While Gary Steele was Founding CEO of Proofpoint and helped build the company, the compensation Executives receive is insane. He moved to Splunk 18 months ago and is now likely to get a massive payout as they get bought by Cisco. With that news I was looking at the SEC Paperwork and found how much he was being paid – https://www.sec.gov/Archives/edgar/data/1353283/000135328322000006/splk-20220228.htm
The Company has entered into an offer letter with Mr. Steele dated February 28, 2022 (the “Offer Letter”). The Offer Letter provides that Mr. Steele’s annual base salary will be $900,000, and his target annual bonus will be 125% of his annual base salary. Mr. Steele will also receive a cash signing bonus in the amount of $8,000,000.
In addition, effective as of his start date, as an inducement material to him entering into employment with the Company, Mr. Steele will be granted restricted stock units (“RSUs”) with a value of approximately $12,000,000, which will be subject to time-based vesting over four years from his start date, subject to Mr. Steele remaining employed by the Company through the relevant vesting date, and performance units (“PSUs”) with a target value of $18,000,000.
Even without the acquisition, in 4 years he's making north of $30 million easily?
What about the people that worked at these companies for years and helped build them off their backs for years? Meek raises, maybe some stock options or ESPP, but RSUs and PSUs and Bonuses? Not for you, only the multi-millionaires.