Summary of Oral Employment Agreements for Named Executive Officers of Great Lakes Dredge & Dock Corporation (2007)
Great Lakes Dredge & Dock Corporation set the 2007 annual base salaries for its five top executives, including the President and CEO, SVP and CFO, EVP and COO, and two Vice Presidents. The Compensation Committee approved these salaries after reviewing performance and market data. The agreement outlines each executive's base salary for the year, with no additional terms or conditions specified in this summary.
Exhibit 10.26
Summary of Oral Employment Agreements with Named Executive Officers
On February 7, 2007 the Compensation Committee of Great Lakes Dredge & Dock Corporation approved the 2007 annual base salaries of the Company’s named executive officers after review of performance and competitive market data. The following table sets forth the annual base salary levels for 2007 of the Company’s five named executive officers.
| Name and Position |
| Salary |
| |
|
|
|
|
| |
| Douglas B. Mackie (President and CEO) |
| $ | 420,000 |
|
| Deborah A. Wensel (SVP and CFO) |
| $ | 255,000 |
|
| Richard M. Lowry (EVP and COO) |
| $ | 410,000 |
|
| David E. Simonelli (VP, Special Projects Manager) |
| $ | 175,000 |
|
| Kyle D. Johnson (VP, Chief Contract Manager) |
| $ | 160,000 |
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