Cog in the machine...

     April 26, 2004


-- Bill, who's trying really hard to work the problem and not just scream "I TOLD YOU SO!" over and over at my friends...

Since it appears we're going to be distracted over the next few days by stories about who got what performance bonuses and why (or why not), here's some datapoints that may have been overlooked.

It's not often we get to peek into our Executive's compensation packages -- they can see ours but we can't see theirs -- but the recent IPO filing contained Facts&Data™ y'all might find interesting. Now, I might have misread it or my math could be off, but from the SEC information listed identifying the selling stockholders (starting on page 121), it appears that our executives gave each other about $96 million in our treasury stock in payouts for their executive "Incentive Plans."


Exec        EIP payout
Jeff Turner........$15,021,682
Ulrich Schmidt......$12,518,844
Vernell Jackson......$4,020,562
Ron Brunton..........$3,755,414
John Lewelling.......$3,755,414
Jan Nicholson........$2,503,618
H. David Walker......$2,503,618
Michael Williams.....$2,503,618
Carolyn Harms........$2,503,618
Don Carlisle.........$2,190,656
Daniel Wheeler.......$1,877,720
Gloria Flentje.......$1,877,720
Sheri Boyer..........$1,877,720
Mike King............$1,877,720
Tod Wawzysko.........$1,877,720
Mike Germann.........$1,564,758
Peter Wu.............$1,564,758
John Pilla...........$1,469,754
Richard Buchanan.....$1,251,796
Kerry Crisp..........$1,251,796
James Urso...........$1,251,796
Dana Smith...........$1,251,796
Rick Morriss.........$1,205,854
Kim Scanlan..........$1,189,214
Rod Cheatham...........$981,916
Suzanne Scott..........$877,188
Larry Knott............$876,252
Bob Mayle..............$876,252
Jeff Clark.............$876,252
David Wiseman..........$876,252
Douglas Scott..........$876,252
Dave Finneran..........$876,252
Kenneth Wright.........$876,252
Tony Veith.............$744,328
Sue Bacon..............$687,232
Marci Johnson..........$625,898
Doug Reece.............$625,898
Elston White...........$625,898
Don Blake..............$625,898
Vic McMullen...........$625,898
Dave Bartz.............$625,898
Sam Bhagat.............$438,126
Tim Cosgrove...........$438,126
Rick Davis.............$438,126
Frederick Dodds........$438,126
Thomas Greenwood.......$438,126
Jeff Jabara............$438,126
Lana Mccutchen.........$438,126
Kip Schmidt............$438,126
Keith Smith............$438,126
Jerry Vaughn...........$438,126
Thomas "Steve" Turkle..$438,126
Jim Cocca..............$375,544
Sherri Williams........$325,468
Lois Covey.............$312,962
Curt Demuth............$312,962
Mary French............$312,962
Mark Hoffman...........$312,962
George Miller..........$312,962
Adam Pouge.............$312,962
Brian Skelton..........$312,962
Rodney Webber..........$312,962
Forrest Urban..........$312,962
D. Randolph Davis......$272,142
Samantha Marnick.......$272,142
Joe Jarrett............$258,154
Chris Wilkinson........$236,704
Simon Ellery...........$189,410
Simon Foster...........$189,410
David Stewart..........$189,410
Clark Sellens..........$136,084
Michael Nelson.........$125,190
Allen Williams.........$125,190
Mike Schwamman.........$108,914
          Total.....$96,286,788


Unfortunately, there's no mention in any public document I can find of the performance targets set for these Executive plans, so I really can't tell you if they were as low as those they set for management's / non-reps' EIP. But they sure did pay out alot more than 35 days pay, didn't they?


-- Bill, who really shouldn't be as naively disappointed as he is that management did what they could, not what they should...