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Hunter,

#Will be driving from 10am to 12noon eastern and again from 4 to 6 pm eastern if you want to call. More info than may need or want.

I have spoken to Joe, he is anxious for an extension and he needs and deserves compensation adjustments; recognizing his success and value to the company plus we are bumping up against salary compression issues. Joe is still below where Alex ended. That said, I don't think now is the time to deal with salary issues but I have provided some info to the board proposed in general terms the following:

Provided a side by side comparison of Joe's contract vs Kummants (signing bonus, severance, agreement, 1st year bonus, etc. Joe did not want a severance clause and we started him at a lower base; by comparison Joe's is bare bones.
*I suggested the Board look to Joe's compensation in totality and the terms of his contract and work to finalize in the coming months.
*I did ask the Board to consider extending Joe's contract, I mentioned only a multi year extension and that I have set aside time at the Board meeting on Wed March 13 to consider. (I did not give the Board a suggested term; the Secretary had suggested 1year to FRA Administrator)

My thoughts on the term; present contract ends 12/2013; one year to 2014 does not send a strong message of commitment. 2 years to 12/2015 puts a CEO search prior to National elections. 3 yrs to 12/2016 makes no sense to me.
So 4 years to 2017 makes sense. Again I have not suggested a number to the Board. I would like to have the administrations vote on contract extension.

With no "Golden" severance payout built in the contract there are no financial implications when making a CEO change; that is what Joe wanted and we wanted when we brought him on Board.

I also told the Board that Nancy and I will be ending our terms on March 17th; (my re-nomination is pending) good company governance policy calls for Board elections to preserve Board leadership structure.

Tom Carper

309 313 3525 Cell

309 837 9485 Home


Subject: Re: Boardman
From: hbiden@rosemontseneca.com
Date: Tue, 5 Mar 2013 19:52:07 -0500
To: tomcarper@msn.com


Any news from your end on this?

RHB
202.333.1880

On Mar 4, 2013, at 5:03 PM, Thomas Carper <tomcarper@msn.com> wrote:


Hunter,

Sending this from my personal email:

We want to extend the lenght of Joe's contract next week. Will see where the Sectretary is.

tom


Tom Carper

309 313 3525 Cell

309 837 9485 Home