Executive Officers Compensation Schedule for 2005 – [Company Name]

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the base salaries and annual incentive awards for the company's executive officers, as approved by the Board of Directors and recommended by the Compensation Committee, effective January 1, 2005. It lists the names, salary amounts, and dates of last increases for each executive, and details the annual cash incentive awards, including a Christmas bonus. The agreement also notes that executive compensation is reviewed periodically, with the CEO's salary reviewed annually. Additional compensation details will be provided in the company's 2006 Proxy Statement.

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EX-10.14 5 g00787exv10w14.htm EX-10.14 EXECUTIVE OFFICERS COMPENSATION SCHEDULE EX-10.14 EXECUTIVE OFFICERS COMPENSATION SCHEDULE  

Exhibit 10.14
Base Salaries. The Board of Directors of the Company approved the Compensation Committee’s recommended base salaries for the executive officers listed below (the “Named Executive Officers”) in the amounts indicated, effective January 1, 2005.
                 
    Base Salary   Last Salary
Name   Amount (1)   Increase Date
Frank C. Stipes, Esq.
   $ 297,500     November 19, 2001
Freddy Maldonado
     255,000     September 24, 2001
Jose M. Biaggi, Esq.
     382,500     July 11, 2005
Pedro R Dominguez
     177,000     July 11, 2005
Ricardo Hernandez, CPA
     212,500     July 11, 2005
Miguel Vazquez
     250,000     June 1, 2001
Base salaries for each Named Executive Officer are reviewed by the Compensation Committee following the 18-month anniversary of such Named Executive Officer start date with the Company, with the exception of the Company’s Chief Executive Officer, Mr. Frank C. Stipes, Esq., whose compensation is reviewed annually.
Annual Incentive Awards. The Board of Directors of the Company approved the Compensation Committee’s recommended annual incentive awards for 2005, payable in cash, to the Named Executive Officers as follows:
         
    Annual Incentive
Name   Award
Frank C. Stipes, Esq.
   $ 1,229,167  
Freddy Maldonado
     625,000  
Jose M. Biaggi, Esq.
     437,500  
Pedro R Dominguez
     618,750  
Ricardo Hernandez, CPA
     620,833  
Miguel Vazquez
     570,833  
Annual incentive awards include a Christmas bonus that is granted under Puerto Rico legislation. The Company has normally granted one month of salary as a Christmas bonus.
The Company will provide additional information regarding the compensation of the Named Executive Officers in its Proxy Statement for the 2006 Annual Meeting of Shareholders.
 
(1)   Does not include perquisites and other personal benefits, including an allowance for business and entertainment expenses, which, in the aggregate, exceed $10,000. For information about such perquisites and allowances, see Executive Compensation section on the Company’s Proxy Statement for its 2006 annual meeting of shareholders.