This excerpt taken from the PENN DEF 14A filed Apr 30, 2007.
Base Salary. Consistent with the compensation philosophy, base salaries are targeted to approximate the 50th percentile (median) of the peer group. Salaries are also reviewed and compared to market rates and internal relationships for fairness. Salaries are then reviewed and set based on judgments regarding external and internal relationships, specific position duties and responsibilities, and assessment of individual contribution and position value to the Company.
Overall salaries for executive officers in 2006 fell somewhat below the median of the peer group at the 44th percentile, due in part to the significant growth in revenues and company size over the last few years, as salaries have not quite kept pace with the company growth and its peer group ranking. For 2006, salaries were increased significantly to reflect the substantial increase in the size of the Company as a result of the acquisition of Argosy Gaming Company and the contributions of the individual executives to the Company during 2005 and to be more consistent with industry practices. Moreover, the Company was in the process of implementing a significant capital expenditure program to provide for future growth. The salary for the Chief Executive Officer was raised from $1,000,000 to $1,400,000 to recognize his outstanding performance in leading the Company and overseeing its continued growth as well as to reflect his enhanced responsibilities in connection with the increase in company size and complexity following the Argosy
Gaming Company acquisition. Pursuant to the terms of his employment agreement, dated July 31, 2006, the salary for the Executive Vice President of Operations was increased from $500,000 to $750,000 to reflect his additional duties and responsibilities after the acquisition of Argosy Gaming Company, and the implementation of a significant expansion at several Company properties.
Salary increases for executive officers for 2007 represent a 7.1% increase over 2006 levels with the Chief Executive Officer receiving a 7.1% increase to $1,500,000. The salary for the CFO was increased from $585,000 to $700,000 to reflect his performance and increased responsibility.
This excerpt taken from the PENN DEF 14A filed Apr 28, 2006.
Base Salary. The Compensation Committee seeks to structure executive base salaries competitive with those of similarly situated companies and reviews each executive officers salary on an annual basis. The base salaries for Peter M. Carlino and the other executive officers are initially set by employment agreements and adjusted by the Compensation Committee. In setting and adjusting base salary levels for individual executives, the Compensation Committee considers factors such as the executives scope of responsibility, the executives performance, the performance of the Company, future potential and benchmarks of comparable positions at other companies. In making salary decisions, the Compensation Committee exercises subjective judgment using no specific weights for the previously discussed factors. Effective January 1, 2005, the executive officers received base salary increases of 8.7% to 25.0%. Salary increases were based upon each individual executives performance and the Companys achievements in 2004, including achieving year over year earnings growth that exceeded budgeted expectations, the progress of the transaction to acquire Argosy Gaming Company, the strong performance of the Companys common stock, the continued expansion and strong operating results of the properties and managements pursuit of significant growth opportunities in Pennsylvania and Maine.
These excerpts taken from the PENN 8-K filed Jun 16, 2005.
Base Salary. The Company shall pay Executive a base salary (Base Salary), commencing on the Commencement Date, at the annual rate of three hundred sixty-five thousand ($365,000), payable in installments at such times as the Company customarily pays its other senior executives (Peer Executives). Executives performance and Base Salary shall be reviewed annually. Any increase in Base Salary or other compensation shall be made at the discretion of the Board or the compensation committee of the Board (the Compensation Committee).
Base Salary. The Company shall pay Executive a base salary (Base Salary), commencing on the Commencement Date, at the annual rate of five hundred thousand ($500,000), payable in installments at such times as the Company customarily pays its other senior executives (Peer Executives). Executives performance and Base Salary shall be reviewed annually. Any increase in Base Salary or other compensation shall be made at the discretion of the Board or the compensation committee of the Board (the Compensation Committee).