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WG » Topics » Nonqualified Deferred Compensation

This excerpt taken from the WG 10-K filed Mar 14, 2007.

Nonqualified Deferred Compensation

The following table provides information with respect to nonqualified deferred compensation of our named executive officers.

 

Name

  

Executive
Contributions in
Last Fiscal Year

($)

    

Registrant

Contributions in
Last Fiscal Year

($)

  

Aggregate
Earnings in
Last Fiscal Year

($)

    

Aggregate

Withdrawals /

Distributions

($)

    

Aggregate
Balance at

Last Fiscal
Year-End

($)

  

Michael F. Curran

   962,500 (1)   —     22,216 (1)   —       984,716 (1)

Robert R. Harl

   —       —     —       —       —    

Van A. Welch

   —       —     —       —       —    

John K. Allcorn

   200,000 (2)   —     15,946 (2)   —       215,946 (2)

John T. Dalton

   250,000 (2)   —     19,932 (2)   —       269,932 (2)

Warren L. Williams

   233,334 (2)   —     9,397 (3)   233,334 (4)   —    

R. Clay Etheridge

   203,333 (2)   —     13,649     216,982 (5)   —    
(1) Under the terms of Mr. Curran’s employment agreement, the payment of a portion of his 2005 and 2006 bonuses is deferred until July 1, 2008, as follows: $337,500 for 2005, which bears interest at 8.15 percent annually, and $625,000 for 2006, which bears interest at 8.15 percent annually. These amounts are unfunded. The deferred amount of $337,500 for 2005 was reported in the Summary Compensation table for 2005. The deferred amount of $625,000 for 2006 and $6,117 of the $22,216 in earnings are reported in the Summary Compensation table for 2006 above.
(2)

Each of Messrs. Allcorn, Dalton, Williams and Etheridge were awarded discretionary bonuses for 2005 payable in three equal installments, with the first being paid in March 2006, the second in March 2007 and the third in March 2008. The second and third installments earn interest at the rate of 10% annually until the

 

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Table of Contents
Index to Financial Statements
 

date of payment. The amount shown for each of them represents the unfunded amount of the second and third installments, in the aggregate. Payment of the installments, including interest, is conditioned on the continued employment of the employee on the date the installment is due. The amount shown for each of them representing the installments, in the aggregate, was reported in the Summary Compensation table for 2005. $6,953 of the $15,946 in earnings for Mr. Allcorn and $8,691 of the $19,932 in earnings for Mr. Dalton were reported in the Summary Compensation table for 2006 above.

(3) Forfeited in connection with Mr. Williams’ resignation. Accordingly, this amount does not appear in the Summary Compensation table for 2006 above.
(4) Paid to Mr. Williams as partial consideration for providing consulting services to us after his resignation.
(5) This amount was paid to Mr. Etheridge in connection with his resignation. The $13,649 in earnings included in this amount was reported in the Summary Compensation table for 2006 above.

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