SRZ: May 8, Compensatory Agreement (Bonus to CEO Mark & CIO Greg Neeb - 2008)

8k Filing by SRZ with regards to compensation.

Mark Ordan (Chief Executive Officer) and Greg Neeb (Chief Investment Officer) have been offered bonus of 475,000 USD and 270,000 USD for the year ending Dec 2008.

Mark's target annual bonus amount was 975,000USD and he was already paid 500,000USD in November when the employment agreement was signed.
The Compensation committee of the Board of directors of SRZ agreed that: Though the company failed to achieve its goals and target for 2008. The market conditions and business environment was extraordinary and Mark has measurably improved the company's prospects. Improvements such as previously announced refinancing, debt restructuring, sale of assets and expense reduction.

Greg Neeb the CIO was also approved a bonus of 270,000USD by the compensation committee.
Greg Neeb's target annual bonus amount was 230,000USD. Mark Ordan recommended Greg's bonus (PN: Bonus more than the target bonus of 230,000USD ) as Greg has made vital contributions to the refinancing, debt restructuring, sale of assets, expense reduction as well as key operational, financial and strategic decisions.

My View: Mark Ordan has made significant improvements in SRZ's health as a viable company (maybe more than what is known publicly and the board acknowledged the same with a bonus) Greg has also been instrumental in getting the things implemented. CIO is Chief Investment Officer but looking at what comments are provided Greg looks like the point man for Mark and his successor. (if and when the question is put forward).

SRZ has now entered a new phase of consolidation the share price is reflecting the same. SRZ still is valued very conservatively and has huge upside potential from these levels (CMP: 2.70) on a medium to long term basis.

PN: These are my personal views. the original 8K filing document is available here