Fiscal
20212022 Summary Compensation Table
The following table provides information concerning compensation awarded to, earned by or paid to each of our Named Executive Officers for all services rendered in all capacities during fiscal 2020,
2021 and
2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name and Principal Position | | Fiscal Year | | | Salary | | | Bonus | | | Stock Awards ($) (1) | | | Option Awards ($) (1) | | | Non-Equity Incentive Plan (2) | | | All Other Compensation | | | Total | |
René Lacerte | | | 2021 | | | $ | 444,500 | | | | $0 | | | | $0 | | | | $0 | | | $ | 759,000 | | | $ | 0 | | | $ | 1,203,500 | |
Chief Executive Officer | | | 2020 | | | $ | 402,083 | | | | $0 | | | $ | 11,099,200 | | | $ | 5,180,573 | | | $ | 534,119 | | | $ | 0 | | | $ | 17,215,975 | |
| | | 2019 | | | $ | 350,000 | | | $ | 10,000 | | | | | | | $ | 4,814,801 | | | $ | 231,763 | | | $ | 0 | | | $ | 5,406,564 | |
John Rettig | | | 2021 | | | $ | 372,000 | | | | $0 | | | | $0 | | | | $0 | | | $ | 526,500 | | | $ | 0 | | | $ | 898,500 | |
Chief Financial Officer and EVP, Finance and Operations | | | 2020 | | | $ | 338,545 | | | | $0 | | | $ | 4,162,200 | | | $ | 1,908,633 | | | $ | 342,750 | | | $ | 0 | | | $ | 6,752,128 | |
| | | 2019 | | | $ | 300,000 | | | $ | 54,024 | (9) | | | | | | $ | 2,212,485 | | | $ | 161,830 | | | $ | 0 | | | $ | 2,734,319 | |
Rajesh Aji | | | 2021 | | | $ | 299,496 | | | | $0 | | | | $0 | | | | $0 | | | $ | 216,169 | | | | | | | $ | 515,665 | |
General Counsel and Compliance Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bora Chung | | | 2021 | | | $ | 339,500 | | | | $0 | | | | $0 | | | | $0 | | | $ | 276,372 | | | $ | 0 | | | $ | 615,872 | |
Chief Experience Officer | | | 2020 | | | $ | 300,000 | | | | $0 | | | $ | 1,734,250 | | | $ | 817,986 | | | $ | 125,675 | | | $ | 0 | | | $ | 2,977,911 | |
| | | 2019 | (3) | | $ | 154,247 | (4) | | $ | 25,000 | (5) | | | | | | $ | 1,988,114 | | | $ | 62,735 | | | $ | 0 | | | $ | 2,230,096 | |
Thomas Clayton | | | 2021 | | | $ | 307,398 | (6) | | | $0 | | | $ | 5,023,700 | (7) | | $ | 2,247,828 | (8) | | $ | 317,407 | (10) | | $ | 0 | | | $ | 7,896,333 | |
Chief Revenue Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2022:René Lacerte
Chief Executive Officer
| | | 2022 | | | $500,000 | | | $0 | | | $8,931,316 | | | $3,700,211 | | | $797,500 | | | $0 | | | $13,929,027 |
| 2021 | | | $444,500 | | | $0 | | | $0(10) | | | $0(10) | | | $759,000 | | | $0 | | | $1,203,500 |
| 2020 | | | $402,083 | | | $0 | | | $11,099,200 | | | $5,180,573 | | | $534,119 | | | $0 | | | $17,215,975 |
John Rettig
Chief Financial Officer and EVP, Finance and Operations
| | | 2022 | | | $409,740 | | | $0 | | | $21,352,008(3) | | | $1,435,421 | | | $570,720 | | | $0 | | | $23,767,889 |
| 2021 | | | $372,000 | | | $0 | | | $0(10) | | | $0(10) | | | $526,500 | | | $0 | | | $898,500 |
| 2020 | | | $338,545 | | | $0 | | | $4,162,200 | | | $1,908,633 | | | $342,750 | | | $0 | | | $6,752,128 |
Bora Chung
Chief Experience Officer
| | | 2022 | | | $370,000 | | | $0 | | | $1,949,349 | | | $807,452 | | | $370,185 | | | $0 | | | $3,496,986 |
| 2021 | | | $339,500 | | | $0 | | | $0(10) | | | $0(10) | | | $276,372 | | | $0 | | | $615,872 |
| 2020 | | | $300,000 | | | $0 | | | $1,734,250 | | | $817,986 | | | $125,675 | | | $0 | | | $2,977,911 |
Thomas Clayton
Former Chief Revenue Officer
| | | 2022 | | | $249,167 | | | $227,240(9) | | | $2,599,067 | | | $1,076,471 | | | $0 | | | $1,038,888(11) | | | $5,190,833 |
| 2021 | | | $307,398 | | | $0 | | | $5,023,700 | | | $2,247,828 | | | $317,407 | | | $0 | | | $7,896,333 |
Mark Lenhard
Former Chief Operating Officer
| | | 2022 | | | $291,667(4) | | | $225,000(5) | | | $19,973,954(7) | | | $0 | | | $0 | | | $0 | | | $20,490,621 |
Blake Murray
Advisor to CEO and former Chief Revenue Officer
| | | 2022 | | | $360,000 | | | $36,000(6) | | | $123,615,599(8) | | | $0 | | | $125,137 | | | $0 | | | $124,136,736 |
(1)
| Amounts represent the aggregate grant date fair value of the RSUsstock awards and stock optionsoption awards awarded to the Named Executive Officernamed executive officer during fiscal 2020 and 2021,2022, as applicable, in accordance with FASB Accounting Standards Codification Topic 718. The assumptions used in calculating the grant date fair value of the stock options reported in the Option Awards column are set forth in Note 11 of the notes to our consolidated financial statements included in our annual report on Form 10-K for the year ended June 30, 2021.2022. Such grant-date fair market value does not take into account any forfeitures related to service-based vesting conditions that may occur. Note that the amounts reported in this column reflect the accounting cost for these RSUs and stock options and do not correspond to the actual economic value that may be received by our named executive officers from the RSUs and stock options. |
(2)
| The amounts reported represent payments made under our 20202022 Executive Bonus Plan in respect of service in fiscal 2020, and under our 2021 Executive Bonus Plan in respect of service in fiscal 20212022, as described below in “Fiscal 20212022 Grants of Plan- Based AwardsPlan-Based Award Table—Estimated Future Payouts Under Non-Equity Incentive Plan Awards”.” |
(3)
| Ms. Chung commenced employment with usAmount includes PSU and RSU awards for Mr. Rettig. The PSUs granted in December 2018fiscal 2022 are considered to have a “market condition” for accounting purposes and are therefore her base salary and non-equity incentive plan compensation set forthvalued using a lattice model simulation analysis, specifically a Monte Carlo simulation, as disclosed in Note 11 to our consolidated financial statements contained in our Annual Report on Form 10-K for the table above reflect amounts actually paid with respect to the portion of fiscal 2019 in which she was employed with us. year ended June 30, 2022. |
(4)
| Ms. ChungMr. Lenhard commenced employment with us in December 2018September 2021 at an initial base salary of $275,000. $350,000 and departed from our company in September 2022. |
(5)
| This amount representsFollowing the completion of our acquisition of Invoice2go in September 2021, Mr. Lenhard was paid a cash sign-on bonus. bonus of $225,000 in recognition of his leadership through the acquisition. |
(6)
| Following the completion of our acquisition of Divvy in June 2021, Mr. Clayton commenced employment with usMurray was paid a bonus of $36,000 in September 2020 at an initial base salaryrecognition of $375,000. his leadership through the acquisition. |
(7)
| The amountsThis amount reported representrepresents the New Hire Stock Awardinitial stock award that Mr. Clayton had received. Lenhard received in connection with the acquisition of Invoice2go equal to 73,740 RSUs, calculated based on the per share closing price on NYSE as of September 27, 2021, which was $270.87. |
(8)
| The amountsThis amount reported representrepresents the New Hire Stock Option Awardinitial stock award Mr. Clayton had received. Murray received in connection with the acquisition of Divvy equal to 635,850 RSUs, calculated based on the per share closing price on NYSE as of July 20, 2021, which was $194.41. |
(9)
| This amount represents (i)Mr. Clayton participated in a $10,000 spotquarterly executive bonus paid in August 2018, (ii) a $3,000 spot bonus paid in November 2018, (iii) a $40,000 spot bonus paid in February 2019 and (iv) a $1,024 bonus for five years of service paid in June 2019. plan. |
(10)
| Mr. Clayton’s bonus payout is onThe Compensation Committee determined a quarterly basis insteadcadence change for long-term incentives and timing of annually. annual equity grants for our executive officers to the first quarter of each fiscal year. As a result, our Named Executive Officers were awarded annual equity grants in July 2021 (in fiscal 2022), and there were no annual equity grants awarded during fiscal 2021. |
(11)
| Mr. Clayton received cash severance and accelerated vesting as part of his separation. |