Gogo Inc
For the period ended Apr 25, 2024. Filed Apr 26, 2024.
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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.
Apr 25, 2024 · Filed Apr 26, 2024
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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 Pursuant to §240.14a-12 |
(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 the appropriate box):
| ☒ | 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 |
105 Edgeview Dr., Suite 300
Dear Stockholder:
You are cordially invited to attend the annual meeting of stockholders of Gogo Inc., to be held on June 4, 2024 at 9:00 a.m. Mountain Time. The annual meeting will be a virtual meeting conducted solely online and can be attended by visiting www.virtualshareholdermeeting.com/GOGO2024. All record holders of our outstanding shares of common stock as of the close of business on April 5, 2024, or the record date, are entitled to vote at the meeting. To participate in the annual meeting, you will need the control number located on your proxy card or the instructions that accompanied your proxy materials.
Your vote is important. Whether you plan to virtually attend the annual meeting or not, you may access electronic voting via the Internet, which is described on your enclosed proxy card (or, if you hold your shares through a bank or broker, voting instruction form), or you may sign, date and return the proxy card in the envelope provided (or, if you hold your shares through a bank or broker, voting instruction form).
Details of the business to be conducted at the annual meeting are given in the notice of annual meeting of stockholders and the proxy statement.
We are pleased to take advantage of the Securities and Exchange Commission rules that allow issuers to furnish proxy materials to their stockholders on the Internet. We believe these rules allow us to provide you with the information you need while lowering the costs of delivery and reducing the environmental impact of our annual meeting. Consequently, most stockholders will not receive paper copies of our proxy materials. We sent to these stockholders (to the extent they were holders of record as of the close of business on the record date) a notice of Internet Availability of Proxy Materials with instructions for accessing the proxy materials, including our proxy statement and annual report, and for voting via the Internet on or about April 25, 2024. We also provided access to our proxy materials over the Internet beginning on that date.
On behalf of the board of directors, I want to thank you for your support of Gogo.
Sincerely,
Oakleigh ThorneChief Executive Officer and Chair of the Board of Directors
105 Edgeview Dr., Suite 300
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON June 4, 2024
To the Stockholders of Gogo Inc.:
NOTICE IS HEREBY GIVEN that the annual meeting of stockholders (the “Annual Meeting”) of Gogo Inc., a Delaware corporation (“Gogo” or the “Company”), will be held virtually on June 4, 2024, at 9:00 a.m. Mountain Time, at www.virtualshareholdermeeting.com/GOGO2024 for the following purposes:
Election of two Class II directors to serve until the 2027 annual meeting of stockholders or until their successors are duly elected and qualified;
A non-binding advisory vote approving 2023 executive compensation;
Approval of the 2024 Employee Stock Purchase Plan (the "2024 ESPP");
Approval of the 2024 Omnibus Equity Incentive Plan (the "2024 Plan");
Ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2024; and
Transaction of any other business that may properly be brought before the Annual Meeting.
The Annual Meeting will be a virtual meeting conducted solely online and can be attended by visiting www.virtualshareholdermeeting.com/GOGO2024.
Our board of directors has fixed the close of business on April 5, 2024 as the record date for determining holders of our common stock entitled to notice of, and to vote at, the Annual Meeting.
Our board of directors recommends that you vote FORthe election of each of the director nominees named in Proposal No. 1 of the proxy statement, FORthe approval of 2023 executive compensation as described in Proposal No. 2 of the proxy statement, FOR the approval of the 2024 ESPP as described in Proposal No. 3 of the proxy statement, FOR the approval of the 2024 Plan as described in Proposal No. 4 of the proxy statement and FORthe ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm as described in Proposal No. 5 of the proxy statement.
For our Annual Meeting, we have elected to use the Internet as our primary means of providing our proxy materials to stockholders. Consequently, most stockholders will not receive paper copies of our proxy materials. On or about April 25, 2024, we sent to these stockholders (to the extent they were holders of record as of the close of business on the record date) a Notice of Internet Availability of Proxy Materials with instructions for accessing the proxy materials, including our proxy statement and annual report, and for voting via the Internet. We also provided access to our proxy materials over the Internet beginning on that date. The Notice of Internet Availability of Proxy Materials also provides information on how stockholders may obtain paper copies of our proxy materials free of charge, if they so choose. The electronic delivery of our proxy materials will significantly reduce our printing and mailing costs and the environmental impact of the circulation of our proxy materials.
The Notice of Internet Availability of Proxy Materials also provides the date, time and location of the Annual Meeting; the matters to be acted upon at the meeting and the board of directors’ recommendation with regard to each matter; a toll-free number, an email address and a website where stockholders may request a paper or email copy of the Proxy Statement, our annual report to stockholders and a form of proxy relating to the Annual Meeting; and information on how to attend the meeting and vote electronically.
You are cordially invited to virtually attend the Annual Meeting. You are urged to mark, date and sign your proxy card and return it by mail or follow the alternative voting procedures described in this proxy statement or the proxy card (or, if you hold your shares through a bank or broker, following the voting procedures on your voting instruction form or other information provided by your bank or broker).
BY ORDER OF THE BOARD OF DIRECTORS,
Crystal L. Gordon
Executive Vice President, General Counsel and Secretary
Broomfield, Colorado
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 4, 2024:
THIS NOTICE OF ANNUAL MEETING OF STOCKHOLDERS, THE ACCOMPANYING PROXY STATEMENT AND OUR 2023 ANNUAL REPORT TO STOCKHOLDERS ARE ALL AVAILABLE AT WWW.PROXYVOTE.COM AND MAY BE ACCESSED USING THE CONTROL NUMBER LOCATED ON EACH PROXY CARD.
Table of Contents to Proxy Statement
| 2024 PROXY STATEMENT SUMMARY | 1 |
|---|---|
| Gogo Inc.’s 2024 Annual Meeting Information | 1 |
| Items of Business | 1 |
| Board Structure | 2 |
| Election of Class II Directors | 2 |
| Advisory Vote on Executive Compensation | 2 |
| 2024 Employee Stock Purchase Plan | 3 |
| 2024 Omnibus Equity Incentive Plan | 3 |
| Ratification of the Appointment of the Independent Registered Public Accounting Firm | 3 |
| OUR BOARD OF DIRECTORS AND CORPORATE GOVERNANCE | 4 |
| Our Board | 4 |
| Class II Nominees | 5 |
| Continuing Directors | 6 |
| Selecting Nominees for Director | 8 |
| Director Independence | 10 |
| Executive Sessions of Our Non-Management Directors | 10 |
| Board Leadership Structure | 11 |
| Risk Oversight | 11 |
| Corporate Governance Guidelines | 13 |
| Code of Business Conduct | 13 |
| Committees of the Board | 13 |
| Meetings of the Board and Attendance at the Annual Meeting | 15 |
| Plurality Voting for Directors and Director Resignation Policy | 15 |
| Succession Planning and Management Development | 15 |
| Security Ownership Policies | 16 |
| Communications with the Board | 16 |
| EXECUTIVE OFFICERS | 17 |
| RELATED PERSON TRANSACTIONS | 19 |
| Policies and Procedures for Related Person Transactions | 19 |
| Related Person Transactions | 19 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 23 |
| COMPENSATION DISCUSSION AND ANALYSIS | 25 |
| COMPENSATION COMMITTEE REPORT | 35 |
| EXECUTIVE COMPENSATION TABLES | 36 |
| Summary Compensation Table | 36 |
| Grants of Plan-Based Awards | 37 |
| Narrative to Summary Compensation Table and Grants of Plan-Based Awards Table | 37 |
| Outstanding Equity Awards at 2023 Fiscal Year-End | 44 |
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| Option Exercises and Stock Vested Table | 45 |
|---|---|
| Nonqualified Deferred Compensation Table | 46 |
| Potential Payments upon Termination or Change of Control | 46 |
| CEO PAY RATIO | 49 |
| PAY VERSUS PERFORMANCE | 50 |
| Pay versus Performance Table | 50 |
| Relationship between Compensation Actually Paid and Certain Financial Measures | 53 |
| Financial Performance Measures | 55 |
| DIRECTOR COMPENSATION | 56 |
| AUDIT MATTERS | 58 |
| Audit Committee Report | 58 |
| Pre-approval of Independent Auditor Services | 59 |
| Independent Registered Public Accounting Firm Fees | 59 |
| PROPOSAL 1: ELECTION OF DIRECTORS | 60 |
| Nominees for Director | 60 |
| PROPOSAL 2: ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION | 61 |
| PROPOSAL 3: APPROVAL OF THE 2024 EMPLOYEE STOCK PURCHASE PLAN | 62 |
| PROPOSAL 4: APPROVAL OF THE THE 2024 OMNIBUS EQUITY INCENTIVE PLAN | 67 |
| PROPOSAL 5: RATIFICATION OF APPOINTMENT OF ACCOUNTANTS | 77 |
| OTHER INFORMATION FOR STOCKHOLDERS | 78 |
| Other Business | 78 |
| Stockholder Proposals and Director Nominations for 2024 | 78 |
| Solicitation Costs | 80 |
| Householding of Annual Disclosure Documents | 80 |
| Attendance at Annual Meeting | 81 |
| QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND THE ANNUAL MEETING | 82 |
| Annex A: 2024 Employee Stock Purchase Plan | A-1 |
| Annex B: 2024 Omnibus Equity Incentive Plan | B-1 |
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105 Edgeview Drive, Suite 300
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.