The elements of total compensation for which our NEOs were generally eligible during 20222023 were as follows:
Base salary (in which we includeincluded payments for paid time off (“PTO”), holiday pay, and Company holidays)holidays through 2023);
Individual bonuses;
Awards under our 2005 Plan;Long-term incentive awards;
MatchingRetirement and other benefits, including matching contributions under our 401(k) plan;
Benefits under ourplan and health, welfare, and supplemental disability benefits plans;benefits;
Benefits under our nonqualified deferred compensation plan; and
Service awards for reaching five, ten, fifteen or twenty yearsSeverance benefits under our Severance Plan.
In setting our NEOs’ compensation, the Compensation Committee considers the value of serviceeach component and the total value of the compensation package being provided to each of the Company, which may include gross up payments to compensate forNEOs, and the taxes on those awards.history of each officer’s compensation package.
Each of these elements is discussed below.
Our CEO. In 2019, Jonathan E. Johnson III was appointed CEO of the Company. As CEO, in 2022, Mr. Johnson had a base salary of $875,000. Mr. Johnson also received 401(k) matching contributions of $16,766; had imputed income for group term life insurance in the amount of $7,482; had premiums paid by the Company for supplemental disability insurance in the amount of $4,398; had Utah State bar dues paid by the Company in the amount of $434; and had California State bar dues paid by the Company in the amount of $475; and a gift card in the amount of $250 and a service award in the amount of $5,000, for his 20 years of service.Base Salaries
Base Salary.The base salaries of the NEOs are reviewed by the Compensation Committee annually. On January 21, 2022,23, 2023, the Compensation Committee met to set 20222023 salaries for our executive officers, including our NEOs. In setting the executive officer salaries the Compensation Committee reviewed market data provided by Mercer and considered the individual efforts and contributions of each executive officer. SalariesIn consideration of their individual contributions in 2022 and market data provided by Mercer, salaries for certain NEOs were changed in 20222023 from their 20212022 salaries as follows: Jonathan E. Johnson III’s salary was increased from $825,000 to $875,000 due to his efforts and to better align his pay with market data provided by Mercer. Adrianne B. Lee’s salary was increased from $425,000 to $500,000 in consideration of her individual contribution in 2021 and market data provided by Mercer; David J. Nielsen’s salary was increased from $550,000 to $575,000 in consideration of his individual contribution in 2021 and market data provided by Mercer; and Joel G. Weight’s salary was increased from $325,000 to $350,000 in consideration of his individual contribution in 2021 and market data provided by Mercer.
2022 Individual Bonus Payments.
| David J. Nielsen | | | $575,000 | | | $600,000 | |
| Adrianne B. Lee (1) | | | $500,000 | | | $600,000 | |
| E. Glen Nickle | | | $335,000 | | | $350,000 | |
| Carlisha B. Robinson | | | $325,000 | | | $345,000 | |
| Jonathan E. Johnson III | | | $875,000 | | | $875,000 | |
| Joel G. Weight | | | $350,000 | | | $365,000 | |
| Carter P. Lee | | | $360,000 | | | $370,000 | |
| Angela Hsu | | | $375,000 | | | $385,000 | |
(1)
| Ms. Lee’s base salary increase was designed to bridge a meaningful shortfall from market salary levels for comparable executives in the Company’s peer group. |
No NEO Bonuses for 2023
In 2022,2023, none of our NEOs were eligible to participate in any bonus plan. However, one NEO, Ms. Hsu,plan and none of our NEOs received a one-time sign-on bonusan individual bonus.
Long-Term Incentives
Prior to its redesign of $50,000 on April 15, 2022 shortly after joining our Company.
Asexecutive long-term incentive program in 2024, as described above, the Compensation Committee believed that annual RSU grants, with multi-year vesting requirements, would have the desired effect of providing appropriate incentives tied to the market price of the Record Date, no individual bonuses had been given to any NEO in 2023 for their 2022 efforts.stock over a long period of time, without encouraging short-term or inappropriate management decisions.
2005 Plan. We provide long-term incentive compensation opportunities to our key employees, including the NEOs, through the use of equity awards under our 2005 Plan, the terms of which are more fully described in “Proposal 5—Vote to Approve an Amendment to the Company’s Amended and Restated 2005 Equity Incentive Plan”.
Since 2008 the only type of award we have granted under the 2005 Plan has been RSUs. The Compensation Committee determines the number of RSUs to be granted to key employees including NEOs, based on a recommendation of management including the active participation during 2022 of the CEO, by determining the aggregate amount the Compensation Committee considers appropriate for the entire group and allocating the awards on the basis of market data and management’s recommendationrecommendations and the Compensation Committee’s subjective views of the relative ability of key employees or groups of key employeesexecutives to make positive contributions to the Company. The Compensation Committee generally makes equity grants to key employees, including NEOs, annually at a regularly scheduled Compensation Committee meeting typically held in late January or early Februarythe first quarter of each year. In 2022, the Compensation Committee made these regular equity grants on January 21, 2022.RSUs granted to our NEOs have historically vested over a period of three years in equal annual installments, subject to continued service through each applicable vesting