MLP » Topics » The Role of the Compensation Committee

This excerpt taken from the MLP DEF 14A filed Apr 6, 2009.

The Role of the Compensation Committee

        The Compensation Committee has the primary authority to determine our compensation philosophy and to establish compensation for our Named Executive Officers in light of individual and corporate achievements. Compensation recommendations regarding our executive officers (other than Mr. Cole, our President and Chief Executive Officer through December 31, 2008) and directors were generally provided to the Compensation Committee by Mr. Cole and approved by the Compensation Committee. Mr. Cole's total compensation is recommended by the Compensation Committee and approved by our Board of Directors. In addition, each Named Executive Officer and other senior executive management team members participate in an annual performance review with our Chief Executive Officer to provide input about his or her contributions to our success for the period being assessed. From time to time, the Compensation Committee engages the services of third party compensation consultants to review the compensation of our executive officers.

This excerpt taken from the MLP DEF 14A filed Mar 28, 2008.

The Role of the Compensation Committee

        The Compensation Committee has the primary authority to determine our compensation philosophy and to establish compensation for our Named Executive Officers in light of individual and corporate achievements. Compensation recommendations regarding our executive officers (other than Mr. Cole, our President and Chief Executive Officer) and directors are generally provided to the Compensation Committee by Mr. Cole and approved by the Compensation Committee. Mr. Cole's total compensation is recommended by the Compensation Committee and approved by our Board of Directors. In addition, each Named Executive Officer and other senior executive management team members participate in an annual performance review with our Chief Executive Officer to provide input about his or her contributions to the Company's success for the period being assessed. From time to time, the Compensation Committee engages the services of third party compensation conultants to review the compensation of our executive officers.

This excerpt taken from the MLP DEF 14A filed Mar 21, 2007.

The Role of the Compensation Committee

The Compensation Committee has the primary authority to determine the Company’s compensation philosophy and to establish compensation for the Company’s Named Executive Officers. To establish compensation packages for each Named Executive Officer, the Compensation Committee evaluates a

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variety of sources of information. In March 2006, the Compensation Committee engaged Towers Perrin, a well-known consulting firm specializing in executive compensation, to review the compensation package of David C. Cole, Chairman, President & CEO of the Company, and to prepare a “competitive compensation analysis” of our other executive officers. The Company’s Chief Executive Officer also aids the Compensation Committee by providing annual recommendations regarding the compensation of all executive officers, other than himself. In addition, each Named Executive Officer and other senior executive management team members participate in an annual performance review with our Chief Executive Officer to provide input about his or her contributions to the Company’s success for the period being assessed.

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