Executive Compensation Arrangements for Fiscal Years 2004 and 2005
This document outlines the annual compensation decisions made by the Compensation Committee of the Board of Directors for the company's executive officers. It lists the base salaries and bonuses awarded to Thomas Brown, Jon A. DeLuca, and Edward Granaghan for fiscal year 2004, and sets their base salaries for fiscal year 2005. Bonus amounts for 2005 have not yet been determined. The agreement details the process for reviewing and adjusting executive compensation each year.
EXHIBIT 10.72
EXECUTIVE COMPENSATION ARRANGEMENTS
Each year, the Compensation Committee of the Board of Directors considers whether to alter the base salary of our executive officers. In addition, the Compensation Committee determines bonus awards, if any, to our executive officers for the fiscal year.
Listed below are salaries and bonuses for our executive officers that were awarded during fiscal 2004 and the salaries that have been established for fiscal 2005. Bonuses for fiscal 2005 have not yet been determined.
| Executive Officer | 2004 Salary | 2004 Bonus | 2005 Salary | ||||||
| Thomas Brown | $ | 237,500 | $ | 87,500 | $ | 237,500 | |||
| Jon A. DeLuca | $ | 225,000 | $ | 150,000 | $ | 275,000 | |||
| Edward Granaghan | $ | 167,100 | $ | 70,000 | $ | 200,000 | |||
