On December 13, 2006, the Compensation Committee of the Argon ST, Inc. Board of Directors approved the fiscal year 2007 base salaries for the Company’s named executive officers as follows:
| Approved fiscal | ||||||||
| Name | Position with Registrant | year 2007 salary | ||||||
| Terry L. Collins | Chairman of the Board, | $ | 447,200 | |||||
| Chief Executive Officer | ||||||||
| and President | ||||||||
| S. Kent Rockwell | Vice Chairman of the | $ | 325,000 | |||||
| Board and Vice | ||||||||
| President, Corporate | ||||||||
| Development | ||||||||
| Victor F. Sellier | Vice President, Chief | $ | 360,048 | |||||
| Financial Officer and | ||||||||
| Treasurer | ||||||||
| Thomas E. Murdock | Vice President, | $ | 250,016 | |||||
| Strategic Program | ||||||||
| Development | ||||||||
| Kerry M. Rowe | Vice President, Chief | $ | 360,024 | |||||
| Operating Officer | ||||||||
Further, on December 13, 2006, the Compensation Committee approved the following bonuses for the named executive officers performance for fiscal year 2006, which were paid on December 15, 2006:
| Name | Bonus | |||
| Terry L. Collins | $ | 60,000 | ||
| S. Kent Rockwell | $ | 65,000 | ||
| Victor F. Sellier | $ | 100,000 | ||
| Thomas E. Murdock | $ | 65,000 | ||
| Kerry M. Rowe | $ | 100,000 | ||
The bonuses paid to the named executive officers are discretionary and not pursuant to the existing management incentive plan of the company.
In connection with the determination of the fiscal year 2007 annual base salaries, the Compensation Committee relied on survey data of peer group companies regarding the amount of base salaries, and this data was used as one reference point in determining the base salaries of the named executive officers. In addition to the other factors, the Committee took into account the current duties and operational responsibilities among the named executive officers in establishing 2007 base salaries.
None of the named executive officers are a party to an employment or change of control agreement with the Company.