Pizza Hut 2015 Annual Report Download - page 85

YUM! BRANDS, INC.-2016Proxy Statement 71
Proxy Statement
EXECUTIVE COMPENSATION
LRP
LRP Account Returns. The LRP provides an annual earnings
credit to each participant’s account based on the value of
participant’s account at the end of each year. Under the LRP,
Mr.Novak receives an annual earnings credit equal to 120%
of the applicable federal interest rate. Mr.Grismer, Mr.Niccol
and Mr.Pant receive an annual earnings credit equal to 5%.
The Company’s contribution (“Employer Credit”) for 2015 is
equal to 9.5% of salary plus target bonus for Mr.Novak,
Mr.Niccol and Mr.Grismer and 20% for Mr.Pant.
Distributions under LRP. Under the LRP, participants age55
or older are entitled to a lump sum distribution of their account
balance in the quarter following their separation of employment.
Participants under age55 with a vested LRP benefit combined
with any other deferred compensation benefits covered under
Code Section409A exceeds $15,000, will not receive a
distribution until the calendar quarter that follows the participant’s
55thbirthday.
TCN
TCN Account Returns. The TCN provides an annual earnings
credit to each participant’s account based on the value of
each participant’s account at the end of each year. Under
the TCN, Mr.Creed receives an annual earnings credit equal
to 5%. For Mr.Creed, the Employer Credit for 2015 was
equal to 15% of his salary plus target bonus.
Distributions under TCN. Under the TCN, participants age55
or older with a balance of $15,000 or more, are entitled to
a lump sum distribution of their account balance in the
quarter following their separation of employment. Participants
under age55 who separate employment with the Company
will receive interest annually and their account balance will
be distributed in the quarter following their 55thbirthday.
Name
Executive
Contributions
in Last FY
($)(1)
Registrant
Contributions
in Last FY
($)(2)
Aggregate
Earnings in
Last FY
($)(3)
Aggregate
Withdrawals/
Distributions
($)(4)
Aggregate
Balance at
Last FYE
($)(5)
(a) (b) (c) (d) (e) (f)
Creed — 412,500 215,583 16,049 9,883,463
Grismer 267,410 155,800 89,060 65,019 3,336,050
Novak 512,720 190,000 5,705,086 6,684 239,013,330
Pant 721,683 408,500 288,715 15,894 11,508,418
Niccol 669,630 349,560 90,856 199,584 3,860,857
Su 378,235 — 188,939 3,866,147 1,051,872
(1) Amounts in column (b) reflect amounts that were also reported as compensation in our Summary Compensation Table filed last year or, would have been
reported as compensation in our Summary Compensation Table last year if the executive were a NEO.
(2) Amounts in column (c) reflect Company contributions for EID Program matching contribution, LRP and/or TCN allocation as follows: Mr.Novak, $190,000 LRP
allocation; Mr.Grismer, $155,800 LRP allocation; Mr.Creed, $412,500 TCN allocation; Mr.Niccol, $126,350 LRP allocation and $223,210 EID matching
contribution, and Mr. Pant, $408,500 LRP allocation. See footnote 6 of the Summary Compensation Table for more detail.
(3) Amounts in column (d) reflect earnings during the last fiscal year on deferred amounts. All earnings are based on the investment alternatives offered under
the EID Program or the earnings credit provided under the LRP or the TCN described in the narrative above this table. The EID Program earnings are market
based returns and, therefore, are not reported in the Summary Compensation Table. For Messrs. Grismer, Pant and Niccol, of their earnings reflected in this
column, $12,861, $42,979 and $8,123 respectively were deemed above market earnings accruing to each of their accounts under the LRP. For Mr.Creed,
of his earnings reflected in this column, $23,096 were deemed above market earnings accruing to his account under the TCN. Mr.Novak receives a market
rate of interest on his account under the LRP. For above market earnings on nonqualified deferred compensation, see the “Change in Pension Value and
Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table.
(4) All amounts shown in column (e) were distributed in accordance with the executive’s deferral election, except in the case of the following amounts distributed
to pay payroll taxes due upon their account balance under the EID Program, LRP or TCN for 2015.
Creed 16,049
Grismer 65,019
Novak 6,684
Pant 15,894
Niccol 69,469