Executives at NxStage will forego raises and bonuses for 2008, after the company’s compensation committee voted March 5 to freeze wages for 2009 and hold off on any incentive bonuses for last year’s performance.
Officials at Lawrence-based NxStage, which makes portable dialysis equipment for treating acute kidney failure, announced the policy March 10.
Here are the highlights:
• CEO Jeffrey Burbank is slated to earn a base salary of $330,000 for 2009, with an option to earn as much as $435,000 in stock incentives.
• Robert Brown, CFO, is slated to pull down $250,000 for the year, with an option to earn an additional $156,000 in stock incentives.
• Joseph Turk Jr., SVP of commercial operations, is slated to earn $260,000, with an additional $156,000 in stock incentives.
• General counsel Winifred Swan is slated to earn $260,000, with an additional $156,000 in stock incentives.
• Michael Webb, SVP of quality assurance and regulatory affairs, is slated to earn $220,000, with an additional $120,000 in stock incentives.
The option price on the stock grants was set at the March 5 $2.11 per-share closing price.
That’s a sharp drop from January 2008, when NxStage shares hovered at about $14 — a roughly 85 percent decline.