Summary Sheet for Executive Cash Compensation for Named Executive Officers (2005)
This document outlines the base salaries and bonus compensation for the chief executive officer and four other top executives of the company for 2005. It lists their annual base salaries, the bonuses paid for 2004 based on performance against financial targets, and the target bonus percentages for 2005. The Compensation Committee determined these amounts and eligibility based on company performance and individual roles.
Exhibit 10.7
Summary Sheet for Executive Cash Compensation
I. Base Salaries
The following table sets forth the current base salaries provided to our chief executive officer and four most highly compensated executive officers, which salaries were determined by the Compensation Committee in January 2005:
| Name | 2005 Base Salary | ||
| David Carter | $ | 340,000 | |
| Pamela Contag | $ | 310,000 | |
| William Albright | $ | 285,000 | |
| Michael Sterns | $ | 285,000 | |
| Anthony Purchio | $ | 275,000 | |
II. Executive Management Bonus Plan – 2004 Payouts
Pursuant to the Executive Management Bonus Plan, certain executive officers were eligible to receive an annual bonus in 2004, set as a percentage of base salary, based on the achievement of specific financial goals and targets, which were established at the beginning of the year. The following table sets forth the actual 2004 bonuses earned by our chief executive officer and four most highly compensated executive officers, as determined by the Compensation Committee in January 2005:
| Name | Actual 2004 Bonus Payout | ||
| David Carter | $ | 75,000 | |
| Pamela Contag | $ | 75,000 | |
| Anthony Purchio | $ | 39,500 | |
| Michael Sterns | $ | 60,000 | |
| William Albright | $ | 40,000 | |
III. Executive Management Bonus Plan - 2005
In January 2005, the Compensation Committee reviewed financial targets and awards for 2005 bonuses. Target bonuses for 2005 range from 30% to 50% as a percentage of base salary for our chief executive officer and four most highly compensated executive officers.
