Executive Officer and Director Compensation Schedule under Long-Term Incentive Plan

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the approved salaries and stock option grants for executive officers and the compensation structure for directors, as established under the company's Long-Term Incentive Plan, which is part of its First Amended Joint Plan of Reorganization. Executive officers receive specified annual salaries and stock options based on their positions. Directors are compensated with an annual retainer, a one-time stock option grant with a three-year vesting period, meeting attendance fees, and additional retainers for committee chairmanships. The agreement sets clear terms for compensation and option grants for key company leaders.

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EX-10.21 28 a2153849zex-10_21.txt EXHIBIT 10.21 EXHIBIT 10.21 COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS OPTION GRANTS AND SALARIES OF EXECUTIVE OFFICERS: Pursuant to the Long-Term Incentive Plan approved as part of the registrant's First Amended Joint Plan of Reorganization (the "Plan of Reorganization"), the following salaries and option grants were approved:
POSITION SALARY OPTION SHARES - ------------------------------------------------------------------------------------------ President & Chief Executive Officer $ 480,000 200,000 Vice President Finance & Chief Financial Officer $ 190,000 100,000 Vice President Marketing & International $ 190,000 100,000 Vice President Operations - Kokomo $ 190,000 100,000 Vice President Information Technology & Business Planning $ 162,000 50,000 Vice President Corporate Affairs $ 160,000 50,000 Vice President Engineering & Technology $ 160,000 50,000 Controller & Chief Accounting Officer $ 160,000 50,000 Vice President Sales $ 160,000 50,000 Vice President Manufacturing Planning $ 125,000 50,000 General Manager Arcadia $ 155,000 50,000
OPTION GRANTS AND FEES PAID TO DIRECTORS: Also pursuant to the Plan of Reorganization, the following compensation schedule for Directors was approved: Annual Retainer: $ 30,000 Stock Options (three year vesting): 15,000 options (one time grant) Attendance Fee per Meeting: $ 1,000 Audit Committee Chairman (separate retainer): $ 10,000 Chairman of the Board $ 15,000 All other Committee Chairmen: $ 5,000