Progress Energy 2010 Annual Report Download - page 183

Progress Energy Proxy Statement
45
On Mr. Johnson’s recommendation, the Committee awarded Messrs. Lyash, Yates, and McArthur 2010
MICP awards as described in the table below.
Named Executive
Officer 2010 MICP Award Percent of Target Explanation of Award
Jeffrey J. Lyash $195,000 78% Mr. Lyash played a significant role in developing and
implementing a comprehensive nuclear fleet renewal
plan; accelerating the CBE initiative into nuclear
outages; improving performance of the Brunswick
Nuclear Plant; and maintaining regulatory confidence
in the Company’s nuclear generation group’s
leadership.
Lloyd M. Yates $195,000 79% Mr. Yates played a significant role in achieving the
successful financial and operational performance of
PEC which contributed to the Company achieving
its ongoing EPS goal; effectively managing PEC’s
O&M expenses, particularly for nuclear outages and
in the supply chain business unit; and effectively
communicating the Company’s climate change policy
and Balanced Solution Strategy to external stakeholders
and industrial customers.
John R. McArthur $220,000 82% Mr. McArthur played a significant role in developing
a North Carolina legislative approach for 2011 to
support consistent regulated earnings and cost recovery
for nuclear investment; improving our business
planning process through better alignment and deeper
understanding of our business objectives and cost
drivers; achieving success in all clause recovery
dockets in Florida; recovering all fuel and efficiency
and renewable costs and incentives in North Carolina
and South Carolina; and negotiating and executing the
Merger Agreement with Duke Energy.
With respect to long-term compensation, in 2010 each of the other named executive officers received
annual grants of restricted stock units and performance shares in accordance with their pre-established targets. The
table below describes those grants.
Named Executive
Officer
Restricted
Stock Units Vesting in
1/3 Increments in 2011,
2012 and 2013
Performance
Shares
Vesting 2013
Jeffrey J. Lyash 5,126 12,924
Lloyd M. Yates 5,069 12,782
John R. McArthur 5,522 13,923
Mr. Lyash’s total compensation as shown in the “Summary Compensation Table” on page 47 of this Proxy
Statement decreased 10.6% from the amount of total compensation he received in 2009.
Mr. Yates’ total compensation as shown in the “Summary Compensation Table” on page 47 of this Proxy
Statement decreased 3.2% from the amount of total compensation he received in 2009.
Mr. McArthur’s total compensation as shown in the “Summary Compensation Table” on page 47 of this
Proxy Statement decreased 3.3% from the amount of total compensation he received in 2009.