This excerpt taken from the BGC DEF 14A filed Mar 28, 2007.
Summary Compensation Table
Represents the fair value of restricted stock on the date of grant, February 7, 2006 for Mr. Kenny and Mr. Siverd, and March 1, 2006 for Mr. Virgulak, determined under Financial Accounting Standard No. 123R (FAS 123R) using assumptions set forth in the footnotes to the financial statements in the Companys Annual Report on Form 10-K for calendar year 2006. Restricted Stock awards were granted under the Companys 2005 Stock Incentive Plan in the following amounts: Mr. Kenny 50,773 shares; Mr. Virgulak 8,051 shares; and Mr. Siverd 13,684 shares. No dividends are paid on restricted common stock.
These stock awards were made in February and March 2006, and in the view of General Cables Compensation Committee represent an award for 2005 services, not 2006 services. The rules of the SEC require that the awards made during 2006 be recorded in the Summary Compensation Table. On February 14, 2007, the Compensation Committee made awards of restricted common stock to Mr. Kenny and Mr. Siverd as follows: The Committee awarded $139,997 to Mr. Kenny and $56,762 to Mr. Siverd in fair value of restricted common stock determined under FAS 123R based on the assumptions that (i) the total value of the grant was equal to the closing market price of General Cables common stock on the New York Stock Exchange on February 14, 2007, that is, $50.68, times the number of shares awarded, and (ii) the grants vest ratably over five years from the date of grant.
Represents the fair value of non-qualified options on General Cable common stock on the date of grant February 7, 2006 for Mr. Kenny and Mr. Siverd, and March 1, 2006 for Mr. Virgulak, determined under FAS 123R using assumptions set forth in the footnotes to the financial statements in the Companys Annual Report on Form 10-K for calendar year 2006. These options on common stock were granted under the 2005 Stock Incentive Plan and vest and become exercisable three years from the date of grant: Mr. Kenny 28,896 options; Mr. Virgulak 4,584 options; and Mr. Siverd 7,788 options.
See note (1) above. In February 2007, the Compensation Committee made awards to Mr. Kenny and Mr. Siverd in respect of services in 2006 of options on common stock as follows: The Committee awarded $185,038 to Mr. Kenny and $40,318 to Mr. Siverd in fair value of stock options determined under FAS 123R using the following assumptions: (i) expected life, 4.43 years; (ii) stock price volatility, 54.4857%; (iii) risk-free interest rate, 4.7%; and (iv) dividend yield, 0%. These options were granted under the 2005 Stock Incentive Plan and vest and become exercisable three years from the date of grant of February 14, 2007.
Represents awards under General Cables Annual Incentive Plan earned in 2006 and paid in 2007.
Represents the aggregate increase in actuarial value under the General Cable SERP for the Named Executive Officers. See Pension Benefits Table at page 30.
Includes General Cable contributions to the retirement and savings and excess benefit plans in the following amounts--Mr. Kenny, $98,384; Mr. Virgulak, $38,483; and, Mr. Siverd, $41,413.
Includes aggregate incremental costs of a Company-provided vehicle during 2006, based on vehicle value, and amounts for gasoline and maintenance ($12,819) and incremental costs of external tax advisory and legal fees ($19,016) and club dues ($2,612) for Mr. Kenny; cost of Company-provided vehicle on same basis ($15,086) and professional fees ($3,200) for Mr. Virgulak and cost of Company-provided vehicle on same basis ($15,132) and tax advisory fees ($8,500) for Mr. Siverd.
Includes tax gross-ups of $15,197 for tax advisory fees and $2,087 for club dues for Mr. Kenny; $2,516 for tax advisory fees for Mr. Virgulak; and, $6,793 for tax advisory fees for Mr. Siverd.