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Pay vs Performance Disclosure - USD ($)
6 Months Ended 12 Months Ended
Dec. 31, 2022
Jul. 05, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    
Pay Versus Performance Disclosure
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and Non-PEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
Year
Summary
Compensation
Table
Total for
First PEO1
($)
Summary
Compensation
Table
Total for
Second
PEO1
($)
Compensation
Actually
Paid to
First
PEO1,2,3
($)
Compensation
Actually
Paid to
Second
PEO1,2,3
($)
Average
Summary
Compensation
Table
Total for
Non-PEO
NEOs1
($)
Average
Compensation
Actually
Paid to
Non-PEO
NEOs1,2,3
($)
Value of
Initial Fixed
$100
Investment
based on:4
Net
Income
($ Millions)
EBITDA
Delivered
($ Millions)
TSR
($)
Peer
Group
TSR
($)
2024
N/A
4,013,477
N/A
3,115,394
1,324,995
1,202,266
33.10
164.88
(48.7)
220.6
2023
N/A
3,453,662
N/A
2,691,524
2,165,963
1,807,267
45.40
163.35
(309.5)
213.4
2022
14,274,246
3,488,210
11,257,027
2,079,065
3,099,738
1,952,970
58.69
136.06
(6.6)
304.7
2021
5,150,672
N/A
3,516,159
N/A
1,290,711
938,432
78.52
144.89
88.9
209.1
2020
5,757,874
N/A
5,448,268
N/A
1,466,461
1,052,550
101.04
122.35
83.8
212.9
1.
The Principal Executive Officer (“PEO”) and NEOs for the applicable years were as follows:
2024: Julie Schertell (“Second PEO”), served as the Company’s Chief Executive Officer for the entirety of 2024 and the Company’s other NEOs were: Gregory Weitzel; Mark W. Johnson; Michael W. Rickheim; and Ryan Elwart.
2023: Julie Schertell served as the Company’s Chief Executive Officer for the entirety of 2023 and the Company’s other NEOs were: R. Andrew Wamser, Jr.; Gregory Weitzel; Michael W. Rickheim; Mark W. Johnson; and Ricardo Nuñez.
2022: Julie Schertell assumed the role of the Company’s President and Chief Executive Officer on July 6, 2022, and Jeffrey Kramer, PhD (“First PEO”), served as the Company’s Chief Executive Officer during 2022 through July 5, 2022. The Company’s other NEOs were: R. Andrew Wamser, Jr.; Omar Hoek; Ricardo Nuñez; Michael W. Rickheim; and Tracey Peacock.
2021: Jeffrey Kramer, PhD, served as the Company’s Chief Executive Officer for the entirety of 2021 and the Company’s other NEOs were: R. Andrew Wamser, Jr.; Omar Hoek; Ricardo Nuñez; and Tracey Peacock.
2020: Jeffrey Kramer, PhD, served as the Company’s Chief Executive Officer for the entirety of 2020 and the Company’s other NEOs were: R. Andrew Wamser, Jr.; Omar Hoek; Ricardo Nuñez; and Daniel Lister.
2.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below. The Compensation Actually Paid for the Second PEO for 2022 has been updated to reflect the changes to her Summary Compensation Table total compensation for 2022, as described above, following a determination that her 2022 bonus would not be subject to a cutback under Section 280G of the Internal Revenue Code.
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are based on the amounts from the Stock Awards column set forth in the Summary Compensation Table.
Year
Summary
Compensation Table
Total for
Second PEO
($)
Exclusion of Stock
Awards for
Second PEO
($)
Inclusion of Equity
Values for
Second PEO
($)
Compensation Actually
Paid to
Second PEO
($)
2024
4,013,477
(2,262,309)
1,364,226
3,115,394
2023
3,453,662
(1,800,426)
1,038,288
2,691,524
2022
3,488,210
(1,790,000)
380,855
2,079,065
Year
Average Summary
Compensation Table
Total for Non-PEO
NEOs
($)
Average Exclusion of
Stock Awards for Non-
PEO NEOs
($)
Average Inclusion of
Equity Values for Non-
PEO NEOs
($)
Average Compensation
Actually Paid to Non-
PEO NEOs
($)
2024
1,324,995
(509,741)
387,012
1,202,266
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
Year-End
Fair Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as
of Last Day
of Year for
Second PEO
($)
Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards
Second PEO
($)
Vesting-Date
Fair Value of
Equity
Awards
Granted
During Year
that Vested
During Year
for Second
PEO
($)
Change in
Fair Value
from Last
Day of Prior
Year to
Vesting Date
of Unvested
Equity
Awards that
Vested
During Year
for Second
PEO
($)
Fair Value at
Last Day of
Prior Year of
Equity
Awards
Forfeited
During Year
for
Second PEO
($)
Value of
Dividends or
Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included for
Second PEO
($)
Total -
Inclusion of
Equity
Values for
Second PEO
($)
2024
1,937,885
(211,839)
(393,549)
31,729
1,364,226
2023
780,963
196,804
60,521
1,038,288
2022
470,473
(75,575)
(14,043)
380,855
Year
Average
Year-End
Fair Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as
of Last Day
of Year for
Non-PEO
NEOs
($)
Average
Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
Non-PEO
NEOs
($)
Average
Vesting-Date
Fair Value of
Equity
Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)
Average
Change in
Fair Value
from Last
Day of Prior
Year to
Vesting Date
of Unvested
Equity
Awards that
Vested
During Year
for Non-PEO
NEOs
($)
Average Fair
Value at Last
Day of Prior
Year of
Equity
Awards
Forfeited
During Year
for Non-PEO
NEOs
($)
Average
Value of
Dividends or
Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included for
Non-PEO
NEOs
($)
Total -
Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)
2024
430,263
(31,409)
(15,782)
3,940
387,012
4.
The Peer Group TSR set forth in this table utilizes the S&P SmallCap 600 Capped Materials Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P SmallCap 600 Capped Materials Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
5.
We determined EBITDA Delivered to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2024. EBITDA Delivered is a non-GAAP measure. For more information on EBITDA Delivered, please see the “2024 Short-Term Incentive Plan” section of the Compensation Discussion & Analysis in this proxy statement.
       
Company Selected Measure Name     EBITDA Delivered        
Named Executive Officers, Footnote    
1.
The Principal Executive Officer (“PEO”) and NEOs for the applicable years were as follows:
2024: Julie Schertell (“Second PEO”), served as the Company’s Chief Executive Officer for the entirety of 2024 and the Company’s other NEOs were: Gregory Weitzel; Mark W. Johnson; Michael W. Rickheim; and Ryan Elwart.
2023: Julie Schertell served as the Company’s Chief Executive Officer for the entirety of 2023 and the Company’s other NEOs were: R. Andrew Wamser, Jr.; Gregory Weitzel; Michael W. Rickheim; Mark W. Johnson; and Ricardo Nuñez.
2022: Julie Schertell assumed the role of the Company’s President and Chief Executive Officer on July 6, 2022, and Jeffrey Kramer, PhD (“First PEO”), served as the Company’s Chief Executive Officer during 2022 through July 5, 2022. The Company’s other NEOs were: R. Andrew Wamser, Jr.; Omar Hoek; Ricardo Nuñez; Michael W. Rickheim; and Tracey Peacock.
2021: Jeffrey Kramer, PhD, served as the Company’s Chief Executive Officer for the entirety of 2021 and the Company’s other NEOs were: R. Andrew Wamser, Jr.; Omar Hoek; Ricardo Nuñez; and Tracey Peacock.
2020: Jeffrey Kramer, PhD, served as the Company’s Chief Executive Officer for the entirety of 2020 and the Company’s other NEOs were: R. Andrew Wamser, Jr.; Omar Hoek; Ricardo Nuñez; and Daniel Lister.
       
Peer Group Issuers, Footnote    
4.
The Peer Group TSR set forth in this table utilizes the S&P SmallCap 600 Capped Materials Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P SmallCap 600 Capped Materials Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
       
Adjustment To PEO Compensation, Footnote    
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are based on the amounts from the Stock Awards column set forth in the Summary Compensation Table.
Year
Summary
Compensation Table
Total for
Second PEO
($)
Exclusion of Stock
Awards for
Second PEO
($)
Inclusion of Equity
Values for
Second PEO
($)
Compensation Actually
Paid to
Second PEO
($)
2024
4,013,477
(2,262,309)
1,364,226
3,115,394
2023
3,453,662
(1,800,426)
1,038,288
2,691,524
2022
3,488,210
(1,790,000)
380,855
2,079,065
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
Year-End
Fair Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as
of Last Day
of Year for
Second PEO
($)
Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards
Second PEO
($)
Vesting-Date
Fair Value of
Equity
Awards
Granted
During Year
that Vested
During Year
for Second
PEO
($)
Change in
Fair Value
from Last
Day of Prior
Year to
Vesting Date
of Unvested
Equity
Awards that
Vested
During Year
for Second
PEO
($)
Fair Value at
Last Day of
Prior Year of
Equity
Awards
Forfeited
During Year
for
Second PEO
($)
Value of
Dividends or
Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included for
Second PEO
($)
Total -
Inclusion of
Equity
Values for
Second PEO
($)
2024
1,937,885
(211,839)
(393,549)
31,729
1,364,226
2023
780,963
196,804
60,521
1,038,288
2022
470,473
(75,575)
(14,043)
380,855
       
Non-PEO NEO Average Total Compensation Amount     $ 1,324,995 $ 2,165,963 $ 3,099,738 $ 1,290,711 $ 1,466,461
Non-PEO NEO Average Compensation Actually Paid Amount     $ 1,202,266 1,807,267 1,952,970 938,432 1,052,550
Adjustment to Non-PEO NEO Compensation Footnote    
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are based on the amounts from the Stock Awards column set forth in the Summary Compensation Table.
Year
Average Summary
Compensation Table
Total for Non-PEO
NEOs
($)
Average Exclusion of
Stock Awards for Non-
PEO NEOs
($)
Average Inclusion of
Equity Values for Non-
PEO NEOs
($)
Average Compensation
Actually Paid to Non-
PEO NEOs
($)
2024
1,324,995
(509,741)
387,012
1,202,266
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
Average
Year-End
Fair Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as
of Last Day
of Year for
Non-PEO
NEOs
($)
Average
Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
Non-PEO
NEOs
($)
Average
Vesting-Date
Fair Value of
Equity
Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)
Average
Change in
Fair Value
from Last
Day of Prior
Year to
Vesting Date
of Unvested
Equity
Awards that
Vested
During Year
for Non-PEO
NEOs
($)
Average Fair
Value at Last
Day of Prior
Year of
Equity
Awards
Forfeited
During Year
for Non-PEO
NEOs
($)
Average
Value of
Dividends or
Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included for
Non-PEO
NEOs
($)
Total -
Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)
2024
430,263
(31,409)
(15,782)
3,940
387,012
       
Compensation Actually Paid vs. Total Shareholder Return    
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company and Peer Group Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company’s cumulative TSR over the five most recently completed fiscal years, and the S&P SmallCap 600 Capped Materials Index over the same period.
       
Compensation Actually Paid vs. Net Income    
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Net Income during the five most recently completed fiscal years.
       
Compensation Actually Paid vs. Company Selected Measure    
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and EBITDA Delivered
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our EBITDA Delivered during the five most recently completed fiscal years.
       
Total Shareholder Return Vs Peer Group    
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company and Peer Group Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company’s cumulative TSR over the five most recently completed fiscal years, and the S&P SmallCap 600 Capped Materials Index over the same period.
       
Tabular List, Table    
Tabular List of Most Important Financial Performance Measures
The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and Non-PEO NEOs for 2024 to Company performance. (These measures are discussed in the Compensation Discussion and Analysis section of this proxy statement.) The measures in this table are not ranked.
EBITDA Delivered
Revenue
Free Cash Flow as a Percent of Net Sales
ROIC
Relative TSR
       
Total Shareholder Return Amount     $ 33.1 45.4 58.69 78.52 101.04
Peer Group Total Shareholder Return Amount     164.88 163.35 136.06 144.89 122.35
Net Income (Loss)     $ (48,700,000) $ (309,500,000) $ (6,600,000) $ 88,900,000 $ 83,800,000
Company Selected Measure Amount     220,600,000 213,400,000 304,700,000 209,100,000 212,900,000
PEO Name Julie Schertell Jeffrey Kramer Julie Schertell Julie Schertell   Jeffrey Kramer Jeffrey Kramer
Equity Awards Adjustments, Footnote    
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
Year-End
Fair Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as
of Last Day
of Year for
Second PEO
($)
Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards
Second PEO
($)
Vesting-Date
Fair Value of
Equity
Awards
Granted
During Year
that Vested
During Year
for Second
PEO
($)
Change in
Fair Value
from Last
Day of Prior
Year to
Vesting Date
of Unvested
Equity
Awards that
Vested
During Year
for Second
PEO
($)
Fair Value at
Last Day of
Prior Year of
Equity
Awards
Forfeited
During Year
for
Second PEO
($)
Value of
Dividends or
Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included for
Second PEO
($)
Total -
Inclusion of
Equity
Values for
Second PEO
($)
2024
1,937,885
(211,839)
(393,549)
31,729
1,364,226
2023
780,963
196,804
60,521
1,038,288
2022
470,473
(75,575)
(14,043)
380,855
Year
Average
Year-End
Fair Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as
of Last Day
of Year for
Non-PEO
NEOs
($)
Average
Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
Non-PEO
NEOs
($)
Average
Vesting-Date
Fair Value of
Equity
Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)
Average
Change in
Fair Value
from Last
Day of Prior
Year to
Vesting Date
of Unvested
Equity
Awards that
Vested
During Year
for Non-PEO
NEOs
($)
Average Fair
Value at Last
Day of Prior
Year of
Equity
Awards
Forfeited
During Year
for Non-PEO
NEOs
($)
Average
Value of
Dividends or
Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included for
Non-PEO
NEOs
($)
Total -
Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)
2024
430,263
(31,409)
(15,782)
3,940
387,012
       
Measure:: 1              
Pay vs Performance Disclosure              
Name     EBITDA Delivered        
Non-GAAP Measure Description    
5.
We determined EBITDA Delivered to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2024. EBITDA Delivered is a non-GAAP measure. For more information on EBITDA Delivered, please see the “2024 Short-Term Incentive Plan” section of the Compensation Discussion & Analysis in this proxy statement.
       
Measure:: 2              
Pay vs Performance Disclosure              
Name     Revenue        
Measure:: 3              
Pay vs Performance Disclosure              
Name     Free Cash Flow as a Percent of Net Sales        
Measure:: 4              
Pay vs Performance Disclosure              
Name     ROIC        
Measure:: 5              
Pay vs Performance Disclosure              
Name     Relative TSR        
Julie Schertell [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     $ 4,013,477 $ 3,453,662 $ 3,488,210    
PEO Actually Paid Compensation Amount     3,115,394 2,691,524 2,079,065    
Jeffrey Kramer [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount         14,274,246 $ 5,150,672 $ 5,757,874
PEO Actually Paid Compensation Amount         11,257,027 $ 3,516,159 $ 5,448,268
PEO | Julie Schertell [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (2,262,309) (1,800,426) (1,790,000)    
PEO | Julie Schertell [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     1,364,226 1,038,288 380,855    
PEO | Julie Schertell [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     1,937,885 780,963 470,473    
PEO | Julie Schertell [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (211,839) 196,804 (75,575)    
PEO | Julie Schertell [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0 0 0    
PEO | Julie Schertell [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (393,549) 60,521 (14,043)    
PEO | Julie Schertell [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0 0 0    
PEO | Julie Schertell [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     31,729 $ 0 $ 0    
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (509,741)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     387,012        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     430,263        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (31,409)        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (15,782)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 3,940