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Martin Rosenbaum Offers Commentary on CEO Pay for Pioneer Press Article

May 18, 2010

Martin Rosenbaum, member of Maslon's Business and Securities Team, is quoted in a Saint Paul Pioneer Press article titled "Median pay for Minnesota's top CEOs dipped only slightly." The article, published on May 16, 2010, reports on the uncertainty of stock-based compensation for executives of 50 of Minnesota's largest public companies, explaining that the "value of a stock option doesn't become real until it is exercised, and it can take a long time to see just how much wealth it generates."

Marty commented, "It shows how imperfect any one method is for looking at this." He said compensation committees faced a dilemma in 2009. With stock prices down, if they upped the number of options they offered executives to hold the total value of options constant, comp committees worried they would create a windfall down the road. But if they instead held constant the number of options granted, they might risk alienating the executive with the grant's lower value at the time. "I think a lot of companies picked a number that fell right in the middle," Marty said. "If you wanted to grant the same value in 2009 when the stock was way down, you could do that with a lot more shares. But if it was a temporary dip in the market someone might get a windfall."

Marty has more than 25 years experience advising public and privately held companies on securities and corporate matters. He regularly advises public companies of all sizes regarding preparation of public reports and proxy statements, public disclosures, insider trading, securities regulatory compliance, corporate governance matters, executive compensation and stock plan issues. Marty was named a "Leading Individual" in Minnesota in Corporate/M&A by Chambers USA in 2007, 2008 and 2009, and is also the founder of ONSecurities, a unique legal blog addressing securities, governance and compensation issues currently facing public companies.

To view the full article, go to: and search for "Median pay for Minnesota's top CEOs dipped only slightly."


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