Bonuses for 2005 were distributed to Empire District Electric Company officers following a Feb. 1 meeting of the Board of Directors' Compensation Committee, according to documents filed today with the Securities and Exchange Commission.
The awards were presented after it was determined that goals had been reached. The awards were:
-$104,055 for William Gipson
-$26,521 for Bradley Beecher
-$25,530 for Ronald Gatz
-$23,760 for David Gibson
-$28,553 for Gregory Knapp
-$20,776 for Michael Palmer
The incentive bonuses were set at 35 percent of base salary for the CEO, and 15 percent of base salary for other executive officers.
At the Feb 1 meeting, the committee also approved "vesting amounts with respect to performance-based restricted stock awarded to our senior executives in 2003 and awarded new performance-based restricted stock to our senior executives and established the performance goals for the vesting of such new restricted stock."
These goals enable officers to receive shares of common stock if performance goals are met.