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Executive Compensation

The salary range for the President & CEO is $388,000 to $582,000, with a midpoint of $485,000. The salary range for the Senior Vice President is $260,000 to $390,000, with a midpoint of $325,000. For Vice Presidents the range is $188,000 to $282,000, with a midpoint of $235,000.

All executives participate in the short-term incentive plan. Under the short-term plan, the President & CEO has a target opportunity of 50 per cent of base salary and a maximum opportunity of 75 per cent of base salary. The Senior Vice President and Vice Presidents have a target opportunity of 30 per cent of base salary and a maximum opportunity of 45 per cent of base salary.

All executives also participate in the long-term incentive plan. This plan has a target opportunity of 45 per cent of base salary and a maximum opportunity of 90 per cent of base salary for the President & CEO and Senior Vice President. The long-term incentive program for Vice Presidents has a target opportunity of 30 per cent of base salary and a maximum opportunity of 60 per cent of base salary.

Under both the short and long-term incentive programs, actual performance results measured against the various metrics determine the magnitude of the payouts. If performance objectives are not met, no incentives are paid.

In 2017, the average base salary increase for executives was 2.6 per cent, along with other adjustments to increase salaries further within the salary range for certain executives to reflect development in their role, positioning of their salary relative to the market, or internal pay equity. In addition to the programs described above, the executives participate in standard health, retirement and perquisite programs.