Named Executive Officer Compensation and Performance Share Unit Awards Agreement (2005)
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.
EXHIBIT 10.3
NAMED EXECUTIVE OFFICER COMPENSATION
Base Salaries
Effective January 1, 2005, the independent members of the Companys 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 |