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Throughout the Year:

• Review the Charter for the Compensation Committee to the Board (annually)
• Review and approve Compensation Committee meeting minutes
• Review new hire/promotion compensation arrangements for Section 16b officers
  

First Quarter:

• Review and approve the appropriateness of financial measures used in incentive plans and the “stretch” required to achieve specific performance targets
• Prepare proxy report for public shareholders
• Recommend to the Board compensation for the Board of Directors
• Evaluate and report to the Board on the performance of the CEO and any resulting compensation decisions
• Review and approve prior year’s performance and resulting bonuses for plan participants.

Second Quarter

• Review areas of particular difficulty in attracting/retaining staff, progress/development of senior officers during the year, and succession planning
• Review and approve management’s decisions with regard to salary, bonus, equity grants, and other compensation for elected officers and discuss officer development needs

Third Quarter

• Review compensation philosophy statement including alignment with the company’s strategic plan, program objectives and peer group of companies for compensation/financial comparison purposes
• Assess the ongoing competitiveness of the total executive compensation package
• Approve the initial design of and subsequent amendments to any incentive compensation (bonus) plan, equity participation plan, supplemental executive benefit plan, or termination plan
• Discuss/evaluate the role of equity and share ownership goals/guidelines for elected officers
• Review how the executive compensation program is communicated to participants

Fourth Quarter

• Review and approve management’s recommendations with regard to the aggregate merit increase budget and guidelines
• Approve aggregate awards under various incentive arrangements (i.e., stock option plan, annual bonus plan, and sales incentive plan)
• Review and approve contributions to retirement plans and savings plans
• Recommend to the Board the annual salary level and short and long-term incentive opportunities for the CEO
• Evaluate any specific compensation-related actions with regard to elected officers which would fall outside established policies and guidelines

  = Compensation Consultant Input Recommended