Named Executive Officer Compensation and Performance Share Unit Awards Agreement (2005)

Summary

This agreement outlines the compensation adjustments and performance share unit awards for named executive officers of the company, effective January 2005. It details increases in annual base salaries for four executives and documents the vesting and payout of performance share units under the 2001 plan, as well as new grants under the 2005 plan. The agreement specifies the amounts and recipients but does not include additional conditions or time limits beyond the effective dates and the actions taken by the Board and Compensation Committee.

EX-10.3 4 exhibit3.htm EX-10.3 EX-10.3

EXHIBIT 10.3

NAMED EXECUTIVE OFFICER COMPENSATION

Base Salaries

Effective January 1, 2005, the independent members of the Company’s Board of Directors approved increases to the annual base salaries for the following named executive officers of the Company as follows:


Bobby S. Shackouls	$	1,025,000
Randy L. Limbacher	$	550,000
Steven J. Shapiro	$	550,000

L. David Hanower $ 450,000

2001 Performance Share Unit Plan

Effective January 25, 2005, the Compensation Committee vested the below listed number of performance share units previously granted to the following named executive officers of the Company resulting in the below listed payouts:


Named Executive Officer	Number of Units Vested		Payout
Bobby S. Shackouls		200,000	$	8,632,000
Randy L. Limbacher		62,500	$	2,697,500
Steven J. Shapiro		62,500	$	2,697,500
L. David Hanower		50,000	$	2,158,000
John A. Williams		50,000	$	2,158,000

2005 Performance Share Unit Plan

Effective January 26, 2005, the Compensation Committee granted the below listed number of performance share units to the following named executive officers of the Company:


Named Executive Officer	Number of Units Granted
Bobby S. Shackouls		200,000
Randy L. Limbacher		70,000
Steven J. Shapiro		70,000
L. David Hanower		55,000
John A. Williams		55,000