$1.6m in stock for Bottomline execs
Bottomline Technologies gave its reshuffled executives stock worth $1,600,000, according to a Securities and Exchange Commission filing.
The Portsmouth-based payroll software firm gave both Robert Eberle, chief operating officer who will become chief executive officer in November, and Joseph Mullen, the current CEO who’s expected to be the new chairman in May, 63,000 shares of stock on Aug. 24, which they can vest over a four-year period starting next August.
The stock priced closed that day at $9.03, so the compensation was worth $568,890 for each executive at the time.
Peter Fortune, chief marketing officer who will become the new COO in November, received 51,000 shares, which was worth $460,530.
On Tuesday, the company also disclosed the details of Eberle’s contract – amended in the fall — that would, upon termination, give him twice his salary and bonus and allow him to cash in all his options immediately. The company did not disclosed Eberle’s current salary, but in fiscal year 2005 he earned $441,540 in salary and bonuses as president and COO. – BOB SANDERS