This excerpt taken from the LSBX DEF 14A filed Mar 28, 2007.
The members of the Compensation Committee have been determined by the Board of Directors to be independent as defined in the NASD Rules. Effective January 1, 2007, the Compensation Committee merged with the Stock Option Committee and totals five members.
The responsibilities of the Committee are set forth in its Charter adopted on January 25, 2007, a copy of which is attached to this Proxy Statement as Appendix B. The Committees responsibilities include establishing, implementing and monitoring compliance with the Companys compensation philosophy and approval of the Companys Compensation Discussion and Analysis provided in this Proxy Statement.
The Committee has overall responsibility for the compensation of the Companys directors and officers and other employees and delegates certain of those functions to management. The Committee establishes and reviews all aspects of base salaries, annual cash incentive bonuses, and long-term equity incentives, for each Named Executive Officer included in this proxy statement including the establishment or approval of measurement metrics. With respect to executives below this level, the Committee reviews managements recommendations in a manner similar to that for the Named Executive Officers. In the case of the remaining employees, the Committee reviews,
approves, and monitors compensation budgets and proposed methods of generally administering merit changes to base salaries. While retaining oversight, the Committee has delegated to management the determination and administration of employee benefits.
This excerpt taken from the LSBX DEF 14A filed Mar 28, 2006.
The members of the Compensation Committee are Messrs. Burke (Chairman), Harrington and Ms. Boshar Reynolds, all of whom have been determined by the Board of Directors to be independent as defined in the NASD Independence Rules. The duties of the Compensation Committee include reviewing and making recommendations to the Board of Directors with respect to the annual compensation and benefits of all the executive officers of the Company. The Compensation Committee met five times in 2005.