $127,093 in annual bonus, $1,110,400 in Performance Units. Amounts in this column for 2015 represent payments under the 2015 annual bonus plan. Amounts in this column for 2014 represent payments under the 2014 annual bonus plan and the 2011–2014 Performance Unit Plan as follows: Mr. O’Shaughnessy, $130,600 in annual bonus; Mr. Jones, $394,200 in annual bonus, $780,000 in Performance Units; Mr. Rosen, $1,129,486 in annual bonus; Mr. Rosberg, $268,200 in annual bonus, $780,000 in Performance Units.

 

5. There were no above-market or preferential earnings on compensation deferred on a non-tax-qualified basis, and, therefore, no such earnings are reflected in the amounts shown in this column.

Benefits were assumed to commence at the age when benefits under the SERP are first unreduced, or the age when benefits under The Retirement Plan are first unreduced if the named executive officer does not have a SERP benefit, and were discounted to the date as of which they were determined (either 12/31/2016 or 12/31/2015). Assumed benefit commencement ages are shown below, rounded to the nearest age:

 

O’Shaughnessy:    age 65 (12/31/2016 and 12/31/2015)
Jones:    age 64 (12/31/2016); age 63 (12/31/2015)
Rosen:    age 58 (12/31/2016 and 12/31/2015)
Cooney:    age 64 (12/31/2016 and 12/31/2015)
Maddrey:    age 65 (12/31/2016 and 12/31/2015)
Rosberg:    age 69 (12/31/2016 and 12/31/2015)

 

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