TECO Energy, Inc. 2008 Executive Officer Compensation Arrangements
TECO Energy, Inc. has established compensation arrangements for its executive officers for 2008, including base salaries and annual incentive awards. The agreement outlines the salary and target incentive percentages for key executives, such as the Chairman and CEO, President and COO, and other senior officers. The Chairman and CEO's compensation includes both cash and restricted shares, with additional housing and travel allowances. These arrangements are part of the company's broader executive compensation program, with further details available in related exhibits to the company's annual report.
Exhibit 10.19.1
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 2008 is set forth in the table below.
The Corporation’s annual incentive plan, last amended in November 2007, 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 2008 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 2008
| 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% | |||
* Mr. Hudson’s 2008 salary consists of $301,189 in cash and TECO Energy restricted shares valued at $525,000, with the restrictions lapsing in four quarterly installments. Mr. Hudson also receives a monthly housing and travel allowance of $5,000, in recognition of his retaining his primary residence in Miami.
