SUMMARY SHEET FOR EXECUTIVE CASH COMPENSATION

EX-10.3 3 dex103.htm SUMMARY SHEET FOR EXECUTIVE CASH COMPENSATION Summary Sheet for Executive Cash Compensation

Exhibit 10.3

SUMMARY SHEET FOR EXECUTIVE CASH COMPENSATION

The following table sets forth annual base salaries provided to the Company’s principal executive officer, principal financial officer and other named executive officers in 2010 and the 2011 base salaries approved by the Compensation Committee of the Board of Directors (“Committee”) on March 25, 2011.

 

Named Executive Officers

   2010 Base
Salaries
     2011 Base
Salaries
 

David S. Haffner, President & Chief Executive Officer

   $ 922,500       $ 960,000   

Karl G. Glassman, Executive Vice President & Chief Operating Officer

   $ 692,000       $ 720,000   

Matthew C. Flanigan, Senior Vice President – Chief Financial Officer

   $ 405,000       $ 420,000   

Paul R. Hauser, Senior Vice President, President – Residential Furnishings Segment

   $ 328,600       $ 340,000   

Joseph D. Downes, Jr., Senior Vice President, President – Industrial Materials Segment

   $ 312,100       $ 320,000   

The executive officers will also be eligible to receive a cash award under the Company’s 2009 Key Officers Incentive Plan (filed March 26, 2009 as Appendix B to the Company’s Proxy Statement) in accordance with the 2011 Award Formula (filed March 30, 2011 as Exhibit 10.2 to the Company’s Form 8-K). An executive’s cash award is calculated by multiplying his annual salary at the end of the year by a percentage (“Target Percentage”) set by the Committee, then applying an award formula adopted by the Committee for that year. The Target Percentages applicable to the Company’s principal executive officer, principal financial officer and other named executive officers are shown in the following table. None of the Target Percentages were changed from 2010 levels.

 

Named Executive Officers

   2011  Target
Percentages
 

David S. Haffner, President & Chief Executive Officer

     90

Karl G. Glassman, Executive Vice President & Chief Operating Officer

     75

Matthew C. Flanigan, Senior Vice President – Chief Financial Officer

     65

Paul R. Hauser, Senior Vice President, President – Residential Furnishings Segment

     50

Joseph D. Downes, Jr., Senior Vice President, President – Industrial Materials Segment

     50

Individual Performance Goals. An executive’s cash award under the 2011 Award Formula is based, in part, on individual performance goals established outside the 2009 Key Officers Incentive Plan (20% relative weight). The assessment of most of the individual performance goals is inherently subjective and qualitative. The types of goals for our named executive officers in 2011 include: Haffner: strategic planning, new product development, continued margin enhancement, and talent management and succession planning; Glassman: succession planning, continued margin enhancement, increased on-site reviews of operations, and remediation of internal audit findings; Flanigan: credit facility renewal, working capital management, cash repatriation, and improved internal controls; Hauser: development of growth opportunities, facility consolidations, and improved internal controls; Downes: development of growth opportunities, and utilization and efficiency initiatives.

 

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