2012 Executive Officer Salary Description for 2011 Named Executive Officers
This document outlines the 2012 annual cash and stock unit salaries for the company's executive officers named in the 2012 proxy statement for fiscal year 2011. It lists the specific salary amounts for each officer, explains that salaries are paid in both cash and stock units, and notes that these rates generally remain in effect until changed. It also specifies a 5% salary reduction for D. Bryan Jordan effective January 1, 2013. Executive compensation is reviewed and potentially adjusted annually in the first quarter.
EXHIBIT 10.1
DESCRIPTION OF 2012 SALARIES FOR
2011 NAMED EXECUTIVE OFFICERS
(Updated and restated as of October 15, 2012)
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, 2012 for the current executive officers of the Company who are named in the executive compensation disclosures of the Company’s 2012 proxy statement in relation to fiscal year 2011 (“2011 Named Executive Officers”) are:
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| Officer Name |
| 2012 |
| 2012 |
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| D. Bryan Jordan |
| $ | 800,000 |
| $ | 320,000 |
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| William C. (B.J.) Losch III |
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| 400,000 |
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| 160,000 |
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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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| 180,000 |
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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.
Effective January 1, 2013, the salary rates for D. Bryan Jordan will be reduced 5%. His salary rates for 2013 will be:
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| Officer Name |
| 2013 |
| 2013 |
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| D. Bryan Jordan |
| $ | 760,000 |
| $ | 304,000 |
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Salaries and other components of executive compensation generally are reviewed and, as appropriate, adjusted in the first quarter of each year. That general review schedule has not been changed.
