Pizza Hut 2011 Annual Report Download - page 76

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16MAR201218540977
respectively, under the YUM Leaders’ Bonus Program, which is described further beginning on page 44 under the heading
‘‘Performance-Based Annual Incentive Compensation’’.
(5) Amounts in column (g) reflect the aggregate increase in actuarial present value of age 62 accrued benefits under all actuarial pension
plans during the 2011 fiscal year (using interest rate and mortality assumptions consistent with those used in the Company’s financial
statements). The change in pension value for 2011 is mainly the result of a significantly lower discount rate applied to calculate the
present value of the benefit. See the Pension Benefits Table at page 64 for a detailed discussion of the Company’s pension benefits. The
Company does not pay ‘‘above market’’ interest on non-qualified deferred compensation; therefore, this column reflects pension
accruals only. Mr. Pant was hired after September 30, 2001, and was ineligible for the Company’s pension plan.
(6) Amounts in this column are explained in the All Other Compensation Table and footnotes to that table, which follows.
(7) Mr. Allan announced at the end of 2011 that he would retire in March of 2012. Effective December 6, 2011 (the beginning of YRI’s
fiscal year), Mr. Pant assumed Mr. Allan’s responsibilities as Chief Executive Officer of YRI. Mr. Allan continued as an executive officer
reporting to Mr. Novak to assist in Mr. Pant’s transition. No amounts are reported for Mr. Pant for the years 2010 and 2009 since he was
not a NEO for those years.
Proxy Statement
58