Grubhub CEO Matt Maloney’s compensation dropped in 2016 to $943,000 as the company changed the way it awards equity options, according to a filing with the Securities and Exchange Commission on Friday.
But by the middle of the first quarter of 2017, Maloney ? was awarded nearly $6 million in restricted stock units and options based on his performance in 2016, according to an amendment to the filing released Monday. That brought his total compensation based on 2016 performance to about $6.9 million.
He and other executive officers did not receive any option awards in 2016, the first time that has been true since the company went public (NYSE: GRUB) in 2014. Maloney’s total compensation in 2015 was $8.3 million, up from nearly $3.6 million in stock and cash in 2014.
The vast majority of his earnings for 2015 and 2016 — 89 percent and 86 percent — came from equity awards worth millions that will vest over four years. In 2015, he received stock options worth about $7.4 million.
Executive officers will no longer receive equity awards during the year. The awards will now be granted in the first quarter of the following year to give Grubhub’s Compensation Committee more time to judge the prior year’s performance, the company said in the filing.
Maloney’s base rose salary more than 3 percent to $620,000. In 2017, his base salary will grow again to $651,000.
He received a bonus of more than $312,000 in 2016 for reaching 101 percent of performance targets.
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