TECO Energy, Inc. 2005 Executive Officer Compensation Arrangements
TECO Energy, Inc. outlines its 2005 compensation arrangements for executive officers, including base salaries and annual incentive award targets. The agreement lists the names, titles, base salaries, and target award percentages for key executives. For example, the Chairman and CEO receives a combination of cash and restricted shares, with additional housing allowance. The annual incentive plan and further details are referenced in other corporate filings. This document sets the compensation structure and targets for the company's top executives for 2005.
Exhibit 10.14
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 2005 is set forth in the table below.
The Corporation’s annual incentive plan, last amended in 2002, is included as Exhibit 10.3 to the Corporation’s Annual Report on Form 10-K to which this document is an exhibit (the “Report”). A description of the 2004 payouts and 2005 target awards under this plan was included in the Current Report on Form 8-K filed on February 1, 2005, and is hereby incorporated by reference. The 2005 target award percentages described in that Current Report 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 2005
| Name | Title | Salary | Target Award % | |||||
| Sherrill W. Hudson | Chairman and CEO | *$ | 721,548 | 70 | % | |||
| John B. Ramil | President and Chief Operating Officer | $ | 478,400 | 65 | % | |||
| Gordon L. Gillette | Executive Vice President and Chief Financial Officer | $ | 410,800 | 55 | % | |||
| William N. Cantrell | President of Peoples Gas System | $ | 345,000 | 40 | % | |||
| Jimmy J. Shackleford | President of TECO Coal Corporation | $ | 278,460 | 45 | % | |||
* Mr. Hudson’s 2005 salary consists of $196,548 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 allowance of $3,500, in recognition of his retaining his primary residence in Miami.
