2005–2006 Executive Compensation Schedule for Senior Officers
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Summary
This document outlines the compensation details for the company's senior executives for 2005 and 2006. It lists each executive's 2005 cash bonus, bonus shares, 2006 base salary, target bonus as a percentage of base salary, and stock option awards. The agreement also notes that target bonuses can be increased by up to 20% if both company and individual performance are exceptional, as determined by the Compensation Committee.
EX-10.1 2 ex10_1.htm EXHIBIT 10.1 EXECUTIVE COMPENSATION Exhibit 10.1 Executive Compensation
EXHIBIT 10.1
| Executive Officer | 2005 Cash Bonus | 2005 Bonus Shares | 2006 Base Salary | 2006 Target Bonus (% of Base Salary)1 | 2006 Stock Option Award Shares |
| Geoffrey F. Cox, Ph.D. Chairman of the Board, President and Chief Executive Officer | $43,854 | 90,923 | $436,800 | 40% | 90,000 |
| John B. Green Senior Vice President, Chief Financial Officer and Treasurer | $23,221 | 41,821 | $280,800 | 30% | 35,000 |
| Gregory F. Liposky Senior Vice President, Operations | $22,179 | 39,257 | $265,200 | 30% | 50,000 |
| Harry M. Meade, Ph.D. Senior Vice President, Research and Development | $22,694 | 40,664 | $273,520 | 30% | 50,000 |
| Daniel S. Woloshen Senior Vice President and General Counsel | $20,474 | 34,715 | $238,160 | 30% | 25,000 |
1 The target bonus opportunity can be exceeded by up to 20% of the target if GTC achieves exceptional corporate performance, as determined by the Compensation Committee, and the individual achieves high individual performance. For example, an executive with a target bonus of 30% could receive a bonus of as much as 36% of base salary.
