There's been a change in how Neil Hennessy's
is calculated. According to an
on Wednesday, the
employment agreement between Novato, California-based
and its top executive was amended on September 3 to reflect changes
in the computation of his incentive-based bonus.
In addition to his base compensation (he has received an annual salary of $180,000 since 2002), Hennessy receives
a bonus amounting to 10 percent of the asset manager's pre-tax profits.
Under the amendment, "in addition to pre-tax profit being computed without regard to bonuses payable for the fiscal year, pre-tax profits are to be computed without regard to depreciation expense, amortization expense, compensation expense related to restricted stock units (or other stock-based compensation expense) and asset impairment charges," the filing read.
Stay ahead of the news ... Sign up for our email alerts now