EX-10.12 EXECUTIVE OFFICERS COMPENSATION SCHEDULE
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EX-10.12 3 g93660exv10w12.txt EX-10.12 EXECUTIVE OFFICERS COMPENSATION SCHEDULE Exhibit 10.12 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 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, 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 2004, payable in cash, to the Named Executive Officers as follows:
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 2005 Annual Meeting of Shareholders. - --------------------------------------- (1) Does not include (i) perquisites and other personal benefits, including an allowance for business and entertainment expenses, which, in the aggregate, do not exceed the lesser of $50,000 or 10% of the total salary and bonus reported for the Named Executive officer, or (ii) cash payments in respect of accrued and unused vacation time.