ADESA, Inc. Annual Management Incentive Plan Bonuses and Compensation Approval (2004)
ADESA, Inc.'s Board of Directors approved management incentive plan bonuses for several executive officers for 2004 under the company's Equity and Incentive Plan. The bonuses, awarded to named executives including the CEO, CFO, and other senior officers, total nearly $1.9 million. Additionally, the Compensation Committee approved an 11.8% salary increase for Executive Vice President Brenda J. Flayton, raising her annual salary to $250,000. No other executive salaries were increased. Further details will be provided in the company's 2005 proxy statement.
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EXHIBIT 10.22
ADESA, Inc.
Annual Management Incentive Plan Bonuses and Compensation
Annual Management Incentive Plan Bonuses
On February 8, 2005, the Board of Directors of ADESA, Inc. ratified the Compensation Committee's approval of the following management incentive plan bonuses for the following named executive officers under the ADESA, Inc. 2004 Equity and Incentive Plan for 2004:
| Name | Title | 2004 Bonus | |||
|---|---|---|---|---|---|
| David G. Gartzke | Chairman, President and Chief Executive Officer | $ | 535,650 | ||
| James P. Hallett | Executive Vice President of ADESA, Inc. and President of ADESA Corporation, LLC | $ | 265,303 | ||
| Bradley A. Todd | Executive Vice President of ADESA, Inc. and President of Automotive Finance Corporation | $ | 148,564 | ||
| Cameron C. Hitchcock | Executive Vice President and Chief Financial Officer | $ | 211,433 | ||
| Brenda J. Flayton | Executive Vice President and Chief Administrative Officer | $ | 106,444 | ||
| Other Executive Officers | Various | $ | 623,648 | ||
| $ | 1,891,042 | ||||
Annual Management Compensation
On February 8, 2005, the Compensation Committee of the Company's Board of Directors approved an 11.8% increase in the annual salary of Ms. Flayton to $250,000. The Committee did not increase the salaries of any other named executive officers. The Company will provide additional information regarding the compensation of its named executive officers in its proxy statement for its 2005 annual meeting.
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- EXHIBIT 10.22
