2005-2007 Long-Term Incentive and Executive Compensation Program for Executive Officers
This agreement outlines the long-term incentive awards and annual base salaries for the executive officers of the Corporation for the 2005-2007 period. Executive officers, including the CEO and other senior leaders, are granted performance-based restricted shares that will vest if certain financial targets are met. One executive receives a special cash incentive instead of share awards. The document also specifies the approved annual base salaries for each executive officer, effective January 1, 2005, with some adjustments effective July 1, 2005.
Exhibit 10.29
Long-term Incentive Program
The Committee of Independent Directors (as to the Chief Executive Officer) and the Executive Compensation Committee (as to the other executive officers) of the Board of Directors have also approved long-term incentive awards for the executive officers for the 2005-2007 cycle of the Corporation’s 1997 Incentive Program, awarding performance-based restricted shares to the executive officers on January 5, 2005 as follows:
| Officer | Title | Long-term Incentive Award | ||
| Thomas H. Johnson | Chairman & Chief Executive Officer and Director | 45,000 shares | ||
| Andrew J. Kohut | President | 20,000 shares | ||
| Neil Rylance (3) | Executive Vice President - European Packaging | 16,000 shares | ||
| J.P. Causey Jr. | Executive Vice President, Secretary & General | 10,500 shares | ||
| Joel K. Mostrom (3) | Senior Vice President & Chief Financial Officer | 10,000 shares | ||
The restricted shares for the 2005-2007 cycle, or portions thereof, will vest at the end of the cycle if specific cash generation and earnings per share growth targets are achieved.
In lieu of participation in the 2005-2007 cycle of the 1997 Incentive Program, the Executive Compensation Committee approved for Mr. Gilchrist a special 2005 cash incentive with a target award of 94,000 pounds Sterling based on growth of earnings per share, achievement of a target performance based on earnings before interest, taxes, depreciation and amortization less capital expense margin and his achievement of individual goals.
Fiscal 2005 Compensation
Effective as of January 1, 2005, the Committee of Independent Directors (as to the Chief Executive Officer) and the Executive Compensation Committee (as to the other executive officers) of the Board of Directors have also approved annual base salaries for the Corporation’s executive officers as follows:
| Officer | Title | Compensation | ||
| Thomas H. Johnson | Chairman & Chief Executive Officer and Director | $700,000 | ||
| Andrew J. Kohut | President | $366,500 $420,000 (2) | ||
| Keith Gilchrist | Executive Vice President and Chief Operating | $527,094 (1) | ||
| Neil Rylance (3) | Executive Vice President - European Packaging | $354,540 (1) $399,000 (1)(2) | ||
| J.P. Causey Jr. | Executive Vice President, Secretary & General | $270,000 | ||
| Joel K. Mostrom (3) | Senior Vice President & Chief Financial Officer | $255,200 $275,000 (2) | ||
| (1) | - To be paid in pounds Sterling |
| (2) | - Effective July 1, 2005 |
| (3) | - Messrs. Rylance and Mostrom were elected executive officers of the Corporation effective January 5, 2005 |
