Subject: RE: Boardman
From: "Thomas Carper" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Wed, 6 Mar 2013 14:51:12 +0000

Hunter,
 
#Will be driving from 10am to 12noon eastern and again from 4 to 6 pm eastern if you want to call.  More info than may need or want.
 
I have spoken to Joe, he is anxious for an extension and he needs and deserves compensation adjustments; recognizing his success and value to the company plus we are bumping up against salary compression issues.  Joe is still below where Alex ended.  That said, I don't think now is the time to deal with salary issues but I have provided some info to the board proposed in general terms the following:
 
Provided a side by side comparison of Joe's contract vs Kummants (signing bonus, severance, agreement, 1st year bonus, etc.  Joe did not want a severance clause and we started him at a lower base; by comparison Joe's is bare bones.
*I suggested the Board look to Joe's compensation in totality and the terms of his contract and work to finalize in the coming months.
*I did ask the Board to consider extending Joe's contract, I mentioned only a multi year extension and that I have set aside time at the Board meeting on Wed March 13 to consider.  (I did not give the Board a suggested term; the Secretary had suggested 1year to FRA Administrator)  
 
My thoughts on the term;  present contract ends 12/2013; one year to 2014 does not send a strong message of commitment.  2 years to 12/2015 puts a CEO search prior to National elections.  3 yrs to 12/2016 makes no sense to me.
So 4 years to 2017 makes sense. Again I have not suggested a number to the Board. I would like to have the administrations vote on contract extension.   
 
With no "Golden" severance payout built in the contract there are no financial implications when making a CEO change; that is what Joe wanted and we wanted when we brought him on Board.
 
I also told the Board that Nancy and I will be ending our terms on March 17th; (my re-nomination is pending) good company governance policy calls for Board elections to preserve Board leadership structure.   

Tom Carper
 
309 313 3525 Cell 
 
309 837 9485 Home

Subject: Re: Boardman
From: [email-masked]
Date: Tue, 5 Mar 2013 19:52:07 -0500
To: [email-masked]

Any news from your end on this?

RHB
202.333.1880

On Mar 4, 2013, at 5:03 PM, Thomas Carper <[email-masked]> wrote:

Hunter,
 
Sending this from my personal email:
 
We want to extend the lenght of Joe's contract next week.  Will see where the Sectretary is.
 
tom

 

Tom Carper
 
309 313 3525 Cell 
 
309 837 9485 Home