Summary of Named Executive Officer Compensation for 2005–2006

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation decisions made by the Compensation Committee of the Board of Directors for the company's named executive officers. It specifies the bonuses awarded for 2005 and the salaries set for 2006 for four executives, including the CEO, President/COO, CFO, and CAO/Secretary. It also describes a cash incentive plan for 2006, detailing each officer's eligibility for annual target bonuses as a percentage of salary, with additional bonus potential for the CEO and President/COO based on performance.

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EX-10.8 2 g00173exv10w8.txt EX-10.8 SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION EXHIBIT 10.8 SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION EXECUTIVE COMPENSATION On February 2, 2006, after consideration of presentations and recommendations of management and independent compensation consultants, and such other matters and information as deemed appropriate, the Compensation Committee (the "Committee") of the Board of Directors of the Company approved the following bonuses for 2005 and set the following salaries for 2006 for the named executive officers set forth in the table below:
AMOUNT OF AMOUNT OF EXECUTIVE OFFICER TITLE 2005 BONUS 2006 SALARY - ----------------- ------------------- ---------------- ------------- David H. Lissy CEO $ 345,000 $ 298,000 Mary Ann Tocio President and COO $ 345,000 $ 298,000 Elizabeth J. Boland CFO and Treasurer $ 94,500 $ 218,400 Stephen I. Dreier CAO and Secretary $ 66,780 $ 198,400
Cash Incentive Plan. The Committee adopted a cash incentive plan for named executive officers for 2006 (the "Bonus Plan"). Pursuant to the Bonus Plan, each named executive officer is eligible for an annual target cash bonus award equal to the percentage of annual salary set forth in the table below (the "Base Bonus"). In addition to the Base Bonus, the Chief Executive Officer and President and Chief Operating Officer are eligible to receive up to 150% of the Base Bonus for significant overachievement of performance expectations (the "Incremental Bonus"), providing the Chief Executive Officer and President and Chief Operating Officer with a maximum bonus potential of up to 120% of their annual salary.
BASE BONUS INCREMENTAL BONUS EXECUTIVE OFFICER (% OF 2006 SALARY) (% OF 2006 SALARY) David H. Lissy 80% 40% Mary Ann Tocio 80% 40% Elizabeth J. Boland 55% N/A Stephen I. Dreier 35% N/A