Progress Energy 2009 Annual Report Download - page 222
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PROXY STATEMENT
A-3
D. Ratification Procedures
In the event the Company’s Chief Executive Officer, President and Chief Operating Officer, Chief Financial
Officer or General Counsel becomes aware of a Related Person Transaction that has not been previously approved or
previously ratified under this Policy, said officer shall immediately notify the Committee or Chair of the Committee,
and the Committee or Chair shall consider all of the relevant facts and circumstances regarding the Related Person
Transaction. Based on the conclusions reached, the Committee or the Chair shall evaluate all options, including but
not limited to ratification, amendment, termination or recession of the Related Person Transaction, and determine
how to proceed.
E. Review of Ongoing Transactions
At the Committee’s first meeting of each calendar year, the Committee shall review any previously
approved or ratified Related Person Transactions that remain ongoing and have a remaining term of more than six
months or remaining amounts payable to or receivable from the Company of more than $120,000. Based on all
relevant facts and circumstances, taking into consideration the Company’s contractual obligations, the Committee
shall determine if it is in the best interests of the Company and its stockholders to continue, modify or terminate the
Related Person Transaction.
F. Disclosure
All Related Person Transactions are to be disclosed in the filings of the Company, Progress Energy
Carolinas, Inc. or Progress Energy Florida, Inc., as applicable, with the Securities and Exchange Commission as
required by the Securities Act of 1933 and the Securities Exchange Act of 1934 and related rules. Furthermore,
all Related Person Transactions shall be disclosed to the Corporate Governance Committee of the Board and any
material Related Person Transaction shall be disclosed to the full Board of Directors.
The material features of this Policy shall be disclosed in the Company’s annual report on Form 10-K or in
the Company’s proxy statement, as required by applicable laws, rules and regulations.