Progress Energy 2008 Annual Report Download - page 204

PROXY STATEMENT
68
DIRECTOR COMPENSATION
The following includes the required table and related narrative detailing the compensation each director
received for his or her services in 2008.
Name
(a)
Fees
Earned
or Paid in
Cash1
($)
(b)
Stock
Awards2
($)
(c)
Option
Awards
($)
(d)
Non-Equity
Incentive
Plan
Compensation
($)
(e)
Change in
Pension Value
and
Nonqualified
Deferred
Compensation
Earnings
($)
(f)
All Other
Compensation3
($)
(g)
Total
($)
(h)
James E. Bostic, Jr. $93,500 $22,877 — — — $15,000 $131,377
David L. Burner $118,500 $7,054 — — — $15,819 $141,373
Richard L. Daugherty $53,500 $177 — — — $517,6754$571,352
Harris E. DeLoach, Jr. $103,500 $45,164 — — — $15,000 $163,664
James B. Hyler, Jr. $28,178 — — — — — $28,178
Robert W. Jones $93,500 $53,194 — — — $9,677 $156,371
W. Steven Jones $93,500 $36,684 — — — $15,582 $145,766
E. Marie McKee $107,000 $7,054 — — — $16,038 $130,092
John H. Mullin, III $108,500 $4,306 — — — $15,000 $127,806
Charles W. Pryor, Jr. $93,500 $53,194 — — — $7,097 $153,791
Carlos A. Saladrigas $93,500 $17,367 — — — $15,000 $125,867
Theresa M. Stone $102,030 $36,684 — — — $15,000 $153,714
Alfred C. Tollison, Jr. $101,500 $45,164 — — — $16,841 $163,505
1 Reflects the annual retainer plus any Board or Committee fees earned in 2008. Amounts may have been paid in cash
or deferred into the Non-Employee Director Deferred Compensation Plan.
2 Reflects the change in value in the Non-Employee Director Stock Unit Plan account for 2008. The value of account is
tracked in phantom stock units and changes with the annual $60,000 grant, dividend reinvestment, unit appreciation/ depreciation and
payments made upon termination of a director. The assumptions made in the valuation of awards granted pursuant to the Non-Employee
Director Stock Unit Plan are not addressed in our consolidated financial statements, footnotes to our consolidated financial statements or
in Management’s Discussion and Analysis because the Director Plan is immaterial to our consolidated financial statements. As a liability
plan under SFAS No. 123(R), the fair value of the Director Plan is re-measured at each financial statement date. The fair value of the
Director Plan reflects the fair value of the Company’s stock applied to the number of phantom stock units. The grant date fair value for
each stock unit granted to each director on January 2, 2008 was $47.63. The numbers of stock units outstanding as of December 31, 2008,
for each Director listed above are as follows: James E. Bostic Jr.—6,387; David L. Burner—9,024; Richard L. Daugherty—0; Harris E.
DeLoach—2,673; James B. Hyler, Jr.—0; Robert W. Jones—1,335; W. Steven Jones—4,086; E. Marie McKee—9,024; John H. Mullin,
III—9,482; Charles W. Pryor—1,335; Carlos A. Saladrigas—7,306; Theresa M. Stone—4,086; and Alfred C. Tollison, Jr.—2,673.
3 Includes incentive matching contributions under the incentive compensation program, the value of perquisites such
as tickets to sporting and cultural arts events, imputed income for personal or spousal travel, and the cash value of retirement and
holiday gifts from the Company. For all directors who have been on our Board since January 1, 2007, the Company gave a $15,000
incentive match based on the Company’s achievement of corporate incentive goals. The $15,000 incentive match was prorated for
new directors based on the time they were elected to the Board.
4 Includes a $500,000 contribution to colleges and universities of the director’s choice pursuant to the Directors’
Educational Contribution Plan. The Directors’ Educational Contribution Plan is funded by policies of corporate-owned life insurance
on the lives of pairs of Directors, with proceeds payable to us at the death of the second to die in each pair. All costs of the Directors’
Education Contribution Plan are expected to be covered from the life insurance proceeds to be received by us. Mr. Richard L.
Daugherty, who retired from the Board in 2008, was a participant in the Directors’ Educational Contribution Plan. In 2008, we made
a contribution of $500,000 on Mr. Daugherty’s behalf to the Richard and Marlene Daugherty Centennial Campus Entrepreneurialism
Endowment at North Carolina State University. In 2008, we paid insurance premiums totaling $392,075 in order to fund the
Directors’ Educational Contribution Plan. Only Directors who were Directors or retired Directors on or prior to September 16, 1998
can participate in the Directors’ Educational Contribution Plan. Under these guidelines, none of the current Board members is eligible
to participate, and the Directors’ Educational Contribution Plan has been discontinued.