HMX » Topics » Base Salary

This excerpt taken from the HMX DEF 14A filed Feb 27, 2008.

Base Salary

 

Base salaries are the fixed element of executive compensation and are intended to attract, retain and motivate Company employees and are utilized to compensate executives for services rendered during the fiscal year. Base salaries are reviewed on an annual basis. In reviewing and determining base salaries for executives, the Compensation Committee considers a number of factors, including Company and operating unit performance, individual executive performance, level of responsibility, prior experience, and publicly available information gathered from the companies described above. No particular weight or percentage allocation is assigned by the Compensation Committee to any particular factor.

 

At its November 2006 meeting, the Compensation Committee considered salary adjustments for the Named Executive Officers, among other officers, reviewed compensation information as described above and recommendations of the chief executive officer. The Compensation Committee also considered Company and operating unit performance, incumbent performance and experience

 

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and relative pay among officers. The Compensation Committee approved salary increases ranging from 2.6% - 3% of base salary for the Named Executive Officers, including the chief executive officer, effective for calendar year 2007.

 

The Compensation Committee awarded salary increases to the Named Executive Officers effective January 1, 2007, as follows: Mr. Patel—2.6%, from $765,000 to $785,000; Mr. Morgan—2.9% from $275,000 to $283,000; Mr. Proczko—3.1% from $225,000 to $232,000; Mr. Giuriceo—3.2% from $141,500 to $146,000; and Mr. Zahr—3.1% from $137,245 to $141,500. In awarding a salary increase to the chief executive officer, in addition to the factors described above, the Compensation Committee independently considered consolidated Company performance for 2006 and the salary increase budget approved by the committee. The chief executive officer did not participate in the Compensation Committee’s deliberations and determination regarding the salary increase awarded to him.

 

At its January 2008 meeting, because the Company did not achieve positive earnings in fiscal 2007, the Compensation Committee determined that no salary increases would be awarded to the Named Executive Officers for 2008.

 

This excerpt taken from the HMX DEF 14A filed Feb 28, 2007.

Base Salary

 

The base salaries and salary ranges for executives are determined in relation to competitive market data provided in national executive compensation surveys and subject to review by independent compensation consultants, as appropriate. Salary ranges are reviewed on a periodic basis and adjusted as warranted. In determining the appropriate levels of executive compensation for fiscal 2006, the Committee took into account the Company’s financial performance for 2005.

 

Salaries are reviewed on an annual basis, and salary changes are based upon individual performance, level of responsibility, prior experience, information gathered from companies that comprise our Peer Group, and companies with whom we compete for executive talent outside the Peer Group. Salary adjustments are also subject to the consideration of an annual salary budget. The salary budget is determined in relation to competitive market data provided in external third-party

 

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published surveys, peer group company comparisons and the financial performance of the Company and its operating units. A salary increase budget of 3% was established for 2006.

 

At its November 2005 meeting, the Committee reviewed recommendations for salary adjustments for the Named Executive Officers, among other officers, compensation practices as disclosed in proxy statements of the Company’s Peer Group and other companies and recommendations of the chief executive officer. The Committee also considered Company and operating unit performance, incumbent performance and experience, relative pay among officers and recommendations of the CEO and the Company’s human resources staff. The Committee approved salaries for the officers effective for calendar year 2006. Those increases varied by officer, and reflected an over-all percentage increase in officers’ salaries of approximately 3%. Salaries for the Named Executive Officers are within the range of average competitive levels, with the competitiveness of the overall compensation package significantly dependent upon the reward opportunities created by achievement of objectives under the Company’s short-term and long-term incentive plans. The salary of the chief executive officer is discussed separately, below.

 

This excerpt taken from the HMX DEF 14A filed Feb 24, 2006.

Base Salary

 

The base salaries and salary ranges for executives are determined in relation to competitive market data provided in national executive compensation surveys and subject to review by independent compensation consultants, as appropriate. Salary ranges are reviewed on a periodic basis and adjusted as warranted. In determining the appropriate levels of executive compensation for fiscal 2005, the Committee took into account the Company’s financial performance for 2004.

 

Salaries are reviewed on an annual basis, and salary changes are based upon individual performance, level of responsibility, prior experience, information gathered from companies that comprise our Peer Group, and companies with whom we compete for executive talent outside the Peer Group. Salary adjustments are also subject to the consideration of an annual salary budget. The salary budget is determined in relation to competitive market data provided in external third-party published surveys, peer group company comparisons and the financial performance of the Company and its operating units. A salary increase budget of 3% was established for 2005.

 

At its January 2005 meeting, the Committee reviewed recommendations for salary adjustments for the Named Executive Officers, among other officers, compensation practices as disclosed in proxy statements of the Company’s Peer Group and other companies and recommendations of the chief executive officer. The Committee also considered Company and operating unit performance, incumbent performance and experience, relative pay among officers and recommendations of the CEO and the Company’s human resources staff. The Committee approved salaries for the officers effective for calendar year 2005. Those increases varied by officer, and reflected an over-all percentage increase in officers’ salaries of approximately 2.2%. Salaries for the Named Executive Officers are within the range of average competitive levels, with the competitiveness of the overall compensation package significantly dependent upon the reward opportunities created by achievement of objectives under the Company’s short-term and long-term incentive plans. The salary of the chief executive officer is discussed separately, below.

 

This excerpt taken from the HMX DEF 14A filed Feb 24, 2005.

Base Salary

 

The base salaries and salary ranges for executives are determined in relation to competitive market data provided in national executive compensation surveys and subject to review by independent compensation consultants, as appropriate. Salary ranges are reviewed on a periodic basis and adjusted as warranted to maintain a competitive position of slightly above the median survey results. In determining the appropriate levels of executive compensation for fiscal 2004, the Committee took into account the Company’s financial performance for 2003.

 

Salaries are reviewed on an annual basis, and salary changes are based upon individual performance within the context of an annual salary budget. The salary budget is determined in relation to competitive market data provided in external third-party published surveys, peer group company comparisons and the financial performance of the Company and its operating units. Salary planning surveys utilized include those conducted by WorldatWork (formerly the American Compensation Association) and Hewitt Associates. The overall salary budget is established at or close to the survey national average and is allocated to operating units based upon the level of achievement of their individual business plans. Based on the Company’s sales and earnings performance for fiscal 2003, including the earnings improvement over 2002, a salary increase budget of 3% was established for 2004.

 

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At its December 2003 meeting, the Committee reviewed recommendations for salary adjustments for the Named Executive Officers, among other officers. The Committee also considered Company and operating unit performance, incumbent performance and experience, relative pay among officers and recommendations of the CEO and the Company’s human resources staff. The Committee approved salaries for the officers effective for calendar year 2004. Those increases varied by officer, and reflected an over-all percentage increase in officers’ salaries of 2.6%. Salaries for the Named Executive Officers are within the range of average competitive levels, with the competitiveness of the overall compensation package significantly dependent upon the reward opportunities created by achievement of objectives under the Company’s short-term and long-term incentive plans. The salary of the Chief Executive Officer is discussed separately, below.

 

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