TTC » Topics » Perquisites

This excerpt taken from the TTC DEF 14A filed Feb 3, 2009.

Perquisites

        General.    We provide our named executive officers and other executives the opportunity to receive certain perquisites. We provide this opportunity to attract and retain highly qualified and talented executives and to recognize that similar perquisites are provided at

40


other companies that we compete with for executive talent. Below is a brief description of the perquisites provided to our named executive officers in fiscal 2008.

Perquisite
  Description
 

Company-leased automobile

  As is customary at other companies that we compete with for executive talent, we pay all costs associated with leasing, operating, maintaining and insuring a company-leased automobile.

Financial planning

  We encourage our executives to receive professional advice regarding their financial planning. Therefore, we pay up to a maximum defined amount for our CEO and each other named executive officer to cover federal and state tax planning, tax return preparation, financial counseling and estate planning. Every three years, we will pay an additional 50% of the annual allowance. The annual allowance ranges from $4,000 for certain executives to $12,000 for our CEO.

Annual executive physical

  To help further ensure the health of our named executive officers and other executives, we generally pay up to $1,000 for approved physical exam expenses not covered by insurance.

Toro products

  To enable our named executive officers and other executives the opportunity to become more familiar with our products and use those products on a regular basis, we provide certain Toro products to our executives at no cost. These products can generally be replaced by the executive every two to four years.

Accidental death & dismemberment

  Under our accidental death and dismemberment plan, all of our eligible employees receive company-paid, work-related accidental death and dismemberment insurance equal to five times base pay up to a maximum of $500,000. Eligible employees can purchase optional 24-hour coverage. We provide, to all our director level employees and above, this 24-hour coverage at no cost equal to five times base pay up to a maximum of $4,000,000.

Vacation

  We provide our newly hired executives with two additional weeks of vacation, as compared to that provided to newly hired U.S.-based office salaried employees. After five years of service, U.S.-based office salaried employees are entitled to an additional week of vacation and the differential between executives and employees is one week.

        The value of the perquisites provided to our named executive officers for fiscal 2008 can be found in the "Summary Compensation Table" on page 44, in the "All Other Compensation" column and related footnote.

        Our Analysis.    We believe that the perquisites provided to our named executive officers and other executives are consistent with perquisites provided at other companies and are an important part of our executive compensation program. We evaluate all of our perquisites on an annual basis. No changes to the perquisites provided were made in fiscal 2008.

41


This excerpt taken from the TTC DEF 14A filed Jan 31, 2008.

Perquisites

        General.    We provide our named executive officers and other executives the opportunity to receive certain perquisites. We provide this opportunity to attract and retain highly qualified and talented executives and to recognize that similar perquisites are provided at other companies that we compete with for executive talent. Below is a brief description of the perquisites provided to our named executive officers in fiscal 2007.

Perquisite

  Description

Company-leased automobile   As is customary at other companies that we compete with for executive talent, we pay all costs associated with leasing, operating, maintaining and insuring a company-leased automobile.

Financial planning

 

We encourage our executives to receive professional advice regarding their financial planning. Therefore, we pay up to a maximum defined amount for our CEO and each other named executive officer to cover federal and state tax planning, tax return preparation, financial counseling and estate planning. Every three years, we will pay an additional 50% of the annual allowance. The annual allowance ranges from $4,000 for certain executives to $12,000 for our CEO.

 

 

 

Annual executive physical

 

To help further ensure the health of our named executive officers and other executives, we generally pay up to $1,000 for approved physical exam expenses not covered by insurance.

 

 

 

37


Toro products   To enable our named executive officers and other executives the opportunity to become more familiar with our products and use those products on a regular basis, we provide Toro products to our executives at no cost. These products can generally be replaced by the executive every two to four years.
Vacation   We provide our newly hired executives with two additional weeks of vacation, as compared to that provided to newly hired U.S.-based office salaried employees. After five years of service, U.S.-based office salaried employees are entitled to an additional week of vacation and the differential between executives and employees is one week.

        The value of the perquisites provided to our named executive officers for fiscal 2007 can be found in the "Summary Compensation Table for Fiscal 2007" on page 41, in the "All Other Compensation" column and related footnote.

        Our Analysis.    We believe that the perquisites provided to our named executive officers and other executives are consistent with perquisites provided at other companies and are an important part of our executive compensation program. We evaluate all of our perquisites on an annual basis and in fiscal 2006 we eliminated club dues and the company payment of the employee portion of insurance premiums as part of that annual review. No changes to perquisites were made in fiscal 2007.

This excerpt taken from the TTC DEF 14A filed Jan 31, 2007.
Perquisites.   For Fiscal 2006, the value of perquisites did not exceed $50,000 or 10% of total salary and bonus for Mr. Hoffman or any of the other named executive officers. In Fiscal 2006, Toro provided members of its management, including Mr. Hoffman and the other named executive officers, with a variety of perquisites, including payments up to a fixed annual amount for a leased automobile, including gasoline and car maintenance; club dues for one club; financial tax advisory services; Toro products; annual executive physical not covered by insurance; payment of the employee portion of the premium for company-sponsored medical insurance; travel and accident insurance and one basic level air travel club membership. We also allow executive officers one extra week of vacation. We regularly review our perquisites and have recently eliminated club dues and the company payment of the employee portion of medical insurance premiums. We continue to believe that the perquisites we offer are an important component of compensation and are necessary to compete for top management talent.

This excerpt taken from the TTC DEF 14A filed Jan 31, 2006.
Perquisites.   Toro provides members of its management, including Mr. Hoffman, Mr. Melrose and the named executive officers, with a variety of perquisites, including payments up to a fixed annual amount for a leased automobile (with no limit for the Chief Executive Officer), including gasoline and car maintenance; club dues payments of up to $200 per month for one club; personal and financial tax advisory services having a value of up to $6,000 ($12,000 for Mr. Hoffman); Toro products (with a $6,000 limit on irrigation systems); reserved parking; up to $500 for expenses of an annual executive physical and nutrition assessment not covered by insurance; company paid medical insurance for the executive and dependents; travel and accident insurance; one basic level air travel club membership; a basic cell phone; access to Toro’s long distance telephone service for up to two lines in the executive’s primary residence, and an extra week of vacation. In Fiscal 2005, Mr. Ford was given two extra weeks of vacation. For Fiscal 2005, the value of these perks did not exceed the lesser of $50,000 or 10% of the total of annual salary and bonus for any executive officer except Mr. Melrose, as shown in the Summary Compensation Table. We believe these perks are an important component of compensation and are necessary to compete for top management talent.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki