FE » Topics » Disability

This excerpt taken from the FE DEF 14A filed Apr 1, 2009.
Disability
 
                                         
                LTIP and
             
    STIP
    Pension Benefit
    Other Equity
    Health
       
    Award(1)     (Present Value)(2)     Awards(3)     Care(4)     Total  
 
Anthony J. Alexander
  $ 2,305,403     $ 20,649,859     $ 18,328,575     $ 0     $ 41,283,837  
Richard H. Marsh
  $ 593,507     $ 5,772,763     $ 1,898,146     $ 0     $ 8,264,416  
Gary R. Leidich
  $ 796,068     $ 5,279,241     $ 6,113,867     $ 0     $ 12,189,176  
Richard R. Grigg
  $ 799,801     $ 0     $ 4,598,323     $ 110,318     $ 5,508,442  
Leila L. Vespoli
  $ 610,794     $ 5,069,810     $ 5,702,116     $ 0     $ 11,382,720  
 
(1) The amounts set forth in the STIP Award column are the amounts actually paid with respect to 2008 performance.
 
(2) Based on the benefits provided under disability, the amounts set forth in the Pension Benefit column represent the qualified, nonqualified, and any SERP pension benefits calculated assuming the NEO would retire December 31, 2008, because the benefits would be greater under retirement.
 
Mr. Grigg was hired in 2004 and was not eligible for retirement in 2008 as he did not meet the service requirement.


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Table of Contents

 
In lieu of the SERP, Mr. Leidich is entitled to a lump sum benefit upon termination of employment for any reason. The benefit is payable based on the terms defined by the Severance and Employment Agreement dated July 1, 1996, between Mr. Leidich and Centerior Energy Corporation. The maximum value of $1,095,889 will be payable at age 62. If Mr. Leidich terminates his employment prior to age 62, he will receive a reduced benefit ($876,811 plus gross up on December 31, 2008).
 
(3) The amounts set forth in the LTIP and Other Equity Awards column reflect the equity awards that will vest in the event of a disability as described in the 2008 Post-Termination Compensation and Benefits table.
 
(4) Based on the terms of Mr. Grigg’s employment agreement, he shall receive the maximum points for the purposes of determining our contribution toward the cost of retiree and spousal health coverage in the event of a termination for any reason. Amount shown is calculated based on the assumptions used for financial reporting purposes under generally accepted accounting principles.
 

Disability

Disability

 
  Severance Pay
  Short-Term Incentive Program Award(1)
  Pension Benefit (present value)(2)
  Long-Term Incentive Program and Other Equity Awards(3)
  Health Care(4)
  Total
Anthony J. Alexander   $ 0   $ 2,394,116   $17,274,968   $ 38,961,900   $ 237,751   $ 58,868,735
Richard H. Marsh   $ 0   $ 630,998   $4,928,175   $ 2,906,198   $ 145,659   $ 8,611,030
Richard R. Grigg   $ 0   $ 984,626   $0   $ 7,073,291   $ 122,492   $ 8,180,409
Gary R. Leidich   $ 0   $ 631,801   $4,432,833   $ 7,092,634   $ 185,477   $ 12,342,745
Mark T. Clark   $ 0   $ 624,750   $4,732,848   $ 6,729,662   $ 174,682   $ 12,261,942

        The NEOs are provided benefits as follows:

(1)
The amounts set forth in the Short-Term Incentive Program Award column are prorated based on the number of months employed during the year (12).

(2)
Based on the benefits provided under disability, the amounts set forth in the Pension Benefit column represent the qualified, nonqualified, and SERP pension benefits calculated assuming the NEO would retire December 31, 2007, because the benefits would be greater under retirement.

    Mr. Grigg was hired in 2004 and was not eligible for retirement in 2007 as he did not meet the service requirement.

    In lieu of the SERP, Mr. Leidich is entitled to a lump sum benefit upon termination of employment for any reason. The benefit is payable based on the terms defined by the Severance and Employment Agreement dated July 1, 1996, between Mr. Leidich and Centerior Energy Corporation. The maximum value of $1,095,889 will be payable at age 62. If Mr. Leidich terminates his employment prior to age 62, he will receive a reduced benefit ($825,455 plus gross up on December 31, 2007).

(3)
The amounts set forth in the Long-Term Incentive Program and Other Equity Awards column reflect the equity awards vested in the event of a disability as described in the 2007 Post-Termination Compensation and Benefits table.

(4)
Health care benefits as generally available to all employees, except as follows:

    Based on the terms of Mr. Grigg's employment agreement, his spouse shall receive the maximum points for the purposes of determining the Company contribution toward the cost of retiree spousal health coverage. Amount shown is calculated based on the assumptions used for financial reporting purposes under generally accepted accounting principles.

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This excerpt taken from the FE DEF 14A filed Apr 2, 2007.
2.14  “Disability” means, as of any date, a Participant’s qualification for, and receipt of, benefits under the Company’s then-existing long-term disability plan or program.

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