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NFP » Topics » 2008 Director Compensation Table

This excerpt taken from the NFP DEF 14A filed Apr 21, 2009.

2008 Director Compensation Table

 

Name(1)

   Fees Earned or
Paid in Cash(2)
($)		   Stock
Awards(3)
($)		   Option
Awards(4)
($)		   Non-Equity
Incentive Plan
Compensation
($)		   Nonqualified
Deferred
Compensation
Earnings
($)		   All Other
Compensation
($)		   Total
($)
(a)   (b)   (c)   (d)   (e)   (f)   (g)   (h)

Stephanie W. Abramson

   114,000   58,153   601   —   —   —   172,754

Arthur S. Ainsberg

   97,000   58,153   601   —   —   —   155,754

John A. Elliott

   109,000   58,153   —   —   —   —   167,153

Shari Loessberg

   95,000   58,153   601   —   —   —   153,754

Kenneth C. Mlekush

   99,000   71,310   —   —   —   —   170,310

 

(1) Mr. Callahan’s total compensation for the 2008 fiscal year was $757,419, which included (i) $315,000 in base salary, (ii) $125,443 in stock awards, (iii) $3,920 in option awards, (iv) $225,000 in bonus compensation, (v) $6,770 in above-market nonqualified deferred compensation plan earnings and (vi) $81,286 in other compensation. The amounts in clauses (ii) and (iii) were calculated utilizing the provisions of Statement of Financial Accounting Standards No. 123R, “Share-based Payments” (“SFAS 123R”), without regard to forfeiture assumptions, and thus may include amounts from equity awards granted in and prior to 2008. See Note 12 of the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on February 13, 2009 (the “2008 Form 10-K”), regarding assumptions underlying valuation of equity awards. The amount in clause (iv) represents the 2008 bonus that was paid to Company employees in February 2009. The amount in clause (v) represents above-market earnings on compensation that was deferred by Mr. Callahan under NFPISI’s Amended and Restated Executive Deferral Plan. Above-market earnings represent the difference between Mr. Callahan’s earnings on the portion of his Executive Deferral Plan account balance allocated to the 6% annual return investment option and the earnings that he would have achieved if such portion of his account balance had earned interest at 120% of the applicable federal long-term rate prescribed by the Code (“Adjusted AFR”) for each month during 2008 in which the 6% annual return rate was higher than the Adjusted AFR. The amount in clause (vi) represents $6,900 in matching contributions paid by the Company under the Company’s 401(k) Plan, an increase in Mr. Callahan’s cash compensation in the amount of $38,595 which is equal to Mr. Callahan’s premium under the Senior Executive Life Insurance Program which is described on page 24 below and a tax gross-up payment of $13,492 to Mr. Callahan with respect to such premium amount. The amount in clause (vi) also includes $3,399 for the payment in cash of dividend equivalents earned on RSUs granted to Mr. Callahan in prior fiscal years and $18,900 in matching contributions paid by the Company under the Company’s Deferred Compensation Plan (described on page 34 below). Mr. Callahan was also awarded 3,351 RSUs in 2008. The SFAS 123R grant date fair value of the stock awards that were granted to Mr. Callahan during 2008 is $92,722. No stock options were awarded to Mr. Callahan in 2008. Mr. Callahan had 4,315 stock awards and 1,000 stock option awards outstanding as of December 31, 2008.
(2) The amounts in column (b) represent cash payments received for 2008 service, including the 2008 cash retainer, 2008 committee chairman fees and fees paid for attendance at meetings held in 2008. The cash compensation for each director listed in the table includes $45,000 in fees for the annual retainer paid to directors. Ms. Abramson’s cash compensation includes $59,000 in fees for meeting attendance and an additional $10,000 retainer as Chairman of the Compensation Committee. Mr. Ainsberg’s cash compensation includes $52,000 in fees for meeting attendance. Dr. Elliott’s cash compensation includes $44,000 in fees for meeting attendance and an additional $20,000 retainer as Chairman of the Audit Committee. Ms. Loessberg’s cash compensation includes $50,000 in fees for meeting attendance. Mr. Mlekush’s cash compensation includes $49,000 in fees for meeting attendance and an additional $5,000 retainer as Chairman of the Nominating & Corporate Governance Committee.
(3) The amounts in column (c) were calculated utilizing the provisions of SFAS 123R, without regard to forfeiture assumptions, and thus may include amounts from equity awards granted in and prior to 2008. See Note 12 of the consolidated financial statements in the Company’s 2008 Form 10-K regarding assumptions underlying valuation of equity awards. The following are the aggregate number of stock awards outstanding for each of the Company’s non-employee directors as of December 31, 2008: each of Ms. Abramson, Mr. Ainsberg, Dr. Elliott, and Ms. Loessberg: 2,007; and Mr. Mlekush: 2,507. The SFAS 123R grant date fair value of each stock award that has been granted during 2008 to the Company’s non-employee directors is as follows: each of Ms. Abramson, Mr. Ainsberg, Dr. Elliott, and Ms. Loessberg: $41,505; and Mr. Mlekush: $55,340.
(4) The amounts in column (d) were calculated utilizing the provisions of SFAS 123R, without regard to forfeiture assumptions, and thus may include amounts from equity awards granted in and prior to 2008. See Note 12 of the consolidated financial statements in the Company’s 2008 Form 10-K regarding assumptions underlying valuation of equity awards. The following are the aggregate number of stock option awards outstanding for each of the Company’s non-employee directors as of December 31, 2008: Ms. Abramson: 15,000; Mr. Ainsberg: 15,000; Dr. Elliott: 5,000; Ms. Loessberg: 10,000; and Mr. Mlekush: 5,000. No stock options were awarded to the Company’s directors in 2008.

 

17

Table of Contents
This excerpt taken from the NFP DEF 14A filed Apr 14, 2008.

2007 Director Compensation Table

 

Name(1)

   Fees Earned or
Paid in Cash(2)
($)		   Stock
Awards(3)
($)		   Option
Awards(4)
($)		   Non-Equity
Incentive Plan
Compensation
($)		   Change
in Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)		   All Other
Compensation
($)		   Total
($)
(a)   (b)   (c)   (d)   (e)   (f)   (g)   (h)

Stephanie W. Abramson

   104,000   48,732   15,018   —   —   —   167,750

Arthur S. Ainsberg

   95,500   48,732   15,018   —   —   —   159,250

John A. Elliott

   107,500   48,732   —   —   —   —   156,232

Shari Loessberg

   85,875   48,732   15,018   —   —   —   149,625

Kenneth C. Mlekush

   84,125   71,515   —   —   —   —   155,640

 

(1) Ms. Bibliowicz and Mr. Callahan, both NFP directors who are also employees of the Company, have been omitted from this table since they receive no compensation for serving on the Board of Directors. See “Compensation Discussion and Analysis” and “Compensation Tables and Other Information” below for information regarding Ms. Bibliowicz’s 2007 compensation. Mr. Callahan’s total compensation for the 2007 fiscal year was $795,725, which included (i) $290,625 in base salary, (ii) $198,299 in stock awards, (iii) $5,600 in option awards, (iv) $247,500 in bonus compensation, (v) $469 in above-market non-qualified deferred compensation plan earnings and (vi) $53,232 in other compensation. The amounts in clauses (ii) and (iii) were calculated utilizing the provisions of Statement of Financial Accounting Standards No. 123R, “Share-based Payments” (“SFAS 123R”), without regard to forfeiture assumptions, and thus may include amounts from equity awards granted in and prior to 2007. See Note 12 of the consolidated financial statements in the Company’s 2007 Form 10-K, filed with the SEC on February 19, 2008 (the “2007 Form 10-K”), regarding assumptions underlying valuation of equity awards. The amount in clause (iv) represents the cash portion of the 2007 bonus that was paid to Company employees in February 2008. The amount in clause (v) represents above-market earnings on compensation that was deferred by Mr. Callahan under NFPISI’s Amended and Restated Executive Deferral Plan. Above-market earnings represent the difference between Mr. Callahan’s earnings on the portion of his Executive Deferral Plan account balance allocated to the 6% annual return investment option and the earnings that he would have achieved if such portion of his account balance had earned interest at 120% of the applicable federal long-term rate prescribed by the Code (“Adjusted AFR”) for each month during 2007 in which the 6% annual return rate was higher than the Adjusted AFR. See “Compensation Tables and Other Information—Non-Qualified Deferred Compensation” for additional information on the Executive Deferral Plan. The amount in clause (vi) represents $6,750 in matching contributions paid by the Company under the Company’s 401(k) plan, an increase in Mr. Callahan’s cash compensation in the amount of $34,188 which is equal to Mr. Callahan’s premium under the Senior Executive Life Insurance Program which is described on page 25 below and as a tax gross-up payment of $12,294 to Mr. Callahan with respect to such premium amount. Mr. Callahan was also awarded 1,299 RSUs in 2007 in connection with his participation in the Company’s Capital Accumulation Plan (the “CAP”) and the payment of dividend equivalents earned on RSUs granted to Mr. Callahan in prior fiscal years in the form of additional RSUs. See “Compensation Discussion & Analysis” below for more details on the CAP and these RSU awards. The SFAS 123R grant date fair value of the stock awards that were granted to Mr. Callahan during 2007 is $64,386. No stock options were awarded to Mr. Callahan in 2007. Mr. Callahan had 4,085 stock awards and 42,500 stock option awards outstanding as of December 31, 2007. The Company increases the cash compensation of each participant by an amount equal to such participant’s life insurance premium for the Senior Executive Life Insurance Program plus a tax gross-up payment with respect to such premium amount.
(2) The amounts in column (b) represent cash payments received for 2007 service, including the 2007 cash retainer, 2007 committee chairman fees and fees paid for attendance at meetings held in 2007. The cash compensation for each director listed in the table includes $45,000 in fees for the annual retainer paid to directors. Ms. Abramson’s cash compensation includes $49,000 in fees for meeting attendance and an additional $10,000 retainer as Chairman of the Compensation Committee. Mr. Ainsberg’s cash compensation includes $43,000 in fees for meeting attendance and a pro-rated retainer of $7,500 for his role as Chairman of the Audit Committee for a portion of 2007. Mr. Elliott’s cash compensation includes $50,000 in fees for meeting attendance and a pro-rated retainer of $12,500 for his role as Chairman of the Audit Committee for a portion of 2007. Ms. Loessberg’s cash compensation includes $39,000 in fees for meeting attendance and a pro-rated retainer of $1,875 for her role as Chairman of the Nominating & Corporate Governance Committee for a portion of 2007. Mr. Mlekush’s cash compensation includes $36,000 in fees for meeting attendance and a pro-rated retainer of $3,125 for his role as Chairman of the Nominating & Corporate Governance Committee for a portion of 2007.
(3) The amounts in column (c) were calculated utilizing the provisions of SFAS 123R, without regard to forfeiture assumptions, and thus may include amounts from equity awards granted in and prior to 2007. See Note 12 of the consolidated financial statements in the Company’s 2007 Form 10-K regarding assumptions underlying valuation of equity awards. The following are the aggregate number of stock awards outstanding for each of the Company’s non-employee directors as of December 31, 2007: each of Ms. Abramson, Mr. Ainsberg, Mr. Elliott, and Ms. Loessberg: 1,528; and Mr. Mlekush: 2,028. The SFAS 123R grant date fair value of each stock award that has been granted to the Company’s non-employee directors during 2007 is as follows: each of Ms. Abramson, Mr. Ainsberg, Mr. Elliott, and Ms. Loessberg: $1,772; and Mr. Mlekush: $26,627.
(4) The amounts in column (d) were calculated utilizing the provisions of SFAS 123R, without regard to forfeiture assumptions, and thus may include amounts from equity awards granted in and prior to 2007. See Note 12 of the consolidated financial statements in the Company’s 2007 Form 10-K regarding assumptions underlying valuation of equity awards. The following are the aggregate number of stock option awards outstanding for each of the Company’s non-employee directors as of December 31, 2007: Ms. Abramson: 15,000; Mr. Ainsberg: 15,000; Mr. Elliott: 5,000; Ms. Loessberg: 10,000; and Mr. Mlekush: 5,000. No stock options were awarded to the Company’s directors in 2007.

 

17

Table of Contents
This excerpt taken from the NFP DEF 14A filed Apr 11, 2007.

2006 Director Compensation Table

 

                  Name(1)                   

  

Fees Earned or
Paid in Cash(2)

($)

  

Stock
Awards(3)

($)

  

Option
Awards(4)

($)

  

Non-Equity
Incentive Plan
Compensation

($)

  

Change

in Pension
Value and
Nonqualified
Deferred
Compensation
Earnings

($)

  

All Other
Compensation

($)

  

Total

($)

(a)   (b)   (c)   (d)   (e)   (f)   (g)   (h)

Arthur S. Ainsberg

   107,000   28,369   16,383   —   —   —   151,752

Stephanie W. Abramson

   105,000   28,369   16,383   —   —   —   149,752

John A. Elliott

   104,000   28,369   —   —   —   —   132,369

Shari Loessberg

   86,000   28,369   16,383   —   —   —   130,752

Kenneth C. Mlekush

   74,000   54,540   —   —   —   —   128,540

 

14

Table of Contents
(1) Ms. Bibliowicz and Mr. Becker, both NFP directors, have been omitted from this table and the accompanying footnotes since they receive no compensation for serving on the Board of Directors.
(2) The amounts in column (b) represent cash payments received for 2006 service, including the 2006 cash retainer, 2006 committee chairman fees and fees paid for attendance at meetings held in 2006. The cash compensation for each director listed in the table includes $45,000 in fees for the annual retainer paid to directors. Mr. Ainsberg’s cash compensation includes an additional $20,000 retainer as Chairman of the Audit Committee and $42,000 in fees for meeting attendance. Ms. Abramson’s cash compensation includes an additional $10,000 retainer as Chairman of the Compensation Committee and $50,000 in fees for meeting attendance. Dr. Elliott’s cash compensation includes an additional $59,000 in fees for meeting attendance. Ms. Loessberg’s cash compensation includes an additional $5,000 retainer as Chairman of the Nominating & Corporate Governance Committee and $36,000 in fees for meeting attendance. Mr. Mlekush’s cash compensation includes an additional $29,000 in fees for meeting attendance.
(3) The amounts in column (c) were calculated utilizing the provisions of Statement of Financial Accounting Standards No. 123R, “Share-based Payments” (“FAS 123R”), without regard to forfeiture assumptions, and thus may include amounts from equity awards granted in and prior to 2006. See Note 12 of the consolidated financial statements in the Company’s 2006 Form 10-K, filed with the SEC on February 22, 2007, regarding assumptions underlying valuation of equity awards. The following are the aggregate number of stock awards outstanding for each of the Company’s non-employee directors as of December 31, 2006: Mr. Ainsberg: 2,512; Ms. Abramson: 2,512; Dr. Elliott: 2,512; Ms. Loessberg: 2,512; and Mr. Mlekush: 3,012. The FAS 123R grant date fair value of each stock award that has been granted to the Company’s non-employee directors during 2006 is as follows: each of Mr. Ainsberg, Ms. Abramson, Dr. Elliott, and Ms. Loessberg: $71,393; and Mr. Mlekush: $94,293.
(4) The amounts in column (d) were calculated utilizing the provisions of FAS 123R, without regard to forfeiture assumptions, and thus may include amounts from equity awards granted in and prior to 2006. See Note 12 of the consolidated financial statements in the Company’s 2006 Form 10-K regarding assumptions underlying valuation of equity awards. The following are the aggregate number of stock option awards outstanding for each of the Company’s non-employee directors as of December 31, 2006: Mr. Ainsberg: 15,000; Ms. Abramson: 15,000; Dr. Elliott: 5,000; Ms. Loessberg: 10,000; and Mr. Mlekush: 5,000. No stock options were awarded to the Company’s directors in 2006.

 

15

Table of Contents

EXCERPTS ON THIS PAGE:

DEF 14A
Apr 21, 2009
DEF 14A
Apr 14, 2008
DEF 14A
Apr 11, 2007

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