general economic and market conditions, including the impact governmental budgets can have on our diem rates and occupancy
EX-10.38 2 g17771exv10w38.htm EX-10.38 EX-10.38
Exhibit 10.38
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 2008 performance bonuses provided to the individuals who are anticipated to constitute the named executive officers of the Company for 2009 as well as Damon T. Hininger, the Company’s President and Chief Operating Officer.
| Fiscal 2008 | ||||||||
| Executive Officer | Current Salary | Bonus Amount | ||||||
| | ||||||||
John D. Ferguson | $ | 749,858 | $ | 958,333 | ||||
Damon T. Hininger | $ | 325,000 | $ | 352,925 | ||||
Todd J Mullenger | $ | 290,000 | $ | 364,000 | ||||
Richard P. Seiter | $ | 310,655 | $ | 397,023 | ||||
G. A. Puryear, IV | $ | 257,094 | $ | 328,571 | ||||
William K. Rusak | $ | 267,806 | $ | 342,262 | ||||
The named executive officers also participate in the Company’s 2009 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 2009 annual meeting of stockholders.
