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PCX » Topics » Executive Compensation Program Objectives

This excerpt taken from the PCX DEF 14A filed Apr 1, 2009.
Executive Compensation Program Objectives
 
The objectives of Patriot’s executive compensation program are to attract, retain and motivate key executives to enhance long-term profitability and stockholder value. Compensation programs are designed to align incentives for executives with achievement of Patriot’s business strategies, including:
 
  •  Maximizing operational excellence in the areas of safety, productivity, cost management and environmental stewardship;
 
  •  Capitalizing on organic growth opportunities, as well as value-enhancing acquisitions and joint ventures; and
 
  •  Maximizing profitability and customer satisfaction by taking advantage of our diverse products and sourcing capabilities.
 
In order to meet our objectives, our executive compensation program is designed to:
 
  •  Provide market-based competitive compensation based on the executive’s position and responsibilities in order to successfully attract and retain highly-qualified executives with the leadership skills and experience necessary for our long-term success;
 
  •  Provide incentive compensation that places a strong emphasis on financial performance, with the flexibility to assess operational and individual performance; and
 
  •  Provide an appropriate link between compensation and the creation of stockholder value through awards tied to our long-term performance and share price appreciation.
 
With these objectives in mind, Patriot’s compensation structure for its executive officers is currently comprised of four key components: base salary; an annual incentive plan; long-term incentive compensation consisting of restricted stock, stock options and restricted stock units; and retirement and other benefits (each as described further below).


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Patriot’s Compensation Committee regularly reviews the objectives, philosophy and implementation of our executive compensation program in light of changing market conditions and business environments and retains the flexibility to adjust them in order to better align compensation with the interests of Patriot and its stockholders.
 
This excerpt taken from the PCX DEF 14A filed Apr 7, 2008.
Executive Compensation Program Objectives
 
The objectives of Patriot’s executive compensation program are to attract, retain and motivate key executives to enhance long-term profitability and stockholder value. Compensation programs are designed to align incentives for executives with achievement of Patriot’s business strategies, including:
 
  •  Maximizing operational excellence in the areas of safety, productivity and cost management and environmental stewardship;
 
  •  Capitalizing on organic growth opportunities as well as value-enhancing acquisitions and joint ventures; and
 
  •  Maximizing profitability and customer satisfaction by taking advantage of our diverse products and sourcing capabilities.
 
In order to meet our objectives, our executive compensation program is designed to:
 
  •  Provide competitive compensation based on the position and responsibility by using market data to successfully attract and retain highly-qualified executives with the leadership skills and experience necessary for our long-term success;
 
  •  Provide incentive compensation that places a strong emphasis on financial performance, with the flexibility to assess operational and individual performance; and
 
  •  Provide an appropriate link between compensation and the creation of shareholder value through awards tied to our long-term performance and share price appreciation.
 
With these objectives in mind, Peabody’s Compensation Committee approved a compensation structure for our executive officers that incorporates four key components: base salary; an annual incentive plan; long-term incentive compensation consisting of restricted stock, stock options and restricted stock units; and retirement and other benefits.


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This excerpt taken from the PCX 8-K filed Oct 24, 2007.
Executive Compensation Program Objectives
 
The objectives of Patriot’s executive compensation program following the spin-off will be to attract, retain and motivate key executives to enhance long-term profitability and stockholder value. It is anticipated that compensation programs will be designed to align incentives for executives with achievement of Patriot’s business strategies, including:
 
  •  Maximizing operational excellence in the areas of safety, productivity and cost management and environmental stewardship;
 
  •  Capitalizing on organic growth opportunities as well as value-enhancing acquisitions and joint ventures; and
 
  •  Maximizing profitability and customer satisfaction by taking advantage of our diverse products and sourcing capabilities.
 
The goals of our executive compensation program are to:
 
  •  Provide competitive compensation based on the position and responsibility by using market data to successfully attract and retain highly-qualified executives with the leadership skills and experience necessary for our long-term success;
 
  •  Provide incentive compensation that places a strong emphasis on financial performance with the flexibility to assess operational and individual performance; and
 
  •  Provide an appropriate link between compensation and the creation of stockholder value through awards tied to our long-term performance and share price appreciation.


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With these objectives in mind, the Compensation Committee of Peabody’s Board has approved a compensation structure for our executive officers that will incorporate four key components: base salary; an annual incentive plan; long-term incentive compensation consisting of restricted stock, stock options and restricted stock units; and retirement and other benefits. The objectives of each component are outlined below:
 
  •  Annual Base Salaries.  Appropriately remunerative base salary levels are critical in allowing us to attract and retain senior management employees to manage our transition as a separate publicly-traded company and to manage our operations with a view toward our long-term success.
 
  •  Annual Incentive Awards.  The aim of this component of the compensation program is to reward financial, safety, group and individual performance, as measured against pre-established goals.
 
  •  Long-Term Incentive Awards.  The long-term component of our executive compensation program is expected to consist of annual grants of equity-based awards, which are designed to align the interests of our named executive officers with those of our stockholders by motivating these officers to manage Patriot in a manner that fosters long-term performance, as reflected in stock price appreciation, increased stockholder value and achievement of financial objectives. We also believe these long-term incentives are essential to promote executive retention. Since we do not intend to maintain a defined benefit pension plan, the grant of long-term incentive awards will be our primary means for rewarding executive longevity and achievement of long-term strategic objectives.
 
  •  Retirement and other Benefits.  In order to attract and retain executive talent, we intend to provide a defined contribution plan with matching company contributions, health and welfare plans and other benefits that we believe are competitive within the industry.
 

EXCERPTS ON THIS PAGE:

DEF 14A
Apr 1, 2009
DEF 14A
Apr 7, 2008
8-K
Oct 24, 2007

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