responsibility and accountability. The base salary paid to each of our NEOs for 2022 is set forth in the “Summary Compensation Table” above. Following the closing of the Transactions in 2021, our Compensation Committee, with the assistance of an independent compensation consultant, adjusted the base salaries of our NEOs to market level, however, none of our NEOs received an increase in base pay in 2022.
Annual Cash Bonus
We provide our NEOs with short-term incentive compensation through an annual cash bonus program. The annual cash bonus program holds the NEOs accountable to business and individual objectives, rewards the NEOs based on actual business results, and helps sustain a “pay for performance” culture. In conjunction with our Compensation Committee’s review of the overall compensation of our NEOs following the closing of the Transactions, the Compensation Committee assigned a target annual bonus to each NEO. The annual bonus targets were set by our Compensation Committee as follows: for Mr. LaCorte, 100% of his base salary; for Mr. Dussan, 100% of his base salary; and for Mr. Hughes, 65% of his base salary.
At the beginning of 2022, our Compensation Committee set allocations for each of our NEOs between corporate and individual goals, for 2022, as follows: for Mr. LaCorte 100% corporate and 0% individual; and for each of Messrs. Dussan and Hughes, 60% corporate and 40% individual. Our Compensation Committee, based on management’s recommendation, determined that management had achieved 70% of the corporate goals for 2022. However, based on management’s further recommendations regarding our overall use of cash, our Compensation Committee lowered the overall bonus pool to $1 million, with an allocation of higher percentages of bonus payout to non-executives. Therefore, Mr. LaCorte received 7% of his bonus target, or $42,000; and Mr. Hughes received 7% of his bonus target, or $16,000. In 2021, our Board of Directors awarded Mr. Dussan a retention bonus in the amount of $440,000, which was earned should Mr. Dussan remain employed by us until December 10, 2022. Mr. Dussan earned the full retention bonus amount by remaining employed through December 10, 2022. However, Mr. Dussan and our Board of Directors agreed to modify the retention bonus arrangement, such that Mr. Dussan agreed to accept 70%, of $308,000, in cash, and the remaining 30% in immediately vested shares of our stock, based on the five-day trailing average prior to December 10, 2022, which resulted in an award of 139,482 immediately vested shares to Mr. Dussan on December 11, 2022. Amounts earned by each NEO for fiscal year 2022 under the annual cash bonus program, and, in the case of Mr. Dussan, his retention bonus, are set forth in the “Summary Compensation Table” above.
Equity Awards During Fiscal Year 2022
During fiscal year 2022, our NEOs were granted equity awards under our 2021 Equity Plan, which plan became effective in connection with the closing of the Transactions.
Restricted Stock Units
During 2022, each of our NEOs received one or more awards of restricted stock units (“RSUs”), granted from our 2021 Equity Plan. Mr. LaCorte received an award of 300,000 RSUs on September 23, 2022; Mr. Dussan received an award of 380,000 RSUs on March 15, 2022, and 139,492 RSUs on December 11, 2022 (pursuant to the retention bonus mentioned hereinabove); and Mr. Hughes received an award of 380,000 RSUs on March 15, 2022 and an award of 100,000 RSUs on September 23, 2022.
The Company generally intends to grant annual equity awards pursuant to our 2021 Equity Plan to senior management, including our NEOs, in the first calendar quarter of each year. Messrs. LaCorte and Hughes each received an additional grant of RSUs in January of 2023.
Stock Ownership Guidelines
Our Board has adopted stock ownership guidelines for our named executive officers whereby we expect that, at a minimum, by the fifth anniversary of his or her commencement of employment with the Company that each named executive officer shall have acquired, and for as long as he or she remains a named executive officer, will maintain ownership of, in the case of our Chief Executive Officer, four times base salary, and in the case of our other named executive officers, two times base salary. All unvested restricted stock units that have been granted to a named executive officer count toward the indicated minimum dollar values. Of our named executive officers, only Messrs. LaCorte and Dussan have been employed with us for at least five years. Mr. LaCorte resigned as our Chief Executive Officer, effective as of February 13, 2023 and is therefore no longer subject to our stock ownership guidelines. Mr. Dussan currently satisfies this requirement.