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DIS » Topics » Long-Term Incentives

This excerpt taken from the DIS DEF 14A filed Jan 11, 2006.

Long-Term Incentives

 

The following table presents information with respect to performance-based long-term incentives in the form of performance-based restricted stock unit awards to the Company’s named executive officers during or with respect to fiscal 2005.

 

       

Name

   Number of
Shares, Units or
Other Rights1		   Performance or
Other Period Until
Maturation or Payout		   Estimated Future Payouts under Non-Stock
Price-Based Plans2
      Threshold   Target3   Maximum
Michael D. Eisner   —   —   —   —   —
Robert A. Iger4   83,063
83,063		   10/1/05-9/30/07
10/1/07-9/30/09		   n/a
n/a		   83,063
83,063		   n/a
n/a
Thomas O. Staggs   37,972
37,972		   10/1/05-9/30/07
10/1/07-9/30/09		   n/a
n/a		   37,972
37,972		   n/a
n/a
Peter E. Murphy   —   —   —   —   —
Alan N. Braverman   17,955
17,955		   10/1/04-9/30/06
10/1/06-9/30/08		   n/a
n/a		   17,955
17,955		   n/a
n/a
Christine M. McCarthy   —   —   —   —   —

 

1 Each unit is a notional unit of measurement equivalent to one share of Disney common stock. The restricted stock units have no voting rights unless and until paid in shares of Disney common stock. Prior to vesting, dividends are paid on these restricted stock units in the form of additional performance-based restricted stock units. One-half of the performance-based restricted stock units becomes vested and payable only if both the total shareholder return and the Section 162(m) based performance goals described under “Vesting of restricted stock units” in the Compensation Committee Report, above, are met and the executive officer remains employed by the Company. The other half of the units becomes vested and payable if the Section 162(m) based performance goal is met and the executive officer remains employed by the Company. Vesting and payment will be accelerated upon the death or disability of the executive officer or upon a triggering event following a change in control of the Company, as defined under the Company’s stock incentive plans, or upon the occurrence of an event that triggers immediate vesting of outstanding awards under the executive’s employment agreement. The awards were issued under the Company’s 2002 Executive Performance Plan and are intended to be qualified performance-based compensation under Internal Revenue Code Section 162(m).
2 If the performance goals are met for the applicable performance period, the awards may be paid in cash, shares of Disney common stock or a combination thereof, as determined by the Compensation Committee, within 30 days following the earliest date on which all applicable vesting requirements have been satisfied. The Compensation Committee intends to pay awards in Disney common stock. Any shares of Disney common stock issued under an award will be derived from the share reserve under the Amended and Restated 1995 Stock Incentive Plan and the 2005 Stock Incentive Plan.
3 If the performance goals are met for the applicable performance period, the target payout will be awarded. There are no threshold or maximum levels.
4 On October 3, 2005, after the end of the fiscal year, Mr. Iger also received 500,000 performance based restricted stock units as described under “Long-term Compensation” in the Compensation Committee Report, above.

 

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