Summary of Changes in Executive Officer Compensation Arrangements (Q2 2005)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines changes to the compensation of the company's executive officers for the quarter ending June 30, 2005. Effective March 1, 2005, executive officers received a base salary increase of about 6%, bonuses ranging from 1% to 20% of their annual base salary, and stock options to purchase between 12,500 and 85,000 shares under the 2004 Equity Incentive Plan. These changes align with the terms offered to non-executive employees for stock options.

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EX-10.55 2 f11573exv10w55.htm EXHIBIT 10.55 exv10w55  

Exhibit 10.55
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, 2005:
     On April 5, 2005, effective March 1, 2005, we increased the base salary of our executive officers by approximately 6% each. We also provided our executive officers bonuses ranging from approximately 1% to 20% of the executive officers’ annual base salary. In addition, we provided stock options to purchase between 12,500 and 85,000 shares of Common Stock, on terms consistent with those options granted to our non-executive employees, pursuant to the 2004 Equity Incentive Plan.