2011 Executive Officer Salary Description for Named Executives of the Company
This document outlines the 2011 annual salaries for the company's named executive officers, as disclosed in the 2010 proxy statement. Each executive's compensation consists of a cash salary and salary stock units, which are credited periodically and paid according to a written program. The listed officers and their respective compensation amounts are specified. One former executive officer, Frank J. Gusmus, Jr., transitioned to a non-executive role as of January 1, 2011 and is expected to retire by March 31, 2011. Salary rates remain effective until changed.
EXHIBIT 10.1
DESCRIPTION OF 2011 SALARIES FOR
NAMED EXECUTIVE OFFICERS
(Updated and restated as of January 18, 2011)
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, 2011 for the current executive officers of the Company who are named in the executive compensation disclosures of the Company’s 2010 proxy statement in relation to fiscal year 2009 (“2009 Named Executive Officers”) are:
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| Officer Name | Cash Salary | Salary Stock Units | ||||||||||
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| D. Bryan Jordan | $800,000 | $320,000 |
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| William C. (B.J.) Losch III | 400,000 | 160,000 |
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| Charles G. Burkett | 742,650 | 297,050 |
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| Charles T. Tuggle, Jr. | 475,000 | 190,000 |
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Frank J. Gusmus, Jr. was a 2009 Named Executive Officer but stepped down from his executive officer position starting January 1, 2011 as part of a previously-disclosed retirement process. Mr. Gusmus currently remains employed in a non-executive capacity and is expected to retire completely on March 31, 2011. Salary rates generally continue in effect until they are changed.
