Summary of Cash Compensation Arrangements for Named Executive Officers (2005)
This document outlines the base salaries and cash bonus arrangements for the company's named executive officers for 2005. It lists the annual base salary, annual performance bonus, and long-term performance bonus for each executive. The Compensation Committee may adjust these amounts and participation in bonus plans as needed. The bonuses reflect amounts earned for prior performance periods and paid in 2005.
Exhibit 10.32
SUMMARY OF CASH COMPENSATION ARRANGEMENTS
FOR NAMED EXECUTIVE OFFICERS
The base salaries and other cash compensation arrangements for the current executive officers named in the Company’s 2005 Proxy Statement are as follows:
| Executive Officer | 2005 Base Salary | Annual Performance Bonus(1) | Long-Term Performance Bonus(2) | |||
| J. Patrick Spainhour | $950,000 | $167,428 | $684,000 | |||
| Kay Krill | $950,000 | $805,600 | $684,000 | |||
| Dwight Meyer | $490,000 | $103,704 | $211,680 | |||
| James Smith | $370,000 | $ 78,307 | $159,840 | |||
| Anthony Romano | $375,000 | $ 76,190 | $155,520 |
Base salaries and participation in cash bonus plans may be adjusted from time to time as determined by the Compensation Committee of the Board of Directors.
| (1) | Amounts earned for fiscal year 2004 performance and paid in 2005 under the Company’s Management Performance Compensation Plan. |
| (2) | Amounts earned for the 2002-2004 three-year cycle under the Company’s Long-Term Cash Incentive Plan and paid in 2005. |
