Pizza Hut 2015 Annual Report Download - page 66
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YUM! BRANDS, INC.-2016Proxy Statement52
Proxy Statement
EXECUTIVE COMPENSATION
Micky Pant
Chief Executive Ofcer of Yum Restaurants China
2015 Performance Summary
Mr.Pant was Chief Executive Officer of the Company’s KFC
Division prior to being named Chief Executive Officer of the
China Division on August 18, 2015. The Committee
determined Mr.Pant’s performance was above target and
approved a 130 individual performance factor. The Committee
recognized Mr.Pant for the strong results of the KFC Division,
especially unit expansion and strong same store sales
results. The Committee also acknowledged his leadership
in taking over as the China Division CEO and reinvigorating
the brand culture and planning the China separation.
Mr.Pant’s individual performance factor, combined with a
team factor of 113 (discussed at page 47), resulted in him
receiving 147% of his target bonus. Mr.Pant’s team factor
for 2015 was based solely on KFC Division results – which
were driven by his leadership prior to his assignment to
China – as agreed to by Mr.Pant and the Committee at the
time of his promotion to CEO of the China Division.
2015 Committee Decisions
In January, Mr.Pant’s compensation was adjusted as follows:
• Base salary was increased 7%.
• Annual cash bonus target remained unchanged.
•
Target grant value of equity award remained unchanged.
In connection with his mid-year promotion to CEO of the
China Division, Mr.Pant’s compensation was further adjusted
as follows:
• Base salary was increased 19%.
•
Annual cash bonus target was increased to 115% of base
salary.
•
Target grant value of equity award remained unchanged.
These increases brought Mr.Pant’s total direct compensation
to between the 50th and 75th percentile of the Executive
Peer Group.
The table below summarizes how the annual performance-
based incentive award was calculated based on the formula
described above at page 46 for Mr.Pant:
2015 BONUS AWARD
Base Salary $950,000
X
Blended Target Bonus %(1) 105.589%
X
Team Performance Factor 113%
X
Individual Performance Factor 130%
=
2015 Bonus Award $1,473,548
(1) Mr.Pant’s “Blended Target Bonus” is based on a Target Bonus of 100% during
his time as CEO of the KFC Division and 115% during his time as CEO of the
China Division.
The graphic below Mr.Pant’s 2015 direct compensation:
2015 TOTAL DIRECT COMPENSATION
Base Salary
$849,038
Performance
Shares
$355,012
Stock Appreciation
Rights
$1,419,011
Annual
Incentive Award
$1,473,548
Variable
Compensation
Fixed
Compensation
Total
Long-Term
Equity
Compensation
Total Annual Cash
Compensation