Exhibit 10.7

 

Summary Sheet for Executive Cash Compensation

 

I. Base Salaries

 

The following table sets forth the current base salaries provided to our chief
executive officer and four most highly compensated executive officers, which
salaries were determined by the Compensation Committee in January 2005:

 

Name

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   2005 Base Salary

--------------------------------------------------------------------------------

David Carter

   $ 340,000

Pamela Contag

   $ 310,000

William Albright

   $ 285,000

Michael Sterns

   $ 285,000

Anthony Purchio

   $ 275,000

 

II. Executive Management Bonus Plan – 2004 Payouts

 

Pursuant to the Executive Management Bonus Plan, certain executive officers were
eligible to receive an annual bonus in 2004, set as a percentage of base salary,
based on the achievement of specific financial goals and targets, which were
established at the beginning of the year. The following table sets forth the
actual 2004 bonuses earned by our chief executive officer and four most highly
compensated executive officers, as determined by the Compensation Committee in
January 2005:

 

Name

--------------------------------------------------------------------------------

   Actual 2004 Bonus Payout

--------------------------------------------------------------------------------

David Carter

   $ 75,000

Pamela Contag

   $ 75,000

Anthony Purchio

   $ 39,500

Michael Sterns

   $ 60,000

William Albright

   $ 40,000

 

III. Executive Management Bonus Plan - 2005

 

In January 2005, the Compensation Committee reviewed financial targets and
awards for 2005 bonuses. Target bonuses for 2005 range from 30% to 50% as a
percentage of base salary for our chief executive officer and four most highly
compensated executive officers.