PCL Ceo gave himself a raise....
03-20-2012, 02:00 PM
#1
Line Holder
Thread Starter
Joined APC: Feb 2011
Posts: 67
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”.
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”.
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”.
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.
03-20-2012, 02:31 PM
#7
Gets Weekends Off
Joined APC: Nov 2008
Posts: 1,498
On the verge of bankruptcy, claiming we all need to give up 5% permantly to get this company profitable again and then this happens?!?!?! What a freaking joke... All the positives I heard about SM just went out the window.... BTW where's the quarterly reports? Do the reports warrant a raise?
03-20-2012, 02:48 PM
#9
Banned
Joined APC: Apr 2008
Posts: 444
CEO pay is determined by the Board of Directors, which Menke is a member of. But I'm sure he had no objections. He'll blame the board for his raise.
Pinnacle's board is corrupt. This is the reason several share holders are seeking spots on the board. There is a battle going on right now, look at the SEC filings.
Company Search
search PNCL.
Pinnacle's board is corrupt. This is the reason several share holders are seeking spots on the board. There is a battle going on right now, look at the SEC filings.
Company Search
search PNCL.
03-20-2012, 02:51 PM
#10
Gets Weekends Off
Joined APC: Jun 2010
Position: Doing what you do, for less.
Posts: 1,792
Maybe its going down like this...
His pay is going to be cut. Either by the board, in bankruptcy, or as a show of good faith to get employee pay cuts. So before that cut happens, why not raise it?
Start at $425k/yr. Raise pay to $675k/yr. In the future, take a pay "cut" to $500k/yr. Then he can go around saying "Even I'm doing it! I just took an almost $200k/yr paycut, now its your turn!"... while still making more money than he started off with.
His pay is going to be cut. Either by the board, in bankruptcy, or as a show of good faith to get employee pay cuts. So before that cut happens, why not raise it?
Start at $425k/yr. Raise pay to $675k/yr. In the future, take a pay "cut" to $500k/yr. Then he can go around saying "Even I'm doing it! I just took an almost $200k/yr paycut, now its your turn!"... while still making more money than he started off with.
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