Now that Chairman Patrick J. Allin (also depicted in the header image at right, above — fair use claimed for both images — to establish clear identity of public figure) has seen the IPO completed, it would seem that his additional $1 million in restricted stock units have been accreted to his 2012 totals.
So I get it as his 2012 accrued pay came out to more like $2.83 million than $1.83 million, as disclosed in the June 2013 IPO prospectus.
Given that he just sold about $9.2 million worth of his stock (or 230,000 shares) in the selling stockholders’ registered offering of two Fridays past, I am of the view that he is overcompensated. A little over $12 million in two years seems too rich. Much more, comparing this company’s performance to his pay, in the next few posts — as time allows.
Do stay tuned.