Summary of 2009 Salaries and Bonus Structure for Named Executive Officers under Executive Incentive Compensation Plan
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Summary
This document outlines the 2009 base salaries and bonus structure for the CEO and four top executive officers of the company. It details each officer's salary, the bonuses awarded for fiscal year 2009, and explains the Executive Incentive Compensation Plan, which ties annual cash bonuses to company performance against Board-approved goals. Bonuses are capped at specific percentages of base salary and may be adjusted at the Board's discretion. No bonus is paid if performance falls below 80% of set goals. Future goals for bonuses will be disclosed in a separate filing.
EX-10.34 9 l35982aexv10w34.htm EX-10.34 EX-10.34
Exhibit 10(34)
SUMMARY OF 2009 SALARIES OF NAMED EXECUTIVE OFFICERS
The following table sets forth the current base salaries provided to the Company’s CEO and the four most highly compensated executive officers (the “Named Executive Officers”):
| Executive Officer | Current Salary | |||
Andrew B. Schmitt | $ | 620,000 | ||
Jerry W. Fanska | $ | 365,000 | ||
Steven F. Crooke | $ | 310,000 | ||
Eric R. Despain | $ | 300,000 | ||
Gregory F. Aluce | $ | 275,000 | ||
All of the Named Executive Officers, including Andrew B. Schmitt, President and CEO, Jerry W. Fanska, Senior Vice President—Finance and Treasurer, Steven F. Crooke, Senior Vice President—General Counsel and Secretary, Eric R. Despain, Senior Vice President and President of the Minerals Division and Gregory F. Aluce, Senior Vice President overseeing the Company’s legacy water business, are also eligible to receive a bonus each year under the Company’s Executive Incentive Compensation Plan (the “Executive IC Plan”). The bonuses paid to the Company’s CEO and four most highly compensated executive officers under the Executive IC Plan for the fiscal year ended January 31, 2009 are as shown in the following table:
| Executive Officer | FY 2009 Bonus | |||
Andrew B. Schmitt | $ | 562,437 | ||
Jerry W. Fanska | $ | 248,334 | ||
Steven F. Crooke | $ | 210,914 | ||
Eric R. Despain | $ | 272,098 | ||
Gregory F. Aluce | $ | 186,030 | ||
Under the Executive IC Plan, each participant is eligible for an annual cash bonus in a target amount (the “Target Bonus”) equal to a percentage (80% in the case of Mr. Schmitt and 60% in the case of Messrs. Fanska, Crooke, Despain and Aluce) of such participant’s base compensation. The Target Bonus is adjusted (up or down) based upon the performance of the Company as compared to certain goals adopted and approved by the Board of Directors. In no event, however, can a participant’s annual cash bonus under the Executive IC Plan exceed a certain percentage (160% in the case of Mr. Schmitt and 120% in the case of Messrs. Fanska, Crooke, Despain and Aluce) of such participant’s base compensation for the relevant year. No bonuses will be payable should performance be below 80% of the relevant goals established. In addition, the formula bonus derived as described in the preceding sentences can be further adjusted (up or down) at the discretion of the Board of Directors by up to one-third of the Target Bonus.
A Form 8-K will be filed to describe the goals set by the Board of Directors of the Company for the executive officers to qualify for a bonus under the Executive IC Plan for the fiscal year ended January 31, 2010.
