Description of Increase in Executive Officer Base Salaries for Walter F. Ulloa and Philip C. Wilkinson
This document outlines an increase in the base salaries of Walter F. Ulloa, Chairman and CEO, and Philip C. Wilkinson, President and COO, effective August 1, 2006. Both executives' salaries were raised from $800,000 to $824,000. All other terms of their existing employment agreements, dated August 11, 2005, remain unchanged.
EXHIBIT 10.1
Description of Increase in Executive Officer Base Salaries
Effective as of August 1, 2006, the base salary for Walter F. Ulloa, Chairman and Chief Executive Officer, increased from $800,000 to $824,000. All of terms of the employment agreement dated as of August 11, 2005 between the Company and Mr. Ulloa remain the same.
Effective as of August 1, 2006, the base salary for Philip C. Wilkinson, President and Chief Operating Officer, increased from $800,000 to $824,000. All of terms of the employment agreement dated as of August 11, 2005 between the Company and Mr. Wilkinson remain the same.
