Progress Energy 2008 Annual Report Download - page 176

PROXY STATEMENT
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SUMMARY COMPENSATION TABLE FOR 2008
The following Summary Compensation Table discloses the compensation of our Chief Executive Officer
during 2008, both individuals who served as our Chief Financial Officer during 2008, and the other three most highly
paid executive officers who were serving at the end of 2008. The values in the table reflect the compensation expense
for financial statement reporting purposes in accordance with generally accepted accounting principles, in particular
SFAS No. 123(R). For example, our stock option program was discontinued in 2004, but because options are expensed
over the vesting period, the table reflects the remaining expense for options that vested in 2006. Similarly, performance
shares are generally expensed over the applicable vesting period. Additionally, column (h) is dependent upon actuarial
assumptions for determining the amounts included. A change in these actuarial assumptions would impact the values
shown in this column. Where appropriate, we have indicated the major assumptions in the footnotes to column (h).
Name and
Principal
Position
(a) Year (b)
Salary1
($)
(c)
Bonus
($)
(d)
Stock
Awards2
($)
(e)
Option
Awards3
($)
(f)
Non-Equity
Incentive Plan
Compensation4
($)
(g)
Change in
Pension Value
and
Nonqualified
Deferred
Compensation
Earnings5
($)
(h)
All Other
Compensation6
($)
(i)
Total
($)
(j)
William D. Johnson,
Chairman, President and
Chief Executive Officer7
2008
2007
2006
$950,000
807,539
711,539
N/A $3,114,598
4,827,026
1,029,242
8$0
0
44,790
$929,000
863,500
895,000
$1,091,256
946,938
985,266
9$304,571
299,445
153,133
10 $6,389,426
7,744,448
3,818,970
Peter M. Scott III,
Executive Vice President
and Chief Financial
Officer (retired effective
September 1, 2008)
2008
2007
2006
$526,067
663,462
601,923
N/A $706,127
4,920,006
1,613,490
11 $0
0
41,588
$350,000
600,000
685,000
12 $686,680
916,425
1,109,862
13 $194,338
338,460
145,674
14 $2,463,213
7,438,353
4,197,537
Mark F. Mulhern,
Senior Vice President and
Chief Financial Officer
(as of September 1, 2008)
2008
2007
2006
$355,385
308,792
273,154
N/A $763,504
1,177,508
170,427
15 $0
0
11,197
$200,000
190,000
200,000
$820,419
34,205
26,704
16 $141,354
116,014
66,667
17 $2,280,661
1,826,519
748,150
John R. McArthur,
Executive Vice President
and Corporate Secretary
(as of September 1, 2008)
2008
2007
2006
$459,423
426,923
389,616
N/A $904,815
1,505,628
280,815
18 $0
0
17,568
$250,000
275,000
300,000
$46,028
39,818
31,935
19 $137,536
158,864
95,794
20 $1,797,802
2,406,233
1,115,728
Jeffrey J. Lyash,
President and Chief
Executive Officer, PEF
2008
2007
2006
$432,885
386,154
317,212
N/A $905,018
1,507,566
149,838
21 $0
0
11,986
$225,000
265,000
290,000
$323,904
272,656
686,033
22 $140,812
125,548
84,466
23 $2,027,619
2,556,924
1,539,535
Lloyd M. Yates,
President and Chief
Executive Officer, PEC
2008
2007
2006
$429,231
374,039
308,846
N/A $915,801
1,505,493
161,153
24 $0
0
14,393
$210,000
265,000
240,000
$777,983
26,730
21,399
25 $155,042
127,981
89,893
26 $2,488,057
2,299,243
835,684
1 Consists of base salary earnings prior to (i) employee contributions to the Progress Energy 401(k) Savings & Stock
Ownership Plan and (ii) voluntary deferrals, if any, under the Management Deferred Compensation Plan. See “Deferred Compensation”
discussion in Part II of the CD&A. Salary adjustments, if deemed appropriate, generally occur in March of each year.
2 Includes the 2008 expense related to restricted stock and performance share awards for financial statement reporting
purposes in accordance with SFAS No. 123(R). Assumptions made in the valuation of material stock awards are discussed in Note 9.B.
to our consolidated financial statements for the year ended December 31, 2008. The 2008 Stock Award amounts for each named
executive officer are lower than the amounts reported in 2007. This reduction is related to the following: (i) a reduction in the projected
payout for the 2007 2-year transitional grant from 150 percent in 2007 to 100 percent in 2008; and (ii) the payout of the 2007 1-year
transitional grant, which was expensed in 2007 at 150 percent.
3 Includes the value of stock options that were granted prior to 2006 and expensed in 2006 for financial statement reporting
purposes in accordance with SFAS No. 123(R). We ceased granting stock options in 2004. No additional expense remains with respect
to our stock option program, which was discontinued in 2004. All options were vested as of the end of 2006.
4 Includes the awards given under the Management Incentive Compensation Plan for 2006, 2007 and 2008 performance.