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Quotes & Info
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| CBG > SEC Filings for CBG > Form 8-K on 6-Mar-2009 | All Recent SEC Filings |
6-Mar-2009
Change in Directors or Principal Officers
(e)
On March 2, 2009, the Company's Board of Directors, based on the recommendation of its Compensation Committee, took the following actions with respect to 2008 performance awards, 2009 performance award targets, and 2009 base salaries:
2008 Performance Awards
Performance awards for the Company's executive officers in 2008 were based 80% on EBITDA targets and 20% upon the satisfaction of strategic measures by each officer. The Company did not achieve the requisite EBITDA thresholds in 2008 and as a result, none of the EBITDA-based performance awards were earned. The Board determined that performance awards for the executive officers should be approved based on satisfaction of their strategic measures for 2008. However, prior to the Board's determination, the Company's executive officers notified the Board that each of them had elected to forego any performance award for 2008 in light of the adverse economic conditions impacting the Company, its employees and stockholders. As a result, the Company's executive officers will not receive any performance awards for 2008.
2009 Performance Award Targets The Board approved performance award target amounts for each of the Company's executive officers for 2009. The target amounts generally reflect a decrease of approximately 50% from 2008 targets. The target amounts for the Chief Executive Officer, Chief Financial Officer and the other named executive officers are set forth below: Name 2009 Bonus Target Brett White President and Chief Executive Officer $ 850,000 Calvin W. Frese, Jr. Global Chief Operating Officer, Senior Executive Vice President and President-Americas $ 450,000 Robert E. Sulentic Chief Financial Officer and President-Development Services $ 450,000 Rob Blain President-Asia Pacific $ 260,000 -------------------------------------------------------------------------------- 2009 Annual Base Salary Reductions |
At management's request, the Board approved a decrease to the annual base salaries of the officers named below and all other U.S.-based executive officers, effective March 15, 2009. The reductions range from 6.7% to 11.8% for the executive officers. The reduced 2009 annual salaries for the Chief Executive Officer, Chief Financial Officer and the other named executive officers are set forth below:
Name 2009 Annual Base Salary Brett White $ 765,000 President and Chief Executive Officer Calvin W. Frese, Jr. Global Chief Operating Officer, Senior Executive $ 553,000 Vice President and President-Americas Robert E. Sulentic Chief Financial Officer and President-Development $ 529,000 Services Rob Blain $ 481,000 President-Asia Pacific |
The Company intends to provide additional information regarding the compensation awarded to its executive officers for the year ended December 31, 2008 in the proxy statement for the Company's 2009 annual meeting.
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