StockerYale chief's compensation detailed

Salem-based StockerYale paid CEO Mark Blodgett a compensation package valued at nearly $485,000 last year, according to the company’s annual proxy statement filed with the Securities and Exchange Commission at the end of last week.

Blodgett’s $340,000 salary remains the same, but, unlike the previous year, Blodgett was given a $26,400 car allowance, plus $118,500 in restricted stock awards. In 2004, the company gave Blodgett 200,000 shares of stock options, but did not indicate their value. All told, Blodgett now owns 3.9 million shares (about a million of it exercisable options), about 13.3 percent of the company’s shares, making him the large individual stockholder.

Starting in 2006, such stock options will be counted as expenses because of new federal accounting requirements, cutting into the company’s profit.

Blodgett is also chairman of the company’s board, which will remain at six members, if stockholders at a special May 16 meeting approve the proxy. – BOB SANDERS

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