Current Executive Officer Salary and Bonus Arrangements for The Rowe Companies
This document outlines the current base salaries and bonus arrangements for the executive officers of The Rowe Companies, including the Chairman, Vice Presidents, and Senior Vice President. Gerald M. Birnbach's salary is subject to adjustment under his employment agreement, and he may receive discretionary cash bonuses from the Board of Directors. Other executives may also receive discretionary bonuses based on individual and company performance, as determined by the Compensation Committee. These arrangements are in addition to other compensation plans previously disclosed.
Exhibit 10.1
Current Named Executive Officer Salary and Bonus Arrangements
Base Salaries
The current base salaries for the executive officers (the “named executive officers”) of The Rowe Companies (the “Company”) who were named in the compensation table that appeared in the Company’s annual meeting proxy statement filed with the Securities and Exchange Commission on February 27, 2006 are as follows:
| Name and Title | Base Salary | |||
| Gerald M. Birnbach Chairman of the Board and President | $ | 469,964.00 | (1) | |
| Barry A. Birnbach Vice President - Corporate Development | $ | 260,000.00 | ||
| Timothy J. Fortune Senior Vice President – Operations Rowe Furniture, Inc. | $ | 212,500.00 | ||
| Garry W. Angle Vice President - Treasurer | $ | 160,000.00 | ||
| (1) | Mr. Gerald Birnbach’s base salary is subject to adjustment pursuant to his amended employment agreement. |
Description of Bonus Arrangements
Under the terms of his employment agreement, Mr. Gerald Birnbach may receive cash bonuses for unusual efforts to be awarded in the sole discretion of the Company’s Board of Directors. The other named executive officers may be awarded cash bonuses based on individual and corporate performance in the sole discretion of the Compensation Committee of the Company’s Board of Directors.
The arrangements described above are in addition to the various other compensatory plans, contracts and arrangements in which the named executive officers participate and which were previously filed with the Securities and Exchange Commission.
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