Board Justification

The compensation philosophy emphasizes market competitiveness and internal job value, aligning executive compensation with company performance and retention strategies.

Board Justification

Award under the Senior Officer PEP equal to 240% of his base salary based on company performance in 2005, paid in March 2006.

Board Justification

Includes contributions to retirement plans and matching contributions to the 401(k) plan.

Board Justification

Restricted shares granted in 2005, vesting over five years with no shares vesting in the first two years and one-third vesting ratably on the third, fourth, and fifth anniversaries of the date of grant.