- 11 -
fiscal year. The Directors recognize that this success
continues to be due in large part to the efforts and
expertise of President, Lon D. Martin. In light of
this recognition and the fact that Mr. Martin's base
salary has been continued at the same level for several
years, the Directors unanimously agreed to pay Mr.
Martin a total bonus of $722,913.00. This bonus is to
be paid by the corporation's forgiving a debt of
$82,566.00 due from Mr. Martin to the corporation and
by paying the balance of $640,347.00 in cash to Mr.
Martin.
From 1985 through 1991, Jerry Crispe's, Mrs. Martin's, and
Mike's respective total annual compensation from petitioner was
as follows:
Mr. Crispe
Year Salary Bonus Total Compensation
1985 1 1 $4,300
1986 1 1 17,000
1987 $42,564 $14,917 57,481
1988 50,000 48,195 98,195
1989 50,000 58,650 108,650
1990 50,000 67,277 117,277
1991 157,073 -- 157,073
1No breakdown between salary and bonus is available.
Mrs. Martin
Year Salary Bonus Total Compensation
1985 $8,000 -- $8,000
1986 -- -- --
1987 -- -- --
1988 1,200 -- 1,200
1989 13,800 -- 13,800
1990 24,000 $33,060 57,060
1991 23,790 -- 23,790
Mike
Year Salary Bonus Total Compensation
1985 1 1 $25,230
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Last modified: May 25, 2011