Ladenburg Thalmann Financial Services In (LTS, Financial) filed Amended Annual Report for the period ended 2010-12-31.
Ladenburg Thalmann Fncl. has a market cap of $223.9 million; its shares were traded at around $1.22 with and P/S ratio of 1.2.
In 2010, we granted a $200,000 cash bonus to each of Richard Lampen, our president and CEO, and Mark Zeitchick, our executive vice president and the president and CEO of Ladenburg Thalmann & Co. Inc.; and a $115,000 cash bonus to Bret Kaufman, our senior vice president and chief financial officer. We also granted a $200,000 cash bonus to each of Dr. Phillip Frost, our chairman, and Howard Lorber, our vice-chairman. These bonuses were based on the contributions made by these individuals to our performance in 2010, including the development of new business. Additional considerations for the bonuses for Messrs. Lampen, Zeitchick and Kaufman for 2010 included the firm s return to positive EBITDA, as adjusted; significant growth in revenues and asset levels at our independent brokerage businesses, together with progress on the consolidation of their back office functions; the benefits obtained from the new clearing agreements, including cost savings and the forgiveness of approximately $2 million of principal and interest under the loan from our clearing firm; and the growth of the investment banking business. Bonus payments for our executive officers in 2010 were higher than those paid in 2009, when no bonuses were paid to Dr. Frost or to Messrs. Lampen and Lorber and a $100,000 bonus was paid to each of Mr. Zeitchick and Mr. Kaufman. The increased amounts were due to our compensation committee s subjective assessment of our overall performance in the context of the business environment, in which we operated, including increased EBITDA, as adjusted, in 2010 as compared to 2009.
In March 2011, we granted options to purchase 600,000 shares to each of Dr. Frost and Messrs. Lorber, Lampen and Zeitchick and options to purchase 125,000 shares to Mr. Kaufman. The exercise price for these options is $1.28 per share (a premium to the closing market price of $1.02 on the grant date). These options vest in four equal annual installments beginning on the first anniversary of the grant date. In January 2010, we granted options to purchase 1,000,000, 600,000, 600,000, 600,000 and 50,000 shares to Dr. Frost and Messrs. Lorber, Lampen, Zeitchick and Kaufman, respectively. The exercise price for these options is $0.90 per share (a premium to the closing market price of $0.72 on the grant date). These options vest in four equal annual installments beginning on the first anniversary of the grant date.
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Ladenburg Thalmann Fncl. has a market cap of $223.9 million; its shares were traded at around $1.22 with and P/S ratio of 1.2.
Highlight of Business Operations:
Base Salary. Generally, we set executive base salaries at levels comparable with those of executives in similar positions and with similar responsibilities at comparable companies. We seek to maintain base salary amounts at or near the industry norms, while avoiding paying amounts in excess of what we believe is necessary to motivate executives to meet corporate goals. Base salaries are not anticipated to be the sole component of total annual cash compensation. We review base salaries annually, subject to terms of employment agreements, and our compensation committee seeks to adjust base salaries to realign them with industry norms based ona review of publicly-available compensation information after taking into account individual responsibilities, performance and experience. We do not use specific industry benchmarks, however. As part of the annual compensation review process, the compensation committee in December 2010 increased Mr. Zeitchick s salary from $250,000 to $325,000, effective January 1, 2011, and in April 2011 increased Mr. Kaufman s salary from $200,000 to $225,000, effective April 1, 2011.In 2010, we granted a $200,000 cash bonus to each of Richard Lampen, our president and CEO, and Mark Zeitchick, our executive vice president and the president and CEO of Ladenburg Thalmann & Co. Inc.; and a $115,000 cash bonus to Bret Kaufman, our senior vice president and chief financial officer. We also granted a $200,000 cash bonus to each of Dr. Phillip Frost, our chairman, and Howard Lorber, our vice-chairman. These bonuses were based on the contributions made by these individuals to our performance in 2010, including the development of new business. Additional considerations for the bonuses for Messrs. Lampen, Zeitchick and Kaufman for 2010 included the firm s return to positive EBITDA, as adjusted; significant growth in revenues and asset levels at our independent brokerage businesses, together with progress on the consolidation of their back office functions; the benefits obtained from the new clearing agreements, including cost savings and the forgiveness of approximately $2 million of principal and interest under the loan from our clearing firm; and the growth of the investment banking business. Bonus payments for our executive officers in 2010 were higher than those paid in 2009, when no bonuses were paid to Dr. Frost or to Messrs. Lampen and Lorber and a $100,000 bonus was paid to each of Mr. Zeitchick and Mr. Kaufman. The increased amounts were due to our compensation committee s subjective assessment of our overall performance in the context of the business environment, in which we operated, including increased EBITDA, as adjusted, in 2010 as compared to 2009.
In March 2011, we granted options to purchase 600,000 shares to each of Dr. Frost and Messrs. Lorber, Lampen and Zeitchick and options to purchase 125,000 shares to Mr. Kaufman. The exercise price for these options is $1.28 per share (a premium to the closing market price of $1.02 on the grant date). These options vest in four equal annual installments beginning on the first anniversary of the grant date. In January 2010, we granted options to purchase 1,000,000, 600,000, 600,000, 600,000 and 50,000 shares to Dr. Frost and Messrs. Lorber, Lampen, Zeitchick and Kaufman, respectively. The exercise price for these options is $0.90 per share (a premium to the closing market price of $0.72 on the grant date). These options vest in four equal annual installments beginning on the first anniversary of the grant date.
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