Progress Energy 2009 Annual Report Download - page 183

Progress Energy Proxy Statement
45
SUMMARY COMPENSATION TABLE FOR 2009
The following Summary Compensation Table discloses the compensation during 2009 of our Chief
Executive Officer, Chief Financial Officer, and the other three most highly paid executive officers who were
serving at the end of 2009. 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
($)
(i)
Total2
($)
(j)
William D. Johnson,
Chairman, President and
Chief Executive Officer7
2009
2008
2007
$979,231
950,000
807,539
N/A $3,090,605
2,911,701
5,231,023
8$0
0
0
$950,000
929,000
863,500
$1,144,448
1,091,256
946,938
9$289,726
304,571
299,445
10 $6,454,010
6,186,528
8,148,445
Mark F. Mulhern,
Senior Vice President and
Chief Financial Officer
2009
2008
2007
$414,231
355,385
308,792
N/A $655,990
433,473
1,620,321
11 $0
0
0
$225,000
200,000
190,000
$369,822
820,419
34,205
12 $102,137
141,354
116,014
13 $1,767,180
1,950,631
2,269,332
Jeffrey J. Lyash, Executive
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Development (formerly
President and Chief
Executive Officer, PEF)
2009
2008
2007
$450,846
432,885
386,154
N/A $728,120
612,952
2,146,232
14 $0
0
0
$235,000
225,000
265,000
$244,369
323,904
272,656
15 $292,061
140,812
125,548
16 $1,950,396
1,735,553
3,195,590
Lloyd M. Yates,
President and Chief
Executive Officer, PEC
2009
2008
2007
$445,846
429,231
374,039
N/A $720,683
612,952
2,146,232
17 $0
0
0
$235,000
210,000
265,000
$308,815
777,983
26,730
18 $119,432
155,042
127,981
19 $1,829,776
2,185,208
2,939,982
Paula J. Sims,
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Power Operations
2009
2008
2007
$370,000
364,615
324,177
N/A $538,333
459,724
1,620,321
20 $0
0
0
$160,000
140,000
170,000
$707,802
25,728
21,930
21 $97,505
92,743
108,233
22 $1,873,640
1,082,810
2,244,661
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 fair value of stock awards as of the grant date computed in accordance with FASB ASC Topic 718.
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, 2009. The values reflected for 2008 and 2007 in columns (e) and (j) are different than
previously disclosed because these values represent the fair value of stock awards as of the grant date rather than the expense
related to equity awards for financial statement reporting purposes in accordance with SFAS No. 123(R).
3 We ceased granting stock options in 2004. No additional expense remains with respect to our stock option program.
4 Includes the awards given under the Management Incentive Compensation Plan (MICP) for 2007, 2008 and
2009 performance.
5 Includes the change in present value of the accrued benefit under Progress Energy’s Pension Plan, SERP, and/
or Restoration Plan where applicable. In addition, it includes the above market earnings on deferred compensation under the
Deferred Compensation Plan for Key Management Employees. The current incremental present values were determined using
actuarial present value factors as provided by our actuarial consultants, Buck Consultants, based on FAS mortality assumptions
post-age 65 and FAS discount rates of 6.25%, 6.30%, and 6.10% for calculating the accrued benefit under the SERP for 2007,
2008, and 2009, respectively. FAS discount rates of 5.95%, 6.25%, and 5.45% were used for calculating the accrued benefits
under the Restoration Retirement Plan for 2007, 2008, and 2009, respectively. FAS discount rates of 6.15%, 6.30%, and 5.95%
were used for calculating the accrued benefits under the Pension Plan for 2007, 2008, and 2009, respectively. The 1996-1999
Deferred Compensation Plan for Key Management Employees provided a fixed rate of return of 10.0% on deferred amounts,