Summary of 2010 Base Salary and Annual Incentive Compensation for Sherwin-Williams Named Executive Officers
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Summary
The Sherwin-Williams Company set the 2010 base salaries and annual incentive compensation targets for its top executive officers, including the CEO, President, CFO, and other senior leaders. The agreement outlines each executive's base salary and specifies the minimum, target, and maximum bonus percentages they can earn based on performance goals for 2010. Bonuses range from 0% to up to 210% of base salary, depending on individual achievement. These terms were approved by the company's Compensation Committee and apply for the 2010 calendar year.
EX-10.C 4 l38063exv10wc.htm EX-10.C exv10wc
EXHIBIT 10(c)
SUMMARY OF BASE SALARY AND ANNUAL INCENTIVE
COMPENSATION PAYABLE TO NAMED EXECUTIVE OFFICERS
COMPENSATION PAYABLE TO NAMED EXECUTIVE OFFICERS
2010 Base Salary. On February 16, 2010, the Compensation and Management Development Committee (the “Compensation Committee”) of the Board of Directors of The Sherwin-Williams Company (“Sherwin-Williams”) set the 2010 base salaries of the executive officers who were named in the Summary Compensation Table of Sherwin-Williams’ 2009 Proxy Statement and who are expected to be named in the Summary Compensation Table of Sherwin-Williams’ 2010 Proxy Statement (the “Named Executive Officers”). The base salaries of the Named Executive Officers for 2010 are as follows: C.M. Connor, Chairman and Chief Executive Officer ($1,221,987); J.G. Morikis, President and Chief Operating Officer ($760,205); S.P. Hennessy, Senior Vice President — Finance and Chief Financial Officer ($573,370); S.J. Oberfeld, President, Paint Stores Group ($523,259); and T. W. Seitz, Senior Vice President — Strategic Excellence Initiatives ($483,385).
Annual Incentive Compensation to Be Earned in 2010. The Compensation Committee also approved the following minimum, target and maximum cash bonus award levels, as a percent of salary, for the Named Executive Officers for 2010 under The Sherwin-Williams Company 2007 Executive Performance Bonus Plan based upon each Named Executive Officer achieving 0%, 100% and 125%, respectively, of his performance goals.
| Incentive Award as a Percentage of Base Salary | ||||||||||||
| Named Executive Officer | Minimum | Target | Maximum | |||||||||
C.M. Connor | 0 | 105 | 210 | |||||||||
J.G. Morikis | 0 | 75 | 150 | |||||||||
S.P. Hennessy | 0 | 75 | 150 | |||||||||
S.J. Oberfeld | 0 | 60 | 120 | |||||||||
T.W. Seitz | 0 | 60 | 120 | |||||||||
