Salary

$895.00K

Board Justification

The Company’s general compensation philosophy is performance-based in that the Company’s executive officers should be well compensated for achieving strong operating and financial results.

Bonus

$0.00

Board Justification

No bonuses were awarded to our named executive officers during fiscal 2013, fiscal 2012 or fiscal 2011, although the named executive officers did receive cash awards under our Incentive Plan.

Other

$118.63K

Board Justification

Includes Company contributions to the 401(k) plan, life insurance premiums, automobile allowances, financial/estate planning, periodic executive physical examinations and charitable matching programs.

Restricted Stock

$358.71K(13.87K SERP restricted stock)

Board Justification

SERP restricted stock awarded under the 2007 Restricted Stock Plan. These shares vest on the earliest to occur of (a) the later of either the employee’s attainment of age 55 or the fifth anniversary of the May 31 immediately preceding the date on which the shares of restricted stock were awarded, (b) the retirement of the employee on or after the attainment of age 65 or (c) a change in control with respect to the Company.

Performance Metrics

The amount of cash incentive compensation earned by our named executive officers in fiscal 2013 is set forth in the 'Non-Equity Incentive Plan Compensation' column of the Summary Compensation Table.

SEC Filing

From August 27, 2013

View SEC Filing