TeleCommunication Systems CEO gets 55% pay bump Baltimore Business Journal by Gary Haber, Staff Reporter Date: Monday, April 30, 2012, 1:19pm EDT
Gary Haber Staff Reporter - Baltimore Business Journal
TeleCommunication Systems Inc. CEO Maurice B. Tose saw his total compensation package increase by 55 percent in 2011, the company said in its annual proxy statement Monday.
Tose, the company’s founder, had a total compensation of $2.6 million, which was up from $1.7 million in 2010. Tose’s 2011 compensation included $919,034 in stock awards. He received none in 2010. His salary rose to $590,032, up from $519,919 in 2010. Option awards declined to $324,121 in 2011, down from $900,621 in 2010.
TeleCommunication Systems, (NASDAQ: TSYS) posted record revenue of $425.4 million and record gross profit of $151.2 million in 2011. Adjusted net income decreased to $27.9 million, down from $36.4 million in 2010. The Annapolis company provides secure communications networks for the military and government and commercial customers.
Tose’s compensation was disclosed in a Securities and Exchange Commission filing in advance of the company’s June 14 annual meeting.