TECO Energy, Inc. 2006 Executive Officer Compensation Arrangements
TECO Energy, Inc. has established compensation arrangements for its executive officers for 2006, including base salaries and annual incentive awards. The agreement outlines the salary and target bonus percentages for key executives, such as the Chairman and CEO, President and COO, and other senior officers. For example, the CEO's compensation includes both cash and restricted shares, with additional allowances for housing and travel. These arrangements are part of the company's broader executive compensation program and are subject to the terms of the annual incentive plan and related exhibits.
Exhibit 10.10.1
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 2006 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”). The 2006 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 2006
| Name | Title | Salary | Target Award % | ||||||
| Sherrill W. Hudson | Chairman and CEO | $ | 775,000 | * | 70 | % | |||
| John B. Ramil | President and Chief Operating Officer | $ | 500,000 | 65 | % | ||||
| Gordon L. Gillette | Executive Vice President and Chief Financial Officer | $ | 427,000 | 55 | % | ||||
| Charles R. Black | President of Tampa Electric | $ | 345,000 | 50 | % | ||||
| William N. Cantrell | President of Peoples Gas System | $ | 345,000 | 40 | % | ||||
| * | Mr. Hudson’s 2006 salary consists of $250,000 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. |
