E.W. SCRIPPS Co
For the period ended Mar 22, 2024. Filed Mar 22, 2024.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Mar 22, 2024 · Filed Mar 22, 2024
Use the contents to explore the available documents and sections.
Contents
Cover page
Show cover page
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
| Filed by the Registrant | |
|---|---|
| Filed by a Party other than the Registrant | |
| Check the appropriate box: | |
| | Preliminary Proxy Statement |
| | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| | Definitive Proxy Statement |
| | Definitive Additional Materials |
| | Soliciting Material under §240.14a-12 |
THE E.W. SCRIPPS COMPANY
(Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): No fee required ☐ Fee paid previously with preliminary materials ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
PROXY SUMMARY
| VOTING MATTERS · BOARD VOTE RECOMMENDATION · PAGE REFERENCE(FOR MORE DETAILS) | |||
|---|---|---|---|
| Proposal 1 | Election of Directors | FOR(each nominee) | 6 |
| Proposal 2 | Ratification of Deloitte & Touche LLP as the Company’s Independent Registered Public Accounting Firm for 2024 | FOR | 75 |
| Proposal 3 | Advisory (Non-Binding) Vote to Approve Named Executive Officer Compensation (Say-on-Pay) | FOR | 77 |
| Proposal 4 | Approval of Amendment No. 1 to The E.W. Scripps Company 2023 Long-Term Incentive Plan | FOR | 78 |
The E.W. Scripps Company
312 Walnut Street, Suite 2800
Cincinnati, Ohio 45202
To the Shareholders of The E.W. Scripps Company:
The Annual Meeting of the Shareholders (the "Annual Meeting") of The E.W. Scripps Company (the “Company”) will be held at the Scripps Center, 312 Walnut Street, 10th Floor Conference Center, Cincinnati, Ohio, on Monday, May 6, 2024, at 4:00 PM, Eastern Time, for the following purposes:
to elect directors;
to ratify Deloitte & Touche LLP as the Company’s independent registered public accounting firm for 2024;
to hold an advisory (non-binding) vote to approve named executive officer compensation (a “say-on-pay vote”); and
to approve an amendment to The E.W. Scripps Company 2023 Long-Term Incentive Plan.
The shareholders will also transact such other business as may properly come before the Annual Meeting. The Company’s board of directors (the “Board”) has fixed the close of business on March 12, 2024, as the record date for the determination of shareholders who are entitled to notice of and to vote at the Annual Meeting and any adjournment thereof.
We are furnishing our proxy materials to you under Securities and Exchange Commission rules that allow companies to deliver proxy materials to their shareholders on the Internet. On or about March 22, 2024, you were provided with a Notice of Internet Availability of Proxy Materials (“Notice”) and were provided access to our proxy materials over the Internet. The proxy materials include the 2024 Annual Report to Shareholders and the Proxy Statement.
We encourage you to attend the Annual Meeting. However, it is important that your shares be represented whether or not you are personally able to attend the Annual Meeting. Please vote as instructed on the Notice, via the Internet or the telephone, as promptly as possible so as to ensure that your vote is recorded. Alternatively, you may follow the procedures outlined in the Notice to request a paper proxy card to submit your vote by mail. If you attend the meeting and your shares are registered in your name, you may withdraw your proxy at that time and vote your shares in person. If you plan to attend the Annual Meeting and need special assistance because of a disability, please contact the secretary’s office at secretary@scripps.com.
Your proxy is being solicited by the Board. Thank you for investing in The E.W. Scripps Company.
Julie L. McGehee, Esq.
Secretary and Senior Vice President
March 22, 2024
Table of Contents
| 2024 ANNUAL MEETING | 4 | EXECUTIVE COMPENSATION | ||
|---|---|---|---|---|
| INTERNET AVAILABILITY OF PROXY MATERIALS | 4 | 2023 Summary Compensation Table | 53 | |
| VOTING PROCEDURES | 4 | 2023 Grants of Plan-Based Awards | 55 | |
| SOLICITATION OF PROXIES | 5 | 2023 Outstanding Equity Awards at Fiscal Year-End | 56 | |
| PROPOSAL 1 – ELECTION OF DIRECTORS | 6 | 2023 Stock Vested | 58 | |
| REPORT ON THE NOMINEES FOR ELECTION TO THE BOARD OF DIRECTORS | 7 | 2023 Pension Benefits | 58 | |
| Description of Retirement Plans | 58 | |||
| BOARD DIVERSITY MATRIX | 12 | 2023 Nonqualified Deferred Compensation | 60 | |
| REPORT ON THE SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS | 13 | Description of Nonqualified Deferred Compensation Plan | 60 | |
| REPORT ON THE SECURITY OWNERSHIP OF MANAGEMENT | 15 | Potential Payments Upon Termination or Change in Control | 61 | |
| PROHIBITION OF HEDGING AND PLEDGING | 16 | |||
| REPORT ON THE BOARD OF DIRECTORS AND ITS COMMITTEES | 17 | Summary of Various Plans and Arrangements | 63 | |
| CEO Pay Ratio | 65 | |||
| SUSTAINABILITY AT SCRIPPS | 19 | Pay Versus Performance | 66 | |
| CORPORATE GOVERNANCE | 34 | 2023 Director Compensation | 70 | |
| AUDIT COMMITTEE MATTERS | 38 | Description of Director Compensation Program | 71 | |
| REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS | 39 | Cash Compensation | 71 | |
| Equity Compensation | 71 | |||
| COMPENSATION & TALENT MANAGEMENT COMMITTEE REPORT | 40 | Other Benefits | 72 | |
| 1997 Deferred Compensation Plan and Stock Plan for Directors | 72 | |||
| COMPENSATION DISCUSSION AND ANALYSIS | 41 | |||
| Executive Summary | 42 | COMPENSATION & TALENT MANAGEMENT COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION | ||
| Objectives of our Compensation Program | 42 | 73 | ||
| 2023 Compensation Highlights | 42 | RELATED PARTY TRANSACTIONS | 73 | |
| Shareholder Engagement and Enhancements to Compensation Program | 44 | PROPOSAL 2 – TO RATIFY DELOITTE & TOUCHE LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2024 | 75 | |
| Our Compensation Policies and Practices | 44 | |||
| Core Compensation Elements | 45 | PROPOSAL 3 – ADVISORY (NON-BINDING) VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION | 77 | |
| Base Salary | 45 | |||
| Short-Term Incentive | 45 | PROPOSAL 4 – VOTE TO APPROVE AMENDMENT NO. 1 to THE E.W. SCRIPPS 2023 LONG-TERM INCENTIVE PLAN | 78 | |
| Long-Term Incentive | 47 | |||
| Additional Compensation Policies and Practices | 49 | EQUITY COMPENSATION PLAN INFORMATION | 88 | |
| Compensation Recoupment Policy | 49 | DELINQUENT SECTION 16 REPORTS | 89 | |
| Stock Ownership Requirements | 49 | SHAREHOLDER PROPOSALS FOR 2024 ANNUAL MEETING | 89 | |
| Post-Employment Benefits | 50 | OTHER MATTERS | 90 | |
| Health, Welfare and Other Personal Benefits | 50 | APPENDIX: AMENDMENT NO. 1 TO THE SCRIPPS LONG-TERM INCENTIVE PLAN | 92 | |
| Employment Agreements, Executive Severance and Change in Control Plan | 50 | |||
| Compensation Consultant and Peer Group | 51 | |||
| Independent Compensation Consultant | 51 | |||
| Compensation Peer Group | 52 | |||
| Tax Implications | 52 | |||
THE E.W. SCRIPPS COMPANY
312 Walnut Street
Cincinnati, Ohio 45202
PROXY STATEMENT
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.