10-K: Annual report pursuant to Section 13 and 15(d)
Published on February 18, 2005
Exhibit
10.32
SCHEDULE
OF 2005 EXECUTIVE SALARIES
Executive
Salaries and Bonuses. On
January 13, 2005, the Compensation Committee of our Board of Directors increased
the annual salary of our named executive officers, in accordance with the terms
and conditions of the respective employment agreements previously filed by us,
as follows:
|
C.
Taylor Pickett
|
$
495,000
|
|
|
Daniel
J. Booth
|
$
305,000
|
|
|
Robert
O. Stephenson
|
$
245,000
|
|
|
R.
Lee Crabill
|
$
237,000
|
Also, the
Compensation Committee approved 2004 cash bonus payments to executive officers
in the following amounts set forth below opposite the name of such
officer:
|
C.
Taylor Pickett
|
$
480,000
|
|
|
Daniel
J. Booth
|
$
147,500
|
|
|
Robert
O. Stephenson
|
$
117,500
|
|
|
R.
Lee Crabill
|
$
115,000
|
These
bonus amounts were determined in accordance with performance-based criteria
established by the Compensation Committee in July 2004, pursuant to which the
executives would be paid 100% percent of the bonus amounts available under their
respective employment agreements if we achieved an adjusted funds from
operations per share of common stock for the fiscal year ended December 31, 2004
equal to or in excess of certain targeted levels.