These excerpts taken from the ESCA 10-K filed Mar 27, 2009.
In general, base salaries are set at the beginning of each year based upon the Companys income level generated in the prior year, any changes in the level of responsibility and the subjective individual performance review conducted by the Companys Compensation Committee. The 2009 base salaries for the Companies executive officers are as follows:
(a) Messrs Griffin and Keller were entitled to receive $56,200 and $300,000 respectively but have voluntarily agreed to a 10% reduction in each of these amounts.
(b) Ms. Meinert replaced Terry Frandsen, who resigned as VP Finance and CFO of Escalade, Inc. on January 30, 2009.
In general, base
In general, base
This excerpt taken from the ESCA DEF 14A filed Mar 28, 2008.
The Compensation Committee seeks to compensate the named executive officers competitively within the industry while at the same time designing compensation components that base a significant portion of total compensation on performance. In general, base salary levels are set at the beginning of each year at levels believed by the Compensation Committee to be sufficient to attract and retain qualified executives when considered with the other components of the Companys compensation structure. The primary considerations in determining whether base salaries will be adjusted is the Companys income level generated in the previous year and any changes in level of responsibility. The Compensation Committee also subjectively reviews the individual performance of each named executive officer, based on the performance of the Company and the individuals level of contribution towards that performance.
Accordingly, for fiscal 2007 the Compensation Committee established base salaries for the Companys key executives with the intent to motivate performance by providing significant upside potential through incentive compensation and less on guaranteed compensation in the form of salaries. The Compensation Committee does not target any specific benchmark for base salary levels for its key executives compared to comparable companies within the Companys industries, but generally believes that base salaries should be in the lower half of such comparisons coupled with significant opportunities to achieve high incentive, performance based compensation. The Compensation Committee considered the scope of and accountability associated with each executive officers position in addition to such factors as the performance and experience of each executive officer when setting base salary levels for fiscal 2007.
In 2007, the Compensation Committee increased the base salary for Daniel A. Messmer, the Companys Chief Executive Officer as of the beginning of the Companys fiscal year by 3.1% to $247,500. The Compensation Committee also increased the base salary for Terry D. Frandsen, the Companys Chief Financial Officer, by 3.1% to $181,500. The Compensation Committee believed that such increases were warranted for each such officer based primarily on the Companys performance and their contribution to such results.
In 2007, the Compensation Committee increased the base salary for Robert E. Griffin, the Companys Chairman of the Board, by 8.1% to $56,200 reflecting what the Compensation Committee deemed to be fair compensation for the leadership he continues to provide to the Company and its operating units.
In August 2007, the Board of Directors hired Robert J. Keller as the Companys President and Chief Executive Officer. Based upon his experience, his responsibilities and duties in operating a public company and negotiations with Mr. Keller in attracting him to join the Company, the Compensation Committee set his 2007 base salary at $300,000 effective upon his commencement of employment with the Company.
In February 2008, the Compensation Committee established the 2008 base salary levels for the Companys current executive officers. The base salary for Mr. Keller remains unchanged at $300,000 per the terms of his employment offer letter entered into at the time of his hiring in August 2007. The base salary of Mr. Frandsen was increased 3.1% to $187,000 and the base salary of Mr. Griffin was unchanged at $56,200.