Starwood 2008 Annual Report Download - page 44

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(7) Upon the commencement of Messrs. McAveety and Turner’s employment with the Company, each one
received equity awards in accordance with his employment agreement. The options vest in equal installments
on the first, second, third and fourth anniversaries of their grant. The restricted stock granted to Mr. McAveety
generally vests on the third anniversary of the grant date.
(8) Represents the maximum amount payable to any participant under the terms of the Executive Plan.
(9) Mr. Turner’s bonus opportunity is pro-rated based on his May 2008 start date.
V. NARRATIVE DISCLOSURE TO SUMMARY COMPENSATION TABLE AND GRANTS OF PLAN-
BASED AWARDS SECTION
We describe below the Executive Plan awards granted to our Named Executive Officers for 2008. These
awards are reflected in both the Summary Compensation Table on page 29 and the Grants of Plan-Based Awards
section on page 31.
Mr. Turner received an incentive award in March 2009 relating to his 2008 performance. Under the terms of his
employment agreement, Mr. Turner was entitled to receive at least a pro-rata target bonus. The Committee awarded
the minimum amount pursuant to the employment agreement and did not exercise any discretion with respect
thereto.
Each of the other Named Executive Officers received an award in March 2009 relating to his 2008
performance. The table below presents for each such Named Executive Officer his salary, target as both a
percentage of salary and a dollar amount, actual award, the portion of the award that is deferred into restricted stock
units and the 33% increase in his restricted stock units.
Name
Salary
($)
Award
Target
Relative
to Salary
(%)
Award
Target
($)
Actual
Award
($)
Award Deferred
into Restricted
Stock/Restricted
Stock Units
($)
Increased
Award
Deferred into
Restricted
Stock/Restricted
Stock Units
($)
van Paasschen ........ 1,000,000 200% 2,000,000 1,820,000 455,000 605,150
Prabhu ............. 640,658 100% 640,658 582,999 145,750 193,848
Siegel ............... 615,039 100% 615,039 559,686 139,922 186,096
Avril ............... 725,000 100% 725,000 536,500 134,125 178,386
McAveety ............ 500,000 75% 281,250 341,250 85,313 113,466
Turner .............. 625,000 100% 416,667(1) 416,667 104,167 138,542
(1) Amount reflected has been adjusted to reflect pro-rata portion of bonus given Mr. Turner’s start date with the
Company.
The following factors contributed to the Compensation Committee’s determination of the 2008 Executive AIP
awards for these Named Executive Officers:
• the Company’s 2008 financial performance as measured by operating income and earnings per share;
• the 2008 PMP ratings assigned to such executives; and
• the bonuses paid to executive officers performing comparable functions in peer companies.
VI. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR -END
The following table provides information on the current holdings of stock options and stock awards by the
Named Executive Officers. This table includes unexercised and unvested stock options, unvested restricted stock
and unvested restricted stock units. Each equity grant is shown separately for each Named Executive Officer. The
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