Top Bottomline execs' pay rises 20%


The three top executives of Portsmouth-based Bottomline Technologies Inc. earned a total of $3.4 million in fiscal year 2011 -- a 20 percent increase over the compensation they earned in fiscal 2010 -- according to a proxy filed on Friday.CEO Robert Earle's compensation increased by 22 percent, to $1.99 million, primarily because of a $185,000 increase in his bonus, to $343,000, and a $168,000 increase in stock awards, to $1.3 million.His base salary of $320,000 has remained the same since 2008, but that will change next year when it rise to $10,000, keeping it in line with rank-and-file employees, who will receive a 3 percent raise. The salaries of chief financial officer Kevin Donovan and Nigel Savory, managing director, Europe, will also go up 3 percent in fiscal 2012.However, in fiscal 2011, despite no increase in base salary, Donovan's compensation package increased 25 percent, to $602,000, and Savory's package increased 13 percent, to $823,000.Bottomline's eight-member board voted itself a total of $777,000 in compensation in 2011. Board Chair Joseph Mullen led the way with a $174,500 package that included a $100,000 retention agreement. That retention pay will go up to $115,000 a year for the next three years. In fiscal 2011, Mullen also received $57,000 in stock options -- handed out to the rest of the board as well -- and $17,000 in medical and dental insurance premiums.The rest of the board's compensation packages ranged from $79,500 to $99,000, including stock options.Shareholders get to vote on the compensation package - by proxy or in person -- at the Nov. 17 annual meeting in Portsmouth - but the vote will be non-binding. Shareholders will also be able to vote on how often to hold such non-binding votes, but that vote would also be non-binding. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW
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