Lincare extends employee agreements
CLEARWATER, Fla. – Lincare CEO John Byrnes can look forward to pulling in at least $896,816 a year for three more years.
Lincare has extended employment agreements with Byrnes, COO Shawn Schabel ($598,177 a year) and CFO Paul Gabos ($448,408 a year) until Dec. 31, 2012, according to Oct. 5 filings with the Securities and Exchange Commission (SEC).
The agreements call for pay raises equal to the annual percentage increase in the consumer price index starting Jan. 1, 2010.
The executives are also eligible for annual bonuses: 200% of their salaries, or another percentage tied to Lincare’s actual earnings per share vs. projected earnings per share.
In 2008, Byrnes’ total compensation was $6.5 million, including $1.2 million from non-equity incentive plan compensation and $4.4 million in stock and option awards, according to news reports.
Schabel: $4.6 million, including $777,630 in non-equity incentive plan compensation and $3.2 million in stock and option awards. Gabos: $3.3 million, including $582,930 in non-equity incentive plan compensation and $2.2 million in stock and option awards.
A draft healthcare reform bill released in September by Sen. Max Baucus, D-Mont., chairman of the Finance Committee, drove Lincare’s stock up 23% to $32.40, a 52-week high. The draft bill did not include cuts to oxygen reimbursement.