WASHINGTON, N.C. – The compensation committee of Fountain Powerboat Industries, Inc., has recommended to the company’s board of directors a base salary increase and a revised profit bonus program for chairman and chief CEO, Reginald M. Fountain, Jr., the company reported in a Form 8-K document it recently filed
The board approved an annual salary of $520,000 for Fountain, to be effective immediately, and he is eligible to receive an annual profit bonus equal to 8 percent of net profit.
At its regularly scheduled meeting Oct. 11, the board of directors designated Carol J. Price, its corporate secretary and treasurer, a named executive officer and approved her annual salary of $140,000. She is eligible to receive an annual bonus equal to 10 percent of the net profit from the Fountain Sportswear profit center.
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