Bottomline pay packages revealed



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Bottomline Technologies CEO Joe Mullen received a compensation package worth $1.89 million last fiscal year -- at least at the time he received it -- according to the Portsmouth payment software company’s proxy released on October 19. That’s because most of the package is in restricted stock awards, and the price of the stock tumbled since he received the stock - to be vested over four years - in August 2005. By June 30 of this year, Mullen’s package was worth $1.18 million, a decline over the $1.3 million he received the previous fiscal year. (It is actually worth a bit more than that now.) Mullen’s non-stock compensation also fell to $427,000, because of a smaller bonus. Other executives suffered - if that is the correct word - a similar fate. Robert A Eberle, president, received a package worth $1.69 million when offered and $1.05 million on June 30, with non-stock compensation of $363,000. Peter S. Fortune, president of Bottomline Europe, received a package worth $1.23 million when offered and $903,000 on June 30, with a non-stock compensation of $349,000. CFO Kevin Donavan’s package was worth $355,000 when presented, $297,000 on June 30, with a non-stock compensation of $199,000. The proxy also revealed that the company paid D. Michael McGurl, son of board chairman Daniel M. McGurl, a non-stock compensation package of $170,000 as vice president of business development and Joseph Mullen, brother of CEO Robert Mullen, a non-stock compensation package of $106,000 as director of legal solutions. Bottomline, which completed a $22 million purchase of London company on Oct. 16, plans to release its first-quarter figures on Wednesday, Oct. 25. - BOB SANDERS Edit ModuleShow Tags