Bahram Akradi, chairman and CEO of Chanhassen-based Life Time Fitness, Inc. (NYSE: LTM)—which operates 71 fitness facilities in 16 states—will receive 188,960 shares of restricted Life Time stock in lieu of his 2008 salary. The restricted stock will vest annually over four years, beginning March 1, 2009. The number of such shares vesting each year may decrease if the company fails to meet certain fiscal 2008 performance goals. Life Time reported a 22.8 percent increase in revenue for its fourth quarter 2007.
The compensation plan was approved by the company board's compensation committee on March 14. Akradi's salary for calendar year 2007 was $926,667, but his total compensation including stock awards, option awards, and incentives was more than $4.1 million.
