Exhibit 10.12

 

Summary of Oral Employment Agreements with Named Executive Officers

 

The Company’s Chief Executive Officer, Douglas B. Mackie, and Chief Operating
Officer, Richard M. Lowry, have written employment agreements with the Company
under which their annual salaries are determined by the Compensation Committee
(Exhibits 10.10 and 10.11 to the Annual Report on Form 10-K for the year ended
December 31, 2004).  The other named executive officers of the Company are “at
will” employees to the extent that they do not have written employment
agreements with the Company.  The annual base salaries of these other named
executive officers are set annually by the Company’s Board of Directors, upon
the recommendation of its Compensation Committee.  For 2005, the annual base
salaries of the Company’s named executive officers are as follows:

 

Douglas B. Mackie (President and CEO):

 

$

378,000

 

Richard M. Lowry (EVP and COO):

 

$

355,000

 

Deborah A. Wensel (SVP and CFO):

 

$

225,000

 

William P. Pagendarm (VP, Division Manager):

 

$

173,000

 

Bradley T.J. Hansen (VP, Division Manager):

 

$

167,000

 

 

In addition, each of these executive officers is entitled to participate in the
Company’s Annual Cash Bonus Plan, 401(k) Savings Plan and the 401(k) Lost
Benefit Plan.

 

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