Apr. 7, 2005 - The Great Wolf Resorts executives who have been spending a lot of time recently at the new Williamsburg property had some nice paydays in 2004 as they ramped up for their initial public offering in December.

The company released its first proxy statement Wednesday, outlining executive pay. Great Wolf Chief Executive Officer John Emery received a $354,000 salary and a $2 million bonus for guiding the company through its IPO.

Emery also received an option to buy 350,000 shares of stock in three years at the IPO opening price of $17. Based on the shares closing price of $24 on Wednesday, he could buy $8.4 million worth of shares for $5.95 million, a gain of almost $2.5 million.

The 13 top executives and board members collectively own almost 4.8 million shares, just short of 16 percent of the company. Chairman of the Board of Directors Bruce D. Neviaser has the biggest stake at 1.8 million shares, or 6 percent.

Kimberly K. Schaefer, who was promoted to chief operating officer in March, will get a raise to $265,000 from about $177,000 in 2004. She also received 100,000 stock option shares. Emery will get a raise to $400,000 for his salary. Other top executives also will see salary increases in 2005.

James A. Calder, the company's chief financial officer, received 100,000 shares, $95,000 and a $200,000 bonus for the IPO completion. He'll get a raise to $250,000 in 2005. Executive Vice President of Development Hernan R. Martinez was a top earner at $214,000 with 150,000 shares. His salary will reach $320,000 in 2005.

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