Datalex, the Howth-based software company, paid its former chief financial officer, Mr Liam Booth, $386,000 (€329,000) for loss of office during its restructuring last year.
This golden handshake payment boosted Mr Booth's total remuneration during 2002 to $485,000, significantly more than the $271,000 he was paid in 2001. The company lost $20.5 million in 2002, after losing $92.2 million in 2001.
The payment follows similar golden handshake awards to executives at other Irish firms, such as ParthusCeva.
Its disclosure in Datalex's annual report comes as investors are questioning big executive pay offs at a time when shareholders are suffering losses.
Mr Booth did not reveal the size of the pay off last year when he resigned in May 2002. At the time he told The Irish Times the agreement was "nothing more or less than expected in this type of arrangement".
Mr Booth, who was formerly head of corporate finance at Goodbody Stockbrokers, is now a partner at Key Capital, a boutique corporate finance house.
Datalex's annual report also shows the firm's founder and biggest shareholder, Mr Neil Wilson, netted total remuneration worth $353,000 in 2002, slightly down on the $378,000 payment he received in 2001.
This package was made up of a basic salary payment of $215,000 and a pension payment worth $39,000. Mr Wilson, who owns a 15.68 per cent stake in Datalex, was also paid $50,000 commission in respect of sales generated.
Mr Neil Beck, Datalex's chief executive, was paid a total package worth $226,000 in 2002. This figure reflects an agreement by the remuneration committee at Datalex to reduce executive salaries in late 2001 due to a major slump in sales at the firm.
The firm, which has undergone an extensive restructuring over the past 18 months, made a consolidated loss of $20.5 million in 2002, down from a loss of $92.2 million in the previous year.
Datalex's executive pay bill during 2002 totalled $1.23 million, compared to $1.26 million in 2001.
Payments to non-executive directors increased to $190,000 in 2002, up from $48,000 in 2001 reflecting Datalex's decision to strengthen its board of directors.
