Base Salary
For fiscal year 2016, the Compensation Committee took the following actions with respect to each NEO’s base salary:
Effective September 1, 2015, Mr. Cappelli’s base salary increased to $1,030,000 from $1,000,000; Mr. Martin’s base salary increased to $573,000 from $556,000; and Mr. Uehlein’s base salary increased to $412,750 from $400,000. These salary increases are consistent with the Compensation Committee’s established practice of positioning executive officer cash compensation near the median of the 2016 Comparators and are in line with the guidelines established for fiscal year 2016 base salary increases for employees in general.
Mr. D’Amico’s base salary as Interim CFO was established in his offer letter at $80,000 per month, which is approximately equivalent to the monthly target total cash compensation that had been established by the Compensation Committee for the former chief financial officer. Based on the short-term nature of the assignment and Mr. D’Amico’s experience and expertise, the Compensation Committee determined that this fixed base salary amount was appropriate.
Mr. Iverson’s salary was increased to $500,000, effective October 26, 2015, upon his promotion to SVP, CFO. The Compensation Committee determined that, in light of Mr. Iverson’s recent promotion to this position, the base salary level was appropriate compared to the base salaries paid to executives having similar responsibilities at the 2016 Comparators and consensus market data.
Mr. Sperling’s base salary was increased to $900,000 from $800,000, to maintain appropriate alignment with executive chairpersons in the supplemental comparator group.