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Rating:Hennessy Sees a Change in the Way His Bonus is Computed Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 9, 2009

Hennessy Sees a Change in the Way His Bonus is Computed

by: Armie Margaret Lee

There's been a change in how Neil Hennessy's bonus is calculated. According to an SEC filing on Wednesday, the employment agreement between Novato, California-based Hennessy Advisors and its top executive was amended on September 3 to reflect changes in the computation of his incentive-based bonus.

In addition to his base compensation (he has received an annual salary of $180,000 since 2002), Hennessy receives a bonus amounting to 10 percent of the asset manager's pre-tax profits.

Under the amendment, "in addition to pre-tax profit being computed without regard to bonuses payable for the fiscal year, pre-tax profits are to be computed without regard to depreciation expense, amortization expense, compensation expense related to restricted stock units (or other stock-based compensation expense) and asset impairment charges," the filing read. 

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