Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On May 23, 2012, the Compensation Committee of the Board of Directors of the
Company approved (i) an annual base salary of $400,000 for Stephen W. Herod in
connection with his appointment as President of the Company and (ii) an annual
base salary of $260,000 for Joseph S. Rinando, III in connection with his
appointment as Vice President and Chief Accounting Officer of the Company. The
Compensation Committee retained Longnecker & Associates, an independent
compensation consultant, to advise the committee regarding the Company's
executive compensation arrangements.
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