Newmark Knight Frank CEO Barry Gosin earned nearly $30 million in 2015, though the vast majority was paid as stock in an advance against future incentive payments, filings with the U.S. Securities and Exchange Commission show.
Gosin, who’s served as CEO of the brokerage since 1979, received a base salary of $475,000 in 2015, as well as a bonus of $2.3 million and $2.59 million worth of commissions, according to the prospectus Newmark filed Monday ahead of its planned initial public offering.
The 67-year-old brokerage chief also received a one-time, $24 million grant as an advance on payments that will be drawn down over the following years, filings show.
The grant, along with a similar one made the previous year, was “based on Mr. Gosin’s estimated target bonus in future years,” the prospectus explained.
Absent a grant bonus in 2016, Gosin’s compensation dropped to a little more than $989,000 for the year, roughly half of which was earned on commissions. Gosin couldn’t be immediately reached for comment.
In a spinoff from Wall Street veteran Howard Lutnick’s BGC Partners, Newmark filed initial paperwork for an IPO that looks to raise $100 million.
Gosin, the filings show, is under a one-year contract expiring next October that renews unless terminated 90 days in advance. He’s subject to a 24-month noncompete agreement, during which time Newmark would be required to pay him up to $2 million.