CEO Compensation RecapHello fellow Verde shareholders,
Following the November 5, 2021 release of amended Q1 and Q2 financial statements required to correct additional errors reported to the Company in August 2021, we now have an updated picture of the total "compensation" received by Mr. Veloso, the Company's lifetime CEO.
Base Salary Annual Bonus Total Annual Stock Options Granted
2012 382,000 320,000 702,000 500,000
2013 418,000 158,000 576,000 250,000
2014 420,000 158,000 578,000 1,500,000
2015 420,000 nil 420,000 nil
2016 420,000 nil 420,000 nil
2017 420,000 nil 420,000 492,308
2018 420,000 nil 420,000 1,092,308
2019 420,000 nil 420,000 150,000
2020 420,000 550,900 970,900 150,000
2021 420,000 486,780 906,780 750,000
Mr. Veloso has also been granted (as dsclosed in March 2021) the potential to earn an additional $210,000 to $420,000 annual bonus in 2021 based on a sliding scale related to specified EBITDA and non cash expenses targets. Given the anticipated Q3 results are expected to meet and exceed these targets, Mr. Veloso would qualify for the maximum $420,000 bonus, bringing his 2021 bonus payments to 906,780 and his total annual compensation to $1,326,780.
Given the FMV assigned to the 750,000 10 year $1.22 stock options granted in March 2021 was approximately $865,000, Mr. Veloso's services as Verde's CEO in 2021 will likely have cost shareholders $2,191,780. That's a little over $8,400 per working day.
Cheers,
S.