Summary of Changes in Executive Officer Compensation Arrangements (June 2006)
This document summarizes changes to the compensation of executive officers for the quarter ending June 30, 2006. Effective June 9, 2006, the company increased the base salaries of its executive officers by 6% to 11% and awarded bonuses ranging from approximately 35% to 85% of each officer's annual base salary. The changes apply to all executive officers and outline the company's updated compensation structure for this period.
Exhibit 10.1
CHANGES IN EXECUTIVE OFFICER COMPENSATION ARRANGEMENTS
The following is a summary of changes in compensation arrangements for our executive officers during the quarter ended June 30, 2006:
Effective June 9, 2006, we increased the base salary of our executive officers by 6% to 11% each. We also provided our executive officers bonuses ranging from approximately 35% to 85% of the executive officers’ annual base salary.
