2005 Executive Officers Bonus and Compensation Plan Schedule

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document outlines the bonus and compensation plan for the company's executive officers for the 2005 fiscal year, as determined by the Compensation Committee of the Board of Directors. The plan, developed with input from a compensation consultant, replaces the previous year's plan and bases executive bonuses on the company achieving specific annual earnings per share targets. Bonuses are distributed among named executives and may be paid in cash, stock options, or restricted stock, at the committee's discretion.

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EX-10.34 6 g93685exv10w34.txt EX-10.34 OFFICERS 2005 COMPENSATION AND BONUS SCHEDULE EXHIBIT 10.34 Bonus Plan for Executive Officers The Compensation Committee of the Board of Directors has engaged a compensation consultant to advise them in designing a bonus plan for the 2005 fiscal year. The new plan will replace the bonus plan adopted by the Compensation Committee in 2004. Under the 2004 plan, the bonus payable to each executive officer was based on the Company achieving certain annual earnings per share targets that were set by the Compensation Committee at the time the plan was adopted. The following table sets forth the range of potential bonuses available for the executive officers in the event the targets were met and the approximate distribution of these bonuses within the executive team:
ANNUAL COMPENSATION -------------------------------------------------------- SALARY BONUS RANGE as of 1/1/04 as of 1/1/05 2004 ------------ ------------ ----------- ----------- Greg Daily $ 300,000 $ 300,000 $ 250,000 - $ 300,000 Carl Grimstad $ 225,000 $ 300,000 $ 250,000 - $ 300,000 Clay Whitson $ 296,000 $ 296,000 $ 250,000 - $ 300,000 Bob Torino $ 205,000 $ 205,000 $ 150,000 - $ 250,000 Afshin Yazdian $ 130,000 $ 150,000 $ 100,000 - $ 150,000 ----------- ----------- Total $ 1,000,000 - $ 1,300,000
The Company's earnings per share under the plan were calculated after giving effect to potential bonuses, payable in the form of cash, stock options or restricted stock at the discretion of the Compensation Committee.