CEO Compensation Adjustment Agreement between Truman Hunt and the Company
Truman Hunt, the President and CEO of the company, has voluntarily chosen to lower his annual salary from $665,000 to $550,000, effective April 3, 2006, despite being entitled to the higher amount under his current employment agreement. He has also reduced his annual stock option grant from 200,000 to 50,000 options. These changes reflect Mr. Hunt's personal decision and are not mandated by the company or his contract.
Truman Hunt, the Company’s President and Chief Executive Officer, has voluntarily elected to reduce his annual salary to its previous level of $550,000, effective April 3, 2006. Mr. Hunt’s current employment letter with the Company, as amended, entitles him to an annual salary of $665,000. Mr. Hunt also reduced his annual option grant to 50,000, instead of the 200,000 previously approved by the Company’s Compensation Committee.
