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Date
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| | Thursday, February 27, 2025 | |
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Time
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| | 10:00 a.m. Pacific Time | |
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Place
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| |
Le Méridien Pasadena Arcadia
130 West Huntington Drive Arcadia, California 91007 |
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Record Date
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| | January 2, 2025 | |
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Proposal
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| | | | | Board Recommendation |
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Item 1
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| |
To elect the seven directors nominated by our Board to serve a one-year term until the 2026 Annual Meeting of Stockholders (2026 Annual Meeting), and until their respective successors are duly elected and qualified or until his or her resignation or removal
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FOR
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Item 2
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| | To approve, on an advisory basis, our named executive officers’ compensation | | |
FOR
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Item 3
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| |
To ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for fiscal year 2025
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FOR
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To transact such other matters that may properly come before the 2025 Annual Meeting or any postponement or adjournment thereof
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Internet
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Telephone
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Mail
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In Person
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| Follow the instructions provided in the Notice, separate proxy card, or voting instruction form you received. | | | Follow the instructions provided in the separate proxy card or voting instruction form you received. | | | Send your completed and signed proxy card or voting instruction form to the address on your proxy card or voting instruction form. | | | You can vote in person at the 2025 Annual Meeting. Beneficial holders must contact their broker or other nominee if they wish to vote in person. | |
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Item
|
| |
Board
Recommendation |
| |
Vote Required
|
| |
Discretionary
Broker Voting |
|
|
Item 1. Election of directors
|
| |
FOR
each nominee |
| | Majority of votes cast | | |
No
|
|
|
Item 2. Advisory vote to approve named executive officers’ compensation
|
| |
FOR
|
| |
Majority of shares represented and entitled to vote on the item
|
| |
No
|
|
|
Item 3. Ratification of appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for fiscal year 2025
|
| |
FOR
|
| | Majority of shares represented and entitled to vote on the item | | |
Yes
|
|
| | | | |
$
|
| | |
vs. FY 2023
|
|
|
Revenue
|
| | |
$5,199
|
| | |
+15%
|
|
|
Operating Income
|
| | |
$501
|
| | |
+40%
|
|
|
EPS
|
| | |
$1.23
|
| | |
+21%
|
|
|
Backlog
|
| | |
$5,376
|
| | |
+12%
|
|
|
|
| |
|
|
|
Stockholder Rights
|
| | |
Board Structure
|
| | |
Executive Compensation
|
|
|
•
Annual Election of Directors
•
Single Class of Voting Stock
•
Majority Voting for Director Elections
•
Mandatory Director Resignation Policy
•
No Poison Pill
•
Stockholder Calls for Special Meetings
•
Stockholder Action by Written Consent
•
Majority Voting for Charter Amendments
•
Proxy Access
|
| | |
•
~90% Independent Directors
•
Director Diversity with over 40% Female Representation
•
Robust Presiding Director Role
•
Term Limits and Mandatory Retirement
•
Board Refreshment
•
Annual Evaluations
•
Executive Sessions at Board and Committee Meetings
•
Access to Management and Experts
•
Succession Planning for CEO and Leadership
|
| | |
•
At-Risk, Performance-Based Compensation
•
Environmental, Social, and Governance (ESG) Factors
•
Annual Say-On-Pay Vote
•
Executive and Director Stock Ownership Guidelines
•
Compensation Committee of All Independent Directors
•
Independent Compensation Consultant to the Committee
•
Best Practices
|
|
| |
Name
|
| | |
Age
|
| | |
Director Since
|
| | |
Principal Occupation
|
| | |
Independent
|
| | |
AC
|
| | |
CC
|
| | |
NC
|
| |
| |
Dan L. Batrack
|
| | |
66
|
| | |
2005
|
| | | Chairman and Chief Executive Officer (CEO), Tetra Tech | | | | | | | | | | | | | | | | | | |
| |
Gary R. Birkenbeuel
|
| | |
67
|
| | |
2018
|
| | |
Retired Regional Assurance Managing Partner, Ernst & Young LLP
|
| | |
•
|
| | |
C
|
| | | | | | |
•
|
| |
| |
John M. Douglas
|
| | |
62
|
| | |
2024
|
| | |
Retired Chief Executive Officer, RPS Group Plc
|
| | |
•
|
| | | | | | | | | | |
•
|
| |
| |
Prashant Gandhi
|
| | |
53
|
| | |
2022
|
| | |
Chief Business Officer, Melio Payments
|
| | |
•
|
| | | | | | | | | | |
C
|
| |
| |
Christiana Obiaya
|
| | |
42
|
| | |
2023
|
| | |
Chief Executive Officer, Heliogen
|
| | |
•
|
| | | | | | |
•
|
| | | | | |
| |
Kimberly E. Ritrievi
|
| | |
66
|
| | |
2013
|
| | |
President, The Ritrievi Group LLC
|
| | |
•
|
| | |
•
|
| | |
•
|
| | | | | |
| |
Kirsten M. Volpi*
|
| | |
60
|
| | |
2013
|
| | |
EVP, Chief Operating Officer, and Chief Financial Officer, Colorado School of Mines
|
| | |
•
|
| | |
•
|
| | |
C
|
| | | | | |
| | | | | | | | | | | | | | | | | |
Meetings Held
|
| | |
4
|
| | |
4
|
| | |
4
|
| |
|
Notes:
AC= Audit Committee
CC= Compensation Committee
NC= Nominating and Corporate Governance Committee
|
| |
C = Committee Chair
* = Presiding Director
|
|
|
What We Do
|
| |||||||||
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| |
Focus on pay for performance: In FY 2024, 88% of our Chief Executive Officer’s (CEO’s) target total direct compensation (TDC) and an average of 72% of our other named executive officers’ (NEOs’) target TDC was at-risk
|
| |
|
| |
Review the Compensation Committee’s charter, and evaluate the Compensation Committee’s performance
|
|
|
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| |
Emphasize long-term performance: In FY 2024, 70% of our CEO’s target TDC and an average of 47% of our other NEOs’ target TDC was equity based and, thereby, tied to creating stockholder value
|
| |
|
| |
Use an independent compensation consultant retained directly by the Compensation Committee
|
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| |
Require double trigger for change in control equity vesting and cash severance benefits
|
| |
|
| |
Assess potential risks relating to our compensation policies and practices
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| |
Maintain stock ownership guidelines for both executives and the Board of Directors
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| |
|
| |
Maintain a clawback policy
|
|
|
What We Do Not Do
|
| |||||||||
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| |
Have employment agreements with our NEOs
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| |
|
| |
Grant stock options with an exercise price less than the fair market value on the date of grant
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| |
Provide excise tax gross up payments in connection with change in control severance benefits
|
| |
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| |
Reprice or exchange stock options
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Provide gross ups to cover tax liabilities associated with executive perquisites
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| |
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| |
Promise multiyear guarantees for bonus payouts or salary increases
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Permit directors, officers, or employees to hedge or pledge Company stock
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Pay dividends or dividend equivalents on equity awards unless and until the awards vest
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Our Mission: To be the premier worldwide high-end consulting and engineering firm, focusing on water, environment,
and sustainable infrastructure. |
| |||
|
Core Principles
Our core principles form the underpinning of how we work together to serve our clients.
•
Service: Tetra Tech puts our clients first. We listen to better understand our clients’ needs and deliver smart, cost-effective solutions that meet those needs.
•
Value: Tetra Tech takes on our clients’ problems as if they were our own. We develop and implement innovative solutions that are cost effective, efficient, and practical.
•
Excellence: Tetra Tech brings superior technical capability, disciplined project management, and excellence in safety and quality to all our work.
•
Opportunity: Our people are our number one asset. Our workforce is diverse and includes leading experts in our fields. Our entrepreneurial nature and commitment to success provide challenges and opportunities for all our employees.
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| |
Purpose
Tetra Tech will enhance the quality of life while creating value for customers, employees, investors, and partners.
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|
|
Measure
|
| |
SDG
|
| |
Related GRI
Performance Indicator |
| |
2023 Additions1
|
| | | | |
Cumulative
from Baseline |
| |
2023 Goal
|
|
|
Lives Improved
|
| |
SDG 3, 4, 5, 16
|
| |
GRI 203-1; GRI 203-2
|
| |
79.9 million people
|
| |
|
| |
625 million people
|
| |
1 billion people
|
|
| Project Metrics | | | | | | | | | | | | | | | | | | | |
|
Water
|
| |
SDG 6
|
| |
GRI 303-1
|
| |
4.16 trillion gl/year
|
| | | |
4.75 trillion gl
|
| |
203.4 billion gl of water treated, saved, or reused
|
| |
|
Renewable Energy
|
| |
SDG 7
|
| |
GRI 302-2; GRI 302-3
|
| |
120,804 MW/year
|
| | | |
138,604 MW
|
| |
36,800 MW of renewable energy generated or transmitted
|
| |
|
Ecosystems
|
| |
SDG 14, 15
|
| |
GRI 304-2; GRI 304-3
|
| |
5.7 million ha/year
|
| |
|
| |
190.7 million ha
|
| |
320 million ha of land and water protected, managed, or restored
|
|
|
Measure
|
| |
SDG
|
| |
Related GRI
Performance Indicator |
| |
2023 Additions1
|
| | | | | Cumulative from Baseline |
| |
2023 Goal
|
|
|
GHG Emission Reduction
|
| |
SDG 13
|
| |
GRI 305-3
|
| |
52.4 million MT
CO2e/year |
| |
|
| |
153.6 million
MT CO2e |
| |
10% increase from baseline annually
|
|
|
Social and Governance
|
| |
SDG 3, 4, 5, 16
|
| |
GRI 203-1; GRI 203-2
|
| |
336,787 people
|
| |
|
| |
70.4 million
people |
| |
20% increase from baseline
|
|
|
Measure
|
| |
Related GRI
Performance Indicator |
| |
2023 Results
|
| |
Change from 2022
|
| | | | |
2023 Goals
|
|
|
Gender Diversity
|
| | GRI 405-1 | | |
37% of women in workforce
24,999 total headcount7
9,049 women7 15,872 men7 78 undisclosed7 |
| | No change | | | | | |
Gender balance of 40% women, 40% men, and 20% any gender
|
|
|
Gender Diversity
|
| |
GRI 405-1
|
| |
38% of women in management
|
| |
12% increase
|
| |
|
| |
Gender balance of 40% women, 40% men, and 20% any gender
|
|
|
Racial and Ethnic Diversity
|
| |
GRI 405-1
|
| |
44% employees of color8
|
| |
7% increase
|
| |
|
| |
50% employees of color8
|
|
|
Professional Development Training
|
| |
GRI 404-2
|
| |
13,843 employees participated in Tetra Tech-sponsored professional development training from baseline
|
| |
9,687 additional employees participated in Tetra Tech-sponsored professional development training
|
| |
|
| |
15,000 employees participated in Tetra Tech-sponsored professional development training
|
|
|
Average Hours of Training Per Employee Per Year
|
| | GRI 404-1 | | |
14.74 average hours of training per employee in 2023
|
| | New for 2023 | | | | | | | |
|
Measure
|
| |
Related GRI
Performance Indicator |
| |
2023 Results
|
| |
Change from 2022
|
| | | | |
2030 Goals
|
|
|
GHG Emissions from Operations
|
| |
GRI 305-1; GRI 305-2;
GRI 305-3; GRI 305-4; GRI 305-5 |
| |
1.32 MT CO2e Scope 1
and 2 per employee
Scope 1: 12,515.90 MT CO2e
Scope 2: 22,213.16 MT CO2e
Scope 3: 41,168.08 MT CO2e3
|
| |
6.9% decrease from
2021 baseline2
7.9% decrease from
2021 baseline2
16% decrease from
2021 baseline2 |
| |
|
| |
50% reduction in GHG emissions from 2021 baseline
|
|
|
Real Estate Footprint
|
| | | | |
121 square feet/employee2
|
| |
16.8% decrease from
2021 baseline2 |
| | | |
150 square feet/ employee
|
| |
|
Renewable Energy for Utilities
|
| | GRI 302-1; GRI 302-3; GRI 302-4 | | | 53% | | | 3.3% decrease | | | | | |
100% of operations use renewable sources of energy for electricity
|
|
|
Water Use
|
| |
GRI 303-1; GRI 303-2;
GRI 303-3
|
| |
1089.4 gl/employee
|
| |
58% decrease
|
| |
|
| |
10% decrease from baseline
|
|
|
Use of Recycled Office Supply Products
|
| |
GRI 301-1; GRI 301-2
|
| | 28% | | | No change | | | | | |
50% of consumable office supplies made from recycled material
|
|
|
Percent of Enterprise
and Project Data Stored in the Cloud |
| | GRI 302-4 | | | 64%4 | | | 2% decrease | | | | | |
95% of enterprise and project data resides in the cloud
|
|
|
Energy from
Renewables by Company’s Cloud Vendors |
| |
GRI 302-4
|
| |
97%
|
| |
35% increase
|
| |
|
| |
100% cloud data serviced by renewable energy
|
|
|
Enterprise Supply
Chain Vendors Vettedfor Cybersecurity Standards |
| |
GRI 302-4
|
| |
85%
|
| |
52% increase
|
| |
|
| |
100% enterprise supply chain vendors vetted for cybersecurity standards
|
|
|
Enterprise Platforms
Evaluated for Accessibility |
| | GRI 417-1 | | | 91% | | | No change | | | | | |
100% enterprise platforms evaluated for accessibility
|
|
|
Measure
|
| | Reltated GRI Performance Indicator |
| |
2023 Results
|
| |
Change from 2022
|
| | | | |
2030 Goals
|
|
|
Lost Workday Incident Rate (LWDIR) and Total Recordable Incident Rate (TRIR)
|
| | GRI 403-2 | | |
LWDIR 0.08, 73% better than industry average6
TRIR 0.24, 73% better than industry average6
|
| |
9% increase
3% increase
|
| | | | |
Continual improvement toward achieving and maintaining a zero LWDIR and a TRIR better than the industry average6
|
|
|
Employee Participation: Safety Month Outreach
|
| |
GRI 403-5
|
| |
1,466,599 engagements
|
| |
32% increase
|
| | | |
10% increase from baseline
|
| |
|
Employee Participation: Training Completed
|
| |
GRI 404-6
|
| |
60,412 H&S-related training modules completed by employees
|
| |
33% increase
|
| | | |
10% increase from baseline
|
|
|
Matter
|
| | |
Description of Policy
|
|
|
Board Composition
|
| | |
•
Reasonable Size. Our Board shall be between five and 10 directors.
•
No Overboarded Directors. Our directors sit on three or fewer boards of other public companies.
•
Mandatory Retirement. Our Board has fixed the retirement age for directors at 75.
•
Tenure Limit. Our Board has set the maximum tenure for non-employee directors at 12 years, except that the maximum tenure is 15 years for directors whose service began prior to 2014.
|
|
|
Director Independence
|
| | |
•
Majority Independent. A majority of our directors satisfy Nasdaq independence standards.
•
Regular Executive Sessions. Our independent directors meet in executive session following each regular meeting of the Board, each meeting of the Audit Committee, and certain other committee meetings.
|
|
|
Board Leadership Structure
|
| | |
•
Robust Presiding Director Role. Since our CEO is also Chairman, our independent directors select one of themselves to serve on a rotating basis as Presiding Director, with established roles and responsibilities. See the Board Leadership Structure section following this table on page 20 for further details.
•
Annual Review. The Board annually appoints a Chair and determines whether the positions of Chair and CEO will be held by one individual or separated.
|
|
|
Matter
|
| | |
Description of Policy
|
|
|
Board Committees
|
| | |
•
Independence. Board committees are comprised only of independent directors.
•
Governance. Board committees act under written charters that are evaluated by the Board annually that set forth their purposes and responsibilities. The charters allow for the engagement, at our expense, of independent legal, financial, or other advisors the directors deem necessary or appropriate.
•
Attendance. Directors prepare for and are expected to attend all meetings of the Board and its committees on which they serve and are strongly encouraged to attend all Annual Meetings.
|
|
|
Director Qualifications
|
| | |
•
Diverse and Relevant Experience. The NCG Committee works with the Board to determine the appropriate characteristics, skills, and experiences for the directors.
|
|
|
Board Duties
|
| | |
•
Strategic Planning. Our Board oversees our strategic planning process and works with management to plan, schedule and discuss the components of the annual Strategic Plan.
•
Succession Planning. Our Board conducts executive and director succession planning annually, including progress in current job position and career development in terms of strategy, leadership, and execution.
•
Financial Reporting, Legal Compliance, and Ethical Conduct. Our Board maintains governance and oversight functions, but our executive management maintains primary responsibility.
•
Stock Ownership Guidelines. To align the interests of stockholders with the directors and executive officers, our Board has established stock ownership guidelines applicable to executive officers and directors.
|
|
|
Continuous Board Improvement
|
| | |
•
New Director Orientation. All new directors participate in an orientation program to familiarize them with our Company.
•
Continuing Education. Directors continue their education through meetings with executive management and other managers to enhance the flow of meaningful financial and business information. They also are given presentations to assist with their continuing education. Directors also attend outside director education programs to stay informed about relevant issues.
•
Annual Evaluations. The NCG Committee oversees an annual self-assessment process for the Board and its committees to ensure our Board and each of the committees are functioning effectively.
|
|
|
Presiding Director Roles and Responsibilities
|
|
|
•
Schedule meetings of the independent directors
•
Chair separate, executive session meetings of the independent directors
•
Serve as principal liaison between independent directors and Chairman/CEO
•
Communicate with Chairman/CEO and disseminate information to remaining directors as appropriate
•
Provide leadership to the Board of Directors if circumstances arise in which the role of the Chairman may be, or may be perceived to be, in conflict with the Company
•
Be available, as appropriate, for consultation and direct communication with major stockholders
•
Oversee, with the NCG Committee, the annual self-evaluation of the Board
|
|
|
Audit Committee
|
| |||
| Meetings in FY 2024: 4 | | |
Average Attendance in FY 2024: 100%
|
|
|
Chair
Gary R. Birkenbeuel
Members
Kimberly E. Ritrievi
Kirsten M. Volpi
All members satisfy the audit committee experience and independence standards required by Nasdaq and have been determined to be financially literate.
Each member of the Audit Committee has been determined to be an “audit committee financial expert” under applicable SEC regulations.
|
| |
Responsibilities
•
Review our significant accounting principles, policies, and practices in accounting for and reporting our financial results under generally accepted U.S. accounting principles
•
Review our annual audited financial statements and related disclosures
•
Review management letters or internal control reports and review our internal controls over financial reporting
•
Review the effectiveness of the independent audit effort
•
Appoint, retain, and oversee the work of the independent accountants
•
Pre-approve audit and permissible non audit services provided by the independent registered public accounting firm
•
Review our interim financial results for each of the first three fiscal quarters
•
Review management’s analysis of significant accounting issues, changes, estimates, judgments or unusual items relating to financial statements and critical accounting policies
•
Be directly responsible for our internal Management Audit Department, approve its audit plan, and review its reports
•
Review and discuss financial, liquidity, tax and treasury, litigation, and Sarbanes Oxley Act of 2002 compliance matters in accordance with our enterprise risk management (ERM) policy
•
Oversee compliance audit of our ERM program implementation
•
Review our programs to manage, monitor and mitigate significant business risks, including cyber security risks
•
Review and oversee related party transactions
•
Review our ethics and compliance program
•
Review all hotline complaints relating to accounting, internal controls, or auditing matters
•
With the Compensation Committee, approve the compensation of our CFO
•
Review and establish procedures for receipt, retention, and treatment of complaints regarding accounting, internal controls, auditing, and related matters
•
Prepare the annual Audit Committee Report to be included in the proxy statement
•
Meet at least quarterly with the independent accountants, and if necessary, the CFO or a member of the Management Audit Department
|
|
|
Nominating and Corporate Governance Committee
|
| |||
| Meetings in FY 2024: 4 | | |
Average Attendance in FY 2024: 100%
|
|
|
Chair
Prashant Gandhi
Members
Gary R. Birkenbeuel
John M. Douglas
All members satisfy the independence standards required by Nasdaq.
|
| |
Responsibilities
•
Develop criteria for nominating and appointing directors, including board size and composition; corporate governance policies; and individual director expertise, attributes, and skills
•
Recommend to the Board the individuals to be nominated as directors
•
Recommend to the Board the directors to be selected for service on the Board committees
•
Develop, annually assess, and make recommendations to the Board concerning appropriate corporate governance policies
•
Oversee an annual review of the performance of the Board and each committee and report the results thereof to the Board
•
Review annually the adequacy of the committee charters and recommend to the Board proposed changes
•
Support the Board in reviewing succession plans relating to the positions held by executive officers and directors
•
Review our Corporate Code of Business Ethics and Conduct and anti-fraud policies in accordance with our ERM policy; and consider any conflict-of-interest issues between the Company, its directors or executive officers
•
Review all non-financial hotline complaints
•
Consider any conflict of interest issues between the Board or executive officers and the Company
|
|
|
Compensation Committee
|
| |||
| Meetings in FY 2024: 4 | | |
Average Attendance in FY 2024: 100%
|
|
|
Chair
Kirsten M. Volpi
Members
Christiana Obiaya
Kimberly E. Ritrievi
All members satisfy the independence standards required by Nasdaq.
All members qualify as “nonemployee directors” under Rule 16b-3 of the Exchange Act.
|
| |
Responsibilities
•
Review and approve the annual base salaries and annual incentive opportunities of the CEO and other executive officers, including an evaluation of the performance of the executive officers in light of our performance goals and objectives
•
Review and approve all other incentive awards and opportunities, any employment agreements and severance arrangements, any change in control agreements, and any special or supplemental compensation and benefits as they affect the executive officers
•
Review and discuss comments provided by stockholders and proxy advisory firms regarding our executive compensation
•
Monitor compliance with requirements under the Sarbanes Oxley Act of 2002 relating to loans to director and executive officers, and with all other applicable laws affecting employee compensation and benefits
•
Oversee our compliance with SEC rules and regulations regarding stockholder approval of certain executive compensation matters
•
Review director and executive officer stock ownership under our stock ownership guidelines
•
Make recommendations to the Board on changes in the compensation of nonemployee directors
•
Review and discuss incentives and rewards in accordance with our ERM responsibility matrix
•
Make recommendations to the Board with respect to incentive-based compensation plans, equity-based plans, and executive benefits
•
Review and approve all grants of equity awards
•
Review and discuss the annual Compensation Discussion and Analysis and Compensation Committee Report to be included in the proxy statement
•
Select, retain and work with the independent compensation consultant
|
|
|
Qualification
|
| | |
Description
|
| | |
Value to Our Board and Stockholders
|
|
|
Senior Leadership Experience
|
| | |
Service in a senior executive position
|
| | |
Provides us with valuable external perspectives with which to assess our operations, execute our strategies, mitigate related risks, and improve our policies and procedures.
|
|
|
Industry and Technical Expertise
|
| | |
Experience in consulting and engineering and related services
|
| | |
Allows us to better understand the needs of our clients in developing our business strategies as well as to evaluate acquisition and divestiture opportunities.
|
|
|
Government Client Regulatory Experience
|
| | |
Service in a position that requires interaction with government clients
|
| | |
Provides us with experience and insight into working constructively with government agencies and administrators and addressing significant public policy and regulatory compliance issues in areas related to our business and operations.
|
|
|
Business Development and M&A Experience
|
| | |
Background in business development and in the analysis of proposed M&A transactions
|
| | |
Provides us with insight into developing and implementing strategies for growing our business through combinations with other organizations, including analyses of the “fit” of a proposed acquisition with our Company’s strategy, the valuation of the transaction, and the management plan for integration with existing operations.
|
|
|
Financial Sophistication
|
| | |
Understanding of accounting, auditing, tax, banking, insurance, or investments
|
| | |
Helps us oversee our accounting, financial reporting, and internal control processes; manage our capital structure; optimize capital allocation; and undertake significant transactions.
|
|
|
Public Board Experience
|
| | |
Prior or concurrent service on other SEC reporting company boards
|
| | |
Demonstrates understanding of the extensive and complex oversight responsibilities of directors and helps reinforce management accountability for maximizing long-term stockholder value. Also provides insights into a variety of strategic planning, compensation, finance, and governance practices.
|
|
|
Innovation / Technology Experience
|
| | |
Domain expertise and skill, technology/innovation, and practical experience with tech transformation and disruption
|
| | |
Allows us to better understand and anticipate technical trends, generate disruptive innovation, and extend and create new business models.
|
|
|
International Operations Experience
|
| | |
Experience with global companies, especially those with operations in Australia, Canada and Europe
|
| | |
Provides us with insight into the conduct of global operations, including an understanding of diverse business environments and economic conditions and cultures and a broad perspective on global business opportunities.
|
|
|
Risk Oversight Experience
|
| | |
Practical experience in risk governance, ERM framework, and knowledge/understanding of risk monitoring and mitigation, including cybersecurity
|
| | |
Helps us understand ERM program structures as well as practices and policies designed to identify and manage risks and to properly align risk taking with overall governance and operations.
|
|
|
Talent Management / Compensation Experience
|
| | |
Practical experience developing, managing, motivating, and compensating employees
|
| | |
Provides us with insight into cultivating an inclusive culture consistent with our values and purpose, providing an engaging work environment, attracting top talent, investing in our employees, supporting their career development, and remaining competitive in the marketplace.
|
|
|
Policy
|
| | |
Description
|
|
|
Mandatory Director Resignation
|
| | | Incumbent directors who are not elected by a majority vote of the votes cast by our stockholders must promptly tender their resignation to the Board. | |
|
Mandatory Retirement
|
| | | The Board has fixed the retirement age for directors at 75 (determined as of the Annual Meeting following the director’s birthday). | |
|
Tenure Limit
|
| | | The Board has set the maximum tenure for non-employee directors at 12 years, except that the maximum tenure is 15 years for directors whose service began prior to 2014. | |
|
Resignation Tendered upon Retirement or Change in Principal Employment
|
| | |
Directors who retire from or change their principal occupation or business association must offer to tender their resignation to the chair of the NCG Committee so that there is an opportunity for the Board, through the NCG Committee, to review the continued appropriateness of Board membership under the new circumstances.
|
|
|
Overboarding
|
| | | Without specific approval from the Board, no director may serve on the boards of more than three other public companies. | |
|
Dan L. Batrack
|
| |
Chairman and CEO
|
| |
Director since 2005
|
| |||
|
|
| |
Experience
•
CEO and director since 2005; Chairman since 2008; President from 2008 to 2019
•
Joined Tetra Tech in 1980 and has served in numerous capacities, including arctic research scientist, deepwater oceanographic hydrographer, coastal hydrodynamic modeler, environmental data analyst, project and program manager, and President of the Engineering Division, and, in 2004, was appointed Chief Operating Officer
•
Established the firm’s strategic direction and focus on Leading with Science® to become the premier global consulting firm focused on water, environment, and sustainable infrastructure
•
Led research and engineering programs in locations in the Arctic and throughout South America, the Middle East, and the United States
•
Serves as corporate sponsor for several of our clients’ programs and remains engaged in our day-to-day operations
|
| ||||||
|
Age
|
| | 66 | | | | | | | |
| | | | | | |
Skills and Qualifications
Senior leadership; industry and technical experience; government client regulatory experience; business development and M&A; financial sophistication; innovation/technology; international operations; risk oversight; talent management/compensation.
•
BA, Business Administration, University of Washington
|
|
|
Gary R. Birkenbeuel
|
| |
Independent
|
| |
Director since 2018
|
| |||
|
|
| |
Experience
•
Retired after 37 years with Ernst & Young LLP (E&Y)
•
Former Regional Assurance Managing Partner, E&Y, 2003-2017
•
Served as the audit partner in charge of multinational publicly and privately held companies engaged in the aerospace and defense, entertainment, technology, and media industries
Skills and Qualifications
Senior leadership; financial sophistication; audit committee financial expert; certified public accountant; risk oversight; talent management/compensation.
•
Visiting Professor, Claremont McKenna College
•
Director and chairman of the investment and audit committees, American Film Institute
•
BA, Economics, Claremont McKenna College
|
| ||||||
|
Age
|
| | 67 | | | | ||||
|
Current
Committees: |
| |
Chair, Audit;
Member, NCG |
| | |
|
John M. Douglas
|
| |
Independent
|
| |
Director since 2024
|
| |||
|
|
| |
Experience
•
CEO and Director of RPS Group Plc, 2017-2023
•
CEO and Director of Coffey International Limited, 2011-2016
•
CEO of Boral Australian Construction Materials, 2004-2010
Skills and Qualifications
Senior leadership; industry and technical expertise; government client regulatory; business development and M&A; financial sophistication; public board; innovation/technology; international operations; risk oversight; talent management/compensation.
•
Bachelor of Civil Engineering with First Class Honours, Adelaide University
•
MBA, London Business School
|
| ||||||
|
Age
|
| | 62 | | ||||||
| Current Committees: |
| |
Member, NCG
|
|
|
Prashant Gandhi
|
| |
Independent
|
| |
Director since 2022
|
| |||
|
|
| |
Experience
•
Chief Business Officer of Melio Payments since 2021
•
Head of Digital Payments, JP Morgan Chase, 2017-2021
•
Partner and Global Chief Operating Officer, Digital Practice, McKinsey & Company, 2000-2016
Skills and Qualifications
Senior leadership; business development and M&A; financial sophistication; innovation/technology; international operations; risk oversight; talent management/compensation.
•
Advisory Board member, University of Minnesota’s School of Information & Decision Sciences
•
BS, Chemical Engineering, Indian Institute of Technology Delhi
•
MS, Chemical Engineering, Kansas State University
•
MBA, University of Chicago’s Booth School of Business
|
| ||||||
|
Age
|
| | 53 | | ||||||
|
Current
Committees: |
| |
Chair, NCG
|
|
|
Christiana Obiaya
|
| |
Independent
|
| |
Director since 2023
|
| |||
|
|
| |
Experience
•
CEO and Director of Heliogen since February 2023; CFO 2021-2023
•
CFO and Head of Strategy for Bechtel Energy, 2017-2021; leadership roles at Bechtel in finance; strategy; and project development, investment, and execution, 2010-2017
•
Prior to Bechtel, worked on renewable energy projects in Kenya and India, 2008-2009; engineer at a multinational consumer goods company, 2004-2008
Skills and Qualifications
Senior leadership; industry and technical expertise; government client regulatory; business development and M&A; financial sophistication; public board; innovation/technology; international operations; risk oversight; talent management/ compensation.
•
BS, Chemical Engineering, Massachusetts Institute of Technology (MIT)
•
MBA, MIT Sloan School of Management
|
| ||||||
| Age | | |
42
|
| ||||||
| Current Committees: |
| |
Member, Compensation
|
| ||||||
| Other Current Public Boards: |
| |
Heliogen, Inc.
|
|
|
Kimberly E. Ritrievi
|
| |
Independent
|
| |
Director since 2013
|
| |||
|
|
| |
Experience
•
President of The Ritrievi Group LLC, since 2005
•
Advisor to technology and chemical companies on financial strategies, 2005-2018; private investor 2018-present
•
Codirector, Americas Investment Research, Goldman, Sachs & Co., 2001-2004; Specialty Chemical Analyst, Goldman, Sachs & Co., Credit Suisse First Boston, Lehman Brothers, and Paine Webber
Skills and Qualifications
Senior leadership; business development and M&A; industry and technical expertise; financial sophistication; audit committee financial expert; international operations; public board; innovation/technology; risk oversight; talent management. Designated ESG expert and National Association of Corporate Directors certified director.
•
Princeton University School of Engineering and Applied Science Leadership Council; Massachusetts Institute of Technology (MIT) Sandbox Funding Board; Wellesley Centers for Women Council of Advisors
•
Chair of the Board, Mativ Holding, Inc.
•
Advisory Director, Intrinio
•
BS, Chemical Engineering, Princeton University
•
MS, Management, MIT Sloan School of Management
•
ScD, Chemical Engineering, MIT
|
| ||||||
| Age | | |
66
|
| ||||||
|
Current
Committees: |
| |
Member, Audit;
Member, Compensation |
| ||||||
|
Other Current
Public Boards: |
| |
Mativ Holdings, Inc.
|
|
|
Kirsten M. Volpi
|
| |
Independent, Presiding Director
|
| |
Director since 2013
|
| |||
|
|
| |
Experience
•
EVP, COO, and CFO, Colorado School of Mines, since 2013; Senior Vice President for Finance and Administration, CFO, and Treasurer, 2005-2011
•
Chief Administrative Officer, U.S. Olympic Committee, 2011-2013
•
Various financial management roles for Rensselaer Polytechnic Institute, University of Colorado Foundation, and American Water Works Association
Skills and Qualifications
Senior leadership; financial sophistication; audit committee financial expert; certified public accountant; international operations; risk oversight; talent management/compensation.
•
BS, Accounting, University of Colorado
|
| ||||||
| Age | | |
60
|
| | | ||||
|
Current
Committees: |
| |
Member, Audit;
Chair, Compensation |
| | |
|
Annual Nonemployee Director Cash Compensation
|
| ||||
|
Cash retainer
|
| | |
$110,000
|
|
|
Additional cash retainer for Presiding Director
|
| | |
$35,000
|
|
|
Additional cash retainer for Audit Committee Chair
|
| | |
$20,000
|
|
|
Additional cash retainer for Compensation Committee Chair
|
| | |
$18,000
|
|
|
Additional cash retainer for NCG Committee Chair
|
| | |
$15,000
|
|
|
Additional cash retainer for Audit Committee and Compensation Committee membership
|
| | |
$5,000
|
|
| Additional fee per in-person or telephonic Board or committee meetings in excess of eight | | | |
$2,000
|
|
|
Type of Award
|
| | |
Shares Underlying
Award (#) |
| | |
Description
|
|
|
Performance Stock Units (PSUs)
|
| | | 3,190 | | | |
Represents target shares underlying the award. PSUs have a three-year performance period with cliff vesting on the applicable vesting date and with the same terms as the PSUs awarded to our executive officers, subject to the achievement of the applicable performance goals. PSUs vest immediately upon change in control or upon departure from the Board after serving 10 years or more, having served the full term for which the director was elected, and subject to achievement of the applicable performance criteria. Upon the director’s departure having served less than 10 years or upon death or disability, PSUs vest on a pro rata basis on the scheduled vesting date and subject to achievement of the applicable performance criteria. For additional information concerning PSU vesting, refer to the Compensation Discussion and Analysis section on page 39 of this proxy statement.
|
|
|
Restricted Stock Units (RSUs)
|
| | | 2,125 | | | |
Vested on November 30, 2024, if the director had not ceased to be a director prior to that date. RSUs vest immediately upon change in control or upon departure from the Board after serving 10 years or more and having served the full term for which the director was elected. Upon the director’s departure having served less than 10 years, RSUs vest on a pro rata basis. Upon the director’s death or disability, unvested RSUs are forfeited.
|
|
|
Name1
|
| | |
Fees Earned or
Paid in Cash ($) |
| | |
Option Awards ($)2
|
| | |
Stock Awards ($)3
|
| | |
Total ($)
|
|
|
Mr. Birkenbeuel
|
| | |
130,000
|
| | |
0
|
| | |
199,695
|
| | |
329,695
|
|
|
Mr. Gandhi
|
| | |
110,000
|
| | |
0
|
| | |
199,695
|
| | |
309,695
|
|
|
Ms. Maguire4
|
| | |
165,000
|
| | |
0
|
| | |
199,695
|
| | |
364,695
|
|
|
Ms. Obiaya
|
| | |
115,000
|
| | |
0
|
| | |
199,695
|
| | |
314,695
|
|
|
Dr. Ritrievi
|
| | |
130,000
|
| | |
0
|
| | |
199,695
|
| | |
329,695
|
|
|
Ms. Volpi
|
| | |
154,599
|
| | |
0
|
| | |
199,695
|
| | |
354,654
|
|
|
Name
|
| | |
Stock Options
Outstanding (#) |
| | |
Unvested PSUs
Outstanding (#) |
| | |
Unvested RSUs
Outstanding (#) |
|
|
Mr. Birkenbeuel
|
| | |
0
|
| | |
8,430
|
| | |
2,125
|
|
|
Mr. Gandhi
|
| | |
0
|
| | |
8,715
|
| | |
2,125
|
|
|
Ms. Maguire
|
| | |
62,000
|
| | |
8,430
|
| | |
2,125
|
|
|
Ms. Obiaya
|
| | |
0
|
| | |
5,720
|
| | |
2,125
|
|
|
Dr. Ritrievi
|
| | |
0
|
| | |
8,430
|
| | |
2,125
|
|
|
Ms. Volpi
|
| | |
16,000
|
| | |
8,430
|
| | |
2,125
|
|
|
Name
|
| | |
Title
|
| | |
Years in
Position at FYE 20241 |
| | |
Years at Tetra
Tech at FYE 2024 |
|
|
Dan L. Batrack
|
| | | Chairman, CEO | | | |
19
|
| | |
44
|
|
|
Steven M. Burdick
|
| | | EVP, CFO | | | |
13
|
| | |
21
|
|
|
Leslie L. Shoemaker
|
| | | EVP, Chief Innovation and Sustainability Officer | | | |
2
|
| | |
33
|
|
|
Preston Hopson
|
| | | SVP, General Counsel, and Secretary | | | |
7
|
| | |
7
|
|
|
Roger R. Argus
|
| | | SVP and President, Government Services Group (GSG) and Commercial/International Group (CIG) | | | |
7
|
| | |
31
|
|
| | | | |
$
|
| | |
vs. FY 2023
|
|
|
Revenue
|
| | |
$5,199
|
| | |
+15%
|
|
|
Operating Income
|
| | |
$501
|
| | |
+40%
|
|
|
EPS
|
| | |
$1.23
|
| | |
+21%
|
|
|
Backlog
|
| | |
$5,376
|
| | |
+12%
|
|
|
|
| |
|
|
|
Policy or Best Practice
|
| | |
Description and Benefit to Our Stockholders
|
|
|
Majority of Compensation Performance-Based
|
| | |
For FY 2024, 88% of our CEO’s target total direct compensation (TDC) (base salary + annual cash incentive opportunity + long-term equity incentive opportunity) and an average of 72% of our NEOs’ target TDC was at-risk (all compensation components other than base salary).
|
|
|
Median Targeting
|
| | |
TDC and the components thereof are generally targeted to be within a competitive range of the median of companies similar in size, scope, and complexity, with variability based on various consideration such as responsibilities, individual performance, tenure, retention, succession, and market factors. Pay decisions are not formulaic and the Committee uses its judgement and consideration of various factors such as individual performance, succession planning, and industry expertise to further determine appropriate pay levels and market positioning.
|
|
|
Capped Annual Incentive
|
| | |
Annual cash incentive compensation is based primarily on our achievement of performance objectives in the categories of revenue, operating income, cash flow from operating activities, and backlog, with consideration for individual performance, with awards ranging from 0% to a cap of 200% of target.
|
|
|
Majority Long-Term Equity Incentive Compensation
|
| | |
The majority of our equity-based incentive awards emphasize our long-term performance, with PSUs cliff vesting at the end of three years, subject to achievement of the applicable performance goals. Equity compensation aligns NEO interests with stockholder interests by delivering compensation dependent on our long-term performance and stockholder value creation.
|
|
|
Rigorous Goal Setting Process
|
| | |
Annual review and approval are completed by the Compensation Committee of the performance goals for the Company (Corporate) and for our business groups. The performance factor used to determine AIP awards is increased or decreased based upon the growth level of the targets from the prior fiscal year.
|
|
| No Employment Agreements | | | |
Our NEOs are employed at will, and they have no special severance benefits in the absence of a change in control.
|
|
|
Stock Ownership Guidelines
|
| | |
Our NEOs are required to obtain and maintain shares having a value equal to at least 2x to 6x base salary (based on position). All our NEOs are in compliance with our stock ownership guidelines.
|
|
|
No Hedging or Pledging
|
| | |
Our insider trading policy prohibits our directors and officers from hedging or pledging our common stock, and all our NEOs are in compliance with that policy.
|
|
|
Clawback Policy
|
| | |
Our clawback policy provides that in the event we are required to prepare an accounting restatement, we will recover, in accordance with the terms of the policy, compensation received after its effective date by any current or former executive officer that is based wholly or in part upon the attainment of a financial reporting measure.
|
|
|
No Excise Tax Gross Ups
|
| | |
We do not provide excise tax gross up payments in connection with a change in control.
|
|
|
Double Trigger Equity Vesting
|
| | |
No equity awards will be accelerated in connection with a change in control unless the NEO’s employment is terminated without cause or the NEO terminates employment for good reason within two years thereof.
|
|
| No Repricing/Exchange of Underwater Stock Options | | | |
Our Equity Incentive Plan prohibits the repricing/exchange of underwater options without stockholder approval.
|
|
|
Limited Perquisites
|
| | |
Our NEOs receive limited capped reimbursements for vehicle use, financial planning, tax planning, memberships, and annual physical examinations. These reimbursements are not subject to any tax gross up.
|
|
|
Independent Oversight
|
| | |
The Compensation Committee is comprised solely of independent directors.
|
|
|
Independent Expert Advice
|
| | |
Meridian, which has been determined by the Compensation Committee to be independent and free of conflicts of interest, provides the Committee with expert executive compensation advice. Meridian has served as the independent advisor since January 2016.
|
|
|
Component
|
| | |
Purpose
|
| | |
Decisions Impacting FY 2024 Executive Compensation
|
|
| Fixed | | ||||||||
|
Base Salary
|
| | |
Provides fixed, market- competitive monthly income for performing daily responsibilities
|
| | |
•
The Committee increased the CEO’s base salary by 2% in FY 2024 to reflect prior year performance, tenure, and overall market competitive base pay
•
The Committee adjusted the other NEO base salaries to reflect prior year performance or position their salaries at or around the market median, with increases ranging from approximately 2% to 8%
|
|
| Performance-Based Cash | | ||||||||
|
AIP Award
|
| | |
Provides variable, cash-based incentive to motivate our executives annually to grow revenue, increase profitability, deliver strong cash flow, and replenish backlog consistent with our AOP financial objectives
|
| | |
•
Target bonus opportunity, as a percentage of base salary, was 150% for the CEO, 100% for the CFO, 80% for other EVPs, and 85% for the general counsel and the SVPs with group president roles
•
The corporate and business group performance factor has a range of 0 to 2.0, with a target of 1.0 based on achievement of four AOP targets (revenue, operating income, cash flow, and backlog)
•
The Committee may make limited adjustments to AIP payments based on individual performance and contributions
•
Minimum (threshold), target, and maximum performance criteria and payouts were established for each metric, with payout at 0% of target below threshold performance, 50% of target at threshold, 100% of target at target, and 200% of target at maximum. The individual performance modifier may range from +/-20%
|
|
| Long-Term Incentives | | ||||||||
|
PSUs and
RSUs |
| | |
Provide variable equity-based incentive compensation to enhance the alignment of our executives’ interests with stockholder interests and drive long-term value creation
Provide LTI opportunity, including vehicle selections, performance criteria and weightings based on market data, our pay philosophy, and independent consultant recommendations
|
| | |
•
For FY 2024, the value of the target LTI opportunities for the CEO, CFO and SVPs were adjusted to target the market median while also considering internal equity, retention, and individual performance and role, among other factors
•
PSUs have a three-year performance period with cliff vesting, subject to achievement of the applicable performance goals; vesting is determined 50% by EPS growth and 50% by relative TSR:
◦
EPS based vesting ranges from 0% for less than 2% average annual EPS growth to 200% for greater than or equal to 16% average annual EPS growth
◦
TSR based vesting ranges from 0% if our TSR is less than the 25th percentile of the TSR peer groups to 200% if our TSR is at the 75th or higher percentile of the TSR peer groups
•
RSUs have time-based vesting at the rate of 25% per year, subject to the holder’s continuous employment by us through the applicable vesting date
|
|
|
Name
|
| | |
FY 2023 Base Salary ($)
|
| | |
% Increase
|
| | |
FY 2024 Base Salary ($)
|
|
|
Mr. Batrack
|
| | |
1,200,000
|
| | |
2.1
|
| | |
1,225,000
|
|
|
Mr. Burdick
|
| | |
625,000
|
| | |
8.0
|
| | |
675,000
|
|
|
Dr. Shoemaker
|
| | |
585,000
|
| | |
2.6
|
| | |
600,000
|
|
|
Mr. Hopson
|
| | |
510,000
|
| | |
7.8
|
| | |
550,000
|
|
|
Mr. Argus
|
| | |
510,000
|
| | |
7.8
|
| | |
550,000
|
|
|
Metric
|
| | |
FY 2024
Weighting |
| | |
What it Measures and
How It Aligns |
| | |
Threshold/
Maximum as a % of Target |
| | |
FY 2024
Target1 ($ in thousands) |
| | |
FY 2024
Actual2 ($ in thousands) |
| | |
FY 2023
Actual2 ($ in thousands) |
|
|
Revenue
|
| | |
20%
|
| | |
Measures the growth of our business and is a leading driver of stockholder value creation.
Aligns with our growth and durable competitive advantage drivers.
|
| | |
85% / 115%
|
| | |
Corporate:
$4,975,000
GSG:
$2,239,000
CIG:
$2,736,000 |
| | |
Corporate:
$5,198,724
GSG:
$2,439,636
CIG:
$2,786,775 |
| | |
Corporate:
$4,522,550
GSG:
$2,159,000
CIG:
$2,425,000 |
|
|
Operating Income
|
| | |
40%
|
| | |
Primary measure used by stockholders and analysts to evaluate our profitability.
Aligns with our margin, durable competitive advantage, and ERM drivers.
|
| | |
75% / 125%
|
| | |
Corporate:
$470,000
GSG:
$234,000
CIG:
$304,000 |
| | |
Corporate:
$510,498
GSG:
$274,649
CIG:
$328,509 |
| | |
Corporate:
$419,921
GSG:
$238,553
CIG:
$252,052 |
|
|
Cash Flow
|
| | |
20%
|
| | |
Demonstrates our ability to collect on receivables billed to clients and allows us to invest in our business and return funds to stockholders through dividends and share repurchases.
Aligns with our capital allocation driver.
|
| | |
75% / 125%
|
| | |
Corporate:
$300,000
GSG:
$210,000
CIG:
$337,000 |
| | |
Corporate:
$358,724
GSG:
$265,218
CIG:
$352,875 |
| | |
Corporate:
$405,421
GSG:
$287.552
CIG:
$255,821 |
|
|
Backlog
|
| | |
20%
|
| | |
Positions us for growth going forward based upon authorized and funded projects.
Aligns with our growth and durable competitive advantage drivers.
|
| | |
85% / 115%
|
| | |
Corporate:
$5,030,000
GSG:
$2,698,000
CIG:
$2,282,000 |
| | |
Corporate:
$5,376,056
GSG:
$3,161,656
CIG:
$2,238,291 |
| | |
Corporate:
$4,790,442
GSG:
$2,713,000
CIG:
$2,123,000 |
|
|
Performance Level
|
| | |
Payout
|
|
|
Less than Threshold
|
| | |
0%
|
|
|
Threshold
|
| | |
50%
|
|
|
Target
|
| | |
100%
|
|
|
Maximum
|
| | |
200%
|
|
|
Growth % of AOP Target from
Prior Fiscal Year Results |
| | |
Growth Factor Applied to
Preliminary CPF |
|
|
Less than 5%
|
| | |
0.9
|
|
|
Greater than 5%, but less than 10%
|
| | |
1.0
|
|
|
Greater than 10%, but less than 15%
|
| | |
1.1
|
|
|
Greater than 15%
|
| | |
1.2
|
|
|
Objective
|
| | |
Actual
FY 2023 |
| | |
Actual
FY 2024 |
| | |
Target
FY 2024 |
| | |
Actual
FY 2024 as a % of Target FY 2024 |
| | |
Preliminary
CPF (0-2.0) |
| | |
Growth % /
Growth Factor |
| | |
Weight
|
| | |
Final CPF
(0-2.0) |
|
|
Revenue
|
| | |
4,522,550
|
| | |
5,198,724
|
| | |
4,975,000
|
| | |
104.50
|
| | |
1.300
|
| | |
10/1.1
|
| | |
0.2
|
| | |
1.430
|
|
|
Operating Income
|
| | |
419,921
|
| | |
510,498
|
| | |
470,000
|
| | |
108.62
|
| | |
1.345
|
| | |
12/1.1
|
| | |
0.4
|
| | |
1.479
|
|
|
Cash Flow
|
| | |
405,321
|
| | |
358,724
|
| | |
300,000
|
| | |
119.57
|
| | |
1.783
|
| | |
-26/0.9
|
| | |
0.2
|
| | |
1.605
|
|
|
Backlog
|
| | |
4,790,442
|
| | |
5,376,056
|
| | |
5,030,000
|
| | |
106.88
|
| | |
1.459
|
| | |
5/1.0
|
| | |
0.2
|
| | |
1.459
|
|
|
CPF
|
| | | | | | | | | | | | | | | | | | |
1.446
|
| | | | | | | | | | |
1.4903
|
|
|
Objective
|
| | |
Actual
FY 2023 |
| | |
Actual
FY 20241 |
| | |
Target
FY 2024 |
| | |
Actual
FY 2024 as a % of Target FY 2024 |
| | |
Preliminary
CPF (0-2.0) |
| | |
Growth % /
Growth Factor |
| | |
Weight
|
| | |
Final CPF
(0-2.0) |
|
|
Revenue
|
| | |
2,159,000
|
| | |
2,439,636
|
| | |
2,239,000
|
| | |
108.96
|
| | |
1.597
|
| | |
4/0.9
|
| | |
0.2
|
| | |
1.438
|
|
|
Operating Income
|
| | |
238,553
|
| | |
274,650
|
| | |
234,000
|
| | |
117.37
|
| | |
1.695
|
| | |
-2/0.9
|
| | |
0.4
|
| | |
1.525
|
|
|
Cash Flow
|
| | |
287,552
|
| | |
265,218
|
| | |
210,000
|
| | |
126.29
|
| | |
2.000
|
| | |
-27/0.9
|
| | |
0.2
|
| | |
1.800
|
|
|
Backlog
|
| | |
2,713,000
|
| | |
3,161,657
|
| | |
2,698,000
|
| | |
117.19
|
| | |
2.000
|
| | |
-1/0.9
|
| | |
0.2
|
| | |
1.800
|
|
|
CPF
|
| | | | | | | | | | | | | | | | | | |
1.797
|
| | | | | | | | | | |
1.618
|
|
|
Objective
|
| | |
Actual
FY 2023 |
| | |
Actual
FY 20241 |
| | |
Target
FY 2024 |
| | |
Actual
FY 2024 as a % of Target FY 2024 |
| | |
Preliminary
CPF (0-2.0) |
| | |
Growth % /
Growth Factor |
| | |
Weight
|
| | |
Final CPF
(0-2.0) |
|
|
Revenue
|
| | |
2,425,000
|
| | |
2,786,775
|
| | |
2,736,000
|
| | |
101.86
|
| | |
1.124
|
| | |
13/1.1
|
| | |
0.2
|
| | |
1.236
|
|
|
Operating Income
|
| | |
252,052
|
| | |
328,509
|
| | |
304,000
|
| | |
108.06
|
| | |
1.322
|
| | |
21/1.2
|
| | |
0.4
|
| | |
1.587
|
|
|
Cash Flow
|
| | |
255,821
|
| | |
352,875
|
| | |
337,000
|
| | |
104.71
|
| | |
1.188
|
| | |
32/1.2
|
| | |
0.2
|
| | |
1.426
|
|
|
Backlog
|
| | |
2,123,000
|
| | |
2,238,291
|
| | |
2,282,000
|
| | |
98.08
|
| | |
0.936
|
| | |
7/1.0
|
| | |
0.2
|
| | |
0.936
|
|
|
CPF
|
| | | | | | | | | | | | | | | | | | |
1.179
|
| | | | | | | | | | |
1.354
|
|
|
Name
|
| | |
FY 2024
Base Salary ($) |
| | |
Target Award
Percentage (%) |
| | |
Financial Modifier
(CPF) |
| | |
Individual Performance
Modifier |
| | |
AIP Award ($)
|
|
|
Mr. Batrack
|
| | |
1,225,000
|
| | |
150
|
| | |
1.4903
|
| | |
1.200
|
| | |
3,286,112
|
|
|
Mr. Burdick
|
| | |
675,000
|
| | |
100
|
| | |
1.4903
|
| | |
1.200
|
| | |
1,207,143
|
|
|
Dr. Shoemaker
|
| | |
600,000
|
| | |
80
|
| | |
1.4903
|
| | |
1.200
|
| | |
858,413
|
|
|
Mr. Hopson
|
| | |
550,000
|
| | |
85
|
| | |
1.4903
|
| | |
1.200
|
| | |
836,058
|
|
|
Mr. Argus
|
| | |
550,000
|
| | |
85
|
| | |
1.4860
|
| | |
1.000
|
| | |
694,705
|
|
|
Type of Award
|
| | |
% of LTI (by value)
|
| | |
Vesting
|
| | |
Rationale
|
|
|
PSUs
|
| | | 60% | | | |
Determined at conclusion of a three-year performance period, with vesting determined 50% by EPS growth and 50% by relative TSR and subject to the holder’s continuous employment by Tetra Tech through the applicable vesting date
|
| | |
Performance-based; alignment with stockholder interests
|
|
|
RSUs
|
| | | 40% | | | |
25% per year, subject to the holder’s continuous employment by Tetra Tech through the applicable vesting date
|
| | |
Retention; facilitate stock ownership; alignment with stockholder interests
|
|
|
Name
|
| | |
Target LTI Value
for FY 2024 ($) |
| | |
PSUs (#)
|
| | |
PSUs ($)
|
| | |
RSUs (#)
|
| | |
RSUs ($)
|
| | |
Grant Date Fair
Value ($)1 |
|
|
Mr. Batrack
|
| | |
7,000,000
|
| | |
127,520
|
| | |
5,191,084
|
| | |
85,015
|
| | |
2,793,933
|
| | |
7,985,017
|
|
|
Mr. Burdick
|
| | |
1,200,000
|
| | |
21,860
|
| | |
889,877
|
| | |
14,575
|
| | |
478,993
|
| | |
1,368,870
|
|
|
Dr. Shoemaker
|
| | |
1,000,000
|
| | |
18,215
|
| | |
741,457
|
| | |
12,145
|
| | |
399,133
|
| | |
1,140,590
|
|
|
Mr. Hopson
|
| | |
900,000
|
| | |
16,395
|
| | |
667,368
|
| | |
10,930
|
| | |
359,204
|
| | |
1,026,572
|
|
|
Mr. Argus
|
| | |
900,000
|
| | |
16,395
|
| | |
667,368
|
| | |
10,930
|
| | |
359,204
|
| | |
1,026,572
|
|
|
Vesting Credit %
|
| | |
EPS Growth
|
|
|
0%
|
| | |
Less than 2% year-over-year growth
|
|
|
100%
|
| | |
9% year-over-year growth
|
|
|
200%
|
| | |
16% year-over-year growth
|
|
|
Vesting Credit (%)
|
| | |
Performance (percentile)
|
|
|
0
|
| | |
Less than 25
|
|
|
25
|
| | |
31.25
|
|
|
50
|
| | |
37.5
|
|
|
75
|
| | |
43.75
|
|
|
100
|
| | |
50
|
|
|
125
|
| | |
56.25
|
|
|
150
|
| | |
62.5
|
|
|
175
|
| | |
68.75
|
|
|
200
|
| | |
Equal to or greater than 75
|
|
| ABM Industries, Inc. | | | Matrix, Inc. | |
| Aegion Corporation | | |
McDermott International, Inc.
|
|
| Clean Harbors, Inc. | | | MYR Group Inc. | |
|
Covanta Holding Corporation
|
| |
Primoris Services Corporation
|
|
| Dycom Industries Inc. | | | Quanta Services, Inc. | |
| EMCOR Group, Inc. | | | Stantec Inc. | |
| KBR, Inc. | | | Team, Inc. | |
| MasTec, Inc. | | | Waste Connections, Inc. | |
| AECOM | | | KBR, Inc. | |
|
Booz Allen Hamilton, Inc.
|
| | Leidos Holdings, Inc. | |
| CACI International Inc. | | | Maximus, Inc. | |
| Clarivate, Plc | | | Parsons Corporation | |
| Dycom Industries Inc. | | |
Science Applications Intl. Corp
|
|
| FTI Consulting, Inc. | | | Verisk Analytics, Inc. | |
| ICF International, Inc. | | | | |
|
Name and Principal Position
|
| | |
Year
|
| | |
Salary
($)1 |
| | |
Bonus
|
| | |
Stock
Awards ($)2 |
| | |
Non-Equity
Incentive Plan Compensation ($)3 |
| | |
All Other
Compensation ($)4 |
| | |
Total
($) |
|
|
Mr. Batrack
Chairman, CEO |
| | |
2024
|
| | |
1,220,673
|
| | |
—
|
| | |
7,985,017
|
| | |
3,286,112
|
| | |
68,539
|
| | |
12,560,342
|
|
|
2023
|
| | |
1,196,154
|
| | |
—
|
| | |
6,859,003
|
| | |
3,767,040
|
| | |
63,321
|
| | |
11,885,517
|
| ||||
|
2022
|
| | |
1,204,327
|
| | |
—
|
| | |
6,281,608
|
| | |
2,783,549
|
| | |
62,413
|
| | |
10,331,897
|
| ||||
|
Mr. Burdick
EVP, CFO |
| | |
2024
|
| | |
666,346
|
| | |
—
|
| | |
1,368,870
|
| | |
1,207,143
|
| | |
49,737
|
| | |
3,292,095
|
|
|
2023
|
| | |
618,846
|
| | |
200,000
|
| | |
1,143,141
|
| | |
1,046,400
|
| | |
50,046
|
| | |
3,058,433
|
| ||||
|
2022
|
| | |
603,269
|
| | |
—
|
| | |
1,128,581
|
| | |
791,915
|
| | |
45,318
|
| | |
2,569,083
|
| ||||
|
Dr. Shoemaker
EVP, Chief Innovation and Sustainability Officer |
| | |
2024
|
| | |
597,404
|
| | |
—
|
| | |
1,140,590
|
| | |
858,413
|
| | |
44,040
|
| | |
2,640,447
|
|
|
2023
|
| | |
585,000
|
| | |
100,000
|
| | |
1,143,141
|
| | |
897,811
|
| | |
41,788
|
| | |
2,767,740
|
| ||||
|
2022
|
| | |
603,269
|
| | |
—
|
| | |
1,128,581
|
| | |
791,915
|
| | |
41,349
|
| | |
2,565,114
|
| ||||
|
Mr. Hopson
SVP, General Counsel, and Secretary |
| | |
2024
|
| | |
543,077
|
| | |
—
|
| | |
1,026,572
|
| | |
836,058
|
| | |
46,886
|
| | |
2,452,593
|
|
|
2023
|
| | |
504,615
|
| | |
100,000
|
| | |
914,466
|
| | |
800,496
|
| | |
46,371
|
| | |
2,365,948
|
| ||||
|
2022
|
| | |
484,808
|
| | |
—
|
| | |
920,707
|
| | |
602,820
|
| | |
45,095
|
| | |
2,053,429
|
| ||||
|
Mr. Argus
SVP and President, GSG and CIG |
| | |
2024
|
| | |
543,077
|
| | |
—
|
| | |
1,026,572
|
| | |
694,705
|
| | |
47,520
|
| | |
2,311,874
|
|
|
2023
|
| | |
504,615
|
| | |
—
|
| | |
914,466
|
| | |
717,484
|
| | |
53,976
|
| | |
2,190,541
|
| ||||
|
2022
|
| | |
484,808
|
| | |
—
|
| | |
920,707
|
| | |
541,474
|
| | |
47,651
|
| | |
1,994,640
|
|
|
Company Contribution
to 401(k) Plan |
| | |
Company Contribution
to Health and Welfare Benefits |
| | |
Automobile
Allowance |
| | |
Memberships
|
| | |
Financial and
Tax Planning |
|
|
$18,300
|
| | |
$15,651
|
| | |
$10,800
|
| | |
$19,788
|
| | |
$4,000
|
|
| | | | | | | | |
Estimated Possible Payouts under
Non-Equity Incentive Plan Awards |
| | |
Estimated Possible Payouts under
Equity Incentive Plan Awards |
| | |
All Other
Stock Awards: Shares of Stock or Units (#) |
| | |
All Other
Option Awards: Securities Underlying Options (#) |
| | |
Exercise
or Base Price of Option Awards ($) |
| | |
Grant
Date Fair Value of Stock and Option Awards ($) |
| ||||||||||||||||
|
Name
|
| | |
Grant Date
|
| | |
Threshold
($) |
| | |
Target
($) |
| | |
Maximum
($) |
| | |
Threshold
(#) |
| | |
Target
(#) |
| | |
Maximum
(#) |
| | |||||||||||||||
|
Mr. Batrack
|
| | |
1
|
| | |
0
|
| | |
1,837,500
|
| | |
3,675,000
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
11/21/232
|
| | | | | | | | | | | | | | |
0
|
| | |
127,520
|
| | |
255,040
|
| | | | | | | | | | | | | | |
5,191,084
|
|
| | | | |
11/21/233
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
85,015
|
| | | | | | | | | | |
2,793,933
|
|
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
7,985,017
|
|
|
Mr. Burdick
|
| | |
1
|
| | |
0
|
| | |
675,000
|
| | |
1,350,000
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
11/21/232
|
| | | | | | | | | | | | | | |
0
|
| | |
21,860
|
| | |
43,720
|
| | | | | | | | | | | | | | |
889,877
|
|
| | | | |
11/21/233
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
14,575
|
| | | | | | | | | | |
478,993
|
|
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1,368,870
|
|
|
Dr. Shoemaker
|
| | |
1
|
| | |
0
|
| | |
468,000
|
| | |
936,000
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
11/21/232
|
| | | | | | | | | | | | | | |
0
|
| | |
18,215
|
| | |
36,430
|
| | | | | | | | | | | | | | |
741,457
|
|
| | | | |
11/21/233
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
12,145
|
| | | | | | | | | | |
399,133
|
|
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1,140,590
|
|
|
Mr. Hopson
|
| | |
1
|
| | |
0
|
| | |
467,500
|
| | |
934,000
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
11/21/232
|
| | | | | | | | | | | | | | |
0
|
| | |
16,395
|
| | |
32,790
|
| | | | | | | | | | | | | | |
667,368
|
|
| | | | |
11/21/233
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
10,930
|
| | | | | | | | | | |
359,204
|
|
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1,026,572
|
|
|
Mr. Argus
|
| | |
1
|
| | |
0
|
| | |
467,500
|
| | |
934,000
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
11/21/232
|
| | | | | | | | | | | | | | |
0
|
| | |
16,395
|
| | |
32,790
|
| | | | | | | | | | | | | | |
667,368
|
|
| | | | |
11/21/233
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
10,930
|
| | | | | | | | | | |
359,204
|
|
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1,026,572
|
|
| | | | |
Option Awards
|
| | |
Stock Awards
|
| ||||||||||||||||||||||||
|
Name
|
| | |
Number of
Securities underlying Unexercised Options Exercisable (#) |
| | |
Securities
underlying Unexercised Options Unexercisable (#) |
| | |
Option
Exercise Price ($) |
| | |
Option
Expiration Date |
| | |
Shares
or Units of Stock Not Vested (#) |
| | |
Market Value
of Shares or Units of Stock Not Vested ($)1 |
| | |
Unearned
Shares, Units, or Other Rights Not Vested (#) |
| | |
Market or
Payout Value of Unearned Shares, Units, or Other Rights Not Vested ($)1 |
|
|
Mr. Batrack
|
| | |
—
|
| | |
—
|
| | | | | | | | | | |
16,3902
|
| | |
760,496
|
| | | | | | | | |
| | | | | | | | | | | | | | | | |
28,0603
|
| | |
1,301,984
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
57,0404
|
| | |
2,646,656
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
85,0155
|
| | |
3,944,696
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
84,1856
|
| | |
3,906,184
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
114,0857
|
| | |
5,293,544
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
127,5208
|
| | |
5,916,928
|
| ||||
| Total | | | |
—
|
| | |
—
|
| | | | | | | | | | |
186,505
|
| | |
8,653,832
|
| | |
325,790
|
| | |
15,116,656
|
|
|
Mr. Burdick
|
| | |
—
|
| | |
—
|
| | | | | | | | | | |
3,6852
|
| | |
170,984
|
| | | | | | | | |
| | | | | | | | | | | | | | | | |
5,0403
|
| | |
233,856
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
9,5054
|
| | |
441,032
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
14,5755
|
| | |
676,280
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
15,1256
|
| | |
701,800
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
19,0157
|
| | |
882,296
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
21,8608
|
| | |
1,014,304
|
| ||||
| Total | | | |
—
|
| | |
—
|
| | | | | | | | | | |
32,805
|
| | |
1,522,152
|
| | |
56,000
|
| | |
2,598,400
|
|
|
Dr. Shoemaker
|
| | |
—
|
| | |
—
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
3,6852
|
| | |
170,984
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
5,0403
|
| | |
233,856
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
9,5054
|
| | |
441,032
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
12,1455
|
| | |
563,528
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
15,1256
|
| | |
701,800
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
19,0157
|
| | |
882,296
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
18,2158
|
| | |
845,176
|
| ||||
| Total | | | |
—
|
| | |
—
|
| | | | | | | | | | |
30,375
|
| | |
1,409,400
|
| | |
52,355
|
| | |
2,429,272
|
|
|
Mr. Hopson
|
| | |
—
|
| | |
—
|
| | | | | | | | | | |
3,0702
|
| | |
142,448
|
| | | | | | | | |
| | | | | | | | | | | | | | | | |
4,1103
|
| | |
190,704
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
7,6054
|
| | |
352,872
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
10,9305
|
| | |
507,152
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
12,3406
|
| | |
572,576
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
15,2107
|
| | |
705,744
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
16,3958
|
| | |
760,728
|
| ||||
| Total | | | |
—
|
| | |
—
|
| | | | | | | | | | |
25,715
|
| | |
1,193,176
|
| | |
43,945
|
| | |
2,039,048
|
|
| | | | |
Option Awards
|
| | |
Stock Awards
|
| ||||||||||||||||||||||||
|
Name
|
| | |
Number of
Securities underlying Unexercised Options Exercisable (#) |
| | |
Securities
underlying Unexercised Options Unexercisable (#) |
| | |
Option
Exercise Price ($) |
| | |
Option
Expiration Date |
| | |
Shares
or Units of Stock Not Vested (#) |
| | |
Market Value
of Shares or Units of Stock Not Vested ($)1 |
| | |
Unearned
Shares, Units, or Other Rights Not Vested (#) |
| | |
Market or
Payout Value of Unearned Shares, Units, or Other Rights Not Vested ($)1 |
|
|
Mr. Argus
|
| | |
—
|
| | |
—
|
| | | | | | | | | | |
2,8652
|
| | |
132,936
|
| | | | | | | | |
| | | | | | | | | | | | | | | | |
4,1103
|
| | |
190,704
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
7,6054
|
| | |
352,872
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | |
10,9305
|
| | |
507,152
|
| | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
12,3406
|
| | |
572,576
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
15,2107
|
| | |
705,744
|
| ||||
| | | | | | | | | | | | | | | | | | | | | | | | |
16,3958
|
| | |
760,728
|
| ||||
| Total | | | |
—
|
| | |
—
|
| | | | | | | | | | |
25,510
|
| | |
1,183,664
|
| | |
43,945
|
| | |
2,039,048
|
|
| | | | |
Option Awards
|
| | |
Stock Awards
|
| ||||||||
|
Name
|
| | |
Shares Acquired on
Exercise (#) |
| | |
Value Realized
on Exercise ($) |
| | |
Shares Vested
(#)1 |
| | |
Value Realized
on Vesting ($) |
|
|
Mr. Batrack
|
| | |
—
|
| | |
—
|
| | |
239,505
|
| | |
7,882,140
|
|
|
Mr. Burdick
|
| | |
—
|
| | |
—
|
| | |
51,400
|
| | |
1,691,308
|
|
|
Dr. Shoemaker
|
| | |
55,805
|
| | |
1,829,092
|
| | |
32,435
|
| | |
1,068,042
|
|
|
Mr. Hopson
|
| | |
—
|
| | |
—
|
| | |
42,200
|
| | |
1,388,510
|
|
|
Mr. Argus
|
| | |
—
|
| | |
—
|
| | |
39,885
|
| | |
1,312,398
|
|
|
Name1
|
| | |
Executive
Contributions in Last Fiscal Year ($)2 |
| | |
Tetra Tech
Contributions in Last Fiscal Year ($) |
| | |
Aggregate
Earnings in Last Fiscal Year ($)3 |
| | |
Aggregate
Withdrawals or Distributions ($)4 |
| | |
Aggregate Balance
at Last Fiscal Year End ($)5 |
|
|
Mr. Batrack
|
| | |
99,410
|
| | |
—
|
| | |
10,298,067
|
| | |
—
|
| | |
32,175,415
|
|
|
Mr. Burdick
|
| | |
—
|
| | |
—
|
| | |
1,332,657
|
| | |
383,902
|
| | |
6,856,747
|
|
|
Dr. Shoemaker
|
| | |
857,618
|
| | |
—
|
| | |
716,406
|
| | |
—
|
| | |
3,627,479
|
|
|
Payment Type
|
| | |
Change in
Control ($) |
| | |
Termination without Cause
or with Good Reason in Connection with a Change in Control ($) |
| | |
Termination Due to
Death or Disability in Connection with a Change in Control ($)1 |
| | |
Termination Due to
Resignation without Good Reason in Connection with a Change in Control ($)2 |
| | |
Termination Due to
Cause in Connection with a Change in Control ($)2 |
|
|
Severance Benefits3
|
| | |
—
|
| | |
5,390,000
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Prorated Bonus
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Health Benefits
|
| | |
—
|
| | |
31,296
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Stock Options4
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Performance Shares/PSUs4
|
| | |
—
|
| | |
15,116,656
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested RSUs4
|
| | |
—
|
| | |
8,653,832
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Golden Parachute Cutback (if any)
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Total
|
| | |
—
|
| | |
29,191,784
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Payment Type
|
| | |
Change in
Control ($) |
| | |
Termination without Cause
or with Good Reason in Connection with a Change in Control ($) |
| | |
Termination Due to
Death or Disability in Connection with a Change in Control ($)1 |
| | |
Termination Due to
Resignation without Good Reason in Connection with a Change in Control ($)2 |
| | |
Termination Due to
Cause in Connection with a Change in Control ($)2 |
|
|
Severance Benefits3
|
| | |
—
|
| | |
1,181,250
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Prorated Bonus
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Health Benefits
|
| | |
—
|
| | |
15,540
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Stock Options4
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Performance Shares/PSUs4
|
| | |
—
|
| | |
2,598,400
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested RSUs4
|
| | |
—
|
| | |
1,522,152
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Golden Parachute Cutback (if any)
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Total
|
| | |
—
|
| | |
5,317,342
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Payment Type
|
| | |
Change in
Control ($) |
| | |
Termination without Cause
or with Good Reason in Connection with a Change in Control ($) |
| | |
Termination Due to
Death or Disability in Connection with a Change in Control ($)1 |
| | |
Termination Due to
Resignation without Good Reason in Connection with a Change in Control ($)2 |
| | |
Termination Due to
Cause in Connection with a Change in Control ($)2 |
|
|
Severance Benefits3
|
| | |
—
|
| | |
1,050,000
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Prorated Bonus
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Health Benefits
|
| | |
—
|
| | |
15,504
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Stock Options4
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Performance Shares/PSUs4
|
| | |
—
|
| | |
2,429,272
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested RSUs4
|
| | |
—
|
| | |
1,409,400
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Golden Parachute Cutback (if any)
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Total
|
| | |
—
|
| | |
4,904,176
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Payment Type
|
| | |
Change in
Control ($) |
| | |
Termination without Cause
or with Good Reason in Connection with a Change in Control ($) |
| | |
Termination Due to
Death or Disability in Connection with a Change in Control ($)1 |
| | |
Termination Due to
Resignation without Good Reason in Connection with a Change in Control ($)2 |
| | |
Termination Due to
Cause in Connection with a Change in Control ($)2 |
|
|
Severance Benefits3
|
| | |
—
|
| | |
962,500
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Prorated Bonus
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Health Benefits
|
| | |
—
|
| | |
6,720
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Stock Options4
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Performance Shares/PSUs4
|
| | |
—
|
| | |
2,039,048
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested RSUs4
|
| | |
—
|
| | |
1,193,176
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Golden Parachute Cutback (if any)
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Total
|
| | |
—
|
| | |
4,201,444
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Payment Type
|
| | |
Change in
Control ($) |
| | |
Termination without Cause
or with Good Reason in Connection with a Change in Control ($) |
| | |
Termination Due to
Death or Disability in Connection with a Change in Control ($)1 |
| | |
Termination Due to
Resignation without Good Reason in Connection with a Change in Control ($)2 |
| | |
Termination Due to
Cause in Connection with a Change in Control ($)2 |
|
|
Severance Benefits3
|
| | |
—
|
| | |
926,500
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Prorated Bonus
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Health Benefits
|
| | |
—
|
| | |
10,452
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Stock Options4
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested Performance Shares/PSUs4
|
| | |
—
|
| | |
2,039,048
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Accelerated Vesting of Unvested RSUs4
|
| | |
—
|
| | |
1,183,664
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Golden Parachute Cutback
(if any) |
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Total
|
| | |
—
|
| | |
4,195,664
|
| | |
—
|
| | |
—
|
| | |
—
|
|
|
Equity Compensation Plans Approved by Stockholders1
|
| ||||||||
|
Securities to be Issued upon Exercise of
Outstanding Options, Warrants, and Rights (#)2 |
| | |
Weighted Average Exercise Price
of Outstanding Options, Warrants, and Rights3 |
| | |
Securities Remaining Available for
Future Issuance under Equity Compensation Plans (excluding securities reflected in the first column) (#) |
|
|
331,580
|
| | |
$8.41
|
| | |
22,528,4604
|
|
| | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Invested Based On: | | | | | | | | | | ||||
| Year1 | | | | SCT Total Compensation for CEO | | | | Compensation Actually Paid to CEO2 | | | | Average SCT Total Compensation for Other NEOs | | | | Average Compensation Actually Paid to Other NEOs3 | | | | Company TSR | | | | Peer Group4 | | | | Net Income ($M) | | | | ($M) | |
| 2024 | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
| 2023 | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
| 2022 | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
| 2021 | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
| Fiscal Year | | | | Summary Compensation Table Total | | | | Adjustment to Summary Compensation Table Total1 | | | | Compensation Actually Paid | |
| 2024 | | | | $ | | | | $ | | | | $ | |
| 2023 | | | | $ | | | | $ | | | | $ | |
| 2022 | | | | $ | | | | ($ | | | | $ | |
| 2021 | | | | $ | | | | $ | | | | $ | |
| Fiscal Year | | | | Deduction of Grant Date Fair Value of Current Year Equity Awards | | | | Addition of Fair Value of Current Year Equity Awards at FYE | | | | Deduction for Awards Granted in Prior Years that Fail to Meet Vesting Criteria | | | | Additions (Deductions) for Change in Value of Prior Years’ Awards Unvested at FYE | | | | Additions (Deductions) for Change in Value of Prior Years’ Awards That Vested in Fiscal Year | | | | Dollar Value of Dividends not Otherwise Reflected in the Fair Value for Covered Fiscal Year | | | | Adjustment to Summary Compensation Table Total | |
| 2024 | | | | $( | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
| 2023 | | | | $( | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
| 2022 | | | | $( | | | | $ | | | | $ | | | | $( | | | | $ | | | | $ | | | | $( | |
| 2021 | | | | $( | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
| Fiscal Year | | | | Average Summary Compensation Table Total | | | | Adjustment to Average Summary Compensation Table Total1 | | | | Average Compensation Actually Paid | |
| 2024 | | | | $ | | | | $ | | | | $ | |
| 2023 | | | | $ | | | | $ | | | | $ | |
| 2022 | | | | $ | | | | $( | | | | $ | |
| 2021 | | | | $ | | | | $ | | | | $ | |
| Fiscal Year | | | | Deduction of Grant Date Fair Value of Current Year Equity Awards | | | | Addition of Fair Value of Current Year Equity Awards at FYE | | | | Additions (Deductions) for Change in Value of Prior Years’ Awards Unvested at FYE | | | | Additions (Deductions) for Change in Value of Prior Years’ Awards That Vested in Fiscal Year | | | | Dollar Value of Dividends not Otherwise Reflected in the Fair Value for Covered FY | | | | Adjustment to Average Summary Compensation Table Total | |
| 2024 | | | | $( | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
| 2023 | | | | $( | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
| 2022 | | | | $( | | | | $ | | | | $( | | | | $ | | | | $ | | | | $( | |
| 2021 | | | | $( | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | |
|
Fee Category
|
| | |
FY 2024 Fees
|
| | |
FY 2023 Fees
|
|
|
Audit Fees
|
| | |
$4,045,813
|
| | |
$4,619,243
|
|
|
Audit-Related Fees
|
| | |
89,074
|
| | |
130,000
|
|
|
Tax Fees
|
| | |
69,355
|
| | |
264,114
|
|
|
All Other Fees
|
| | |
2,000
|
| | |
4,150
|
|
| Total Fees | | | |
$4,206,242
|
| | |
$5,017,508
|
|
|
Name of Beneficial Owner1
|
| | |
Shares
Beneficially Owned (#) |
| | |
Percentage
Owned |
|
|
BlackRock, Inc.2
|
| | |
27,702,880
|
| | |
10.4
|
|
|
The Vanguard Group, Inc.3
|
| | |
25,769,265
|
| | |
9.7
|
|
|
Pictet Asset Management SA 4
|
| | |
13,637,450
|
| | |
5.1
|
|
|
AllianceBernstein L.P.5
|
| | |
13,188,670
|
| | |
5.0
|
|
|
Mr. Argus
|
| | |
25,841
|
| | |
*
|
|
|
Mr. Batrack
|
| | |
225,867
|
| | |
*
|
|
|
Mr. Birkenbeuel
|
| | |
40,115
|
| | |
*
|
|
|
Mr. Burdick
|
| | |
131,115
|
| | |
*
|
|
|
Mr. Douglas
|
| | |
—
|
| | |
—
|
|
|
Mr. Gandhi
|
| | |
10,731
|
| | |
*
|
|
|
Mr. Hopson
|
| | |
63,931
|
| | |
*
|
|
|
Ms. Obiaya
|
| | |
3,810
|
| | |
*
|
|
|
Dr. Ritrievi
|
| | |
145,590
|
| | |
*
|
|
|
Dr. Shoemaker
|
| | |
307,990
|
| | |
*
|
|
|
Ms. Volpi6
|
| | |
86,312
|
| | |
*
|
|
|
All directors and executive officers as a group (11 persons)
|
| | |
1,074,526
|
| | |
*
|
|