Summary compensation table for 2023
The following table sets forth information about compensation earned by our named executive officers during 2021, 2022 and 2023 in accordance with SEC rules. The information presented below may be different from compensation information presented in this Proxy Statement under the caption Executive compensation — Compensation discussion and analysis, as such section describes compensation decisions made in respect of the indicated year, regardless of when such compensation was actually paid or granted. For an explanation of the principal differences between the presentation in the Compensation discussion and analysis and the table below, please see page 55.
| Name and principal position | Year | Salary ($)1 | Share awards ($)2 | Non-equity incentive plan compensation ($)3 | All other compensation ($)4 | Total ($) |
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| Andrew R. Schlossberg5 | 2023 | 625,000 | 8,323,081 | 2,801,250 | 115,600 | 11,864,931 |
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| President and Chief | 2022 | 500,000 | 3,449,992 | 1,495,541 | 38,744 | 5,484,277 |
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| Executive Officer | 2021 | 450,000 | 2,456,963 | 2,100,000 | 67,322 | 5,074,285 |
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| L. Allison Dukes | 2023 | 500,000 | 3,811,265 | 1,800,000 | 22,824 | 6,134,089 |
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| Senior Managing Director, | 2022 | 500,000 | 2,649,987 | 1,084,337 | 25,714 | 4,260,038 |
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| Chief Financial Officer | 2021 | 500,000 | 1,799,990 | 1,500,000 | 24,630 | 3,824,620 |
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| Stephanie C. Butcher6 | 2023 | 459,268 | 2,720,849 | 1,564,000 | 12,935 | 4,757,052 |
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| Senior Managing Director, |
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| Co-Head of Investments |
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| Andrew T.S. Lo | 2023 | 500,000 | 4,393,319 | 1,827,000 | 71,540 | 6,791,859 |
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| Senior Managing Director, | 2022 | 500,000 | 3,499,991 | 1,518,750 | 68,543 | 5,587,284 |
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| Head of Asia Pacific | 2021 | 461,513 | 2,941,908 | 2,100,000 | 68,683 | 5,572,104 |
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| Douglas J. Sharp6 | 2023 | 500,000 | 3,603,720 | 1,827,000 | 50,193 | 5,980,913 |
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| Senior Managing Director, |
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| Head of the Americas and EMEA |
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| Tony L. Wong6 | 2023 | 481,250 | 2,299,446 | 1,564,000 | 23,478 | 4,368,174 |
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| Senior Managing Director, |
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| Co-Head of Investments |
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| Retired executive officers |
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| Martin L. Flanagan7 | 2023 | 790,000 | 9,430,685 | 6,980,000 | 154,134 | 17,354,819 |
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| Chairman Emeritus and | 2022 | 790,000 | 11,199,979 | 3,063,000 | 120,166 | 15,173,146 |
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| Retired President and | 2021 | 790,000 | 7,216,998 | 4,800,000 | 90,754 | 12,897,752 |
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| Chief Executive Officer |
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| Gregory G. McGreevey7 | 2023 | 375,000 | 3,942,100 | 1,575,000 | 26,838 | 5,918,938 |
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| Retired Senior Managing | 2022 | 500,000 | 4,249,975 | 2,015,603 | 32,946 | 6,798,524 |
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| Director, Investments | 2021 | 450,000 | 3,149,966 | 2,800,000 | 44,807 | 6,444,773 |
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| 1. | For each of the named executive officers, includes salary that was eligible for deferral, at the election of the named executive officer, under our 401(k) plan or similar retirement savings plan in the named executive officer’s country. For Ms. Butcher and Mr. Sharp, base salary was converted from U.S. dollars to Sterling using a fixed exchange rate of 1:0.8. For Mr. Lo, (i) for 2021, base salary was converted from Hong Kong dollars to U.S. dollars using an average annual exchange rate and (ii) for 2022 and 2023, base salary was converted from U.S. dollars to Hong Kong dollars using a fixed exchange rate of 1:7.8. |
| 2. | For share awards granted in 2023, includes: |
| • | Annual time-based equity awards. Each of the named executive officers received an annual time-based equity award that vests in four equal annual installments on each anniversary of the date of grant. For each of the NEOs other than Messrs. Flanagan and McGreevey, the grant date fair value is based on the closing stock price on the date of grant. With respect to Messrs. Flanagan and McGreevey, see footnote 7. |
| • | Annual performance-based equity awards. Messrs. Schlossberg, Lo, Sharp and Wong and Ms. Dukes each received an annual performance-based equity award that is subject to a three-year performance period (2023-2025) and vests on February 28, 2026. The grant date fair value of performance-based awards granted in 2023 reflect 90.9% probability of achieving the target. If the target level (100%) of performance had been assumed, the grant date fair value of the performance-based awards would have been (i) $1,474,169 for Mr. Schlossberg, (ii) $1,149,383 for Ms. Dukes, (iii) $1,518,742 for Mr. Lo, and (iv) $839,998 for Mr. Sharp. If the maximum level of performance had been assumed, the grant date fair value of the performance-based awards would have been: (i) $2,211,253 for Mr. Schlossberg; (ii) $1,724,075 for Ms. Dukes; (iii) $2,278,114 for Mr. Lo; and (iv) $1,259,988 for Mr. Sharp. |
| • | Transition time-based equity awards. As previously described, transition awards were granted to the executive leadership team to ensure leadership continuity, enhance retention over the next three years and reinforce the execution of strategic growth following the retirement of our former CEO. With respect to Messrs. Schlossberg, Lo, Wong and Ms. Dukes, their transition time-based equity awards vest on the third anniversary of the date of grant. With respect to Ms. Butcher and Mr. Sharp who are each subject to local regulatory remuneration requirements, their time-based transition equity awards vest 25% each year on the anniversary of the date of grant. For each of the NEOs who received a transition time-based equity award, the grant date fair value is based on the closing stock price on the date of grant. Messrs. Flanagan and McGreevey did not receive a transition time-based award. |
The amounts disclosed do not reflect the value realized by the named executive officers. For additional information, please see Grants of plan-based share awards for 2023 below for information about the number of shares underlying each of the equity awards.
| 3. | For NEOs other than Mr. McGreevey, reflects cash bonus award earned for the year and paid in February of the following year. With respect to the cash bonus for Mr. McGreevey in 2023, reflects cash bonus earned for the year and paid following his retirement in 2023. |
| 4. | The table below reflects the items that are included in the All Other Compensation column for 2023. |
| 5. | Mr. Schlossberg became President and Chief Executive Officer effective June 30, 2023. |
| 6. | Ms. Butcher, Mr. Sharp and Mr. Wong were not named executive officers until 2023. As a result, compensation data for 2021 and 2022 are not required to be reported. |
| 7. | Mr. Flanagan retired from the company on December 31, 2023. Under the terms of our forfeiture appeal policy and his retirement agreement with the company, his equity awards previously granted were modified so that they were no longer subject to risk of forfeiture as of February 7, 2023, although they remained subject to restrictions on transfer for a period of time. The incremental compensation resulting from this modification is reflected below and included in the “Stock Awards” column for 2023. See Agreements – Martin L. Flanagan Agreement for more information. |
Mr. McGreevey retired from the company on October 1, 2023. Under the terms of our forfeiture appeal policy and his retirement agreement with the company, his equity awards previously granted were modified so that they were no longer subject to risk of forfeiture as of February 7, 2023, although they remained subject to restrictions on transfer for a period of time. The incremental compensation resulting from this modification is reflected below and included in the “Stock Awards” column for 2023. See Agreements – Gregory G. McGreevey Agreement for more information.
The following table sets forth information about the impact of these modifications.
| Name | Number of shares previously granted subject to modification | Incremental compensation due to modification |
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| Martin L. Flanagan | 799,187 | $ 2,283,718 |
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| Gregory G. McGreevey | 322,865 | $ 882,717 |
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