Fiscal Year 2009 Annual Base Salaries for Named Executive Officers Effective April 20, 2008
EX-10.4 5 a5666649ex10_4.htm EXHIBIT 10.4
Exhibit 10.4
Fiscal Year 2009 Annual Base Salaries for Named Executive Officers
Effective April 20, 2008
| Fiscal 2009 | ||
| Name | Title | Base Salary |
| Alexander W. Smith | President and Chief Executive Officer | $ 1,050,000 |
| Charles H. Turner | Executive Vice President and Chief Financial Officer | $ 460,000 |
| Jay R. Jacobs | Executive Vice President, Merchandising | $ 420,000 |
| David A. Walker | Executive Vice President, Planning and Allocations | $ 370,000 |
Effective March 2, 2008 (the beginning of the Company’s fiscal 2009) the Company discontinued the payment of allowances for club dues, automobile expenses, financial planning and tax preparation, and reimbursement for certain medical expenses. In order to maintain a competitive position within the retail industry with respect to total compensation and in consideration of the discontinuance of these benefits, there was a one-time adjustment to the named executive officers’ base salaries; otherwise, the base salaries were unchanged from the prior fiscal year.
