10-K:
"Mr. Flowers was paid a $125,500 discretionary bonus during fiscal 2012 per his employment contract. "
DISCRETIONARY = not guaranteed. 10-K: "Mr. Flowers ...... is eligible to receive an annual merit bonus of up to 50% of his base salary, as determined in the sole discretion of the Board of Directors. "
For what? Telling shareholders and the public that he won't buy PTSC stock because it's too risky? Agreeing to the TPL Settlement being confidential because Leckrone said he had to? Prolonging the agony and bleeding of PDSG way past it's being clearly terminal?
Granted this is not a huge amount of money and is dwarfed by the general losses incurred and over which he, as CFO/CEO, presided. Nonetheless someone, PLEASE, justify his salary and bonus by showing where he has gone above and beyond what is reasonably to be expected of the CEO of a Public Company.
Surely THIS is an abuse of the Board Members' use of corporate funds and shows a lack of financial responsibility by (a) CJ and GF for approving the payout and (b) CF for accepting it, though it's hard to blame him if it is offered, unless he has a conscience..
Also of note is that CF managed to stash away enough in his 401(k) for the company to add an extra $10,398 in matching funds, That's not a bad match considering the 401k) max per year for 2011 was $16,500 plus $5,500 = $22,000. So if he contributed the 2011 maximum the match is not far off 50%. Compare this to major companies who match at maybe 3% to 6% and then only on a part of the salary.
I guess CF must have paid off all those "heavy bills" if he was able to max out his 401(k). Yet he still apparently hasn't made even a token investment in the very company that so grosslly overpays him.
Is it possible that the prior CEOs pushed back on CJ too much for his liking and that CF is rewarded for not doing so? (I've given up on trying to believe that GF has any influence anywhere).
By the way... CF also got a 6% raise this year. Again, why?
