executive incentive plan specific to such year that was approved by the Compensation Committee and filed with the SEC on Form 8-K. In accordance with such executive incentive plans, Mr. Reading (i) was paid a cash bonus of $1,125,000 and was granted 20,000 shares of restricted stock for 2021, and (ii) was paid a cash bonus of $463,500 and was granted 10,000 shares of restricted stock for 2022. For 2023, Mr. Reading was paid a cash bonus of $777,600 on March 6, 2024, and was granted 16,200 shares of restricted stock on February 26, 2024.
Mr. Reeve joined our Company in March 2018 as Chief Operating Officer–East. Under his employment agreement with us (see “Employment and Consulting Agreements” above), Mr. Reeve’s annual base salary is subject to adjustment by the Compensation Committee. Mr. Reeve’s annual base salary was $567,000 (during 2021), $584,000 (during 2022), $605,000 (during 2023) and was further increased to $625,000 effective as of January 1, 2024. During each of 2021, 2022 and 2023, Mr. Reeve participated in an executive incentive plan specific to such year that was approved by the Compensation Committee and filed with the SEC on Form 8-K. In accordance with such executive incentive plans, Mr. Reeve (i) was paid a cash bonus of $708,750 and was granted 10,000 shares of restricted stock for 2021, and (ii) was paid a cash bonus of $292,005 and was granted 5,000 shares of restricted stock for 2022. For 2023, Mr. Reeve was paid a cash bonus of $490,050 on March 6, 2024 and was granted 8,100 shares of restricted stock on February 26, 2024.
Mr. Hendrickson joined our Company in November 2020 as Chief Financial Officer. Under his employment agreement with us (see “Employment and Consulting Agreements” above), Mr. Hendrickson’s annual base salary is subject to adjustment by the Compensation Committee. Mr. Hendrickson’s annual base salary was $450,000 at the start of his employment through the end of 2021, $463,000 during 2022, $480,000 during 2023 and was further increased to $500,000 effective as of January 1, 2024. Mr. Hendrickson was granted 3,688 shares of restricted stock on November 16, 2020, and was paid a cash bonus of $25,000 on March 10, 2021. During each of 2022 and 2023, Mr. Hendrickson participated in an executive incentive plan specific to such year that was approved by the Compensation Committee and filed with the SEC on Form 8-K. In accordance with such executive incentive plans, Mr. Hendrickson was paid a cash bonus of $185,400 and was granted 3,750 shares of restricted stock for 2022. For 2023, Mr. Hendrickson was paid a cash bonus of $388,800 on March 6, 2024, and was granted 8,100 shares of restricted stock on February 26, 2024.
Mr. Williams joined our Company on July 1, 2021 as Chief Operating Officer – East and, as indicated above, has been promoted to President effective as of May 21, 2024. Under his employment agreement with us (see “Employment and Consulting Agreements” above), Mr. Williams’ annual base salary is subject to adjustment by the Compensation Committee. Mr. Williams’ annual base salary was $450,000 at the start of his employment, was increased to $467,010 in 2022, $540,000 during 2023 and was further increased to $650,000 effective as of January 1, 2024. Mr. Williams was granted 4,454 shares of restricted stock on August 16, 2021. For 2021, Mr. Williams was paid a cash bonus of $225,000 and was granted 5,000 shares of restricted stock. During each of 2022 and 2023, Mr. Williams participated in an executive incentive plan specific to such year that was approved by the Compensation Committee and filed with the SEC on Form 8-K. In accordance with such executive incentive plans, Mr. Williams was paid a cash bonus of $233,505 and was granted 5,000 shares of restricted stock for 2022. For 2023, Mr. Williams was paid a cash bonus of $437,400 on March 6, 2024, and was granted 8,100 shares of restricted stock on February 26, 2024.
Mr. Binstein joined our Company in May 2011 as Vice President, General Counsel and Secretary, and was promoted to Executive Vice President effective March 23, 2022. Mr. Binstein’s annual base salary was $315,000 (during 2021), $340,000 (during 2022) and $375,000 (during 2023) and was further increased to $400,000 effective as of January 1, 2024. Mr. Binstein was paid a cash bonus of $320,000 and was granted 4,883 shares of restricted stock for 2021. During each of 2022 and 2023, Mr. Binstein participated in an executive incentive plan specific to such year that was approved by the Compensation Committee and filed with the SEC on Form 8-K. In accordance with such executive incentive plans, Mr. Binstein was paid a cash bonus of $136,000 and was granted 3,750 shares of restricted stock for 2022. For 2023, Mr. Binstein was paid a cash bonus of $303,750 on March 6, 2024, and was granted 8,100 shares of restricted stock on February 26, 2024.
Compensation Deductibility Policy
Under Section 162(m) of the Code and applicable Treasury regulations, no deduction is allowed for annual compensation in excess of $1 million paid by a publicly traded corporation to its chief executive officer and the four other most highly compensated officers.
