Description of 2006 Compensatory Arrangements for Named Executive Officers of Terra Industries Inc.

Contract Categories: Human Resources › Compensation Agreements
Summary

Terra Industries Inc. outlines the 2006 compensation arrangements for its top executive officers, including annual base salaries for each named officer. The document also notes that each executive has an executive retention agreement and received a bonus for 2005, payable in 2006. Further details on these agreements and bonuses are available in the company's proxy statement. These arrangements are in addition to other compensation plans already disclosed in Terra's annual report.

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EX-10.1.26 7 c02860exv10w1w26.htm DESCRIPTION OF COMPENSATORY ARRANGEMENTS exv10w1w26  

Exhibit 10.1.26
TERRA INDUSTRIES INC.
DESCRIPTION OF COMPENSATORY ARRANGEMENTS FOR 2006
APPLICABLE TO NAMED EXECUTIVE OFFICERS
Set forth below are compensatory arrangements as of March 1, 2006, applicable to Terra’s current executive officers who will be named in the summary compensation table of Terra’s proxy statement for the 2006 annual meeting of shareholders (“Named Executive Officers”). These arrangements are in addition to the various other compensatory plans and arrangements in which Terra’s Named Executive Officers participate and which are filed as exhibits to this report on Form 10-K for the year ended December 31, 2005.
Annual Base Pay
         
Michael L. Bennett
   $ 500,000  
President and Chief Executive Officer
        
 
        
Francis G. Meyer
   $ 334,000  
Senior Vice President and Chief Financial Officer
        
 
        
W. Mark Rosenbury
   $ 255,000  
Senior Vice President and Chief Administrative Officer
        
 
        
Joseph D. Giesler
   $ 224,000  
Senior Vice President, Commercial Operations
        
 
        
Mark A. Kalafut
   $ 218,000  
Vice President, General Counsel and Corporate Secretary
        
Executive Retention Agreements
Each of the Named Executive Officers has entered into an executive retention agreement, the details of which are set out in Terra’s proxy statement under the caption “Employee Contracts, Termination of Employment and Change of Control Arrangements.”
Bonuses
Each of the Named Executive Officers received a bonus for 2005, payable in 2006, the details of which are set out in Terra’s proxy statement in the Summary Compensation Table.