By: Mark Fitzgerald James W. Hall, the long-time Journal Register Co. director who replaced an ailing Robert Jelenic as chairman and CEO in October, has an annual salary of $675,000 with a bonus opportunity that could pay him an additional $1.3 million, the newspaper publisher disclosed in a Securities and Exchange Commission filing Tuesday.
Under terms of the compensation package, Hall, 60, was also awarded a stock option of 250,000 shares on Nov. 30, and will be given an option to purchase another 250,000 shares when equity grants are awarded for 2008, which is expected to be about June 1.
Hall, who maintains his permanent residence in Canada, will be reimbursed for certain travel and lodging expenses, and will receive annual payments up to $37,500 "to compensate for any tax differential between taxes required to be paid in the United States and Canada," Yardley, Pa.-based Journal Register said.
Journal Register said Hall's cash bonus, based on criteria set by the compensation committee, would include a "target" bonus of 100% of annual base salary and a "maximum" bonus opportunity of 200% of his yearly pay.
Hall was named chairman and CEO effective Nov. 1, but had been serving as acting CEO since June 18. He has been on the board of directors of the chain since 2003.
Jelenic, 56, had been on medical leave since June. He resigned effective Nov. 1.
Under the compensation package detailed in its March annual report, Jelenic's annual base salary was set at at least $950,000, and he was eligible for an annual performance-based bonus with a target amount not less than 30% of base
salary.
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