MicroStrategy Inc (NASDAQ: MSTR) last night filed a form 8-K, revealing that compensation for its CEO, Michael Saylor, had been adjusted as of November 1. The adjustments relate to certain expenses of Saylor’s, which have been expanded.
Under the amended compensation agreement enter with Saylor, the CEO has seen the provision for his security program increased rather substantially. Initially placed at $950,000 on an annual basis, the exec will now be able to spend up to $1.4 million per year on his security detail.
In addition to that Saylor, has also seen the cap removed on his use of the company aircraft. Whereas previously there was a 50% cap on the number of hours that the aircraft may be used for non-company use, that provision has now been removed entirely. An additional cap of 200 hours of non-business flight was also removed by the company, with the amendments effective as of 2021.
A tax gross-up will also be provided to Saylor for any additional charges applied in terms of imputed compensation to Saylor.
MicroStrategy last traded at $810.25 on the Nasdaq.
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