JEN » Topics » Fiscal Year 2008 Compensation

This excerpt taken from the JEN DEF 14A filed Dec 29, 2008.
Fiscal Year 2008 Compensation. During the fiscal year ended August 30, 2008, we continued compensation under our employment agreements with Mr. Greenfield and Mr. Abada, with cost of living increases in their base salaries of $27,900 and $34,350 respectively, as called for in their respective agreements. Since there remain a significant number of outstanding stock options unexercised during fiscal year 2008, we did not make any equity grants to any employees or officers.

     The Company paid a cash bonus to one named executive officer during fiscal 2008 as set forth in the Summary Compensation Table in this proxy statement. Kevin Mattler’s bonus was based on the following:

(1)       1/10 of 1% of the Company’s fiscal year 2008 net income before any deferred tax adjustments as set forth in the Company’s Form 10-K for fiscal 2008, not to exceed $25,000 and 1/20 of 1% of net sales (defined as merchandise sales and fabric protection sales sold to customers) of the Company’ s Jennifer segment and the Related Company in excess of $142,600,000 up to net sales of $192,000,000. The minimum bonus was set at $15,000 and the maximum bonus was set at $49,700.
       
(2) 1% of profits of regional home delivery operations during fiscal 2008.

     In accordance with the bonus formulas set forth in their employment agreements, Mr. Greenfield and Mr. Abada during fiscal 2008 did not earn and accrue an annual bonus as set forth in the Summary Compensation Table in this proxy statement.

     Neither Mr. Seidner nor Mr. Falchook are eligible to participate in any bonus plans and did not receive a bonus for fiscal 2008.

     

This excerpt taken from the JEN DEFA14A filed Jan 18, 2005.

VI.    COMPENSATION

Committee members shall be compensated by the Corporation solely in the form of directors’ fees. Committee members may, however, receive greater fees than those received for Board service by other Board members, in light of their heightened responsibilities to the Corporation.

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