Summary of Changes to Annual Compensation for Executive Officers (Rosenfield, Flax, Collyns)
This document outlines the approval by the Compensation Committee of the Board of Directors to increase the annual base salaries of the company's co-Chief Executive Officers, Richard L. Rosenfield and Larry S. Flax, and Chief Financial Officer, Susan M. Collyns. Effective January 2, 2006, the co-CEOs' salaries will rise from $500,000 to $540,000, and the CFO's salary will increase from $300,000 to $325,000. These changes are made in accordance with their existing employment agreements.
EXHIBIT 10.33
Summary of Changes to Annual Compensation of Certain Executive Officers
On February 15, 2006, pursuant to an annual salary review performed in accordance with the current employment agreements of co-Chief Executive Officers Richard L. Rosenfield and Larry S. Flax, and Chief Financial Officer Susan M. Collyns (collectively, the “executive officers”), the Compensation Committee of the Company’s Board of Directors approved an increase to each of the executive officers’ annual base compensation. Effective January 2, 2006, the annual base compensation will increase from $500,000 to $540,000 for each of the co-Chief Executive Officers and increase from $300,000 to $325,000 for the Chief Financial Officer.
