The Company has nothing to report under this item
EX-10.7 8 l24230aexv10w7.htm EX-10.7 EX-10.7
Exhibit 10.7
Description of long-term performance incentives under National Fuel Gas Company Performance Incentive Program
On December 6, 2006, the Compensation Committee approved long-term performance incentives under the National Fuel Gas Company Performance Incentive Program (the “Program”). The Committee established levels of performance at which 50%, 100%, 150% and 200% of the Target Incentive will be payable, as set forth below. For performance levels between established levels, a portion of the Target Incentive will be payable as determined by mathematical interpolation.
The Committee designated a Performance Period of October 1, 2006 to September 30, 2009. The Performance Condition is the Company’s total return on capital as compared to that of a group of peer companies. Payment will be made in accordance with the Program if the Company achieves performance as detailed below:
National Fuel Rank as a Percentile of Peer Group | Percentage of Target Incentive Paid | |||
Less than 45.01% | 0 | % | ||
45.01% | 50.00 | % | ||
60.00% | 100.00 | % | ||
75.00% | 150.00 | % | ||
100.00% | 200.00 | % | ||
For the October 1, 2006 to September 30, 2009 Performance Period, the Committee approved the following Target Incentives for the named executive officers of the Company: P. C. Ackerman, $774,000; D. F. Smith, $385,000; and R. J. Tanski, $308,750.
