Description of Directors and Named Executive Officers Compensation

Summary

This document outlines the compensation for the company's non-employee directors and named executive officers. Non-employee directors receive an annual cash retainer, additional payments for attending board and audit committee meetings. Executive officers' salaries are reviewed annually by the Executive Compensation Committee, with current salaries listed for each officer. Two executive officers are noted as at-will employees, meaning their employment can be terminated at any time.

EX-10.26 3 d62958_ex10-26.txt DIRECTORS COMPENSATION Exhibit 10.26 DESCRIPTION OF DIRECTORS AND NAMED EXECUTIVE OFFICERS COMPENSATION The compensation payable to all of the Company's non-employee directors is as follows: o An annual cash retainer of $5,000.00. o In addition, non-employee directors each receive $700.00 for each regular meeting of the Board of Directors attended. o In addition, members of the Audit Committee are paid $250.00 for each Audit Committee meeting attended. The compensation of executive officers is reviewed and adjusted on an annual basis as of the individual's anniversary date of hire, based upon the approval of the Executive Compensation Committee of the Board of Directors. As of March 13, 2005, current annual salaries of each of the following executive officers is shown below: ---------------------------------------------- Name Salary ---------------------------------------------- David B. Lee $ 75,000 ---------------------------------------------- Donita R. Koval 264,180 ---------------------------------------------- Daniel L. Warfel 217,614 ---------------------------------------------- David N. Thiel 129,162 ---------------------------------------------- JoAnn N. McMinn 101,562 ---------------------------------------------- Mr. Thiel and Ms. McMinn are at-will employees of the Company.