Progress Energy 2009 Annual Report Download - page 162
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PROXY STATEMENT
24
COMPENSATION PROGRAM STRUCTURE
The table below summarizes the current elements of our executive compensation program.
Element Brief Description Primary Purpose
Short- or
Long-Term
Focus
Base Salary Fixed compensation. Annual
merit increases reward
individual performance and
growth in the position.
Basic element of compensation and
necessary to attract and retain.
Short-term
(annual)
Annual Incentive Variable compensation based
on achievement of annual
performance goals.
Rewards operating performance results
that are consistent with reliable and
efficient electric service.
Short-term
(annual)
Long-Term Incentives —
Performance Shares
Variable compensation based
on achievement of long-term
performance goals.
Align interests of shareholders and
management and aid in attracting and
retaining executives.
Long-term
Long-Term Incentives —
Restricted Stock/Restricted
Stock Units
Fixed compensation based on
target levels. Service-based
vesting.
Align interests of shareholders and
management and essential in attracting
and retaining executives.
Long-term
Supplemental Senior
Executive Retirement Plan
Formula-based compensation,
based on salary, annual
incentives and eligible years
of service.
Provides long-term retirement benefit
influenced by service and performance.
Aids in attracting and retaining
executives.
Long-term
Management Change-In-
Control Plan
Elements based on specific
plan eligibility.
Aligns interests of shareholders and
management and aids in (i) attracting
executives; (ii) retaining executives
during transition following a change-in-
control; and (iii) focusing executives on
maximizing value for shareholders.
Long-term
Employment Agreements Define Company’s
relationship with its
executives and provide
protection to each of the
parties in the event of
termination of employment.
Aid in attracting and retaining executives. Long-term
Executive Perquisites Personal benefits awarded
outside of base pay and
incentives.
Aid in attracting and retaining executives. Short-term
(annual)
Other Broad-Based
Benefits
Employee benefits such as
health and welfare benefits,
401(k) and pension plan.
Basic elements of compensation expected
in the marketplace. Aid in attracting and
retaining executives.
Both Short-
and Long-
term
Deferred Compensation Provides executives with tax
deferral options in addition
to those available under our
qualified plans.
Aids in attracting and retaining
executives.
Long-term