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50 SPECTRUM BRANDS | 2006 ANNUAL REPORT
ITEM 11. EXECUTIVE COMPENSATION
The following table sets forth the fi scal 2006, fi scal 2005 and fi scal 2004 compensation paid to our Chief Executive Offi cer and each of the
other four most highly compensated executive offi cers serving as of September 30, 2006 (the “Named Executive Offi cers”).
Summary Compensation Table
Annual Compensation Long-Term Compensation
Other Restricted Securities All Other
Annual Stock Underlying Compensation
Name and Principal Position Fiscal Year Salary($) Bonus($)(1) Compensation($) Awards($)(2) Options(#) ($)
David A. Jones, 2006 $918,500 $2,200,000(3) $ 352,000(4) $4,650,000(7) – $34,800(10)
Chairman of the Board and 2005 918,500 938,000 272,000(5) 5,830,000(8) – 20,700(10)
Chief Executive Officer 2004 700,000 784,000 1,444,000(6) 1,263,000(9) – 12,300(10)
John A. Heil 2006 371,000 176,000 82,000(11) 336,000(17) – 16,100(10)
President—Global Pet Group 2005(13) 226,000 – 116,500(12) 1,966,500(18) – 11,600(10)
2004 – – – – – –
Kent J. Hussey, 2006 525,000 0 241,000(14) 735,000(17) – 30,400(10)
President and Chief
Operating Officer 2005 512,500 462,000 195,000(15) 3,712,500(18) – 19,200(10)
2004 460,000 365,000 294,000(16) 592,000(9) – 12,300(10)
Rèmy E. Burel, 2006 476,000 0 6,500(19) 360,000(17) – 0(10)
President—Europe/Rest of World 2005 477,000 358,000 29,000(20) 2,345,500(18) – 0(10)
2004 418,000 296,000 8,000(21) 335,000(9) – 0(10)
Kenneth V. Biller 2006 $450,000 0 221,000(22) 541,000(17) – 25,800(10)
Executive Vice President 2005 412,500 281,000 136,500(23) 2,643,000(18) – 17,500(10)
of Operations 2004 344,000 243,000 148,000(24) 335,000(9) – 12,300(10)
(1) Bonus payouts based on preceding fi scal year results. See footnote (3) concerning certain bonus payments made to Mr. Jones pursuant to an employment agreement.
(2) We may, at the discretion of the Board of Directors, pay or defer dividends on our restricted stock awards, if declared with respect to our stock, until the expiration of restrictions.
(3) Mr. Jones was paid a $2,200,000 retention bonus on October 1, 2005 pursuant to the terms of his employment agreement in effect as of immediately prior to the amendment to his
employment agreement dated October 1, 2005.
(4) Includes approximately $21,000 for use of a Company-owned automobile, $76,000 related to personal use of Company aircraft, $10,000 pursuant to a Medical Executive Reimbursement
Plan, $39,000 for fi nancial planning services and $206,000 related to a supplemental executive retirement program.
(5) Includes approximately $37,000 for use of a Company-owned automobile, $44,500 related to personal use of Company aircraft and $191,000 related to a supplemental executive retire-
ment program.
(6) Includes approximately $993,000 related to the waiver of a right to purchase a residence from the Company.
(7) Represents the value of the restricted stock on the date of grant (October 3, 2005). An aggregate of 199,444 shares was granted on such date pursuant to the terms of Mr. Jones’s
employment agreement then in effect, and the aggregate value of such shares at September 30, 2006 was $1,683,307. The restrictions on 16,084 of such shares lapsed on October 1,
2006. The restrictions on 82,351 of such shares lapse on September 30, 2008, and 20,588 of such shares lapse on September 30, 2009. The restrictions on 16,084 of such shares are
scheduled to lapse on each of October 1, 2007 and October 1, 2008.
The restrictions on 48,253 of the shares granted on October 3, 2005 are subject to the achievement by the Company of certain performance goals in each of 2006, 2007 and 2008.
The restrictions on 16,084 of such shares were scheduled to lapse on October 1, 2006; however the applicable performance goals for 2006 were not attained, and the restrictions did
not lapse. The restrictions on the 16,084 restricted shares that were scheduled to lapse on October 1, 2006 were converted to time-based restrictions and will lapse on October 1, 2007. The
restrictions on the other 32,168 restricted shares, assuming the performance goals are met, are scheduled to lapse, as to 16,084 shares, on each of October 1, 2007 and October 1, 2008. If
the specifi ed performance goals are not met in a subsequent fi scal year, the restrictions with respect to such performance-based restricted stock shall lapse the following year.
2006 Form 10-K Annual Report
Spectrum Brands, Inc.