Millwork, including exterior and interior doors, pre-hung door units, windows, patio doors, mouldings, frames, stair parts and columns. Key brands in this product category include Therma-Tru, Masonite, HB&G, Huttig Windows, Woodgrain, Windsor Windows
EX-10.27 2 c63145exv10w27.htm EX-10.27 exv10w27
Exhibit 10.27
Compensation Arrangements for
Certain Named Executive Officers
Certain Named Executive Officers
Set forth below is a summary of the compensation arrangements of the incumbent executive officers to be named in the Companys 2011 Proxy Statement for the Annual Meeting of Stockholders, other than Mr. Jon P. Vrabely, the Companys President and Chief Executive Officer, who is covered by a written employment agreement filed as an exhibit to the Companys Annual Report on Form 10-K for the year ended December 31, 2010 (the Form 10-K).
Each of the executive officers named below is an employee at will whose compensation and employment status may be changed at any time in the discretion of the Companys Board of Directors.
Base Salaries. The Company instituted a temporary 10% reduction in the base salaries of certain employees, including each of the executive officers, which was in effect from September 2009 to April 2010. The temporary reductions were made to mitigate the impact of seasonal decreases in construction activity, which generally adversely affect the Companys first and fourth quarters.
The current base salaries for each of the incumbent named executive officers, other than Mr. Vrabely, as reinstated in April 2010 following the temporary 10% reduction as described above, are as follows:
Name and Principal Position | Base Salary | |||
Philip W. Keipp | $ | 250,000 | ||
Vice President, Chief Financial Officer and Secretary | ||||
Gregory W. Gurley | $ | 225,000 | ||
Vice President, Product Management and Marketing |
Base salaries are adjusted from time to time. Any such adjustments are approved by the Management Organization and Compensation Committee.
Bonuses and Equity Awards. These executive officers are also eligible to participate in the Companys annual incentive compensation plans and equity incentive compensation plans, as provided in the terms of such plans. Such plans, and any forms of awards thereunder providing for material terms, are included as exhibits to the Form 10-K or to later-filed periodic reports.