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.


 


	
  Name and Principal

   Position

  	
   

  	
  Year

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  All Other Compensation

   (3)

  	
   

  
	
   

  	
   

  
	
   

  	
  Long Term Compensation

  
	
   

  
	
   

  	
  Restricted

  Stock

  Awards

  (2)

  	
   

  	
  Securities

  Underlying

  Options

  (Shares)

  
	
  Annual Compensation

  (1)

  
	
  Salary

  	
   

  	
  Bonus

  
	
  John W. Elias 

     Chairman of the Board,
  President and Chief Executive Officer 

  	
   

  	
  2004

  	
   

  	
  $

  	
   350,000

  	
   

  	
  (4

  	
  )

  	
  $

  	
   93,852

  	
   

  	
  50,000

  	
   

  	
  $

  	
  4,040

  	
   

  
	
   

  	
  2003

  	
   

  	
  $

  	
  350,000

  	
   

  	
  $

  	
  200,000

  	
   

  	
  —

  	
   

  	
  50,000

  	
   

  	
  $

  	
  2,630

  	
   

  
	
   

  	
  2002

  	
   

  	
  $

  	
  350,000

  	
   

  	
  $

  	
  149,000

  	
   

  	
  —

  	
   

  	
  74,000

  	
   

  	
  $

  	
  2,630

  	
   

  
	
  Michael G. Long Senior Vice President and Chief
  Financial Officer 

  	
   

  	
  2004

  	
   

  	
  $

  	
  178,500

  	
   

  	
  (4

  	
  )

  	
  $

  	
  47,203

  	
   

  	
  —

  	
   

  	
  $

  	
  6,500

  	
   

  
	
   

  	
  2003

  	
   

  	
  $

  	
  166,700

  	
   

  	
  $

  	
  59,000

  	
   

  	
  $

  	
  29,808

  	
   

  	
  —

  	
   

  	
  $

  	
  6,000

  	
   

  
	
   

  	
  2002

  	
   

  	
  $

  	
  159,500

  	
   

  	
  $

  	
  56,800

  	
   

  	
  —

  	
   

  	
  12,000

  	
   

  	
  $

  	
  5,500

  	
   

  
	
  John O. Tugwell Senior Vice President and
  Chief OperatingOfficer 

  	
   

  	
  2004

  	
   

  	
  $

  	
  183,000

  	
   

  	
  (4

  	
  )

  	
  $

  	
  47,203

  	
   

  	
  —

  	
   

  	
  $

  	
  5,935

  	
   

  
	
   

  	
  2003

  	
   

  	
  $

  	
  172,000

  	
   

  	
  $

  	
  59,000

  	
   

  	
  $

  	
  29,808

  	
   

  	
  —

  	
   

  	
  $

  	
  6,000

  	
   

  
	
   

  	
  2002

  	
   

  	
  $

  	
  164,500

  	
   

  	
  $

  	
  57,900

  	
   

  	
  —

  	
   

  	
  12,000

  	
   

  	
  $

  	
  6,981

  	
   

  



 










(1)           Other
annual compensation for the named individuals during each of 2004, 2003 and
2002 did not exceed the lesser of $50,000 or 10% of the annual compensation earned
by such individual.


 


(2)                                  Restricted stock
awards are made pursuant to the Incentive Plan. The dollar value included in
the table reflects the valuation at the time of the award. An award of 3,576
shares of restricted stock was made to each of Messrs. Long and Tugwell on
April 1, 2004.  The shares were not
issued at the time of the award and will be issued ratably over three years
beginning April 1, 2005 in accordance with the vesting schedule for the award.
Awards of restricted stock, all of which provide that actual shares are issued
only upon vesting, have also been made in prior periods.  An award of 7,200 shares of restricted stock
was made to each of Messrs. Long and Tugwell on April 1, 2003.  The shares were not issued at the time of the
award and will be issued ratably over three years beginning April 1, 2004
in accordance with the vesting schedule for the award.  Awards of restricted 


 





















 


stock, all of which provide that actual shares are 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 2004 and all prior periods, the number and value of restricted
shares held by the named officers at December 31, 2004 would be as follows: Mr.
Elias: 7,110 shares ($103,664); Mr. Long: 8,376 shares ($122,122); and Mr.
Tugwell: 8,376 shares ($122,122).


 


(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)                                  Bonus
awards for 2004 performance are not determined as of the date of this Form 10-K
and are described in further detail in the “Description of 2004 Bonus Program”
included herein and incorporated by reference.