David A. Trott
...David A. Trott has served as the president of American Processing Company, LLC since March 2006.In addition, since January 1992, Mr. Trott has served as the managing attorney of Trott & Trott, P.C., a law firm located in Farmington Hills, Michigan, of which he is the majority shareholder, and the president of Attorneys Title Agency, LLC, a title agency located in Southfield, Michigan.Mr. Trott has also previously served as president of the Michigan Mortgage Bankers Association and the U.S. Foreclosure Network, one of the largest organizations of foreclosure attorneys in the United States.
...David A. Trott
Through this short-term incentive program, we provide short-term cash incentives to our named executive officers, except Mr. Trott
, on an annual basis.
Each of our named executive officers, except Mr. Trott
, participates in our annual short-term incentive program.
did not participate in our cash short-term incentive program in 2007, and will not participate in this program in 2008, because he
time between APC
and Trott & Trott
and because he
already benefits from the success of APC
significant ownership stake APC Investments, which owns 9.1% of APC.The committee did, however, pay a discretionary bonus in the amount of $100,000 for 2007 to reward Mr. Trott
financial performance during that year.The committee may pay additional discretionary cash bonuses to Mr. Trott
in the future depending on his
, and APC's
, performance. For more information about expected and earned payouts to the named executive officers, except Mr. Trott
, in 2007 under our short term incentive performance plan, please refer to the "Executive Compensation" and the "Grants under Non-Equity Incentive Plans" and "Summary Compensation" tables in that section of this proxy statement.
Pollei, Stodder and Trott
, and 60% of base salary for Mr. Baumbach.
The number of stock options granted to each of the named executive officers was: 211,328 to Mr. Dolan, 79,357 to Mr. Pollei, 70,021 to Mr. Stodder, 80,913 to Mr. Trott
and 52,282 to Mr. Baumbach.
In 2007, we paid $13,184 to a third party provider on Mr. Trott's
behalf for medical insurance. Split-Dollar Life Insurance.In 2006, we provided split-dollar life insurance policies for each of our named executive officers other than Mr. Trott
, Pollei, Stodder and Trott
contain severance arrangements pursuant to which each such executive officer will receive severance benefits if their employment with us is terminated by us without cause or, with respect to Messrs.
with certain severance benefits in the event of termination of employment in connection with a qualified change of control event.