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This excerpt taken from the HBI DEF 14A filed Mar 12, 2009. Actions
Relating to 2009 Compensation
In December 2008, the Compensation Committee engaged in a
further review of total compensation opportunities for
Hanesbrands’ executive officers, including the named
executive officers, applying the executive compensation
benchmarking criteria. As a result of such review, the
Compensation Committee determined not to increase the total
compensation opportunity of Mr. Noll or change the
allocation among Mr. Noll’s base salary, bonus and
long-term equity compensation. Unlike the award Mr. Noll
received in 2008, all of the value of which was in the form of
stock options, 50% of the value of Mr. Noll’s 2009
award is in the form of restricted stock units and 50% is in the
form of stock options. The Committee changed the allocation of
Mr. Noll’s equity compensation in this manner to more
closely align with practices of the Benchmark Companies and to
align his long-term incentive mix with that of the other named
executive officers.
Also as a result of such review, the Compensation Committee
determined to increase Mr. Wyatt’s total target
compensation opportunity from $2,340,000 to $2,600,000. In
making its decision, the Compensation Committee considered, in
addition to the executive compensation benchmarking criteria,
the value in the current economic environment of
Mr. Wyatt’s experience as chief financial officer at
companies with leveraged financial capital structures such as
ours. The Compensation Committee next considered the allocation
of Mr. Wyatt’s compensation among the various elements
of compensation, again applying the executive compensation
benchmarking criteria. The Compensation Committee determined not
to change the allocation of the elements of
Mr. Wyatt’s compensation. As a result of the increase
in his total target compensation, Mr. Wyatt’s base
salary was increased from $585,000 to $650,000, and his annual
bonus opportunity as a percentage of his base salary remains
unchanged and would result in an annual bonus of $650,000 at the
target level. Mr. Wyatt received an equity award for 2009
with a grant date value of $1,300,000; 50% of the value consists
of stock options and 50% of the value consists of restricted
stock units.
No changes were made to the total compensation opportunities of
the other named executive officers as a result of the
Compensation Committee’s review.
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