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Bally Board Modifies Employment Agreement with CEO, Approves Bonuses for Committee Members

CHICAGO—Bally CEO Paul Toback, who earned $900,000 in bonuses in 2005, will earn an additional $900,000 if he is terminated without cause before February 2007, according to a document filed with the U.S. Securities and Exchange Commission. Bally’s compensation committee and the board of directors approved a modification agreement to Toback’s employment agreement on Aug. 6. On that same date, the nominating and corporate governance committee and the board of directors agreed to pay the following one-time bonuses: $35,000 to the lead director; $35,000 to the chairman of the audit committee; and $25,000 to the chairmen of the compensation and nominating and corporate governance committees. Bally will also pay $17,500 to each co-chairman of the strategic alternatives committee for each of the third and four quarters of 2006. The payment for the audit committee members also doubled from $1,000 to $2,000 for meetings held from January through June of this year. For more information, read the full report here

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