Enclosed is a portion of the proxy for the annual meeting.
The individuals running our beloved RMTR, certainly do not
miss a chance to aid to the feathers in their individual nests. Since the company has become profitable, they have not missed a lick to enhance their own wallets. The following is an example. I hope they are greedy as hell for their shareholders as is their duty. Only time will tell. Whatever they pay Lee Brown is not enough.
Effective January 1, 2008, the annual retainer received by our non-employee directors increased to $20,000 from $12,000 in 2007, which is allocated as $12,000 in cash and $8,000 paid in restricted stock awards, the value determined as of the date of grant. The cash retainer fees are paid monthly on a ratable basis.
The Chairman of the Audit Committee receives an additional $15,000 cash annual retainer. During 2007, Audit Committee members received an additional $6,000 cash annual retainer. These additional fees are paid monthly on a ratable basis.
The Chairman of the Compensation Committee receives an additional $7,000 cash annual retainer. Effective January 1, 2008, the cash annual retainer for the Compensation Committee members increased to $3,500 from $2,000 in 2007.
These additional fees are paid monthly on a ratable basis.
Effective January 1, 2008, the cash annual retainer for the Chairman of the Nominating and Governance Committee increased to $4,000 from $3,000 in 2007.
During 2007, Nominating and Governance Committee members received an additional $2,000 cash annual retainer. These additional fees are paid monthly on a ratable basis.
Directors are also reimbursed for reasonable expenses for attending Board of Directors meetings. Non-employee directors are eligible to be granted stock awards under our 2005 Incentive Award Plan.
We do not have a formal policy concerning the granting of stock awards to non- employee directors; however, we may consider adopting such a policy in the future. In February 2003, our Board approved the practice that the Chairman of the Board would receive two times the number of stock option awards granted to non-employee directors generally at the time any such stock option awards are granted. No stock options were granted to non-employee directors during 2007.
Perquisites and Other Personal Benefits. We do not provide any quantifiable perquisites and other personal benefits to non-employee directors.
DIRECTOR COMPENSATION FOR 2007
Fees Earned or
Name(1)(2) Paid in Cash($) Total($)
----------------- --------------- --------William G. Howard 59,999 59,999William L. George 24,083 24,083Jack L. Saltich 35,583 35,583Theodore J. Coburn 33,583 33,583----------
(1) Mr. Kuo was elected to the Board of Directors on March 3, 2008.
(2) No equity awards were granted to non-employee directors during 2007.
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DIRECTOR OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2007
Stock Option Stock Option
Awards Awards Restricted
Name(1)(2) Exercisable(#) Unexercisable(#) Stock Awards(#)
---------------------- -------------- ---------------- ----------------William G. Howard 484,000 0 0William L. George 150,000 0 0Jack L. Saltich 150,000 0 0Theodore J. Coburn 150,000 0 0----------
(1) Mr. Kuo was elected to the Board of Directors on March 3, 2008.
(2) No equity awards were granted to non-employee directors during 2007. |
