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disregarding all perquisites for all Retained Executives. Two of
the Retained Executives-–Mr. Brink and Mr. Francis-–received
perquisites in 1992 that, according to petitioner’s own
calculations, exceeded the SEC reporting thresholds. The 1992
perquisites of Mr. Brink ($89,129) and of Mr. Francis ($33,738)
exceeded 10 percent of their respective salary and bonus for that
year. Accordingly, we conclude that the perquisites of these two
Retained Executives should be included in their 1992 compensation
for purposes of comparing it to the compensation of other
executives.
(ii) LTIP Compensation
Petitioner made payments totaling $5,803,439 to the Retained
Executives in July 1995, pursuant to the LTIP arrangements, with
respect to petitioner’s financial performance for the years 1992,
1993, and 1994.52 In her opening report, Ms. Meyer included the
LTIP payouts in the Retained Executives’ compensation for the 4-
year period 1992-95. However, in measuring the Retained
Executives’ 1992 compensation in her rebuttal report, Ms. Meyer
took the position that no portion of the LTIP payouts should be
included in 1992 compensation because such amounts were not
51(...continued)
expenses paid to Mr. Pugh in 1992. Mr. Pugh’s remaining 1992
perquisites fall below SEC reporting thresholds.
52 Mr. Garrett did not receive an LTIP award, and Mr. Pugh’s
award covered only 1992 and 1993. See supra note 18.
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