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.
6 comments:
No wonder the cost of electricity continues to increase. Set high goals and screw the consumer. Remember, its the American way. By the way, why do the call it the Public Service Commission? I see nothing Public about it and they sure dont provide any Service to the consumer thats for sure!
In most places not failing means you get to keep your job...not huge bonuses. The admirable thing to do would be to donate these to a fund to help truly needful organizations or persons with their utilities. Even half of this bonus money would result in a lot of people being better off.
It sure as hell would be better P.R. for them.
Paying 35% income tax on these bonuses is already donating the money to a charity that provides you two with food stamps, free milk and cheese.
Do you believe that they are the only company that you do business with that provides bonuses for their executives? Do you drink coke products, buy gasoline, tires,anything from Wal-Mart? You could use your same idiot logic for these companies. Look up your favorite products and see who owns them, then look up their financial reports and see what salaries and bonuses they paid. You're not calling for these companies to lower prices. Get a clue and stop whining. Perhaps these executives have already saved you money by their operating principals and management styles.
"Get a clue and stop whining. Perhaps these executives have already saved you money by their operating principals and management styles." Good, grief, this "anonymous" must be on Empire's staff. We all know that these men are paid well because they smooze with the right people. How much was that rate hike Empire just asked for?....
All I can say is look at O'Sullivans. Their in bankruptcy and look at all the money they are whizzing off while they continue to layoff and terminate employees.
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