George,
For the purpose of clarifying the salary and bonus deal I am posting
this portion of the DEF14A. Hope this helps. BTW, how many pies did Bill Gates get hit with today?
Please forgive the fixed font....
The following table sets forth the annual and long-term compensation
with respect to the Chairman and Chief Executive Officer and each of
the other executive officers of the Company who earned more than
$100,000 for services rendered for the years ended December 31,
1996, 1995 and 1994.
Summary Compensation Table
Annual Compensation Long-Term Compensation
--------------------------------- ----------------------------------
Securities All
Other Restricted Underlying Other
Name and Fiscal Annual Stock Option Options/ Compen-
Principal Position Year Salary Bonus Compensation Awards (4) SARS(#) sation
------------------ ------ ------ ----- ------------ ------------ ---------- -------
Daniel DelGiorno,Sr., (1) 1996 $259,000 $232,000 - - - -
Chief Executive Officer 1995 240,000 84,000 - 1,280,000 1,280,000 -
Director 1994 - - - - - -
Daniel DelGiorno, Jr.(1) 1996 - 232,000 - - - -
Director 1995 - 84,000 - 1,280,000 1,280,000 -
President, Treasurer 1994 - - - - -
Russell Pellicano(2) 1996 195,000 - - - - -
Secretary 1995 - - - 100,000 100,000 -
Director 1994 - - - - - -
George Aronson (3) 1996 144,000 187,000 - - - -
Chief Financial Officer 1995 31,000 - - - - -
1994 - - - - - -
Ed Warman(4) 1996 116,000 53,000 - - - -
Vice President of Products 1995 117,000 - - 200,000 200,000 -
& Services 1994 105,000 - - - - -
-----------
(1) 500,000 Stock options had an original exercise price of $2.56 per
share, their fair market value at date of grant, and were repriced to reflect an
exercise price of $.50 per share in 1995. D. Del Giorno, Sr., and D. Del Giorno,
Jr. were each granted an aggregate of 300,000 shares of stock and 180,000
options exercisable at $.50 in May, 1995, and 600,000 options exercisable at
$1.50 in November 1995 (repriced to $.01 in 1997)
(2) R. Pellicano was granted 100,000 options exercisable at $1.50 in 1995.
(3) Mr. Aronson was granted 25,000 options exercisable at $1.50 in 1995
which were repriced to $.01 in 1997.
(4) Mr. Warman was granted 80,000 options in 1994 exercisable at $2.56
which were repriced in 1995 to $.50, and 200,000 options in 1995 exercisable at
$1.50.
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