LINE » Topics » Base Salary

This excerpt taken from the LINE DEF 14A filed Apr 21, 2008.

Base Salary

        We provide Named Officers and other employees with a base salary to provide them with a reasonable base level of monthly income relative to their role and responsibilities. Each of our Named Officers has an employment agreement that provides for a minimum level of base salary and upward adjustments in the discretion of the Board. For a summary of the material terms of the Named Officers' employment agreements, please see "Narrative Disclosure to the 2007 Summary Compensation Table".

        Salary levels are typically considered annually as part of our performance review process as well as upon a promotion or other change in job responsibility. During its review of base salaries for executives, the Committee primarily considers:

    public and private peer data provided by our outside consultants; and

    internal review of the executive's compensation, both individually and relative to other executive officers.

        For 2008, the base salary of each of our Named Officers was increased to place base salary at or near the median of our peers. Mr. Ellis's base salary was increased at a higher level to reflect his promotion to President in December 2007, as well as the Committee's view that 1) Mr. Ellis's performance in bringing together our new management team was exemplary, and 2) his retention is critical to us and our unitholders.

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Employee Incentive Compensation Program

This excerpt taken from the LINE DEF 14A filed Apr 27, 2007.

Base Salary

We provide named executive officers and other employees with a base salary to provide them with a reasonable base level of monthly income relative to their role and responsibilities they perform during the fiscal year. Base salaries paid to our named executive officers in 2006 were generally established on the date of hire by negotiation with the individual officer and available market data.   During these negotiations with our Chief Executive Officer, it was agreed that his salary would be set at $1 so that substantially all of his compensation would be provided in equity and cash bonus awards.

Salary levels are typically considered annually as part of the Company’s performance review process as well as upon a promotion or other change in job responsibility.  During its review of base salaries for executives, the Committee primarily considers:

·                  market data provided by our outside consultants;

·                  internal review of the executive’s compensation, both individually and relative to other executive officers; and

·                  individual performance of the executive.

Salary levels are typically considered annually as part of our performance review process as well as upon a promotion or other change in job responsibility. Merit based increases to salaries of our executives are based on the Committee’s assessment of the individual’s performance.

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For 2007, the base salaries of Messrs. Linn and Rockov were increased to $350,000 and $275,000, respectively.  In increasing these salaries, the Compensation Committee reviewed and analyzed the compensation of executives among our 2006 peer companies identified above.  Base salaries for our other named executive officers were left unchanged as those salaries were established during 2006.

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