CEO John Heyman got a total compensation package of almost $11.8 million in the year he took Snap One Holdings Corp. public, largely due to an award of $8.5 million in stock options.
The options were intended to reflect the value of incentive units granted to Heyman before its initial public offering. Those units had no value after the company created its publicly traded stock, so Heyman — and other officers in the plant — were awarded options to replace them.
The options are timed to vest over 10 years from the date that the incentive units were initially granted. Executives could receive both vested and unvested options, according to the proxy filed by Snap One (NASDAQ: SNPO) with the U.S. Securities and Exchange Commission, which outlined the compensation packages for its top executives.
Heyman received a package of $710,694 in base salary, the $8.5 million in options and $672,210 from Snap One’s non-equity incentive plan. He also got more than $2.3 million in “other compensation”.
In 2020, the only other year listed in the proxy for executive salaries, Heyman got a total package of almost $1.7 million. This was made up of his $648,352 base salary, a $491,833 bonus, $487,00 in in non-equity incentives and $37,089 in other compensation.
Snap One was not required in its first year as a public company to calculate the total compensation of its median employee to compare with Heyman’s package. Snap One went public in July with a $249 million IPO.
