Company: SABR
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0001193125-25-053907
Chunk: 62

Company: Sabre Corp
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 62
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 ANALYSIS |

10%, and if our common stock’s relative performance was at or above the 75 thpercentile, the number of PSUs would have been increased by 10%; otherwise, there would be no adjustment to the number of PSUs. These PSUs had a three-year vesting period and vested on March 15, 2025, subject to the named executive officer’s continued employment through this vesting date. The Adjusted Free Cash Flow funding levels were a diagonal line from the 25% funding levels to an initial 100% threshold; from there, the funding levels remain flat for a specified range; followed by another diagonal line to the 200% funding level. The midpoint of the target payout for these PSU awards was consistent with our multi-year outlook as of February 2022 for internal planning purposes for our expected Adjusted Free Cash Flow and our expected GDS booking recovery for 2024; at that level of GDS booking recovery, the Adjusted Free Cash Flow necessary to achieve the 25% and 200% funding levels is 80% and 120% of our expected Adjusted Free Cash Flow for 2022 through 2024, respectively. Adjusted Free Cash Flow was defined as Adjusted EBITDA less capital expenditures. The Compensation Committee excluded from Adjusted EBITDA amounts related to business losses from certain of Sabre’s operations in Russia that occurred in 2022 subsequent to the approval of these targets. In February 2025, the Compensation Committee determined that the level of our GDS booking recovery for 2024 was 62%. At this booking level, the Adjusted Free Cash Flow for the three-year measurement period from January 1, 2022 to December 31, 2024 necessary to receive the 50% funding level, the midpoint funding level, and the 200% funding level was $360 million, $450 million, and $541 million, respectively. The Compensation Committee determined that our Adjusted Free Cash Flow for the three-year measurement period from January 1, 2022 to December 31, 2024, calculated as described above, was $483 million, resulting an initial funding level for the PSUs granted in 2022 of 100%. Based on the Compensation Committee’s calculation of the TSR modifier described above, the funding level was then decreased by 10%, resulting in a final funding level of 90%. Health, Welfare, and Other Employee Benefits We have established a defined contribution or “401(k)” retirement plan