CEO Alistair Macdonald of Raleigh’s Inc Research Holdings had total compensation of $4.3 million in 2016, almost three times the $1.45 million he received in 2015, according to a filing with the Securities and Exchange Commission.

The increase in compensation was tied mostly to $2.5 million in stock awards Macdonald received in 2016, which were associated with his promotion from chief operating officer to chief executive officer.

Gregory S. Rush, executive vice president and chief financial officer, saw his total compensation more than double to $3.25 million from $1.4 million in 2015.

Chief Operating Officer Michael Gibertini also saw his total yearly pay increase to $3.1 million from $1.3 million in 2015.

According to the SEC filing, the executive pay increases reflect a small increase in base salary, but are driven mainly by a dramatic increase in equity awards associated with a “special retention incentive awards” plan made in September 2016.

The company announced in July 2016 that Alistair Macdonald would replace Jamie Macdonald as Chief Executive Officer, effective Oct. 1, 2016.

Following the July 2016 announcement of the CEO transition, the company granted special one-time long term incentives and cash awards to executives. The awards were intended to help retain executives during the transition period.

The special incentive awards amount to approximately three times an executives’ annual salary and consist of a combination of long and short-term incentives. More than 80 percent of the special awards will be paid through restricted stock units vesting over 3 years.

Outgoing CEO Jamie Macdonald received $5.28 million in compensation in 2016, up from $3.2 million in 2015. The increase in total compensation can be attributed to $3.4 million worth of stock awards, up from $1 million in 2015.

INC Research Holdings is a contract research organization that provides clinical development services for Phase I to Phase IV testing of medical devices and medications. The company specializes in research with a deep therapeutic focus.

In terms of full-year guidance, the company expects net service revenue between $1 billion and $1.1 billion, and adjusted diluted EPS between $2.63 and $2.75 per share.

The consensus analyst estimate for full-year earnings is $2.42 per share, according to Zack’s Investment Research based on estimates from eight analysts.