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. Nolls 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. Nolls 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. Nolls 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. Wyatts 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. Wyatts experience as chief financial officer at companies with leveraged financial capital structures such as ours. The Compensation Committee next considered the allocation of Mr. Wyatts 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. Wyatts compensation. As a result of the increase in his total target compensation, Mr. Wyatts 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 Committees review.