Summary Sheet for Executive Cash Compensation for Named Executive Officers

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Summary

This document outlines the base salaries and bonus eligibility for the company's principal executive officer, principal financial officer, and other named executive officers. It specifies their current annual salaries and the target bonus percentages under the company's 2004 Key Officers Incentive Plan. Additionally, it notes that Felix E. Wright transitioned to a consultant role as of June 1, 2007, with specified consulting payments and is no longer eligible for the incentive plan, except for a pro rata bonus for part of 2007.

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EX-10.1 2 dex101.htm SUMMARY SHEET FOR EXECUTIVE CASH COMPENSATION Summary Sheet for Executive Cash Compensation

Exhibit 10.1

SUMMARY SHEET FOR EXECUTIVE CASH COMPENSATION

The following table sets forth the current base salaries provided to the Company’s principal executive officer, principal financial officer and other named executive officers.

 

Named Executive Officer *

    Current Salary

David S. Haffner

    $ 810,000

Matthew C. Flanigan

    $ 326,500

Karl G. Glassman

    $ 648,000

Paul R. Hauser

    $ 311,300

Executive officers are also eligible to receive a bonus each year under the Company’s 2004 Key Officers Incentive Plan (filed as Exhibit 10.13 to the Company’s Form 10-K for the year ended December 31, 2005). Bonuses are calculated pursuant to the Award Formula filed as Exhibit 10.2 to the Company’s Form 10-Q for the quarter ended March 31, 2006. The target percentages under this plan for the Company’s principal executive officer, principal financial officer and other named executive officers are as shown in the following table.

Named Executive Officer *

    Target Percentage  

David S. Haffner

    70 %

Matthew C. Flannigan

    40 %

Karl G. Glassman

    60 %

Paul R. Hauser

    44 %
* Effective June 1, 2007 Felix E. Wright became an employee-consultant to the Company for a two-year period and no longer serves as an executive officer of the Company. Other than a pro rata bonus covering January through May 2007, Mr. Wright does not take part in the Company’s 2004 Key Officers Incentive Plan. Instead, in accordance with Section 9 of his employment agreement, his consulting payments will equal $873,116 for June 1, 2007 through May 31, 2008 and $698,492 for June 1, 2008 through May 31, 2009.