Total compensation: $5,355,624 for the year ended Dec. 31
Salary: $650,000
Non-equity incentive pay: $3,403,400
Other compensation: $312,136
Exercised stock options: $196,795
Value realized on vesting shares: $793,293
Total 2014 shareholder return: 46.9 percent
Note: Duff took home 23.3 percent more than he did in 2013. His base salary remained $650,000, the same as it has been for the previous three years.
His annual bonus rose 73.9 percent. Duff's bonus includes a cash bonus of $1.9 million and $1.5 million paid in mutual fund restricted shares that were earned in 2013 but paid in February 2014.
Piper offers a supplementary table in the proxy that adjusts for Securities and Exchange Commission rules on when to record shares earned in one year but paid in another. The additional table shows Duff earned $2.9 million in restricted shares during 2014 that were paid in February of this year. In that presentation, Duff's total incentive compensation for 2014 was $4.9 million, up from $3.1 million the previous year.
Piper uses mutual fund restricted shares rather than restricted stock as part of long-term equity compensation. The selected mutual funds are managed by Piper's asset management business.
Patrick Kennedy
The funding, temporarily preserved by a judge’s order, supported nurses and others providing rural health access as well as efforts to prepare for public health emergencies.
