Attached files
file | filename |
---|---|
10-K - FORM 10-K - ESCALADE INC | escalade_10k09.htm |
EX-21 - EXHIBIT 21 - ESCALADE INC | ex_21.htm |
EX-23.2 - EXHIBIT 23.2 - ESCALADE INC | ex23_2.htm |
EX-32.1 - EXHIBIT 32.1 - ESCALADE INC | ex32_1.htm |
EX-23.1 - EXHIBIT 23.1 - ESCALADE INC | ex23_1.htm |
EX-31.2 - EXHIBIT 31.2 - ESCALADE INC | ex31_2.htm |
EX-31.1 - EXHIBIT 31.1 - ESCALADE INC | ex31_1.htm |
EX-32.2 - EXHIBIT 32.2 - ESCALADE INC | ex32_2.htm |
EX-10.23 - EXHIBIT 10.23 - ESCALADE INC | ex10_23.htm |
EX-10.25 - EXHIBIT 10.25 - ESCALADE INC | ex10_25.htm |
EX-10.26 - EXHIBIT 10.26 - ESCALADE INC | ex10_26.htm |
Exhibit
10.24
Escalade,
Incorporated
Schedule
of Executive Officer Compensation
Compensation
for the executive officers of Escalade, Incorporated consists of a base salary,
bonuses and long-term incentives in the form of stock option grants or
restricted stock unit grants.
Base
Salary
In
general, base salaries are set at the beginning of each year based upon the
Company’s income level generated in the prior year, any changes in the level of
responsibility and the subjective individual performance review conducted by the
Company’s Compensation Committee. The 2010 base salaries for the Companies
executive officers are as follows:
Name
|
Position
|
Annual
Base Salary
|
||||
Robert
Griffin (a)
|
Chairman
of the Board
|
$ | 50,580 | |||
Robert
J. Keller (a)
|
President
and Chief Executive Officer
|
$ | 270,000 | |||
Deborah
J. Meinert
|
VP
Finance, CFO
|
$ | 132,000 |
(a)
Messrs Griffin and Keller are entitled to receive $56,200 and $300,000
respectively but have voluntarily agreed to a 10% reduction in each of these
amounts.
Bonuses
Each year
the Company’s Compensation Committee establishes targeted bonuses for its key
executives based on target performance levels for the Company. Performance
targets are based on achieving pre-tax income goals in relation to invested
capital which is defined as beginning shareholder equity plus average bank debt
outstanding. Based on actual results achieved, a bonus pool is accrued for use
in paying bonuses. There are no pre-defined methods for allocating the bonus
pool to any of the key executives; allocation and payment is entirely at the
discretion of the Compensation Committee and Board of Directors. Due to economic
pressures on earnings, the Company paid no bonuses in 2009.
Long-Term
Incentives
Under the
terms of the Escalade, Incorporated 2007 Incentive Plan, executive officers of
the Company are eligible to receive long term incentive compensation in various
forms including stock options and restricted stock units. The Company’s
Compensation Committee has full discretion over the form, amount and timing of
these grants which historically have been annual grants. In its determination of
annul grants, the Compensation Committee considers performance of both the
individual and the Company.
Additional
Benefits
Executive
officers are eligible to participate in the Company’s 401(k) retirement plan and
receive Company matching contributions in accordance with the plan terms. The
Company also pays group term life insurance benefits on behalf of executive
officers. The Company’s Chairman of the Board participates in a salary deferral
plan that earns interest on undistributed amounts at the rate of 9% per
annum.