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Home » Pay raises are so (not) last year at NxStage

Pay raises are so (not) last year at NxStage

March 10, 2009 By MassDevice staff

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.

Filed Under: Business/Financial News Tagged With: Renal

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