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VRSN » Topics » ALL OTHER COMPENSATION

This excerpt taken from the VRSN DEF 14A filed Jul 27, 2007.

ALL OTHER COMPENSATION

 

Named Executive Officer

    Health
Club
Fees		    Term Life
Insurance
Premiums		    401(k)
Matching
Contribution		    Other
Compensation		    

Total

All Other
Compensation

  

Stratton D. Sclavos

    $ —      $ 1,033    $ 6,600    $ —       $ 7,633 (6)

Dana L. Evan

      —        1,257      6,600      —         7,857  

John M. Donovan

      —        38      —        6,390,827 (8)     6,390,865  

Mark D. McLaughlin

      390      634      6,600      —         7,624  

Robert J. Korzeniewski

      390      1,676      6,154      —         8,220  

Vernon L. Irvin

      —        945      7,500      709,736 (11)     718,181  

 

  (5)   Mr. Sclavos resigned from the Company on May 27, 2007.
  (6)   Does not include $568,400 for personal plane expense reimbursement as described in the “Certain Relationships and Related Transactions” included elsewhere in this report.
  (7)   Ms. Evan resigned from the Company on July 10, 2007.
  (8)   Includes $5 million paid pursuant to the terms of the inCode Telecom Group, Inc. (“inCode”) Management Retention Plan in connection with VeriSign's acquisition of inCode on November 30, 2006. Also includes $1,366,827 representing reimbursement for relocation expenses paid in 2007 and a $24,000 bonus for services performed as inCode’s Chief Executive Officer during 2006.
  (9)   Mr. Irvin resigned from the Company on October 31, 2006.
(10)   Does not include an estimated compensation expense of $15,836 in restricted stock unit forfeitures and $126,173 in stock option forfeitures related to service-based vesting conditions on these awards.
(11)   Includes $700,102 in severance payments paid or accrued by the Company pursuant to the terms of Mr. Irvin’s severance agreement, the material terms of which are summarized in “Compensation Discussion and Analysis” included elsewhere in this report. Also includes $9,634 paid to Mr. Irvin for country club dues in 2006.

In April 2007, the Company’s Internal Audit Department began a review of business expenses for which senior management was reimbursed by the Company during calendar year 2006 and the first calendar quarter of 2007 and presented a preliminary report to the Audit Committee of the Board of Directors. The Audit Committee concluded that the Company erroneously reimbursed Mr. Sclavos in the amount of $32,190 for personal travel on his private plane. In June 2007, Mr. Sclavos reimbursed the Company for that amount.

The Internal Audit Department's review of senior management business expenses has not yet been completed.

 

37

Table of Contents
This excerpt taken from the VRSN 10-K filed Jul 12, 2007.

ALL OTHER COMPENSATION

 

Name

    Health
Club
Fees		   

Term Life

Insurance

Premiums

   

401(k)

Matching

Contribution

   

Other

Compensation

    

Total

All Other

Compensation

  

Stratton D. Sclavos

    $ —      $ 1,033    $ 6,600    $ —       $ 7,633 (6)

Dana L. Evan

      —        1,257      6,600      —         7,857  

John M. Donovan

      —        38      —        6,390,827 (8)     6,390,865  

Mark D. McLaughlin

      390      634      6,600      —         7,624  

Robert J. Korzeniewski

      390      1,676      6,154      —         8,220  

Vernon L. Irvin

      —        945      7,500      709,736 (11)     718,181  

 

(5) Mr. Sclavos resigned from the Company on May 27, 2007.

 

126

Table of Contents

 

(6) Does not include $568,400 for personal plane expense reimbursement as described in the “Certain Relationships and Related Transactions” included elsewhere in this report.
(7) Ms. Evan resigned from the Company on July 10, 2007.
(8) Includes $5 million paid pursuant to the terms of the inCode Telecom Group, Inc. (“inCode”) Management Retention Plan in connection with VeriSign’s acquisition of inCode on November 30, 2006. Also includes $1,366,827 representing reimbursement for relocation expenses paid in 2007 and a $24,000 bonus for services performed as inCode’s Chief Executive Officer during 2006.
(9) Mr. Irvin resigned from the Company on October 31, 2006.
(10) Does not include an estimated compensation expense of $15,836 in restricted stock unit forfeitures and $126,173 in stock option forfeitures related to service-based vesting conditions on these awards.
(11) Includes $700,102 in severance payments, paid or accrued by the Company pursuant to the terms of Mr. Irvin’s severance agreement, the material terms of which are summarized in “Compensation Discussion and Analysis” included elsewhere in this report. Also includes $9,634 paid to Mr. Irvin for country club dues in 2006.

 

In April 2007, the Company’s Internal Audit Department began a review of business expenses for which senior management was reimbursed by the Company during calendar year 2006 and the first calendar quarter of 2007 and presented a preliminary report to the Audit Committee of the Board of Directors. The Audit Committee concluded that the Company erroneously reimbursed Mr. Sclavos in the amount of $32,190 for personal travel on his private plane. In June 2007, Mr. Sclavos reimbursed the Company for that amount.

 

The Internal Audit Department’s review of senior management business expenses has not yet been completed.

 

EXCERPTS ON THIS PAGE:

DEF 14A
Jul 27, 2007
10-K
Jul 12, 2007

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