EX-10.37 2 d444388dex1037.htm EX-10.37 EX-10.37

Exhibit 10.37

Summary of Compensation for Named Executive Officers for Fiscal 2013

The following represents the 2013 salary and target bonus applicable to the named executive officers as follows:

 

Named Executive

   2013
Base Salary ($)
     2013
Target Bonus ($)
 

Arthur G. Dauber

     130,000         20,000   

Charles M. Dauber

     275,000         150,000   

Neal T. Hare

     200,000         100,000   

James J. Steffek

     200,000         100,000   

Andrew L. Puhala

     200,000         56,712   

Timothy C. Adams

     155,000         31,000   

Actual bonus amounts payable to each executive will be based on the achievement of 2013 Company and individual performance goals established for each executive. Targeted performance must be achieved at the 70% to 75% level for that component of the bonus to be earned and must be achieved at the 100% level for the full bonus to be earned. Executive’s individual goals may require a subjective evaluation and judgment with respect to achievement of these goals. Company performance targets range from 50% to 75% of the total bonus with individual goals encompassing the remainder.

In connection with the 2013 salary and target bonus established for the named executive officers, the following named executive officers were awarded restricted stock units under the 2007 Employee Stock Incentive Plan. Each restricted stock unit issued one share of common stock upon vesting:

 

Named Executive

   Restricted Stock Units  

Charles M. Dauber

     80,000   

Andrew L. Puhala

     13,233

Tim C. Adams

     12,000   

 

* Andrew Puhala’s amount is prorated based on hire date January 21, 2013.

Vesting of a portion of such awards is subject to achievement of the 2013 Company and individual performance goals established for each executive, 80,000 for Mr. Dauber, 10,586 for Mr. Puhala, and 9,600 for Mr. Adams. The balance of such awards is subject to only a continuing employment requirement. Most vested restricted stock units convert into common stock on a one-to-one basis in four equal installments form the original grant date, subject to a continuing employment requirement. Mr. Dauber’s 80,000 units will vest in January 1, 2014 subject to achievement of his 2013 performance goals.