SAN FRANCISCO — Last week, the parent of Snapchat took heat for appearing to pay its only female director, Joanna Coles, far less than her male peers on the company’s board.
Now Snap Inc., as the company is formally known, would like to correct the record.
In an amended prospectus filed on Thursday, Snap disclosed the 2017 compensation for Ms. Coles, who, in her day job, is the chief content editor for Hearst Magazines. The filing is intended to refute the notion that Ms. Coles was earning less — primarily through differences in the size of stock grants — than the other nonfounder directors, all of whom are men.
Snap’s headache began last week when Fortune reported that Ms. Coles appeared to make significantly less than some of her fellow directors.
The rest of the board are Michael Lynton, the former chief executive of Sony Entertainment and Snap’s chairman; A. G. Lafley, the former chief executive of Procter & Gamble; Mitchell Lasky, a partner at the venture firm Benchmark Capital; Stanley Meresman, a longtime Silicon Valley executive; Scott D. Miller, the chief executive of G100 Companies; and Christopher Young, an Intel executive. Of them, Mr. Lynton and Mr. Lasky do not draw any additional compensation apart from their existing stock holdings.
According to that first filing, Ms. Coles had made about $110,000 in compensation as a Snap director, with $35,000 coming from an annual retainer and the remaining $75,866 coming from stock grants. The trouble was that the other directors who draw pay from their board seats — Mr. Lafley, Mr. Meresman, Mr. Miller and Mr. Young — appeared to have made significantly more than what she did.
Here’s the breakdown of total compensation, per page 131 of the initial prospectus:
■ Mr. Lafley: $2.6 million, including a $200,000 retainer meant in part to cover his travel to board meetings.
■ Mr. Miller: $1.1 million.
■ Mr. Young: $1.1 million.
■ Mr. Meresman, per a footnote: 162,762 restricted stock units that, as of Dec. 31, were valued at $2.6 million.
What Snap’s initial prospectus did not make clear was that Mr. Miller and Mr. Young had each signed four-year contracts upon joining the company’s board, whereas Ms. Coles had signed only an annual contract.
To get more specific: The two men each received 65,106 restricted shares upon joining that vest over four years, as well as $35,000 in annual cash retainers.
In a footnote in Thursday’s amended filing, Snap now makes clear that Ms. Coles’s previously reported compensation left out a new four-year contract that she had signed last month, giving her more stock. In that new agreement, she will receive 52,736 restricted shares that will vest over the next four years.
Those new restricted shares, added together with her previous stock grants, puts her on par with the two younger male directors at 65,106 restricted stock units.