Shipbroking giant Clarksons continues to encourage its top two executives to stay on with long-term incentives.
In a filing, the London-listed group detailed awards to chief executive Andi Case and finance director and operating chief Jeff Woyda following a record year for profit.
Case, who is also a working broker, was given 25,868 restricted shares and Woyda 6,690, representing the deferred 10% of their 2023 bonuses under a long-term incentive plan.
They will vest in April 2028 if the bosses remain at Clarksons.
The pair were also awarded performance options for shares at no cost: Case got 20,496 and Woyda 13,043.
Vesting is subject to “certain performance conditions” over a three-year period and continued employment, followed by a two-year holding period.
Case now has 84,873 restricted shares and 70,882 performance options, lifting his stake to 2.44% from 2.28% previously.
This is worth £30.5m ($37.6m), up from £28.3m last week.
The share closed up a fraction at £40.50 on Monday.
Woyda has 21,948 restricted shares and 45,107 performance options, bringing his ownership to 0.63%.
Shares bought
Earlier in April, the duo acquired more performance-related shares.
A filing revealed Case added 62,766 shares to his total as nil-cost options vested from long-term incentive plans in 2020 and 2021.
Case sold 29,501 of these at £40.75 each to cover tax liabilities, raising a total of £1.2m.
Woyda saw 39,941 shares vest, and sold 18,733 of them.
Case’s basic salary for 2023 was £550,000.
But a bonus of £10.4m, plus pension payments and other benefits, brought his total rewards to £11.9m, compared with £10.11m in 2022.
Woyda earned £350,000, plus a bonus of £2.7m, for a total of £3.7m, up from £3.3m the year before.
Clarksons’ net profit in 2023 hit £85.8m, up from £79.6m in 2022.
Record underlying pre-tax earnings were £109.2m, compared with £100.9m the year before.
