Progress Energy 2009 Annual Report Download - page 205

Progress Energy Proxy Statement
67
POTENTIAL PAYMENTS UPON TERMINATION
Paula J. Sims, Senior Vice President – Power Operations
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—$370,0001$0 $0 $0 $1,106,300 $0 $1,073,000 $0
Annual Incentive2$0 $0 $0 $0 $0 $166,500 $160,000
Long-term Incentives
Performance Shares (PSSP)3
2007 (performance period) $0 $0 $0 $0 $0 $429,734 $429,734
2008 (performance period) $0 $0 $0 $0 $0 $330,869 $210,553
2009 (performance period) $0 $0 $0 $0 $0 $400,176 $109,139
Restricted Stock Units4
±
(grant date vesting) $0 $0 $0 $0 $0 $335,831 $335,831
±
(grant date vesting) $0 $0 $0 $0 $0 $48,761 $48,761
±
(grant date vesting) $0 $0 $0 $0 $0 $48,720 $48,720
±
(grant date vesting) $0 $0 $0 $0 $0 $49,376 $49,376
±
(grant date vesting) $0 $0 $0 $0 $0 $49,417 $49,417
±
(grant date vesting) $0 $0 $0 $0 $0 $63,442 $0
±
(grant date vesting) $0 $0 $0 $0 $0 $63,442 $0
±
(grant date vesting) $0 $0 $0 $0 $0 $145,503 $0
Restricted Stock5
Unvested and Accelerated $0 $0 $0 $0 $0 $41,010 $41,010
Benefits and Perquisites
Incremental Nonqualified Pension6$0 $0 $0 $0 $0 $0 $0
Deferred Compensation7$414,523 $0 $0 $414,523 $414,523 $444,049 $444,049
Post-retirement Health Care8$0 $0 $0 $5,344 $0 $6,985 $0
Executive AD&D Proceeds9$0 $0 $0 $0 $0 $0 $500,000
280G Tax Gross-up10 $0 $0 $0 $0 $0 $1,194,126 $0
TOTAL $414,523 $0 $0 $1,526,167 $414,523 $4,890,941 $2,426,590
1 There is no provision for payment of salary under voluntary termination, for cause termination, death or disability.
Ms. Sims is not eligible for early retirement or normal retirement. In the event of involuntary not for cause termination, salary
continuation provision per Ms. Sims’ employment agreement requires a severance equal to 2.99 times her then current base salary
($370,000) 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 two plus target MICP award times two (($370,000 + $166,500) x 2). Does not include impact of
long-term disability. In the event of a long-term disability, Ms. Sims would receive 60% of base salary during the period of her
disability.
2 There is no provision for payment of annual incentive under voluntary termination, involuntary not for cause
termination, or for cause termination. Ms. Sims is not eligible for early retirement or normal retirement. In the event of
involuntary or good reason termination (CIC), Ms. Sims would receive 100% of her target award under the Annual Cash
Incentive Compensation Plan provisions of the Management Change-in-Control Plan, calculated as 45% times $370,000. In
the event of death or disability, Ms. Sims 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, Ms. Sims’ MICP award was $160,000.