PFG » Topics » Authority of the CEO and President to Grant Equity Awards

This excerpt taken from the PFG DEF 14A filed Apr 8, 2009.

Authority of the CEO and President to Grant Equity Awards

        Under the 2005 Stock Incentive Plan, the Committee has delegated authority to the CEO to make certain equity awards to sales agents and non-Executive employees for new hires, promotions, retention and recognizing superior performance. The CEO reports on these grants at the next regular Committee meeting. The total awards granted by the CEO may not exceed 250,000 shares per year.

This excerpt taken from the PFG DEF 14A filed Apr 9, 2008.

Authority of the CEO and the President to Grant Equity Awards

        Under the 2005 Stock Incentive Plan, the Committee has delegated authority to the CEO and the President to make certain equity awards to sales agents and non-Executive employees for new hires, promotions, retention and recognizing superior performance. The CEO and the President report on these grants at the next regular Committee meeting. The total awards granted by the CEO and the President may not exceed 250,000 shares per year.

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Stock Ownership Guidelines

        Executives are required to own stock in the Company to ensure their interests are aligned with the shareholders' interests. This requirement is based on multiples of base salary and job level. Executives must obtain the required level of stock ownership within five years of attaining their job level. The amount of stock ownership is determined by multiplying the shares or interests owned by the stock price at any given point in time. The following count toward the ownership guideline: Common Stock; deferred stock-based units; interests in Common Stock held in Principal Life's 401(k) Plan; RSUs; performance share units earned, whether paid in stock or deferred; and phantom stock units under the Excess Plan. The guidelines are:

Executive Level

  Ownership Value as a
Multiple of Base Salary

CEO   5 times
President and COO   4 times
Division Presidents and Executive Vice Presidents   3 times

        All of the Named Executive Officers are in compliance with these guidelines.

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