Here's the diagram...
I used a umbrella (white lined) as the main light and metered it at F8. A silver-gold reflector provided warm fill - the reflector was just barely out of the frame on the subjects left side which metered 1/2 stop less than the main light. A silver reflector was used to provide Rim Light and separate the subject from the background a little - it was metered at essentially F8.
No additional lighting was used. The background was a Company Vision statement just far enough from the subject to blur slightly maybe 18-24 inches away from the subject. I used a "crappy" Tamron zoom (now painted yellow 
) at 105 mm. The background was kept bright by the proximity to the subject (not much light falloff).
The mainlight was positioned to get the slight modified loop pattern on the subjects nose and lowered to keep from getting a lot of "shine" off the top of the subject.
This was also shot in a room with a low hanging white ceiling which I think helped the amount of fill and with the amount of light hitting the background sign.
The "specular" highlights are caused by the angle that the light is refracted and the relatively small light source (the reflector). The closer you get to 90 degrees from the lens, the more specular the highlights become. The silver & gold reflector is positioned such that it appears that the light is coming from the same general direction as the camera.
I also noticed something I missed - Mona asked about how I use the light meter. Right, wrong or indifferent, here is how I meter - there about as many ways to meter a scene as there are photographers, this method works for me (disclaimer).
I set the mainlight getting the modeling I want on the subject then I point the dome of the light meter directly at the light and take a reading. I do the same for each of the light sources, adjusting the sources as I need to for the "ratio" I am looking for. I then take a final meter reading with the dome of the meter pointing right at the lens of the camera. That is the meter reading I will use for the aperture of the lens. Now that I am digital, I will then shoot one image and verify the settings with the histogram as well as the lighting pattern.
