Summary
This Form 8-K filing by American Tower Corporation (AMT) on March 2, 2006, details the outcomes of the Compensation Committee's annual review of executive compensation for the fiscal year ended December 31, 2005, and sets targets for fiscal year 2006. The committee recognized that Named Executive Officers exceeded their performance goals for 2005, resulting in cash bonus payments above target levels. Additionally, base salaries and cash bonus incentive targets for 2006 were approved, with a base salary increase for the Chief Executive Officer.
Key Highlights
- 1The Compensation Committee approved cash bonus incentives for 2005 for Named Executive Officers, exceeding target levels due to strong company performance.
- 2Base salaries and cash bonus incentive targets for 2006 were established for the Named Executive Officers.
- 3James D. Taiclet, Jr., CEO, received an increase in his base salary for 2006 to $835,000.
- 4Actual bonus payments for 2005 varied by executive, ranging from 75% to 100% of their base salaries, with some officers receiving payouts significantly above target.
- 5The filing clarifies that 2005 bonus payments are in addition to special bonuses awarded in August 2005 related to the SpectraSite merger.
- 6Stock options were granted to Named Executive Officers, with significant grants to Messrs. Taiclet (500,000 shares) and Singer (450,000 shares) at an exercise price of $31.50.
- 7Mid-year salary increases were noted for certain executives in August 2005 following the SpectraSite merger.