Carmike Cinemas, Inc. 2005 Cash Bonus Awards for Named Executive Officers

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Carmike Cinemas, Inc. awarded cash bonuses in 2005 to its top executives, including the CEO, COO, CFO, and other senior officers. The bonuses were based on the company's financial performance and the achievement of specific non-financial objectives. The amounts paid were less than previously targeted due to actual performance results. Additionally, the CEO received a dividend-related bonus as outlined in his employment agreement. One executive, Martin A. Durant, retired effective March 31, 2006.

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EX-10.3 4 g03120exv10w3.htm EX-10.3 2005 CASH BONUSES FOR THE NAMED EXECUTIVE OFFICERS EX-10.3 2005 CASH BONUSES FOR EXECUTVE OFFICERS  

Exhibit 10.3
CARMIKE CINEMAS, INC.
2005 CASH BONUSES FOR THE NAMED EXECUTIVE OFFICERS
         
Named Executive Officer   2005 Cash Bonus (1)
 
        
Michael W. Patrick
   $ 667,238 (2)
President, Chief Executive Officer and Chairman of the Board of Directors
        
 
        
Fred W. Van Noy
   $ 92,688  
Senior Vice President and Chief Operating Officer
        
 
        
Martin A. Durant (3)
   $ 76,375  
Senior Vice President — Finance, Treasurer and Chief Financial Officer
        
 
        
Anthony J. Rhead
   $ 88,938  
Senior Vice President — Film and Secretary
        
 
        
Gary F. Krannacker
   $ 51,415  
Vice President of Operations
        
 
(1)   A portion of the 2005 bonus target was tied to the achievement of specified levels of bonus EBITDA; and a portion of the 2005 bonus target was tied to non-financial objectives. Based on actual 2005 performance, the 2005 bonuses are less than the target amounts previously disclosed in the Company’s Form 8-K filed on May 25, 2005.
 
(2)   The Company previously agreed to pay Mr. Patrick a bonus in any quarter that it pays a dividend equal to the number of shares remaining to be issued pursuant to his employment agreement multiplied by the quarterly dividend per share for such quarter. In 2005, a total of $364,000 was earned by Mr. Patrick in connection with this dividend-related bonus and is included in the bonus amount above. The remaining $303,238 of the 2005 bonus amount is based on 2005 actual performance (as described in Note 1 above).
 
(3)   Mr. Durant’s retirement was effective March 31, 2006.