NAMED EXECUTIVE OFFICER COMPENSATION
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 | |||
