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(VRTS) - Get Virtus Investment Partners, Inc. Report

gave CEO Gary Bloom an extra $350,000 in cash in 2002 but cut his options way back in a year that the share price dropped 65%.

Bloom was awarded a bonus of $1.15 million in 2002, an increase of 44% over 2001, in addition to his base salary of $1 million, according to a statement filed with the

Securities and Exchange Commission

on Friday. However, the company slashed his options from 2.25 million in 2001 to 800,000. His base salary was flat from 2001.

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When the business year began on Jan. 2, 2002, Veritas stock was priced at $44.85. Fast forward to New Year's Eve 2002: Veritas closed at $15.62 a share, a drop of 65%, and revenue had increased by just 1%

To be fair, the company did earn 14 cents a share last year, ending a three-year losing streak in which EPS averaged a negative $1.59.

Bloom's good fortune was shared by most of his senior management team. The company raised the salary of Executive Vice President Paul Sallaberry from $425,000 to $750,000, while boosting his bonus to $525,000 from $350,000. His options were cut by 50% to 200,000. He also received $83,642 in unspecified "other compensation."

Chief Technology Officer Fred van den Bosch got an $80,000 raise to $480,000, and a bonus of $300,000, unchanged from the previous year. Kristof Hagerman, an executive vice president, was paid a salary of $315,000, up from $242,051 in 2001, and received 300,000 options, 25,000 more than in the previous year. The strike price on options for the executives mentioned was $16.26.

Compensation for Veritas executives is set by a committee of three outside directors, and is based on "corporate financial performance and individual performance," according to the filing.

Veritas closed at $19.06 a share on Friday