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This excerpt taken from the FMR DEF 14A filed Apr 13, 2009. Base
Salary
Each of our executive officers has a minimum base salary that is
set by his employment agreement or letter. Potential increases
to base salaries are reviewed annually by the Compensation
Committee, with adjustments made based primarily on the
recommendations of the Chief Executive Officer for officers
other than himself. In reviewing base salaries, we have
historically reviewed competitive market data supplied by our
compensation consultant. Using this market data as a guideline,
we consider various factors, including the position of the
executive officer, the compensation of officers in our peer
group, the performance of the executive officer with respect to
specific objectives and increases in responsibilities. The
specific objectives for each executive officer vary each year in
accordance with the scope of the officer’s position, the
potential inherent in that position for impacting our operating
and financial results and the actual operating and financial
contributions produced by the officer in previous years.
Base salary decisions are intended to adequately compensate
executive officers for performing their duties and in a manner
that maintains internal equitable treatment. Overall, base
salary levels for executive officers are targeted, on average,
around the 50th percentile for similar positions in our
peer group and survey data. For 2008, base salaries for our
executive officers were established using our historic peer
group. Based upon this analysis, in March 2008, our Compensation
Committee resolved to increase Mr. Smith’s 2008 base
salary to $800,000 (from $750,000), Mr. Marazza’s 2008
base salary to $375,000 (from $325,000), and
Mr. Wawok’s base salary to $250,000 (from $225,000).
In setting 2009 base salaries for executive officers, given the
current economic environment, the Compensation Committee has
determined to maintain the base salaries at their 2008 levels.
This excerpt taken from the FMR DEF 14A filed Apr 11, 2008. Base
Salary
Each of our executive officers has a minimum base salary that is
set by his employment agreement or letter. Potential increases
to base salaries are reviewed annually by the Compensation
Committee, with adjustments made based primarily on the
recommendations of the Chief Executive Officer for officers
other than himself. In reviewing base salaries, we have
historically reviewed competitive market data supplied by our
compensation consultant. Using this market data as a guideline,
we consider various factors, including the position of the
executive officer, the compensation of officers in our peer
group, the performance of the executive officer with respect to
specific objectives and increases in responsibilities. The
specific objectives for each executive officer vary each year in
Table of Contents
accordance with the scope of the officer’s position, the
potential inherent in that position for impacting our operating
and financial results and the actual operating and financial
contributions produced by the officer in previous years.
Base salary decisions are intended to adequately compensate
executive officers for performing their duties and in a manner
that maintains internal equitable treatment. Overall, base
salary levels for executive officers are targeted, on average,
around the 50th percentile for similar positions in our
peer group and survey data. For 2007, base salaries for our
executive officers were established upon completion of an
external market analysis of our peer group conducted by AON
Consulting. For 2008, base salaries for our executive officers
were established based upon a time-value adjustment of external
market data of our peer group that was generated in 2006. Based
upon this analysis, our Compensation Committee resolved to
increase Mr. Smith’s base salary for 2008 to $800,000,
Mr. Marazza’s base salary to $375,000 and
Mr. Wawok’s base salary to $250,000.
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