Entravision Communications Corp DEF 14A, filed Apr 20, 2026
Entravision Communications Corp (EVC)
About this DEF 14A
Entravision Communications Corp filed this DEF 14A on April 20, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant ☒ |
Filed by a Party other than the Registrant ☐ |
Check the appropriate box:
☐ Preliminary Proxy Statement
☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒ Definitive Proxy Statement
☐ Definitive Additional Materials
☐ Soliciting Material Pursuant to §240.14a-12
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
☒ No fee required.
☐ Fee paid previously with preliminary materials.
☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
1 Estrella Way
Burbank, California 91504
NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON MAY 28, 2026
To Our Class A Stockholders:
You are cordially invited to attend the 2026 Annual Meeting of Stockholders (the “2026 Annual Meeting”) of Entravision Communications Corporation (“Entravision,” the “company”, “we”, “our” or “us”), beginning promptly at 10:00 a.m. Pacific Daylight Time on Thursday, May 28, 2026, for the following purposes:
The 2026 Annual Meeting will be held as a virtual meeting only. There is no physical location for the 2026 Annual Meeting and you will not be able to attend the 2026 Annual Meeting in person.
If you plan to participate in, vote at, or submit questions during, the 2026 Annual Meeting, please see “Instructions to Attend the 2026 Annual Meeting” on page 60 of the accompanying Proxy Statement or visit https://www.entravision.com/investor/annual-meeting/. You will be able to listen, vote and submit questions from your home or from any remote location that has Internet connectivity.
The matters to be acted upon are described more fully in the proxy statement accompanying this notice.
Our stockholders will also act upon such other business as may properly come before the meeting or any adjournment or postponement thereof. The Board is not aware of any other business to be presented to a vote of the stockholders at the 2026 Annual Meeting.
The Board has fixed the close of business on April 13, 2026 as the record date (the “Record Date”) for determining those stockholders who will be entitled to notice of and to vote at the 2026 Annual Meeting. The stock transfer books will remain open between the Record Date and the date of the 2026 Annual Meeting.
Representation of at least a majority in voting interest of our Class A common stock either in person or by proxy is required to constitute a quorum for purposes of voting on the proposal to be voted on at the 2026 Annual Meeting. Accordingly, it is important that your shares be represented at the 2026 Annual Meeting. WHETHER OR NOT YOU PLAN TO ATTEND THE 2026 ANNUAL MEETING, PLEASE COMPLETE, DATE AND SIGN THE ENCLOSED PROXY CARD AND RETURN IT IN THE ENCLOSED ENVELOPE. Your proxy may be revoked at any time prior to the time it is voted at the 2026 Annual Meeting.
Please read the accompanying proxy material carefully. Your vote is important and we appreciate your cooperation in considering and acting on the matters presented.
By Order of the Board of Directors, |
Michael Christenson |
Chief Executive Officer |
April 20, 2026
Burbank, California
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE |
STOCKHOLDER MEETING TO BE HELD ON MAY 28, 2026: |
THIS PROXY STATEMENT AND THE ANNUAL REPORT ARE AVAILABLE AT |
https://investor.entravision.com/financials/annual-reports/default.aspx |
Stockholders Should Read the Entire Proxy Statement
Carefully Prior to Returning Their Proxies
PROXY STATEMENT
FOR
2026 ANNUAL MEETING OF STOCKHOLDERS
OF
ENTRAVISION COMMUNICATIONS CORPORATION
To Be Held on May 28, 2026
This proxy statement is furnished in connection with the solicitation by our Board of Directors (the “Board”) of proxies to be voted at the 2026 Annual Meeting of Stockholders (the “2026 Annual Meeting”), beginning promptly at 10:00 a.m. Pacific Daylight Time on Thursday, May 28, 2026, and at any adjournments or postponements thereof, for the purpose set forth in the accompanying Notice of 2026 Annual Meeting of Stockholders (the “Notice”). This proxy statement and the proxy card are first being delivered or mailed to stockholders on or about April 24, 2026. In addition, stockholders may obtain additional copies of our Annual Report to Stockholders for the year ended December 31, 2025 (the “Annual Report”) and this proxy statement, without charge, by writing to us at our principal executive offices at 1 Estrella Way, Burbank, California 91504, Attention: Secretary, or from our website at https://investor.entravision.com. Our Annual Report, which includes our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “10-K”) without exhibits, is being mailed or otherwise provided to stockholders concurrently with this proxy statement. The Annual Report is not to be regarded as proxy soliciting material or as a communication by means of which any solicitation of proxies is to be made.
The 2026 Annual Meeting will be held as a virtual meeting only, to be held via webcast over the Internet. There is no physical location for the 2026 Annual Meeting and you will not be able to attend the 2026 Annual Meeting in person.
If you plan to participate in, vote at, or submit questions during, the 2026 Annual Meeting, please see “Instructions to Attend the 2026 Annual Meeting” on page 60 of the accompanying Proxy Statement or visit https://www.entravision.com/investor/annual-meeting/. You will be able to listen, vote and submit questions from any location that has Internet connectivity.
VOTING RIGHTS AND SOLICITATION
The close of business on April 13, 2026 was the record date (the “Record Date”) for stockholders entitled to notice of and to vote at the 2026 Annual Meeting. As of the Record Date, we had 82,686,451 shares of Class A common stock, par value $0.0001 per share, issued and outstanding. All of the shares of our Class A common stock outstanding on the Record Date, and only those shares, are entitled to vote on the proposals to be voted upon at the 2026 Annual Meeting. Holders of the Class A common stock of record entitled to vote at the 2026 Annual Meeting will have one vote for each share of Class A common stock so held with regard to the matter to be voted upon.
All votes will be tabulated by the inspector of elections appointed for the 2026 Annual Meeting, who will separately tabulate affirmative and negative votes, abstentions and broker non-votes.
The holders of a majority in voting interest present in person or represented by proxy of the Class A common stock outstanding and entitled to vote at the 2026 Annual Meeting shall constitute a quorum for the transaction of business at the 2026 Annual Meeting. Votes withheld, abstentions, and “broker non-votes” will be counted for purposes of determining whether a quorum is present for the transaction of business at the 2026 Annual Meeting.
In voting with regard to the proposal to elect directors (Proposal 1), stockholders may vote in favor of all the nominees, withhold their votes as to all nominees or withhold their votes as to one or more specific nominees. The vote required to elect each nominee is a plurality of the shares of Class A common stock present in person or represented by proxy at a meeting, provided that a quorum is present. As a result, votes that are withheld and broker non-votes will not be counted and will have no effect on the voting for election of directors. Brokers do not have
1
discretionary authority to vote on this proposal. Cumulative voting is not permitted with respect to the election of directors or any other matter to be considered at the 2026 Annual Meeting.
In voting with regard to the proposal to ratify the appointment of our independent registered public accounting firm (Proposal 2), stockholders may vote in favor of such proposal, against such proposal, or may abstain from voting. The vote required to approve Proposal 2 is the affirmative vote of a majority of the shares of Class A common stock present or represented by proxy at the Annual Meeting and entitled to vote on the matter, provided a quorum is present. Abstentions will have the same effect as votes “against” the proposal. Brokers will have discretionary authority to vote on this proposal. Broker non-votes, if any, will have no effect on the outcome of the vote on this proposal.
In voting with regard to the proposal to approve, on an advisory non-binding basis, named executive officer compensation (Proposal 3), stockholders may vote in favor of such proposal, against such proposal or may abstain from voting. The vote required to approve Proposal 3 is the affirmative vote of a majority of the shares of Class A common stock present or represented by proxy at the Annual Meeting and entitled to vote on the matter, provided a quorum is present. Abstentions will have the same effect as votes “against” the proposal. Brokers do not have discretionary authority to vote on this proposal; therefore, brokers are not entitled to vote on this proposal in the absence of voting instructions from the beneficial owner. Broker non-votes will have no effect on the proposal.
In voting with regard to the proposal to approve the amendment and restatement of our 2004 Plan to, among other things, increase the number of shares of our Class A common stock authorized for issuance thereunder by 6,000,000 shares (Proposal 4), stockholders may vote in favor of such proposal, against such proposal or may abstain from voting. The vote required to approve Proposal 4 is the affirmative vote of a majority of the shares of Class A common stock present or represented by proxy at the Annual Meeting and entitled to vote on the matter, provided a quorum is present. Abstentions will have the same effect as votes “against” the proposal. Brokers do not have discretionary authority to vote on this proposal; therefore, brokers are not entitled to vote on this proposal in the absence of voting instructions from the beneficial owner. Broker non-votes will have no effect on the proposal.
Under the rules of The New York Stock Exchange (the “NYSE”) that govern most domestic stock brokerage firms, member brokerage firms that hold shares in “street name” for beneficial owners may, to the extent that such beneficial owners do not furnish voting instructions with respect to any or all proposals submitted for stockholder action, vote in their discretion upon proposals which are considered “discretionary” proposals under the rules of the NYSE. Member brokerage firms that have received no instructions from their clients as to “non-discretionary” proposals do not have discretion to vote on these proposals.
Shares of our common stock represented by proxies in the accompanying form which are properly executed and returned to us will be voted at the 2026 Annual Meeting in accordance with the stockholder’s instructions contained therein. In the absence of contrary instructions, shares represented by such proxies will be voted FOR the election of each of the director nominees named in this proxy statement in Proposal 1, and FOR each of Proposal 2, Proposal 3, and Proposal 4. Management does not know of any matters to be presented at the 2026 Annual Meeting other than as set forth in this proxy statement and in the Notice accompanying this proxy statement. If other matters should properly come before the 2026 Annual Meeting, the proxyholders will vote on such matters in accordance with their best judgment.
Any stockholder has the right to revoke his, her or its proxy at any time before it is voted at the 2026 Annual Meeting by giving written notice to our Secretary, and by executing and delivering to the Secretary a duly executed proxy card bearing a later date, or by appearing at the 2026 Annual Meeting and voting in person; provided, however, that under the rules of the NYSE, any beneficial owner whose shares are held in “street name” by a member brokerage firm may revoke his, her or its proxy and vote his, her or its shares in person at the 2026 Annual Meeting only in accordance with the applicable rules and procedures of the NYSE.
The entire cost of soliciting proxies will be borne by the company. Proxies will be solicited principally through the use of the mails or electronically, but, if deemed desirable, may be solicited personally or by telephone, or special letter by our officers and regular employees for no additional compensation. Arrangements may be made with brokerage houses and other custodians, nominees and fiduciaries to send proxies and proxy material to the beneficial owners of our common stock, and such persons may be reimbursed for their expenses.
2
PROPOSAL 1
ELECTION OF DIRECTORS
Composition of Board of Directors
As currently in effect, our Eighth Amended and Restated Bylaws (the “bylaws”) provide that the Board shall consist of not less than six and not more than eleven directors. The Board currently consists of eight members elected by the holders of the Class A common stock. The Board has nominated seven individuals for election as directors at the 2026 Annual Meeting and has set the number of directors as of the 2026 Annual Meeting at seven. All our directors are elected by our stockholders at each annual meeting of stockholders and each will serve until such person’s successor is duly elected and qualified, or until such person’s earlier resignation or removal. There are no family relationships among any of our current directors, nominees for directors and executive officers.
The proxyholders named on the proxy card intend to vote all proxies received by them in the accompanying form FOR the election of each of the director nominees listed below, unless instructions to the contrary are marked on the proxy. Each nominee has been nominated by the Board, acting upon the recommendation of the Board’s Nominating/Corporate Governance Committee. All of the nominees are currently members of the Board. If elected, each nominee will serve until the annual meeting of stockholders to be held in 2027 or until such person’s successor has been duly elected and qualified, or until such person’s earlier resignation or removal.
In the event that a nominee is unable or declines to serve as a director at the time of the 2026 Annual Meeting, the proxies will be voted for any nominee who shall be designated by the present Board to fill such a vacancy. In the event that additional persons are nominated for election as directors, the proxyholders intend to vote all proxies received by them for each of the nominees listed below, unless instructions are given to the contrary. As of the date of this proxy statement, the Board is not aware of any nominee who is unable or will decline to serve as a director.
Nominees for Election as Directors
The following is certain information as of April 13, 2026 regarding the nominees for election as directors:
Name |
|
Position |
|
Age |
Paul Anton Zevnik |
|
Chair |
|
75 |
Brad Bender |
|
Director |
|
52 |
Michael Christenson |
|
Director and Chief Executive Officer |
|
67 |
Martha Elena Diaz |
|
Director |
|
64 |
Thomas Strickler |
|
Director |
|
64 |
Gilbert R. Vasquez |
|
Director |
|
86 |
Fehmi Zeko |
|
Director |
|
67 |
Biographical Information Regarding Directors
Paul Anton Zevnik. Mr. Zevnik currently serves as Chair of the Board of Directors, Chair of the Nominating and Corporate Governance Committee, a member of the Audit Committee, and our "lead" independent director. Mr. Zevnik, together with Walter F. Ulloa, Entravision's long-time Chief Executive Officer, and Philip C. Wilkinson, founded Entravision, participating in the formation, financing, organization and growth of Entravision's predecessor entities in the television and audio businesses. He has served as a director of the company since its listing on the New York Stock Exchange in 2000. As a director, he has served on the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee. In addition to Entravision, Mr. Zevnik has participated in the formation, acquisition, ownership, financing, management and operation of other media and allied businesses, including television and audio production, digital and streaming media, and the use of spectrum for wireless communication. Mr. Zevnik has more than 45 years of experience in the operation of Entravision’s businesses. A graduate of Harvard College, Harvard University, and Harvard Law School, Mr. Zevnik has been engaged in the private practice of law for 50 years. Among other things, he was founding and managing partner of a national law firm with offices in eleven cities before that firm combined with the international law firm Morgan Lewis + Bockius LLP, where he was Global Practice Area Leader for the firm’s Product Liability, Tort + Insurance practice. He retired
3
as a partner of that firm in September 2024. He is currently Senior Counsel at Miller Friel PLLC, where he represents policyholders and private equity funds in risk transfer and insurance advice and recovery.
Brad Bender. Mr. Bender has more than 25 years of experience in digital technologies and advertising. From April 2008 to November 2022, Mr. Bender served in various roles at Alphabet Inc., parent company of Google, where he was most recently Vice President, Product, News and Search Ecosystems. In that role, he led Google's News and Search ecosystems and redesigned the Google News experience. Previously at Google, Mr. Bender was the Vice President, Product, Display and Video Advertising. In that role he led Google’s display and video advertising products globally, including its programmatic ads platform. During his tenure, he founded the Google Display Network, and led its development into a multi-billion dollar business. Mr. Bender also served as Google's representative on the board of directors of the Interactive Advertising Bureau, the advertising business organization responsible for developing industry standards and conducting research for the online advertising industry, from November 2018 to February 2020. Prior to Google, Mr. Bender served in various roles at DoubleClick, most recently as Vice President, Product Management, prior to its acquisition by Google in 2008. Mr. Bender is currently an advisor, investor and board member to various start-ups, small businesses and nonprofits in the tech, media and entertainment, and services industries. Mr. Bender has been a director since June 2023.
Michael Christenson. Mr. Christenson has served as Chief Executive Officer of the Company since July 2023. Previously, Mr. Christenson served as a Managing Partner at Mayten Research, a private investment and advisory firm, from 2022 to 2023. Prior to that, Mr. Christenson served as the President and Chief Operating Officer of New Relic, Inc., a cloud-based observability platform that engineers use to build and manage enterprise systems, from October 2019 to June 2021, and as a member of New Relic, Inc.’s Board of Directors from August 2018 to June 2021. Mr. Christenson also served as a Managing Director at Allen & Company, a private investment banking firm, from 2010 until December 2019, where he provided advice and investment banking services to companies in the software sector. From 2005 to 2010, Mr. Christenson served in various roles at CA, Inc., an enterprise systems management and security software company, most recently as President and Chief Operating Officer. Prior to joining CA, Inc., Mr. Christenson was an investment banker at Salomon Brothers, Inc. and its successor firm, Citigroup Global Markets, Inc., from 1987 to 2004. Mr. Christenson also previously served on the Board of Directors of LogMeIn, Inc., a provider of cloud-based communications, collaboration, identity management, and customer support software, from 2010 to 2019. Mr. Christenson has been a director since October 2023.
Martha Elena Diaz. Ms. Diaz has provided strategic advisory services to companies in Latin America, such as National Geographic and Televicentro, since 2015. Previously, Ms. Diaz served as president of the Editorial Televisa subsidiary of Televisa for each of the United States, Mexico and Puerto Rico, where she led the digital transformation of brands such as National Geographic, Hearst and Meredith from physical to interactive platforms and influencer communities. Ms. Diaz also served as president of Distribuidora Intermex, a subsidiary of Grupo Televisa, from March 2012 until July 2015, and as president of Sistema Radiópolis from December 2010 until February 2012. Prior to that, she worked for Prisa as a director of Comercializadora Prisa Medios in Spain, a director of TV Bids at Prisa Group in Colombia, and chief executive officer of Grupo Latino de Publicidad in Colombia, a pioneer in media marketing in Colombia with 19 outlets, with different brands of television, radio, out-of-home advertising, digital platforms and sports. Prisa is one of the largest media companies in Spain and Latin America, producing a wide variety of educational, cultural and informative content. Ms. Diaz also served as president of Sky Colombia, a satellite television company, and chief executive officer of Supercable Colombia, a cable television company, while also serving as president of Colombia’s subscription television association. Prior to her media career, Ms. Diaz served as Marketing Vice President of Banco de Colombia, and Commercial Vice President of the north zone of South America at Sofasa. Ms. Diaz currently serves on the board of directors and as Treasurer of the Monasterio del Viento foundation in Colombia, which helps rural communities and environmental preservation efforts. She holds a degree in chemical engineering from the Universidad Pontificia Bolivariana and a postgraduate certificate as a marketing specialist from the Universidad EAFIT in Colombia. Ms. Diaz has been a director since May 2016.
Thomas Strickler. Mr. Strickler co-founded Endeavor Talent Agency in 1995 and served on its management committee before his departure in 2009. Prior to Endeavor, Mr. Strickler was an agent at Creative Artists Agency, InterTalent and ICM. Mr. Strickler is a Managing Director of Prime Focus World, a creative services provider to film studios and production companies. Mr. Strickler serves on the Board of Trustees of SCI-Arc, and is a member of the Board of Directors of the Glen Canyon Institute, the Board of Directors of the Los Angeles Master Chorale, and the
4
Board of Advisors of the School of Education and Information Studies at the University of California, Los Angeles. Mr. Strickler has been a director since June 2023.
Gilbert R. Vasquez. Mr. Vasquez is managing partner of the certified public accounting firm of Vasquez + Company LLP, which he founded in 1969. Mr. Vasquez is also the Chairman Emeritus of the Los Angeles Latino Chamber of Commerce. Mr. Vasquez was a board member of the 1984 Los Angeles Olympic Committee and currently serves as a board member on its successor organization, the LA84 Foundation. He is past president of the California Board of Accountancy. He has been a member of various Boards of Directors including Green Dot Public Schools, California State University Los Angeles Foundation, Los Angeles Metropolitan YMCA, Congressional Hispanic Caucus, Los Angeles Area Chamber of Commerce, and National Association of Latino Elected and Appointed Officials. Other past corporate board appointments include Verizon (formerly) GTE of California, Glendale Federal Bank, ProAmerica Bank and Blue Cross of California. Mr. Vasquez has been a director since May 2007.
Fehmi Zeko. Fehmi Zeko currently serves as Co-Founder and Managing Partner of MC Strategic Advisors LLC and as a General Partner at Great Point Studios. From March 2018 to December 2022, he served on the board of directors of Athene Holding Ltd., a retirement services company. From 2015 to March 2018, Mr. Zeko served as Vice Chairman, Global Technology, Media and Telecommunications Investment Banking Group at Bank of America Merrill Lynch. In this role he helped organize and execute the strategic plan to reposition the entire Technology, Media and Telecom franchise for large cap coverage globally. Prior to Bank of America Merrill Lynch, Mr. Zeko was Senior Managing Director, Group Head North America and Global Chairman, Telecom, Media, Entertainment and Technology (“TMET”) at Macquarie Capital, where he led the firm’s Global TMET Investment Banking and Principal Investing Practice. Prior to joining Macquarie Capital, Mr. Zeko was Vice Chairman and Co-Founder of the Foros Group, where he led the firm’s Media and Communication Advisory Practice. Prior to that, Mr. Zeko held senior investment banking positions at Deutsche Bank and Citigroup. Mr. Zeko also serves on the board of directors of the Yonkers Public Schools Foundation for Education and the board of trustees of the Miami City Ballet. He received his Bachelor of Business Administration and Master of Business Administration in Finance from Texas Christian University’s Neeley School of Business. Mr. Zeko has been a director since May 2019.
CORPORATE GOVERNANCE
We maintain a corporate governance page on our corporate website at https://investor.entravision.com/governance, which includes information regarding the company’s corporate governance practices. Our Corporate Governance Guidelines, Code of Business Conduct and Ethics, Code of Ethics for Chief Executive Officer and Senior Financial Officers, Related Party Transaction Policy, Board committee charters, Audit Committee Pre-Approval Policy and certain other corporate governance documents and policies are available on that page of our website. Any changes to these documents and any waivers granted with respect to our code of ethics will be posted on our website. In addition, we will provide a copy of any of these documents without charge to any stockholder upon written request made to Entravision Communications Corporation, 1 Estrella Way, Burbank, California 91504, Attention: Secretary. The information on our website is not, and shall not be deemed to be, a part of this proxy statement or incorporated by reference into this or any other filing we make with the SEC.
Board of Directors
Director Independence
Our Board currently consists of eight members, a majority of whom meet the independence requirements of the NYSE as currently in effect. The Board has made independence determinations in accordance with NYSE listing standards.
The Board has affirmatively determined that each of Messrs. Strickler, Vasquez, Zeko, and Zevnik and Mses. Diaz and Sweet has no material relationship with the Company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company), and that each of them are independent within the meaning of the applicable prescribed NYSE independence standards.
5
In addition to the foregoing, the Board also makes such independence determinations with respect to its Audit Committee and Compensation Committee members after taking into account the additional independence and financial literacy standards for members of each such committee, as applicable, in accordance with and pursuant to the rules and regulations of the SEC and NYSE listing rules as currently in effect.
Our corporate governance guidelines also provide that no member of the Board may serve on more than three public company boards of directors (in addition to ours) without first obtaining the prior approval of the Board. To our knowledge, no member of the Board serves on more than three public company boards of directors (in addition to ours) at this time.
Meetings of the Board
The Board held five meetings and acted by written consent nine times during 2025. Each of our incumbent directors attended 75% or more of the aggregate number of meetings of the Board and the committees on which such director served in 2025.
The company’s non-management directors meet regularly in executive session without management present to discuss certain Board policies, processes and practices, and other matters relating to the company and the functioning of the Board. Mr. Zevnik served as the presiding or “lead” independent director for such meetings during 2025.
Each of our directors is encouraged to attend the company’s annual meeting of stockholders and to be available to answer any questions posed by stockholders to such director. Unless one or more members of the Board is unable to attend, all of the members of the Board are expected to attend the 2026 Annual Meeting. All of our incumbent directors attended our 2025 Annual Meeting of Stockholders, except for Thomas Strickler.
Board Leadership
Our Board is currently led by Paul Zevnik, who was involved in the development, management and ownership of our predecessor entities from 1989 to 1996. Mr. Zevnik has served as a director since August 2000, as our Interim Chair from January 2023 to June 2023, and our Chair since June 2023.
Since 2004, our Corporate Governance Guidelines provide for an independent “lead” director. The Board appointed Mr. Zevnik to serve as our lead director during 2025. The lead director is responsible for (i) convening and calling meetings of the independent directors; (ii) chairing executive sessions of the independent directors and communicating with management relating to these sessions; and (iii) if requested by stockholders, being available for direct communication. Our Corporate Governance Guidelines provide that our non-management directors meet regularly, and our independent directors meet annually, in executive session and that our independent lead director presides at these sessions.
6
We do not have any formal policy regarding whether the Chair of the Board and Chief Executive Officer should be vested in the same person or two different persons, or whether the Chair should be an employee of the company or should be elected from among the non-employee directors. The needs of the company and the individuals available to play these roles may dictate different outcomes at different times, and the Board believes that retaining flexibility in these decisions is in the best interest of the company. Currently, Mr. Zevnik serves as the company’s Chair, and Mr. Christenson serves as a director and the company’s Chief Executive Officer. The Board may, however, make changes to its leadership structure in the future as it deems appropriate.
Our Board leadership structure is a traditional one commonly utilized by other public companies in the United States, and we believe that this leadership structure has been effective for our company. We believe that having independent chairs for each of our Board committees, only independent directors serving on these committees and an independent lead director provides the right form of leadership and balance for our company. This structure provides us with oversight of the company and each of the Board committees by experienced independent directors.
Risk Management Oversight Function of the Board
The Board has allocated responsibilities for overseeing risk associated with the company’s business among the Board as a whole and the committees of the Board. In performing its risk oversight function, the Board: (i) oversees management’s development and execution of appropriate business strategies to mitigate the risk that such strategies will fail to generate long-term value for the company and its stockholders or that such strategies will motivate management to take excessive risks; and (ii) oversees the development and implementation of processes and procedures to mitigate the risk of failing to assure the orderly succession of the Chief Executive Officer and the senior executives of the company.
The Board also regularly reviews information regarding the company’s financial, operational and strategic risks. Each of the Board’s committees also oversees the management of company risks that fall within that committee’s areas of responsibility, including identifying, quantifying and assisting leaders throughout the company in mitigating risks. In performing this function, each committee has full access to management, as well as the ability to engage advisors. As set forth in its charter, the Audit Committee is responsible for discussing with management the company’s major financial risk exposures and the steps management has taken to monitor and control those exposures. The Audit Committee gives updates to the Board at its meetings, including updates on financial and information technology risks. The Audit Committee also meets privately with the company’s independent auditors, our internal auditors and our Chief Financial Officer at least quarterly. The Compensation Committee oversees the company’s risk management related to employee compensation plans and arrangements. The Nominating/Corporate Governance Committee manages risks associated with the independence of the Board and corporate governance matters. While each committee is responsible for overseeing the management of those risk areas, the entire Board is also periodically informed through committee reports.
Insider Trading Policy
We have
Anti-Hedging and Anti-Pledging Policies
Under the company’s Insider Trading Policy as currently in effect, all directors, officers and employees of the company are prohibited from short-selling Entravision stock or engaging in transactions involving Entravision-based derivative securities. “Derivative Securities” in the Insider Trading Policy are options, warrants, stock appreciation rights or similar rights whose value is derived from the value of an equity security, such as Entravision stock. This prohibition includes, without limitation, trading in Entravision-based put and call option contracts, transacting in straddles, hedging, pledging or other similar transactions.
7
Director Stock Ownership Guidelines
In order to further align their interests and actions with the interests of the company’s stockholders, the Board has adopted Director Stock Ownership Guidelines that require our directors to accumulate over time and hold Entravision stock equal in value to at least four times the value of the regular annual cash retainer for directors, which shall include:
Compliance with these ownership guidelines is measured on the first trading day after March 31 of each calendar year, using the director’s annual retainer fee as of that day, the closing stock price as of that day and the director’s holdings of company stock as of that day.
These Director Stock Ownership Guidelines also provide for discretion of our Compensation Committee to make decision or exceptions to the guidelines in extenuating circumstances or instances where they would place a severe hardship on a director in a manner that reflects the director’s personal circumstances and the intention of the guidelines.
Communications with the Board
The following procedures have been established by the Board in order to facilitate communications between our stockholders and the Board:
Our stockholders may also communicate directly with the lead independent director, or with the non-management directors as a group, by mail addressed to Lead Director, c/o Corporate Secretary, Entravision Communications Corporation, 1 Estrella Way, Burbank, California 91504, or by email to stockholdercommunications@entravision.com.
The Audit Committee has established procedures for the receipt, retention and treatment of complaints regarding questionable accounting, internal controls or auditing matters, or financial impropriety. Any of the company’s employees or non-employees may confidentially communicate concerns about any of these matters by calling our toll-free hotline. All of the reporting mechanisms are also posted on our website. Upon receipt of a complaint or concern, a determination will be made whether it pertains to accounting, internal controls or auditing matters, or financial impropriety and, if it does, it will be handled in accordance with the procedures established by the Audit Committee.
8
Committees of the Board
The Board has a regular standing Audit Committee, Compensation Committee and Nominating/Corporate Governance Committee. The composition, functions and general responsibilities of each regular standing committee are summarized below.
Audit Committee
The Audit Committee consists of Messrs. Vasquez (chair), Zeko and Zevnik, and Ms. Sweet. The Board has determined that each of Mr. Vasquez and Ms. Sweet is an audit committee financial expert, as that term is defined in Item 401(h) of Regulation S-K promulgated under the Exchange Act, and that all members of the Audit Committee meet the independence and financial literacy requirements of the NYSE as currently in effect. For information about Messrs. Vasquez’s, Zeko’s and Zevnik's experience, please see “Biographical Information Regarding Directors” above. Ms. Sweet is not standing for re-election and will cease to serve on the Audit Committee following the Annual Meeting. The Audit Committee held four meetings and acted by written consent three times during 2025.
Consistent with the company’s Corporate Governance Guidelines, no member of the Audit Committee may serve on the audit committees of more than two other public companies (in addition to ours) without first obtaining the prior approval of the Board. Currently, no member of the Audit Committee serves on more than two other public company audit committees (in addition to ours).
The Audit Committee operates under a written charter, a copy of which is available on the governance page of the investor relations section of our website at https://investor.entravision.com. The Audit Committee’s duties include, among other things, responsibility for reviewing our accounting practices and audit procedures. In addition, the Audit Committee has responsibility for reviewing complaints about, and investigating allegations of, financial impropriety or misconduct. Please see the “Audit Committee Report” below, which provides further details of many of the duties and responsibilities of the Audit Committee.
As part of its responsibility, the Audit Committee is responsible for engaging our independent registered public accounting firm, as well as pre-approving audit and non-audit services performed by our independent registered public accounting firm in order to assure that the provision of such services does not impair its independence. The Audit Committee has adopted, and the Board has ratified, an Audit Committee Pre-Approval Policy, which is also available on our website.
Compensation Committee, Compensation Committee Interlocks and Insider Participation
The Compensation Committee consists of Mses. Diaz (chair) and Sweet and Mr. Strickler, and each of Mses. Diaz and Sweet and Messrs. Bender and Strickler served on the Compensation Committee in 2025. Mr. Bender served on the Compensation Committee in 2025 until October 1, when he resigned from the Compensation Committee in connection with his entrance into a consulting agreement with the Company. The Board has determined that the members of the Compensation Committee qualify as independent directors as defined under the NYSE rules as currently in effect, as a “non-employee director” as defined in Rule 16b-3(b)(3) under the Exchange Act. No member of the Compensation Committee was at any time during 2025 an officer or employee of the company. The Compensation Committee held two meetings and acted by written consent four times during 2025.
9
The Compensation Committee operates under a written charter, a copy of which is available on the governance page of the investor relations section of our website at https://investor.entravision.com. Among other things, the Compensation Committee establishes the compensation and benefits of our executive officers. The compensation committee also administers our employee benefit plans, including our equity incentive plan.
Please see “Compensation Committee Report” below, which details the Compensation Committee’s report on our executive compensation for 2025.
Nominating/Corporate Governance Committee
The Nominating/Corporate Governance Committee consists of Messrs. Zevnik (chair) and Strickler and Ms. Diaz. The Board has determined that the members of the Nominating/Corporate Governance Committee qualify as independent directors as defined under the NYSE rules as currently in effect. The Nominating/Corporate Governance Committee held two meetings and acted by written consent one time during 2025.
The Nominating/Corporate Governance Committee operates under a written charter, a copy of which is available on the governance page of the investor relations section of our website at https://investor.entravision.com. Among other things, the Nominating/Corporate Governance Committee has the primary responsibility for overseeing the company’s corporate governance compliance practices, as well as supervising the affairs of the company as they relate to the nomination of directors. The principal ongoing functions of the Nominating/Corporate Governance Committee include developing criteria for selecting new directors, establishing and monitoring procedures for the receipt and consideration of director nominations by stockholders and others, considering and examining director candidates, recommending director nominations to the Board, developing and recommending corporate governance principles for the company and monitoring the company’s compliance with those principles, overseeing environmental, social and governance matters significant to the company and reporting to the Board from time to time on such matters, and establishing and monitoring procedures for the receipt of stockholder communications directed to the Board.
The Nominating/Corporate Governance Committee is also responsible for conducting an annual evaluation of the Board to determine whether the Board and its committees are functioning effectively, and reports annually to the Board with the results of this evaluation.
Director Nominations
The Nominating/Corporate Governance Committee has the responsibility to identify appropriate candidates to serve as directors of the company, interviews director candidates and makes recommendations to the Board regarding candidate selection. In considering candidates to serve as directors, the Nominating/Corporate Governance Committee evaluates various minimum individual qualifications, including strength of character, maturity of judgment, relevant technical skills or financial acumen, and industry knowledge, taking into account and complying with all rules of the NYSE and applicable laws with respect to these criteria. The Nominating/Corporate Governance Committee also considers the extent to which the candidate would fill a present need on the Board and additional factors which may provide a range of experiences, skills and perspective to the Board.
In recommending the nominees who are standing for election as directors at the 2026 Annual Meeting, the Nominating/Corporate Governance Committee considered the foregoing factors and, in the case of incumbent directors, each such nominee’s previous service on the Board, which provides continuity in its deliberations. The Nominating/Corporate Governance Committee also considered specific qualifications, attributes and skills that each nominee possesses and contributes to the work of the Board. Mr. Zevnik’s background as an attorney, as well as his leadership roles and years of experience with our company and the broadcasting and digital media industries, make him an important resource for the Board, as he provides valuable insight into business, strategic and certain technical matters, including insurance and risk transfer. Mr. Bender’s deep knowledge of the global digital advertising industry, the key industry players and the underlying technology capabilities are key attributes that provide valuable assistance to the Board and management in its Advertising Technology & Services segment. Mr. Christenson's leadership roles at global financial institutions, extensive experience as an executive, including in the technology industry, and his current role as an executive officer of the company, provides him a unique perspective on the strategic direction of our company, and additional perspective afforded by his familiarity with day-to-day operations and the executive
10
function. Ms. Diaz’s experience at international Spanish-language media companies and as a marketing executive and operational manager provide the Board with valuable insight into operational, marketing and strategic matters and in-depth knowledge of Latino audiences. Mr. Strickler's extensive experience, entrepreneurship and leadership in the media industry provide the Board with valuable insight in business matters and leadership in and knowledge of the media industry. Mr. Vasquez’s experience as a certified public accountant qualifies him as a financial expert and he serves on the Board’s Audit Committee. He also provides the Board with valuable leadership experience and general business knowledge. Mr. Zeko’s leadership roles at global financial institutions, as well as his extensive experience in media investment banking, provide the Board with insight into financial, global and strategic matters, as well as knowledge of our industry.
Stockholder Recommendations of Director Candidates
The Board has adopted a Policy Regarding Stockholder Nomination for Directors pursuant to which the Nominating/Corporate Governance Committee will also consider stockholder candidates for nominations as director. Any director candidates submitted to this committee by stockholders will be evaluated according to the company’s overall needs, the director qualification standards set forth above, and the candidate's overall knowledge, experience and background. The Nominating/Corporate Governance Committee’s process for evaluating stockholder nominations shall not differ from the process used for considering all other director nominees.
Stockholder Nominations of Director Candidates
For stockholder nominations or other business to be properly brought before our annual meeting of stockholders by a stockholder pursuant to our bylaws, the stockholder must (1) have given Timely Notice (as defined below) thereof in writing to the Secretary of the corporation, (2) have provided any updates or supplements to such notice at the times and in the forms required by our bylaws and (3) together with the beneficial owner(s), if any, on whose behalf the nomination or business proposal is made, have acted in accordance with the representations set forth in the Solicitation Statement (as defined below) required by our bylaws. To be timely, a stockholder’s written notice must be received by the company’s Secretary at the principal executive offices of the corporation not later than 5:00pm Pacific time on the ninetieth (90th) day nor earlier than 5:00pm Pacific time on the one hundred twentieth (120th) day prior to the one-year anniversary of the preceding year’s annual meeting of stockholders; provided, however, that in the event the annual meeting of stockholders is first convened more than thirty (30) days before or more than sixty (60) days after such anniversary date, or if no annual meeting of stockholders were held in the preceding year, notice by the stockholder to be timely must be received by the Secretary of the corporation not later than 5:00pm Pacific time on the later of the ninetieth (90th) day prior to the scheduled date of such annual meeting of stockholders or the tenth (10th) day following the day on which public announcement of the date of such meeting is first made (such notice within such time periods shall be referred to as “Timely Notice”). Such stockholder’s Timely Notice shall set forth or include all the information set forth in our bylaws about each person the stockholder proposes to nominate as a director and the stockholder giving the notice and other information, including information required by Rule 14a-19 promulgated under the Exchange Act.
Additional information regarding the process and all of the required information to properly and timely submit stockholder nominations or other business proposals at our annual meeting of stockholders is set forth in our bylaws. A copy of our bylaws is available via the SEC’s website at www.sec.gov. You may also contact our Secretary at the address set forth above under Communications with the Board for a copy of the relevant bylaw provisions regarding the requirements for making stockholder proposals and nominating director candidates. The foregoing summary is qualified in its entirety by reference to our bylaws as may be amended or modified and as in effect from time to time, which shall exclusively govern any such shareholder nomination or other business proposals to be brought before our annual meeting of stockholders.
Recommendation of the Board
The Board unanimously recommends that stockholders vote FOR the election of each of the director nominees identified above.
11
PROPOSAL 2
RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITOR
The Audit Committee has appointed the firm of Deloitte and Touche, LLP (“Deloitte”) to act as our independent registered public accounting firm for the fiscal year ending December 31, 2026, and such appointment is being submitted to our stockholders for ratification at the 2026 Annual Meeting. Deloitte is considered by our management to be well qualified.
The appointment of Deloitte as our independent registered public accounting firm is not required to be submitted to a vote of our stockholders for ratification. However, our Board believes that obtaining stockholder ratification is a sound governance practice. If our stockholders fail to vote on an advisory basis in favor of ratification of the appointment of Deloitte, the Audit Committee will take such actions as it deems appropriate as a result of such stockholder vote. A representative of Deloitte is expected to be present virtually at the 2026 Annual Meeting and will have an opportunity to make a statement if he or she desires to do so. It is also expected that such representative will be available to respond to appropriate questions.
Audit and Other Fees
Deloitte served as our independent registered public accounting firm for fiscal years 2024 and 2025. The following table summarizes the fees charged by Deloitte for the services rendered to the company and its subsidiaries in 2024 and 2025, respectively:
|
|
Amount Billed and Paid |
|
|||||
Type of Fee |
|
Fiscal Year 2024 |
|
|
Fiscal Year 2025 |
|
||
Audit (1) |
|
$ |
2,793,000 |
|
|
$ |
1,908,000 |
|
All Other Fees (2) |
|
$ |
2,000 |
|
|
$ |
2,000 |
|
Total |
|
$ |
2,795,000 |
|
|
$ |
1,910,000 |
|
Pre-Approval of Audit and Non-Audit Services
The Audit Committee has established a policy governing our use of the services of our independent registered public accounting firm. Under this policy, the Audit Committee is required to pre-approve all services performed by our independent registered public accounting firm in order to ensure that the provision of such services does not impair the public accountants’ independence. All services provided by Deloitte for fiscal years 2024 and 2025 were pre-approved by our Audit Committee, each in accordance with the policy.
Recommendation of the Board
The Board unanimously recommends that stockholders vote FOR the proposal to ratify the appointment of Deloitte & Touche, LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026.
12
PROPOSAL 3
ADVISORY NON-BINDING VOTE ON EXECUTIVE COMPENSATION
Pursuant to Section 14A of the Exchange Act, we are providing our stockholders with the opportunity to approve, on an advisory and non-binding basis, the compensation of our named executive officers, as disclosed in this proxy statement pursuant to the SEC’s compensation disclosure rules. This proposal, commonly known as a “say-on-pay” proposal, gives stockholders the opportunity to express their views on our named executive officers’ compensation. This vote is not intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and the philosophy, policies and practices described in this proxy statement. This vote is advisory, which means that the vote is not binding on the company, the Board or the Compensation Committee. However, we value the viewpoint of our stockholders, and the Compensation Committee will evaluate whether any actions are necessary to address any concerns.
Stockholders are urged to read, in particular, the section titled "Compensation Discussion and Analysis" as well as the section titled "Executive Compensation" in this proxy statement, which discusses how our executive compensation policies and practices implement our compensation philosophy and contains additional information and narrative discussion about the compensation of our named executive officers. Our Board and our Compensation Committee believe that these policies and practices are effective in implementing our compensation philosophy and in achieving our compensation program goals.
We are asking our stockholders to indicate their support for our named executive officer compensation as described in this proxy statement. Accordingly, we will ask our stockholders to vote “FOR” the following resolution at the 2026 Annual Meeting:
“RESOLVED, that the company’s stockholders approve, on an advisory and non-binding basis, the compensation of the named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, the 2025 Summary Compensation Table, the other compensation tables and narrative discussion in the Proxy Statement for the company’s 2026 Annual Meeting of Stockholders.”
Recommendation of the Board
The Board unanimously recommends that stockholders vote FOR the proposal to approve, on an advisory, non-binding basis, the compensation of the named executive officers, as disclosed in this Proxy Statement.
13
PROPOSAL 4
APPROVAL OF THE ENTRAVISION COMMUNICATIONS CORPORATION AMENDED AND RESTATED 2004 EQUITY INCENTIVE PLAN
Introduction
In 2004, we adopted the 2004 Equity Incentive Plan, which was most recently amended and restated by our Board of Directors and stockholders in May 2024 (as amended and restated, the "2004 Plan"). On April 16, 2026, our Board of Directors adopted a further amendment and restatement of the 2004 Plan (the “Amended and Restated Plan”), subject to stockholder approval. The Amended and Restated Plan includes the following material amendments to the 2004 Plan:
We believe the proposed share pool increase and related changes to the 2004 Plan are reasonable, appropriate, and in the best interests of our stockholders.
We are requesting that stockholders approve the proposed Amended and Restated Plan. If this proposal is approved by our stockholders at the 2026 Annual Meeting, the Amended and Restated Plan will become effective on the date of the 2026 Annual Meeting (the “Restatement Effective Date”). If stockholders do not approve this proposal, the 2004 Plan will remain in effect in accordance with its terms. In such event, the Board of Directors will consider whether to adopt alternative arrangements based on its assessment of our needs.
As detailed further below, as of December 31, 2025, there were 5,630,651 shares of Class A common stock subject to unvested restricted stock unit awards with time-based vesting, 2,590,000 shares of Class A common stock subject to unvested performance unit awards with performance-based vesting outstanding under our equity compensation plans, and 640,000 shares of Class A common stock subject to vested restricted stock unit awards subject to deferred settlement, in each case, including restricted stock unit awards or performance unit awards granted under our 2023 Inducement Plan (the “Inducement Plan”) to new hires as inducement grants made in accordance with §303A.08 of the NYSE Listed Company Manual. As of December 31, 2025, there were 6,505,063 shares of Class A common stock available for new awards under the 2004 Plan, and no shares of Class A common stock available for new awards under the Inducement Plan (our only other current equity compensation plan).
As of the Restatement Effective Date, and subject to adjustments for changes in capitalization and the Amended and Restated Plan’s share counting provisions, 12,505,063 shares of our Class A common stock are reserved for issuance under the Amended and Restated Plan, less one share for every share subject to an award granted under the 2004 Plan after December 31, 2025 and prior to the Restatement Effective Date. The 12,505,063 shares of our Class A common stock is equal to the 6,505,063 shares that were available for awards under the 2004 Plan as of December 31, 2025, plus the 6,000,000 new shares. For the avoidance of doubt, as of December 31, 2025, there are no shares available for awards under the Inducement Plan.
Based on our historical rate of use of shares under the 2004 Plan, we expect that we will run out of shares available for grant under the 2004 Plan before the 2027 Annual Meeting of Stockholders. Accordingly, we wish to amend and restate the 2004 Plan to increase the number of shares of our Class A common stock authorized for issuance thereunder by 6,000,000 shares to continue to meet our compensation goals for future years. Based on our current plans and growth expectations, we believe that the shares requested in this proposal will be sufficient for the company’s needs for approximately one to two years but could last for a shorter period of time if actual practice does
14
not match historic rates or our share price or the number of individuals who receive grants under our equity compensation plans changes materially.
Rationale for Share Increase
We believe that our ability to award equity compensation is critical to our continued success in remaining competitive and attracting, motivating and retaining key personnel.
In January 2025, the Compensation Committee fundamentally shifted the company’s approach to executive compensation. The Company moved to reduce cash compensation in favor of a model more focused on long-term equity value. The Compensation Committee suspended the 2025 cash bonus component of the compensation plan for our named executive officers (other than for severance purposes, as described in the CD&A under the heading "Employment Agreements") and replaced it with a larger allocation of equity compensation. We have maintained this model in 2026, and do not have a 2026 cash bonus plan, because we believe that in the current environment, equity is the mechanism that best aligns management with the interests of our stockholders. This strategic shift away from salary and cash incentives has resulted in a higher utilization of shares than in prior years.
The creativity and entrepreneurial drive of our employees and other personnel who provide services to our company generates much of the growth and success of our business. By giving our directors, employees and consultants an opportunity to share in the growth of our stock, we align their interests with those of our stockholders. Our directors, employees and consultants understand that their stake in our company will have value only if, working together, we create value for all our stockholders. We believe that our award program has helped us to build a team of high achievers who have demonstrated long-term dedication and productivity and who, in turn, help us to attract like-minded individuals to our company.
We believe that we have demonstrated a commitment to sound equity compensation practices. We recognize that equity compensation awards dilute stockholder equity, so we have carefully managed our equity incentive compensation. Our equity compensation practices are intended to be competitive and consistent with market practices, and we believe our historical share usage has been responsible and mindful of stockholder interests. Total potential dilution is equal to the total number of unvested equity awards outstanding plus the pool of shares remaining for future awards, divided by the total number of common shares outstanding, the number of unvested equity awards outstanding, and the pool of shares remaining for future awards. Our overhang as of December 31, 2025 was:
|
|
Stock Options |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Plan |
|
Number |
|
|
Weighted |
|
|
Weighted |
|
|
Total |
|
|
Total |
|
|
Shares |
|
||||||
2004 Plan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,620,651 |
|
|
|
240,000 |
|
|
|
6,505,063 |
|
Inducement Plan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,600,000 |
|
|
|
400,000 |
|
|
|
— |
|
An additional metric that we use to measure the cumulative dilutive impact of our equity program is fully diluted overhang (the sum of (1) the number of shares subject to equity awards outstanding, but not exercised or settled and (2) the number of shares available to be granted, divided by the sum of (1) the total common shares outstanding, (2) the number of shares subject to equity awards outstanding but not exercised or settled, and (3) the number of shares available to be granted. Our approximate overhang as of December 31, 2025 was 14.3% as a percent of fully-diluted common shares outstanding on the proxy record date. If the Amended and Restated Plan was approved as of such date, our approximate overhang (as a percent of fully-diluted common shares outstanding) as of that date would increase to 18.8% and then would decline over time.
15
Burn rate is equal to total awards granted divided by the basic weighted average shares of common stock outstanding. The company’s three-year average burn rate for fiscal 2023 through fiscal 2025 was:
Fiscal Year |
|
Options |
|
|
Full Value |
|
|
Total Shares |
|
|
Weighted Average |
|
|
Burn Rate |
|
|||||
2023 |
|
|
— |
|
|
|
5,869,439 |
|
|
|
5,869,439 |
|
|
|
87,901,938 |
|
|
|
6.68 |
% |
2024 |
|
|
— |
|
|
|
3,528,500 |
|
|
|
3,528,500 |
|
|
|
89,876,538 |
|
|
|
3.93 |
% |
2025 |
|
|
— |
|
|
|
4,996,153 |
|
|
|
4,996,153 |
|
|
|
91,016,645 |
|
|
|
5.49 |
% |
3-year average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.36 |
% |
||||
Amended and Restated Plan Highlights
The Amended and Restated Plan includes provisions which we believe are designed to serve stockholders’ interests and promote effective corporate governance, including the following:
16
Summary of the Amended and Restated Plan
The following is a summary of the material terms of the Amended and Restated Plan. It is qualified by reference to the full text of the Amended and Restated Plan, which is attached as Appendix A to this Proxy Statement and is incorporated herein by reference.
Number of Shares. As of the Restatement Effective Date, and subject to adjustment for changes in capitalization as discussed below, 12,505,063 shares of our Class A common stock are reserved for issuance under the Amended and Restated Plan, less one share for every share subject to an award granted under the 2004 Plan after December 31, 2025 and prior to the Restatement Effective Date. If an award lapses, expires, terminates, is settled in cash or is cancelled without the issuance of shares under the award, or if shares are forfeited under an award, then the shares subject to the award may again be used for new awards under the Amended and Restated Plan. After December 31, 2025, shares tendered, withheld or otherwise used to satisfy tax withholding liabilities arising from an award (other than stock options or stock appreciation rights) may again be used for new awards under the Amended and Restated Plan. After December 31, 2025, shares tendered or held back upon exercise of a stock option or stock appreciation right to cover the exercise price or tax withholding, shares subject to a stock appreciation right that are not issued in connection with the stock settlement of the stock appreciation right upon exercise thereof, and shares reacquired by the company on the open market will not be added back to the shares available for issuance under the Amended and Restated Plan.
If we acquire another entity through a merger or similar transaction and issue replacement awards under the Amended and Restated Plan in assumption of or substitution or exchange of awards previously granted by the entity that is acquired, to the extent permitted under applicable laws and NYSE rules, shares subject to such substitute awards will not reduce the number of shares reserved for issuance under the Amended and Restated Plan.
Subject to the overall share limitations described above, the maximum number of shares which may be issued upon exercise of stock options intended to qualify as “incentive stock options” under Internal Revenue Code Section 422 is 12,505,063 shares.
For awards intended to qualify as “performance-based compensation” under Internal Revenue Code Section 162(m), the following limitations also apply:
Administration. The Amended and Restated Plan is administered by the Compensation Committee. The Compensation Committee has full power to administer the Amended and Restated Plan and the decisions of the Compensation Committee are final and binding upon all the participants. The Compensation Committee may at any time accelerate the vesting, payment or settlement of any award.
The Board may delegate the Compensation Committee’s administrative authority to another committee or the Compensation Committee may delegate some of its authority to the Chief Executive Officer of the company. Any such delegation may be made only to the extent the law allows. In no event may such delegation be made with respect
17
to awards granted to individuals who are subject to Section 16 of the Exchange Act unless the delegation is made to a committee composed entirely of non-employee directors.
Eligibility. The selection of the participants in the Amended and Restated Plan is generally determined by the Compensation Committee. The Committee may designate any of the following as a participant from time to time: any officers or other employees of our company or any of our affiliates, any individuals that we or our affiliates have engaged to become an officer or other employee, any non-employee director, and consultants and advisors who provide bona fide services to us or our affiliates as independent contractors.
As of April 13, 2026, approximately two executive officers, seven non-employee directors and approximately 1,046 other employees are eligible to be selected by the Compensation Committee to receive grants under the Amended and Restated Plan. Based solely on the closing price of our Class A common stock as reported by the NYSE on April 13, 2026 and the maximum number of shares that would have been available for awards as of such date under the Amended and Restated Plan, the maximum aggregate market value of the shares of Class A common stock that could potentially be issued under the Amended and Restated Plan is $24,467,059.
Director Compensation Limit. The Amended and Restated Plan provides that the value of all awards awarded under the Amended and Restated Plan and all other cash compensation paid by the company to any non-employee director in any calendar year for service as a non-employee director may not exceed $750,000.
Minimum Vesting Period. The minimum vesting period for each equity-based award granted under the Amended and Restated Plan must be at least one year, except for (i) awards delivered in lieu of fully-vested cash awards or payments, (ii) awards granted to non-employee directors which vesting period runs from the date of one annual meeting of stockholders to the next annual meeting of stockholders which is at least 50 weeks, and (ii) awards with respect to up to five percent of the gross share reserve (as defined in the Amended and Restated Plan). However, such minimum vesting period requirements will not preclude the Compensation Committee from taking action, in its sole discretion, to accelerate the vesting of any award in connection with or following a participant’s death, disability, retirement termination of service or a change in control.
Types of Awards. The Amended and Restated Plan allows for the grant of stock options, stock appreciation rights, performance shares, performance units, restricted stock awards, RSUs and dividend equivalent units in any combination, separately or in tandem. Subject to the terms of the Amended and Restated Plan, the Compensation Committee will determine the terms and conditions of awards, including the times when awards vest or become payable and the effect of certain events such as termination of employment.
Stock Options. The Compensation Committee may grant either incentive stock options qualified with respect to Internal Revenue Code Section 422 or options not qualified under any section of the Code (“non-qualified options”). Only employees may receive incentive stock options. All stock options granted under the Amended and Restated Plan (other than substitute awards granted in connection with an acquisition transaction) must have an exercise price that is at least equal to the fair market value of our underlying Class A common stock on the grant date. Any incentive stock option granted to an employee who, at the time the option is granted, owns more than 10% of the total combined voting power of all classes of stock of our company or any subsidiary must have an exercise price of at least 110% of the fair market value on the grant date. No stock option granted under the Amended and Restated Plan may have a term longer than ten years. Any incentive stock option granted to any employee who, at the time the option is granted, owns more than 10% of the total combined voting power of all classes of stock of our company or any subsidiary must terminate no later than the fifth anniversary of the date of grant. The exercise price of stock options may be paid in cash, or, if the Compensation Committee permits, by tendering shares of Class A common stock, or by any other means the Compensation Committee approves.
Stock Appreciation Rights. The Compensation Committee may grant stock appreciation rights which provide the recipient the right to receive a payment (in cash, shares or a combination of both) equal to the difference between the fair market value of a specific number of shares on the grant date and the fair market value of such shares on the date of exercise. Stock appreciation rights must expire no later than ten years after their grant date.
Performance-Based Awards. The Amended and Restated Plan provides for the grant of performance shares and performance units, the grant or vesting of which is dependent upon the attainment of objective performance targets
18
relative to certain performance measures. Performance targets may include minimum, maximum and target levels of performance, with the size of the award or vesting based on the level attained. Performance measures are criteria established by the Compensation Committee relating to any of the following, as it may apply to an individual, one or more business units, divisions or subsidiaries, or on a company-wide basis, and either in absolute terms or relative to the performance of one or more comparable companies or an index covering multiple companies: income from operations; revenue; earnings before interest, taxes, depreciation and amortization, as adjusted (EBITDA as adjusted); income before income taxes and minority interests; operating income; pre- or after-tax income; average accounts receivable; cash flow; cash flow per share; net earnings; earnings per share; return on equity; return on capital; return on assets; growth in assets; economic value added; share price performance; total stockholder return; improvement in or attainment of expense levels; market share or market penetration; business expansion, and/or acquisitions or divestitures; or any other subjective or objective goal selected by the Compensation Committee. The Compensation Committee may also specify that the performance-based awards will also be subject to a period of employment or service as well.
Performance-based awards may be paid in cash, shares or a combination of both, as determined by the Compensation Committee at the time of making an award.
Restricted Stock and Restricted Stock Unit Awards. The Compensation Committee may grant shares of restricted Class A common stock with or without payment of consideration by the recipient, or may grant RSUs. The Compensation Committee will determine whether RSUs will be paid in cash, shares of our Class A common stock or a combination thereof. All or part of any restricted stock or RSU award may be subject to conditions and restrictions, which the Compensation Committee will specify, including the vesting terms.
Dividend Equivalent Unit Awards. The Compensation Committee may grant awards of dividend equivalent units, either alone or in tandem with awards other than stock options or stock appreciation rights. A dividend equivalent unit gives the recipient the right to receive a payment equal to the dividends paid on one or more shares of our Class A common stock as the Compensation Committee specifies, and the Compensation Committee may provide that such dividend equivalent units are deemed to be reinvested in additional shares or otherwise reinvested. Dividends and dividend equivalents with respect to an award that is subject to vesting shall only be paid out to participants to the extent that the vesting conditions are satisfied and the corresponding award vests.
Change of Control. Unless otherwise determined by the Compensation Committee and evidenced in an award agreement, severance or change in control policy or agreement, if in connection with a change of control the awards granted under the Amended and Restated Plan are not assumed or substituted with similar awards which preserve the benefits to be provided to participants, including the right of participants to receive shares upon exercise or settlement of the award which are registered for sale to the public pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission (a “Non-Assumption Event”), then each outstanding stock option and stock appreciation right will become fully vested and exercisable and each other award will become fully vested and nonforfeitable immediately prior to the change of control, In each case, with any performance conditions deemed to be achieved at the higher of target and actual performance (if determinable). The holder of an outstanding stock option or stock appreciation right will be permitted, within a specified period of time prior to the change of control as determined by the Compensation Committee, to exercise all outstanding stock options and stock appreciation rights (to the extent exercisable after giving effect to any acceleration of vesting in connection with the change of control). In addition, the Compensation Committee may, in its sole discretion, provide for a cash payment to the holder of an outstanding award in exchange for the cancellation of all or a portion of the award (without the consent of the holder of an award) in an amount determined by the Compensation Committee effective at such time as the Compensation Committee specifies, except that the payment must be at least as favorable to the holder as the amount the holder could have received in respect of the award if the holder had elected to receive a cash payment under the Amended and Restated Plan’s provision described immediately below.
In addition, upon a Non-Assumption Event and to the extent that the Compensation Committee does not provide for a cash payment in respect of awards in connection with such change of control, (i) each holder of a stock option or stock appreciation right that is outstanding as of the date of the change of control who is an employee of the company or any subsidiary (plus, such other holders of stock options or stock appreciation rights as determined by the Compensation Committee in its sole discretion), and (ii) each holder of any restricted stock award, performance share award, RSU award, performance unit award or dividend equivalent, will have the right, exercisable within 30 days
19
after a change of control (but not beyond the option or stock appreciation right’s expiration date), to receive, in exchange for the surrender of the award (for stock options and stock appreciation rights, to the extent vested and not yet exercised), an amount of cash equal to the fair market value of the shares on the change of control date or date of surrender (whichever is greater), less, in the case of stock options or stock appreciation rights, the exercise price of such stock option or stock appreciation right. If the Compensation Committee so determines prior to a change of control, any such option or stock appreciation rights that is not exercised or surrendered prior to the end of the 30-day period will be cancelled.
Unless otherwise determined by the Compensation Committee and evidenced in an award agreement, severance or change in control policy or agreement, in the event of a Change of Control that is not a Non-Assumption Event, any surviving corporation or acquiring corporation (or parent thereof) may assume or continue any or all awards outstanding under the Amended and Restated Plan (or a portion thereof). The terms of any assumption, continuation or substitution will be set by the Compensation Committee.
The 2004 Plan does not provide for a “gross-up” for any excise taxes imposed on golden parachute payments under Internal Revenue Code Sections 280G and 4999. Rather, except as otherwise provided in a written agreement between the company and an award holders, in the event that any payment or transfer by the company under the 2004 Plan to or for the benefit of a participant would be nondeductible by the company for federal income tax purposes because of the provisions concerning “excess parachute payments” in Internal Revenue Code Section 280G, then the aggregate present value of all such payments will be reduced (but not below zero) to an amount that maximizes the aggregate present value of the payments without causing any payment to be nondeductible by the company because of Internal Revenue Code Section 280G.
Adjustments for Changes in Capitalization. Under the terms of the Amended and Restated Plan, if the Compensation Committee determines that any dividend or other distribution (whether in the form of cash, shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of securities of the company, issuance of warrants or other rights to purchase securities of the company, or other similar corporate transaction or event affects the shares of our Class A common stock such that the Compensation Committee determines an adjustment to be appropriate to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Amended and Restated Plan, then, subject to the terms of the Amended and Restated Plan, the Compensation Committee will, in such manner as it may deem equitable, adjust any or all of (1) the number and type of shares or other securities subject to the Amended and Restated Plan, (2) the number and type of shares or other securities subject to outstanding awards, and (3) the grant, purchase, or exercise price with respect to any award.
With respect to incentive stock options, no adjustment may be authorized to the extent that such authority would cause the Amended and Restated Plan to violate Internal Revenue Code Section 422(b).
Without limitation, subject to the terms of the Amended and Restated Plan, in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event, the Compensation Committee may substitute, on an equitable basis as the Compensation Committee determines, for each share then subject to an award, the number and kind of shares of stock, other securities, cash or other property to which holders of stock are or will be entitled in respect of each share pursuant to the transaction.
Transferability of Awards. Awards granted under the Amended and Restated Plan are not transferable, other than by will or pursuant to state intestate laws, unless the Committee otherwise allows a participant to (i) designate a beneficiary to exercise awards after the participant’s death, (ii) transfer an award to a former spouse pursuant to a domestic relations order incident to divorce, or (iii) transfer an award by gift.
Repricing, Reloading and Backdating Prohibited. The Compensation Committee may not grant a stock option or stock appreciation right with a grant date that is effective prior to the date the Compensation Committee takes action to approve such award, and the Amended and Restated Plan prohibits re-pricing of option awards or stock appreciation rights without stockholder approval. In addition, no awards may provide for automatic “reload” grants of additional awards upon the exercise of an option or stock appreciation right.
20
Foreign Participation. The Compensation Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom regarding awards granted to participants employed in foreign countries. In addition, the Compensation Committee may approve such supplements to, or amendments, restatements or alternative versions of, the Amended and Restated Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the Compensation Committee approves for purposes of using the Amended and Restated Plan in a foreign country will not affect the terms of the Amended and Restated Plan for use in any other country.
Recoupment. All awards under the Amended and Restated Plan are subject to any recoupment or clawback policy that the Board or Compensation Committee may adopt from time to time. In addition, if the company is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement, then the Compensation Committee may, in its sole discretion, require a participant to repay or forfeit that portion of any time-based and/or performance-based awards that were granted, earned or vested during the company’s three completed fiscal years preceding the date of such restatement that the Compensation Committee determines was in excess of the amount that would have been granted, earned or vested based on restated results.
Amendment. The Board or Compensation Committee may alter, amend, suspend or discontinue the Amended and Restated Plan at any time, but no such action may be taken without stockholder approval if such approval is required by law or NYSE listing requirements, or if such action increases the number of shares that may be issued under the Amended and Restated Plan or the annual award limits, or eliminates the prohibition on stock option repricing. The Compensation Committee may alter or amend awards under the Amended and Restated Plan, but no such action may be taken without the consent of the participant if it would materially adversely affect an outstanding award, and no such action may be taken without prior stockholder approval if it would violate the anti-repricing protections under the Amended and Restated Plan as described above under “Amended and Restated Plan Highlights”.
Term. The Amended and Restated Plan will remain in effect until the tenth anniversary of the Restatement Effective Date, unless terminated earlier by the Board of Directors or the Compensation Committee. However, no incentive stock options may be granted more than 10 years after the date that the Amended and Restated Plan was approved by our Board of Directors.
Federal Income Tax Consequences
The following summary is intended only as a general guide to the United States federal income tax consequences under current law of incentive stock options and non-qualified stock options, which are authorized for grant under the Amended and Restated Plan. It does not attempt to describe all possible federal or other tax consequences of participation in the Amended and Restated Plan or tax consequences based on particular circumstances. The tax consequences may vary if options are granted outside the United States. Participants are advised to consult their personal tax advisors with regard to all consequences arising from the grant or exercise of awards and the disposition of any acquired shares.
Stock Options
The grant of a stock option under the Amended and Restated Plan will create no income tax consequences to us or to the recipient. A participant who is granted a non-qualified stock option will generally recognize ordinary compensation income at the time of exercise in an amount equal to the excess of the fair market value of our Class A common stock at such time over the exercise price. We will generally be entitled to a deduction in the same amount and at the same time as the participant recognizes ordinary income. Upon the participant’s subsequent disposition of the shares of our Class A common stock received with respect to such stock option, the participant will recognize a capital gain or loss (long-term or short-term, depending on the holding period) to the extent the amount realized from the sale differs from the tax basis (i.e., the fair market value of the Class A common stock on the exercise date).
In general, a participant will recognize no income or gain at the time of the exercise of an incentive stock option, except that the alternative minimum tax may apply. Except as described below, the participant will recognize a long-term capital gain or loss on the disposition of our Class A common stock acquired pursuant to the exercise of an incentive stock option and we will not be allowed a deduction. If the participant fails to hold the shares of our Class A common stock acquired pursuant to the exercise of an incentive stock option for at least two years from the grant
21
date of the incentive stock option and one year from the exercise date, then the participant will recognize ordinary compensation income at the time of the disposition equal to the lesser of the gain realized on the disposition and the excess of the fair market value of the shares of our Class A common stock on the exercise date over the exercise price. We will generally be entitled to a deduction in the same amount and at the same time as the participant recognizes ordinary income. Any additional gain realized by the participant over the fair market value at the time of exercise will be treated as a capital gain.
Stock Appreciation Rights
The grant of a stock appreciation right under the Amended and Restated Plan will create no income tax consequences to us or to the recipient. A participant who is granted a stock appreciation right will generally recognize ordinary compensation income at the time of exercise in an amount equal to the cash or fair market value of the shares of Class A common stock that the participant receives. We will generally be entitled to a deduction in the same amount and at the same time as the participant recognizes ordinary income. If the stock appreciation right is settled in shares of our Class A common stock, upon the participant’s subsequent disposition of such shares, the participant will recognize a capital gain or loss (long-term or short-term, depending on the holding period) to the extent the amount realized from the sale differs from the tax basis (i.e., the fair market value of our Class A common stock on the exercise date).
Restricted Stock
Generally, a participant will not recognize income and we will not be entitled to a deduction at the time an award of restricted stock is made under the Amended and Restated Plan, unless the participant makes the election under Internal Revenue Code Section 83(b) as described below. A participant who has not made such an 83(b) election will recognize ordinary income at the time the restrictions on the stock lapse in an amount equal to the fair market value of the restricted stock at such time. We will generally be entitled to a corresponding deduction in the same amount and at the same time as the participant recognizes income. Any otherwise taxable disposition of the restricted stock after the time the restrictions lapse will result in a capital gain or loss (long-term or short-term, depending on the holding period) to the extent the amount realized from the sale differs from the tax basis (i.e., the fair market value of our Class A common stock on the date the restrictions lapse). Dividends paid in cash and received by a participant will constitute ordinary income to the participant in the year paid and we will generally be entitled to a corresponding deduction for such dividends. Any dividends paid in stock will be treated as an award of additional restricted stock subject to the tax treatment described herein.
A participant may, within 30 days after the date of the award of restricted stock, elect under Internal Revenue Code Section 83(b) to recognize ordinary income as of the date of the award in an amount equal to the fair market value of such restricted stock on the date of the award (less the amount, if any, the participant paid for such restricted stock). If the participant makes such an election under Internal Revenue Code Section 83(b), then we will generally be entitled to a corresponding deduction in the same amount and at the same time as the participant recognizes income. If the participant makes the election, then any cash dividends the participant receives with respect to the restricted stock will be treated as dividend income to the participant in the year of payment and will not be deductible by us. Any otherwise taxable disposition of the restricted stock (other than by forfeiture) will result in a capital gain or loss. If the participant who has made an election subsequently forfeits the restricted stock, then the participant will not be entitled to claim a credit for the tax previously paid. In addition, we would then be required to include as ordinary income the amount of any deduction we originally claimed with respect to such shares.
Restricted Stock Units
A participant will not recognize income and we will not be entitled to a deduction at the time an award of a restricted stock unit is made under the Amended and Restated Plan. Upon the participant’s receipt of shares (or cash) at the end of the restriction period, the participant will recognize ordinary income equal to the amount of cash and/or the fair market value of the shares received, and we will be entitled to a corresponding deduction in the same amount and at the same time. If the restricted stock units are settled in whole or in part in shares, upon the participant’s subsequent disposition of the shares the participant will recognize a capital gain or loss (long-term or short-term, depending on the holding period) to the extent the amount realized upon disposition differs from the shares’ tax basis (i.e., the fair market value of the shares on the date the participant received the shares).
22
Performance Shares
The grant of performance shares will create no income tax consequences for us or the participant. Upon the participant’s receipt of shares at the end of the applicable performance period, the participant will recognize ordinary income equal to the fair market value of the shares received, except that if the participant receives shares of restricted stock in payment of performance shares, recognition of income may be deferred in accordance with the rules applicable to restricted stock as described above. We will generally be entitled to a deduction in the same amount and at the same time as the participant recognizes income. Upon the participant’s subsequent disposition of the shares, the participant will recognize a capital gain or loss (long-term or short-term depending on the holding period) to the extent the amount realized from the disposition differs from the shares’ tax basis (i.e., the fair market value of the shares on the date the participant received the shares).
Performance Units
The grant of a performance unit will create no income tax consequences to us or the participant. Upon the participant’s receipt of cash and/or shares at the end of the applicable performance period, the participant will recognize ordinary income equal to the amount of cash and/or the fair market value of the shares received, and we will be entitled to a corresponding deduction in the same amount and at the same time. If performance units are settled in whole or in part in shares, upon the participant’s subsequent disposition of the shares the participant will recognize a capital gain or loss (long-term or short-term, depending on the holding period) to the extent the amount realized upon disposition differs from the shares’ tax basis (i.e., the fair market value of the shares on the date the participant received the shares).
Dividend Equivalent Units
A participant who is paid a dividend equivalent with respect to an award will recognize ordinary income equal to the value of cash or Class A common stock paid, and we will be entitled to a corresponding deduction in the same amount and at the same time.
Internal Revenue Code Sections 409A and 280G
Awards under the Amended and Restated Plan may constitute, or provide for, a deferral of compensation under Section 409A of the Internal Revenue Code. If the requirements of Internal Revenue Code Section 409A are not complied with, then holders of such awards may be taxed earlier than would otherwise be the case (e.g., at the time of vesting instead of the time of payment) and may be subject to an additional 20% penalty tax and, potentially, interest and penalties. The Amended and Restated Plan is intended to permit compliance with Internal Revenue Code Section 409A and the Department of Treasury regulations and other interpretive guidance that may be issued pursuant to Internal Revenue Code Section 409A. The Amended and Restated Plan and any applicable awards may be modified to exempt the awards from Internal Revenue Code Section 409A or comply with the requirements of Internal Revenue Code Section 409A.
Awards Granted under the 2004 Plan
The following table shows, for each of the individuals and various groups indicated, the total number of shares subject to option awards that have been granted under the 2004 Plan from the date of the 2004 Plan’s inception through April 13, 2026, even if not currently outstanding.
23
Name and Position |
|
Stock Option |
|
|
Michael Christenson, Chief Executive Officer |
|
|
— |
|
Mark Boelke, Chief Financial Officer and Treasurer |
|
|
404,000 |
|
Jeffery Liberman, Former President and Chief Operating Officer |
|
|
474,000 |
|
All current executive officers, as a group |
|
|
404,000 |
|
All current directors who are not executive officers, as a group |
|
|
630,000 |
|
Each current nominee for election as a director who are not executive officers |
|
|
|
|
Paul Anton Zevnik |
|
|
380,000 |
|
Brad Bender |
|
|
— |
|
Martha Elena Diaz |
|
|
— |
|
Thomas Strickler |
|
|
— |
|
Lara Sweet |
|
|
— |
|
Gilbert R. Vasquez |
|
|
250,000 |
|
Fehmi Zeko |
|
|
— |
|
Each associate of any such director, executive officer or nominees |
|
|
— |
|
Each other person who received or is to receive 5% of such awards |
|
|
— |
|
All current employees who are not executive officers, as a group |
|
|
950,000 |
|
New Plan Benefits
No awards have been granted, and no shares of any class of our common stock have been issued, on the basis of the proposed share increase under the Amended and Restated Plan. It is not possible to determine the specific amounts and types of awards that may be awarded in the future under the proposed Amended and Restated Plan because the grant and actual pay-out of awards under the Amended and Restated Plan are subject to the discretion of the Compensation Committee.
Equity Compensation Plan Information
The following table summarizes the company’s equity compensation plan information as of December 31, 2025:
Plan category |
|
Number of |
|
|
Weighted |
|
|
Number of |
|
|
|||
Equity compensation plans approved by security holders: (2) |
|
|
6,860,651 |
|
(3) |
|
— |
|
|
|
6,505,063 |
|
|
Equity compensation plans not approved by security holders: (4) |
|
|
2,000,000 |
|
(5) |
|
— |
|
|
|
— |
|
|
Total |
|
|
8,860,651 |
|
|
|
— |
|
|
|
6,505,063 |
|
|
24
Effect of a No Vote
If the stockholders do not approve the Amended and Restated Plan, the 2004 Plan will remain in effect in accordance with its terms. In such event, the Board of Directors will consider whether to adopt alternative arrangements based on its assessment of our needs.
Board Consideration
In considering the recommendation of our Board of Directors with respect to the approval of the Amended and Restated Plan, stockholders should be aware that the members of our board of directors have certain interests, which may present them with conflicts of interest in connection with this proposal. As discussed above, directors are eligible to receive awards under the Amended and Restated Plan.
Registration with the SEC
We intend to file a Registration Statement on Form S-8 with the SEC relating to the issuance of the additional 6,000,000 shares of our Class A common stock reserved and available for issuance under the Amended and Restated Plan as soon as practicable after approval of the amendment and restatement of the 2004 Plan by our stockholders.
Required Vote
Approval of amendment and restatement of the 2004 Plan requires a majority of the total votes cast on such proposal, provided a quorum is present.
Recommendation of the Board
The Board unanimously recommends that stockholders vote FOR approval of the amendment and restatement of the 2004 Plan.
25
MANAGEMENT
The following sets forth the names, positions and ages of our executive officers as of April 13, 2026:
Name |
|
Position |
|
Age |
Michael Christenson |
|
Chief Executive Officer |
|
67 |
Mark Boelke |
|
Chief Financial Officer and Chief Operating Officer |
|
54 |
Background
Michael Christenson. Mr. Christenson has been our Chief Executive Officer since July 2023. See, “Proposal 1—Election of Directors” for additional biographical information on Mr. Christenson.
Mark Boelke. Mr. Boelke has been our Chief Financial Officer and Treasurer since May 2024, and, in addition, our Chief Operating Officer since February 2026. Mr. Boelke previously served as the Company’s General Counsel and Secretary since 2006, after joining the Company in 2005 as Deputy General Counsel and Vice President of Legal Affairs. Before joining the Company, Mr. Boelke was an attorney at O’Melveny & Myers LLP. Mr. Boelke earned his law degree from the University of Minnesota Law School and a Bachelor of Arts degree from St. Olaf College.
26
SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth information, as of April 13, 2026, concerning, except as indicated by the footnotes below:
Unless otherwise noted below, the address of each beneficial owner listed in the table is c/o Entravision Communications Corporation, 1 Estrella Way, Burbank, California 91504.
We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of common stock that they beneficially own, subject to applicable community property laws.
Applicable percentage ownership is based on 82,686,451 shares of Class A common stock outstanding at April 13, 2026. In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person, we deemed to be outstanding all shares of common stock subject to options, warrants, restricted stock units or other convertible securities held by that person or entity that are currently exercisable or releasable or that will become exercisable or releasable within sixty days after April 13, 2026. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person. In addition, we did not include TelevisaUnivision, Inc. ("TelevisaUnivision"), which currently holds all 9,352,729 shares of our Class U common stock. The Class U common stock is non-voting, and therefore TelevisaUnivision does not appear in the table as an owner of voting securities.
27
The information provided in the table is based on our records, information filed with the SEC, and information provided to us, except where otherwise noted.
|
|
Class A Common Stock(1) |
|
|||||
Name of Beneficial Owner |
|
Shares |
|
|
% |
|
||
Named Executive Officers and Directors: |
|
|
|
|
|
|
||
Michael Christenson(2) |
|
|
1,179,420 |
|
|
|
1.41 |
% |
Mark Boelke(3) |
|
|
284,835 |
|
|
* |
|
|
Jeffery Liberman(4) |
|
|
123,312 |
|
|
* |
|
|
Paul Anton Zevnik(5) |
|
|
3,169,082 |
|
|
|
3.82 |
% |
Gilbert R. Vasquez(6) |
|
|
954,255 |
|
|
|
1.15 |
% |
Martha Elena Diaz(7) |
|
|
336,037 |
|
|
* |
|
|
Fehmi Zeko(8) |
|
|
294,047 |
|
|
* |
|
|
Thomas Strickler(9) |
|
|
1,079,089 |
|
|
|
1.30 |
% |
Brad Bender(10) |
|
|
179,241 |
|
|
* |
|
|
Lara Sweet(11) |
|
|
173,246 |
|
|
* |
|
|
All executive officers and directors as a group(12) (10 persons) |
|
|
7,772,564 |
|
|
|
9.12 |
% |
> 5% Security Holders |
|
|
|
|
|
|
||
Alexandra Seros(13) |
|
|
12,399,486 |
|
|
|
15.00 |
% |
Gate City Capital Management, LLC(14) |
|
|
11,090,968 |
|
|
|
13.41 |
% |
American Century Investment Management Inc.(15) |
|
|
9,855,247 |
|
|
|
11.92 |
% |
BlackRock, Inc.(16) |
|
|
4,454,312 |
|
|
|
5.39 |
% |
Beneficial ownership representing less than one percent is denoted with an asterisk (*).
28
29
DELINQUENT SECTION 16(a) REPORTS
Section 16(a) of the Exchange Act requires our directors, executive officers and holders of more than 10% of a registered class of our equity securities to file with the SEC initial reports of ownership and reports of changes in ownership of our Class A common stock and our other equity securities. Directors, executive officers and greater than 10% stockholders are required by SEC regulation to furnish us with copies of all Section 16(a) reports they file. Based solely on our review of the copies of such forms received by us, or written representation from certain reporting persons that no Form 5s were required for those persons, we believe that all reporting requirements under Section 16(a) for the 2025 fiscal year were met in a timely manner by our directors, executive officers and greater than 10% beneficial owners, except that Messrs. Christenson, Boelke, and Liberman, Juan Navarro, our former Chief Revenue Officer, and William McNally, our Chief Accounting Officer and Corporate Controller, each filed one late Form 4 reporting exempt equity plan award transactions that occurred on January 21, 2025, with such Form 4 filed on April 7, 2025, and Alexandra Seros, a ten-percent stockholder, filed one late Form 4 reporting exempt transactions that occurred on September 9, 2024, with such transactions reported on a Form 4 filed on August 21, 2025.
COMPENSATION COMMITTEE REPORT
The Compensation Committee has furnished the following Compensation Committee Report for the 2025 fiscal year. This Report does not constitute soliciting material and should not be deemed filed or incorporated by reference into any of our other filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except to the extent that we specifically incorporate this report by reference therein.
The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis provided below (the “CD&A”) with management. In reliance on the reviews and discussions referred to above, the Compensation Committee has recommended to the Board, and the Board has approved, that the CD&A be included in this proxy statement and our Form 10-K for the fiscal year ended December 31, 2025 for filing with the SEC.
By the Compensation Committee of the Board of Directors:
Martha Elena Diaz, Chair |
Brad Bender |
Tom Strickler |
Lara Sweet |
COMPENSATION DISCUSSION AND ANALYSIS
Introduction
This Compensation Discussion and Analysis provides information regarding the 2025 compensation for our named executive officers, comprised of our principal executive officer and the two most highly compensated executive officers at fiscal year-end. For 2025, our named executive officers were:
Name |
|
Position |
|
Michael Christenson |
|
Chief Executive Officer |
|
Mark Boelke |
|
Chief Financial Officer and Treasurer |
|
Jeffery Liberman(1) |
|
Former President and Chief Operating Officer |
|
30
This Compensation Discussion and Analysis describes the material elements of our executive compensation during 2025. It also provides an overview of our executive compensation philosophy, including our principal compensation policies and practices. Finally, it analyzes how and why the Compensation Committee and our Board arrived at the specific compensation decisions for our named executive officers in fiscal year 2025 and discusses the key factors that were considered in determining their compensation.
2025 Changes to Our Compensation Program
In January 2025, the Compensation Committee reviewed and changed the Company's approach to executive compensation. The Compensation Committee shifted the Company's approach to one that is more focused on long-term equity value and less oriented around short-term cash compensation and short term-incentives. Base salary, bonus, equity incentives and severance were modified to align with changing business dynamics, including the disposition of the operations of our Entravision Global Partners business, as well as transformation in the business in which we operate. The Compensation Committee weighted equity compensation more heavily and, correspondingly, reduced salaries and also suspended the cash bonus plan in 2025. The annual base salaries of Messrs. Christenson, Liberman, and Boelke were reduced to $500,000, a reduction of 47%, 38% and 25% relative to fiscal year 2024, respectively. The Compensation Committee also suspended the 2025 cash bonus plan, meaning there was no target cash bonus or related performance bonus opportunity for fiscal year 2025. The value of the salary reduction and the suspension of any bonus opportunity was considered when determining the size of 2025 equity awards to our named executive officers.
Additionally, we entered into amendment letters with our named executive officers, whereby if the named executive officer experiences a qualifying termination under our Severance Plan prior to December 31, 2026, then, solely for purposes of calculating severance payments under the Severance Plan, the named executive officer’s base salary will be such named executive officer’s base salary as in effect on December 31, 2024 and the bonus portion of such severance will be calculated based on the named executive officer's target bonus for fiscal year 2024 (and deeming Company performance at target).
Administration of Compensation Program
The Compensation Committee has overall responsibility for evaluating and approving our executive compensation program. The Compensation Committee has the authority to review and determine the salaries and bonuses of our executive officers, including our Chief Executive Officer and the other named executive officers, and to establish the general compensation policies for such individuals. The Compensation Committee also has the authority to administer and make discretionary equity incentive grants to all of our employees under our equity compensation plans.
The Compensation Committee operates under a written charter. The duties and responsibilities of a member of the Compensation Committee are in addition to his or her duties as a member of the Board. The charter reflects these various responsibilities, and the Compensation Committee is charged with periodically reviewing the charter, which it does annually. The Compensation Committee’s membership is determined by the Board and is composed entirely of independent directors as defined under NYSE listing standards as currently in effect. The Compensation Committee has the ability to establish and delegate authority to a subcommittee. In addition, the Compensation Committee has the authority to engage the services of outside advisors, experts and others, including independent compensation consultants to assist the Compensation Committee. The Compensation Committee has engaged Frederic W. Cook & Co., Inc. (“Frederic Cook”) as the Compensation Committee’s outside compensation consultant to provide advice directly to the Compensation Committee as well as company management in continuing to evaluate and develop compensation policies and practices. In 2025, Frederic Cook received $133,342 in direct compensation from the Company. The role of Frederic Cook is to provide independent advice and expertise in executive compensation policies and practices. In connection with its engagement of Frederic Cook, the Compensation Committee considered various factors regarding Frederic Cook’s independence including, but not limited to, the amount of fees received by Frederic Cook from the company as a percentage of Frederic Cook’s total revenue, its policies and procedures designed to prevent conflicts of interest, and the existence of any business or personal relationship that could impact Frederic Cook’s independence. After reviewing these and other factors, the Compensation Committee determined that Frederic Cook was independent and that its engagement did not present any conflicts of interest.
31
In reviewing executive officer compensation, the Compensation Committee does not target compensation to a specific benchmark level; however, the Compensation Committee reviews competitive market data from companies in the media and digital marketing industries with broadly similar market cap. The compensation decisions in 2025 were informed by market data from a Q3 2024 study of market compensation levels with the following peer group companies:
• Cardlytics, Inc. |
|
• fuboTV Inc. |
|
• Thryv, Inc. |
|
|
|
|
|
• Clear Channel Outdoor Holdings, Inc. |
|
• Gray Television, Inc. |
|
• Townsquare Media, Inc. |
|
|
|
|
|
• Comscore, Inc. |
|
• iHeartMedia, Inc. |
|
• TrueCar, Inc. |
|
|
|
|
|
• Cumulus Media |
|
• Lee Enterprises, Inc. |
|
• Urban One, Inc. |
|
|
|
|
|
• Digital Turbine, Inc. |
|
• PubMatic, Inc. |
|
• USA Today Co., Inc. |
|
|
|
|
|
• EverQuote, Inc. |
|
• QuinStreet, Inc. |
|
• WideOpenWest, Inc. |
|
|
|
|
|
• E.W. Scripps Company |
|
• Saga Communications, Inc. |
|
|
|
|
|
|
|
• Fluent, Inc. |
|
• TechTarget, Inc. |
|
|
The Compensation Committee held two meetings and acted by written consent four times during 2025. The Board did not modify any action or recommendation made by the Compensation Committee with respect to executive compensation for the 2025 fiscal year.
Consideration of Prior Say-on-Pay Advisory Vote
At our May 29, 2025, annual meeting, we held our most recent non-binding, advisory vote on the compensation of our named executive officers (a “Say-on-Pay” vote), which received the support of approximately 99% of the votes cast. The Compensation Committee intends to continually evaluate our core compensation principles and objectives, including taking into account feedback received through informal stockholder communications and the results of future say-on-pay votes, when determining executive compensation.
32
Objectives and Philosophy
The Compensation Committee believes that our executive compensation policies and practices are designed to attract and retain qualified executives, motivate and reward them for their performance as individuals and as a management team, and further align the interests of our executives with the interests of our stockholders. We are engaged in a very competitive industry, and our success depends significantly upon our ability to attract and retain qualified executives through competitive compensation packages offered to such individuals. The Compensation Committee also believes that our equity incentive compensation policies and practices should reward executives upon their continued employment with the company and the long-term price of our stock.
In January 2025, the Compensation Committee reviewed and changed the Company's approach to executive compensation. The Compensation Committee shifted the Company's approach to one that is more focused on long-term equity value and less oriented around short-term cash compensation and short term-incentives. Base salary, bonus, equity incentives and severance were modified to align with changing business dynamics, including the disposition of the operations of our Entravision Global Partners business, as well as transformation in the business in which we operate. The Compensation Committee weighted equity compensation more heavily and, correspondingly, reduced salaries and also suspended the cash bonus plan in 2025.
Our policy for allocating between long-term and current compensation is to ensure that we provide adequate base salary and equity incentive compensation to attract, retain and reward qualified executives for their services, while providing long-term incentives to reward retention and to maximize long-term value for the company and our stockholders. Our policy is to provide cash compensation in the form of base salary to meet competitive salary requirements and non-cash equity incentive compensation to meet competitive equity compensation needs, promote retention, reward performance and further align the interest of our executives with the company’s stockholders. The Compensation Committee typically evaluates total compensation and makes specific equity incentive compensation grants to named executive officers in connection with services provided to us in their capacity as employees and executive officers. The named executive officers were all paid 2025 total compensation value, as reported in the Summary Compensation Table below, that was below the median of the peer group data reviewed for context by the Committee.
The Compensation Committee does not rely solely on predetermined formulas or a limited set of criteria when it evaluates the performance of our executive officers. For fiscal year 2025, the Compensation Committee considered management’s achievement of our short- and long-term goals in light of general economic conditions as well as specific company, industry and competitive conditions. The principal factors the Compensation Committee took into account in evaluating each executive officer’s compensation package for the 2025 fiscal year are described below.
Our 2025 total compensation program for our executive officers consisted of the following key elements of compensation:
33
Base Salary
It is our goal to provide a base salary for our executive officers that is sufficiently high to attract and retain a strong management team and reflect the individual executive’s responsibilities, value to us, experience and past performance. The Compensation Committee reviews and approves adjustments, as necessary or appropriate, to the base salaries of our executive officers on a periodic basis. In doing so, the Compensation Committee exercises its judgment and discretion and considers several factors, including our overall financial and operational results for the prior fiscal year, the performance of the individual executive officer, the executive officer’s potential to contribute to our long-term strategic goals, the executive officer’s role and scope of responsibilities within our company, the executive officer’s individual experience and skills, the officer’s compensation as compared to similarly situated executives at comparable companies in our peer group, and, for executive officers other than the Chief Executive Officer, the input of our chief executive officer. No specific formula is applied to determine the weight of each criterion.
In January 2025, as part of the Company’s cost-reduction and strategic realignment initiatives, the Compensation Committee approved significant reductions to the base salaries of our named executive officers. The annual base salaries for our named executive officers for fiscal year 2025 were as follows:
Named Executive Officer |
|
Fiscal Year 2024 |
|
|
Fiscal Year 2025 |
|
|
Percentage |
|
|||
Michael Christenson |
|
$ |
950,000 |
|
|
$ |
500,000 |
|
|
|
-47 |
% |
Mark Boelke |
|
$ |
669,500 |
|
|
$ |
500,000 |
|
|
|
-25 |
% |
Jeffery Liberman |
|
$ |
800,000 |
|
|
$ |
500,000 |
|
|
|
-38 |
% |
Bonus
In prior years, the Company maintained an annual cash bonus program. For fiscal year 2025, consistent with the shift toward equity-based compensation and cash conservation, the Compensation Committee suspended the annual cash bonus program for all named executive officers. Accordingly, no annual performance targets were set for the named executive officers, and no discretionary cash bonuses were paid to Messrs. Christenson, Boelke or Liberman for the 2025 fiscal year.
Equity Incentive Compensation
The Compensation Committee believes that the incentive of future stock ownership encourages employees to remain employed by the company and motivates them to use their best efforts at all times, as well as aligning the interests of our executive officers and other employees with those of our stockholders. We typically grant equity incentive awards to our executive officers and other key employees on an annual basis.
We do not use any pre-determined formula in determining the amount of equity incentive grants that are granted to executive officers. We base the amount of equity incentive grants on such considerations as the level of experience and individual performance of such executive officer, the number of stock options or restricted stock units granted to such executive officer in previous grants, and general competitive considerations, including retention of each executive officer.
As part of the Compensation Committee’s ongoing review and evaluation of equity incentive compensation, during 2025 the Compensation Committee worked with Frederic Cook to consider market practices regarding forms of equity and typical equity terms. The Compensation Committee also sought the input of our Chief Executive Officer with respect to the appropriate pool of employees who should receive equity incentive grants, the form of performance equity awards, and performance equity goal-setting.
34
For fiscal year 2025, consistent with the shift toward equity-based compensation and cash conservation, the Compensation Committee granted annual equity incentive awards in the form of restricted stock units and performance units to each of Messrs. Christenson, Liberman, and Boelke in amounts greater than the aggregate award size compared to fiscal year 2024 awards. However, the structure of such restricted stock units and performance units remained generally consistent with the structure used for equity incentive awards granted in fiscal years 2023 and 2024. The Compensation Committee determined that a mix of time-based restricted stock units that vest over four years for retention, and price-contingent equity for achieving four challenging stock price hurdles within five years, would balance the Company’s desire for retention and align performance goals with the interests of our stockholders. The table below provides the amount of restricted stock units and performance units granted in January 2025 to each named executive officer:
Name |
|
Restricted |
|
|
Performance Units |
|
||
Michael Christenson |
|
|
960,000 |
|
|
|
372,500 |
|
Mark Boelke |
|
|
300,000 |
|
|
|
115,000 |
|
Jeffery Liberman |
|
|
300,000 |
|
|
|
115,000 |
|
*Each performance unit award may be earned at between 0% and 200% of the target number of shares.
Performance Unit Awards
Performance units vest by a combination of both market-based vesting conditions and time-based vesting conditions, both of which must be satisfied before the performance units will be deemed vested. The market-based vesting conditions are only satisfied if the average closing price of our Class A common stock over 30 consecutive trading days equals or exceeds the following share price hurdles before January 25, 2029 (with each stock price hurdle subject to equity adjustment to reflect dividends or other changes to our capitalization during the performance period).
|
Hurdle Price Per Share* |
|
|
Number of Earned |
|
Threshold |
$ |
3.00 |
|
|
25% |
Target |
$ |
4.00 |
|
|
25% |
|
$ |
5.00 |
|
|
25% |
Maximum |
$ |
6.00 |
|
|
25% |
*Closing stock price on the date of grant was $2.28
For each hurdle price, the time-based vesting conditions are satisfied over five years following the grant date, with 20% satisfying the time-based vesting conditions on January 21, 2026 and the remaining 80% satisfying the time-based vesting conditions in eight equal semi-annual installments thereafter. As noted above, the time-based vesting conditions create an additional vesting condition that must be satisfied in addition to the stock price hurdles for awards to vest.
Restricted Stock Unit Awards
Restricted stock units vest in substantially equal annual installments over four years, subject to continued employment on each vesting date as follows: (i) 25% on December 20, 2025; (ii) 25% on December 20, 2026; (iii) 25% on December 20, 2027; and (iv) 25% on December 20, 2028.
35
Benefits and Perquisites
With limited exceptions, the benefits and perquisites provided to our executive officers, including our named executive officers, are generally available to all of our employees. Exceptions include a monthly automobile allowance provided to certain executives, including certain of our named executive officers, and the cost of life insurance premiums for the benefit of certain of our named executive officers. In addition, we provide, without cost to employees, a travel accident insurance policy that provides a travel accident benefit to all employees, with a greater accident benefit for executives than for non-executives. We also generally pay a portion of the health insurance premiums for our employees, and for certain executive officers, including our named executive officers, we pay a greater amount or all of the health insurance premiums than the amount that we pay for employees in general.
Employment Agreements
Agreement with Michael Christenson. We entered into an employment agreement with Mr. Christenson upon his hire as Chief Executive Officer, effective as of July 1, 2023, pursuant to which he joined us as our Chief Executive Officer. Mr. Christenson’s employment agreement provides that his annual base salary is subject to annual review by the Board or Compensation Committee. Effective January 2025, Mr. Christenson’s base salary was voluntarily reduced from $950,000 per year to $500,000 per year. Additionally, Mr. Christenson is eligible to receive an annual cash bonus targeted at 100% of his annual base salary; however, the Compensation Committee suspended the annual cash bonus program for named executive officers for fiscal year 2025. Mr. Christenson is also eligible to participate in retirement and health care benefits available to senior executives of our company, as in effect from time to time and subject to the terms of such plans.
Agreement with Mark Boelke. We entered into an executive compensation letter with Mr. Boelke, effective as of March 15, 2024, as amended effective as of May 9, 2024, which replaced his previous employment agreement and pursuant to which he served as our General Counsel until May 2024, when his role was changed to Chief Financial Officer and Treasurer. Effective January 2025, Mr. Boelke's base salary was voluntarily reduced from $670,000 per year to $500,000 per year. Mr. Boelke is eligible to receive an annual bonus targeted at 60% of his annual base salary; however, the Compensation Committee suspended the annual cash bonus program for named executive officers for fiscal year 2025. Mr. Boelke is also eligible to receive $1,000 per month as an allowance in respect of automobile expenses, and to participate in our other benefit programs and plans, as may be in effect from time to time. In the event that Mr. Boelke participates in our medical or dental benefit plans, the company will pay the cost of such medical and dental coverage for Mr. Boelke and his dependents with no cost to Mr. Boelke for such participation.
Agreement with Jeffery Liberman. We entered into an executive compensation letter with Mr. Liberman, effective May 12, 2023, which replaced his previous employment agreement and pursuant to which he served as our President and Chief Operating Officer until his termination effective February 19, 2026. Effective January 2025, Mr. Liberman's base salary was voluntarily reduced from $800,000 per year to $500,000 per year. Mr. Liberman was eligible to receive an annual bonus targeted at 60% of his annual base salary; however, the Compensation Committee suspended the annual cash bonus program for named executive officers for fiscal year 2025. Mr. Liberman was also eligible to receive $1,000 per month as an allowance in respect of automobile expenses. and to participate in our other benefit programs and plans, as may be in effect from time to time. The company also paid the cost of medical and dental coverage for Mr. Liberman and his dependents pursuant to COBRA with no cost to Mr. Liberman for such participation, and an amount equal to the premium expense of a life insurance policy maintained by Mr. Liberman providing a death benefit in an amount up to $750,000.
Executive Severance and Change in Control Plan
On May 12, 2023, our Compensation Committee approved the adoption of our Executive Severance and Change in Control Plan (the “Severance Plan”), in which key executives of the company who are selected by our compensation committee participate, subject to their execution of a participation agreement. Mr. Christenson and Mr. Boelke each participate in the Severance Plan, pursuant to which they are eligible to receive the severance benefits described below. Mr. Liberman also participated in the Severance Plan, and received severance benefits in connection with his termination as described below.
In April 2025, to facilitate the salary reductions of our named executive officers discussed above, while maintaining retention incentives, the Company entered into letter agreements with each named executive officer
36
regarding the calculation of potential severance benefits. These letter agreements provide that, in the event of a qualifying termination of employment on or before December 31, 2026, the executive’s severance benefits under the Severance Plan will be calculated based on their base salary as of December 31, 2024 ($950,000 for Mr. Christenson, $800,000 for Mr. Liberman, and $670,000 for Mr. Boelke), and the bonus portion of such severance will be calculated based on the named executive officer’s target bonus for fiscal year 2024 (and deeming Company performance at target). This measure ensured that the executives were not penalized in their severance protection for accepting the strategic reduction in current cash compensation.
Our Chief Executive Officer
Mr. Christenson, our Chief Executive Officer, participates in the Severance Plan as a “Group I Executive”. Pursuant to Mr. Christenson's April 2025 letter agreement, upon a termination by the company other than for “cause” (as defined in the Severance Plan) or the executive’s resignation for “good reason” (as defined in his participation agreement), in each case, outside of the period starting three months prior to and ending two years after a “change in control” (as defined in the Severance Plan) (the “Change in Control Period”) and on or before December 31, 2026, Mr. Christenson will be entitled to receive, subject to the execution and delivery of an effective and irrevocable release of claims in favor of the company and continued compliance with all applicable restrictive covenants: (i) an amount equal to the sum of his base salary plus his target bonus (each calculated based on 2024 levels); (ii) a pro-rated annual bonus for the fiscal year in which termination or resignation occurs, determined by deeming actual Company performance to be equal to his target bonus (calculated based on 2024 levels); (iii) acceleration of time-based equity awards that would have vested during the 12-month period following his termination or resignation if he had remained employed for such period; and (iv) subject to Mr. Christenson’s election to receive continued health benefits under COBRA, a monthly payment equal to the cost of Mr. Christenson’s healthcare coverage at the benefit levels in effect at the time of termination until the earliest of 12 months following his termination, the date he becomes eligible for group medical coverage with another employer, or the cessation of his COBRA continuation period.
In lieu of the payments and benefits above, in the event that Mr. Christenson is terminated by the company other than for cause or due to his resignation for good reason, in each case, during the Change in Control Period and on or before December 31, 2026, Mr. Christenson will be entitled to receive, subject to the execution and delivery of an effective and irrevocable release of claims in favor of the company and continued compliance with all applicable restrictive covenants: (i) an amount equal to 1.5 times the sum of his base salary plus his target bonus (each calculated based on 2024 levels); (ii) a pro-rated annual bonus for the fiscal year in which termination or resignation occurs, determined based on his target bonus (calculated based on 2024 levels); (iii) full acceleration of all time-based equity awards held by Mr. Christenson; and (iv) subject to Mr. Christenson’s election to receive continued health benefits under COBRA, a monthly payment equal to the cost of Mr. Christenson’s healthcare coverage at the benefit levels in effect at the time of termination until the earliest of 18 months following his termination, the date he becomes eligible for group medical coverage with another employer, or the cessation of his COBRA continuation period.
In the event that Mr. Christenson is terminated by the company other than for cause or due to his resignation for good reason, in each case, after December 31, 2026, he will be eligible to receive severance payments and benefits in accordance with the Severance Plan (prior to giving effect to his April 2025 letter agreement), as described in our annual proxy statement filed on April 25, 2025.
Named Executive Officers (Other Than Our Chief Executive Officer)
Mr. Boelke, our Chief Financial Officer and Treasurer, participates in the Severance Plan as a “Group II Executive”. Pursuant to Mr. Boelke’s April 2025 letter agreement, upon a termination by the company other than for “cause” (as defined in the Severance Plan) or the executive’s resignation for “good reason” (as defined in the Severance Plan), in each case, outside of the Change in Control Period and on or before December 31, 2026, Mr. Boelke will be entitled to receive, subject to the execution and delivery of an effective and irrevocable release of claims in favor of the company and continued compliance with all applicable restrictive covenants: (i) an amount equal to his base salary (calculated based on 2024 levels); (ii) a pro-rated annual bonus for the fiscal year in which termination or resignation occurs, determined by deeming actual Company performance to be equal to his target bonus (calculated based on 2024 levels); (iii) acceleration of time-based equity awards that would have vested during the 12-month period following Mr. Boelke’s termination or resignation if he had remained employed for such period; and (iv) subject to Mr. Boelke’s election to receive continued health benefits under COBRA, a monthly payment equal to
37
the cost of Mr. Boelke’s healthcare coverage at the benefit levels in effect at the time of termination until the earliest of 12 months following his termination, the date Mr. Boelke becomes eligible for group medical coverage with another employer, or the cessation of his COBRA continuation period.
In lieu of the payments and benefits above, in the event that Mr. Boelke is terminated by the company other than for cause or due to the executive’s resignation for good reason, in each case, during the Change in Control Period and on or before December 31, 2026, Mr. Boelke will be entitled to receive, subject to the execution and delivery of an effective and irrevocable release of claims in favor of the company and continued compliance with all applicable restrictive covenants: (i) an amount equal to the sum of his base salary plus his target bonus (each calculated based on 2024 levels); (ii) a pro-rated annual bonus for the fiscal year in which termination or resignation occurs, determined based on his target bonus (calculated based on 2024 levels); (iii) full acceleration of all time-based equity awards held by Mr. Boelke; and (iv) subject to the Mr. Boelke’s election to receive continued health benefits under COBRA, a monthly payment equal to the cost of Mr. Boelke’s healthcare coverage at the benefit levels in effect at the time of termination until the earliest of 12 months following his termination, the date Mr. Boelke becomes eligible for group medical coverage with another employer, or the cessation of his COBRA continuation period.
In the event that Mr. Boelke is terminated by the company other than for cause or due to his resignation for good reason, in each case, after December 31, 2026, he will be eligible to receive severance payments and benefits in accordance with the Severance Plan (prior to giving effect to his April 2025 letter agreement), as described in our annual proxy statement filed on April 25, 2025.
In connection with Mr. Liberman’s termination without cause, effective February 19, 2026, and in accordance with his participation in the Severance Plan as a “Group II Executive” and his April 2025 letter agreement, Mr. Liberman received: (i) $891,726.03 cash severance, equal to the sum of (A) his base salary (calculated based on 2024 levels) and (B) a pro-rated annual bonus for the 2026 fiscal year, determined by deeming actual Company performance to be equal to his target bonus (calculated based on 2024 levels); (ii) $714,860 in acceleration of time-based equity awards that would have vested during the 12-month period following Mr. Liberman’s termination date if he had remained employed for such period (calculated based on the value of our Class A common stock on the accelerated vesting date); and (iii) $53,760 in dividend equivalents on those time-based equity awards. Additionally, Mr. Liberman is expected to be paid up to $25,401 in COBRA benefits which will continue until the earliest of 12 months following his termination, the date Mr. Liberman becomes eligible for group medical coverage with another employer, or the cessation of his COBRA continuation period.
Equity Acceleration
In addition, if outstanding equity awards are not assumed, substituted or continued by the acquiror in connection with a change in control, the Severance Plan provides for full acceleration of the unvested portion of any time-based equity awards held by our named executive officers as of immediately prior to such change in control.
Compensation Recovery Policy
In accordance with the requirements of the final clawback rules adopted by the SEC in October 2022 and the NYSE’s listing rules adopted in June 2023, our Board of Directors adopted a Compensation Recovery Policy in October 2023. If we are required to prepare a financial restatement due to material noncompliance with any financial reporting requirements, the Compensation Recovery Policy requires (subject to certain limited exceptions described in the policy and permitted by the final clawback rules) that we recover any incentive-based compensation that was based upon the attainment of a financial reporting measure and that was received by any current or former executive officer during the three-year period preceding the date that the restatement was required if such compensation exceeds the amount that the executive officers would have received based on the restated financial statements.
Policy and Practice Related to the Grant of Certain Equity Awards
38
2025 Summary Compensation Table
The following table presents information regarding the compensation awarded to, earned by, and paid to our named executive officers during the fiscal years set forth below.
Name and Principal |
|
Year |
|
|
Salary ($) |
|
|
Bonus ($) (1) |
|
|
|
Stock |
|
|
Non-Equity Incentive Plan Compensation ($) |
|
All Other |
|
|
|
Total |
|
||||||||||||
Michael Christenson, |
|
2025 |
|
$ |
|
500,000 |
|
|
$ |
|
— |
|
|
|
$ |
|
3,591,263 |
|
|
$ |
|
— |
|
$ |
|
|
7,671 |
|
(2) |
|
$ |
|
4,098,934 |
|
Chief Executive Officer |
|
2024 |
|
$ |
|
950,000 |
|
|
$ |
|
— |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
$ |
|
|
7,671 |
|
(2) |
|
$ |
|
957,671 |
|
|
|
2023 |
|
|
|
475,000 |
|
|
$ |
|
525,000 |
|
|
|
$ |
|
7,678,000 |
|
|
$ |
|
— |
|
$ |
|
|
3,912 |
|
(2) |
|
$ |
|
8,681,912 |
|
Mark Boelke, |
|
2025 |
|
$ |
|
500,000 |
|
|
$ |
|
— |
|
|
|
$ |
|
1,116,975 |
|
|
$ |
|
— |
|
$ |
|
|
23,308 |
|
(3) |
|
$ |
|
1,640,283 |
|
Chief Financial Officer and Treasurer |
|
2024 |
|
|
|
669,500 |
|
|
$ |
|
100,000 |
|
|
|
$ |
|
816,000 |
|
|
$ |
|
— |
|
$ |
|
|
23,308 |
|
(3) |
|
$ |
|
1,608,808 |
|
Jeffery Liberman, |
|
2025 |
|
$ |
|
500,000 |
|
|
$ |
|
— |
|
|
|
$ |
|
1,116,975 |
|
|
$ |
|
— |
|
$ |
|
|
24,720 |
|
(4) |
|
$ |
|
1,641,695 |
|
President and Chief Operating |
|
2024 |
|
$ |
|
800,000 |
|
|
$ |
|
100,000 |
|
|
|
$ |
|
816,000 |
|
|
$ |
|
— |
|
$ |
|
|
24,720 |
|
(4) |
|
$ |
|
1,740,720 |
|
Officer (5) |
|
2023 |
|
$ |
|
793,450 |
|
|
$ |
|
100,000 |
|
|
|
$ |
|
1,624,350 |
|
|
$ |
|
157,104 |
|
$ |
|
|
24,720 |
|
(4) |
|
$ |
|
2,699,624 |
|
39
Grants of Plan-Based Awards During 2025
The following table sets forth certain information with respect to each grant of an award made to a named executive officer in the fiscal year ended December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Awards: |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
Grant Date |
|
||||||
|
|
|
|
Estimated Future Payouts Under |
|
|
Shares of |
|
|
Fair Value |
|
||||||||||||
|
|
|
|
Equity Incentive Plan Awards (1) |
|
|
Stock or |
|
|
of Stock and |
|
||||||||||||
Name |
|
Grant Date |
|
Threshold (#) |
|
|
Target (#) |
|
|
Maximum (#) |
|
|
Units (#) (2) |
|
|
Option Awards (3) |
|
||||||
Michael Christenson |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
1/21/25 |
|
|
186,250 |
|
|
|
372,500 |
|
|
|
745,000 |
|
|
|
|
|
|
|
1,402,463 |
|
|
|
|
1/21/25 |
|
|
|
|
|
|
|
|
|
|
|
960,000 |
|
|
|
|
2,188,800 |
|
|||
Mark Boelke |
|
1/21/25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
1/21/25 |
|
|
57,500 |
|
|
|
115,000 |
|
|
|
230,000 |
|
|
|
|
|
$ |
|
432,975 |
|
|
|
|
1/21/25 |
|
|
|
|
|
|
|
|
|
|
|
300,000 |
|
|
$ |
|
684,000 |
|
|||
Jeffery Liberman |
|
1/21/25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
1/21/25 |
|
|
57,500 |
|
|
|
115,000 |
|
|
|
230,000 |
|
|
|
|
|
$ |
|
432,975 |
|
|
|
|
1/21/25 |
|
|
|
|
|
|
|
|
|
|
|
300,000 |
|
|
$ |
|
684,000 |
|
|||
40
Outstanding Equity Awards at Fiscal Year-End 2025
The following table sets forth information regarding outstanding equity awards held by our named executive officers as of December 31, 2025.
|
Stock Awards |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Equity Incentive |
|
||||
|
|
|
|
|
|
|
|
|
Equity Incentive |
|
|
Plan Awards: |
|
||||
|
|
|
|
|
|
Market |
|
|
Plan Awards: |
|
|
Market or |
|
||||
|
|
Number of |
|
|
|
Value of |
|
|
Number of |
|
|
Payout Value |
|
||||
|
|
Shares or |
|
|
|
Shares or |
|
|
Unearned |
|
|
of Unearned |
|
||||
|
|
Units of |
|
|
|
Units of |
|
|
Shares, Units or |
|
|
Shares, Units |
|
||||
|
|
Stock That |
|
|
|
Stock That |
|
|
Other Rights |
|
|
or Other |
|
||||
|
|
Have Not |
|
|
|
Have Not |
|
|
That Have |
|
|
Rights That |
|
||||
|
|
Vested |
|
|
|
Vested |
|
|
Not Vested |
|
|
Have Not |
|
||||
Name |
|
(#) |
|
|
|
($) (1) |
|
|
(#) |
|
|
Vested ($) |
|
||||
Michael Christenson |
|
|
600,000 |
|
(2) |
|
|
1,758,000 |
|
|
|
|
|
|
— |
|
|
|
|
|
240,000 |
|
(3) |
|
|
703,200 |
|
|
|
|
|
|
|
||
|
|
|
240,000 |
|
(4) |
|
|
703,200 |
|
|
|
|
|
|
|
||
|
|
|
240,000 |
|
(5) |
|
|
703,200 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
200,000 |
|
(6) |
|
586,000 |
|
||
|
|
|
|
|
|
|
|
|
|
186,250 |
|
(7) |
|
545,713 |
|
||
Mark Boelke |
|
|
144,100 |
|
(3) |
|
|
422,213 |
|
|
|
|
|
|
|
||
|
|
|
100,000 |
|
(4) |
|
|
293,000 |
|
|
|
|
|
|
|
||
|
|
|
75,000 |
|
(5) |
|
|
219,750 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
25,000 |
|
(8) |
|
73,250 |
|
||
|
|
|
|
|
|
|
|
|
|
57,500 |
|
(7) |
|
168,475 |
|
||
Jeffery Liberman |
|
|
144,100 |
|
(3) |
|
|
422,213 |
|
|
|
|
|
|
|
||
|
|
|
100,000 |
|
(4) |
|
|
293,000 |
|
|
|
|
|
|
|
||
|
|
|
75,000 |
|
(5) |
|
|
219,750 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
25,000 |
|
(8) |
|
73,250 |
|
||
|
|
|
|
|
|
|
|
|
|
57,500 |
|
(7) |
|
168,475 |
|
||
41
Option Exercises and Stock Vested During 2025
The following table summarizes the vesting of stock awards during the fiscal year ended December 31, 2025 that were previously granted to the named executive officers.
|
|
Stock Awards |
|
|||||
|
|
Number of |
|
|
|
|
||
|
|
Shares |
|
|
|
|
||
|
|
Acquired on |
|
|
Value Realized |
|
||
Name |
|
Vesting |
|
|
on Vesting |
|
||
Michael Christenson |
|
|
440,000 |
|
(3) |
|
1,239,200 |
|
Mark Boelke |
|
|
179,150 |
|
|
|
569,697 |
|
Jeffery Liberman |
|
|
185,400 |
|
|
|
589,572 |
|
Pension Benefits
We do not maintain or provide any defined benefit pension plans or other supplemental executive retirement plans for the benefit of our named executive officers.
Nonqualified Deferred Compensation
The following table represents nonqualified deferred compensation held by NEOs as of December 31, 2025, which consists of RSUs subject to deferred settlement as described above.
|
|
|
Executive |
|
|
Registrant |
|
|
Aggregate |
|
|
Aggregate |
|
|
Aggregate |
|
|||||
Name |
|
|
($) (1) |
|
|
($) |
|
|
($) (2) |
|
|
($) |
|
|
($) (3) |
|
|||||
Michael Christenson |
|
|
|
1,239,200 |
|
|
|
— |
|
|
|
354,000 |
|
|
|
— |
|
|
|
2,123,200 |
|
42
Potential Payments Upon Termination or Change-In-Control
The table below quantifies the potential payments and benefits that would have become due to Messrs. Christenson and Boelke in connection with a termination of their employment and/or a change in control of the company, assuming that each such triggering event below occurred on December 31, 2025, the last business day of the fiscal year ended December 31, 2025. For a description of the payments and benefits that Mr. Liberman received in connection with his termination on February 19, 2026, see the discussion in the CD&A under the heading “Executive Severance and Change in Control Plan—Named Executive Officers (Other Than Our Chief Executive Officer)."
Name |
|
Qualifying Termination Outside the Change in Control Period ($)(1) |
|
|
|
Qualifying Termination during the Change in Control Period ($)(1) |
|
|
Death or Disability |
|
|
|||
Michael Christenson |
|
|
|
|
|
|
|
|
|
|
|
|||
Cash Severance |
|
|
2,850,000 |
|
(3) |
|
|
3,800,000 |
|
(4) |
|
— |
|
|
Perquisites/Benefits |
|
|
7,671 |
|
(5) |
|
|
11,507 |
|
(6) |
|
— |
|
|
Accelerated Equity Vesting (2) |
|
|
1,452,914 |
|
(7) |
|
|
4,413,313 |
|
(8) |
|
4,413,313 |
|
(11) |
Mark Boelke |
|
|
|
|
|
|
|
|
|
|
|
|||
Cash Severance |
|
|
1,071,200 |
|
(9) |
|
|
1,472,900 |
|
(10) |
|
— |
|
|
Perquisites/Benefits |
|
|
11,308 |
|
(5) |
|
|
11,308 |
|
(5) |
|
— |
|
|
Accelerated Equity Vesting (2) |
|
|
472,756 |
|
(7) |
|
|
1,103,438 |
|
(8) |
|
1,103,438 |
|
(11) |
43
44
Pay Versus Performance Disclosure
Provided below is the company’s “pay versus performance” disclosure as required pursuant to Item 402(v) of Regulation S-K promulgated under the Exchange Act. As required by Item 402(v), we have included:
Given our current pay program, the only difference between the SCT and CAP amounts for our NEOs is the value of equity awards, which for purposes of the SCT is based on the grant date fair value of equity awards granted during the year, and for purposes of CAP is based on the year over year change in the fair value of equity awards that are unvested as of the end of the year, or that vested or were forfeited during the year.
This disclosure has been prepared in accordance with Item 402(v) and does not necessarily reflect value actually realized by the NEOs. Please refer to our Compensation Discussion and Analysis on page 31 for a discussion of our executive compensation program objectives and the ways in which we align executive compensation with performance.
45
Pay Versus Performance Table. In accordance with Item 402(v), we provide below the tabular disclosure for the company’s Chief Executive Officer (our Principal Executive Officer or “PEO”) and the average of our NEOs other than the PEO for 2025, 2024, and 2023.
|
Summary Compensation |
|
Compensation Actually |
|
Average |
|
Average |
|
Value of Initial Fixed $100 Based on: |
|
|
|
||||||||||||
Year |
Christopher |
|
Michael J. |
|
Christopher |
|
Michael J. Christenson |
|
Table Total |
|
Paid to |
|
Total |
|
GAAP Net |
|
||||||||
(a) |
(b) |
|
|
|
(c) |
|
|
|
(d) |
|
(e) |
|
(f) |
|
(g) |
|
||||||||
2025 |
n/a |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
( |
) |
|||||||
2024 |
n/a |
|
|
|
n/a |
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
||||||
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
46
2023 |
|
2024 |
|
2025 |
Jeffery Liberman |
|
Mark Boelke |
|
Mark Boelke |
Karl Meyer |
|
Christopher Young |
|
Jeffery Liberman |
Juan Saldívar von Wuthenau |
|
Jeffery Liberman |
|
|
|
|
Karl Meyer |
|
|
Year |
|
Summary |
|
|
Exclusion |
|
|
Inclusion |
|
|
Compensation |
|
||||
2025 |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||
2024 |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
2023 |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||
Year |
|
Summary |
|
|
Exclusion |
|
|
Inclusion |
|
|
Compensation |
|
||||
2025 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2024 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2023 |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||
Year |
|
Average |
|
|
Average |
|
|
Average Inclusion of Equity Values for Non-PEO NEOs ($) |
|
|
Average |
|
||||
2025 |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||
2024 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
2023 |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
47
Year |
|
Year-End Fair |
|
|
Change in Fair |
|
|
Fair Value of |
|
|
Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Michael J. Christenson |
|
|
Fair Value at |
|
|
Total - Inclusion |
|
||||||
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|||||
2024 |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
2023 |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Year |
|
Year-End Fair |
|
|
Change in Fair |
|
|
Fair Value of |
|
|
Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Christopher Young |
|
|
Fair Value at |
|
|
Total - Inclusion |
|
||||||
2025 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2024 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2023 |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
|
|||
Year |
|
Average Year-End |
|
|
Average Change in |
|
|
Average Fair Value |
|
|
Average Change in |
|
|
Average Fair Value |
|
|
Total - Average |
|
||||||
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|||||
2024 |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
||
2023 |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
|
|||
48
Relationship between CAP and TSR. The chart below reflects the relationship between the PEO and average non-PEO NEO CAP versus our TSR.
Relationship between CAP and GAAP Net Income (Loss). The chart below reflects the relationship between the PEO and average non-PEO NEO CAP and our GAAP Net Income (Loss).
49
Pay Ratio Disclosure
In August 2015, pursuant to a mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the SEC adopted a rule requiring annual disclosure of the ratio of the median employee’s annual total compensation to the total annual compensation of the Chief Executive Officer. Registrants were obligated to comply with the pay ratio rule for the first fiscal year beginning on or after January 1, 2017.
In order to determine the median employee, we prepared a list of all employees as of December 31, 2025. As permitted by SEC rules, for purposes of preparing this list for fiscal year 2025 we excluded 38 employees located in seven countries, comprising 3.8% of our total employees.
As a result of these permitted exclusions, we had a total of 960 employees on this list as of December 31, 2025.
We identified the median employee by examining the 2025 total cash compensation for all such individuals on this list, excluding our Chief Executive Officer, who were employed by us on December 31, 2025 (whether employed on a full-time, part-time, temporary or seasonal basis). For such employees, we did not make any assumptions, adjustments or estimates with respect to total cash compensation, and we did not annualize the compensation for any full-time employees that were not employed by us for all of 2025. We applied a U.S. dollar exchange rate to the compensation elements paid to our employees in currencies other than the U.S. dollar.
Using reasonable estimates in accordance with SEC rules, we determined the compensation of our median employee by: (i) calculating the annual total compensation described above for each of our non-excluded employees; (ii) ranking the annual total compensation of all non-excluded employees, except for the chief executive officer, from highest to lowest; and (iii) identifying the employee who was the 479th person on that ranking (the “Median Employee”).
After identifying the Median Employee, we calculated annual total compensation for both employees using the same methodology we use for our named executive officers as set forth in “2025 Summary Compensation Table” above, and then we calculated the average annual total compensation of those two employees.
As a result of the foregoing, the annual total compensation for fiscal year 2025 for our Chief Executive Officer was $4,098,934 and for the Median Employee it was $55,000, resulting in a ratio of approximately 75 to 1. Given the different methodologies that various public companies are using to determine an estimate of their pay ratio, the estimated ratios reported above should not be used as a basis for comparison between companies.
50
Director Compensation for Fiscal Year 2025
The following table presents information regarding the total compensation awarded to, earned by and paid to Entravision’s non-employee directors during the fiscal year ended December 31, 2025. Mr. Christenson, our Chief Executive Officer, did not receive any additional compensation for his services as a director during this time, and information regarding his compensation for services as a named executive officer is presented above in the "2025 Summary Compensation Table" above.
Name |
|
Fees Earned or |
|
|
Stock Awards |
|
|
Total |
|
|||
Gilbert R. Vasquez |
|
|
102,500 |
|
|
|
163,238 |
|
|
|
265,738 |
|
Paul Anton Zevnik |
|
|
165,000 |
|
|
|
163,238 |
|
|
|
328,238 |
|
Thomas Strickler |
|
|
90,000 |
|
|
|
163,238 |
|
|
|
253,238 |
|
Martha Elena Diaz |
|
|
100,000 |
|
|
|
163,238 |
|
|
|
263,238 |
|
Fehmi Zeko |
|
|
87,500 |
|
|
|
163,238 |
|
|
|
250,738 |
|
Brad Bender |
|
|
82,500 |
|
|
|
163,238 |
|
|
|
245,738 |
|
Lara Sweet |
|
|
95,000 |
|
|
|
163,238 |
|
|
|
258,238 |
|
Name |
|
Stock Options |
|
|
Restricted Stock Units |
|
||
Gilbert R. Vasquez |
|
|
— |
|
|
|
74,879 |
|
Paul Anton Zevnik |
|
|
— |
|
|
|
74,879 |
|
Thomas Strickler |
|
|
— |
|
|
|
74,879 |
|
Martha Elena Diaz |
|
|
— |
|
|
|
74,879 |
|
Fehmi Zeko |
|
|
— |
|
|
|
74,879 |
|
Brad Bender |
|
|
— |
|
|
|
74,879 |
|
Lara Sweet |
|
|
— |
|
|
|
74,879 |
|
Non-Employee Director Compensation Policy
For directors who are also employees of the company, we do not provide additional compensation and such individuals are compensated only for their service as an officer or employee of the company, as the Compensation Committee believes that employee directors are adequately compensated for all of their responsibilities, including service as a director, through their compensation as employees.
51
For non-employee directors of the company, we previously adopted a non-employee director compensation policy in order to attract and retain, on a long-term basis, high-caliber individuals to serve on our Board.
Our non-employee director compensation policy, as amended, provides for the following cash retainers for services as a member of our Board, payable on the date of our annual stockholder meeting and pro-rated for partial years of service:
Board of Directors: |
|
Annual Cash Retainer |
|
|
Lead Independent Director (if not also Chair): |
|
$ |
92,500 |
|
Non-Executive Chair: |
|
$ |
135,000 |
|
All other non-employee members: |
|
$ |
75,000 |
|
Audit Committee: |
|
|
|
|
Chair |
|
$ |
27,500 |
|
Non-Chair members |
|
$ |
12,500 |
|
Compensation Committee: |
|
|
|
|
Chair |
|
$ |
17,500 |
|
Non-Chair members |
|
$ |
7,500 |
|
Nominating/Corporate Governance Committee: |
|
|
|
|
Chair |
|
$ |
17,500 |
|
Non-Chair members |
|
$ |
7,500 |
|
Our non-employee director compensation policy also provides for an annual cash retainer for services as a member of the Special Committee. In July 2024, the Board suspended the Special Committee until such time as the Board deems it advisable. No cash retainers were paid to Special Committee members in 2025.
In addition, our non-employee director compensation policy, as amended, provides for the grant of annual equity retainers in the form of restricted stock units with a grant date value of $155,000. Each annual RSU award vests on the earlier of (a) the first anniversary of the date of grant or (b) the business day immediately preceding the date of our next annual stockholder meeting.
Directors who join the Board on any date other than the annual stockholder meeting will receive a pro-rated RSU award upon joining the Board, calculated based on the number of days between the date upon which the director joins the Board and the date of our next annual meeting of stockholders. Each such RSU award also vests on the earlier of (a) the first anniversary of the date of grant or (b) the business day immediately preceding the date of our next annual stockholder meeting.
The underlying shares of Class A common stock relating to such restricted stock units shall be distributed to each such director at the time of termination of such director’s service with the company.
52
REVIEW AND APPROVAL OF RELATED PARTY TRANSACTIONS
Our Board has adopted a Related Party Transaction Policy that provides for the review and approval of all related party transactions, which are generally defined under the policy as any transaction required to be disclosed under Item 404(a) of Regulation S-K. This written policy is part of the company's corporate governance policies and is supplemented by certain provisions of the Delaware General Corporation Law.
Under our Related Party Transaction Policy, the Audit Committee reviews the material facts relating to all related party transactions that require the Audit Committee’s approval and considers whether to approve of our entry into the related party transaction, subject to certain exceptions. In determining whether to approve a related party transaction, the Audit Committee takes into account, among other factors it deems appropriate:
No one of these factors is dispositive. Our Related Party Transaction Policy also provides that no director shall participate in any approval of a related party transaction for which he or she is a related party, and that the director will provide all material information concerning the transaction to the Audit Committee.
Under our Related Party Transaction Policy, certain transactions are deemed to be pre-approved by the Audit Committee, even if the aggregate amount involved exceeds $120,000. These transactions include:
On an annual basis, each director and executive officer of the company must complete a Director and Officer Questionnaire that, among other things, requires disclosure of any transaction, arrangement or relationship with us during the last fiscal year in which the director or executive officer, or any member of his or her immediate family, had a direct or indirect material interest. Any transaction, arrangement or relationship disclosed in the Director and Officer Questionnaire submitted by a director or executive officer is reviewed and considered by the Board in making independence determinations with respect to directors and resolving any conflicts of interest that may arise.
In addition, our directors and executive officers are expected to disclose to the Audit Committee and our General Counsel the material facts of any transaction that could be considered a related party transaction promptly upon gaining knowledge of the transaction.
53
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Relationship with TelevisaUnivision. Substantially all of our television stations are Univision- or UniMás-affiliated television stations. Our network affiliation agreement with TelevisaUnivision, which owns each of those networks, provides certain of our owned stations the exclusive right to broadcast TelevisaUnivision’s primary Univision network and UniMás network programming in their respective markets. Under our Univision network affiliation agreement, we retain the right to sell no less than four minutes per hour of the available advertising time on stations that broadcast Univision network programming, and the right to sell approximately four and a half minutes per hour of the available advertising time on stations that broadcast UniMás network programming, subject to adjustment from time to time by TelevisaUnivision.
Under the network affiliation agreement, TelevisaUnivision acts as our exclusive third-party sales representative for the sale of national advertising on our Univision- and UniMás-affiliate television stations, and we pay certain sales representation fees to TelevisaUnivision relating to sales of all advertising for broadcast on our Univision- and UniMás-affiliate television stations.
We also generate revenue under a marketing and sales agreement with TelevisaUnivision, which gives us the right to manage the marketing and sales operations of TelevisaUnivision-owned Univision affiliates in three markets – Albuquerque, Boston and Denver.
Under the current proxy agreement we have entered into with TelevisaUnivision, we grant TelevisaUnivision the right to negotiate the terms of retransmission consent agreements for our Univision- and UniMás-affiliated television station signals. Among other things, the proxy agreement provides terms relating to compensation to be paid to us by TelevisaUnivision with respect to retransmission consent agreements entered into with Multichannel Video Programming Distributors (“MVPDs”). During the years ended December 31, 2025 and 2024, retransmission consent revenue accounted for approximately $29.5 million and $33.9 million, respectively, of which $20.2 million and $23.8 million, respectively, relate to the TelevisaUnivision proxy agreement. The term of the proxy agreement extends with respect to any MVPD for the length of the term of any retransmission consent agreement in effect before the expiration of the proxy agreement.
On October 2, 2017, we entered into the current affiliation agreement with TelevisaUnivision, which superseded and replaced our prior affiliation agreements with TelevisaUnivision. Additionally, on the same date, we entered into the current proxy agreement and current marketing and sales agreement with TelevisaUnivision, each of which superseded and replaced the prior comparable agreements with TelevisaUnivision. The term of each of these current agreements expires on December 31, 2026 for all of our Univision and UniMás network affiliate stations.
TelevisaUnivision currently owns approximately 10% of our common stock on a fully-converted basis. Our Class U common stock held by TelevisaUnivision has limited voting rights and does not include the right to elect directors. As the holder of all of our issued and outstanding Class U common stock, so long as TelevisaUnivision holds a certain number of shares, we may not, without the consent of TelevisaUnivision, merge, consolidate or enter into another business combination, dissolve or liquidate our company or dispose of any interest in any Federal Communications Commission license for any of our TelevisaUnivision-affiliated television stations, among other things. Each share of Class U common stock is automatically convertible into one share of Class A common stock (subject to adjustment for stock splits, dividends or combinations) in connection with any transfers of such shares of Class U common stock to a third party that is not an affiliate of TelevisaUnivision.
Transactions with the Family of Walter F. Ulloa. LATV Networks, LLC (“LATV”) is primarily owned and controlled by the family of Mr. Ulloa, our late Chairman and Chief Executive Officer. As of the Record Date, Ms. Seros and related trusts held shares constituting approximately 16.07% of the voting power of the outstanding Class A common stock of the company. Prior to January 1, 2023, Mr. Ulloa was a director, officer and principal stockholder of LATV from its founding.
54
In April 2007, the Audit Committee and Board approved and authorized us to enter into an affiliation agreement with LATV. Pursuant to the affiliation agreement, we broadcast programming provided to us by LATV on one of the digital multicast channel of certain of our television stations. Under the affiliation agreement, there are no fees paid for the carriage of programming, and we generally retain the right to sell approximately five minutes per hour of available advertising time. This transaction was reviewed and approved by the Audit Committee and Board in accordance with our Related Party Transaction Policy.
In July 2022, we acquired 15 percent of the issued and outstanding equity interests of LATV in return for our provision of certain services to LATV, and agreed to collaborate further with LATV on content, sales and marketing opportunities. This transaction was reviewed and approved by the Board and a special committee of the Board consisting solely of independent directors in accordance with our Related Party Transaction Policy. Additionally, in January 2026, we made an additional investment in LATV pursuant to the pre-emptive rights granted to us in the July 2022 acquisition, in order to maintain our existing 15 percent ownership interest. This transaction was reviewed and approved by the Audit Committee in accordance with our Related Party Transaction Policy.
In May 2023, the Company entered into a cooperation agreement (the "Cooperation Agreement") with Mr. Ulloa's estate, Ms. Seros, and two affiliated trusts (the "Stockholders"). Pursuant to the Cooperation Agreement, the Company agreed to nominate the Stockholders' candidate, Mr. Strickler, to the Company's Board of Directors, and the Stockholders agreed to certain commitments and restrictions related to their ownership.
Transactions with Brad Bender. On October 1, 2025, the Company entered into a consulting agreement with Mr. Bender. Mr. Bender has more than 25 years of experience in digital technologies and advertising. Mr. Bender provides consulting services, as an independent contractor, to the Company’s advertising technology & services segment on an as-needed basis. For such services, the Company (i) pays Mr. Bender $20,000 per month for each month of the term of the agreement, which is for an initial term of one year, subject to automatic one-year renewals unless terminated pursuant to the terms of the agreement; and (ii) reimburses Mr. Bender for expenses incurred by him at the request of the Company upon advance approval. The agreement contains other provisions that are standard for an agreement of this type, including, among other things, provisions regarding confidentiality, liability and indemnification.
55
AUDIT COMMITTEE REPORT
The following Audit Committee Report does not constitute soliciting material and should not be deemed filed or incorporated by reference into any of our other filings under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate this report by reference therein, and shall not be deemed to be soliciting material or otherwise deemed filed under either such Act.
The Audit Committee is currently comprised of four independent directors, all of whom are independent under the rules of the SEC and the NYSE. The duties and responsibilities of a member of the Audit Committee are in addition to his or her duties as a member of the Board. The Audit Committee operates under a written charter, a copy of which is available on the company’s corporate website. The Audit Committee met four times and acted by written consent three times during 2025.
The Audit Committee’s primary duties and responsibilities are to:
Management is responsible for the company’s internal controls and the financial reporting process. The company’s independent registered public accounting firm is responsible for performing an independent audit of the company’s consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (the “PCAOB”) and issuing a report thereon. The Audit Committee’s responsibility is to monitor and oversee these processes.
In carrying out these responsibilities, the Audit Committee monitored the scope and staffing of the company’s internal management group that was previously established by the company and held meetings with the company’s internal auditor regarding the progress and completion of the implementation of the company’s internal controls and the scope of their audit of such internal controls.
In overseeing the preparation of the company’s financial statements, the Audit Committee held meetings with the company’s internal auditor and independent registered public accounting firm, both in the presence of management and privately, to review and discuss all financial statements prior to their issuance and to discuss the overall scope and plans for their respective audits, the evaluation of the company’s internal controls and significant accounting issues. Management advised the Audit Committee that all financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, and the Audit Committee discussed the audited statements with both management and the company’s independent registered public accounting firm. The Audit Committee has discussed with the company’s independent registered public accounting firm all matters required to be discussed under PCAOB Auditing Standards No. 1301 (Communications with Audit Committees).
56
With respect to the company’s independent registered public accounting firm, the Audit Committee received the written disclosures and the letter from Deloitte & Touche, LLP (“Deloitte”), as required by applicable requirements of the PCAOB, regarding the independent registered public accounting firm’s communications with the Audit Committee concerning independence and have discussed with Deloitte, among other things, its independence. The Audit Committee also reviewed and approved the audit and non-audit fees of that firm.
On the basis of these reviews and discussions, the Audit Committee recommended to the Board that the Board approve the inclusion of the company’s audited financial statements in the 10-K for filing with the SEC.
Submitted by the Audit Committee:
Gilbert R. Vasquez, Chair |
Lara Sweet |
Fehmi Zeko |
Paul Anton Zevnik |
57
INSTRUCTIONS TO ATTEND THE 2026 ANNUAL MEETING
This year our annual meeting will be a completely virtual meeting. There will be no physical meeting location. The meeting will only be conducted via live webcast on the Internet.
To participate in the 2026 Annual Meeting:
You may begin to log into the meeting platform beginning at 9:30 a.m. Pacific Daylight Time (“PDT”) on May 28, 2026. The 2026 Annual Meeting will commence promptly at 10:00 a.m. PDT.
You will need to use the 15-digit control number included on your proxy card in order to vote your shares in person or submit questions during the 2026 Annual Meeting. You will not need this code if you vote by proxy and do not wish to revoke your proxy and vote in person. If you do not have your 15-digit control number, you will be able to attend the meeting as a guest and listen to the meeting; however, without the control number you will not be able to vote in person or submit questions during the meeting.
If you are a registered stockholder (i.e., you hold your shares through our transfer agent, Computershare), you do not need to register to attend the 2026 Annual Meeting virtually on the Internet. In this case, please follow the instructions on the proxy card that you received.
If you hold your shares through an intermediary, such as a broker or other financial institution, you must register in advance to attend the 2026 Annual Meeting virtually on the Internet. To register to attend the 2026 Annual Meeting you must submit proof of your proxy power (legal proxy) reflecting your Entravision stock holdings along with your name and email address to Computershare. Requests for registration must be labeled as “Legal Proxy” and be received no later than 2:00 p.m. PDT on May 25, 2026. You will receive a confirmation of your registration by email after we receive your registration materials.
Requests for registration should be directed to us at the following:
By email: |
Forward the email from your broker, or attach an image of your legal proxy, |
|
|
By mail: |
Computershare Entravision Legal Proxy P.O. Box 43001 Providence, RI 02940-3001 |
Instructions on how to connect and participate in the 2026 Annual Meeting via the Internet (as well as how to demonstrate your ownership of Entravision stock) are also posted at https://www.entravision.com/investor/annual-meeting/, which we recommend you visit before the 2026 Annual Meeting to become familiar with overall requirements and the log-in process. You are also encouraged to check this web address prior to the 2026 Annual Meeting in case any changes occur in the instructions to attend the 2026 Annual Meeting, in which case we will post such updated information on that website and not by way of another notice to you.
The 2026 Annual Meeting will begin promptly at 10:00 a.m. PDT on May 28, 2026. The virtual meeting platform is fully supported across major browsers (Edge, Firefox, Chrome, and Safari) and devices (desktops, laptops, tablets and cell phones) running the most updated version of applicable software and plugins. Please note that Internet Explorer is not supported. Participants should ensure that they have a strong Wi-Fi connection at whatever location from which they intend to participate in the 2026 Annual Meeting. Participants should also give themselves sufficient time to log in and ensure that they can hear streaming audio prior to the start of the 2026 Annual Meeting. Participants may receive additional support by calling (888) 724-2416 (toll-free in the United States) or +1 (781) 575-2748 (international), or by clicking the help link on the meeting page.
58
If you wish to submit a question prior to the 2026 Annual Meeting, you may do so from 12:00 a.m. PDT until 9:30 a.m. PDT on May 28, 2026, by logging into meetnow.global/M49GATC and entering your 15-digit control number. Once past the login screen, click on the “Q&A” icon in the upper right corner of your screen, type your question in the field and click “Send”. Alternatively, if you want to submit a question “live” during the 2026 Annual Meeting, after you have successfully logged into the 2026 Annual Meeting on May 28, 2026, as described above, click on the “Q&A” icon in the upper right corner of your screen, type your question in the field and click “Send”. You will only be able to ask a question during the 2026 Annual Meeting if you have logged in using your 15-digit control number.
For the benefit of all stockholders, our priority is to conduct the business set out in this proxy statement. We will not address any question that, among other things, is:
The Chair or Secretary, in that person’s reasonable judgment, shall determine which questions are suitable for the conduct of the 2026 Annual Meeting. Additionally, we will not address any question relating to any proposal that was not previously submitted in compliance with SEC Rule 14a-8 or our bylaws.
— Please print your comments below. C Non-Voting Item
59
STOCKHOLDER PROPOSALS
From time to time stockholders present proposals that may be proper subjects for inclusion in a proxy statement and for consideration at an annual meeting. In accordance with SEC Rule 14a-8, to be included in the proxy statement for our 2027 annual meeting of stockholders, stockholder proposals must be received by us no later than December 25, 2026.
Under our bylaws, stockholders may present proposals which are proper subjects for consideration at an annual meeting, even if the proposal is not submitted by the deadline under SEC Rule 14a-8 for consideration for inclusion in the proxy statement. For a stockholder proposal to properly be brought before the 2027 annual meeting of stockholders (including director nominations) it must be received by our Secretary no earlier than 5:00 p.m. Pacific time on January 28, 2027 nor later than 5:00 p.m. Pacific time on February 27, 2027 and must also comply with the procedures outlined in our bylaws. Our bylaws are available in the governance section of the investor relations section of our corporate website located at https://www.entravision.com/investor/.
In addition, shareholders who intend to solicit proxies in support of director nominees other than the company’s nominees must also comply with the additional requirements of Rule 14a-19(b) under the Exchange Act.
HOUSEHOLDING OF PROXY MATERIALS
If you and other residents at your mailing address own shares of common stock in Entravision, your broker, bank or other nominee may have sent you a notice that your household will receive only a single set of proxy materials. This procedure is known as “householding” and is intended to reduce the volume of duplicate information stockholders receive and also reduce our printing and postage costs. If you consented or were deemed to have consented to householding, your broker, bank or other nominee may send one copy of our proxy statement and Annual Report to your address for all residents that own shares of common stock in street name. If you wish to revoke your consent to householding, you must contact your broker, bank or other nominee. If you are receiving multiple copies of our proxy statement and Annual Report, you may be able to request householding by contacting your broker, bank or other nominee.
ANNUAL REPORT ON FORM 10-K
We filed the 10-K with the SEC on March 5, 2026. A copy of the Annual Report, which incorporates the 10-K without exhibits, has been mailed or otherwise provided to all Record Date stockholders along with this proxy statement. Stockholders may obtain additional copies of the Annual Report and/or the 10-K and the exhibits thereto, without charge, by writing to us at our principal executive offices at 1 Estrella Way, Burbank, California 91504, Attention: Secretary. Copies of the 10-K may also be obtained from our website at https://www.entravision.com/investor/.
60
OTHER MATTERS
Management does not know of any matters to be presented at the 2026 Annual Meeting other than those set forth herein and in the Notice accompanying this proxy statement. If a stockholder vote is necessary to transact any other business at the 2026 Annual Meeting, the proxyholders intend to vote their proxies in accordance with their best judgment related to such business.
It is important that your shares be represented at the 2026 Annual Meeting, regardless of the number of shares that you hold. THEREFORE, YOU ARE URGED TO EXECUTE PROMPTLY AND RETURN THE ACCOMPANYING PROXY IN THE ENVELOPE THAT HAS BEEN ENCLOSED FOR YOUR CONVENIENCE. Stockholders who are present at the 2026 Annual Meeting may revoke their proxies and vote in person or, if they prefer, may abstain from voting in person and allow their proxies to be voted.
By Order of the Board of Directors, |
Michael Christenson |
Chief Executive Officer |
April 20, 2026
Burbank, California
61
Using a black ink pen, mark your votes with an X as shown in this example. Please do not write outside the designated areas. 2026 Annual Meeting Proxy Card • IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.• Proposals — The Board of Directors recommends a vote FOR all the nominees listed in Proposal 1 and FOR Proposals 2, 3, and 4. A 1. Election of Directors to serve for a term ending at the 2027 Annual Meeting of Stockholders and until a successor is duly elected and qualified. 01 -Paul Anton Zevnik 02 -Gilbert R. Vasquez 03 -Martha Elena Diaz 04 -Fehmi Zeko 05 -Thomas Strickler 06 -Brad Bender 07 -Michael Christenson Mark here to vote FOR all nominees Mark here to WITHHOLD vote from all nominees 01 020304050607 For All EXCEPT -To withhold a vote for one or more nominees, mark the box to the left and the corresponding numbered box(es) to the right. For Against Abstain For Against Abstain 2. To ratify the appointment of Deloitte & Touche, LLP as the 3. To approve, on an advisory, non-binding basis, the compensation Company’s independent registered public accounting firm for of the Company’s named executive officers. the fiscal year ending December 31, 2026. 4. To approve an amendment and restatement of the Entravision In their discretion, the proxies are authorized to vote upon such other business that Communications Corporation Amended and Restated 2004 properly may come before the 2026 Annual Meeting and any adjournments thereof. Equity Incentive Plan (the “2004 Plan”) to, among other things, increase the number of shares of the Company’s Class A common stock authorized for issuance thereunder by 6,000,000 shares. 1UPX 0485UD
• IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.• Proxy — ENTRAVISION COMMUNICATIONS CORPORATION 2026 ANNUAL MEETING OF STOCKHOLDERS MAY 28, 2026 THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF ENTRAVISION COMMUNICATIONS CORPORATION The undersigned revokes all previous proxies, acknowledges receipt of the Notice of 2026 Annual Meeting of Stockholders and the related Proxy Statement, and appoints Michael Christenson, Jeffrey DeMartino, and each of them, the attorneys and proxies of the undersigned, each with full power of substitution, to vote all the shares of common stock of Entravision Communications Corporation (the “Company”) which the undersigned is entitled to vote, either on his or her own behalf or on behalf of any entity or entities, at the 2026 Annual Meeting of Stockholders of the Company (the “2026 Annual Meeting”) to be held as a virtual meeting only at 10:00 a.m. Pacific Daylight Time on May 28, 2026, and at any adjournments or postponements thereof, with the same force and effect as the undersigned might or could do if personally present thereat. The shares represented by this Proxy shall be voted in the manner set forth below: THE COMPANY’S BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE ELECTION OF ALL THE DIRECTORS LISTED IN PROPOSAL 1 AND FOR PROPOSALS 2, 3, AND 4. IF NO INSTRUCTION TO THE CONTRARY IS INDICATED, THIS PROXY WILL BE VOTED FOR THE ELECTION OF ALL THE DIRECTORS LISTED IN PROPOSAL 1 AND FOR PROPOSALS 2, 3, AND 4. In their discretion, the proxies are authorized to vote upon such other business as may properly come before the meeting. (Items to be voted appear on reverse side) Authorized Signatures — This section must be completed for your vote to count. Please date and sign below. B Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title. Date (mm/dd/yyyy) — Please print date below. Signature 1 — Please keep signature within the box. Signature 2 — Please keep signature within the box.
Using a black ink pen, mark your votes with an X as shown in this example. Please do not write outside the designated areas. Your vote matters – here’s how to vote! You may vote online or by phone instead of mailing this card. Online Go to www.investorvote.com/EVC or scan the QR code — login details are located in the shaded bar below. Phone Call toll free 1-800-652-VOTE (8683) within the USA, US territories and Canada Save paper, time and money! Sign up for electronic delivery at www.investorvote.com/EVC 2026 Annual Meeting Proxy Card Control number: • IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.• Proposals — The Board of Directors recommends a vote FOR all the nominees listed in Proposal 1 and FOR Proposals 2, 3, and 4. A 1. Election of Directors to serve for a term ending at the 2027 Annual Meeting of Stockholders and until a successor is duly elected and qualified. 01 -Paul Anton Zevnik 02 -Gilbert R. Vasquez 03 -Martha Elena Diaz 04 -Fehmi Zeko 05 -Thomas Strickler 06 -Brad Bender 07 -Michael Christenson Mark here to vote FOR all nominees Mark here to WITHHOLD vote from all nominees 01 020304050607 For All EXCEPT -To withhold a vote for one or more nominees, mark the box to the left and the corresponding numbered box(es) to the right. For Against Abstain For Against Abstain 2. To ratify the appointment of Deloitte & Touche, LLP as the 3. To approve, on an advisory, non-binding basis, the compensation Company’s independent registered public accounting firm for of the Company’s named executive officers. the fiscal year ending December 31, 2026. 4. To approve an amendment and restatement of the Entravision In their discretion, the proxies are authorized to vote upon such other business that Communications Corporation Amended and Restated 2004 properly may come before the 2026 Annual Meeting and any adjournments thereof. Equity Incentive Plan (the “2004 Plan”) to, among other things, increase the number of shares of the Company’s Class A common stock authorized for issuance thereunder by 6,000,000 shares. 1UPX 0485TD
The 2026 Annual Meeting of Stockholders of Entravision Communications Corporation will be held on Thursday, May 28, 2026 at 10:00 a.m. Pacific Daylight Time as a virtual meeting via the Internet at meetnow.global/M49GATC To access the virtual meeting, you must have the information that is printed in the shaded bar located on the reverse side of this form. Small steps make an impact. Help the environment by consenting to receive electronic delivery, sign up at www.investorvote.com/EVC • IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.• Proxy — ENTRAVISION COMMUNICATIONS CORPORATION 2026 ANNUAL MEETING OF STOCKHOLDERS MAY 28, 2026 THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF ENTRAVISION COMMUNICATIONS CORPORATION The undersigned revokes all previous proxies, acknowledges receipt of the Notice of 2026 Annual Meeting of Stockholders and the related Proxy Statement, and appoints Michael Christenson, Jeffrey DeMartino, and each of them, the attorneys and proxies of the undersigned, each with full power of substitution, to vote all the shares of common stock of Entravision Communications Corporation (the “Company”) which the undersigned is entitled to vote, either on his or her own behalf or on behalf of any entity or entities, at the 2026 Annual Meeting of Stockholders of the Company (the “2026 Annual Meeting”) to be held as a virtual meeting only at 10:00 a.m. Pacific Daylight Time on May 28, 2026, and at any adjournments or postponements thereof, with the same force and effect as the undersigned might or could do if personally present thereat. The shares represented by this Proxy shall be voted in the manner set forth below: THE COMPANY’S BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE ELECTION OF ALL THE DIRECTORS LISTED IN PROPOSAL 1 AND FOR PROPOSALS 2, 3, AND 4. IF NO INSTRUCTION TO THE CONTRARY IS INDICATED, THIS PROXY WILL BE VOTED FOR THE ELECTION OF ALL THE DIRECTORS LISTED IN PROPOSAL 1 AND FOR PROPOSALS 2, 3, AND 4. In their discretion, the proxies are authorized to vote upon such other business as may properly come before the meeting. (Items to be voted appear on reverse side) Authorized Signatures — This section must be completed for your vote to count. Please date and sign below. B Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title. Date (mm/dd/yyyy) — Please print date below. Signature 1 — Please keep signature within the box. Signature 2 — Please keep signature within the box. Non-Voting Items C Change of Address — Please print new address below. Comments — Please print your comments below.
Appendix A
ENTRAVISION COMMUNICATIONS CORPORATION
Amended and Restated 2004 EQUITY INCENTIVE PLAN
A transaction shall not constitute a Change of Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. Notwithstanding the foregoing, with respect to an Award that is or may be considered deferred compensation subject to Code Section 409A, the definition of “Change of Control” herein shall be amended and interpreted in a manner that allows the definition to satisfy the requirements of a change of control under Code Section 409A solely for purposes of complying with the requirements of Code Section 409A.
2
3
The Committee may specify at the time an Award is made that the Performance Goals are to be measured for an individual, the Company, for the Company on a consolidated basis, for any one or more Affiliates or divisions of the Company and/or for any other business unit or units of the Company, and/or that the Performance Goals are to be measured either in absolute terms or relative to the performance of one or more comparable companies or an index covering multiple companies.
4
5
1 The 12,505,063 Shares reflects 6,505,063 Shares that remained available for grant under the Plan as of December 31, 2025, plus 6,000,000 newly authorized Shares.
6
7
With respect to Awards that are not intended to meet the requirements of performance-based compensation under Code Section 162(m), the Committee may grant Awards in excess of the limits described in this subsection (d), but only if such discretion would not cause Awards that are intended to be performance-based compensation under Code Section 162(m) from being treated as such.
8
In all other respects, the terms of any Incentive Stock Option should comply with the provisions of Code Section 422 except to the extent the Committee determines otherwise.
9
Awards are not transferable, including to any financial institution, other than by will or the laws of descent and distribution, unless and to the extent the Committee allows a Participant to: (a) designate in writing a beneficiary to exercise the Award after the Participant’s death; (b) transfer an Award to the former spouse of the Participant as required by a domestic relations order incident to a divorce; or (c) transfer an Award; provided, however, that with respect to clause (c) above, the Participant may not receive consideration for such a transfer of an Award.
10
11
12
13
14
If this Section 15(d) applies to an Award, it shall supersede any contrary provision of the Plan or of any Award granted under the Plan.
15
16
17
18
19