BRID » Topics » Base Salary

This excerpt taken from the BRID DEF 14A filed Feb 19, 2008.

Base Salary

 

The Company provides executive officers and other employees with base salary to compensate them for services rendered during the fiscal year. The purpose of base salary is to reward effective fulfillment of the assigned job responsibilities, and to reflect the position’s relative value to the Company and competitiveness of the executive job market.  Base salaries for executive officers are determined based on the nature and responsibility of the position, salary norms (if any) for comparable positions, the expertise and effectiveness of the individual executive, and the competitiveness of the market for the executive officer’s services.

 

The Company has successfully held most base salaries at the low end of the competitive range in order to reduce its overall cost structure and to achieve systematic improvement in the financial performance of the business without incurring a large turnover in executive talent and leadership.

 

Any “merit increases” for the Company’s executive officers are subject to the same budgetary constraints as apply to all other employees and operating departments.  Executive officer salaries are evaluated as part of the Company’s annual review process and may be adjusted where justified in the context of the Company’s current focus on profitability and controlling expenses.

 

For fiscal year 2007, the Compensation Committee set a salary guaranty of $3,900 per week for each Executive Committee Member, reduced on a pro-rata basis for any member working less than a full time schedule.  This change represented a 4% increase in the salary guaranty compared to fiscal year 2006.

 

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