Fiscal 2019
During fiscal 2019, Kathleen Larsen2022, Joshua Sheehan received an aggregate of $461,466$132,612 in the form of salary, (including paymentan annual incentive bonus of $31,781 for accrued, but unused vacation in fiscal 2019 in accordance with Company policy), $93,480$46,414, $13,750 shares in the form of option grants and $81,465$12,420 in the form of stock awards.
During fiscal year 2019, Dustan Sheehan2022, Parker Larsen received an aggregate of $98,568$90,363 in the form of salary, $23,370an annual incentive bonus of $31,627, $11,000 in the form of option grants and $20,365$9,935 in the form of stock awards.
During fiscal year 2019, Joshua Sheehan2022, Corby Hoback received an aggregate of $115,940$212,180 in the form of salary, $46,740an annual incentive bonus of $92,828, $82,500 in the form of option grants and $40,729$14,900 in the form of stock awards.
Mr. Larsen’s son, Parker Larsen, is employed by the Company as a Product Support Engineer. Parker Larsen is not an executive officer of the Company. During fiscal 2019, Parker Larsen received an aggregate of $67,600 in the form of salary, $23,370 in the form of option grants, and $20,365 in the form of stock awards. Parker Larsen is currently compensated at a level the Company believes is comparable to other employees in similar positions of responsibility at comparable companies.
Robert D. Short III, Ph.D., the Company’s Chief Technical Officer and Chief Scientist, is the father-in-law of Corby Hoback, who is employed by the Company as a Senior Principal Engineer. Corby Hoback is not an executive officer of the Company. During fiscal 2019, Corby Hoback received an aggregate of $174,811 in the form of salary, $58,425 in the form of option grants and $50,915 in the form of stock awards. Corby Hoback is currently compensated at a level that the Company believes is comparable to other employees in similar positions of responsibility at comparable companies.
During fiscal 20192022, the Company leased the use of an aircraft from K2 Investment Fund LLC (“LLC”) for business travel for employees of the Company (the “Aircraft”). The Company incurred approximately $1,790,000$1,123,000, $791,000, and $324,000 in rental fees (including fees and other reimbursements)reimbursements to the LLC during fiscal 2019 for such use.in 2022, 2021 and 2020, respectively. Kendall Larsen and Kathleen Larsen are the sole member-managers of the LLC and control the equity interests of the LLC. On January 31, 2015, the Company entered into a 12-month non-exclusive lease with the LLC for use of the plane at a rate of $8,100approximately $8,000 per flight hour, with no minimum usage requirement. The agreement contains other terms and conditions normal in such transactions and can be cancelled by either the Company or the LLC with 30-days’ notice. The agreement renews on an annual basis unless terminated by either party. Neither party has exercised their termination rights. The audit committee has approved the rental fees and lease agreement.
Fiscal 2018Policies and Procedures for Related Party Transactions
During fiscal 2018, Kathleen Larsen received an aggregate of $701,651The audit committee is responsible for reviewing and approving any proposed related person transactions. The audit committee reviews any such proposed related person transactions on a quarterly basis, or more frequently as appropriate. In cases in which a transaction has been identified as a potential related person transaction, management must present information regarding the form of salary and bonus (including payment of $30,268 for accrued, but unused vacation in fiscal 2019 in accordance with Company policy), $826,600 in the form of option grants and $42,666 in the form of stock awards. During fiscal year 2018, Dustan Sheehan received an aggregate of $129,190 in the form of salary and bonus, $11,650 in the form of option grants, and $10,666 in the form of stock awards. During fiscal year 2018, Joshua Sheehan received an aggregate of $138,887 in the form of salary and bonus, $11,650 in the form of option grants and $10,666 in the form of stock awards.
During fiscal 2018, Parker Larsen received an aggregate of $70,200 in the form of salary and bonus, $11,650 in the form of option grants, and $10,666 in the form of stock awards.
During fiscal 2018, Corby Hoback received an aggregate of $239,324 in the form of salary and bonus, $113,425 in the form of option grants and $107,666 in the form of stock awards.
During fiscal 2018, the Company leased the use of the Aircraft from LLC for business travel for employees of the Company. The Company incurred approximately $1,590,000 in rental fees (including fees and other reimbursements)proposed transaction to the LLC during fiscal 2018audit committee for consideration and approval or ratification. The audit committee is also responsible for reviewing the Company’s policies with respect to related person transactions and overseeing compliance with such use.practices.