I spent some time this weekend reading the company's SEC filing. What is the reason for this 69 year old person's bonus amounts? These #s are huge. Base salary is $425,000.
2005 bonus was $2,347,518
2004 bonus was $1,441,529
These bonus amounts seem out of line with those reaped by the rest of the key management team. He received 2005 Commissions. Disclosure, per his contract states that during 2005, Employee shall be entitled to receive commissions on sales to federal government agencies of five percent for existing programs and three percent for new programs or business.
Jimmy C. Houlditch, 69, joined the Company in 1996 and currently serves as Vice President and President of the North America Region. Mr. Houlditch was elected director in April 2004. Prior to joining the Company, Mr. Houlditch served as Corporate Vice President of Manufacturing and Productivity for Allied Signal Corporation, and as Chief Operating Officer for Allied Signal’s Gas Turbine Company. He was previously with Texas Instruments Semiconductor as Senior Vice President of Automation, Quality and Worldwide Product Rationalization, and Senior Vice President of Operations for Texas Instruments’ Defense Systems Electronics Company. |
