Compensation Arrangement for John M. Thomas III for Fiscal Year 2010
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Summary
This document outlines the compensation package for John M. Thomas III for the 2010 fiscal year. Mr. Thomas will receive a base salary of $520,000, opportunities for annual and long-term incentives based on percentages of his salary, a deferred credit that increases during the year, a biweekly vehicle allowance, and access to a financial counseling program at no cost. The agreement specifies the amounts and timing of these benefits.
EX-10.6 7 exhibit10_6.htm COMPENSATION ARRANGEMENTS - JOHN THOMAS III exhibit10_6.htm
Exhibit 10.6
Overview of Compensation Arrangements for John M. Thomas, III
Mr. Thomas’s compensation package for fiscal year 2010 consists of the following:
| | ◊ | A base salary of $520,000 |
| | ◊ | Executive Annual Incentive Plan opportunity of 65% of salary |
| | ◊ | Executive Long-Term Incentive Plan opportunity of 125% of salary |
| | ◊ | Long-term deferred credit of $50,000 through September 30, 2010, with the credit increasing to $100,000 beginning October 1, 2010 |
| | ◊ | A biweekly vehicle allowance of $450 |
| | ◊ | Inclusion in the financial counseling program at no cost to Mr. Thomas |
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