| | (c). Effective October 1, 2005, Michael D. Boling, age 50, will assume the position of President of Bristol Metals, L.P., reporting directly to Board of Directors of the Company. An employee of the Company since 1979, for more than the past 5 years he has served as the Company's Vice President, Piping Systems. Mr. Boling's annual salary will be $150,000 per year. He will continue to participate in the Company's short-term incentive plan and the benefit plans of the Company generally applicable to managerial employees of Bristol Metals, L.P. as described in the Company's 2005 Proxy Statement. In 2004, Mr. Boling received $143,850 from the Company in salary, bonus and benefits. Ronald H. Braam, age 61, will continue to serve as President of the Chemicals Segment of the Company and President of Manufacturers Chemicals, L.P. An employee of the Company for more than 5 years, the Company has a written employment agreement with Mr. Braam through November 1, 2005 which provides for an annual salary of the $175,000 per year and participation in the Management Incentive Plan for the Chemical Segment. This agreement also contains provisions for salary continuation benefits in the event of Mr. Braam's disability or death, under specified conditions, during the term of his employment with the Company. In 2004, Mr. Braam received $184,386 in salary, bonus and benefits. Mr. Boling and Mr. Braam will report directly to the Board of Directors until such time as a replacement is named for the departing chief executive officer of the Company. |
