Pizza Hut 2010 Annual Report Download - page 50
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9MAR201101381779
reward and retain the talented leaders necessary to enable our Company to succeed in the highly
competitive market for talent, while maximizing shareholder returns. We believe that our management
team has been a key driver in YUM’s strong performance over both the long and short term. Therefore, we
intend to continue to provide a competitive compensation package to our executives, tie a significant
portion of pay to performance and utilize components that best align the interests of our executives with
those of our shareholders.
The following is a summary of important aspects of our executive compensation program discussed
later in this CD&A:
•Key elements. The key elements of our program are:
• Base salary,
• Annual performance-based cash incentives, and
• Long-term equity compensation consisting of stock-settled stock appreciation rights (‘‘SARs’’)
and Performance Share Units (‘‘PSUs’’).
•Pay for Performance. We emphasize pay-for-performance in order to align executive compensation
with our business strategy and the creation of long-term shareholder value.
•At Risk Pay. While we emphasize ‘‘at risk’’ pay tied to performance, we believe our program does
not encourage excessive risk taking by our NEOs or other executives.
•Share Ownership Guidelines. Our executives are subject to share ownership guidelines and are
prohibited from hedging against the economic risk of such ownership.
•No Employment Agreements or Guaranteed Bonuses. Our executives do not have employment
agreements or guaranteed bonuses.
•Compensation Recovery Policy. We have a compensation recovery policy that gives the Board
discretion to recover incentive compensation paid to senior management in the event of a
restatement of our financial statements due to misconduct.
Proxy Statement
•Future Severance Policy. We have a future severance policy that limits any future severance
agreements with an executive.
•Change in Control Agreements. We have change in control agreements with our executives to ensure
continuity of management in the event of a prospective change in control of the Company.
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