(April 28 – 15:10ET) – CT Financial Services Inc. has just filed its Form 28 for the year ended Dec. 31, 1999, detailing, among other things, the compensation paid CT’s chief executive Ed Clark and the firm’s other top managers.
Clark, along with all the top executives at CT, took home the same salaries in 1999 as they did in 1998, but their bonuses just about doubled. Clark, for example, received a $1.12-million bonus, up from $588,560 in 1998. The firm’s compensation disclosure reveals that bonuses are targeted at 70% of salary, but executives may receive up to a maximum of 140%. Clark’s 1999 bonus was the maximum allowable under that policy, up from 73% of salary in 1998.
The long-term payout was kind to Clark, too. For 1999 he received 200,000 tracking units. The target value of those units at maturity is $4.5 million. Their ultimate value is based on the company’s return on equity performance and the stock’s book value. The grants vest after three years unless the firm changes hands, which of course it did early this year, in which case the grants vest immediately and can be paid out in several different ways. The circular does not disclose how they were actually paid.
-IE Staff