Aqua America Executive Officer 2006 Salary and 2005 Incentive Compensation Approval
Aqua America's Board of Directors approved 2006 salaries and 2005 annual incentive compensation payouts for its executive officers. The new salaries for five named executives will take effect on April 1, 2006. Additionally, the executives will receive cash incentive payments based on the company's 2005 performance. This decision was made by the Executive Compensation and Employee Benefits Committee with the Board's concurrence.
2006 Salaries; Annual Incentive Compensation Earned in 2005.
On March 7, 2006, the Executive Compensation and Employee Benefits Committee, with the concurrence of the Board of Directors, approved the following actions regarding compensation for the Company’s executive officers named in its proxy statement:
2006 salaries for Aqua America’s executive officers of $423,576 for Mr. DeBenedictis, $250,377 for Mr. Stahl, $220,639 for Mr. Smeltzer, $191,616 for Mr. Hugus and $184,031 for Mr. Riegler. Such salaries will become effective April 1, 2006.
Annual incentive compensation payouts under Aqua America’s 2005 Annual Cash Incentive Compensation Plan of $419,580 for Mr. DeBenedictis, $114,458 for Mr. Stahl, $86,785 for Mr. Smeltzer, $49,028 for Mr. Riegler and $47,591 for Mr. Hugus.
