in the range of approximately 35-70 persons. It is also contemplated that such participants will, as in the past, be persons holding key positions. Such persons, it is anticipated, will include Mr. George R. Vila, president, and Mr. Frank J. McGrath, vice president and treasurer, and about ten other officers of the company.
Amounts Distributed Under the Plans January 1, 1959, to January 31, 1964
No Class B bonuses were awarded under the Bonus Plan for 1963. Class A bonuses, which are granted for conspicuous service without regard to the company’s earnings, were awarded in 1963 to several employees, none of whom was a director or officer, in the aggregate amount of $108,522. No stock options were granted under the Bonus Plan during 1963.
The only amounts distributed under the Management Incentive Plan for 1963 (except for install-ments paid on account of deferred cash awards previously granted) were the payments, aggregating $55,169, made in respect of participation units awarded for prior years. Information with respect to such payments made in 1963 to directors and officers is set forth in Table III above.
Table IV below shows the provisions made during the period from January 1, 1959, to January 31, 1964, pursuant to the Bonus Plan and the Management Incentive Plan, for all persons who were directors or officers as of January 31, 1964, for all other persons (including former officers) who received awards under either plan, and for each officer named in Tables II and III above.
TABLE IV
Cash Participa- Payments Common shares
awarded tion units in respect covered by options
Distributees 1/1/59 awarded of participa- Granted Unexpired
to 1/1/59 to tion units 1/1/59 and unexer-
1/31/64 1/31/64 1/1/59 to cised on
1/31/64 1/31/64
Directors and officers as of 1/31/64 … $ 610,600 14,143 $ 96,514 55,156 58,161
All other persons ………………….. 4,105,588 11,070 83,593 35,539 17,973
$4,716,188 25,213 $180,107 90,695 76,134
H. E. Humphreys, Jr. ………………. $ 74,093 3,684 $ 27,718 11,052 11,052
Chairman of the Board.
George R. Vila ……………………. 70,868 3,001 19,371 11,888 11,888
President.
Frank J. McGrath ………………….. 32,066 845 5,443 3,960 4,560
Vice president and treasurer.
NOTE: Class A bonuses granted under the Bonus Plan during the specified period, all of which were awarded for conspicuous service without regard to the company’s earnings and none of which was awarded to any person who was a director or officer, have been excluded from the amount shown in the first column for all other persons.
All cash awards shown in the first column had been paid as of January 31, 1964, with the exception of two amounts payable ($15,370 to a former officer who was a director on that date.