Form: 10-K

Annual report [Section 13 and 15(d), not S-K Item 405]

March 16, 2005

Documents

Exhibit 10.14

 

COMPENSATION ARRANGEMENTS WITH NAMED EXECUTIVE OFFICERS

 

Named executive officers are compensated under arrangements providing for employment at will.

 

Name

    Base Salary
(effective
1/1/05)
    Bonus
Amount
for 2004
    Target Bonus
for 20051
     2005 Stock
Option
Awards2

Dennis Kakures

    $ 400,000    $ 284,737    86 %   55,000

Thomas Sauer

    $ 252,000    $ 99,971    66 %   20,000

Joseph Hanna

    $ 228,000    $ 116,156    71 %   20,000

Randle Rose

    $ 182,000    $ 79,692    66 %   12,500
1 Target bonuses are expressed as a percentage of base salary. Target bonuses are awarded for performance and are not guaranteed.
2 The stock options granted to the named executive officers by the Compensation Committee were granted on January 14, 2005. The stock options have an exercise price per share of $44.35, which was the fair market value at the time of the grant. Each executive officer’s stock options listed above will vest in equal annual installments over a five-year period.