Summary Sheet for Executive Officer Compensation
Exhibit 10.13
Summary Sheet for Executive Officer Compensation
Base Salary
In December 2007, the Compensation Committee of the Board of Directors made determinations with respect to the salaries to be paid to executive officers in 2008 and the bonuses and stock options to be awarded to the executive officers for services in 2007 as follows:
| Name |
| 2008 Annual |
| 2007 Annual |
| Stock Options |
| ||
| Mark S. Gorder, |
| $ | 350,000 |
| $ | 64,200 |
| 25,000 |
|
| Scott Longval, |
| $ | 165,000 |
| $ | 13,000 |
| 15,000 |
|
| Steven M. Binnix, |
| $ | 175,000 |
| $ | 15,600 |
| 10,000 |
|
| Christopher D. Conger, |
| $ | 185,000 |
| $ | 14,560 |
| 20,000 |
|
| Michael P. Geraci, |
| $ | 200,000 |
| $ | 15,600 |
| 20,000 |
|
| Dennis L. Gonsior, |
| $ | 185,00 |
| $ | 14,560 |
| 20,000 |
|
| Greg Gruenhagen |
| $ | 125,000 |
|
| (not eligible) |
| 10,000 |
|
The exercise price of the stock options is equal to $14.70 per share, the closing price of the common stock of the Company on the date of the Compensation Committee meeting. The options will vest in three equal, annual installments beginning one year after the date of grant, except that they will become immediately exercisable upon a “change in control” as defined in the 2006 Equity Incentive Plan or upon the death or disability of the recipient, and will expire ten years after the date of grant, unless terminated earlier by the terms of the option.
2008 Bonus Plan
The Compensation Committee also approved the 2008 Bonus Plan (the “Bonus Plan”), which is not set forth in a written agreement. Pursuant to the Bonus Plan, each of the executive officers is eligible to receive a cash bonus based on the Company exceeding certain earnings per share target amounts for the fiscal year 2008 (calculated after giving effect to any bonuses accrued under the Bonus Plan) and the achievement of certain strategic objectives. Depending upon the earnings per share target amount and the achievement of the strategic objectives, Mr. Gorder is eligible to receive a bonus up to 110% of his base salary and each of the other Named Executive Officers are eligible to receive a bonus up to 55% of their respective base salary.
Plans and Other Arrangements
The executive officers are also eligible to participate in the Company’s broad-based benefit programs generally available to its salaried employees, including health, disability and life insurance programs, and qualified 401(k) plan.
