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Share Name | Share Symbol | Market | Type |
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Rocket Companies Inc | NYSE:RKT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.20 | 1.50% | 13.50 | 4,196 | 13:29:50 |
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1:00 P.M., EASTERN DAYLIGHT TIME
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TUESDAY, JUNE 13, 2023
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WWW.VIRTUALSHAREHOLDERMEETING.COM/RKT2023
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To elect to our Board of Directors two Class III directors, named in the accompanying proxy statement, each to serve for a three-year term and until a successor has been duly elected and qualified, or until such director’s earlier resignation, retirement or other termination of service.
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To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the year ending December 31, 2023.
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To approve an amendment to the Amended & Restated Rocket Companies, Inc. Team Member Stock Purchase Plan.
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To transact any other business that may properly come before the meeting or any postponement or adjournment of the meeting.
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| COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION | | | | | 59 | | |
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NAMED EXECUTIVE OFFICER COMPENSATION TABLES |
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| CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS | | | | | 78 | | |
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| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | | | | | 88 | | |
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PROPOSAL NO. 2 – RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2023 |
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| PROPOSAL NO. 3 – APPROVAL OF AMENDMENT TO THE TEAM MEMBER STOCK PURCHASE PLAN | | | | | 96 | | |
| QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND 2023 ANNUAL MEETING | | | | | 101 | | |
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MEETING DATE: Tuesday, June 13, 2023
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TIME: 1:00 P.M., Eastern Daylight Time
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LOCATION (VIRTUAL ONLY): www.VirtualShareholderMeeting.com/RKT2023
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RECORD DATE: Monday, April 17, 2023
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ONLINE: Go to www.proxyvote.com: you can use the internet
24 hours a day to transmit your voting instructions. |
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BY PHONE: Call 1-800-690-6903: You can use any touch-tone telephone.
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BY MAIL: If you received a printed copy of the proxy materials, complete, sign
and return your proxy card or voting instruction card in the enclosed envelope in accordance with the instructions provided in this Proxy Statement. |
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Rocket Companies • 2023 Proxy Statement
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BOARD RECOMMENDATION: FOR each nominee
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REQUIRED VOTE: Plurality of the votes cast
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BOARD RECOMMENDATION: FOR
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REQUIRED VOTE: Majority of the voting power
of shares of stock present and entitled to vote |
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BOARD RECOMMENDATION: FOR
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REQUIRED VOTE: Majority of the voting power
of shares of stock present and entitled to vote |
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Please see “Questions And Answers About The Proxy Materials And 2023 Annual Meeting” for important information about the annual meeting, virtual meeting format, proxy materials, voting, Company documents, communications, deadlines to submit stockholder proposals and director nominations, and other pertinent information.
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Rocket Companies • 2023 Proxy Statement
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Rocket Companies • 2023 Proxy Statement
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MATTHEW RIZIK
AGE: 68
DIRECTOR SINCE*: March 2020
INDEPENDENT: No
COMMITTEE(S): Compensation; Nominating and Governance
PRIMARY OCCUPATION: Treasurer, Chief Financial Officer and Chief Tax Officer of RHI
CURRENT SERVICE ON OTHER PUBLIC COMPANY BOARDS: None
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SUZANNE SHANK
AGE: 61
DIRECTOR SINCE*: August 2020
INDEPENDENT: Yes
COMMITTEE(S): Audit
PRIMARY OCCUPATION: President, Chief Executive Officer and co-founder of Siebert Williams Shank & Co., LLC
CURRENT SERVICE ON OTHER PUBLIC COMPANY BOARDS:
CMS Energy and Consumer’s Energy (NYSE: CMS); White Mountains Insurance Group Ltd. (NYSE: WTM) |
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Rocket Companies • 2023 Proxy Statement
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Rocket Companies • 2023 Proxy Statement
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| Compensation Element |
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Brief Description
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Objectives
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Base Salary
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| | | Fixed cash compensation | | | | One Year | | | | Attract and retain executives | |
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Annual Discretionary Cash Bonus
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| | | Earned based on an assessment of individual and Company performance | | | | One Year | | | | Retain and motivate executives. Reward for achievement of short-term objectives | |
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Equity Awards
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| | | RSU grants | | | | RSUs generally vest on each of the first three anniversaries of the grant date | | | | Retain and motivate executives. Reward achievement of long-term strategic business objectives. Enhance alignment with stockholders | |
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Maintained base salaries in
2022, except for increases in connection with promotions |
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No cash bonuses earned for
2022, except bonuses for promoted persons for time in prior roles |
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Awarded RSUs to executive
officers serving in March 2022; no equity awards were granted in 2021 |
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Rocket Companies • 2023 Proxy Statement
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Use of peer group and benchmarking in making compensation determinations,
including annual programs and promotions |
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Active engagement from an independent compensation consultant
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Robust stock ownership guidelines
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Compensation Committee oversight to confirm no undue risk in compensation programs
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Clawback policy for financial restatements
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Limited use of perquisites
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Say-on-pay vote every three years, aligned with stockholder approval of frequency of say-on-pay vote in 2021
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Reasonable cash severance limited to two named executive officers, including one former executive
officer; all named executive officers have right to acceleration of equity awards upon death, disability or a change of control (generally upon termination or if awards are not assumed) |
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No guaranteed bonuses, equity awards or discounted stock options
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No defined benefit, supplemental executive retirement or nonqualified deferred compensation plans
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Rocket Companies • 2023 Proxy Statement
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| Regular executive sessions of non-management directors and at least an annual executive session of independent directors | | | | Significant focus on executive officer succession planning, evidenced by internal promotions following retirement of key executives | |
| Annual Board and Committee self-evaluations | | | | Director onboarding program and continuing director education | |
| Strong Board diversity | | | | Annual review of Committee charters and key governance policies | |
| Detailed strategy and risk oversight by Board and Committees | | | | Taking action to foster a diverse and inclusive workplace | |
| No director overboarding | | | | Focus on company culture grounded in our ISMs | |
| Significant and frequent stockholder engagement | | | | Focus on Environmental, Social and Governance impact on our business and community, supported by Board oversight and with transparency through initial public reports | |
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Rocket Companies • 2023 Proxy Statement
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Rocket Companies • 2023 Proxy Statement
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Topic
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Page
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Topic
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| Audit Fees | | | |
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| | | Environmental, Social and Governance | | | |
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| Auditor Ratification Proposal | | | |
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| | | Executive Succession Planning | | | |
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| Board Leadership Structure | | | |
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| | | Hedging and Pledging Policies | | | |
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| Clawback Guideline | | | |
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| Director Meeting Attendance | | | |
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| Director Diversity | | | |
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| Director Independence | | | |
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| | | Risk Oversight of Board and Committees | | | |
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| Director Qualifications | | | |
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| | | Stock Ownership Guidelines – Directors | | | |
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| Elements of Compensation | | | |
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Rocket Companies • 2023 Proxy Statement
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CLASS III
Terms Expiring in 2023 |
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CLASS I
Terms Expiring in 2024 |
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CLASS II
Terms Expiring in 2025 |
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MATTHEW RIZIK
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BILL EMERSON
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DAN GILBERT
Chairman of our Board |
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SUZANNE SHANK
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JENNIFER GILBERT
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NANCY TELLEM
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JONATHAN MARINER
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Rocket Companies • 2023 Proxy Statement
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Rocket Companies • 2023 Proxy Statement
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Rocket Companies • 2023 Proxy Statement
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MATTHEW RIZIK, Director
AGE: 68
DIRECTOR SINCE*: March 2020
INDEPENDENT: No
COMMITTEE MEMBERSHIPS: Compensation (Chair); Nominating and Governance (Chair)
MATTHEW RIZIK is a member of our Board. Matthew is also a director of RHI. Matthew joined RHI in 2012 as the Chief Tax Officer and is currently Treasurer, Chief Financial Officer and Chief Tax Officer. In February 2023, Matthew was appointed as the Chief Executive Officer of Rock Ventures. Prior to joining RHI, Matthew was a tax partner with PricewaterhouseCoopers LLP in Detroit, where he had over 31 years of experience serving Fortune 500 public companies. Matthew currently serves as a board member of Rock Ventures LLC, Bedrock, Rocket Mortgage, the Cleveland Cavaliers, the Motown Museum Legacy Council, City Year, Gilbert Family Foundation, Rocket Giving Fund and NF Forward. Matthew earned a bachelor’s degree in accounting and a master’s degree in business administration from Michigan State University.
Matthew is qualified to serve as a member of our Board due to his significant senior leadership experience in the areas of accounting and tax. As Chief Financial Officer of RHI with prior experience serving prominent companies in the banking and mortgage industries, his significant knowledge and experience brings important perspective on our business strategy, operating structure, operations and general industry conditions.
FAVORITE ISM: You’ll See It When You Believe It.
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Rocket Companies • 2023 Proxy Statement
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SUZANNE SHANK, Director
AGE: 61
DIRECTOR SINCE*: August 2020
COMMITTEE MEMBERSHIPS: Audit
OTHER PUBLIC BOARD SERVICE (WITHIN THE LAST 5 YEARS):
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CMS Energy and Consumer’s Energy – 2019 to current (NYSE: CMS)
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White Mountains Insurance Group Ltd. – 2021 to current (NYSE: WTM)
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American Virtual Cloud Technologies – 2017 to 2020 (Nasdaq: AVCT)
SUZANNE SHANK is a member of our Board. Suzanne is the President, CEO and co-founder of Siebert Williams Shank & Co., LLC, a full-service investment banking firm offering debt and equity origination services to a wide range of Fortune 500 companies and debt underwriting for municipal clients nationally. She has held this role since 2019. Previously, Suzanne was Chairperson and CEO of Siebert Cisneros Shank & Co., L.L.C., a firm which she co-founded in 1996. Suzanne currently serves as a board member of CMS Energy and Consumers Energy as well as White Mountains Insurance Group Ltd., and also serves on private company boards of the Kresge Foundation, the Skillman Foundation, the Detroit Regional Chamber (Executive Committee), Global Citizen, the Wharton Graduate Board of Trustees, Partnership for New York City, and the Spelman College Board of Trustees. She formerly served on the board of SIFMA, the SEC’s Fixed Income Market Structure Advisory Committee, the Municipal Securities Rulemaking Board and the Bipartisan Policy Center’s CEO Council on Infrastructure. Suzanne earned a bachelor’s degree in civil engineering from the Georgia Institute of Technology and a master’s degree in business administration from the Wharton School, University of Pennsylvania.
Suzanne’s senior leadership experience in the financial services industry is of particular importance to our Board given the Company’s new public company status. Further, her experience as a current and former director of other public companies provides our Board with an important perspective on many fundamental areas of oversight, including governance, finance, accounting, stockholder engagement and risk management. Our Board has determined that she qualifies as an audit committee financial expert under SEC rules.
FAVORITE ISM: Do The Right Thing.
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Rocket Companies • 2023 Proxy Statement
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BILL EMERSON, Interim Chief Executive Officer and Director
AGE: 60
DIRECTOR SINCE: February 2023
BILL EMERSON will be our interim Chief Executive Officer effective June 1, 2023. Bill is Vice Chairman of Rock Holdings, Inc., a position he has held since February 2017, and since August 2020, he has served as Vice Chairman of Bedrock. In both roles, he is responsible for leadership, growth and development of culture. From 2002 to 2017, Bill was Chief Executive Officer of Rocket Mortgage, the Company’s flagship business, a position he held for 15 years. Bill is a member of the Board of Directors of Xenith, Inc., a football helmet company dedicated to advancing safety through innovation and education; the United Way of Southeast Michigan; Detroit Economic Club; Detroit Sports Organizing Committee; Housing Policy Council; Mortgage Bankers Association; National Football Foundation; Rocket Giving Fund; The Parade Company; the Detroit Children’s Fund and the Skillman Foundation. Bill earned a bachelor’s degree in business from Penn State University.
Bill’s extensive leadership roles in our key businesses for many years gives him a unique understanding of our business, culture and history through many economic cycles, which is particularly critical given recent executive transitions and the current macroeconomic challenges. His senior leadership experience also will provide our Board with valuable perspective in significant areas of oversight such as long-term strategy, budgeting, risk management, human capital management and succession planning.
FAVORITE ISM: You’ll See It When You Believe It.
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Rocket Companies • 2023 Proxy Statement
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JENNIFER GILBERT, Director
AGE: 54
DIRECTOR SINCE: March 2020
COMMITTEE MEMBERSHIPS: Nominating and Governance
JENNIFER GILBERT is a member of our Board. Jennifer is the wife of Dan Gilbert. Jennifer has been a director of RHI since 2019 and currently serves as a board member of Rock Ventures LLC and the Gilbert Family Foundation. With more than 20 years of experience in interior design, Jennifer Gilbert has evolved her expertise to serve as the Founder and Creative Director of Detroit-based POPHOUSE, a commercial design firm specializing in utilizing data and industry research to provide cutting-edge workplaces for clients across a broad spectrum of industries since 2013. Jennifer also founded Amber Engine in 2015, a Detroit-based home furnishings services and solutions technology company. Amber Engine’s mission is to provide the most accurate, complete and timely record of product data for the $275 billion home furnishings industry through its easy-to-use, flexible and affordable cloud-based SaaS solutions. Amber Engine was sold to Material Bank in March 2022. Prior to Amber Engine, Jennifer founded Doodle Home, a digital platform for residential interior designers. Doodle Home was sold to Dering Hall in 2015. Jennifer is active with a number of non-profits focused on the arts, Jewish causes and finding a cure for neurofibromatosis (NF). She is President of NF Forward, Chair of the Cranbrook Academy of Art Board of Governors and serves on the board of the Detroit Institute of Arts. Jennifer founded the Detroit Art Collection to beautify and inspire public spaces and structures in downtown Detroit with sculptural and mixed media works from local, as well as national artists, galleries and dealers. Jennifer earned her Bachelor of Arts in Interior Design at Michigan State University.
As a founder of companies focused on delivering a strong client experience surrounding data, research and technology-driven solutions, Jennifer contributes to our Board her significant business and leadership experience in the areas of innovation and technology, entrepreneurship and strategic thinking and client experience. Further, her commitment to notable non-profit businesses serving key community needs provides her insight to the key drivers and importance of culture, sustainability and human capital.
FAVORITE ISM: Every Client. Every Time. No Exceptions. No Excuses.
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Rocket Companies • 2023 Proxy Statement
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JONATHAN MARINER, Director
AGE: 68
DIRECTOR SINCE: March 2020
COMMITTEE MEMBERSHIPS: Audit (Chair)
OTHER PUBLIC BOARD SERVICE (WITHIN THE LAST 5 YEARS):
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Tyson Foods, Inc. – 2019 to current (NYSE: TSN)
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Enjoy Technology, Inc. – 2021 to 2022 (NASDAQ: ENJY)
JONATHAN MARINER is a member of our Board. Jonathan has served as the Founder and President of TaxDay, LLC, a mobile residency tax tracking application, since April 2016. Jonathan previously served in various roles for Legacy EJY, Inc. (formerly known as Enjoy Technology, Inc.), an operator of mobile retail stores that went public in 2021, including as a member of the board of directors (from December 2020 to September 2022), Chief Administrative Officer (from December 2020 to September 2022, and Chief People Officer (from February 2021 to January 2022). On June 30, 2022, Enjoy filed voluntary petitions under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. He also served in executive leadership roles at Major League Baseball, including as Chief Investment Officer from January 2015 to May 2016 and as Executive Vice President and Chief Financial Officer from March 2002 to December 2014, and as Interim Head of Regional Sports Networks for The Walt Disney Company in 2019 prior to their sale to Sinclair Broadcasting. Prior to his position at Major League Baseball, he was the Chief Financial Officer for the Florida Marlins Baseball Club, Florida Panthers Hockey Club and Dolphins Stadium. He has served as a board member of Tyson Foods, Inc. since May 2019, and various other private companies and organizations, including McGraw-Hill Education since 2016 and IEX Group, Inc. since 2016. He previously served as a board member of Ultimate Software Group Inc. and FM Global Insurance, Inc. Jonathan earned a bachelor’s degree from the University of Virginia and a Master’s degree in business administration from the Harvard Business School. He was previously a certified public accountant.
Through his numerous executive roles and as a former CPA, Jonathan contributes to our Board with significant leadership experience in finance, investments, human capital, compliance, accounting and strategy. Further, through his experience at Enjoy Technology and as founder of a software company, he also has experience in technology, client development and user experience, and industry disruptive innovation. Jonathan’s ongoing service as a director of other public company Boards also provides critical knowledge on key oversight functions. Our Board has determined that he qualifies as an audit committee financial expert under SEC rules, providing the basis for his critical leadership our Audit Committee Chair.
FAVORITE ISM: We’ll Figure It Out.
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Rocket Companies • 2023 Proxy Statement
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DAN GILBERT, Chairman of our Board
AGE: 61
DIRECTOR AND CHAIRMAN SINCE: March 2020
CHAIRMAN OF ROCKET MORTGAGE SINCE: 1985
COMMITTEE MEMBERSHIPS: Compensation, Nominating and Governance
DAN GILBERT is the Chairman of our Board. Dan is the founder of Rocket Mortgage, where he has been the Chairman of the board of directors since 1985. He also served as the Chief Executive Officer of Rocket Mortgage from 1985 to 2002. Dan is the majority owner of RHI, and the Chairman of its board of directors, a position he has held since 2002. Dan was appointed as CEO and President of RHI in March 2023, and Dan also serves in officer and director roles for certain RHI affiliates. Dan is also the majority owner of the NBA Cleveland Cavaliers basketball team and the operator of the Rocket Mortgage Fieldhouse in Cleveland, Ohio. Furthermore, he is the Chairman of Rock Ventures LLC and majority shareholder and founder of the real estate investment firm Bedrock, which has invested and committed billions to acquiring and developing more than 100 properties, including new construction of ground up developments in downtown Detroit and Cleveland, and totaling more than 18 million square feet in Detroit’s downtown urban core. In February 2016, Dan co-founded Detroit-based StockX, the world’s first “stock market of things,” combining the visible, liquid, anonymous, and transparent benefits of a stock market with the online consumer secondary market. Dan serves on the boards of the Cleveland Clinic and the Children’s Tumor Foundation. In 2015, Dan and Jennifer Gilbert established the Gilbert Family Foundation and in 2017, formed NF Forward to fund cutting-edge research dedicated to finding a cure for neurofibromatosis (NF). Dan earned his bachelor’s degree from Michigan State University and his law degree from Wayne State University.
As our founder and Chairman and a national leader in the mortgage industry, Dan has provided us with critical leadership during our entire 38-year history, including his service as Chief Executive Officer from 1985 until 2002. In that role, he pioneered the digitization of mortgages in America, revolutionized the mortgage industry, and created our ISMs as the guiding principles and philosophy for our team members, which continue to define our corporate culture as well as fundamental corporate strategies and innovation. Our Board also benefits from his in-depth industry knowledge and significant relationships with key business partners and national business leaders.
FAVORITE ISM: Always Raising Our Level Of Awareness.
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Rocket Companies • 2023 Proxy Statement
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NANCY TELLEM, Director
AGE: 70
DIRECTOR SINCE: August 2020
COMMITTEE MEMBERSHIPS: Audit, Compensation
OTHER PUBLIC BOARD SERVICE (WITHIN THE LAST 5 YEARS):
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Nielsen Holdings – 2019 to 2022 (NYSE: NLSN)
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Gores Guggenheim, Inc. – 2021 to current (NASDAQ: GGPI)
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UTA Acquisition Corporation – 2021 to current (NASDAQ: UTAA)
NANCY TELLEM is a member of our Board. Nancy is the Executive Chairperson of Eko, a media network that reimagines storytelling by using proprietary technology to create interactive stories that respond and leverage the interactive nature of today’s media devices. Nancy has held this role since 2014. Nancy holds board and advisory positions at numerous digital and media-related companies, including Eko, League Apps, Basblue, All City Network and Sipur Studios and is a board member of Cranbrook Art Academy and Museum, the Detroit Symphony Orchestra and the Detroit Riverfront Conservancy. Nancy also is a director of Gores Guggenheim, Inc. and UTA Acquisition Corporation, and previously served as a director of Nielsen Holdings, Metro-Goldwyn-Mayer and Struum. Nancy previously has held executive positions at several leading entertainment companies, including Xbox Entertainment Studios, CBS, and Warner Brothers. Nancy earned a bachelor’s degree from University of California, Berkeley, and a J.D. degree from UC Hastings College of the Law.
Having served in numerous executive leadership roles at prominent digital, entertainment and media-related companies, Nancy contributes to our Board her significant experience in business strategy, game-changing innovation and technology, insights on culture and branding, as well as accounting and finance expertise. Nancy also has public company board experience, from which she contributes significant knowledge on key oversight functions. Our Board has determined that she qualifies as an audit committee financial expert under SEC rules.
FAVORITE ISM: Numbers And Money Follow; They Do Not Lead.
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Director
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Audit
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Compensation
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| | | Nominating And Governance |
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Dan Gilbert
Chairman of the Board |
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Bill Emerson(1)
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Jonathan Mariner
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Chair
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Matthew Rizik
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Chair
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Chair
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Suzanne Shank
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Nancy Tellem
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2022 MEETINGS
AUDIT: 5
COMPENSATION: 4
NOMINATING AND GOVERNANCE: 2
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Full Board
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| | |
•
Review of business plan, budget, strategic plans, business developments, and business results.
•
Address emerging issues, risks and innovation.
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Approval of key operating policies, including liquidity risk management, cash management and MSR investment policies.
•
Key strategic acquisitions, mergers and divestitures, as well as our expansion into complementary industries.
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Review of capital allocation strategy, including share repurchase program and dividends.
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Oversight of management’s response to crises, including our response to recent macroeconomic issues and the COVID-19 pandemic (including our return to work program in 2022), and related reputational risks.
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Oversight of human capital management, including corporate culture and diversity, equity and inclusion.
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Regular engagement on ESG matters important to our stakeholders.
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General oversight of stockholder engagement.
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Succession planning for the CEO and other executive officers, as well as Board leadership.
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Executive sessions consisting solely of the non-management and independent directors.
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Audit
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| | |
•
Oversight of our major financial risk exposures (including liquidity, capital spending, credit, financings, interest rate management (hedging), tax matters and, on a shared basis with our Board, ongoing litigation).
•
Review of financial statements and SEC reports, including the adequacy of our internal control over financial reporting, disclosure controls and procedures, and any mitigating activities adopted in response to material weaknesses or significant control deficiencies.
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Oversight of the Company’s policies on risk assessment and risk management, including enterprise risk management.
•
Monitor legal matters and regulatory compliance including compliance with the Company’s Code of Conduct and Ethics.
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Regular oversight and consultations with the independent registered public accounting firm.
•
Direct oversight of the internal audit function including approval and monitoring of the annual internal audit plan.
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Oversight of the whistleblower hotline processes for accounting and auditing matters.
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Review and approval of related person transactions in accordance with our Related Person Transaction Policy.
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Compensation
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| | |
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Review and approval (or recommendation to our Board for approval) of compensation, as well as severance, termination and change in control, policies and agreements for the executive officers.
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Compare benchmarking and survey data to evaluate executive officer compensation programs.
•
Consider whether and how our executive compensation philosophy, policies and programs support our overall business and risk management strategy.
•
Review the material risks associated with our compensation structure, policies and programs for all team members to determine whether they encourage excessive risk-taking.
•
Evaluate compensation policies and practices to mitigate risk.
•
Direct oversight of stockholder engagement related to compensation matters.
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Nominating
And Governance |
| | |
•
Review of qualifications, expertise, experience and characteristics of Board members and oversight of director nominations and appointments.
•
Oversight of Board structure and composition, and review of director succession planning.
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Leadership of management succession planning, including in the event of an unexpected occurrence.
•
Compare benchmarking and survey data to evaluate director compensation programs.
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Review and approval of the Corporate Governance Guidelines and other key governance policies, and monitoring compliance.
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Manage the self-evaluation process for our Board and Committees, and oversee activities resulting from such review.
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Oversight of the Company’s onboarding and continuing education programs for directors.
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Human
Capital Management |
| | |
Our Board understands the importance of supporting our team members’ growth and mobility within the organization and receives quarterly updates from leadership regarding our culture, DE&I strategic plan and team member engagement.
In 2022, our Board oversaw team member development, our return to office hybrid model and implementation of our employee career transition program due to the rapidly changing mortgage market.
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Market and
Industry Trends |
| | |
Our Board substantively engages with management on our strategic planning process as we navigate an evolving economic environment and assess our strategy in response to shifting industry trends. The U.S. Federal Reserve raised the Federal Funds rate multiple times in 2022 to mitigate inflationary pressures and the 30-year fixed mortgage rate reached its highest point in decades. In addition, housing affordability and consumer sentiment significantly deteriorated in 2022. The foregoing factors, coupled with economic uncertainty, put pressure on new mortgage activity and drove a significant decline in the size of the mortgage origination market from 2021 to 2022. In 2022, total mortgage applications were at their lowest levels since the mid-1990s. During 2022, our Board received regular updates regarding various macroeconomic factors, including the forecast for the mortgage market, and had detailed discussions with management regarding mitigating activities (including cost reductions) and opportunities to innovate and capitalize during market shifts.
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Cybersecurity
Risk And Oversight |
| | |
We prioritize digital safety for our clients, team members and stakeholders. We are dependent on information technology networks and systems, including the internet, to securely collect, process, transmit and store electronic information, and networks of third-party vendors that receive, process, retain and transmit electronic information on our behalf. Further, we are dependent on the secure, efficient and uninterrupted operation of our technology infrastructure, including computer systems, related software applications and data centers, as well as those of certain third parties and affiliates. Our Board oversees our programs and risks related to cybersecurity, including receiving periodic management reports concerning cybersecurity and information security trends and regulatory updates, technology risks, the implications for our business strategy, audit and compliance, and risk mitigation programs. During 2022, our Board and Audit Committee received regular updates regarding areas of increasing cybersecurity threats, including due to the conflict between Russia and Ukraine, and the ongoing enhancements to our cybersecurity framework and processes to mitigate such threats.
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Management
Succession Planning |
| | |
Our Nominating and Governance Committee oversees the Company’s executive officer succession planning. Our Nominating and Governance Committee generally will discuss and recommend to our Board for approval a CEO and executive officer succession plan as well as an interim CEO succession plan in the event of an unexpected occurrence, which is intended to provide leadership continuity in the event of unexpected vacancies, including those from a major catastrophe. Our Nominating and Governance Committee reviews such matters and makes recommendations to our Board from time to time as appropriate. In addition, our Compensation Committee approved the one-time promotion compensation and annual target compensation for the new executive officers, and the revised compensation structure for the former executive officers in their continuing roles.
In 2022, through discussions regarding management succession planning in executive session at regularly scheduled meetings, our Nominating and Governance Committee and Board closely oversaw the transition considerations and process for our Chief Financial Officer and Treasurer as well as General Counsel and Secretary, both of which were filled through internal promotions effective in the fourth quarter 2022.
On February 8, 2023, Jay Farner provided notice to our Board that he would retire as Chief Executive Officer, effective June 1, 2023, and as Vice Chairman and member of our Board, effective immediately. On February 9, 2023, our Board appointed Bill Emerson as the Company’s interim Chief Executive Officer, effective on June 1, 2023. Our Board has commenced a search for a permanent Chief Executive Officer and has retained a leading firm to support its evaluation of internal and external candidates. In addition, on February 9, 2023, upon recommendation of our Nominating and Governance Committee, our Board elected Bill as a Class I director, to fill the seat on our Board vacated by Jay and to serve for a term expiring at the Company’s annual meeting of stockholders in 2024.
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Establish accountability metrics for
equitable leadership promotions. |
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Increase our internal results for
engagement and inclusion indices. |
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Increase the number of new homes purchased
by racially/ethically diverse clients to bridge the racial homeownership gap. |
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WHO WE
ENGAGE WITH:
Equity Stockholders
Bond Investors
Equity And Debt Research
Analysts
ESG Ratings Firms
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HOW WE
COMMUNICATE:
Annual Report
SEC Filings
Proxy Statement
ESG Report
Investor Relations Website
Investor Presentations
Press Releases
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HOW WE ENGAGE:
Quarterly Earnings Calls
Investor Conferences
1:1 And Group Meetings
With Investors
Annual Stockholder Meeting
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Name
|
| | | Fees Earned Or Paid In Cash ($)(1) |
| | | Stock Awards ($)(2) |
| | | All Other Compensation ($) |
| | | Total ($) |
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Dan Gilbert
|
| | | — | | | | — | | | | — | | | | — | |
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Jennifer Gilbert
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| | | — | | | | — | | | | — | | | | — | |
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Jonathan Mariner
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| | | 80,000 | | | | 199,998 | | | | — | | | | 279,998 | |
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Matthew Rizik(3)
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| | | — | | | | 2,164,233 | | | | 346,000 | | | | 2,510,233 | |
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Suzanne Shank
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| | | 80,000 | | | | 199,998 | | | | — | | | | 279,998 | |
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Nancy Tellem
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| | | 92,000 | | | | 199,998 | | | | — | | | | 291,998 | |
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JAY FARNER, Chief Executive Officer
AGE: 50
JAY FARNER is our Chief Executive Officer. He previously served as Vice Chairman of our Board from March 2020 to February 2023. He also currently serves as the CEO of our subsidiary Rocket Central (previously Rock Central), a position he has held since January 2022. Effective June 1, 2023, Jay will retire from all positions with us and our subsidiaries. Prior to that, Jay was with Rocket Mortgage from 1996 until January 2022, and served as a senior leader since 1999. Immediately prior to his promotion to CEO of Rocket Mortgage in 2017, Jay served as President and Chief Marketing Officer of Rocket Mortgage. Jay also served as Chief Executive Officer of RHI until March 27, 2023, and as a director of RHI until March 24, 2023. Jay has also served as a board member or officer of certain of its affiliates including Rock Ventures. Jay serves as a board member of Detroit Labs, LLC, StockX, Bedrock Manufacturing, the Metropolitan Detroit YMCA, Bizdom Fund and the Rocket Giving Fund. Jay earned a bachelor’s degree in finance from Michigan State University.
FAVORITE ISM: Every Client. Every Time. No Exceptions. No Excuses.
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BOB WALTERS, President and Chief Operating Officer
AGE: 58
BOB WALTERS is our President and Chief Operating Officer. Bob has held these positions since March 2020. In these positions, Bob oversees the day-to-day operations of the business, focusing on strategic planning and leveraging synergies among various operational teams at the Company. Most recently, Bob has served as CEO of Rocket Mortgage since January 2022, and is responsible for the vision, strategy and day-to-day operations of the Company. From 2017 until 2022, he served as President and Chief Operating Officer of Rocket Mortgage, overseeing the Mortgage Servicing, Client Experience Operations, Capital Markets and Technology Teams. From August 2016 to February 2017, Bob served as Chief Economist and Executive Vice President of Rocket Mortgage overseeing the Capital Markets and Servicing operations. Bob has been instrumental in leading the teams that manage interest rate risk management, trading and product development. Bob joined Rock Financial in 1997 after holding positions at both the National Bank of Detroit and DMR Financial Services. Bob earned his master’s degree in business administration from the University of Michigan and his undergraduate degree in finance from Oakland University.
FAVORITE ISM: Innovation Is Rewarded. Execution Is Worshipped.
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BRIAN BROWN, Chief Financial Officer and Treasurer
AGE: 44
BRIAN BROWN is our Chief Financial Officer and Treasurer. Brian has held these positions since November 2022. In these positions, Brian is responsible for the accounting, finance, treasury, tax, investor relations and procurement functions, while also overseeing the internal audit work. Brian previously served as our Chief Accounting Officer since our initial public offering in August 2020. In his role as Chief Accounting Officer, Brian led our accounting, finance, treasury and procurement functions. He also serves as the Treasurer of Rocket Mortgage, LLC. Brian previously held a number of roles at Rocket Mortgage, LLC from 2014 to 2020, including Senior Vice President of Accounting and Finance. Prior to joining the Rocket Mortgage, LLC, Brian spent eight years as a senior manager at Ernst & Young serving financial services and mortgage banking clients. Brian earned his bachelor’s degree in accounting from Wayne State University.
FAVORITE ISM: Numbers and Money follow; They Do Not Lead.
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TINA V. JOHN, General Counsel and Secretary
AGE: 42
TINA V. JOHN is our General Counsel and Secretary. Tina has held these positions since October 2022. In these positions, Tina is responsible for the Company’s legal and compliance functions with a focus on securities and corporate governance matters. Previously, Tina served as our Deputy General Counsel and Assistant Secretary since September 2020. Before joining Rocket, Tina served as Senior Legal Counsel and then as Director, Assistant Corporate Secretary of a publicly-traded Ohio-based American lifestyle retailer from 2014 to September 2020. Tina began her legal career in private practice in 2007, beginning at Shearman & Sterling LLP and then at Vorys, Sater, Seymour and Pease LLP. Tina earned her bachelor’s degree from Barnard College, Columbia University, and a J.D. degree from the University of Cincinnati College of Law.
FAVORITE ISM: You’ll See It When You Believe It.
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Name
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| | |
Titles in 2022
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| Jay Farner(1) | | | |
Chief Executive Officer and Vice Chairman of our Board
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| Bob Walters | | | |
President and Chief Operating Officer
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Brian Brown
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| | | Chief Financial Officer and Treasurer (effective November 2022); Former Chief Accounting Officer | |
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Tina V. John
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| | | General Counsel and Secretary (effective October 2022); Former Deputy General Counsel and Assistant Secretary | |
| Julie Booth | | | |
Strategic Advisor (effective November 2022); Former Chief Financial Officer and Treasurer
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|
| Angelo Vitale | | | |
Of Counsel (effective October 2022); Former General Counsel and Secretary
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Maintained base salaries in
2022, except for increases in connection with promotions |
| | |
No cash bonuses earned for
2022, except bonuses for promoted persons for time in prior roles |
| | |
Awarded RSUs to executive
officers serving in March 2022; no equity awards were granted in 2021
Vest on each of the first three
anniversaries of the grant date |
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Use of peer group and benchmarking in making compensation determinations,
including annual programs and promotions |
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Active engagement from an independent compensation consultant
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Robust stock ownership guidelines
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Compensation Committee oversight to confirm no undue risk in compensation programs
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Clawback policy for financial restatements
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Limited use of perquisites
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Say-on-pay vote every three years, aligned with stockholder approval of frequency of say-on-pay vote in 2021
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Reasonable cash severance limited to two named executive officers, including one former executive
officer; all named executive officers have right to acceleration of equity awards upon death, disability or a change of control (generally upon termination or if awards are not assumed) |
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No guaranteed bonuses, equity awards or discounted stock options
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No defined benefit, supplemental executive retirement or nonqualified deferred compensation plans
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| Compensation Element |
| | |
Brief Description
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| | | Performance/ Vesting Period |
| | |
Objectives
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Base Salary
|
| | | Fixed cash compensation | | | | One year | | | |
Attract and retain executives
Impacted by the talent, skills and competencies of the individual and benchmarking
|
|
|
Annual Discretionary
Cash Bonus |
| | | Discretionary variable cash compensation earned based on an assessment of individual and Company performance | | | | One year | | | | Retain and motivate executives by supporting a culture where team members are rewarded for superior individual performance as well as their contributions to Company performance | |
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Equity Awards
|
| | | Equity-linked compensation, which vests based on continued service | | | | 2022 RSUs generally vest on each of the first three anniversaries of the grant date | | | |
Retain and motivate executives. Drive our long-term strategic business objectives and increase alignment with investors over the long-term
RSUs provide full value on grant that serves retention goals
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Benefits And
Perquisites |
| | | Participation in all broad-based team member health and welfare programs and retirement plans | | | | N/A | | | | Aid in retention of executives in a highly competitive market for talent by providing an overall competitive benefits package | |
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Name
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| | | 2021 Base Salary ($) |
| | | 2022 Base Salary ($) |
|
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Jay Farner
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| | | 800,000 | | | | 800,000 | |
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Bob Walters
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| | | 500,000 | | | | 500,000 | |
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Brian Brown
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| | | N/A | | | | 325,000 | |
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Tina V. John
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| | | N/A | | | | 350,000(1) | |
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Julie Booth
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| | | 500,000 | | | | 500,000(2) | |
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Angelo Vitale
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| | | 450,000 | | | | 450,000(2) | |
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Name
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| | | Target Bonus ($) |
| | | Actual Bonus ($) |
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Jay Farner
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| | | 800,000 | | | | — | |
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Bob Walters
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| | | 500,000 | | | | — | |
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Brian Brown
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| | | 21,000(1) | | | |
(2)
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Tina V. John
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| | | 42,750(1) | | | |
(2)
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Julie Booth
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| | | 326,750(3) | | | | — | |
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Angelo Vitale
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| | | 170,250(3) | | | | — | |
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Name
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| | | Target Grant Value ($) |
| | | RSUs (#) |
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|
Jay Farner
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| | | 8,000,000 | | | | 650,407 | |
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Bob Walters
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| | | 3,000,000 | | | | 243,902 | |
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Brian Brown
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| | | 2,000,000 | | | | 162,602 | |
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Tina V. John
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| | |
(1)
|
| | | — | |
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Julie Booth
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| | | 2,000,000 | | | | 162,602(2) | |
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Angelo Vitale
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| | | 1,500,000 | | | | 121,951(2) | |
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revenue criteria
0.25x to 4x |
| | | fintech companies | | | | consumer financial products | | | | significant brand presence | |
|
Ally Financial Inc.
Block, Inc. (fka Square, Inc.)
Capital One Financial Corporation
Carvana Co.
Discover Financial Services
eBay Inc. |
| | |
Expedia Group, Inc.
Fidelity National Information
Services, Inc.
Fiserv, Inc.
Interactive Brokers Group,
Inc. |
| | |
Intuit Inc.
Mastercard Incorporated
OpenDoor Technologies Inc.
PayPal Holdings, Inc.
PennyMac Financial Services, Inc.
|
| | |
The Charles Schwab
Corporation
The Progressive Corporation
The Western Union Company
Visa Inc.
Zillow Group, Inc.
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| Name and Principal Position |
| | |
Year
|
| | | Salary ($) |
| | | Bonus ($)(1) |
| | | Stock Awards ($)(2) |
| | | Option Awards ($) |
| | | All Other Compensation ($)(3) |
| | | Total ($) |
|
|
Jay Farner
Chief Executive Officer |
| | |
2022
|
| | |
800,000
|
| | |
—
|
| | |
8,656,917
|
| | |
—
|
| | |
11,957
|
| | |
9,468,874
|
|
| 2021 | | | | 800,000 | | | | 800,000 | | | | — | | | | — | | | | 3,475 | | | | 1,603,475 | | ||||
| 2020 | | | | 712,500 | | | | 30,538,378 | | | | 15,300,000 | | | | 5,100,000 | | | | 76,288 | | | | 51,727,166 | | ||||
|
Bob Walters
President And Chief Operating Officer |
| | |
2022
|
| | |
500,000
|
| | |
2,800
|
| | |
3,246,336
|
| | |
—
|
| | |
10,890
|
| | |
3,760,026
|
|
| 2021 | | | | 500,000 | | | | 500,000 | | | | — | | | | — | | | | 32,324 | | | | 1,032,324 | | ||||
| 2020 | | | | 357,083 | | | | 750,000 | | | | 6,750,000 | | | | 2,249,998 | | | | 32,515 | | | | 10,139,596 | | ||||
|
Brian Brown
Chief Financial Officer and Treasurer |
| | | 2022 | | | | 325,000 | | | | 466,500 | | | | 3,044,233 | | | | — | | | | 5,998 | | | | 3,841,731 | |
|
Tina V. John
General Counsel And Secretary |
| | | 2022 | | | | 261,995 | | | | 45,000 | | | | — | | | | — | | | | 2,626 | | | | 309,621 | |
|
Julie Booth
Former Chief Financial Officer And Treasurer |
| | |
2022
|
| | |
448,493
|
| | |
—
|
| | |
2,164,233
|
| | |
—
|
| | |
8,815
|
| | |
2,621,541
|
|
| 2021 | | | | 500,000 | | | | 375,000 | | | | — | | | | — | | | | 3,558 | | | | 878,558 | | ||||
| 2020 | | | | 412,500 | | | | 750,000 | | | | 5,625,000 | | | | 1,874,999 | | | | 3,099 | | | | 8,665,598 | | ||||
|
Angelo Vitale
Former General Counsel And Secretary |
| | |
2022
|
| | |
363,699
|
| | |
—
|
| | |
1,623,168
|
| | |
—
|
| | |
7,680
|
| | |
1,994,546
|
|
| 2021 | | | | 450,000 | | | | 225,000 | | | | — | | | | — | | | | 3,954 | | | | 678,954 | | ||||
| 2020 | | | | 375,000 | | | | 450,000 | | | | 3,375,000 | | | | 1,124,999 | | | | 3,850 | | | | 5,328,849 | |
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Name
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| | | Grant Date |
| | | Board Approval Date |
| | | All Other Stock Awards: Number Of Shares Of Stock Or Units (#) |
| | | Grant Date Fair Value Of Stock Awards ($)(4) |
|
|
Jay Farner
|
| | | 3/7/2022(1) | | | | 3/7/2022 | | | | 650,407 | | | | 8,656,917 | |
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Bob Walters
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| | | 3/7/2022(1) | | | | 3/7/2022 | | | | 243,902 | | | | 3,246,336 | |
|
Brian Brown
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| | |
1/10/2022(2)
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| | |
(2)
|
| | |
—
|
| | |
880,000
|
|
| 3/7/2022(1) | | | | 3/7/2022 | | | | 162,602 | | | | 2,164,233 | | ||||
| 8/12/2022(3) | | | | 8/12/2022 | | | | 173,489 | | | | — | | ||||
|
Tina V. John
|
| | | — | | | | — | | | | — | | | | — | |
|
Julie Booth
|
| | | 3/7/2022(1) | | | | 3/7/2022 | | | | 162,602 | | | | 2,164,233 | |
|
Angelo Vitale
|
| | | 3/7/2022(1) | | | | 3/7/2022 | | | | 121,951 | | | | 1,623,168 | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
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| |
61 of 120
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| |
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|
| | | | | | | | |
Option Awards
|
| | |
Stock Awards
|
| ||||||||||||||||
|
Name
|
| | |
Grant Date
|
| | | Number Of Securities Underlying Unexercised Options Exercisable (#) |
| | | Number Of Securities Underlying Unexercised Options Unexercisable (#) |
| | | Option Exercise Price ($) |
| | | Option Expiration Date |
| | | Number Of Shares Or Units Of Stock That Have Not Vested (#) |
| | | Market Value Of Shares Or Units Of Stock That Have Not Vested ($)(4) |
|
|
Jay Farner
|
| | |
3/7/2022(2)
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
650,407
|
| | |
5,209,760
|
|
| 8/5/2020(1) | | | | 814,511 | | | | 232,717 | | | | 18.00 | | | | 8/5/2030 | | | | — | | | | — | | ||||
| 8/5/2020(2) | | | | — | | | | — | | | | — | | | | — | | | | 283,333 | | | | 2,583,997 | | ||||
|
Bob Walters
|
| | |
3/7/2022(2)
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
243,902
|
| | |
1,953,655
|
|
| 8/5/2020(1) | | | | 359,343 | | | | 102,669 | | | | 18.00 | | | | 8/5/2030 | | | | — | | | | — | | ||||
| 8/5/2020(2) | | | | — | | | | — | | | | — | | | | — | | | | 125,000 | | | | 1,140,000 | | ||||
|
Brian Brown
|
| | |
8/12/2022(3)
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
86,745
|
| | |
607,215
|
|
| 3/7/2022(2) | | | | — | | | | — | | | | — | | | | — | | | | 162,602 | | | | 1,302,442 | | ||||
| 8/5/2020(1) | | | | 71,868 | | | | 20,534 | | | | 18.00 | | | | 8/5/2030 | | | | — | | | | — | | ||||
| 8/5/2020(2) | | | | — | | | | — | | | | — | | | | — | | | | 25,000 | | | | 228,000 | | ||||
|
Tina V. John
|
| | | 12/17/2020(2) | | | | — | | | | — | | | | — | | | | — | | | | 3,704 | | | | 33,780 | |
|
Julie Booth(5)
|
| | |
3/7/2022(2)
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
162,602
|
| | |
1,302,442
|
|
| 8/5/2020(1) | | | | 299,452 | | | | 85,558 | | | | 18.00 | | | | 8/5/2030 | | | | — | | | | — | | ||||
| 8/5/2020(2) | | | | — | | | | — | | | | — | | | | — | | | | 104,167 | | | | 950,003 | | ||||
|
Angelo Vitale(5)
|
| | |
3/7/2022(2)
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
121,951
|
| | |
976,828
|
|
| 8/5/2020(1) | | | | 179,671 | | | | 51,335 | | | | 18.00 | | | | 8/5/2030 | | | | — | | | | — | | ||||
| 8/5/2020(2) | | | | — | | | | — | | | | — | | | | — | | | | 62,500 | | | | 570,000 | |
|
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Rocket Companies • 2023 Proxy Statement
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| |
64 of 120
|
|
|
Name
|
| | | Number Of Shares Acquired On Vesting (#) |
| | | Value Realized On Vesting ($)(1) |
|
|
Jay Farner
|
| | | 283,334 | | | | 3,419,841 | |
|
Bob Walters
|
| | | 125,000 | | | | 1,508,750 | |
|
Brian Brown
|
| | | 111,744 | | | | 900,284 | |
|
Tina V. John
|
| | | 3,703 | | | | 44,695 | |
|
Julie Booth
|
| | | 104,166 | | | | 1,257,284 | |
|
Angelo Vitale
|
| | | 62,500 | | | | 754,375 | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
65 of 120
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|
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|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
66 of 120
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|
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|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
67 of 120
|
|
|
|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
68 of 120
|
|
|
Name
|
| | | Termination Due To Death Or Disability ($) |
| | | Change In Control And Termination (For Good Reason Or Without Cause) ($) |
|
|
Jay Farner
|
| | | 7,793,757 | | | | 7,793,757 | |
|
Bob Walters
|
| | | 3,093,655 | | | | 3,093,655 | |
|
Brian Brown
|
| | | 2,137,657 | | | | 2,137,657 | |
|
Tina V. John
|
| | | 33,780 | | | | 33,780 | |
|
Julie Booth
|
| | | 2,252,445 | | | | 2,252,445 | |
|
Angelo Vitale
|
| | | 1,546,828 | | | | 1,546,828 | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
69 of 120
|
|
| Year | | | | Summary Compensation Table Total For PEO ($)(1) | | | | Compensation Actually Paid To PEO ($)(2) | | | | Average Summary Compensation Table Total For Non-PEO Neos ($)(3) | | | | Average Compensation Actually Paid To Non-PEO Neos ($)(4) | | | | Value Of Initial Fixed $100 Investment Based On: | | | | Net Income (Millions) ($)(7) | | ||||
| Total Shareholder Return ($)(5) | | | | Peer Group Total Shareholder Return ($)(6) | | | |||||||||||||||||||||||
| 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | | | | | | ( | | | | | | | | ( | | | | | | | | | | | | | |
| 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year | | | | Reported Summary Compensation Table Total For PEO ($) | | | | Reported Value Of Equity Awards ($)(a) | | | | Equity Award Adjustments ($)(b) | | | | Compensation Actually Paid To PEO ($) | |
| 2022 | | | | | | | | ( | | | | | | | | | |
| 2021 | | | | | | | | — | | | | ( | | | | ( | |
| 2020 | | | | | | | | ( | | | | | | | | | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
70 of 120
|
|
| Year | | | | Year End Fair Value Of Equity Awards Granted In The Year ($) | | | | Year Over Year Change In Fair Value Of Outstanding And Unvested Equity Awards ($) | | | | Fair Value As Of Vesting Date Of Equity Awards Granted And Vested In The Year ($) | | | | Year Over Year Change In Fair Value Of Equity Awards Granted In Prior Years That Vested In The Year ($) | | | | Fair Value At The End Of The Prior Year Of Equity Awards That Failed To Meet Vesting Conditions In The Year ($) | | | | Value Of Dividends Or Other Earnings Paid On Stock Or Option Awards Not Otherwise Reflected In Fair Value Or Total Compensation ($) | | | | Total Equity Award Adjustments ($) | |
| 2022 | | | | | | | | ( | | | | — | | | | ( | | | | — | | | | — | | | | | |
| 2021 | | | | — | | | | ( | | | | — | | | | ( | | | | — | | | | — | | | | ( | |
| 2020 | | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
| Year | | | | Average Reported Summary Compensation Table Total for Non-PEO Named Executive Officers ($) | | | | Average Reported Value of Equity Awards ($) | | | | Average Equity Award Adjustments ($)(a) | | | | Average Compensation Actually Paid to Non-PEO Named Executive Officers ($) | |
| 2022 | | | | | | | | ( | | | | | | | | | |
| 2021 | | | | | | | | — | | | | ( | | | | ( | |
| 2020 | | | | | | | | ( | | | | | | | | | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
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| |
71 of 120
|
|
| Year | | | | Average Year End Fair Value Of Equity Awards Granted In The Year ($) | | | | Year Over Year Average Change In Fair Value Of Outstanding And Unvested Equity Awards ($) | | | | Average Fair Value As Of Vesting Date Of Equity Awards Granted And Vested In The Year ($) | | | | Year Over Year Average Change In Fair Value Of Equity Awards Granted In Prior Years That Vested In The Year ($)(i) | | | | Average Fair Value At The End Of The Prior Year Of Equity Awards That Failed To Meet Vesting Conditions In The Year ($) | | | | Average Value Of Dividends Or Other Earnings Paid On Stock Or Option Awards Not Otherwise Reflected In Fair Value Or Total Compensation ($) | | | | Total Average Equity Award Adjustments ($) | |
| 2022 | | | | | | | | ( | | | | — | | | | ( | | | | — | | | | — | | | | | |
| 2021 | | | | — | | | | ( | | | | — | | | | ( | | | | — | | | | — | | | | ( | |
| 2020 | | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
72 of 120
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|
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|
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Rocket Companies • 2023 Proxy Statement
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| |
73 of 120
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|
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|
| |
Rocket Companies • 2023 Proxy Statement
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| |
74 of 120
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|
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Rocket Companies • 2023 Proxy Statement
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| |
75 of 120
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|
| |
Rocket Companies • 2023 Proxy Statement
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| |
76 of 120
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|
| |
Rocket Companies • 2023 Proxy Statement
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77 of 120
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Rocket Companies • 2023 Proxy Statement
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78 of 120
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Rocket Companies • 2023 Proxy Statement
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79 of 120
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Rocket Companies • 2023 Proxy Statement
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80 of 120
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Rocket Companies • 2023 Proxy Statement
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81 of 120
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Rocket Companies • 2023 Proxy Statement
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82 of 120
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Rocket Companies • 2023 Proxy Statement
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83 of 120
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Rocket Companies • 2023 Proxy Statement
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| |
84 of 120
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Rocket Companies • 2023 Proxy Statement
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85 of 120
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Rocket Companies • 2023 Proxy Statement
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| |
86 of 120
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Rocket Companies • 2023 Proxy Statement
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| |
87 of 120
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Rocket Companies • 2023 Proxy Statement
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| |
88 of 120
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|
| | | | | Class A Common Stock Owned Directly or Indirectly(1) |
| | | Class D Common Stock Owned Directly or Indirectly(1) |
| | | Combined Voting Power(1)(3) |
| | |
Class A Common Stock
Beneficially Owned (On A Fully Exchanged And Converted Basis)(1)(2) |
| ||||||||||||
|
Name And Address Of
Beneficial Owner |
| | |
Number
|
| | |
Percentage
|
| | |
Number
|
| | |
Percentage
|
| | |
Percentage
|
| | |
Number
|
| | |
Percentage
|
|
| 5% Equityholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Rock Holdings Inc.(4)
|
| | | — | | | | — | | | | 1,847,777,661 | | | | 99.9% | | | | 79.0% | | | | 1,847,777,661 | | | | 93.5% | |
|
The Vanguard Group(5)
|
| | | 10,856,327 | | | | 8.6% | | | | — | | | | — | | | | 1.7% | | | | 10,856,327 | | | | 0.5% | |
|
Caledonia (Private)
Investments Pty Limited(6) |
| | | 10,595,154 | | | | 8.4% | | | | — | | | | — | | | | 1.6% | | | | 10,595,154 | | | | 0.5% | |
|
Invesco Ltd.(7)
|
| | | 6,140,927 | | | | 4.9% | | | | — | | | | — | | | | 0.9% | | | | 6,140,927 | | | | 0.3% | |
| Directors and Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | ||||||||
|
Bill Emerson(8)
|
| | | 63,293 | | | | * | | | | — | | | | — | | | | * | | | | 63,293 | | | | * | |
|
Dan Gilbert(4)(9)
|
| | | — | | | | — | | | | 1,848,879,483 | | | | 100.0% | | | | 80.7% | | | | 1,848,879,483 | | | | 93.6% | |
|
Jennifer Gilbert
|
| | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
|
Jonathan Mariner(10)
|
| | | 44,557 | | | | * | | | | — | | | | — | | | | * | | | | 44,557 | | | | * | |
|
Matthew Rizik(11)
|
| | | 483,858 | | | | * | | | | — | | | | — | | | | * | | | | 483,585 | | | | * | |
|
Suzanne Shank(12)
|
| | | 49,315 | | | | * | | | | — | | | | — | | | | * | | | | 49,315 | | | | * | |
|
Nancy Tellem(13)
|
| | | 84,315 | | | | * | | | | — | | | | — | | | | * | | | | 84,315 | | | | * | |
|
Jay Farner(14)
|
| | | 6,290,903 | | | | 4.93% | | | | — | | | | — | | | | * | | | | 6,290,903 | | | | * | |
|
Bob Walters(15)
|
| | | 767,646 | | | | * | | | | — | | | | — | | | | * | | | | 767,646 | | | | * | |
|
Brian Brown(16)
|
| | | 215,069 | | | | * | | | | — | | | | — | | | | * | | | | 215,069 | | | | * | |
|
Tina V. John
|
| | | 5,249 | | | | * | | | | — | | | | — | | | | * | | | | 5,249 | | | | * | |
|
Julie Booth(17)
|
| | | 579,488 | | | | * | | | | — | | | | — | | | | * | | | | 579,488 | | | | * | |
|
Angelo Vitale(18)
|
| | | 383,822 | | | | * | | | | — | | | | — | | | | * | | | | 383,822 | | | | * | |
|
All directors and executive officers as a group (11 persons)
|
| | | 8,967,515 | | | | 7.0% | | | | 1,848,879,483 | | | | 100% | | | | 82.8% | | | | 1,857,846,998 | | | | 93.9% | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
89 of 120
|
|
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| |
Rocket Companies • 2023 Proxy Statement
|
| |
90 of 120
|
|
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|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
91 of 120
|
|
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|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
92 of 120
|
|
|
Type of Service
|
| | | 2022 ($) |
| | | 2021 ($) |
|
|
Audit Fees(1)
|
| | | 4,203 | | | | 4,943 | |
|
Audit-Related Fees(2)
|
| | | 1,172 | | | | 1,170 | |
|
Tax Fees(3)
|
| | | 180 | | | | — | |
|
All Other Fees
|
| | | — | | | | — | |
|
Total
|
| | | 5,555 | | | | 6,113 | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
93 of 120
|
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| |
Rocket Companies • 2023 Proxy Statement
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| |
94 of 120
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Rocket Companies • 2023 Proxy Statement
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| |
95 of 120
|
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Rocket Companies • 2023 Proxy Statement
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96 of 120
|
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| |
Rocket Companies • 2023 Proxy Statement
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97 of 120
|
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Rocket Companies • 2023 Proxy Statement
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98 of 120
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Rocket Companies • 2023 Proxy Statement
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Rocket Companies • 2023 Proxy Statement
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100 of 120
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Rocket Companies • 2023 Proxy Statement
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Rocket Companies • 2023 Proxy Statement
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102 of 120
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Rocket Companies • 2023 Proxy Statement
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Proposal
|
| | |
How may I vote?
|
| | |
How does our Board
recommend that I vote? |
| ||||
|
1
|
| | |
Election Of Class III Directors
|
| | |
FOR the election of all Class III director nominees named herein
WITHHOLD authority to vote for all such Class III director nominees
FOR the election of all such Class III director nominees other than any nominees with respect to whom the authority to vote is specifically withheld by indicating in the space provided on the proxy
|
| | | Our Board recommends that you vote FOR all Class III director nominees | |
|
2
|
| | |
Ratification Of Appointment Of The Independent Registered Public Accounting Firm
|
| | |
FOR or AGAINST the ratification of the appointment of Ernst & Young as our independent registered public accounting firm for the year ending December 31, 2023
You may indicate that you wish to ABSTAIN from voting on the matter
|
| | | Our Board recommends that you vote FOR the ratification of the appointment of Ernst & Young as our independent registered public accounting firm for the year ending December 31, 2023 | |
|
3
|
| | |
Approval Of Amendment To The Team Member Stock Purchase Plan
|
| | |
FOR or AGAINST the approval of the amendment to the Team Member Stock Purchase Plan
You may indicate that you wish to ABSTAIN from voting on the matter
|
| | | Our Board recommends that you vote FOR the approval of the amendment to the Team Member Stock Purchase Plan | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
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| |
106 of 120
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|
|
Proposal
|
| | |
Required Vote
|
| | |
Treatment And Effect Of Vote
|
| ||||||||||||||||
|
For
|
| | |
Withhold/
Against |
| | |
Abstain
|
| | |
Broker
Non-Votes |
| ||||||||||||
|
1
|
| | |
Election Of Class III Directors
|
| | | Plurality of the votes cast | | | | For the director nominee(s) | | | | Against the director nominee(s) | | | | — | | | | Not a vote cast | |
|
2
|
| | |
Ratification Of Appointment Of The Independent Registered Public Accounting Firm
|
| | | Majority of the voting power of shares of stock present by remote communication or represented by proxy and entitled to vote thereon | | | | For the proposal | | | | Against the proposal | | | | Against the proposal | | | | None (brokers have discretionary authority) | |
|
3
|
| | |
Approval Of The Amendment To The Team Member Stock Purchase Plan
|
| | | Majority of the voting power of shares of stock present by remote communication or represented by proxy and entitled to vote thereon | | | | For the proposal | | | | Against the proposal | | | | Against the proposal | | | | Not entitled to vote | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
107 of 120
|
|
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|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
108 of 120
|
|
|
Plan Category
|
| | | Number of Securities to Be Issued upon Exercise of Outstanding Options, Warrants, and Rights (#) (a) |
| | | Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights ($) (b)(1) |
| | | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (#) (c) |
|
| Equity compensation plans approved by security holders: | | | | | | | | | | | | | |
|
2020 Omnibus Incentive Plan
|
| | | | | | | | | | | | |
|
– Stock options
|
| | | 21,654,750 | | | | 17.98 | | | | | |
|
– RSUs(1)
|
| | | 20,796,350 | | | | — | | | | — | |
|
2020 Omnibus Incentive Plan Total
|
| | | 42,451,100 | | | | — | | | | 75,449,654(2) | |
|
Team Member Stock Purchase Plan
|
| | | — | | | | — | | | | 3,138,410(3) | |
|
Total equity compensation plans approved by security holders
|
| | | 42,451,100 | | | | — | | | | 78,588,064(3) | |
|
Equity compensation plans not approved by security holders
|
| | | — | | | | — | | | | 5,000,000 | |
|
Total
|
| | | 42,451,100 | | | | 17.98 | | | | 83,588,064 | |
|
|
| |
Rocket Companies • 2023 Proxy Statement
|
| |
109 of 120
|
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Rocket Companies • 2023 Proxy Statement
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| |
110 of 120
|
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| |
Rocket Companies • 2023 Proxy Statement
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| |
111 of 120
|
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| |
Rocket Companies • 2023 Proxy Statement
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| |
112 of 120
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| |
Rocket Companies • 2023 Proxy Statement
|
| |
113 of 120
|
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|
| |
Rocket Companies • 2023 Proxy Statement
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| |
114 of 120
|
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| |
Rocket Companies • 2023 Proxy Statement
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| |
115 of 120
|
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Rocket Companies • 2023 Proxy Statement
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| |
116 of 120
|
|
|
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Rocket Companies • 2023 Proxy Statement
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Cover |
12 Months Ended |
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Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Rocket Companies, Inc. |
Entity Central Index Key | 0001805284 |
Pay vs Performance Disclosure - USD ($) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 |
Dec. 31, 2021 |
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Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance [Table Text Block] | PAY VERSUS PERFORMANCE
The following information about the relationship between executive compensation actually paid (CAP) and certain financial performance of the Company is required by Item 402(v) of Regulation S-K. The disclosure in this “Pay Versus Performance” section does not reflect our Compensation Committee’s process for compensation setting and should be read in connection with the “Compensation Discussion And Analysis” section of this proxy statement, which contains important information regarding our compensation philosophy, objectives and design, compensation-setting process and named executive officer compensation program components. The SEC-defined CAP data set forth in the table below also does not reflect amounts actually realized by our named executive officers, and our Compensation Committee has not used or considered CAP previously in establishing the named executive officer compensation program. A significant portion of the CAP amounts shown relate to changes in values of unvested awards over the course of the reporting year. These unvested awards remain subject to forfeiture conditions and possible future declines in value based on changes in our stock price during the vesting period. The ultimate values actually realized by our named executive officers from unvested equity awards, if any, will not be determined until the awards fully vest.
PAY VERSUS PERFORMANCE TABLE
(1) The amounts reported in this column represent the amounts reported in the “Total” column of the Summary Compensation Table for Jay for each corresponding year. See “Named Executive Officer Compensation Tables – Summary Compensation Table for 2022, 2021 and 2020”. (2)
The amounts reported in this column represent CAP for Jay for each corresponding year computed as required by Item 402(v) of Regulation S-K. The reported amounts do not reflect the actual compensation earned by or paid to Jay during any applicable year. To determine CAP, the adjustments below were made to Jay’s total compensation. Defined benefit and actuarial pension plan adjustments were not relevant for any applicable year.
(a)
The amounts reported in this column represent the grant date fair value of all equity awards granted in the applicable year, which is the sum of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for such year. No equity awards were granted to Jay in 2021.
(b)
The amounts reported in this column represent the equity award adjustments required by Item 402(v) of Regulation S-K, which include: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted in the applicable year and vest in the same year, the fair value
as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change in fair value from the end of the prior year to the vesting date; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The fair values of RSUs included in the CAP for our PEO and the Average CAP for our other NEOs are calculated at the required measurement dates, consistent with the approach used to value the awards at the grant date as described in our Annual Report on Form 10-K for 2022. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. Any changes to the RSU fair values from the grant date (for current year grants) and from prior year-end (for prior year grants) are based on our updated stock price at the respective measurement dates.
Accordingly, the amounts deducted or added in calculating the equity award adjustments for Jay are as follows:
(3)
The amounts reported in this column represent the average of the amounts reported for the Company’s named executive officers as a group (excluding Jay) in the “Total” column of the Summary Compensation Table in each applicable year. Our named executive officers (excluding Jay) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Bob Walters, Brian Brown, Tina V. John, Julie Booth and Angelo Vitale; and (ii) for 2021 and 2020, Bob, Julie and Angelo.
(4)
The dollar amounts reported in this column represent the average CAP for the named executive officers as a group (excluding Jay), for each corresponding year computed as required by Item 402(v) of Regulation S-K. The reported amounts do not reflect the actual compensation earned by or paid to the named executive officers as a group (excluding Jay) during any applicable year. To determine CAP, the adjustments below were made to the average total compensation for the named executive officers as a group (excluding Jay), using the same methodology described above in Note 2. Defined benefit and actuarial pension plan adjustments were not relevant for any applicable year, and no equity awards were granted to our named executive officers in 2021.
(a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:
(i)
For 2022, includes for Brian Brown, the fair value of the modified 2019 RHI RSU at the date of modification less the fair value of the original 2019 RHI RSU on December 31, 2021.
(5)
The cumulative TSR depicts a hypothetical $100 investment in our common stock. The amounts reported in this column represent the Company’s cumulative TSR, which is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end of the measurement period by the Company’s share price at the beginning of the measurement period (the closing price as of initial post-IPO trading date).
(6) The cumulative TSR depicts a hypothetical $100 investment in our common stock. For 2020 and 2021, the Company utilized the Dow Jones U.S. Mortgage Finance Index (DJSUMF), and the dollar value in this column for such years reflect the TSR for such index. For 2022, the Company utilized a selected peer group for purposes of its TSR benchmarking (the “PVP Peer Group”). The PVP Peer Group TSR for 2020 and 2021 was $177.44 and $63.89, respectively. We changed the presentation of our performance graph from the DJSUMF to our selected peer group because we believe that the companies included in our selected peer group are more comparable to us by industry, size and market capitalization, and we intend to continue to utilize a selected peer group on a go-forward basis. Our PVP Peer Group is comprised of PennyMac Financial Services Inc, Rithm Capital Corp, Mr Cooper Group Inc, Anywhere Real Estate Inc., Zillow Group Inc Class C, Redfin Corp, Stewart Information Services Corp, SoFi Technologies Inc, Guild Holdings Company, Compass, Inc. loanDepot, Inc., UWM Holdings Corporation, Home Point Capital Inc., and Blend Labs, Inc. Certain companies were not publicly traded companies at inception date, and these companies were added and reweighted to the peer group to the most recent quarter subsequent to their respective IPO dates.
(7)
The amounts reported in this column represent net income reflected in the Company’s audited financial statements for the applicable year.
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Named Executive Officers, Footnote [Text Block] | (1) The amounts reported in this column represent the amounts reported in the “Total” column of the Summary Compensation Table for Jay for each corresponding year. See “Named Executive Officer Compensation Tables – Summary Compensation Table for 2022, 2021 and 2020”. (3)
The amounts reported in this column represent the average of the amounts reported for the Company’s named executive officers as a group (excluding Jay) in the “Total” column of the Summary Compensation Table in each applicable year. Our named executive officers (excluding Jay) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Bob Walters, Brian Brown, Tina V. John, Julie Booth and Angelo Vitale; and (ii) for 2021 and 2020, Bob, Julie and Angelo.
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Peer Group Issuers, Footnote [Text Block] | (6) The cumulative TSR depicts a hypothetical $100 investment in our common stock. For 2020 and 2021, the Company utilized the Dow Jones U.S. Mortgage Finance Index (DJSUMF), and the dollar value in this column for such years reflect the TSR for such index. For 2022, the Company utilized a selected peer group for purposes of its TSR benchmarking (the “PVP Peer Group”). The PVP Peer Group TSR for 2020 and 2021 was $177.44 and $63.89, respectively. We changed the presentation of our performance graph from the DJSUMF to our selected peer group because we believe that the companies included in our selected peer group are more comparable to us by industry, size and market capitalization, and we intend to continue to utilize a selected peer group on a go-forward basis. Our PVP Peer Group is comprised of PennyMac Financial Services Inc, Rithm Capital Corp, Mr Cooper Group Inc, Anywhere Real Estate Inc., Zillow Group Inc Class C, Redfin Corp, Stewart Information Services Corp, SoFi Technologies Inc, Guild Holdings Company, Compass, Inc. loanDepot, Inc., UWM Holdings Corporation, Home Point Capital Inc., and Blend Labs, Inc. Certain companies were not publicly traded companies at inception date, and these companies were added and reweighted to the peer group to the most recent quarter subsequent to their respective IPO dates.
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PEO Total Compensation Amount | $ 9,468,874 | $ 1,603,475 | $ 51,727,166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO Actually Paid Compensation Amount | $ 2,137,238 | (5,046,699) | 56,595,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment To PEO Compensation, Footnote [Text Block] | (2)
The amounts reported in this column represent CAP for Jay for each corresponding year computed as required by Item 402(v) of Regulation S-K. The reported amounts do not reflect the actual compensation earned by or paid to Jay during any applicable year. To determine CAP, the adjustments below were made to Jay’s total compensation. Defined benefit and actuarial pension plan adjustments were not relevant for any applicable year.
(a)
The amounts reported in this column represent the grant date fair value of all equity awards granted in the applicable year, which is the sum of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for such year. No equity awards were granted to Jay in 2021.
(b)
The amounts reported in this column represent the equity award adjustments required by Item 402(v) of Regulation S-K, which include: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted in the applicable year and vest in the same year, the fair value
as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change in fair value from the end of the prior year to the vesting date; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The fair values of RSUs included in the CAP for our PEO and the Average CAP for our other NEOs are calculated at the required measurement dates, consistent with the approach used to value the awards at the grant date as described in our Annual Report on Form 10-K for 2022. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. Any changes to the RSU fair values from the grant date (for current year grants) and from prior year-end (for prior year grants) are based on our updated stock price at the respective measurement dates.
Accordingly, the amounts deducted or added in calculating the equity award adjustments for Jay are as follows:
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Non-PEO NEO Average Total Compensation Amount | $ 2,505,493 | 863,279 | 8,044,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO Average Compensation Actually Paid Amount | $ 684,916 | (1,418,642) | 9,715,309 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (4)
The dollar amounts reported in this column represent the average CAP for the named executive officers as a group (excluding Jay), for each corresponding year computed as required by Item 402(v) of Regulation S-K. The reported amounts do not reflect the actual compensation earned by or paid to the named executive officers as a group (excluding Jay) during any applicable year. To determine CAP, the adjustments below were made to the average total compensation for the named executive officers as a group (excluding Jay), using the same methodology described above in Note 2. Defined benefit and actuarial pension plan adjustments were not relevant for any applicable year, and no equity awards were granted to our named executive officers in 2021.
(a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:
(i)
For 2022, includes for Brian Brown, the fair value of the modified 2019 RHI RSU at the date of modification less the fair value of the original 2019 RHI RSU on December 31, 2021.
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Compensation Actually Paid vs. Total Shareholder Return [Text Block] | CAP and Cumulative TSR
The CAP for our PEO and the average CAP for the other named executive officers as a group for 2020, 2021 and 2022 is presented in comparison to our cumulative TSR for such years in the table below.
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Compensation Actually Paid vs. Net Income [Text Block] | CAP and Net Income
The CAP for our PEO and the average CAP for the other named executive officers as a group for 2020, 2021 and 2022 is presented in comparison to our net income for such years in the table below.
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Total Shareholder Return Vs Peer Group [Text Block] | Cumulative TSR of the Company and Cumulative TSR of the Peer Groups
The following graph shows the relationship of the Company’s cumulative TSR compared to the PVP Peer Group. The DJUSMF Index was utilized as a peer group prior to 2022 and is included here for reference purposes as required.
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Total Shareholder Return Amount | $ 37 | 68 | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peer Group Total Shareholder Return Amount | 72 | 139 | 120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ 700,000,000 | 6,100,000,000 | 9,400,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO Name | Jay | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PVP Peer Group TSR | 63.89 | 177.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Awards | $ (8,656,917) | (20,400,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Total Equity Awards Adjustments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation Amount | 1,325,281 | (6,650,174) | 25,268,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation Amount | 5,209,760 | 25,268,691 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation Amount | (2,381,129) | (5,224,369) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation Amount | (1,503,350) | (1,425,805) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Awards | (1,839,594) | (6,999,999) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO [Member] | Total Equity Awards Adjustments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation Amount | 19,017 | (2,281,921) | 8,670,627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation Amount | 1,107,073 | $ 8,670,627 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation Amount | (642,359) | (1,792,674) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure [Table] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation Amount | $ (445,698) | $ (489,247) |
1 Year Rocket Companies Chart |
1 Month Rocket Companies Chart |
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