Summary Sheet for Named Executive Officers and Directors Compensation
This document outlines the current annual salaries and most recent bonuses for the company's named executive officers, including the CEO, CFO, and other key executives. It also details the compensation structure for non-employee directors, who receive cash fees for attending board and committee meetings, as well as an annual fee that can be taken in cash or as stock options. Additional annual fees are provided for committee chairs. All non-employee directors have chosen to receive their compensation in cash for the current fiscal year.
EXHIBIT 10.3
SUMMARY SHEET FOR NAMED
EXECUTIVE OFFICERS AND DIRECTORS COMPENSATION
Summary of named executive officers' current base salary and most recent bonus:
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| Bonus |
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| James R. Swartwout |
| Chief Executive Officer, Chief Financial Officer |
| $ | 385,000 |
| $ | 65,000 |
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| Trygve M. Thoresen |
| Vice President of Business Development, |
| $ | 250,000 |
| $ | 55,000 |
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| Paul A. Walbrun |
| Vice President and Controller |
| $ | 145,000 |
| $ | 20,000 |
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| Miriam C. Rivera |
| Vice President of Human Resources |
| $ | 136,000 |
| $ | 10,000 |
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Non-employee director’s compensation:
Non-employee directors of the Corporation receive a fee of $1,250 in cash for each Board of Directors meeting attended and are reimbursed for related travel expenses. Non-employee directors serving on Board committees receive a fee of $1,250 in cash for each committee meeting attended. In addition, non-employee directors shall receive an annual fee of $15,000 in cash or, at their election, a grant of a nonstatutory stock option to acquire up to 5,000 shares of the Corporation’s Common Stock, issued under the Corporation’s stock option plans on the date of the Corporation’s annual stockholders meeting, with an exercise price equal to the average of the high and low trading prices of the Corporation’s Common Stock on that date. Non-employee directors serving on Board committees receive an annual fee of $6,000 in cash (increased to $10,000 for the Chairman of the Audit Committee and $7,000 for the Chairman of the Compensation Committee), or at their election, a grant of a nonstatutory stock option to acquire up to 2,000 additional shares of the Corporation’s Common Stock, calculated as described above. Each non-employee director elected to receive all cash in the current fiscal year.
