Executive Officer Compensation Schedule for 2005: Base Salaries, Bonuses, and Long-Term Incentive Awards
This document outlines the 2005 compensation details for three executive officers: John W. Elias (Chairman, President & CEO), Michael G. Long (Executive Vice President & CFO), and John O. Tugwell (Executive Vice President & COO). It specifies their new base salaries effective April 1, 2005, the percentage increase from 2004, annual bonuses for 2004, and long-term incentive awards in the form of restricted stock grants that vest over three years. The agreement sets out the amounts, vesting schedule, and valuation of these awards.
EXHIBIT 10.2
BASE SALARIES BONUSES AND LONG-TERM INCENTIVE AWARDS
FOR CERTAIN EXECUTIVE OFFICERS
|
|
|
|
| Percentage |
|
|
| Long-Term |
| |||||
| Executive Officer |
| New Base Salary(1) |
| Increase |
| 2004 Bonus |
| Number of |
| Value(4) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| John W. Elias |
| $ | 350,000 |
| 0 |
| $ | 210,000 |
| 8,583 |
| $ | 140,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Michael G. Long |
| $ | 200,000 |
| 12 | % | $ | 109,000 |
| 4,683 |
| $ | 76,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| John O. Tugwell |
| $ | 205,000 |
| 12 | % | $ | 111,000 |
| 4,683 |
| $ | 76,825 |
|
(1) These base salaries are effective April 1, 2005.
(2) The percentage is a combination of a merit and promotional increase.
(3) These were grants of restricted stock made on April 1, 2005 that vest ratably over a three-year period beginning with the first anniversary of the grant date.
(4) The value of the grant of restricted stock was as of the grant date, April 1, 2005.
