The purpose of our Compensation Committee is to review, approve or, if appropriate, make recommendations to the Board regarding:
- The annual incentive compensation aggregate award and approval of awards of incentive compensation to Company executive officers;
- The granting of compensation increases to Company executive officers;
- The aggregate value of long-term incentives (stock options, restricted stock, etc.) to employees and individual awards of such to Company executive officers;
- Material changes to Company benefit plans;
- The granting of or changes, extensions or renewals to any employment contracts;
- Material changes in employment policies; and
- The appointment of new executive officers of the Company.
From January 1, 2012 to December 31, 2012, the Compensation Committee met eight times.