Named Executive Officer Compensation
Arthur S. Przybyl — President and Chief Executive Officer
. The Board, upon the recommendation of the Compensation Committee, set Mr. Przybyl’s 2017 base salary at $675,000. On March 31, 2017, Mr. Przybyl was granted options to purchase 47,500 shares of the Company’s common stock at an exercise price of $49.51 per share, the closing price of the Company’s common stock on the date of grant. The options vest in equal annual installments on the first, second, third and fourth anniversaries of the grant date and are scheduled to expire on March 30, 2027. On the same day, Mr. Przybyl was also granted 23,750 shares of restricted common stock, which vest in equal annual installments on the first, second, third and fourth anniversaries of the date of grant. For 2017, Mr. Przybyl received a cash bonus of $506,250, which was the target bonus amount of 75% of his base salary for 2017.
Stephen P. Carey — Vice President, Finance and Chief Financial Officer
. The Board, upon the recommendation of the Compensation Committee and the Company’s Chief Executive Officer, set Mr. Carey’s 2017 base salary at $400,000. On March 31, 2017, Mr. Carey was granted options to purchase 13,250 shares of the Company’s common stock at an exercise price of $49.51 per share, the closing price of the Company’s common stock on the date of grant. The options vest in equal annual installments on the first, second, third and fourth anniversaries of the grant date and are scheduled to expire on March 30, 2027. On the same day, Mr. Carey was also granted 6,625 shares of restricted common stock, which vest in equal annual installments on the first, second, third and fourth anniversaries of the date of grant. For 2017, Mr. Carey received a cash bonus of $180,000 which was the target amount of 45% of his base salary for 2017.
James G. Marken — Senior Vice President, Operations and Product Development
. The Board, upon the recommendation of the Compensation Committee and the Company’s Chief Executive Officer, set Mr. Marken’s 2017 base salary at $360,000. On March 31, 2017, Mr. Marken was granted options to purchase 7,250 shares of the Company’s common stock at an exercise price of $49.51 per share, the closing price of the Company’s common stock on the date of grant. The options vest in equal annual installments on the first, second, third and fourth anniversaries of the grant date and are scheduled to expire on March 30, 2027. On the same day, Mr. Marken was also granted 3,625 shares of restricted common stock, which vest in equal annual installments on the first, second, third and fourth anniversaries of the date of grant. For 2017, Mr. Marken received a cash bonus of $144,000, which was the target amount of 40% of his base salary.
Robert Schrepfer — Senior Vice President, New Business Development and Specialty Sales
. The Board, upon the recommendation of the Compensation Committee and the Company’s Chief Executive Officer, set Mr. Schrepfer’s 2017 base salary at $400,000. On March 31, 2017, Mr. Schrepfer was granted options to purchase 13,250 shares of the Company’s common stock at an exercise price of $49.51 per share, the closing price of the Company’s common stock on the date of grant. The options vest in equal annual installments on the first, second, third and fourth anniversaries of the grant date and are scheduled to expire on March 30, 2027. On the same day, Mr. Schrepfer was also granted 6,625 shares of restricted common stock, which vest in equal annual installments on the first, second, third and fourth anniversaries of the date of grant. For 2017, Mr. Schrepfer received a cash bonus of $180,000 which was the target amount of 45% of his base salary.
Compensation Recovery Policy
We do not currently have a policy to attempt to recover discretionary cash bonus payments paid to our executive officers if the performance achievements or other facts and circumstances that informed such payments were to be restated or found not to have been as believed. However, as a public company subject to the provisions of Section 304 of the Sarbanes-Oxley Act of 2002, if we are required as a result of misconduct to restate our financial results due to material non-compliance with any financial reporting requirements under federal securities laws, our Chief Executive Officer and Chief Financial Officer may be legally required to reimburse the Company for any bonus or other incentive-based or equity-based compensation they receive.