TECO Energy, Inc. 2009 Executive Officer Compensation Arrangement
TECO Energy, Inc. has established compensation arrangements for its executive officers for 2009, including base salaries and annual incentive awards. The agreement outlines the specific salary amounts and target incentive award percentages for each named executive officer, which remain unchanged from 2008. Additionally, the Chairman and CEO, Mr. Hudson, receives a monthly housing and travel allowance due to his primary residence being in Miami. These arrangements are part of the company's broader executive compensation program.
Exhibit 10.18.1
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 named executive officers for 2009 is set forth in the table below (which salaries are the same as in 2008).
The Corporation’s annual incentive plan, last amended in February 2009, is included as Exhibit 10.4 to the Corporation’s Annual Report on Form 10-K to which this document is an exhibit (the “Report”). The 2009 target award percentages for awards under the annual incentive plan for the named executive officers are set forth in the table below (which target award percentages are the same as in 2008).
Compensatory arrangements relating to other aspects of the Corporation’s executive compensation program are included as exhibits to the Report. Mr. Hudson also receives a monthly housing and travel allowance of $5,000, in recognition of his retaining his primary residence in Miami.
Named Executive Officer Salary and Target Award Percentage Information for 2009
| Name | Title | Salary | Target Award % | |||||
| Sherrill W. Hudson | Chairman and CEO | $ | 826,189 | 80 | % | |||
| John B. Ramil | President and Chief Operating Officer | $ | 534,000 | 70 | % | |||
| Gordon L. Gillette | Executive Vice President and Chief Financial Officer | $ | 455,500 | 60 | % | |||
| Charles R. Black | President of Tampa Electric | $ | 368,460 | 55 | % | |||
| William N. Cantrell | President of Peoples Gas System | $ | 313,000 | 40 | % | |||
