PCL Ceo gave himself a raise....
Begin rant/
WHEREAS, Company and Executive wish to amend the Agreement on the terms set forth herein.
NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, Company and Executive, intending to be legally bound, hereby agree as follows:
1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Agreement has the meaning assigned to such term in the Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Agreement shall, after this Amendment becomes effective, refer to the Agreement as amended hereby.
2. Changes to Attachment “A”.
2.1 Base Salary. The Base Salary provision in Attachment “A” to the Agreement is amended by changing “$425,000” to “$675,000”.
REALLY?! Arent we losing money?!
Seriously? Guess what, he wasnt the only one...
NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, Company and Executive, intending to be legally bound, hereby agree as follows:
1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Agreement has the meaning assigned to such term in the Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Agreement shall, after this Amendment becomes effective, refer to the Agreement as amended hereby.
2. Position. The Agreement is amended by changing “Vice President and Chief Operating Officer” to “Executive Vice President and Chief Operating Officer” in each place that such phrase appears in the Agreement, including in Section 1.2 thereof and in the “Position” provision of Attachment “A” thereof.
3. Base Salary. The Base Salary provision in Attachment “A” to the Agreement is amended by changing “$275,000” to “$400,000”.
That $375,000 in raises going to TWO people in this company in a time when Management is proposing pay CUTs to all its labor groups...
Two words...
Shove it!
/ end rant
Entire SEC filing:
http://phx.corporate-ir.net/phoenix....E4L3htbA%3d%3d
Last edited by Colgan Pilot; 03-20-2012 at 02:24 PM.