- 11 -
secretary.6 The officers received compensation for TYE 1998 in
the following amounts:
Officer Compensation
Mr. Menard $20,642,485
Mr. Prochaska 121,307
Mr. Rasmussen 55,702
Mr. C. Menard 172,815
2. Shareholders
Since the incorporation of Menards, Mr. Menard has been the
controlling shareholder. During the years at issue, Mr. Menard
owned all of the class A voting stock and approximately 56
percent of the class B nonvoting stock. Mr. Menard’s family
members and trusts named after him and his family members held
the remaining class B shares.7 In all, Mr. Menard owned
approximately 89 percent of Menards’s voting and nonvoting stock.
Menards has never paid dividends to its shareholders.
D. Menards’s Employee Compensation Plan
1. In General
During TYE 1998, Menards provided all employees with health,
401(k), and instant profit-sharing (IPS)8 plans. Other than IPS
6Chris Menard is Mr. Menard’s son. In addition to his
duties as secretary, Chris Menard ran Menards’s Eau Claire
distribution center.
7The record does not indicate whether Mr. Menard was a
beneficiary of any shareholder trust.
8Menards implemented the IPS plan in 1966. The amount that
an employee receives under the plan is a function of the
(continued...)
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011