This excerpt taken from the GHL DEF 14A filed Apr 18, 2005.
CEO Compensation for Fiscal Year 2004
In 2004 Mr. Greenhill was paid a salary of $3,961,351, which was not determined by the current compensation committee. However, we believe Mr. Greenhills salary was competitive based on reliable market data and our philosophy of establishing conservative salaries but providing significant performance-based pay opportunities. Mr. Greenhill received an annual bonus of $4,469,676 for 2004. The annual bonus payment was based on Greenhills financial and operational performance, Mr. Greenhills revenue and other contributions to the our development as well as his role as founder and his leadership in preparing the company for its successful initial public offering in May 2004. In a year that was a transition for us, the company delivered significant growth in net revenues, net income and earnings per share in comparison to 2003. Consistent with the philosophy for other executive officers, 33% of Mr. Greenhills annual bonus was paid in restricted stock units, which will fully vest in January 2010.