Outstanding Equity Awards at Year-End 2021

The following table sets forth certain information with respect to outstanding equity awards held by the Named Executive Officers as of March 31, 2021.

Name

Option Awards(1) 

 

Stock Awards

 

Number of

Securities

Underlying

Unexercised

Options

(#)

Exercisable

Number of

Securities

Underlying

Unexercised

Options

(#)

Unexercisable

Option

Exercise

Price

($)

Option

Expiration

Date

Number of

Shares or

Units of

Stock that

Have Not

Vested

(#)

Market

Value of

Shares

or Units

of Stock

that Have

Not Vested

($)

(2) 

Equity Incentive

Plan Awards:

Number of

Unearned

Shares, Units or

Other Rights that

Have Not Vested

(#)

Equity Incentive

Plan Awards:

Market or Payout

Value of Unearned

Shares, Units or

Other Rights that

Have Not Vested

($)

(2) 

Joseph B. Armes

63,413

25.23

8/28/2024

 

   27,694

(3) 

3,738,690

 

         15,554

(4) 

4,199,580

 

 

 

 

 

 

 

 

 

 

13,373

(5) 

3,610,710

 

 

 

 

 

 

 

 

 

 

12,333

(6) 

3,329,910

 

James E. Perry

 

4,291

(7) 

579,285

 

7,279

(6) 

1,965,310

 

Donal J. Sullivan

 

7,142

(8) 

964,170

 

2,147

(4) 

579,690

 

 

 

 

 

 

 

 

 

 

3,006

(5) 

811,620

 

 

 

 

 

 

 

 

 

 

3,945

(6) 

1,065,150

 

Craig J. Foster

 

2,112

(9) 

285,120

 

3,207

(4) 

865,890

 

Luke E. Alverson

 

4,275

(10) 

577,125

 

2,750

(4) 

742,500

 

 

 

 

 

 

 

 

 

 

2,572

(5) 

694,440

 

 

 

 

 

 

 

 

 

 

2,273

(6) 

613,710

 

Gregg W. Branning

 

 

 

4,433

(4) 

1,196,910

 

 

(1)

All option awards shown in this table represent stock options issued in conversion of CSWC stock option awards granted prior to the Spin-Off. The stock option issuances converted existing CSWC stock option awards consistent with the treatment of shares in the Spin-Off.

(2)

Calculated using a price per share of $135.00, the closing market price of the Company’s common stock as reported by NASDAQ on March 31, 2021, the last trading day before the end of the Company’s last completed fiscal year.

(3)

Mr. Armes’ shares of restricted stock vest as follows: 15,207 shares on October 1, 2021; 8,796 shares on October 1, 2022; and 3,691shares on October 1, 2023.

(4)

These shares represent long-term equity incentive awards in the form of performance shares under the Company’s LTIP. The performance measure set for this plan was based on the Company’s TSR over the period from April 1, 2018 through March 31, 2021 compared to the TSRs of the members of the Russell 2000 Index for the same period. Payouts ranged from 0% to a maximum of 200% of the shares granted. The number of shares reported vested at 200% of target effective April 1, 2021, and the associated value reported reflects this vesting percentage.

(5)

These shares represent long-term equity incentive awards in the form of performance shares under the Company’s LTIP. The performance measure set for this plan is based on the Company’s TSR over the period from April 1, 2019 through March 31, 2022 compared to the TSRs of the members of the Russell 2000 Index for the same period. Payouts can range from 0% to a maximum of 200% of the shares granted. The reported value associated with the shares assumes vesting at 200%.

(6)

These shares represent long-term equity incentive awards in the form of performance shares under the Company’s LTIP. The performance measure set for this plan is based on the Company’s TSR over the period from April 1, 2020 through March 31, 2023 compared to the TSRs of the members of the Russell 2000 Index for the same period. Payouts can range from 0% to a maximum of 200% of the shares granted. The reported value associated with the shares assumes vesting at 200%.

(7)

Mr. Perry’s shares of restricted stock vest as follows: 1,431 shares on October 1, 2021; 1,430 shares on October 1, 2022; and 1,430 shares on October 1, 2023.

(8)

Mr. Sullivan’s shares of restricted stock vest as follows: 3,387 shares on October 1, 2021; 2,512 shares on October 1, 2022; and 1,249 shares on
October 1, 2023.

(9)

In connection with Mr. Foster’s departure from the Company in May 2021, and pursuant to the terms of the Company’s Executive CIC and Severance Benefit Plan, 2,112 shares of restricted stock that were scheduled to vest on October 1, 2021 vested immediately. The remaining restricted shares were forfeited.

(10)

Mr. Alverson’s shares of restricted stock vest as follows: 2,186 shares on October 1, 2021; 1,409 shares on October 1, 2022; and 680 shares on
October 1, 2023.

 

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