Progress Energy 2009 Annual Report Download - page 203

Progress Energy Proxy Statement
65
POTENTIAL PAYMENTS UPON TERMINATION
Lloyd M. Yates, President and Chief Executive Officer, PEC
Voluntary
Termination
($)
Early
Retirement
($)
Normal
Retirement
($)
Involuntary
Not for
Cause
Termination
($)
For Cause
Termination
($)
Involuntary
or Good
Reason
Termination
(CIC)
($)
Death or
Disability
($)
Compensation
Base Salary—$448,0001$0 $0 $0 $1,339,520 $0 $2,083,200 $0
Annual Incentive2$0 $0 $0 $0 $0 $246,400 $235,000
Long-term Incentives
Performance Shares (PSSP)3
2007 (performance period) $0 $0 $0 $0 $0 $574,550 $574,550
2008 (performance period) $0 $0 $0 $0 $0 $442,375 $281,511
2009 (performance period) $0 $0 $0 $0 $0 $556,752 $151,841
Restricted Stock Units4
±
(grant date vesting) $0 $0 $0 $0 $0 $433,722 $433,722
±
(grant date vesting) $0 $0 $0 $0 $0 $64,632 $64,632
±
(grant date vesting) $0 $0 $0 $0 $0 $64,591 $64,591
±
(grant date vesting) $0 $0 $0 $0 $0 $65,493 $65,493
±
(grant date vesting) $0 $0 $0 $0 $0 $65,493 $65,493
±
(grant date vesting) $0 $0 $0 $0 $0 $87,515 $0
±
(grant date vesting) $0 $0 $0 $0 $0 $87,556 $0
±
(grant date vesting) $0 $0 $0 $0 $0 $169,576 $0
Restricted Stock5
Unvested and Accelerated $0 $0 $0 $0 $0 $157,232 $157,232
Benefits and Perquisites
Incremental Nonqualified Pension6$0 $0 $0 $0 $0 $0 $0
Deferred Compensation7$499,804 $0 $0 $499,804 $499,804 $499,804 $499,804
Post-retirement Health Care8$0 $0 $0 $23,022 $0 $45,140 $0
Executive AD&D Proceeds9$0 $0 $0 $0 $0 $0 $500,000
280G Tax Gross-up10 $0 $0 $0 $0 $0 $1,621,931 $0
TOTAL $499,804 $0 $0 $1,862,346 $499,804 $7,265,962 $3,093,869
1 There is no provision for payment of salary under voluntary termination, for cause termination, death or disability.
Mr. Yates is not eligible for early retirement or normal retirement. In the event of involuntary not for cause termination, salary
continuation provision per Mr. Yates’ employment agreement requires a severance equal to 2.99 times his then current base salary
($448,000) payable in equal installments over a period of 2.99 years. In the event of involuntary or good reason termination
(CIC), the maximum benefit allowed under the cash payment provision of the Management Change-in-Control Plan equals the
sum of annual salary times three plus annual target MICP award times three (($448,000 + $246,400) x 3). Does not include
impact of long-term disability. In the event of a long-term disability, Mr. Yates would receive 60% of base salary during the
period of his disability.
2 There is no provision for payment of annual incentive under voluntary termination, involuntary not for cause
termination, or for cause termination. Mr. Yates is not eligible for early retirement or normal retirement. In the event of
involuntary or good reason termination (CIC), Mr. Yates would receive 100% of his target award under the Annual Cash
Incentive Compensation Plan provisions of the Management Change-in-Control Plan, calculated as 55% times $448,000. In
the event of death or disability, Mr. Yates would receive a pro-rata incentive award for the period worked during the year. For
December 31, 2009 this is based on the full award. For 2009, Mr. Yates’ MICP award was $235,000.