Summary of Named Executive Officer Compensation for 2004–2005

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document outlines the 2004 bonuses and 2005 salaries for the company's named executive officers, including the CEO, President/COO, CFO, and CAO/Secretary. It also describes a cash incentive plan for 2005, under which executives are eligible for annual cash bonuses based on a percentage of their salary. The CEO and President/COO may receive additional bonuses for exceptional performance, with awards determined at the Compensation Committee's discretion and no set performance criteria.

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EX-10.6 2 g93911tkexv10w6.txt EX-10.6 SUMMARY OF EXECUTIVE COMPENSATION EXHIBIT 10.6 SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION EXECUTIVE COMPENSATION On February 15, 2005, 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 2004 and set the following salaries for 2005 for the named executive officers set forth in the table below:
AMOUNT OF AMOUNT OF EXECUTIVE OFFICER TITLE 2004 BONUS 2005 SALARY - ------------------- ----------------- ---------- ------------ David H. Lissy CEO $ 294,000 $ 280,000 Mary Ann Tocio President and COO $ 294,000 $ 280,000 Elizabeth J. Boland CFO and Treasurer $ 120,000 $ 210,000 Stephen I. Dreier CAO and Secretary $ 55,572 $ 190,800
Cash Incentive Plan. The Committee adopted a cash incentive plan for named executive officers for 2005 (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 105% of their annual salary. No specific performance criteria or specific performance goals have been established under the Bonus Plan. Instead, awards will be made at the Committee's discretion.
BASE BONUS INCREMENTAL BONUS EXECUTIVE OFFICER (% OF 2005 SALARY) (% OF 2005 SALARY) ----------------- ------------------ ------------------ David H. Lissy 70% 35% Mary Ann Tocio 70% 35% Elizabeth J. Boland 50% N/A Stephen I. Dreier 30% N/A