EXHIBIT 10.7
Description of Executive Compensation
For the fiscal year ended September 2, 2005 compensation paid to the executive officers consisted of their individual salaries, a bonus paid equally to all employees in December 2004, Company matching 401K contributions, and for the Chief Executive officer, life insurance premiums paid by the Company. These amounts were as follows:
Name and Position | | Salary | | Bonus | | 401k Contribution | | Life Insurance Premium | | Total | |
| | | | | | | | | | | |
Robert A. Placek Chairman of the Board, President and Chief Executive Officer; Director | | $ | 179,078 | | $ | 500 | | $ | 8,692 | | $ | 17,055 | | $ | 205,325 | |
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C. Troy Woodbury, Jr. Treasurer and Chief Financial Officer; Director | | $ | 131,424 | | $ | 500 | | $ | 8,692 | | $ | - | | $ | 140,616 | |
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Ned L. Mountain President and Chief Operation Officer of WCI; Director | | $ | 140,000 | | $ | 500 | | $ | 7,449 | | $ | - | | $ | 147,949 | |
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These compensation arrangements continue in effect in fiscal 2006.