American Consumers, Inc. Executive Officer Base Salary Summary for Fiscal 2011
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Summary
This document outlines the annual base salary for Paul R. Cook, who serves as Chairman of the Board, President, Chief Executive Officer, and Chief Financial Officer of American Consumers, Inc. For the fiscal year ending May 2011, his base salary remains unchanged from the previous year at $72,800. The summary also notes the prior base salary of the former Chairman and CEO, Michael A. Richardson, at the time of his death. The Board of Directors made these decisions based on recommendations from management and the Compensation Committee.
EX-10.20 2 form10kex1020_082410.htm form10kex1020_082410.htm
EXHIBIT 10.20
Narrative Summary of American Consumers, Inc.
Named Executive Officer Base Salaries for Fiscal 2011
The following table sets forth the base salary established for the fiscal year ending in May 2011 for the Chairman of the Board, Chief Executive Officer and Chief Executive Officer of American Consumers, Inc. (the “Company”), the only currently serving executive officer of the Company who qualifies as a “named executive officer” pursuant to Item 402(m)(2) of Securities and Exchange Commission Regulation S-K. The annual base salary for the Company’s former Chairman and Chief Executive Officer, Michael A. Richardson, was set at $88,400 at the time of his death on November 20, 2009. The Board of Directors of the Company, acting upon the recommendations of management and the Board’s Compensation Committee, has elected to leave the base salary for the current Chief Executive Officer and Chief Financial Officer unchanged from his base salary at the end of the Company’s 2010 fiscal year.
| Name: | Title: | Annual Base Salary: |
| Paul R. Cook | Chairman of the Board, President and Chief Executive Officer, and Chief Financial Officer | $72,800 |
