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CEO pay watch: Arcitc Cat's Twomey: $566K
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ARCTIC CAT INC.
Christopher Twomey, Chairman, CEOTotal compensation: $566,157 for the year ended March 31, 2009
Salary: $549,300
Bonus: $0
Other compensation: $16,857
New stock options: 136,000
Total return to shareholders: - 46.0 percent
Notes: Twomey and other senior executives received no salary increases in 2009; for 2010 the board of directors cut their salaries 5 percent. Beginning in fiscal 2009, the Compensation Committee changed the annual incentive to be paid one-half in cash based on corporate earnings and one-half in Stock Settled Appreciation Rights with a performance vesting component. The change was made to tie a portion of the annual incentive to increases in the company's stock price. Shares fell 46 percent in 2009 and the company missed its earnings targets, so executives received no incentive pay for 2009. For fiscal 2010, the executive officers elected to forego the cash award portion of the annual incentive regardless of the company's profitability, and they won't earn the SSARs unless the stock starts moving up. The SSARs have a vesting price of $10.03, the stock closed yesterday at $4.26.
Twomey took home $1.4 million the previous year during which he exercised $855,000 worth of stock options.
Declining sales and increasing losses led the company to make two rounds of layoffs earlier this year affecting approximately 160 employees and in April it suspended its practice of matching up to 3 percent of employee contributions to the company's 401(k) retirement plan.
PATRICK KENNEDY
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