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ALL » Topics » 2.2 Compensation .

This excerpt taken from the ALL 8-K filed Sep 19, 2008.
Section 4.  Compensation.  The salaries of all officers of the corporation shall be fixed by the Board, acting directly or through the Compensation and Succession Committee.

 

This excerpt taken from the ALL 8-K filed Jul 25, 2008.
Section 4.  Compensation.  The salaries of all officers of the corporation shall be fixed by the Board, acting directly or through the Compensation and Succession Committee.

 

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These excerpts taken from the ALL 10-K filed Feb 27, 2008.

2.2             Compensation.

(a)           Base Salary.  During the Post-Change Period, the Company shall pay or cause to be paid to Executive an annual base salary in cash, which shall be paid in a manner consistent with the Company’s payroll practices in effect immediately before the Effective Date, at an annual rate not less than 12 times the highest monthly base salary paid or payable to Executive by the Company in respect of the 12-month period immediately before the Effective Date (such annual rate salary, the “Base Salary”).  During the Post-Change Period, the Base Salary shall be reviewed at least annually and shall be increased at any time and from time to time as shall be substantially consistent with increases in base salary awarded to other peer executives of the Company.  Any increase in Base Salary shall not limit or reduce any other obligation of the Company to Executive under this Agreement.  After any such increase, the Base Salary shall not be reduced and “Base Salary” shall thereafter refer to the increased amount.

(b)           Annual Bonus.  The Company shall also pay or cause to be paid to Executive a bonus (the “Annual Bonus”), which shall be not less than the Target Annual Bonus determined as of the Effective Date, for each Annual Performance Period that ends during the Post-Change Period.  “Annual Performance Period” means each period designated in accordance with any annual bonus arrangement or Plan (a “Bonus Plan”) that is based on performance and approved by the Board or any committee of the Board, or in the absence of any Bonus Plan or any such designated period of time, each calendar year.

2.2             Compensation.



(a)           Base Salary.  During the Post-Change Period, the Company
shall pay or cause to be paid to Executive an annual base salary in cash, which
shall be paid in a manner consistent with the Company’s payroll practices in
effect immediately before the Effective Date, at an annual rate not less than
12 times the highest monthly base salary paid or payable to Executive by the
Company in respect of the 12-month period immediately before the
Effective Date (such annual rate salary, the “Base Salary”).  During the Post-Change Period, the Base
Salary shall be reviewed at least annually and shall be increased at any time
and from time to time as shall be substantially consistent with increases in
base salary awarded to other peer executives of the Company.  Any increase in Base Salary shall not limit
or reduce any other obligation of the Company to Executive under this
Agreement.  After any such increase, the
Base Salary shall not be reduced and “Base Salary” shall thereafter refer to
the increased amount.



(b)           Annual Bonus.  The Company shall also pay or cause to be
paid to Executive a bonus (the “Annual Bonus”), which shall be not less
than the Target Annual Bonus determined as of the Effective Date, for each
Annual Performance Period that ends during the Post-Change Period.  “Annual Performance Period” means each
period designated in accordance with any annual bonus arrangement or Plan (a “Bonus
Plan”) that is based on performance and approved by the Board or any
committee of the Board, or in the absence of any Bonus Plan or any such
designated period of time, each calendar year.



EXCERPTS ON THIS PAGE:

8-K
Sep 19, 2008
8-K
Jul 25, 2008
10-K (2 sections)
Feb 27, 2008

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