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This excerpt taken from the SMG DEF 14A filed Dec 20, 2006. Compensation
of the CEO
The Compensation and Organization Committee establishes the
annual goals and objectives relevant to the CEO’s
compensation. The Compensation and Organization Committee
evaluates the CEO’s performance against these goals and
objectives annually in executive session.
The Company’s executive compensation program is designed
with a performance orientation, with a large portion of
executive compensation being “at risk.” Consistent
with the overall goal of the executive compensation program,
Mr. Hagedorn declined an increase to his annual base salary
for the 2006 fiscal year, and as such, his base salary remained
at $600,000, below the 25th percentile of the Comparison
Group. Mr. Hagedorn’s total compensation is more
heavily weighted towards equity-based incentive compensation.
Mr. Hagedorn’s target incentive opportunity under the
Executive Incentive Plan was 90% of his base salary for the 2006
fiscal year. In Mr. Hagedorn’s position, 100% of his
target incentive opportunity is directly attributable to
attainment of annual performance measures established for the
Company on a consolidated basis. The measures used to determine
Mr. Hagedorn’s incentive compensation are the same as
for all corporate officers described above.
Mr. Hagedorn’s overall compensation package is set at
the median of the Comparison Group and is structured in a way to
provide significant rewards when the Company exceeds the
corporate performance goals.
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