Progress Energy 2010 Annual Report Download - page 161
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Progress Energy Proxy Statement
23
• Ourchiefexecutiveofficer’s(CEO)totalcompensation,asshowninthe“SummaryCompensation
Table” on page 47 of this Proxy Statement is largely flat since 2008 (+0.6%) (the first full year he was
in the position) and decreased 3.5% from the amount of total compensation he received in 2009.
• Metourcommitmenttoourcustomerstoprovidesafe,reliableandcompetitivelypricedelectricservice.
• TheCompanyreportedongoingearningsfor2010of$889million,or$3.06pershare,comparedto
$846 million, or $3.03 per share in 2009.
• Ournamedexecutiveofficers’(NEOs)target(i.e.,opportunity)totalcompensationlevelswere
approximately 25% below the 50th percentile of our benchmarking peer group as defined below in the
Competitive Benchmarking section on page 27.
• Wecontinuetoprovideonlyminimalexecutiveperquisites(onlythoseprevalentinthemarketplace
and that are conducive to promoting our desired business outcomes). No tax gross-ups were made on
any perquisites.
• AllofourNEOscurrentlymeetorexceedtheCompany’smarketcompetitiveexecutivestock
ownership guidelines (as shown below in the table on page 28).
• PaymentsundertheManagementIncentiveCompensationPlan(“MICP”)andthePerformanceShare
Sub-Plan (“PSSP”) are based on the achievement of multiple performance factors that we believe drive
shareholder value.
• Wecontinuetostronglybelieveinapay-for-performanceculture.Thechartsbelowillustratethe
percentage of performance-based compensation for our CEO and our NEOs.
Base Salary
20%
Annual
Incentive
17%
Long-term
Incentive
63%
Percent of target
compensation that
is at risk = 80%
CEO Mix of Target Compensation