Ex-10(aa) 2008 Executive Compensation Matters
Contract Categories:
Human Resources
- Compensation Agreements
EX-10.AA 2 g12539exv10waa.htm EX-10(AA) 2008 EXECUTIVE COMPENSATION MATTERS Ex-10(aa) 2008 Executive Compensation Matters
Exhibit (10)(aa)
J. ALEXANDERS CORPORATION (THE COMPANY)
SUMMARY OF DIRECTOR AND EXECUTIVE OFFICER COMPENSATION
I. DIRECTOR COMPENSATION. Directors who are employees of the Company do not receive additional compensation for serving as directors of the Company. The following table sets forth current rates of cash compensation for the Companys non-employee directors.
RETAINERS | 2008 | |||
Board retainer | $ | 15,000 |
In addition, non-employee directors are paid a fee of $1,500 for each attended meeting of the Board or any Committee of which he or she is a member. Each director who is not also an employee of the Company is eligible for grants of non-qualified stock options under the Amended and Restated 2004 Equity Incentive Plan. Generally, directors who are not employees of the Company have been awarded options to purchase 10,000 shares of Common Stock upon joining the Board and options to purchase 1,000 shares of Common Stock for each succeeding year of service, with the exercise price equal to the fair market value of the Common Stock on the date of grant. Pursuant to the terms of the Amended and Restated 2004 Equity Incentive Plan, no non-employee director is eligible for a grant of incentive stock options under the Plan.
II. EXECUTIVE OFFICER COMPENSATION. The following table sets forth the 2008 annual base salaries and the fiscal 2007 performance bonuses provided to the Companys Chief Executive Officer, Chief Financial Officer and other highly compensated executive officers (the Named Officers).
FISCAL 2007 | ||||||||
EXECUTIVE OFFICER | 2008 SALARY | BONUS AMOUNT | ||||||
Lonnie J. Stout II | $ | 376,000 | $ | | ||||
R. Gregory Lewis | $ | 196,000 | $ | | ||||
J. Michael Moore | $ | 155,000 | $ | | ||||
Mark A. Parkey | $ | 155,000 | $ | |
The following table sets forth the 2008 cash bonus targets as a percentage of 2008 base salary set for the Companys Named Officers under the Companys Cash Incentive Performance Program.
FISCAL 2008 | ||||
EXECUTIVE OFFICER | BONUS TARGET | |||
Lonnie J. Stout II | 35 | % | ||
R. Gregory Lewis | 30 | % | ||
J. Michael Moore | 25 | % | ||
Mark A. Parkey | 25 | % |
The bonuses will generally be determined based upon the Companys achieving designated levels of earnings before net interest expense, income taxes, depreciation, amortization, pre-opening expense, and any stock option expense, or adjusted EBITDA.
The Named Officers are also eligible to receive incentive awards pursuant to the Companys equity incentive plans.
III. ADDITIONAL INFORMATION. The foregoing information is summary in nature. Additional information regarding director and Named Officer compensation will be provided in the Companys proxy statement to be filed in connection with the 2008 annual meeting of stockholders.
52