2016 Executive Compensation Notification for Executive Vice President and CFO Bill W. Wheat
This document outlines the 2016 compensation for Bill W. Wheat, Executive Vice President and Chief Financial Officer. His annual base salary is set at $500,000, with eligibility for discretionary bonuses based on performance. Mr. Wheat may also participate in two deferred compensation plans: one for voluntary income deferrals and another where the company promises to pay benefits if he remains employed through the fiscal year, establishing a liability equal to 10% of his base salary. Earnings on this liability will accrue at a rate set by the administrative committee.
Exhibit 10.2
Summary of Executive Compensation Notification
Other Executive Officer – Chief Financial Officer
2016 Fiscal Year Compensation of Other Named Executive Officer.
The Board of Directors also established and approved the 2016 fiscal year annual base salary of our other named executive officer. The salary and other compensation approved are as set forth below in Table II.
Table II
| Name | Office | Annual Base Salary (2016 Fiscal Year) | Discretionary Bonus Plan (2016 Fiscal Year) | |||||
| Bill W. Wheat | Executive Vice President and CFO | $ | 500,000 | See Note II | ||||
Note II:
The Board of Directors may award discretionary bonuses to Mr. Wheat based on his performance in fiscal 2016. In addition, Mr. Wheat may participate in two separate deferred compensation plans. The first plan allows the executive to make voluntary income deferrals. The second plan is a promise by the Company to pay benefits to the executive. If the executive is employed by the Company on the last day of the current fiscal year (for example September 30, 2016), then the Company will establish a liability to him equal to 10% of his annual base salary as of first day of the current fiscal year (for example October 1, 2015). This liability will accrue earnings in future years at a rate established by the administrative committee.
