Summary of Oral Employment Agreements with Named Executive Officers
This document outlines the employment terms for the company's named executive officers. The CEO and COO have written employment agreements with salaries set by the Compensation Committee, while other executives are at-will employees with salaries determined annually by the Board of Directors. For 2005, the document lists the base salaries for each executive. All named executives are eligible to participate in the company's bonus and retirement plans.
Exhibit 10.12
Summary of Oral Employment Agreements with Named Executive Officers
The Company’s Chief Executive Officer, Douglas B. Mackie, and Chief Operating Officer, Richard M. Lowry, have written employment agreements with the Company under which their annual salaries are determined by the Compensation Committee (Exhibits 10.10 and 10.11 to the Annual Report on Form 10-K for the year ended December 31, 2004). The other named executive officers of the Company are “at will” employees to the extent that they do not have written employment agreements with the Company. The annual base salaries of these other named executive officers are set annually by the Company’s Board of Directors, upon the recommendation of its Compensation Committee. For 2005, the annual base salaries of the Company’s named executive officers are as follows:
| Douglas B. Mackie (President and CEO): |
| $ | 378,000 |
|
| Richard M. Lowry (EVP and COO): |
| $ | 355,000 |
|
| Deborah A. Wensel (SVP and CFO): |
| $ | 225,000 |
|
| William P. Pagendarm (VP, Division Manager): |
| $ | 173,000 |
|
| Bradley T.J. Hansen (VP, Division Manager): |
| $ | 167,000 |
|
In addition, each of these executive officers is entitled to participate in the Company’s Annual Cash Bonus Plan, 401(k) Savings Plan and the 401(k) Lost Benefit Plan.
