Progress Energy 2009 Annual Report Download - page 201

Progress Energy Proxy Statement
63
POTENTIAL PAYMENTS UPON TERMINATION
Jeffrey J. Lyash, Executive Vice President – Corporate Development
Voluntary
Termination
($)
Early
Retirement
($)
Normal
Retirement
($)
Involuntary
Not for
Cause
Termination
($)
For Cause
Termination
($)
Involuntary
or Good
Reason
Termination
(CIC)
($)
Death or
Disability
($)
Compensation
Base Salary—$453,0001$0 $0 $0 $1,354,470 $0 $2,139,000 $0
Annual Incentive2$0 $0 $0 $0 $0 $249,150 $235,000
Long-term Incentives
Performance Shares (PSSP)3
2007 (performance period) $0 $0 $0 $0 $0 $574,550 $574,550
2008 (performance period) $0 $0 $0 $0 $0 $442,375 $281,511
2009 (performance period) $0 $0 $0 $0 $0 $563,108 $153,575
Restricted Stock Units4
±
(grant date vesting) $0 $0 $0 $0 $0 $433,722 $433,722
±
(grant date vesting) $0 $0 $0 $0 $0 $64,632 $64,632
±
(grant date vesting) $0 $0 $0 $0 $0 $64,591 $64,591
±
(grant date vesting) $0 $0 $0 $0 $0 $65,493 $65,493
±
(grant date vesting) $0 $0 $0 $0 $0 $65,493 $65,493
±
(grant date vesting) $0 $0 $0 $0 $0 $88,541 $0
±
(grant date vesting) $0 $0 $0 $0 $0 $88,541 $0
±
(grant date vesting) $0 $0 $0 $0 $0 $170,561 $0
Restricted Stock5
Unvested and Accelerated $0 $0 $0 $0 $0 $157,232 $157,232
Benefits and Perquisites
Incremental Nonqualified Pension6$0 $0 $0 $0 $0 $0 $0
Deferred Compensation7$135,173 $0 $0 $135,173 $135,173 $135,173 $135,173
Post-retirement Health Care8$0 $0 $0 $16,221 $0 $31,807 $0
Executive AD&D Proceeds9$0 $0 $0 $0 $0 $0 $500,000
280G Tax Gross-up10 $0 $0 $0 $0 $0 $1,620,699 $0
TOTAL $135,173 $0 $0 $1,505,864 $135,173 $6,954,668 $2,730,972
1 There is no provision for payment of salary under voluntary termination, for cause termination, death or disability.
Mr. Lyash is not eligible for early retirement or normal retirement. In the event of involuntary not for cause termination,
salary continuation provision per Mr. Lyash’s employment agreement requires a severance equal to 2.99 times his then current
base salary ($453,000) payable in equal installments over a period of 2.99 years. In the event of involuntary or good reason
termination (CIC), the maximum benefit allowed under the cash payment provision of the Management Change-in-Control Plan
equals the sum of annual salary times three plus average MICP award for the three years prior times three (($453,000 + $260,000)
x 3). Does not include impact of long-term disability. In the event of a long-term disability, Mr. Lyash would receive 60% of base
salary during the period of his disability.
2 There is no provision for payment of annual incentive under voluntary termination, involuntary not for cause
termination, or for cause termination. Mr. Lyash is not eligible for early retirement or normal retirement. In the event of
involuntary or good reason termination (CIC), Mr. Lyash would receive 100% of his target award under the Annual Cash
Incentive Compensation Plan provisions of the Management Change-in-Control Plan, calculated as 55% times $453,000. In
the event of death or disability, Mr. Lyash would receive a pro-rata incentive award for the period worked during the year. For
December 31, 2009, this is based on the full award. For 2009, Mr. Lyash’s MICP award was $235,000.