Summary of Compensation Arrangements with Executive Officers of JMP Group Inc. (April 2008)
JMP Group Inc. has set the 2008 base salaries for its named executive officers at $200,000 each, effective April 15, 2008. The Compensation Committee also established performance objectives for these officers under the 2007 Senior Executive Bonus Plan, allowing for potential cash bonuses based on company operating income and individual business performance. Bonus payments, if earned, will be made in a lump sum after the 2008 fiscal year. These arrangements are at-will and do not grant additional rights to the executives.
Exhibit 10.14
Summary of Compensation Arrangements with Executive Officers
as of April 15, 2008.
On March 10, 2008, the Compensation Committee (the “Committee”) of the Board of Directors of JMP Group Inc. (the “Company”) completed its annual performance and compensation review of the Company’s named executive officers and approved the 2008 base salaries of the Company’s named executive officers. The Committee also approved the performance objectives for the named executive officers under the 2007 Senior Executive Bonus Plan, as more fully described below.
Base Salaries
The 2008 annual base salaries for the Company’s named executive officers, effective on April 15, 2008, are as follows:
| Name and Position | Base Salary1 | ||
| Joseph A. Jolson, Chairman and Chief Executive Officer | $ | 200,000 | |
| Thomas B. Kilian, Chief Financial Officer | $ | 200,000 | |
| Craig R. Johnson, President | $ | 200,000 | |
| Mark L. Lehmann, Director of Equities and Co-President of JMP Securities | $ | 200,000 | |
| Carter D. Mack, Director of Investment Banking and Co-President of JMP Securities | $ | 200,000 | |
2007 Senior Executive Bonus Plan
The Committee established performance objectives for 2008 with respect to the payment of cash bonuses to each of the named executive officers under the 2007 Senior Executive Bonus Plan. Under the 2007 Senior Executive Bonus Plan, each of the named executive officers may, subject to the Compensation Committee’s authority to reduce any such bonus in its sole and absolute discretion, receive a cash bonus payment upon either or both of the following: (i) the achievement by the Company of a certain performance target with respect to operating income for the fiscal year ending December 31, 2008, and (ii) with respect to each named executive officer, the production of revenues attributable to his area of business responsibility or production. Any cash bonus payments with respect to 2008 under the 2007 Senior Executive Bonus Plan will be paid in one lump sum payment shortly after the end of the 2008 fiscal year.
This document is intended to be a summary of existing oral, at will arrangements, and in no way is intended to provide any additional rights to any of the named executive officers.
| 1 | Base salaries until April 15, 2008 were $125,000 per annum for each of the named executive officers. |
