Groupon Inc
For the period ended Dec 31, 2023. Filed Apr 29, 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.
Dec 31, 2023 · Filed Apr 29, 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 Registrantý 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)) |
| ý | Definitive Proxy Statement |
| ¨ | Definitive Additional Materials |
| ¨ | Soliciting Material under §240.14a-12 |
Groupon, Inc.
(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):
| ý | No fee required. |
|---|---|
| ¨ | Fee previously paid 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. |
2024 PROXY STATEMENT
ANNUAL MEETING OF STOCKHOLDERS
THE ANNUAL MEETING OF STOCKHOLDERS OF GROUPON, INC. WILL BE HELD
June 12, 2024 | 10:00 a.m. Central Time
NASDAQ: GRPN / ir@groupon.com
LETTER FROM THE
CHAIRMAN
Dear Stockholder:
I am pleased to invite you to attend the Annual Meeting of Stockholders of Groupon, Inc. (the “Annual Meeting”), which will be held at Winston & Strawn LLP, 35 West Wacker Drive, Chicago, Illinois 60601, on June 12, 2024 at 10:00 a.m. Central Time. The doors will open at 9:30 a.m. Central Time.
The attached Notice of Annual Meeting of Stockholders and proxy statement (the “Proxy Statement”) contain details of the business to be conducted at the Annual Meeting.
Whether or not you attend the Annual Meeting, it is important that your shares be represented and voted at the meeting. Therefore, I urge you to promptly vote and submit your proxy via the Internet, by phone, or by signing, dating and returning the enclosed proxy card in the enclosed envelope. If you decide to attend the Annual Meeting, you will be able to vote in person, even if you have previously submitted your proxy.
We urge you to read the accompanying Proxy Statement carefully and to vote “FOR” the director nominees proposed by the Board of Directors, “FOR” the ratification of Deloitte & Touche LLP as our independent registered public accounting firm for fiscal year 2024, “FOR” the non-binding, advisory approval of our named executive officer compensation, every“1 YEAR” for the frequency that we will hold a non-binding, advisory vote to approve of the compensation of our named executive officers,“FOR” the proposal to amend the Company’s incentive plan to increase the number of authorized shares thereunder in accordance with the recommendations of the Board of Directors and “FOR” the proposal to approve one or more adjournments of the Annual Meeting to a later date or dates if necessary or appropriate to solicit additional proxies if there are insufficient votes to approve any of the proposals at the time of the Annual Meeting. On behalf of the Board of Directors, I would like to express our appreciation for your interest in Groupon.
Sincerely,
Theodore Leonsis
Chairman of the Board of Directors
NOTICE OF 2024 ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD
June 12, 2024 | 10:00 a.m. Central Time
ITEMS OF BUSINESS
To elect five directors from the nominees named in this Proxy Statement.
To ratify the selection of Deloitte & Touche LLP (“Deloitte”) as our independent registered public accounting firm for fiscal year 2024.
To conduct a non-binding, advisory vote to approve our named executive officer compensation, as described in this Proxy Statement.
To conduct a non-binding, advisory vote on the frequency of the advisory vote to approve our named executive officer compensation.
To approve an amendment of the Groupon, Inc. 2011 Incentive Plan, as amended (the “2011 Incentive Plan”), to increase the number of authorized shares thereunder (the “Share Increase Amendment”).
To approve one or more adjournments of the Annual Meeting to a later date or dates if necessary or appropriate to solicit additional proxies if there are insufficient votes to approve the other proposals at the time of the Annual Meeting (the “Adjournment Proposal”).
To transact other business that may properly come before the Annual Meeting.
Record Date
Only stockholders of record at the close of business on April 18, 2024 (the “Record Date”) are entitled to receive notice of, and to vote at, the Annual Meeting.
Admission
If you are a record holder, you must provide identification, and if you hold your shares through a broker, bank or other nominee, you must also provide proof of ownership.
Proxy Voting
IMPORTANT: Please vote your shares at your earliest convenience. This will ensure the presence of a quorum at the Annual Meeting. Promptly voting your shares via the Internet, by telephone, or by signing, dating, and returning the enclosed proxy card will save the expenses and efforts of additional solicitation. If you wish to vote by mail, we have enclosed an addressed envelope, postage prepaid if mailed in the United States. Submitting your proxy now will not prevent you from voting your shares in person at the Annual Meeting, as your proxy is revocable at your option, as described in the Proxy Statement.
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to Be Held on June 12, 2024. We are furnishing proxy materials to our stockholders primarily via the Internet, instead of mailing printed copies of those materials to each stockholder. By doing so, we save costs and reduce the environmental impact of our Annual Meeting. We will mail a Notice of Internet Availability of Proxy Materials (the “Notice”) to certain of our stockholders. The Notice contains instructions about how to access our proxy materials and vote online or vote by telephone. If you would like to receive a paper copy of our proxy materials, please follow the instructions included in the Notice. If you previously chose to receive our proxy materials electronically, you will continue to receive access to these materials via e-mail unless you elect otherwise.
By order of the Board of Directors,
Ted Leonsis
Chairman of the Board of Directors
Chicago, Illinois
April 29, 2024
The date of this Proxy Statement is April 29, 2024, and it is first being delivered to stockholders on or about April 29, 2024.
TABLE OF CONTENTS
| CORPORATE GOVERNANCE AT GROUPON | 1 |
|---|---|
| BOARD OF DIRECTORS | 3 |
| BOARD SELECTION AND EVALUATION | 8 |
| HOW THE BOARD IS ORGANIZED AND GOVERNS | 10 |
| HOW TO COMMUNICATE WITH THE BOARD | 14 |
| DIRECTOR COMPENSATION | 15 |
| COMPENSATION DISCUSSION & ANALYSIS | 18 |
| 2023 Business Summary and Financial Results | 18 |
| 2023 Executive Compensation Highlights | 18 |
| Compensation-Related Policies and Practices | 19 |
| Governance of Executive Compensation Program | 21 |
| Elements of Executive Compensation | 23 |
| Other Compensation | 27 |
| Compensation Risk Assessment | 28 |
| NAMED EXECUTIVE OFFICER COMPENSATION | 30 |
| 2023 Summary Compensation Table | 30 |
| Grants of Plan-Based Awards in 2023 | 31 |
| Outstanding Equity Awards at 2023 Year-End | 32 |
| Option Exercises and Stock Vested in 2023 | 32 |
| Severance Benefits Agreement | 33 |
| Separation and Resignation of Named Executive Officers | 33 |
| Potential Payments upon Termination or Change in Control | 34 |
| CEO Pay Ratio | 34 |
| Pay versus Performance | 35 |
| Equity Compensation Plan Information | 41 |
| COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION | 42 |
| COMPENSATION COMMITTEE REPORT | 43 |
| AUDIT COMMITTEE REPORT | 44 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 46 |
| POLICY ON AUDIT COMMITTEE PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES | 47 |
| CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | 48 |
| INFORMATION REGARDING BENEFICIAL OWNERSHIP OF PRINCIPAL STOCKHOLDERS, DIRECTORS AND MANAGEMENT | 49 |
| DELINQUENT SECTION 16(A) REPORTS | 50 |
| IMPORTANT MEETING INFORMATION | 51 |
| QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING | 54 |
| PROPOSALS TO BE VOTED ON AT THE MEETING | 59 |
| Proposal 1: Election of Directors | 59 |
| Proposal 2: Ratification of Independent Registered Public Accounting Firm | 59 |
| Proposal 3: Advisory Approval of Our Named Executive Officer Compensation | 60 |
| Proposal 4: Advisory Vote on Frequency of Advisory Vote to Approve Our Named Executive Officer Compensation | 61 |
| Proposal 5: Approval of the Share Increase Proposal | 61 |
| Proposal 6: Approval of the Adjournment Proposal | 67 |
| PROPOSALS OF STOCKHOLDERS FOR 2025 ANNUAL MEETING | 69 |
| OTHER MATTERS | 70 |
| APPENDIX A: ADJUSTED EBITDA INFORMATION AND RECONCILIATION; FORWARD-LOOKING STATEMENTS | 71 |
| APPENDIX B: AMENDED AND RESTATED GROUPON, INC. 2011 INCENTIVE PLAN | 73 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.