Wegener Corporation Executive Compensation Description for Fiscal Year Ended September 3, 2010

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Summary

This document outlines the salaries paid to executive officers of Wegener Corporation and its subsidiary for the fiscal year ending September 3, 2010. It lists the names, positions, and compensation amounts for key executives, and notes changes in executive roles and resignations during the year. The document also mentions a company-wide reduction in paid working hours and provides updated annual base salaries. The compensation committee is reviewing executive salaries following recent appointments and resignations.

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EX-10.8 5 v202047_ex10-8.htm
Wegener Corporation and subsidiary
 
EXHIBIT 10.8
 
Description of Executive Compensation
 
For the fiscal year ended September 3, 2010, compensation paid to the executive officers consisted of their individual salaries. These amounts were as follows:

Name and Position
  
Salary
  
       
Robert A. Placek
Chairman of the
Board; Director
   $ 98,703  
         
C. Troy Woodbury, Jr.
President and Chief
Executive Officer;
Director
   $ 129,532  
         
James Traicoff
Treasurer and Chief
Financial Officer
   $ 91,910  

Effective October 9, 2009, the Board of Directors appointed C. Troy Woodbury Jr. as President and Chief Executive Officer of Wegener Corporation and WCI. James Traicoff was appointed Treasurer and Chief Financial Officer of Wegener Corporation and WCI. Robert Placek resigned as President and Chief Executive Officer of Wegener Corporation on October 9, 2009, but remains as Chairman of the Board of Wegener Corporation. On October 13, 2009, Ned L. Mountain tendered his resignation as director of Wegener Corporation and effective October 16, 2009, Mr. Mountain left WCI. Mr. Mountain was President and Chief Operating Officer of WCI from January 2005 to October 2009 and Director of the Company from May 2003 to October 2009. For the fiscal year ended August 28, 2009, compensation paid to Mr. Mountain was salary of $140,193 and a Company matching 401K contribution of $7,269.

The above salary amounts reflect a company-wide reduction in paid working hours by approximately 10% beginning in January 2009. Current annual base salaries in effect for the above executive officers are as follows: Robert A. Placek- $89,539; C.Troy Woodbury, Jr.- $143,924; and James Traicoff- $102,122. The compensation committee is currently reviewing the salary compensation of the executive officers as a result of the October 9, 2009 appointments.