CEO Pay Watch: Medtronic's Omar Ishrak made $10.8 million last fiscal year

Who: Omar Ishrak, executive chairman, Medtronic PLC

Total compensation: $10,791,756 for the year ended April 30, 2020

Salary: $1,741,556

Nonequity incentive pay: $3,382,200

Other compensation: $79,519

Exercised stock options: $0

Value realized on vesting shares: $5,588,481

CEO Pay ratio: 238-1

Median employee pay: $62,286

Total fiscal 2020 shareholder return: 12.3%

Note: Ishrak was CEO and chairman of Medtronic during this time period. He stepped down as CEO and became executive chairman.

Ishrak's realized compensation in his last year as CEO was down from $13.9 million in the prior year. Ishrak's $3.4 million cash incentive pay for the year was the lowest since the 2013 fiscal year as the company's 2020 goals for revenue, earnings and cash flow came in under target.

While top executives did not earn any annual bonus, Medtronic's board compensation committee did make changes, allowing the top leaders more long-term equity awards as an incentive to lead through the pandemic.

The board committee made other adjustments so more than 63,000 employees who are eligible for the annual awards would receive something. The compensation committee instead made annual awards based on performance in the first three quarters of the year resulting in a payment at 82.8% of the target for the year.

The most senior leaders didn't get that adjustment and instead received a "special, one-time grant of unvested stock options in August 2020 to align pay with the performance delivered to our stockholders as our business recovers from the pandemic."

Ishrak's options awarded under that plan had a grant date value of $2,530,000 and a 10-year term. That amount and those of the other senior leaders will be reflected in next year's summary compensation table of the proxy.