Executive Officer Compensation
Summary Compensation Table. The table below summarizes the total compensation paid to or earned by our Named Executive Officers for the years ended December 31, 2022 and 2021, as calculated under Securities and Exchange Commission rules. Cash compensation earned for the applicable year is reported in the “Salary,” “Nonequity Incentive Plan Compensation” and the “All Other Compensation” columns. The “Bonus” column has been omitted as no compensation that would be disclosed in that column was earned during the applicable years.
|
Name and Principal Position |
|
|
Year
|
|
|
Salary ($)
|
|
|
Stock Awards ($)(1)
|
|
|
Option Awards ($)
|
|
|
Non-Equity Incentive Plan Compensation ($)(2)
|
|
|
All Other Compensation ($)
|
|
|
Total ($)
|
|
|
Allan S. Kitagawa
Chairman of the Board, President, and Chief Executive Officer
|
|
|
|
|
2022 |
|
|
|
|
|
851,124 |
|
|
|
|
|
312,357 |
|
|
|
|
|
— |
|
|
|
|
|
238,980 |
|
|
|
|
|
197,122 (3) |
|
|
|
|
|
1,599,583 |
|
|
|
|
|
2021 |
|
|
|
|
|
851,124 |
|
|
|
|
|
310,626 |
|
|
|
|
|
— |
|
|
|
|
|
340,186 |
|
|
|
|
|
175,994 |
|
|
|
|
|
1,677,930 |
|
|
|
Vernon Hirata
Vice Chairman, Co-Chief Operating Officer, General Counsel, and Corporate Secretary
|
|
|
|
|
2022 |
|
|
|
|
|
354,530 |
|
|
|
|
|
130,115 |
|
|
|
|
|
— |
|
|
|
|
|
99,546 |
|
|
|
|
|
103,407 (4) |
|
|
|
|
|
687,598 |
|
|
|
|
|
2021 |
|
|
|
|
|
354,530 |
|
|
|
|
|
129,380 |
|
|
|
|
|
— |
|
|
|
|
|
141,701 |
|
|
|
|
|
92,266 |
|
|
|
|
|
717,877 |
|
|
|
Ralph Y. Nakatsuka
Vice Chairman and Co-Chief Operating Officer
|
|
|
|
|
2022 |
|
|
|
|
|
354,530 |
|
|
|
|
|
130,115 |
|
|
|
|
|
— |
|
|
|
|
|
99,546 |
|
|
|
|
|
90,798 (5) |
|
|
|
|
|
674,989 |
|
|
|
|
|
2021 |
|
|
|
|
|
354,530 |
|
|
|
|
|
129,380 |
|
|
|
|
|
— |
|
|
|
|
|
141,701 |
|
|
|
|
|
94,584 |
|
|
|
|
|
720,195 |
|
|
(1)
Reflects the aggregate grant date fair value of restricted stock units, half of which have performance-based vesting and half of which have time-based vesting, with such awards calculated at the “Target” level. The assumptions used in the valuation of these awards are included in Note 19 to our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission. At the “Maximum” level, for the year ended December 31, 2022, the aggregate grant date fair value was $390,654, $162,727 and $162,727 for Messrs. Kitagawa, Hirata and Nakatsuka, respectively, and for the year ended December 31, 2021, the aggregate grant date fair value was $388,052, $161,625 and $161,625 for Messrs. Kitagawa, Hirata and Nakatsuka, respectively.
(2)
The amounts in this column represent the dollar value of the cash incentives earned under the Annual Incentive Plan.
(3)
Includes $1,047 for 401(k) plan matching contributions, $3,118 for long-term care premiums, $20,280 for personal use of company automobile, $1,865 for parking, $17,675 for club dues and fees, $25,158 for ESOP allocations, $95,865 for non-qualified supplemental ESOP allocations, $3,424 for life insurance and $28,690 for cash dividends paid when incentive-based equity awards vested.
(4)
Includes $1,047 for 401(k) plan matching contributions, $20,594 for personal use of company automobile, $1,815 for parking, $6,984 for club dues and fees, $25,158 for ESOP allocations, $26,877 for non-qualified supplemental ESOP allocations, $3,826 for life insurance, $11,795 for cash dividends paid when incentive-based equity awards vested and $5,311 for spousal travel.
(5)
Includes $1,047 for 401(k) plan matching contributions, $2,498 for long-term care premiums, $14,530 for personal use of company automobile, $1,815 for parking, $6,000 for club dues and fees, $25,158 for ESOP allocations, $26,218 for non-qualified supplemental ESOP allocations, $1,737 for life insurance and $11,795 for cash dividends paid when incentive-based equity awards vested.
For the year ended December 31, 2022, cash payments under our Annual Incentive Plan were paid in March 2023 in the amounts listed in the “Summary Compensation Table.” For a discussion of this plan, see “Narrative Discussion of Executive Compensation — 2022 Annual Incentive Plan (AIP).”