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Re: New 8-K Executive CompensationThanks for posting the 8-K regarding the changes being made to unpaid annual leave and 401 (k) contributions. From the 8-K Perquisites Payment for accrued but unused vacation. In the past, the Company’s executive officers received a total of eight weeks of vacation annually, and an executive officer could receive a cash payment for accrued but unused vacation up to a maximum of six weeks of unused vacation per year. The Committee elected to (i) reduce the amount of vacation executive officers are entitled to receive to a total of six weeks per year, effective immediately, and (ii) limit the cash payment for accrued but unused vacation to two weeks per year beginning in 2017, which will be paid on the last business day of each fiscal year. Any accrued but unused vacation days in excess of two weeks will be forfeited. Because the Committee approved these changes at the midpoint of the Company’s fiscal year, the Committee approved the payment of up to a maximum of four weeks of accrued but unused vacation for 2016 I have been waiting since August 2014 for the company and/or the outside accountants (BDO) to come forth and make changes to the cash for unused vacation plan and the 401(k) plan. Here are two excerpts of a PM I recently sent to another poster. "Back in August 2014, I noticed a couple of items in the annual report that suggested to me that mgmt. may be involved in suspicious/greedy manipulation of two accounts dating back to 2005 & 2007, each dealing with compensation paid to Dees, Scott, Wachter & Culpepper. The balance in one account is approximately $2.5 million; the other account, just over $2 million has been paid to mgmt. for the period 2005 - 2015." "I was anticipating that the forensic accounting team brought in to investigate Dees' embezzlement would have verified what I discovered back in 2014 & reference it in their report. The fact that they didn't could suggest that I may be 'barking up the wrong tree.' Perhaps their investigation was limited to just the travel & entertainment account. My allegations are supported from what I see reported in the Company's quarterly & annual filings to the SEC and are further reinforced by management's totally unacceptable record in displaying character, integrity & judgment the past four or five years." The paid unused vacation and 401(k) items are listed in the 'All Other Compensation' column of the SUMMARY COMPENSATION TABLE (see below) that is included in the annual Schedule 14A (Proxy). SUMMARY COMPENSATION TABLE The table below shows the compensation for services in all capacities we paid during the years ended December 31, 2015, 2014 and 2013 to our Chief Executive Officer, Chief Financial Officer and our two other executive officers during 2015 (whom we refer to collectively as our “named executive officers”):
Do you see what has been occurring the past 11 years? Mgmt. established a "perk" whereby they each received cash for unused annual leave. Isn't it odd that every year each member of mgmt. only took 2 weeks annual leave and received the same amount of cash for unused annual leave (6 weeks). I find it difficult to believe that during the past 11 years each executive never took more than two weeks of vacation when they were eligible to take up to eight weeks. Per the table below, each executive was paid cash for the six weeks annual leave they didn't take during the period 2010 - 2015 - less during the period 2005 -2010. Over the years the total cash paid to mgmt. for unused annual leave was $2,035,045. Just another blatant example of management GREED!!!
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Msg # | Subject | Author | Recs | Date Posted |
32794 | Re: New 8-K Executive Compensation | pvctdoc | 1 | 7/11/2016 6:01:10 PM |
32796 | Re: New 8-K Executive Compensation | mplaut | 0 | 7/11/2016 6:24:40 PM |
32811 | Re: New 8-K Executive Compensation | travisnye | 1 | 7/11/2016 7:33:40 PM |