Summary of Compensation Arrangements for Certain Named Executive Officers of the Company

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Summary

This document outlines the compensation arrangements for two executive officers of the Company, Philip W. Keipp and Gregory W. Gurley, excluding the CEO who is covered by a separate agreement. Both officers are employed at will, meaning their compensation and employment status can be changed at any time by the Board of Directors. Their current base salaries are $250,000 and $225,000, respectively, and may be adjusted periodically. They are also eligible for annual bonuses and equity awards under the Company’s incentive plans, subject to the terms of those plans.

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EX-10.27 2 c63145exv10w27.htm EX-10.27 exv10w27
Exhibit 10.27
Compensation Arrangements for
Certain Named Executive Officers
Set forth below is a summary of the compensation arrangements of the incumbent executive officers to be named in the Company’s 2011 Proxy Statement for the Annual Meeting of Stockholders, other than Mr. Jon P. Vrabely, the Company’s President and Chief Executive Officer, who is covered by a written employment agreement filed as an exhibit to the Company’s 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 Company’s 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 Company’s 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 Company’s 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.