In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (PEO) and Non-PEO named executive officers (Non-PEO NEOs) and company performance for the fiscal years listed below. The Compensation & HR Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown. For further information concerning the Company’s pay-for-performance philosophy and how the Company’s aligns executive compensation with the Company’s performance, please refer to the “Compensation Discussion and Analysis (CD&A)” section of this Proxy Statement.
| | | | | | | | | | | | | | | | | | | | | | |
|---|
| · · · · · · · · · · · · · · Value of Initial Fixed $100 · · · · |
|---|
| · · · · · · · · · · Average · · · · Investment Based On: · · · · |
|---|
| | | Summary | | | | Summary | | | | Summary | | Average | | | | Peer Group | | | | Adjusted | |
|---|
| · · Compensation · · Compensation · · Compensation · · Compensation · · Compensation · · Compensation · · Total · · Total · · Net Income · · Net Sales |
|---|
| · · Table Total · · Actually Paid · · Table Total · · Actually Paid · · Table Total for · · Actually Paid to · · Shareholder · · Shareholder · · (loss) · · Revenue |
|---|
| · · for Former PEO · · To Former PEO · · for Current PEO · · To Current PEO · · Non-PEO NEOs · · Non-PEO NEOs · · Return · · Return · · (millions) · · (millions) |
|---|
| Year | | ($)(1) | | ($)(2) | | ($)(1) | | ($)(2) | | ($)(3) | | ($)(4) | | ($)(5) | | ($)(6) | | ($)(7) | | ($)(8) | |
| 2025 | | 11,137,548 | | (1,028,805) | | 4,134,901 | | 3,014,774 | | 4,130,171 | | 1,609,804 | | 122.07 | | 100.87 | | (2,180.20) | | 10,930 | |
| 2024 | | 11,337,261 | | 9,147,024 | | — | | — | | 3,369,218 | | 2,968,198 | | 144.25 | | 91.55 | | 1,157.70 | | 11,693 | |
| 2023 | | 12,210,558 | | 22,572,330 | | — | | — | | 3,080,070 | | 4,765,744 | | 151.48 | | 109.72 | | 956.40 | | 10,552 | |
| 2022 | | 9,071,398 | | 8,996,041 | | — | | — | | 2,475,380 | | 2,460,264 | | 119.05 | | 102.59 | | (186.5) | | 9,892 | |
| 2021 | | 8,234,680 | | 7,453,975 | | — | | — | | 2,493,751 | | 2,137,489 | | 104.07 | | 102.29 | | 1,008.5 | | 9,407 | |
| (1) | The dollar amounts reported are the amounts of total compensation reported for Mr. Hattersley (our former Chief Executive Officer until his retirement) and for Mr. Goyal (our current Chief Executive Officer as of October 1, 2025) for each corresponding year in the “Total” column of the Summary Compensation Table (SCT) in this Proxy Statement. For further information, please refer to the “Executive Compensation – Summary Compensation Table” section of this Proxy Statement. |
| (2) | The dollar amounts reported represent the amount of “compensation actually paid” (CAP) to Mr. Hattersley and Mr. Goyal, as computed in accordance with Item 402(v). The dollar amounts do not reflect the actual amount of compensation earned, realized or received by Mr. Hattersley or Mr. Goyal during the applicable year. In accordance with the requirements of Item 402(v), the following amounts were deducted from and added to Mr. Hattersley’s or Mr. Goyal’s SCT total compensation for 2025 to determine CAP: |
| · · · · · · · · · · · · · |
|---|
| · · · · · · · · Reported Change in · · · · |
|---|
| · · Reported Summary · · Reported · · · · the Actuarial · · · · Compensation |
|---|
| · · Compensation Table · · Value of · · Equity Award · · Present Value of · · Pension Benefit · · Actually Paid to |
|---|
| · · Total for Former PEO · · Equity Awards · · Adjustments · · Pension Benefits · · Adjustments · · Former PEO |
|---|
| Year · · ($) · · ($)(a) · · ($)(b) · · ($)(c) · · ($) · · ($) |
|---|
| 2025 | 11,137,548 | (9,277,605) | | (2,888,748) | — | — | (1,028,805) | |
| · · · · · · · · · · · · |
|---|
| · · · · · · · · Reported Change in · · · · |
|---|
| · · Reported Summary · · Reported · · · · the Actuarial · · · · Compensation |
|---|
| · · Compensation Table · · Value of · · Equity Award · · Present Value of · · Pension Benefit · · Actually Paid to |
|---|
| · · Total for Current PEO · · Equity Awards · · Adjustments · · Pension Benefits · · Adjustments · · Current PEO |
|---|
| Year · · ($) · · ($)(a) · · ($)(b) · · ($)(d) · · ($) · · ($) |
|---|
| 2025 | 4,134,901 | (3,322,198) | 2,203,900 | (1,829) | — | 3,014,774 |
| (a) | The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the SCT. |
| | |
|---|
| 80 | | 2026 Proxy Statement |
|---|
| (b) | The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts added (or deducted, as applicable) in calculating the Equity Award Adjustments in accordance with Rule 402(v) promulgated under Regulation S-K of the Securities Act of 1933 are as follows below. |
| · · · · · · · · · · · · · · · |
|---|
| · · · · · · · · Former PEO · · Former PEO · · Former PEO Value of · · |
|---|
| · · Former PEO · · Former PEO · · · · Change in Fair · · Fair Value at · · Dividends or · · |
|---|
| · · Year End Fair · · Change in Fair · · Former PEO · · Value from Prior · · the End of the · · other Earnings · · |
|---|
| · · Value of Equity · · Value from Prior · · Fair Value as of · · Year and through · · Prior Year of · · Paid on Stock or · · |
|---|
| · · Awards Granted · · Year End of · · Vesting Date of · · the Vesting Date · · Equity Awards · · Option Awards · · |
|---|
| · · in the Year and · · Outstanding and · · Equity Awards · · of Equity Awards · · that Failed to · · not Otherwise · · |
|---|
| · · Outstanding and · · Unvested Equity · · Granted and · · Granted in Prior · · Meet Vesting · · Reflected in Fair · · Total Equity |
|---|
| · · Unvested as of · · Awards Granted · · Vested in the · · Years that Vested · · Conditions in · · Value or Total · · Award |
|---|
| · · Year End · · in Prior Years · · Year · · in the Year · · the Year · · Compensation · · Adjustments |
|---|
| Year · · ($) · · ($) · · ($) · · ($) · · ($) · · ($) · · ($) |
|---|
| 2025 | 2,971,253 | (7,946,807) | — | 1,191,424 | — | 895,382 | (2,888,748) | |
| (c) | The amount included in this column is the amount reported in "Change in Pension and Nonqualified Deferred Compensation" column of the SCT. For 2025, the change in pension value was negative and accordingly was not reflected in the table pursuant to applicable SEC rules. |
| · · · · · · · · · · · · · · |
|---|
| · · · · · · · · Current PEO · · Current PEO · · Current PEO Value of · · |
|---|
| · · Current PEO · · Current PEO · · · · Change in Fair · · Fair Value at · · Dividends or · · |
|---|
| · · Year End Fair · · Change in Fair · · Current PEO · · Value from Prior · · the End of the · · other Earnings · · |
|---|
| · · Value of Equity · · Value from Prior · · Fair Value as of · · Year and through · · Prior Year of · · Paid on Stock or · · |
|---|
| · · Awards Granted · · Year End of · · Vesting Date of · · the Vesting Date · · Equity Awards · · Option Awards · · |
|---|
| · · in the Year and · · Outstanding and · · Equity Awards · · of Equity Awards · · that Failed to · · not Otherwise · · |
|---|
| · · Outstanding and · · Unvested Equity · · Granted and · · Granted in Prior · · Meet Vesting · · Reflected in Fair · · Total Equity |
|---|
| · · Unvested as of · · Awards Granted · · Vested in the · · Years that Vested · · Conditions in · · Value or Total · · Award |
|---|
| · · Year End · · in Prior Years · · Year · · in the Year · · the Year · · Compensation · · Adjustments |
|---|
| Year · · ($) · · ($) · · ($) · · ($) · · ($) · · ($) · · ($) |
|---|
| 2025 | 2,676,756 | (664,191) | — | 86,457 | — | 104,878 | 2,203,900 |
| (d) | The amount included in this column is the amount reported in "Change in Pension and Nonqualified Deferred Compensation" column of the SCT. For 2025, the change in pension value was negative and accordingly was not reflected in the table pursuant to applicable SEC rules. |
| (3) | The dollar amounts reported represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding Mr. Hattersley) in the “Total” column of the SCT in each applicable year. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Tracey I. Joubert, Michelle St. Jacques, Natalie Maciolek, Darrin Vohs, and Philip Whitehead, for 2023 and 2024, Tracey I. Joubert, Michelle St. Jacques, Natalie Maciolek, and Sergey Yeskov; (ii) for 2022, Tracey I. Joubert, Michelle St. Jacques, Anne-Marie D’Angelo, and Sergey Yeskov; (iii) for 2021, Tracey I. Joubert, Michelle St. Jacques, Peter J. Marino, Simon J. Cox, and E. Lee Reichert; and (iv) for 2020, Tracey I. Joubert, Michelle St. Jacques, Simon J. Cox and E. Lee Reichert. |
| (4) | The dollar amounts reported represent the average amount of CAP for the NEOs as a group, as computed in accordance with Item 402(v). The dollar amounts do not reflect the actual average amount of compensation earned, realized or received by the NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v), the following adjustments were made to average total compensation for the NEOs as a group for 2024 to determine the CAP: |
| · · · · · · · · · · · · · |
|---|
| · · Average Reported · · · · · · Average · · · · |
|---|
| · · Summary · · · · · · Reported Change · · · · Average |
|---|
| · · Compensation Table · · Average Reported · · · · in the Actuarial · · Average Pension · · Compensation |
|---|
| · · Total for Non-PEO · · Value of Equity · · Average Equity · · Present Value of · · Benefit · · Actually Paid to |
|---|
| · · NEOs · · Awards · · Award Adjustments · · Pension Benefits · · Adjustments · · Non-PEO NEOs |
|---|
| Year · · ($) · · ($)(a) · · ($)(b) · · ($)(c) · · ($) · · ($) |
|---|
| 2025 | 4,130,171 | (2,740,643) | 224,335 | (4,060) | 0 | 1,609,804 | |
| (a) | The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the SCT. |
| | |
|---|
| 2026 Proxy Statement | | 81 |
|---|
| (b) | The amounts deducted or added in calculating the total average Equity Award Adjustments are as follows: |
| · · · · · · · · · · · · · · · |
|---|
| · · · · · · · · Average Change · · · · Average Value of · · |
|---|
| · · Average Year End · · · · · · in Fair Value from · · Average Fair · · Dividends or · · |
|---|
| · · Fair Value of · · Average Change · · Average Fair · · Prior Year and · · Value at the End · · other Earnings · · |
|---|
| · · Equity Awards · · in Fair Value from · · Value as of · · through the · · of the Prior Year · · Paid on Stock or · · |
|---|
| · · Granted in the · · Prior Year End of · · Vesting Date of · · Vesting Date of · · of Equity Awards · · Option Awards · · |
|---|
| · · Year and · · Outstanding and · · Equity Awards · · Equity Awards · · that Failed to · · not Otherwise · · |
|---|
| · · Outstanding and · · Unvested Equity · · Granted and · · Granted in Prior · · Meet Vesting · · Reflected in Fair · · Total Average |
|---|
| · · Unvested as of · · Awards Granted · · Vested in · · Years that Vested · · Conditions in · · Value or Total · · Equity Award |
|---|
| · · Year End · · in Prior Years · · the Year · · in the Year · · the Year · · Compensation · · Adjustments |
|---|
| Year · · ($) · · ($) · · ($) · · ($) · · ($) · · ($) · · ($) |
|---|
| 2025 | 1,177,831 | (786,733) | 138,977 | 58,499 | (501,135) | 136,897 | 224,335 | |
| (c) | For 2025, the change in pension value was negative for all except for Ms. Joubert and accordingly was not reflected in the table pursuant to applicable SEC rules. |
| (5) | Total Shareholder Return is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. TSR is cumulative for the measurement periods beginning on December 31, 2020 and ending on December 31 of each of 2025, 2024, 2023, 2022, and 2021, respectively. |
| (6) | Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. As permitted by SEC rules, the peer group used for this purpose consists of the following companies: MCBC, Anheuser-Busch Inbev, Carlsberg, Heineken and Asahi, which is the industry peer group used for purposes of Item 201(e) of Regulation S-K. The separate peer group used by the Committee as a modifier metric for our PSU grants consists of the companies in the S&P 500 Index, as described in the “Compensation Discussion and Analysis (CD&A)” section of this Proxy Statement under “PSUs or Performance Equity.” TSR is cumulative for the measurement periods beginning on December 31, 2020 and ending on December 31 of each of 2025, 2024, 2023, 2022, and 2021, respectively. |
| (7) | The dollar amounts reported represent the amount of net income (loss) reflected in the Company’s audited consolidated statement of operations for the applicable year as included in our Annual Report on Form 10-K. |
| (8) | Adjusted Net Sales Revenue is a non-GAAP measure and defined as total revenue from sales after excise taxes, adjusted for the non-GAAP adjustment items. While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that this is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to Company performance. |
