Corrections Corporation of America Summary of Director and Executive Officer Compensation

Summary

This document outlines the compensation structure for directors and executive officers of Corrections Corporation of America. Non-employee directors receive cash retainers, meeting fees, and stock options, while employee directors do not receive extra pay for board service. Executive officers are listed with their base salaries and 2009 performance bonuses, and they participate in the company's bonus and equity incentive plans. Further details will be provided in the company's 2010 proxy statement.

EX-10.40 3 g22193exv10w40.htm EX-10.40 exv10w40
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 Company’s non-employee directors.
         
Retainers and Fees        
Board retainer
  $ 50,000  
Board meeting fee
  $ 3,000  
Audit chair retainer
  $ 10,000  
Audit member retainer
  $ 2,000  
Compensation, Nominating and Governance chair retainer
  $ 5,000  
Committee chair meeting fee (excluding Executive)
  $ 2,500  
Non-chair committee meeting fee
  $ 2,000  
     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 Company’s common stock following the Company’s annual meeting of stockholders.
II. Executive Officer Compensation. The following table sets forth the current base salaries and the fiscal 2009 performance bonuses provided to the individuals who are anticipated to constitute the named executive officers of the Company for 2010.
                 
            Fiscal 2009
Executive Officer   Current Salary   Bonus Amount
Damon T. Hininger
  $ 600,000     $ 398,895  
Todd J Mullenger
  $ 290,000     $ 306,124  
Richard P. Seiter
  $ 310,655     $ 327,927  
Anthony L. Grande
  $ 270,000     $ 285,013  
G. A. Puryear, IV
  $ 257,094     $ 271,389  
     The named executive officers also participate in the Company’s 2010 Cash Bonus Plan and will continue to receive long-term incentive awards pursuant to the Company’s 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 Company’s proxy statement to be filed in connection with the 2010 annual meeting of stockholders.