International Game Technology Executive Officer and Director Compensation Summary
This document outlines the compensation arrangements for executive officers and directors of International Game Technology (IGT). Executive officers receive base salaries, benefits under employment contracts, bonuses, stock incentives, profit sharing, and deferred compensation, along with certain perquisites. Directors are paid an annual retainer, meeting fees, additional retainers for committee roles, and equity grants in the form of stock options and restricted shares. The agreement specifies payment schedules, vesting periods, and eligibility for equity awards. Most executive arrangements are at-will unless otherwise specified in filed employment contracts.
EXHIBIT 10.1
International Game Technology
Summary of Named Executive Officer and Director Compensation Arrangements
Executive Officers
In addition to the annual base salaries noted in the table below, compensation arrangements for our executive officers include benefits paid under any applicable employment contracts, other IGT Plans for Management Bonus (including Cash Sharing), Stock Incentives, Profit Sharing, and Deferred Compensation as more fully described in exhibits to our annual report on Form 10-K or interim quarterly Form 10-Q filed with the SEC. These individuals also receive certain perquisites as explained in our annual proxy statement. Except for employment contracts that are on file with the SEC, these are at-will employment arrangements.
Name |
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| Title |
| Base Salary (1) |
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Thomas J. Matthews |
|
| President, Chief Executive Officer |
| $840,000 |
|
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Stephen W. Morro |
|
| Chief Operating Officer |
| $600,000 |
|
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David D. Johnson |
|
| Executive Vice President, General Counsel |
| $525,000 |
|
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Richard Pennington |
|
| Executive Vice President, Corporate Strategy |
| $420,000 |
|
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Daniel R. Siciliano |
|
| Chief Accounting Officer, Treasurer and Principal Financial Officer |
| $250,000 |
|
(1) Amounts reported in our proxy statement may vary depending on the timing of pay period during the fiscal year
Directors (effective June 26, 2007)
Annual Retainer
·
$65,000 paid in quarterly installments
·
Prior to the beginning of each fiscal year, members may elect to receive all or a part of the total retainer in the form of a restricted stock award
Board and Committee Meeting Fees
·
Board - $1,500 per meeting attended after 8 meetings have been held and attended
·
Audit - $1,500 per meeting attended after 10 meetings have been held and attended
·
Compensation, Nominating & Corporate Governance, and Compliance - $1,500 per meeting attended after 4 meetings have been held
Additional Annual Retainer for Board Committee Members (payable in quarterly installments)
·
Chair: Audit - $35,000; Compensation, Nominating & Corporate Governance, and Compliance - $20,000
·
Member: Audit - $17,500; Compensation, Nominating & Corporate Governance, and Compliance - $10,000
Equity Grants (effective after next IGT Annual Shareholders’ Meeting in February 2008)
·
Upon election to the board: 20,000 stock options and 5,000 restricted shares vesting ratably over 3 years
·
Annual grant: 11,000 stock options and 2,750 shares restricted shares with 1-year vesting
