Darrow Abrahams
About Darrow Abrahams
Senior Vice President, General Counsel and Corporate Secretary of O‑I Glass since September 2020; age 51 as of February 12, 2025. Prior O‑I roles include Deputy General Counsel (Apr–Aug 2020), Associate GC – Dispute Resolution (2017–2020), Assistant GC – Litigation (2015–2017), and Senior Litigator (2012–2015) . Abrahams regularly serves as attorney‑in‑fact and corporate signatory on SEC filings (e.g., 10‑K, S‑8, and Section 16 filings), evidencing centrality in governance and disclosure . Company performance frameworks tying pay to EBIT, FCF, EPS, ROIC and r‑TSR drove a 0% STI payout for 2024 (EBIT $643mm; FCF $(84)mm), while the 2022–2024 PSU cycle paid 114.3% after a 0.94 r‑TSR modifier (three‑year TSR −9.9%, 42nd percentile vs S&P 1500 Materials) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| O‑I Glass, Inc. | Senior Vice President, General Counsel & Corporate Secretary | Sep 2020 – Present | Lead legal, corporate governance, disclosure; proxy signatory and attorney‑in‑fact . |
| O‑I Glass, Inc. | Deputy General Counsel | Apr 2020 – Aug 2020 | Transition leadership across legal matters . |
| O‑I Glass, Inc. | Associate General Counsel, Dispute Resolution | 2017 – 2020 | Led dispute resolution; litigation risk management . |
| O‑I Glass, Inc. | Assistant General Counsel, Litigation | 2015 – 2017 | Litigation portfolio oversight . |
| O‑I Glass, Inc. | Senior Litigator | 2012 – 2015 | Complex litigation execution . |
External Roles
No external public company directorships or outside roles disclosed for Abrahams .
Fixed Compensation
Multi‑year compensation (as reported):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 513,500 | 553,250 | 581,950 |
| Stock Awards ($) | 876,355 | 1,181,748 | 1,043,370 |
| Non‑Equity Incentive Compensation ($) | 600,795 | 520,898 | — |
| All Other Compensation ($) | 59,885 | 70,848 | 79,694 |
| Total ($) | 2,050,535 | 2,326,744 | 1,705,014 |
2024 perquisites and company contributions detail:
- Company contributions to Stock Purchase & Savings Program: $25,600 .
- Executive Deferred Savings Plan (EDSP): Company match $39,892 and 3% base salary contribution $7,109 .
- Executive life insurance premium: $3,593 .
- Annual executive physical: $3,500 .
2024 base salary rate as of Dec 31: $587,600 (+4.0% YoY effective April 1, 2024) . 2024 target annual incentive opportunity: 75% of base (target $436,463); actual payout 0% .
Performance Compensation
Short‑Term Incentive (STI) – 2024 Design and Outcomes
| Measure | Weight | Threshold | Target | Maximum | Actual | Payout as % of Target | Weighted Payout |
|---|---|---|---|---|---|---|---|
| EBIT ($mm) | 80% | 760 | 950 | 1,050 | 643 | 0.0% | 0.0% |
| FCF ($mm) | 20% | 105 | 150 | 195 | (84) | 0.0% | 0.0% |
| Total | — | — | — | — | — | — | 0.0% |
Program metrics and governance: EBIT (80%) and FCF (20%), with possible ±20% individual adjustment (not used in 2024); targets assessed for difficulty by Pay Governance; EBIT deemed “very challenging,” FCF “moderately challenging” .
Long‑Term Incentive (LTI) – Structure, Grants, and Vesting
LTI mix and metrics:
- 60% PSUs (EPS 50%, ROIC 50% with r‑TSR modifier); 40% RSUs; common grant date March 7 annually .
- RSUs vest in three equal annual installments; PSUs for 2024–2026 vest based on annual EPS/ROIC goals with r‑TSR modifier .
Abrahams’ 2024 grants (grant date March 7, 2024):
| Award Type | Threshold (#) | Target (#) | Maximum (#) | Grant Date Fair Value ($) |
|---|---|---|---|---|
| PSUs (2024–2026 cycle) | 8,531 | 35,545 | 85,308 | $643,365 |
| RSUs | — | 23,697 | — | $400,005 |
| Total LTI grant value (target basis, program) | — | — | — | $1,000,000 |
PSU payout results for 2022–2024 cycle (enterprise level):
| Year | Measure | Weight | Threshold | Target | Maximum | Actual | Payout % of Target | r‑TSR Modifier | Final Payout % |
|---|---|---|---|---|---|---|---|---|---|
| 2022 | EPS | 50% | 1.46 | 1.95 | 2.34 | 2.30 | 189.7% | — | — |
| 2022 | ROIC | 50% | 5.81% | 7.75% | 9.30% | 8.71% | 161.9% | — | — |
| 2023 | EPS | 50% | 1.86 | 2.48 | 2.98 | 3.09 | 200.0% | — | — |
| 2023 | ROIC | 50% | 6.80% | 9.06% | 10.87% | 10.47% | 177.9% | — | — |
| 2024 | EPS | 50% | 2.57 | 3.43 | 4.12 | 0.81 | 0.0% | — | — |
| 2024 | ROIC | 50% | 8.00% | 10.67% | 12.80% | 4.86% | 0.0% | — | — |
| Cycle total | — | — | — | — | — | TSR −9.9%; 42nd percentile | — | 0.94 | 114.3% |
Option awards: Company does not rely on stock options; no option awards listed for Abrahams in outstanding awards .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership (shares) | 128,741; less than 1% |
| Stock ownership guideline | 2.5× base salary (Senior Business/Function Leader) |
| Ownership achievement (June 30, 2024) | 3.5× salary (met/exceeded guideline) |
| Anti‑hedging/pledging policy | Hedging and pledging prohibited; margin purchases prohibited |
| RSUs unvested (counts, market value at 12/31/24) | 23,697; $256,875 |
| RSUs unvested (prior grants) | 2,350; $25,474 |
| RSUs unvested (prior grants) | 10,577; $114,655 |
| RSUs unvested (prior grants) | 8,735; $94,687 |
| PSUs unearned (2024–2026, assumed 24% payout shown) | 8,531; $92,474 |
| PSUs unearned (2023–2025, assumed 24% payout shown) | 1,269; $13,760 |
| PSUs unearned (2023–2025, assumed 24% payout shown) | 5,712; $61,915 |
| PSUs unearned (2022–2024, assumed 114.3% payout shown) | 44,931; $487,056 |
| Stock vested in 2024 (shares; realized value) | 86,698; $1,393,211 |
Vesting schedules: RSUs vest in equal annual installments over three years; PSUs vest based on 2024–2026 performance with r‑TSR modifier; market values computed at $10.84 close on Dec 31, 2024 .
Employment Terms
Change‑in‑control and severance protections (as of Dec 31, 2024); equity requires double‑trigger (CoC + qualifying termination) for vesting .
| Scenario | STI ($) | PSUs ($) | RSUs ($) | Health & Welfare ($) | Disability Income ($) | Life Insurance ($) | Severance ($) | Outplacement ($) | Total ($) |
|---|---|---|---|---|---|---|---|---|---|
| Voluntary resignation | — | — | — | — | — | — | — | — | — |
| Involuntary termination not for cause | — | 764,773 | 491,692 | 26,455 | — | — | 2,056,600 | 5,000 | 3,706,489 |
| Change‑in‑control with involuntary termination | — | 1,126,742 | 491,692 | 26,455 | — | — | 2,056,600 | 5,000 | 3,554,235 |
| For cause termination | — | — | — | — | — | — | — | — | — |
| Disability | — | 1,126,742 | 491,692 | 268,057 | 1,667,744 | — | — | — | 3,554,235 |
| Death | — | 1,126,742 | 491,692 | 6,790 | — | 1,762,800 | — | — | 3,388,024 |
Clawback policy in accordance with SEC rules and NYSE listing standards; non‑compete and non‑solicit covenants applicable to LTI awards; minimum one‑year vesting requirement (limited exceptions); no excise tax gross‑ups upon change in control; prohibition on underwater option repricing .
Investment Implications
- Pay‑for‑performance alignment intact: 2024 STI paid 0% amid EBIT/FCF shortfalls, lowering near‑term cash compensation and signaling discipline; PSU cycle still paid due to strong 2022–2023 EPS/ROIC, tempered by sub‑median TSR (0.94 modifier) .
- Equity ownership and retention: Abrahams exceeds ownership guideline (3.5× vs 2.5×); anti‑hedging/pledging policy reduces alignment risk; scheduled RSU vesting over 2025–2027 creates predictable vesting supply but pledging is prohibited, limiting forced‑sale risk .
- Severance/CoC economics: Double‑trigger equity vesting and quantified severance ($2.06mm for involuntary termination) define downside protection; investors should factor potential dilution from PSU payout scenarios and share availability increases (9,000,000 added under the Fifth Amended & Restated 2017 Plan) signed by Abrahams as SVP GC .
- Governance signals: >97% Say‑on‑Pay support in 2023 and 2024 suggests investor acceptance of program design; equity awards heavily performance‑weighted (60% PSUs), robust clawback, no option repricing—all reduce compensation risk inflation .