2013 Executive Officer Salary Description for 2012 Named Executive Officers
This document outlines the 2013 annual salaries for the company's executive officers who are expected to be named in the 2013 proxy statement for fiscal year 2012. The compensation consists of both cash and salary stock units, with specific amounts listed for each officer. The salary rates are effective as of January 1, 2013, and will remain in effect until changed. The document also notes the anticipated inclusion of one officer, Charles T. Tuggle, Jr., in the proxy statement, clarifying that this is elective and not required by disclosure rules.
EXHIBIT 10.1
DESCRIPTION OF 2013 SALARIES FOR
2012 NAMED EXECUTIVE OFFICERS
(Updated and restated as of January 22, 2013)
Salaries for executive officers consist of two components: cash, and salary stock units. Salary stock units are credited periodically during the year and are paid in accordance with a written program.
Annualized salary rates effective January 1, 2013 for the current executive officers of the Company who are expected to be named in the executive compensation disclosures of the Company’s 2013 proxy statement in relation to fiscal year 2012 (“2012 Named Executive Officers”) are:
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| Officer Name |
| 2013 |
| 2013 |
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| D. Bryan Jordan |
| $ | 760,000 |
| $ | 304,000 |
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| William C. (B.J.) Losch III |
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| 425,000 |
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| 212,500 |
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| Michael E. Kisber |
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| 600,000 |
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| 900,000 |
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| David T. Popwell |
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| 450,000 |
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| 225,000 |
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| Charles T. Tuggle, Jr.* |
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| 475,000 |
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| 190,000 |
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Salary rates generally continue in effect until they are changed.
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| * | Based on currently available information, the Company expects to elect to name Mr. Tuggle in the 2013 Proxy Statement. The Company expects that the rules applicable to the Proxy Statement’s content will not require him to be named or otherwise included. No such elective inclusion is a concession that Mr. Tuggle is required to be named. | |
