This excerpt taken from the JCG 8-K filed Apr 11, 2006.
Cash Bonuses for Fiscal 2005 and Annual Base Salaries
On April 6, 2006, the Compensation Committee of the Companys Board of Directors determined that specific financial targets under the J.Crew Group, Inc. 2005 bonus plan that were based on the Companys operating income for fiscal year 2005 were achieved and approved annual cash bonus awards payable to the named executive officers for purposes of the Companys upcoming Annual Report on Form 10-K for fiscal 2005 as follows: Tracy Gardner, Executive Vice-President, Merchandising, Planning & Production ($350,000); Jeffrey Pfeifle, President ($400,000); and James Scully, Executive Vice-President, Chief Financial Officer ($250,000). Mr. Scullys annual cash bonus award represents a guaranteed bonus pursuant to his employment agreement with the Company. Millard Drexler, Chief Executive Officer, will not receive an annual cash bonus award for fiscal 2005.
On April 6, 2006, the Compensation Committee also approved increases in base salary for each of the named executive officers for fiscal year 2005 based on individual performance assessments and market data. The increases ranged from 0% to 20%.