TECO Energy, Inc. 2012 Executive Officer Compensation Arrangements
TECO Energy, Inc. has established compensation arrangements for its executive officers, including the Chief Executive Officer, Chief Financial Officer, and other named executives. The agreement outlines base salaries and target percentages for annual incentive awards for 2012. These arrangements specify each executive's salary and the percentage of their salary that may be awarded as an annual incentive, based on performance. The annual incentive plan was last amended in February 2011. Additional details on other compensation components are provided in related exhibits to the company's annual report.
Exhibit 10.24
Compensatory Arrangements with Executive Officers
Compensation for executives at TECO Energy, Inc. (the “Corporation”) consists of several components. Included among these are base salary and an annual incentive award program.
Base salary information for the Chief Executive Officer, Chief Financial Officer and the other executive officers named in our proxy statement (together, the “named executive officers”) is set forth in the table below.
The Corporation’s annual incentive plan, last amended in February 2011, is attached as Exhibit 10.4 to the Corporation’s Annual Report on Form 10-K to which this document is an exhibit (the “Report”). The 2012 target award percentages for awards under the annual incentive plan for the named executive officers are set forth in the table below.
Compensatory arrangements relating to other aspects of the Corporation’s executive compensation program are included as exhibits to the Report.
Named Executive Officer Salary and Target Award Percentage Information for 2012
| Name | Title | Salary | Target Award % | |||||||
| Sherrill W. Hudson | Executive Chairman of the Board | $ | 270,000 | 75 | % | |||||
| John B. Ramil | President and Chief Executive Officer | $ | 750,000 | 85 | % | |||||
| Gordon L. Gillette | President of Tampa Electric Company | $ | 525,000 | 65 | % | |||||
| Sandra W. Callahan | Senior Vice President-Finance and Accounting and Chief Financial Officer | $ | 450,000 | 60 | % | |||||
| Clinton E. Childress | Senior Vice President, Corporate Services and Chief Human Resources Officer | $ | 352,800 | 50 | % | |||||
