Long-term Incentive Plans - Awards in
Last Fiscal Year (1)
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Long-Term Incentive Plans - Awards in Last Fiscal Year (1)
Long-Term Incentive Plans - Awards in Last Fiscal Year (1)
PERFORMANCE
NUMBER OF OR OTHER ESTIMATED FUTURE PAYOUTS(2)
SHARES, UNITS PERIOD UNTIL UNDER NON-STOCK PRICE-BASED PLANS
OR OTHER MATURATION OR ---------------------------------------
NAME RIGHTS PAYOUT THRESHOLD TARGET MAXIMUM
--------------------- ------------- ------------- --------- ---------- ----------
Roberto C. Goizueta 1,274,520 3 years $ 446,082 $1,274,520 $1,911,780
M. Douglas Ivester 739,900 3 years 258,965 739,900 1,109,850
John Hunter 454,860 3 years 159,201 454,860 682,290
Jack L. Stahl 454,860 3 years 159,201 454,860 682,290
Sergio S. Zyman 367,600 3 years 128,660 367,600 551,400
- (1) Effective January 1, 1982, and
as amended and approved in 1994 by share owners of the Company, the
Company has established a Long Term Performance Incentive Plan. The
Compensation Committee, which administers the plan, awards incentive
compensation to certain executive and senior officers of the Company.
The Committee determines a base for each participant, calculated on the
participant's salary grade midpoint and level of responsibility,
for a three-year plan period, which base cannot be increased for that
period. The Committee also sets a matrix which contains the target
levels for the two performance measures: "Growth in Unit Case Sales"
and "Growth in Economic Profit". Actual awards are determined
after the end of the three-year period and range from 0% to 150% of the
participant's base. The plan is not based on the price of the Company's
Common Stock. Subject to continued employment of the participant,
unless death, disability or retirement occurs, one-half of each award
earned is paid at the close of each three-year performance period.
Payment of the other half of each award, the "Restricted Award",
is deferred for two years and is subject to forfeiture if the
participant's employment with the Company terminates for any reason
other than death, disability, retirement or a change in control of the
Company in such two-year period. The participant is entitled to accrue
interest on the Restricted Award during such two-year period, calculated
at rates not in excess of prevailing market interest rates. Upon a
change in control of the Company, all awards or portions of
awards earned up until such date become fully vested and payable, and
additional payments will be made in an amount equal to the participant's
liability for any taxes attributable to such payments.
- (2) threshold amount is equal to .35
times the targeted payout, and if actual Company performance falls below
certain parameters, no payouts are made. The target amount is earned if
specified performance targets are achieved. The maximum amount that can
be earned is 1.50 times the targeted amount.
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