Summary of Cash Compensation for Named Executive Officers (April 2006)

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Summary

This document outlines the annual base salaries for five executive officers of the company, effective April 1, 2006, as approved by the Compensation Committee. The named executives and their respective roles are listed along with their salaries. Additionally, one executive, Jeffrey G. Wagoner, receives a monthly housing allowance. The Compensation Committee set these salaries based on market comparisons and the company's need to attract and retain qualified leaders.

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EX-10.12 2 f18398exv10w12.htm EXHIBIT 10.12 exv10w12  

Exhibit 10.12
Summary of Cash Compensation for Named Executive Officers
On March 14, 2006, the Compensation Committee approved the following base salaries for the named executive officers, commencing on April 1, 2006:
         
Name and Principal Position   Annual Base
    Salary ($)
 
        
Eric A. Danziger President and Chief Executive Officer
  $ 341,250  
 
        
Gary M. Beasley Executive Vice President and Chief Financial Officer
    240,000  
 
        
William C. Sinclair Executive Vice President, Operations and
Business Development
    210,000  
 
        
Joseph Patrick Lashinsky
Senior Vice President, Product Strategy and
Development
    215,000  
 
        
Jeffrey G. Wagoner Senior Vice President, Sales
    200,000  
In addition, Mr. Wagoner receives a monthly housing allowance of $5,000, payable in accordance with normal payroll practices.
The Compensation Committee determined these salaries after considering the Company’s ability to attract and retain qualified individuals, certain salary comparables for the market, and the Company’s desire to gradually adjust certain salaries to reflect market salaries and the skills of the named executive officers.