PVTB » Topics » Executive Benefits and Perquisites

These excerpts taken from the PVTB 10-K filed Apr 30, 2009.
Executive Benefits and Perquisites.  Our CEO and each of our named executive officers participate in the employee benefit programs we provide to our employees generally, including our 401(k) savings and employee stock ownership plan (“KSOP”), health and life insurance programs and a disability insurance program for senior officers.  We do not maintain a defined benefit plan or supplemental executive retirement plan (“SERP”).  We do maintain a non-qualified deferred compensation plan under which our executives may defer all or a portion of their current cash compensation.  We do not provide a matching or other contribution under the deferred compensation
 

 
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plan.  Deferred amounts are credited with earnings based either on a rate of interest determined under the plan or based on performance of deferred stock unit investments.
 
During 2008, we provided Mr. Richman with a driver who is also a Company employee in order to assist him with the discharge of his duties.  We reimbursed our named executive officers, including our CEO, for dues and business expenses associated with membership at certain clubs.  We pay the amounts for the driver, club dues and business expenses because we believe them to, in the case of this driver, meaningfully enhance the productivity of our CEO, and in the case of club dues and other business expenses, to assist our executives with their business development activities on behalf of the Company.  During 2008, we also reimbursed some of the named executive officers for legal expenses they incurred in connection with the negotiation and review of their employment arrangements.  We also made various relocation-related payments to Mr. Van Solkema.  We provided these benefits to facilitate recruitment and the standardization of our employment agreements.
 
Executive
Benefits and Perquisites
.  Our CEO and each
of our named executive officers participate in the employee benefit programs we
provide to our employees generally, including our 401(k) savings and employee
stock ownership plan (“KSOP”), health and life insurance programs and a
disability insurance program for senior officers.  We do not maintain
a defined benefit plan or supplemental executive retirement plan
(“SERP”).  We do maintain a non-qualified deferred compensation plan
under which our executives may defer all or a portion of their current cash
compensation.  We do not provide a matching or other contribution
under the deferred compensation

 






 



33







 






plan.  Deferred
amounts are credited with earnings based either on a rate of interest determined
under the plan or based on performance of deferred stock unit
investments.

 

During
2008, we provided Mr. Richman with a driver who is also a Company employee
in order to assist him with the discharge of his duties.  We
reimbursed our named executive officers, including our CEO, for dues and
business expenses associated with membership at certain clubs.  We pay
the amounts for the driver, club dues and business expenses because we believe
them to, in the case of this driver, meaningfully enhance the productivity of
our CEO, and in the case of club dues and other business expenses, to assist our
executives with their business development activities on behalf of the
Company.  During 2008, we also reimbursed some of the named executive
officers for legal expenses they incurred in connection with the negotiation and
review of their employment arrangements.  We also made various
relocation-related payments to Mr. Van Solkema.  We provided
these benefits to facilitate recruitment and the standardization of our
employment agreements.

 

This excerpt taken from the PVTB DEF 14A filed Mar 14, 2007.
Executive Benefits and Perquisites
 
General. We provide the opportunity for our NEOs to receive certain executive benefits and perquisites in order to attract and retain an appropriate caliber of talent for the position, to recognize that similar executive benefits and perquisites are commonly provided at other companies that we compete with for talent, and to help minimize personal distractions so that the executives can better focus on the business affairs of our Company. We review our executive benefits and perquisites program periodically to ensure it remains fair to our executives and supportable to our stockholders. For 2006, our executive benefits and perquisites consisted of an annual automobile allowance, payment of club membership and annual dues, the opportunity to participate in our nonqualified deferred compensation plan, and for our chief executive officer, an automobile driver. Following is additional information regarding these benefits and perquisites provided during 2006:
 
  •   we provided our NEOs (with the exception of Mr. Goldstein) with an auto allowance in conjunction with conducting Company business and representing the Company in local and suburban locations (effective January 1, 2007, we eliminated the auto allowance for our NEOs, with the exception of Mr. Goldstein, who does not receive an allowance, and added an amount to base salary of the NEOs, with the exception of Mr. Goldstein, equal to the discontinued 2006 auto allowance),
 
  •   Lodestar leased an automobile for Mr. Goldstein’s use,
 
  •   we paid the cost of dues and fees of club memberships for use of clubs by our NEOs,
 
  •   our NEOs may elect to defer up to 50% of base salary and 100 percent of annual cash incentives into either a fixed income account or a Company deferred stock unit account under our deferred compensation plan, and
 
  •   we provided our chief executive officer with a driver (who is an employee of the Company) in order to assist him in fulfilling his Company-related responsibilities.
 
Our Analysis. For 2006, executive benefits and perquisites accounted for a nominal percentage of total compensation for each NEO. We believe the scope of these benefits is consistent with our Peer Group.
 
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