A breakdown of Gary Hendrickson's compensation.
Total compensation: $11,298,236 for the year ended Oct. 31
Salary: $1,011,539
Bonus: $934,409
Non-equity incentive pay: $962,226
Other compensation: $568,176
Value realized on vesting shares: $7,821,886
New stock options: 140,630
Total fiscal 2015 shareholder return: 0 percent
Note: Valspar CEO Gary Hendrickson saw his annual salary eclipse $1 million for the first time but his total compensation for the year ended Oct. 31 of $11.3 million was fueled by $7.8 million from previously issued restricted stock that vested during the year.
Hendrickson earned $962,226 for his performance-based cash bonus, a 56 percent decrease from the previous year. The company exceeded the targeted goals for net income and return on capital but net sales of $4.39 billion for the year missed the threshold level for that measure.
However, Hendrickson and other executives received discretionary bonuses for financial performance that had to overcome greater than expected currency conversion headwinds.
Hendrickson elected to defer 80 percent of his combined discretionary bonus and annual incentive cash bonus.
Patrick Kennedy
State attorneys general and federal prosecutors alleged Gilead Sciences illegally bankrolled lavish events for prescribers.
