Executive Compensation – Base Salaries Adjustment Notice for Senior Officers (April–June 2006)
This document outlines changes to the annual base salaries of several senior officers at the company, effective April 3, 2006, and June 1, 2006. The adjustments were made under the authority of the President and COO, David M. Kirk, and approved by the Board of Directors Compensation Committee. The officers affected include the Sr. VP & Chief Technical Officer, Chief Financial Officer, VP Sales, VP Engineering, VP Operations, and the President and CEO. The document specifies the new salary amounts for each position.
Exhibit 10.3
EXECUTIVE COMPENSATION – BASE SALARIES
Effective April 3, 2006, our President and Chief Operating Officer David M. Kirk, under discretionary authority previously granted to him by the Board of Directors Compensation Committee, had the annual base salary changed as noted for the following officers:
| Sr. VP & Chief Technical Officer Darrell L. Ash | $ | 139,137 | |
| Chief Financial Officer Harley E Barnes | $ | 144,585 | |
| VP Sales David B. Crawford | $ | 155,189 | |
| VP Engineering Robert K. Kansy | $ | 138,561 | |
| VP Operations Jon S. Prokop | $ | 147,262 |
Effective June 1, 2006, the annual base salary of our President and Chief Executive Officer David M. Kirk was changed to $220,000. This was approved by the Board of Directors Compensation Committee on May 23, 2006.
