Spectrum Brands gave its top executive a $13.7 million compensation package last year, according to documents filed last week with federal regulators, but he hasn't gotten all of it yet.
In a proxy sent to shareholders in advance of its annual meeting, the Madison company said Dave Lumley, president and chief executive, received a salary of $882,692; an incentive plan bonus of more than $1.5 million and benefits worth $113,000 for the fiscal year that ended Sept. 30, 2011.
The proxy also lists stock awards for Lumley valued at $11.2 million, but he didn't actually get them yet. It is an anticipated award based largely on performance targets he will have to meet for the 2011 and 2012 fiscal years, Spectrum Brands spokeswoman Stacey Neu said.
Lumley did receive $1.9 million worth of company stock in 2011, counted as part of his 2010 compensation package.
In 2010, Lumley earned more cash but a smaller total package valued at $7.3 million. That included nearly $3.5 million in salary bonuses and benefits and more than $3.8 million in stock awards.
The company's five top executives received packages totaling $37.2 million last year, with $29.2 million of that in anticipated stock, the proxy shows.
Spectrum Brands, whose brands include Rayovac, Remington, Cutter and Farberware, will hold its annual meeting Feb. 1 in Earth City, Mo., at the offices of United Industries Corp., its home and garden and pet supply subsidiary.
Spectrum Brands recently received a $4 million forgivable loan from the Wisconsin Economic Development Corp. The terms include keeping at least 470 full-time jobs in Madison and spending at least $40 million on equipment or building improvements, through Sept. 30, 2016.
For the 2011 fiscal year, Spectrum Brands reported a $75.2 million net loss, or $1.47 a share, on revenues of $3.2 billion. That compares with a $190.1 million net loss, or $5.28 a share, on revenues of $2.6 billion for the 2010 fiscal year.