TECO Energy, Inc. 2007 Executive Officer Compensation Arrangements
TECO Energy, Inc. has established compensation arrangements for its executive officers for 2007, including base salaries and annual incentive awards. The agreement lists the names, titles, base salaries, and target incentive award percentages for each executive. For example, the Chairman and CEO, Sherrill W. Hudson, receives a combination of cash and restricted shares, as well as a monthly housing and travel allowance. These arrangements outline the key components of executive compensation for the year and reference additional details in related corporate filings.
Exhibit 10.17.1
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 2007 is set forth in the table below.
The Corporation’s annual incentive plan, last amended in January 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 2007 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 2007
| Name | Title | Salary | Target Award % | |||||
| Sherrill W. Hudson | Chairman and CEO | $ | 798,250 | 80 | % | |||
| John B. Ramil | President and Chief Operating Officer | $ | 515,000 | 70 | % | |||
| Gordon L. Gillette | Executive Vice President and Chief Financial Officer | $ | 439,810 | 60 | % | |||
| Charles R. Black | President of Tampa Electric | $ | 356,000 | 55 | % | |||
| William N. Cantrell | President of Peoples Gas System | $ | 345,000 | 40 | % | |||
| * | Mr. Hudson’s 2006 salary consists of $273,250 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. |
