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CHK » Topics » Martha A. Burger

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

Martha A. Burger

 

Executive Benefits and

Payments Upon Separation

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

Compensation:

               

Cash Severance

    $ 650,000    $ 2,752,000    $ —      $ 325,000    $ 650,000

Acceleration of Equity Compensation:

               

Restricted Stock Awards

    $ 8,276,492    $ 8,276,492    $ 5,365,500    $ —      $ 8,276,492

Deferred Comp Plan Matching

    $ 489,726    $ 489,726    $ 489,726    $ 489,726    $ 489,726

Benefits and Perquisites:

               

Benefit Continuation(a)

    $ 27,100    $ 38,570    $ 27,100    $ 36,143    $ 27,100

Accrued Vacation Pay

    $ 41,918    $ 41,918    $ 41,918    $ 41,918    $ 41,918

401(k) Plan

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

Deferred Compensation Plan

    $ —      $ —      $ —      $ 91,938    $ —  

Tax Gross-Up Payment(b)

      n/a    $ 1,033,016      n/a      n/a      n/a
                                  

Total

    $ 9,485,236    $ 12,631,722    $ 5,924,244    $ 994,975    $ 9,485,236
                                  

 

(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 Ms. Burger’s unvested restricted stock as of December 31, 2007.

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.

 

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