Summary of Compensatory Arrangements with Executive Officers (2005)
This document outlines the 2005 base salaries for the named executive officers of the company, as approved by the compensation committee of the board of directors. It lists the specific salary amounts for each executive and notes mid-year increases for two officers. The agreement sets the compensation terms for the company's top management for the specified fiscal year.
Exhibit 10.12
Summary of Compensatory Arrangements with Executive Officers
In December 2004, the compensation committee of the board of directors approved a schedule of the following fiscal year 2005 base salaries for each of our named executive officers:
| Name and Principal Position | Base Salary | ||
| Michael F. Neidorff Chairman and Chief Executive Officer | $ | 850,000 | |
| Joseph P. Drozda, Jr., M.D. Executive Vice President, Operations | $ | 380,000 | |
| William N. Scheffel Senior Vice President, Specialty Companies | $ | 285,000 | |
| Lisa M. Wilson Senior Vice President, Investor Relations | $ | 400,000 | |
| Karey L. Witty Senior Vice President, Chief Financial Officer, Secretary and Treasurer | $ | 300,000 | |
In July 2005, the compensation committee approved an increase in the base salary of Mr. Scheffel to $360,000 and an increase in the base salary of Mr. Witty to $340,000.
