Aqua America 2005 Executive Officer Salaries and 2004 Incentive Compensation Approval
Aqua America's Board of Directors approved the 2005 salaries for its executive officers, including Mr. DeBenedictis, Mr. Stahl, Mr. Smeltzer, Mr. Riegler, and Mr. Hugus, with new salaries effective April 1, 2005. The Board also approved annual incentive compensation payouts earned in 2004 for these executives under the company's Annual Cash Incentive Compensation Plan. This document outlines the specific salary amounts and incentive payouts for each executive.
Exhibit 10.1
2005 Salaries; Annual Incentive Compensation Earned in 2004.
On March 1, 2005, the Board of Directors approved the following recommendations of the Executive Compensation and Employee Benefits Committee regarding compensation of the Company’s executive officers:
The 2005 salaries for Aqua America’s executive officers of $399,600 for Mr. DeBenedictis, $238,454 for Mr. Stahl, $210,132 for Mr. Smeltzer, $196,112 for Mr. Riegler and $184,246 for Mr. Hugus. Such salaries will become effective April 1, 2005.
The annual incentive compensation payouts under Aqua America’s 2004 Annual Cash Incentive Compensation Plan of $330,000 for Mr. DeBenedictis, $90,872 for Mr. Stahl, $79,186 for Mr. Smeltzer, $46,648 for Mr. Riegler, and $35,963 for Mr. Hugus.
