American Consumers, Inc. Board Action Setting Executive Base Salaries for Fiscal 2007

Contract Categories: Human Resources › Compensation Agreements
Summary

On August 15, 2006, the Board of Directors of American Consumers, Inc., following the Compensation Committee's recommendation, approved the base salaries for its executive officers for the fiscal year ending May 2007. The annual base salaries for Michael A. Richardson, Paul R. Cook, and Virgil E. Bishop were set at $88,400, $66,976, and $66,976, respectively. These salaries remained the same as the previous year. The agreement outlines the compensation terms for these key executives.

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EX-10.1 2 ex10_1.txt EXHIBIT 10.1 EXHIBIT 10.1 NARRATIVE SUMMARY OF BOARD ACTION ESTABLISHING ---------------------------------------------- BASE SALAIRES FOR FISCAL 2007 ----------------------------- On August 15, 2006, the Board of Directors of American Consumers, Inc. (the "Company"), acting upon the recommendation of the Board's Compensation Committee, set the base salaries for the Company's executive officers for the fiscal year ending in May 2007. Such action included establishment of the following base salaries for those executive officers who serve as directors of the Company (Mr. Richardson also qualifies as a "named executive officer" pursuant to Item 402(a)(3) of Securities and Exchange Commission Regulation S-K):
NAME: TITLE: ANNUAL BASE SALARY: ---- ----- ------------------ Michael A. Richardson Chairman of the Board, President $88,400 and Chief Executive Officer Paul R. Cook Executive Vice President, 66,976 Treasurer and Chief Financial Officer Virgil E. Bishop Vice President 66,976
These base salaries remained unchanged from fiscal year 2006 levels.