Exhibit 10.13

 

SALARIES AND OTHER COMPENSATION OF EXECUTIVE OFFICERS

 

The table below shows a summary of the amounts of compensation paid to the
Company’s executive officers for the last three fiscal years.

 

 

 

 

 

 

Long Term Compensation

 

 

 

Name and Principal

 

 

 

Annual Compensation (1)

 

Restricted
Stock
Awards

 

Securities
Underlying
Options

 

All Other
Compensation

 

Position

 

Year

 

Salary

 

Bonus

 

(2)

 

(Shares)

 

(3)

 

John W. Elias

 

2005

 

$

350,000

 

 

(4)

$

141,019

 

—

 

$

4,040

 

Chairman of the Board, President

 

2004

 

$

350,000

 

$

210,000

 

$

93,852

 

50,000

 

$

4,040

 

and Chief ExecutiveOfficer

 

2003

 

$

350,000

 

$

200,000

 

—

 

50,000

 

$

2,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michael G. Long

 

2005

 

$

194,625

 

 

(4)

$

76,942

 

—

 

$

7,000

 

Executive Vice President

 

2004

 

$

178,500

 

$

109,000

 

$

47,203

 

—

 

$

6,500

 

and Chief Financial Officer

 

2003

 

$

166,700

 

$

59,000

 

$

29,808

 

—

 

$

6,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

John O. Tugwell

 

2005

 

$

199,500

 

 

(4)

$

76,942

 

—

 

$

7,000

 

Executive Vice President

 

2004

 

$

183,000

 

$

111,000

 

$

47,203

 

—

 

$

5,935

 

and Chief Operating Officer

 

2003

 

$

172,000

 

$

59,000

 

$

29,808

 

—

 

$

6,000

 

 

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(1)                                  Other annual compensation for the named
individuals during each of 2005, 2004 and 2003 did not exceed the lesser of
$50,000 or 10% of the annual compensation earned by such individual.

 

(2)                                  Reflects restricted stock awards made
pursuant to the Incentive Plan. The dollar value included in the table reflects
the valuation at the time of the award. In the case of all restricted stock
awards made to executive officers in the last three fiscal years, shares were
not issued at the time of the award and instead are issued ratably over three
years beginning on the first anniversary of the date of grant, in accordance
with the vesting schedule for the award.  Mr.  Elias received awards of 7,110
and 8,583 shares of restricted stock on April 1, 2004 and April 1, 2005,
respectively.  Messrs. Long and Tugwell each received awards of 7,200, 3,576 and
4,683 shares of restricted stock on April 1, 2003, April 1, 2004 and April 1,
2005, respectively. Awards of restricted stock, all of which provide that actual
shares are

 

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issued only upon vesting, have also been made in prior periods. If actual shares
had been issued at grant for the restricted stock awards made in 2005 and all
prior periods, the number and value of restricted shares held by the named
officers at December 31, 2005 would be as follows: Mr. Elias: 13,323 shares
($331,876); Mr. Long: 9,467 shares ($235,823); and Mr. Tugwell: 9,467 shares
($235,823).

 

(3)                                  In the case of Mr. Elias, amounts shown
represent payments by the Company for life insurance on his account. In the case
of Messrs. Long and Tugwell, amounts shown represent the Company’s contributions
under its 401(k) Plan. No amounts are included for Mr. Tugwell for payments
received by him in respect of overriding royalty interests granted prior to his
becoming an executive officer.

 

(4)                                  The 2005 bonus plan is described in further
detail in the “Description of 2005 Bonus Program” filed as Exhibit 10.14 to this
Form 10-K and incorporated by reference. The bonus amounts under the 2005 bonus
plan will be reported in the 2006 proxy statement.

 

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