Corrections Corporation of America (the Company) Summary ofDirector and Executive Officer Compensation
Exhibit 10.40
Corrections Corporation of America (the Company)
Summary of Director and Executive Officer Compensation
I. Director Compensation. Directors who are employees of the Company do not receive additional compensation for serving as directors of the Company. The following table sets forth current rates of cash compensation for the Companys non-employee directors.
Retainers and Fees
Board retainer | $ | 53,500 | ||
Board meeting fee | $ | 3,250 | ||
Audit chair retainer | $ | 11,000 | ||
Audit member retainer | $ | 2,200 | ||
Compensation, Nominating and Governance chair retainer | $ | 5,350 | ||
Committee chair meeting fee (excluding Executive) | $ | 2,700 | ||
Non-chair committee meeting fee | $ | 2,200 |
In addition to the cash compensation set forth above, each non-employee director has historically received a grant of a non-qualified option for the purchase of shares of the Companys common stock and shares of restricted stock of the Company following the Companys annual meeting of stockholders.
II. Executive Officer Compensation. The following table sets forth the current base salaries and the fiscal 2012 performance bonuses provided to the individuals who are anticipated to constitute the named executive officers of the Company for 2013.
Executive Officer | Current Salary | Fiscal 2012 Bonus Amount | ||||||
Damon T. Hininger | $ | 693,000 | $ | 189,942 | ||||
Todd J Mullenger | $ | 332,800 | $ | 91,678 | ||||
Harley G. Lappin III | $ | 312,000 | $ | 85,948 | ||||
Anthony L. Grande | $ | 312,000 | $ | 85,948 | ||||
Brian D. Collins | $ | 278,100 | $ | 77,003 |
The named executive officers will also participate in the Companys 2013 Cash Bonus Plan and will continue to receive long-term incentive awards pursuant to the Companys stockholder approved equity incentive plans.
III. Additional Information. The foregoing information is summary in nature. Additional information regarding director and named executive officer compensation will be provided in the Companys proxy statement to be filed in connection with the 2013 annual meeting of stockholders.