Special Retention Bonus Agreement for 2006 Named Executive Officers (Marlin L. Mosby, III and Peter F. Makowiecki)
This agreement outlines special retention bonuses for two executive officers, Marlin L. Mosby, III and Peter F. Makowiecki, equal to 15% of their 2006 salaries ($51,000 and $68,250, respectively). The bonuses will be paid after the Committee's February 2007 meeting but must be repaid if the recipient leaves the company within twelve months, except in cases of death, disability, or approved retirement. These bonuses are separate from annual bonuses and do not affect benefits tied to annual bonus amounts.
Description of Special Retention Bonuses to 2006 Named Executive Officers
Special Retention Bonuses
The Committee has approved the following retention bonuses to two of the 2006 Named Executive Officers: Marlin L. Mosby, III, $51,000; and, Peter F. Makowiecki, $68,250. In each case the retention bonus amount was 15% of the person’s 2006 salary. Retention bonuses are to be paid in the next payroll cycle following the Committee’s February 2007 meeting, but are subject to forfeiture and repayment if the recipient leaves the registrant’s employ within twelve months following payment of the bonus (other than for death, disability, or approved retirement). Retention bonuses do not count as “annual bonuses” for purposes of calculating benefits that relate to annual bonus amounts, and are separate from any bonuses that may be paid under the registrant's 2002 Management Incentive Plan.
