L-1 - FORM 8-K - Filed Nov 5, 2007

LaPenta gets a raise...

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On October 30, 2007, the Compensation Committee of the Board of Directors of the Company (the "Compensation Committee") completed an annual salary review of certain executive officers, including Robert V. LaPenta, the Chairman, President and Chief Executive Officer of the Company, and James DePalma, Executive Vice President, Chief Financial Officer and Treasurer of the Company. The Compensation Committee recommended, and the Board of Directors approved, an increase in the annual base salary of Mr. LaPenta from $550,000 to $750,000 and an increase in the annual base salary of Mr. DePalma from $325,000 to $375,000, each with effect from August 29, 2007. The Compensation Committee recommended, and the Board of Directors also approved, the following stock option grants as a supplement to base salary in order to bring the compensation of Messrs. LaPenta and DePalma to competitive market levels: (i) on October 30, 2007, options to purchase 170,000 shares of common stock with an exercise price of $18.00 per share, and on November 2, 2007, options to purchase 30,000 shares of common stock with an exercise price of $18.46 per share were granted to Mr. LaPenta and (ii) on October 30, 2007, options to purchase 60,000 shares of common stock with an exercise price of $18.00 per share, and on November 2, 2007, options to purchase 15,000 shares of common stock with an exercise price of $18.46 per share were granted to Mr. DePalma. Each of the stock options granted vest in equal annual installments over a period of four years from the grant date and will be exercisable for ten years after the grant date.

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