by Luke Jones
Posted 5/1/2013 08:36 am
Updated 1 year ago
The salaries for Inuvo Corp.'s top executives stayed relatively stable in 2012 but their total compensation plummeted.
The tech company, which this year moved to Conway from New York and Florida, filed its annual proxy statement Tuesday afternoon.
CEO Richard Howe's total compensation fell almost 50 percent from $925,429 to $480,661. Howe's salary stayed the same at $395,000, though in 2011 $159,521 of that was "deferred." That year, Howe received $169,508 in stock awards as an incentive to defer that portion of his salary.
In 2011, Howe also received $339,600 in stock option awards. In 2012 he received a $75,000 bonus.
CFO Wallace Ruiz's compensation fell from $418,358 to $340,140. Ruiz's base salary actually rose from $235,000 to $265,000; in 2011, $56,687 was "deferred." Ruiz received $61,668 in stock awards for the deferral.
Former CEO Peter Corrao's total compensation fell from $735,942 to $405,458. His base salary fell from $400,000 to $395,000.
Corrao received a bonus of $320,000 when he signed on as CEO in March 2012. According to the proxy, Corrao was terminated "without cause" on Dec. 13, and Inuvo began paying him severance of $427,917.
General Counsel John Pisaris' compensation fell from $503,430 to $335,000. His salary remained stable at $335,000. In 2011 he received a bonus of $167,500; this was a rollover from Vertro Inc., which Inuvo acquired in March 2012.
The proxy noted that in the company's first quarter of 2013, Howe surrendered his aggregate of 521,031 stock options with exercise price of $2.50. As of Tuesday afternoon, Inuvo stock was trading at 78 cents per share. Ruiz also surrendered 95,339 stock options.
The company announced that its annual meeting will take place at 9:30 a.m. June 27 at Inuvo's new headquarters at 1111 Main St., Suite 201, in Conway.
Business at the meeting includes:
- Re-electing Charles L. Pope to his position on the company's board.
- Ratifying Mayer Hoffman McCann PC as independent auditor for the company.