Salary and Termination Arrangements for Executive Officers (May 2, 2007)
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Summary
This document outlines the salary and bonus arrangements for three executive officers of the company, effective May 2, 2007. It specifies their annual salaries and target bonuses for fiscal years 2007 and 2008, with all terms subject to change by the Compensation Committee. Additionally, it notes a $270,000 payment to Arthur E. Coles upon his retirement, in exchange for consulting services and a non-compete agreement with the company.
EX-10.13 10 l26028aexv10w13.htm EX-10.13 EX-10.13
Exhibit 10.13
SALARY AND TERMINATION ARRANGEMENTS FOR EXECUTIVE OFFICERS
The following persons were appointed on May 2, 2007 by the Board of Directors to serve as executive officers of the Company. Their respective salaries, shown below, are paid under unwritten arrangements subject to modification from time to time at the sole discretion of the Compensation Committee. All three officers participate in the Company’s Business Unit Bonus Plan. Their respective target bonuses for fiscal 2007 and fiscal 2008 under that Plan are shown below.
| Target Bonus | Target Bonus | |||||
| Salary | FY07 | FY08 | ||||
Katherine A. Binns President, U.S. Industry Research Groups | $210,000 | $65,000 | $65,000 | |||
Richard W. Millard President, U.S. Industry Research Groups | $200,000 | $40,000 | $65,000 | |||
Michelle F. O’Neill President, U.S. Industry Research Groups | $235,000 | $60,000 | $65,000 |
On May 2, 2007 the Compensation Committee of the Board of Directors approved payment of an aggregate of $270,000 to Arthur E. Coles after his retirement from the Company in connection with his agreement to provide consulting services and not to compete with the Company.
