Progress Energy 2009 Annual Report Download - page 184

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which was 2.7% above the market interest rate of 7.3% at the time the plan was frozen in 1996. The Deferred Compensation Plan
for Key Management Employees was discontinued in 2000 and replaced with the Management Deferred Compensation Plan,
which does not have a guaranteed rate of return. Named executive officers who were participants in the 1996-1999 Deferred
Compensation Plan for Key Management Employees continue to receive plan benefits with respect to amounts deferred prior to
its discontinuance in 2000. The above market earnings under the Deferred Compensation Plan for Key Management Employees
are included in this column for Mr. Johnson.
6 Includes the following items: Company match contributions under the Progress Energy 401(k) Savings & Stock
Ownership Plan; dividends paid under provisions of the Restricted Stock Award/Unit Plans and Management Deferred
Compensation Plans; perquisites; and tax gross-ups related primarily to imputed income.
7 Mr. Johnson did not receive additional compensation for his service on the Board of Directors.
8 Includes (i) the grant date fair value of the restricted stock units granted during 2009 under the 2007 Equity Incentive
Plan, $1,213,150; and (ii) the grant date fair value of the performance shares granted during 2009 under the 2009 PSSP,
$1,877,455. The maximum potential for the performance shares granted to Mr. Johnson in 2009 is $3,754,910 (200%), based on
the March 17, 2009 closing stock price of $33.80.
9 Includes changes in present value of the accrued benefit during 2009 for the following plans: Progress Energy Pension
Plan: $65,737; the SERP: $1,068,674; and above market earnings on compensation deferred under the Deferred Compensation
Plan for Key Management Employees of $10,037. Mr. Johnson’s change in his year-over-year SERP benefit was relatively flat.
10 Consists of (i) $14,700 in Company contributions under the Progress Energy 401(k) Savings & Stock Ownership
Plan; (ii) $43,582 in deferred compensation credits pursuant to the terms of the Management Deferred Compensation Plan;
(iii) $195,485 in Restricted Stock/Unit Dividends; (iv) $11,970 in tax gross-ups related to imputed income; and (v) $23,989 in
perquisites consisting of the following: financial/estate/tax planning, $5,000; Internet and telecom access, $3,724; health club
dues, $2,407; home security, $4,255; and spousal travel, $6,370. Other perquisites include luncheon club membership, executive
physical and AD&D insurance.
11 Includes (i) the grant date fair value of the restricted stock units granted during 2009 under the 2007 Equity Incentive
Plan, $273,915; and (ii) the grant date fair value of the performance shares granted during 2009 under the 2009 PSSP, $382,075.
The maximum potential for the performance shares granted to Mr. Mulhern in 2009 is $764,150 (200%), based on the March 17,
2009 closing stock price of $33.80.
12 Includes changes in present value of the accrued benefit during 2009 for the following plans: Progress Energy
Pension Plan: $46,636; and the SERP: $323,186. Mr. Mulhern’s change in SERP decreased in 2009 primarily due to vesting of
the total accumulated benefit that occurred in 2008.
13 Consists of (i) $14,700 in Company contributions under the Progress Energy 401(k) Savings & Stock Ownership
Plan; (ii) $9,682 in deferred compensation credits pursuant to the terms of the Management Deferred Compensation Plan;
(iii) $5,276 in tax gross-ups related to imputed income; and (iv) $72,479 in Restricted Stock/Unit Dividends. The total value of
the perquisites and personal benefits received by Mr. Mulhern was less than $10,000. Thus, these amounts are excluded from
column (i).
14 Includes (i) the grant date fair value of the restricted stock units granted during 2009 under the 2007 Equity Incentive
Plan, $286,523; and (ii) the grant date fair value of the performance shares granted during 2009 under the 2009 PSSP, $441,597.
The maximum potential for the performance shares granted to Mr. Lyash in 2009 is $883,194 (200%), based on the March 17,
2009 closing stock price of $33.80.
15 Includes changes in present value of the accrued benefit during 2009 for the following plans: Progress Energy
Pension Plan: $48,250; and the SERP: $196,119. Mr. Lyash’s change in SERP decreased in 2009 primarily due to a lower FAS
discount rate.
16 Consists of (i) $14,700 in Company contributions under the Progress Energy 401(k) Savings & Stock Ownership
Plan; (ii) $12,256 in deferred compensation credits pursuant to the terms of the Management Deferred Compensation Plan;
(iii) $70,378 in Restricted Stock/Unit Dividends; (iv) $1,445 in tax gross-ups related to imputed income; and (v) $17,708 in
perquisites including spousal use of Company aircraft, $14,669. Other perquisites include luncheon club membership, spousal