SYY » Topics » PLUS

This excerpt taken from the SYY DEF 14A filed Oct 8, 2009.
PLUS
 
                                     
    Part 2 — Growth in Sales
Fiscal Years
  Minimum           Target           Maximum
 
2009-2011
    6 %     7 %     8 %     9 %   10% and up
2008-2010
    6 %     7 %     8 %     9 %   10% and up
2007-2009 (paid August 2009)
    4 %     5 %     6 %     7 %   8% and up
Applicable Payout
    25 %     37.5 %     50 %     62.5 %   75%
 
The CPUs granted to Mr. DeLaney for the Charlotte subsidiary’s performance for fiscal year 2007 through fiscal year 2009 utilized a similar scale to the corporate scale for fiscal years 2007 through 2009 shown above, except that Part 1 is measured by reference to our Charlotte subsidiary’s increase in operating pre-tax earnings rather than earnings per share.
 
We will make all payments due with respect to the cash performance units in cash. No payments made under the Cash Performance Unit Plans to any named executive in any fiscal year may be higher than 1% of Sysco’s earnings before income taxes, as publicly disclosed in the “Consolidated Results of Operations” section of Sysco’s 10-K for the fiscal year ended immediately before the applicable payment date.
 
If the executive’s employment terminates during a performance period because the executive retires in good standing or leaves our employment due to disability, the executive will nonetheless receive the specified payment on the applicable payment date, as if he remained employed on that date. If the executive dies during the performance period, we will reduce the number of performance units that we awarded to the executive by multiplying the number of performance units we initially awarded to the executive by a fraction, the numerator being the number of months in the performance period during which the executive was an active employee of Sysco for at least 15 days of the month and the denominator being the number of months in the performance period. If the executive’s employment terminates before the end of the performance period for any reason other than retirement in good standing, death or disability, we will cancel the executive’s performance units, and the executive will not receive any payments under the plan with respect to the cancelled performance units. The plan provides that if a change in control occurs during a performance period we will pay the executive the maximum amount payable under the plan for the executive’s performance units for that performance period, as if the highest performance levels had been achieved.
 
This excerpt taken from the SYY DEF 14A filed Oct 7, 2008.
PLUS
 
                                     
    Part 2 — Growth in Sales
Fiscal Years
  Minimum           Target           Maximum
 
2007-2009
    4 %     5 %     6 %     7 %   8% and up
2008-2010
    6 %     7 %     8 %     9 %   10% and up
2009-2011
    6 %     7 %     8 %     9 %   10% and up
Applicable Payout
    25 %     37.5 %     50 %     62.5 %   75%
 
The CPUs granted to Mr. DeLaney for the Charlotte subsidiary’s performance for fiscal year 2007 through fiscal year 2009 utilize a similar scale to the corporate scale for fiscal years 2007 through 2009 shown above. Our Charlotte subsidiary often has exceptional results, and Mr. DeLaney received a 150% payout on his CPUs covering the fiscal 2006 through fiscal 2008 performance period. Given such subsidiary’s historical performance due to the efforts of its strong senior management team overseeing operations that are located in a region with a relatively favorable business climate, our Charlotte subsidiary’s results could likely produce a higher payout percentage than the corporate CPUs for the grants with a three-year performance period ending with fiscal 2009.
 
We will make all payments due with respect to the cash performance units in cash. No payments made under the Cash Performance Unit Plan to any named executive in any fiscal year may be higher than 1% of SYSCO’s earnings before income taxes, as publicly disclosed in the “Consolidated Results of Operations” section of SYSCO’s 10-K for the fiscal year ended immediately before the applicable payment date.
 
If the executive’s employment terminates during a performance period because the executive retires in good standing or leaves our employment due to disability, the executive will nonetheless receive the specified payment on the applicable payment date, as if he remained employed on that date. If the executive dies during the performance period, we will reduce the number of performance units that we awarded to the executive by multiplying the number of performance units we initially awarded to the executive by a fraction, the numerator being the number of months in the performance period during which the executive was an active employee of SYSCO for at least 15 days of the month and the denominator being the number of months in the performance period. If the executive’s employment terminates before the end of the performance period for any reason other than retirement, death or disability, we will cancel the executive’s performance units, and the executive will not receive any payments under the plan with respect to the cancelled performance units. The plan provides that if a change of control occurs during a performance period, the executive’s performance units with respect to that performance period will be automatically vested, and we will pay the executive the maximum amount payable under the plan for that performance period, as if the highest performance levels had been achieved.
 
See “Proposal To Approve Material Terms Of, And Compensation To Be Paid To Certain Executive Officers Pursuant To, The 2009 Cash Performance Unit Plan” for a description of the 2009 Cash Performance Unit Plan.
 
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