DD, it's even better than that. Talk about motivation to get the price of the stock up! read this from the filing;
ITEM 10. Executive Compensation
Robert Wolfe, Chairman and CEO has waived his $250,000
annual for the year ending June 30, 1999. No officer or director
received any compensation from the Company during the last
fiscal year. The Company paid no bonuses in the last three fiscal
years ended June 30, 1999 to officers or other employees. Prior
to the Stock Acquisition of December 12, 1998, the Company's
Chief executive officer and Chairman of the Board was Harry
Edelson. Mr. Edelson received no compensation during the fiscal
year ending June 30, 1999.
The following table sets forth the total compensation paid or
accrued to its Chief Executive Officer, Robert E. Wolfe and
former Chief Executive officer Harry Edelson during the fiscal
year ending June 30, 1999. There were no other corporate
officers in any of the last three fiscal years.
Executive Compensation
Other LTIP
Compen- Restricted Pay All
Name Yr Salary Bonus sation Awards outs Security Other
===============================================================================
Harry Edelson 99 0 0 0 0 0 0 0
Robert Wolfe 99 0 0 0 0 0 0 0
OPTION GRANTS DURING 1999; VALUE OF OPTIONS AT YEAR-END
The following tables set forth certain information covering the
grant of options to the Company's Chief Executive Officer, Mr.
Robert E. Wolfe and the former Chief Executive Officer, Mr.
Harry Edelson during the fiscal year ended June 30, 1999 and
unexercised options held as of that date. Neither Mr. Wolfe or
Mr. Edelson exercised any options during fiscal 1998.
Name # Securities % of Total Exercise Expiration Date
underlying Options to Price
Option Employer
============================================================================
Harry Edelson 0 0 n/a n/a
Robert Wolfe 0 0 n/a n/a
Compensation Committee Report
The Compensation Committee of the Board of Directors was
responsible for reviewing and approving the Company's
compensation policies and the compensation paid to executive
officers. Mr. Wolfe and Mr. Noll, who comprise the
Compensation Committee are employee and non-employee
directors respectively.
Compensation Philosophy
The general philosophy of the Company's compensation program,
which has been reviewed and endorsed by the Committee, was to
provide overall competitive compensation based on each
executive's individual performance and the Company's overall
performance.
There are two basic components in the Company's executive
compensation program: (i) base salary and (ii) stock option
awards.
Base Salary
Executive Officers' salaries are targeted at the median range for
rates paid by competitors in comparably sized companies. The
Company recognizes the need to attract and retain highly skilled
and motivated executives through a competitive base salary
program, while at the same time considering the overall
performance of the Company and returns to stockholders.
Stock Option Awards
With respect to executive officers, stock options are generally
granted on an annual basis, usually at the commencement of the
new fiscal year. Generally, stock options vest ratably over a
four-year period and the executive must be employed by the
Company in order to vest the options. The Compensation
Committee believes that the stock option grants provide an
incentive that focuses the executives' attention on managing the
Company from the perspective of an owner with an equity stake
in the business. The option grants are issued at no less than 85%
of the market price of the stock at the date of grant, hence there
is incentive on the executive's part to enhance the value of the
stock through the overall performance of the Company.
|
