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CHK » Topics » J. Mark Lester

This excerpt taken from the CHK DEF 14A filed Apr 30, 2009.

J. Mark Lester

 

Executive Benefits and

Payments Upon Separation

    Termination
without Cause		    Change of
Control		    Retirement    Incapacity of
Executive		    Death of
Executive

Compensation:

               

Cash Severance

    $ 775,000    $ 3,602,000    $ —      $ 387,500    $ 775,000

Acceleration of Equity Compensation:

               

Restricted Stock Awards

      3,427,717      3,427,717      1,951,719      —        3,427,717

Deferred Comp Plan Matching

      265,754      265,754      265,754      265,754      265,754

Benefits and Perquisites:

               

Benefit Continuation (a)

      27,100      38,490      27,100      36,109      27,100

Accrued Vacation Pay

      24,826      24,826      24,826      24,826      24,826

Personal Travel on Fractionally- Owned Company Aircraft

      —        —        —        —        —  

Tax Gross-Up Payment (b)

      n/a      —        n/a      n/a      n/a
                                  

Total

    $ 4,520,397    $ 7,358,787    $ 2,269,399    $ 714,189    $ 4,520,397
                                  

 

(a) Amounts consist of health, life and disability insurance benefits, country club dues and financial advisory services.
(b) The estimates of compensation payable to Mr. Lester as of December 31, 2008 upon a change of control would not trigger excise tax payable under IRC §4999.

Under the terms of each named executive officer’s equity award agreements, in the event that acceleration of vesting of an award is subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax, he or she will be entitled to receive a gross-up payment from the Company. The gross-up payment will be equal to the amount such that after payment of all taxes (including penalties and interest on the taxes) on the gross-up payment, the executive will retain an amount of the gross-up payment equal to the excise tax imposed as a result of the vesting acceleration. Assuming the above listed termination scenarios occurred as of December 31, 2008, the NEOs would not have been entitled to a tax gross-up payment. The executive officers’ employment agreements do not include tax gross-up provisions.

This excerpt taken from the CHK DEF 14A filed Apr 29, 2008.

J. Mark Lester

 

Executive Benefits and

Payments Upon Separation

    Termination
without Cause		    Change of
Control		    Retirement    Incapacity of
Executive		    Death of
Executive

Compensation:

               

Cash Severance

    $ 740,000    $ 3,312,000    $ —      $ 370,000    $ 740,000

Acceleration of Equity Compensation:

               

Restricted Stock Awards

    $ 11,246,676    $ 11,246,676    $ —      $ —      $ 11,246,676

Deferred Comp Plan Matching

    $ —      $ 608,462    $ —      $ —      $ —  

Benefits and Perquisites:

               

Benefit Continuation(a)

    $ 26,060    $ 37,010    $ —      $ 34,440    $ 26,060

Accrued Vacation Pay

    $ 23,861    $ 23,861    $ 23,861    $ 23,861    $ 23,861

401(k) Plan

    $ —      $ —      $ —      $ 10,250    $ —  

Deferred Compensation Plan

    $ —      $ —      $ —      $ 113,313    $ —  

Tax Gross-Up Payment(b)

      n/a    $ 1,264,738      n/a      n/a      n/a
                                  

Total

    $ 12,036,597    $ 16,492,747    $ 23,861    $ 551,864    $ 12,036,597
                                  

 

(a) Amounts consist of health, life and disability insurance benefits, country club dues and financial advisory services.
(b) Represents the gross-up of estimated excise tax payable under IRC §4999 as a result of the deemed acceleration of Mr. Lester’s unvested restricted stock as of December 31, 2007.

EXCERPTS ON THIS PAGE:

DEF 14A
Apr 30, 2009
DEF 14A
Apr 29, 2008

RELATED TOPICS for CHK:

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