SUMMARY COMPENSATION TABLE
The following table sets forth the compensation paid or accrued by the Company to the
Company’s Chief Executive Officer and to each of the four most highly compensated executive
officers of the Company for services rendered to the Company during the three years ended December
31, 2008:
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Non-Equity |
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Option |
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Incentive Plan |
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All Other |
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| Name and Principle Position |
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Period |
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Salary (1) |
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Bonus (2) |
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Awards (3) |
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Compensation (4) |
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Compensation |
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Total |
Mark C. Layton |
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2008 |
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$ |
584,200 |
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$ |
— |
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$ |
17,197 |
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$ |
125,000 |
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$ |
36,051 |
(5) |
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$ |
762,448 |
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Chairman, President, Chief |
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2007 |
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545,546 |
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19,000 |
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25,613 |
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20,000 |
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38,564 |
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648,723 |
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Executive Officer |
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2006 |
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514,739 |
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15,000 |
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37,623 |
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— |
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79,086 |
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646,448 |
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Steven S. Graham |
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2008 |
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$ |
278,495 |
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$ |
— |
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$ |
12,332 |
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$ |
110,000 |
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$ |
9,801 |
(6) |
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$ |
410,628 |
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Executive Vice President — |
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2007 |
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265,354 |
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19,000 |
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23,608 |
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18,000 |
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9,845 |
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335,807 |
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Chief Technology Officer |
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2006 |
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253,462 |
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15,000 |
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37,623 |
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— |
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19,430 |
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325,515 |
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Michael C. Willoughby |
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2008 |
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$ |
351,892 |
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$ |
— |
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$ |
21,484 |
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$ |
125,000 |
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$ |
20,055 |
(7) |
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$ |
518,431 |
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Executive Vice President — |
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2007 |
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342,892 |
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19,000 |
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28,435 |
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20,000 |
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12,640 |
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422,967 |
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Chief Information Officer |
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2006 |
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290,423 |
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20,000 |
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37,623 |
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— |
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8,020 |
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356,066 |
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Thomas J. Madden |
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2008 |
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$ |
328,508 |
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$ |
— |
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$ |
16,736 |
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$ |
125,000 |
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$ |
24,283 |
(8) |
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$ |
494,527 |
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Executive Vice President — |
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2007 |
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303,277 |
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19,000 |
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25,463 |
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20,000 |
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16,459 |
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384,199 |
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Chief Financial Officer |
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2006 |
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273,846 |
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20,000 |
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37,623 |
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— |
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20,899 |
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352,368 |
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Cindy Almond |
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2008 |
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$ |
219,918 |
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$ |
— |
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$ |
14,906 |
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$ |
94,000 |
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$ |
16,255 |
(9) |
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$ |
345,079 |
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Vice President — Client |
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2007 |
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199,765 |
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14,000 |
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25,463 |
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12,000 |
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16,947 |
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268,175 |
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Services and Secretary |
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| (1) |
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Salary represents 2008 base salary earnings |
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| (2) |
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Bonus awards are cash awards which are not non-equity incentive plan awards as defined
under the rules of the Securities and Exchange Commission. |
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| (3) |
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Options granted have a ten year term and generally vest quarterly over three years of
continuous service after the date of grant. The values of the options in this column are
the expense amounts for grants made in 2008 and prior years which continue to be expensed
and recognized for financial statement reporting purposes in accordance with FAS 123(R) and
were estimated using a Black-Scholes pricing model, which incorporates a range of
assumptions for inputs between the grant date of the option and the date of expiration. The
assumptions used and the resulting weighted average value of stock options granted during
2008 are summarized in Note 5 to the Company’s consolidated financial statements included
in its Annual Report on Form 10-K for the year ended December 31, 2008. There can be no
assurance that the FAS 123(R) amounts will be realized. |
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| (4) |
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Represents cash awards paid under the 2008 Bonus Plan described above. |
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| (5) |
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Represents Other Compensation of $10,644 and Perquisites of
$25,407. Other Compensation
represents life insurance premiums paid by the Company for the benefit of the Named
Executive Officer. Perquisites represent the sum of personal use of automobile expenses,
club dues and memberships and income tax preparation. |
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| (6) |
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Represents Other Compensation of $5,536 and Perquisites of
$4,265. Other Compensation
represents life insurance premiums paid by the Company for the benefit of the Named
Executive Officer. Perquisites represent the sum of personal use of automobile expenses
and income tax preparation. |
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| (7) |
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Represents Other Compensation of $2,484 and Perquisites of
$17,571. Other Compensation
represents the life insurance premiums paid by the Company for the benefit of the Named
Executive Officer. Perquisites represent the sum of personal use of automobile expenses. |
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| (8) |
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Represents Other Compensation of $2,539 and Perquisites of $21,744. Other Compensation
represents the life insurance premiums paid by the Company for the benefit of the Named
Executive Officer. Perquisites represent the sum of personal use of automobile expenses
and club dues and memberships. |
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| (9) |
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Represents Other Compensation of $4,941 and Perquisites of
$11,314. Other Compensation
represents the life insurance premiums paid by the Company for the benefit of the Named
Executive Officer. Perquisites represent the sum of personal use of automobile expenses. |
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