£ | Preliminary Proxy Statement |
£ | Confidential, for Use of the Commission Only (as permitted by Rule14a-6(e)(2)) |
R | Definitive Proxy Statement |
£ | Definitive Additional Materials |
£ | Soliciting Material Pursuant to §240.14a-12 |
Service Corporation International |
(Name of Registrant as Specified In Its Charter) |
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
R | No fee required. |
£ | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
(1) | Title of each class of securities to which transaction applies: | ||
(2) | Aggregate number of securities to which transaction applies: | ||
(3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): | ||
(4) | Proposed maximum aggregate value of transaction: | ||
(5) | Total fee paid: | ||
£ | Fee paid previously with preliminary materials. |
£ | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
(1) | Amount Previously Paid: | ||
(2) | Form, Schedule or Registration Statement No.: | ||
(3) | Filing Party: | ||
(4) | Date Filed: | ||
1. | To elect four nominees to the Board of Directors (the “Board”). |
2. | To approve the appointment of PricewaterhouseCoopers LLP as |
3. | To approve, | |
Q: | Who is entitled to vote? |
1. | Election of four nominees to the Board of Directors. |
2. | Approval of PricewaterhouseCoopers LLP as |
3. | ||
Consideration of an advisory vote to approve named executive officer compensation. | ||
Vote by telephone using the toll-free number shown on the proxy or voting instruction card. Complete, sign and return a written proxy card in the pre-stamped envelope provided. Attend and vote at the meeting. |
1
FOR approval of PricewaterhouseCoopers LLP as SCI's independent registered public accounting firm for the 2012 fiscal year. FOR approval, on an advisory basis, of named executive officer compensation. | ||
2
Bylaws of SCI | ||
R. L. WALTRIP | ||||||||
Age: 81 | Term Expires: 2015 | |||||||
5
6
Mr. Waltrip is the founder and Chairman of the Board of SCI. He has provided invaluable leadership to the Company for over 40 years. A licensed funeral director, Mr. Waltrip grew up in his | ||||||||
SCI Common Shares Beneficially Owned(1): Other Directorships in Last Five Years: None | ||||||||
ANTHONYL. | ||||||||
COELHO | ||||||||
Age: 69 | Term Expires: 2015 | |||||||
7
Mr. Coelho was a member of the U.S. House of Representatives from 1978 to 1989. After leaving Congress, he joined Wertheim Schroder & Company, an investment banking firm in New York and became President and CEO of Wertheim Schroder Financial Services. From October 1995 to September 1997, he served as Chairman and CEO of an education and training technology company that he established and subsequently sold. He served as general chairman of the presidential campaign of former Vice President Al Gore from April 1999 until June 2000. Since 1997, Mr. Coelho has worked independently as a business and political consultant. Mr. Coelho also served as Chairman of the | ||||||||
SCI Common Shares Beneficially Owned(1): 52,090 Other Directorships in Last Five Years: CepTor Corporation, Cyberonics, Inc., Stem Cell Innovation, Inc., Universal Access Global Holdings, Inc. and Warren Resources, Inc. | ||||||||
8
9
MARCUSA. WATTS | ||||||||
Age: 53 | Director Since: New Candidate | Term Expires: 2015 | ||||||
Effective January 1, 2011 Mr. Watts joined The Friedkin Group as President. The Friedkin Group serves as an umbrella company overseeing various business interests that are principally automotive related, including Gulf States Toyota, Inc., a wholesale distributor of Toyota vehicles and products. Prior to joining The Friedkin Group, Mr. Watts was Vice Chairman and Managing Partner-Houston of the 700-attorney law firm of Locke Lord LLP, with over 26 years of experience in corporate and securities law, governance and related matters. Mr. Watts served on the Board of Complete Production Services, Inc. from March 2007 until February 2012, at which time Complete Production Services, Inc. was acquired by Superior Energy Services. Mr. Watts currently serves on the board of a private real estate company, Highland Resources, Inc., and various civic and community boards including MD Anderson, The Salvation Army of Greater Houston Advisory Board and the YMCA of Greater Houston. The Board of Directors believes that Mr. Watts should serve as a Director because of his legal expertise as well as his executive and business experience as described above. | ||||||||
SCI Common Shares Beneficially Owned(1): 16,600 Other Directorships in Last Five Years: Complete Production Services, Inc. | ||||||||
EDWARDE. WILLIAMS | ||||||||
Age: 66 | Director Since: 1991 | Term Expires: | ||||||
Dr. Williams holds the Henry Gardiner Symonds Chair (an endowed professorship) at the Jesse H. Jones Graduate School of Management at Rice University, where he teaches classes on entrepreneurship, value creation, venture capital investing, business valuations, leveraged buyouts and the acquisition of existing concerns. Dr. Williams has been named by Business Week as the Number Two Entrepreneurship Professor in the United States. Dr. Williams holds a PhD with specialization in Finance, Accounting and Economics. He has taught finance, accounting, economics and entrepreneurship at the graduate level, has written numerous articles in finance, accounting, economics and entrepreneurship journals, has taught courses in financial statement analysis and continues to do academic research in his areas of specialty. He is the author or co-author of over 50 articles and eleven books on business planning, entrepreneurship, investment analysis, accounting and finance. The Board of Directors believes that Dr. Williams should serve as a Director because of his academic, economic, accounting, financial, investment and business knowledge and experience as described above. | ||||||||
SCI Common Shares Beneficially Owned(1): 273,741 Other Directorships in Last Five Years: None | ||||||||
MALCOLMGILLIS | |||
Age: 71 | Director Since: 2004 | Term Expires: 2014 | |
Malcolm Gillis, Ph.D., is a University Professor and former President of Rice University, a position he held from 1993 to June 2004. He is an internationally respected academician and widely published author in the field of economics with major experience in fiscal reform and environmental policy. Dr. Gillis has taught at Harvard and Duke Universities and has held named professorships at Duke and Rice Universities. He has served as a consultant to numerous U.S. agencies and foreign governments. Additionally, he has held memberships in many national and international committees, boards, and advisory councils. He holds Bachelor's and Master's degrees from the University of Florida and a Doctorate from the University of Illinois. The Board of Directors believes that Dr. Gillis should serve as a Director because of his academic, economic, financial and business knowledge as well as his executive experience as described above. | |||
SCI Common Shares Beneficially Owned(1): 77,593 Other Directorships in Last Five Years: AECOM Technology Corporation, Electronic Data Systems Corp., Halliburton Co. and Introgen Therapeutics, Inc. | |||
VICTORL. LUND | |||
Age: 64 | Director Since: 2000 | Term Expires: 2013 | |
Since December 2006, Mr. Lund has served as Chairman of the Board of DemandTec, Inc., a software company. From May 2002 to December 2004, Mr. Lund served as Chairman of the Board of Mariner Healthcare, Inc. From 1999 to 2002, he served as Vice Chairman of the Board of Albertsons, Inc. prior to which he had a 22-year career with American Stores Company in various positions, including Chairman of the Board and Chief Executive Officer, Chief Financial Officer and Corporate Controller. Prior to that time, Mr. Lund was a practicing audit CPA for five years, held a CPA license and received the highest score on the CPA exam in the State of Utah in the year that he was licensed. He also holds an MBA and a BA in Accounting. The Board of Directors believes that Mr. Lund should serve as a Director because of his accounting expertise as well as his executive, financial and business experience as described above. | |||
SCI Common Shares Beneficially Owned(1): 140,757 Other Directorships in Last Five Years: Borders Group, Del Monte Foods Company, Delta Airlines, Inc., DemandTec, Inc., Mariner Healthcare, Inc., NCR Corporation and Teradata Corporation | |||
JOHNW. MECOM,JR. | |||
Age: 72 | Director Since: 1983 | Term Expires: 2013 | |
Mr. Mecom has been involved in the purchase, management and sale of business interests in a variety of industries. He has owned and managed over 500,000 acres of surface and mineral interests throughout the U.S. He has been involved in the purchase, renovation, management and sale of luxury hotels in the U.S., Peru and Mexico. He purchased the New Orleans Saints NFL team in 1967 and sold his interest in 1985. He is currently Chairman of the John W. Mecom Company and principal owner of John Gardiner's Tennis Ranch. The Board of Directors believes that Mr. Mecom should serve as a Director because of his varied executive, investment and business experience as described above. | |||
SCI Common Shares Beneficially Owned(1): 120,199 Other Directorships in Last Five Years: None | |||
CLIFTON H. MORRIS, JR. | |||
Age: 76 | Director Since: 1990 | Term Expires: 2014 | |
Mr. Morris is currently the Chairman and Chief Executive Officer of JBC Funding, LLC, a corporate lending and investment firm. From May 1988 to September 2010, Mr. Morris was the Chairman of AmeriCredit Corp. (financing of automotive vehicles), previously having served as Chief Executive Officer and President of that company. Previously, he served as Chief Financial Officer of Cash America International, prior to which he owned his own public accounting firm. He is a certified public accountant with 50 years of certification, a Lifetime Member of the Texas Society of Certified Public Accountants and an Honorary Member of the American Institute of Certified Public Accountants. Mr. Morris was instrumental in the early formulation and initial public offerings of SCI, Cash America International and AmeriCredit Corp. From 1966 to 1971, he served as Vice President of treasury and other financial positions at SCI, returning to serve on the Company's Board of Directors in 1990. Mr. Morris was named 2001 Business Executive of the Year by the Fort Worth Business Hall of Fame. He is also an avid community volunteer, having served on the Community Foundation of North Texas, Fort Worth Chamber of Commerce and Fort Worth Country Day School. The Board of Directors believes that Mr. Morris should serve as a Director because of his executive, financial, investment and business experience as well as his accounting expertise as described above. | |||
SCI Common Shares Beneficially Owned(1): 168,227 Other Directorships in Last Five Years: AmeriCredit Corp. | |||
10
W. BLAIR WALTRIP | |||
Age: 57 | Director Since: 1986 | Term Expires: 2014 | |
Mr. Waltrip held various positions with SCI from 1977 to 2000, including serving as Vice President of Corporate Development, Senior Vice President of Funeral Operations, Executive Vice President of SCI's real estate division, Chairman and CEO of Service Corporation International (Canada) Limited (a subsidiary taken public on The Toronto Stock Exchange) and Executive Vice President of SCI. Mr. Waltrip's experience has provided him with knowledge of almost all aspects of the Company and its industry with specific expertise in North American funeral/cemetery operations and real estate management. Since leaving SCI in 2000, Mr. Waltrip has been an independent investor, primarily engaged in overseeing family and trust investments. Mr. Waltrip is the son of SCI's founder, R. L. Waltrip. The Board of Directors believes that Mr. Waltrip should serve as a Director because of his extensive knowledge and experience related to the death care industry and the Company as well as his executive and business experience as described above. | |||
SCI Common Shares Beneficially Owned(1): 1,605,870 Other Directorships in Last Five Years: Sanders Morris Harris Group, Inc. | |||
the prospective nominee's ability to provide wise and thoughtful counsel on a broad range of issues; the prospective nominee's financial literacy and ability to read and understand financial statements and other indices of financial performance; the prospective nominee's ability to work effectively with mature confidence as part of a team; the prospective nominee's ability to provide counsel to management in developing creative solutions and in identifying innovative opportunities; and the commitment of the prospective nominee to prepare for and attend meetings and to be accessible to management and other directors. |
11
12
NAME OF COMMITTEE AND MEMBERS | FUNCTIONS OF THE COMMITTEE | |||
Audit Committee Victor L. Lund (Chair) Alan R. Buckwalter, III Malcolm Gillis Clifton H. Morris, Jr. Edward E. Williams Meetings In Eight | • | Assists the Board of Directors in fulfilling its oversight responsibilities to ensure the integrity of the | ||
• | Reviews the annual audited financial statements with SCI management and the independent registered public accounting firm, including items noted under | |||
• | Reviews | |||
• | Reviews with management and the independent registered public accounting firm the effect of any major changes to | |||
• | Reviews the qualifications, independence and performance of the independent registered public accounting firm annually and recommends the appointment or re-appointment of the independent registered public accounting firm. The Audit Committee is directly responsible for the engagement, compensation and replacement, if appropriate, of the independent registered public accounting firm. | |||
• | Meets at least quarterly with the independent registered public accounting firm without SCI management present. Reviews with the independent registered public accounting firm any audit problems or difficulties and | |||
• | Meets with SCI management at least quarterly to review any matters the Audit Committee believes should be discussed. | |||
• | Meets with SCI management to discuss policies with respect to risk assessment and risk management and to review | |||
• | Reviews with the |
NAME OF COMMITTEE AND MEMBERS | FUNCTIONS OF THE COMMITTEE | |||
Audit Committee (Cont’d) | • | Reviews and discusses summary reports from | ||
• | In accordance with Section 404 of the Sarbanes-Oxley Act of 2002, the Audit Committee also reviews reports relative to the effectiveness of | |||
14
NAME OF COMMITTEE AND MEMBERS | FUNCTIONS OF THE COMMITTEE | |||
Nominating and Corporate Governance Committee Anthony L. Coelho (Chair) Alan R. Buckwalter, III Victor L. Lund John W. Mecom, Jr. Clifton H. Morris, Jr. Edward E. Williams Meetings In 2011 Four | • | Oversees the composition of the Board of Directors of SCI and the Board committees, including the process for identifying and recruiting new candidates for the Board, developing a re-nomination review process for current Board members and considering nominees recommended by shareholders in accordance with the | ||
• | Makes recommendations to the Board with respect to the nomination of candidates for Board membership and committee assignments, including the chairmanships of the Board committees. | |||
• | Provides leadership to the Board in the development of corporate governance principles and practices, including the development of Corporate Governance Guidelines and a Code of Business Conduct and Ethics. | |||
• | Oversees the | |||
• | In conjunction with the full Board, oversees CEO succession planning and reviews succession plans for other SCI executives, including the development of both short-term (emergency) and long-term CEO succession plans, and leadership development planning. Monitors progress against these plans and reports to the full Board on this issue at least annually. | |||
• | Develops and leads the annual Board evaluation of the performance of the CEO and presents the results of this evaluation to the full Board for discussion and approval. | |||
• | With outside assistance, when needed, makes recommendations to the full Board with respect to compensation for Board members. | |||
• | Oversees the development of orientation programs for new Board members in conjunction with | |||
• | Oversees continuing education sessions for SCI directors. This includes monitoring various director education courses offered by universities and other institutions, making recommendations to the Board as to which of these might be most useful to attend, and developing other education initiatives that may be practical and useful to Board members, including development of a program for Board member visits to SCI sites and facilities. | |||
• | Oversees and implements the annual process for assessment of the performance of | |||
• | Oversees and implements the individual peer review process for assessment of the performance of individual members of the Board. | |||
• | The Committee Chair presides at executive sessions of non-management directors held during every SCI Board meeting. | |||
15
Board Committees (cont’d) | ||||
NAME OF COMMITTEE AND MEMBERS | FUNCTIONS OF THE COMMITTEE | |||
Investment Committee Edward E. Williams (Chair) Anthony L. Coelho Malcolm Gillis John W. Mecom, Jr. W. Blair Waltrip Meetings In 2011 Four | • | Assists the Board of Directors in fulfilling its responsibility in the oversight management of internal and external assets. Internal assets are short-term investments for the | ||
• | Works in conjunction with the Investment Operating Committee of SCI, a committee comprised of senior SCI officers and other managers, which supports the Investment Committee by providing day-to-day oversight of the internal and external assets. The Investment | |||
• | Provides guidance to the Trustees regarding the management of the SCI U.S. Trust funds. | |||
• | Determines that the | |||
• | Reviews, approves and recommends an investment policy for the Trust funds including (1) asset allocation, (2) individual consideration of each Trust type, (3) acceptable risk levels,(4) total return or income objectives and (5) investment guidelines relating to eligible investments, diversification and concentration restrictions, and performance objectives for specific managers or other investments. | |||
• | Evaluates performance of the Trustees and approves changes if needed. | |||
• | Monitors adherence to investment policy and evaluates performance based on achieving stated objectives. | |||
• | Oversight responsibility for the | |||
• | Oversight responsibility for the | |||
• | Oversight responsibility for the | |||
• | By law, the Trustees are ultimately responsible for all investment decisions. However, the Investment Committee in conjunction with the Investment Operating Committee and a consultant engaged by the Trustees, either directly or indirectly, through the Company's wholly-owned registered investment advisor, recommends investment policies and guidelines and investment manager changes to the Trustees. | |||
16
Board Committees (cont’d) | ||||
NAME OF COMMITTEE AND MEMBERS | FUNCTIONS OF THE COMMITTEE | |||
Compensation Committee Alan R. Buckwalter, III (Chair) Anthony L. Coelho Malcolm Gillis Victor L. Lund John W. Mecom, Jr. Meetings In 2011 Five | • | Oversees the compensation program for | ||
• | Sets compensation for the Chairman and the CEO of SCI, and reviews and approves compensation for all other SCI executive officers, including base salaries, short and long-term incentive compensation plans and awards and certain benefits. | |||
• | Determines appropriate individual and Company performance measures, including goals and objectives, to be used in reviewing performance for the purposes of setting compensation for the Chairman, CEO and other executive officers as well as appropriate peer group companies to review for comparative purposes with respect to compensation decisions. | |||
• | Approves any executive employment contracts for | |||
• | Retains, as appropriate, compensation consultants to assist the Committee in fulfilling its responsibilities. The consultants report directly to the Committee, which has sole authority to approve the terms of their engagement, including their fees. | |||
• | Determines SCI stock ownership guidelines for officers, adjusts such guidelines if necessary and reviews at least annually officer compliance with such guidelines. | |||
• | Assesses the risk of the Company's compensation programs. | |||
Executive Committee Robert L. Waltrip (Chair) Alan R. Buckwalter, III Anthony L. Coelho Victor L. Lund Thomas L. Ryan Meetings In 2011 None | • | Has authority to exercise many of the powers of the full Board between Board meetings. | ||
• | Is available to meet in circumstances where it is impractical to call a meeting of the full Board and there is urgency for Board discussion and decision-making on a specific issue. | |||
17
Name | Fees Earned or Paid in Cash | Stock Awards(1) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(2) | All Other Compensation(3) | Total | ||||||||||
Alan R. Buckwalter, III | $ | 107,000 | $ | 114,700 | NA | $ | 67,441 | $ | 289,141 | ||||||
Anthony L. Coelho | 98,000 | 114,700 | $ | 11,131 | 0 | 223,831 | |||||||||
A.J. Foyt | 52,500 | 114,700 | 6,163 | 14,089 | 187,452 | ||||||||||
Malcolm Gillis | 98,000 | 114,700 | NA | 42,735 | 255,435 | ||||||||||
Victor L. Lund | 108,000 | 114,700 | NA | 78,990 | 301,690 | ||||||||||
John W. Mecom, Jr. | 89,250 | 114,700 | 21,885 | 18,132 | 243,967 | ||||||||||
Clifton H. Morris, Jr. | 84,500 | 114,700 | 3,082 | 38,578 | 240,860 | ||||||||||
W. Blair Waltrip | 64,500 | 114,700 | NA | 9,188 | 188,388 | ||||||||||
Edward E. Williams | 104,500 | 114,700 | 11,224 | 0 | 230,424 |
Change in Pension | |||||||||||||||||||||||||
Value and | |||||||||||||||||||||||||
Nonqualified | |||||||||||||||||||||||||
Fees Earned | Deferred | ||||||||||||||||||||||||
or Paid | Stock | Compensation | All Other | ||||||||||||||||||||||
Name | in Cash | Awards(1) | Earnings(2) | Compensation(3) | Total | ||||||||||||||||||||
Alan R. Buckwalter, III | $ | 95,000 | $ | 88,950 | NA | $ | 39,843 | $ | 223,793 | ||||||||||||||||
Anthony L. Coelho | 87,000 | 88,950 | $ | 13,168 | 27,410 | 216,528 | |||||||||||||||||||
A.J. Foyt | 40,000 | 88,950 | 8,195 | 18,824 | 155,969 | ||||||||||||||||||||
Malcolm Gillis | 86,000 | 88,950 | NA | 19,589 | 194,539 | ||||||||||||||||||||
Victor L. Lund | 95,500 | 88,950 | NA | 55,313 | 239,763 | ||||||||||||||||||||
John W. Mecom, Jr. | 79,000 | 88,950 | 25,973 | 11,718 | 205,641 | ||||||||||||||||||||
Clifton H. Morris, Jr. | 71,000 | 88,950 | 12,121 | 17,718 | 189,789 | ||||||||||||||||||||
W. Blair Waltrip | 52,000 | 88,950 | NA | 16,006 | 156,956 | ||||||||||||||||||||
Edward E. Williams | 91,000 | 88,950 | 13,155 | 0 | 193,105 | ||||||||||||||||||||
(1) | Amounts in the Stock Awards column represent the fair market value of each award on the date of grant. Specifically, the value was calculated by multiplying (i) the average of the high and low market prices of a share of common stock of SCI on the date of the grant of the stock award, by (ii) 10,000 shares, which was the number of SCI shares per award. | |
(2) | Amounts in this column include increases in the actuarial present values of benefits as discussed under | |
(3) | Amounts in this column are discussed under “Use of Company Aircraft” below. |
Thomas L. Ryan - President and Chief Executive Officer Michael R. Webb - Executive Vice President and Chief Operating Officer Eric D. Tanzberger - Senior Vice President Chief Financial Officer and Treasurer Sumner J. Waring, III - Senior Vice President Operations |
align executive pay and benefits with the performance of the Company and shareholder returns while fostering a culture of high ethical standards and integrity; and | ||
Compensation Highlights • Pay for Performance. A significant portion of the compensation of our Named Executive Officers is directly linked to the Company's performance, as demonstrated in the historical payouts related to our annual and long-term incentive plans. The history of payouts on some components in recent years has ranged from no payout up to or near maximum payouts dependent upon the relevant performance period. In periods of successful Company performance, management has been rewarded with performance-based compensation reflective of the success. However, when performance has not met targeted goals, then performance-based compensation resulted in lower levels of compensation.
• Long-Term Disability. Commencing in 2011, we are eliminating this Company-paid benefit for officers.
• NoClub Memberships. Commencing in 2010, we eliminated reimbursement of • 2011 Say-on-Pay Vote. In
The |
Element | Component | Objective | |
Long-Term Incentive Compensation | Restricted Stock | Supports retention and encourages stock ownership | |
Performance Units | Rewards for effective management of Company business over a multi-year period | ||
Stock Options | Rewards for the Company's stock price appreciation | ||
Annual Cash Compensation | Annual Performance- Based Incentives | Rewards achievement of shorter term financial and operational objectives that we believe are primary drivers of our common stock price over time | |
Base Salary | Serves to attract and retain executive talent and may vary with | ||
Retirement | Executive Deferred Compensation Plan and 401(k) Plan | Provide financial security for retirement |
(1) | Excluding: |
(a) | Cash federal and state income taxes paid relating to taxable gains on |
(b) | Cash taxes and |
(c) | Cash payments associated with major or material litigation settlements over $5 million |
(d) | Cash payments and expenses relating to acquisitions |
(2) | Deducting forecasted capital improvements at existing facilities and capital expenditures to develop cemetery property |
(3) | Utilizing the |
Target Award (% of Base Salary) | |
R.L. Waltrip | 100% |
Thomas L. Ryan | 110% |
Michael R. Webb | 100% |
Eric D. Tanzberger | 70% |
Sumner J. Waring, III | 60% |
Title | Target Holdings (# of Shares) | |||
Chairman of the Board | 400,000 | |||
President and Chief Executive Officer | 400,000 | |||
Executive Vice President and Chief Operating Officer | 200,000 | |||
Senior Vice President | 100,000 | |||
Vice President | 40,000 to 60,000 |
Name | 7.5% Retirement Contribution | Performance Contribution | Total | |||||||||
R.L. Waltrip | NA | NA | NA | |||||||||
Thomas L. Ryan | $187,934 | $251,330 | $439,264 | |||||||||
Michael R. Webb | 117,294 | 156,861 | 274,155 | |||||||||
Eric D. Tanzberger | 67,050 | 89,668 | 156,718 | |||||||||
Sumner J. Waring, III | 65,911 | 88,146 | 154,057 |
Change in | ||||||||||||||||||||||||||||||||||||||||||
Pension Value | ||||||||||||||||||||||||||||||||||||||||||
and Nonqualified | ||||||||||||||||||||||||||||||||||||||||||
Restricted | Non-Equity | Deferred | ||||||||||||||||||||||||||||||||||||||||
Name and | Stock | Option | Incentive Plan | Compensation | All Other | |||||||||||||||||||||||||||||||||||||
Principal Position | Year | Salary | Awards(1) | Awards(1) | Compensation(2) | Earnings(3) | Compensation(4) | Total | ||||||||||||||||||||||||||||||||||
R. L. Waltrip | 2010 | $ | 950,000 | $ | 529,175 | $ | 531,600 | $ | 1,266,825 | 0 | $ | 383,935 | $ | 3,661,535 | ||||||||||||||||||||||||||||
Chairman of the Board | 2009 | 950,000 | 493,830 | 491,652 | 1,507,175 | 0 | 546,161 | 3,988,818 | ||||||||||||||||||||||||||||||||||
2008 | 950,000 | 567,485 | 856,080 | 0 | 0 | 596,268 | 2,969,833 | |||||||||||||||||||||||||||||||||||
Thomas L. Ryan | 2010 | 948,077 | 991,250 | 998,764 | 1,393,508 | 16,313 | 711,976 | 5,059,888 | ||||||||||||||||||||||||||||||||||
President and Chief | 2009 | 900,000 | 832,815 | 829,587 | 1,427,850 | 22,001 | 215,247 | 4,227,500 | ||||||||||||||||||||||||||||||||||
Executive Officer | 2008 | 900,000 | 958,573 | 1,446,480 | 0 | 46 | 822,014 | 4,127,113 | ||||||||||||||||||||||||||||||||||
Michael R. Webb | 2010 | 624,038 | 462,837 | 464,863 | 833,438 | 39, 372 | 496,108 | 2,920,656 | ||||||||||||||||||||||||||||||||||
Executive Vice President | 2009 | 600,000 | 385,020 | 384,119 | 951,900 | 54,704 | 191,351 | 2,567,094 | ||||||||||||||||||||||||||||||||||
and Chief Operating Officer | 2008 | 600,000 | 443,311 | 669,120 | 0 | 4,906 | 594,601 | 2,311,938 | ||||||||||||||||||||||||||||||||||
Eric D. Tanzberger | 2010 | 424,038 | 181,475 | 182,953 | 340,043 | 8,921 | 255,139 | 1,392,569 | ||||||||||||||||||||||||||||||||||
Senior Vice President | 2009 | 400,000 | 161,541 | 161,342 | 380,760 | 11,857 | 100,287 | 1,215,787 | ||||||||||||||||||||||||||||||||||
and Chief Financial Officer | 2008 | 399,424 | 186,841 | 280,932 | 0 | 0 | 261,915 | 1,129,112 | ||||||||||||||||||||||||||||||||||
Sumner J. Waring, III | 2010 | 423,077 | 181,475 | 182,953 | 358,849 | 0 | 270,116 | 1,416,470 | ||||||||||||||||||||||||||||||||||
Senior Vice President | 2009 | 375,000 | 154,008 | 153,630 | 391,163 | 0 | 152,566 | 1,226,367 | ||||||||||||||||||||||||||||||||||
Operations | 2008 | 375,000 | 160,149 | 241,079 | 0 | 0 | 281,907 | 1,058,135 | ||||||||||||||||||||||||||||||||||
Name and Principal Position | Year | Salary | Restricted Stock Awards(1) | Option Awards(1) | Non-Equity Incentive Plan Compensation(2) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(3) | All Other Compensation(4) | Total | |||
R. L. Waltrip | 2011 | $951,015 | $560,582 | $583,599 | $2,317,022 | 0 | $326,651 | $ | 4,738,870 | ||
Chairman of the Board | 2010 | 950,000 | 529,175 | 531,600 | 1,266,825 | 0 | 383,935 | 3,661,535 | |||
2009 | 950,000 | 493,830 | 491,652 | 1,507,175 | 0 | 546,161 | 3,988,818 | ||||
Thomas L. Ryan | 2011 | 1,010,092 | 1,159,510 | 1,205,378 | 3,255,584 | 14,245 | 713,496 | 7,358,305 | |||
President and Chief | 2010 | 948,077 | 991,250 | 998,764 | 1,393,508 | 16,313 | 711,976 | 5,059,888 | |||
Executive Officer | 2009 | 900,000 | 832,815 | 829,587 | 1,427,850 | 22,001 | 215,247 | 4,227,500 | |||
Michael R. Webb | 2011 | 665,285 | 560,582 | 583,599 | 1,711,452 | 33,574 | 511,445 | 4,065,937 | |||
Executive Vice President | 2010 | 624,038 | 462,837 | 464,863 | 833,438 | 39, 372 | 496,108 | 2,920,656 | |||
and Chief Operating Officer | 2009 | 600,000 | 385,020 | 384,119 | 951,900 | 54,704 | 191,351 | 2,567,094 | |||
Eric D. Tanzberger | 2011 | 460,177 | 280,291 | 291,800 | 775,199 | 7,871 | 249,182 | 2,064,519 | |||
Senior Vice President | 2010 | 424,038 | 181,475 | 182,953 | 340,043 | 8,921 | 255,139 | 1,392,569 | |||
and Chief Financial Officer | 2009 | 400,000 | 161,541 | 161,342 | 380,760 | 11,857 | 100,287 | 1,215,787 | |||
Sumner J. Waring, III | 2011 | 450,561 | 245,597 | 255,802 | 753,751 | 0 | 306,042 | 2,011,754 | |||
Senior Vice President | 2010 | 423,077 | 181,475 | 182,953 | 358,849 | 0 | 270,116 | 1,416,470 | |||
Operations | 2009 | 375,000 | 154,008 | 153,630 | 391,163 | 0 | 152,566 | 1,226,367 |
(1) | The Restricted Stock Awards and Option Awards columns set forth the aggregate grant date fair value computed in accordance with FASB ASC Topic 718. The assumptions made for the valuation of the awards are set forth in note 14 to the consolidated financial statements included in the SCI |
(2) | The Non-Equity Incentive Plan Compensation |
Year | Annual Performance-Based Incentive Paid in Cash | Performance Units (a) | |||||
R .L.Waltrip | 2011 | $1,271,754 | $1,045,268 | ||||
2010 | 1,266,825 | 0 | |||||
2009 | 1,507,175 | 0 | |||||
Thomas L. Ryan | 2011 | 1,491,584 | 1,764,000 | ||||
2010 | 1,393,508 | 0 | |||||
2009 | 1,427,850 | 0 | |||||
Michael R. Webb | 2011 | 894,720 | 816,732 | ||||
2010 | 833,438 | 0 | |||||
2009 | 951,900 | 0 | |||||
Eric D. Tanzberger | 2011 | 432,199 | 343,000 | ||||
2010 | 340,043 | 0 | |||||
2009 | 380,760 | 0 | |||||
Sumner J. Waring, III | 2011 | 427,019 | 326,732 | ||||
2010 | 358,849 | 0 | |||||
2009 | 391,163 | 0 |
(3) | This column sets forth the change in the actuarial present value of each |
32
(4) | All Other Compensation includes the following: |
Perquisites | |||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||||||||||||||||||||||||
To Deferred | Contributions | Life | Personal | Medical | Club | ||||||||||||||||||||||||||||||||||||||||||||
Compensation | to 401(k) | Insurance | Disability | Use of | Financial | Reimburse- | Member- | ||||||||||||||||||||||||||||||||||||||||||
Name | Plan(a) | Plan(a) | Related(b) | Insurance(c) | Aircraft(d) | Planning(e) | ment(f) | ships(g) | Other(h) | ||||||||||||||||||||||||||||||||||||||||
R. L. Waltrip | $ | 18,375 | $ | 19,427 | $ | 148,530 | $ | 28,000 | $ | 20,959 | $ | 148,644 | |||||||||||||||||||||||||||||||||||||
Thomas L. Ryan | $ | 611,567 | 18,375 | 9,055 | $ | 12,719 | 40,390 | 2,000 | 9,989 | 7,881 | |||||||||||||||||||||||||||||||||||||||
Michael R. Webb | 400,962 | 18,375 | 11,990 | 18,718 | 25,141 | 2,200 | 18,177 | 545 | |||||||||||||||||||||||||||||||||||||||||
Eric D. Tanzberger | 193,524 | 18,375 | 2,301 | 0 | 17,973 | 3,495 | 18,412 | 1,058 | |||||||||||||||||||||||||||||||||||||||||
Sumner J. Waring, III | 191,472 | 18,375 | 2,530 | 4,323 | 43,538 | 1,200 | 8,376 | 302 | |||||||||||||||||||||||||||||||||||||||||
Name | Contributions To Deferred Compensation Plan (a) | Contributions to 401 (k) Plan(a) | Life Insurance Related(b) | Disability Insurance (c) | Perquisites | ||||||||||||||||||||
Personal Use of Aircraft(d) | Financial Planning(e) | Medical Reimburse-ment (f) | Other(g) | ||||||||||||||||||||||
R. L. Waltrip | $ | 18,375 | $ | 12,035 | $ | 131,945 | $ | 28,000 | $ | 8,134 | $ | 128,163 | |||||||||||||
Thomas L. Ryan | $ | 591,367 | 18,375 | 8,975 | $ | 4,028 | 71,066 | 2,000 | 9,885 | 7,800 | |||||||||||||||
Michael R. Webb | 358,760 | 18,375 | 11,779 | 6,540 | 108,440 | 1,100 | 6,451 | ||||||||||||||||||
Eric D. Tanzberger | 175,645 | 18,375 | 2,272 | 36,080 | 1,996 | 14,814 | |||||||||||||||||||
Sumner J. Waring, III | 179,598 | 18,375 | 2,223 | 4,323 | 78,930 | 1,200 | 21,394 |
(a) | The amounts represent contributions by the Company to the accounts of executives in the plans identified in the table. | |
(b) | ||
(c) | The amounts represent the costs of premiums paid by the Company for long-term disability insurance. Disability insurance costs are being shifted to the individual officers in connection with the Company's restructuring of the long-term disability policy. | |
(d) | The amounts represent the incremental cost of personal use of | |
(e) | The amounts represent payments by the Company for tax and financial planning services incurred by the executives. | |
(f) | The amounts represent payments by the Company to the executive for medical expenses which are incurred but which are not reimbursed to the executive by the | |
(g) | ||
For Mr. Waltrip, the amount in this column represents the costs of providing for him an automobile ($ |
All Other | All Other | Exercise | Closing | |||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts | Restricted | Option Awards: | or Base | Market | Grant Date | |||||||||||||||||||||||||||||||||||||||||||||||||
Under Non-Equity Incentive Plan Awards | Stock Awards: | Number of | Price of | Price on | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Securities | Option | Date of | of Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Grant | Performance | Threshold | Target | Maximum | Shares | Underlying | Awards | Grant | and Option | |||||||||||||||||||||||||||||||||||||||||||||
Name | Date | units (#) | ($) | ($) | ($) | of Stock | Options | ($/Sh) | ($/Sh) | Awards ($) | ||||||||||||||||||||||||||||||||||||||||||||
R. L. Waltrip | 02/09/2010 | $ | 1 | $ | 950,000 | $ | 1,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 889,000 | 222,250 | 889,000 | 1,778,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 69,400 | $ | 529,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 231,000 | $ | 7.625 | $ | 7.64 | 531,600 | ||||||||||||||||||||||||||||||||||||||||||||||||
Thomas L. Ryan | 02/09/2010 | 1 | 1,045,000 | 2,090,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 1,670,000 | 417,500 | 1,670,000 | 3,340,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 130,000 | 991,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 434,000 | 7.625 | 7.64 | 998,764 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Michael R. Webb | 02/09/2010 | 1 | 625,000 | 1,250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 778,000 | 194,500 | 778,000 | 1,556,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 60,700 | 462,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 202,000 | 7.625 | 7.64 | 464,863 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Eric D. Tanzberger | 02/09/2010 | 1 | 255,000 | 510,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 306,000 | 76,500 | 306,000 | 612,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 23,800 | 181,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 79,500 | 7.625 | 7.64 | 182,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sumner J. Waring, III | 02/09/2010 | 1 | 255,000 | 510,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 306,000 | 76,500 | 306,000 | 612,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 23,800 | 181,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
02/09/2010 | 79,500 | 7.625 | 7.64 | 182,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | All Other Restricted Stock Awards: Number of Shares of Stock | All Other Option Awards: Number of Securities Underlying Options | Exercise or Base Price of Option Awards ($/Sh) | Closing Market Price on Date of Grant ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($) | |||||||||||||||||||
Performance units (#) | Threshold ($) | Target ($) | Maximum ($) | |||||||||||||||||||||||
R. L. Waltrip | 2/8/2011 | $ | 1 | $ | 951,200 | $ | 1,902,400 | |||||||||||||||||||
2/8/2011 | 593,000 | 148,250 | 593,000 | 1,186,000 | ||||||||||||||||||||||
2/9/2011 | 61,400 | $ | 560,582 | |||||||||||||||||||||||
2/8/2011 | 214,000 | $ | 9.085 | $ | 9.17 | 583,599 | ||||||||||||||||||||
Thomas L. Ryan | 2/8/2011 | 1 | 1,115,620 | 2,231,240 | ||||||||||||||||||||||
2/8/2011 | 1,220,000 | 305,000 | 1,220,000 | 2,440,000 | ||||||||||||||||||||||
2/9/2011 | 127,000 | 1,159,510 | ||||||||||||||||||||||||
2/8/2011 | 442,000 | 9.085 | 9.17 | 1,205,378 | ||||||||||||||||||||||
Michael R. Webb | 2/8/2011 | 1 | 669,200 | 1,338,400 | ||||||||||||||||||||||
2/8/2011 | 593,000 | 148,450 | 593,000 | 1,186,000 | ||||||||||||||||||||||
2/9/2011 | 61,400 | 560,582 | ||||||||||||||||||||||||
2/8/2011 | 214,000 | 9.085 | 9.17 | 583,599 | ||||||||||||||||||||||
Eric D. Tanzberger | 2/8/2011 | 1 | 323,260 | 646,520 | ||||||||||||||||||||||
2/8/2011 | 296,000 | 74,000 | 296,000 | 592,000 | ||||||||||||||||||||||
2/9/2011 | 30,700 | 280,291 | ||||||||||||||||||||||||
2/8/2011 | 107,000 | 9.085 | 9.17 | 291,800 | ||||||||||||||||||||||
Sumner J. Waring, III | 2/8/2011 | 1 | 271,080 | 542,160 | ||||||||||||||||||||||
2/8/2011 | 259,000 | 64,750 | 259,000 | 518,000 | ||||||||||||||||||||||
2/9/2011 | 26,900 | 245,597 | ||||||||||||||||||||||||
2/8/2011 | 93,800 | 9.085 | 9.17 | 255,802 |
Second line - Performance Units Third line - Restricted Stock Fourth line - Stock Options |
34
Option Awards | Stock Awards | |||||||||||||||||||||||
Market | ||||||||||||||||||||||||
Number of | Value of | |||||||||||||||||||||||
Shares or | Shares or | |||||||||||||||||||||||
Number of | Number of | Units of | Units of | |||||||||||||||||||||
Securities | Securities | Stock | Stock | |||||||||||||||||||||
Underlying | Underlying | Option | That | That | ||||||||||||||||||||
Unexercised | Unexercised | Exercise | Option | Have Not | Have Not | |||||||||||||||||||
Options | Options | Price | Expiration | Vested(4) | Vested | |||||||||||||||||||
Name | (#) | (#) | ($) | Date | (#) | ($) | ||||||||||||||||||
Exercisable | Unexercisable | |||||||||||||||||||||||
R.L. Waltrip | 102,000 | 6.8050 | 02/10/2012 | 164,367 | $ | 1,356,028 | ||||||||||||||||||
150,200 | 6.9000 | 02/08/2013 | ||||||||||||||||||||||
189,400 | 8.2400 | 02/07/2014 | ||||||||||||||||||||||
224,000 | 10.7300 | 02/13/2015 | ||||||||||||||||||||||
116,000 | 58,000 | (1) | 11.6050 | 02/12/2016 | ||||||||||||||||||||
189,133 | 378,267 | (2) | 4.1850 | 02/10/2017 | ||||||||||||||||||||
0 | 231,000 | (3) | 7.6250 | 02/09/2018 | ||||||||||||||||||||
Thomas L. Ryan | 57,500 | 6.8050 | 02/10/2012 | 290,201 | 2,394,158 | |||||||||||||||||||
177,000 | 6.9000 | 02/08/2013 | ||||||||||||||||||||||
260,400 | 8.2400 | 02/07/2014 | ||||||||||||||||||||||
420,000 | 10.7300 | 02/13/2015 | ||||||||||||||||||||||
196,000 | 98,000 | (1) | 11.6050 | 02/12/2016 | ||||||||||||||||||||
319,133 | 638,267 | (2) | 4.1850 | 02/12/2017 | ||||||||||||||||||||
0 | 434,000 | (3) | 7.6250 | 02/09/2018 | ||||||||||||||||||||
Michael R. Webb | 46,000 | 6.8050 | 02/10/2012 | 134,768 | 1,111,836 | |||||||||||||||||||
101,900 | 6.9000 | 02/08/2013 | ||||||||||||||||||||||
118,400 | 8.2400 | 02/07/2014 | ||||||||||||||||||||||
210,000 | 10.7300 | 02/13/2015 | ||||||||||||||||||||||
90,666 | 45,334 | (1) | 11.6050 | 02/12/2016 | ||||||||||||||||||||
147,766 | 295,534 | (2) | 4.1850 | 02/10/2017 | ||||||||||||||||||||
0 | 202,000 | (3) | 7.6250 | 02/09/2018 | ||||||||||||||||||||
Option Awards | Stock Awards | |||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) | Number of Securities Underlying Unexercised Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested(4) (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | ||||||||||||
Exercisable | Unexercisable | |||||||||||||||||
R.L. Waltrip | 150,200 | 6.9000 | 2/8/2013 | 147,001 | $1,565,561 | |||||||||||||
189,400 | 8.2400 | 2/7/2014 | ||||||||||||||||
224,000 | 10.7300 | 2/13/2015 | ||||||||||||||||
174,000 | 11.6050 | 2/12/2016 | ||||||||||||||||
378,266 | 189,134(1) | 4.1850 | 2/10/2017 | |||||||||||||||
77,000 | 154,000(2) | 7.6250 | 2/9/2018 | |||||||||||||||
0 | 214,000(3) | 9.0850 | 2/8/2019 | |||||||||||||||
Thomas L. Ryan | 120,000 | 6.9000 | 2/8/2013 | 280,001 | 2,982,011 | |||||||||||||
260,400 | 8.2400 | 2/7/2014 | ||||||||||||||||
420,000 | 10.7300 | 2/13/2015 | ||||||||||||||||
294,000 | 11.6050 | 2/12/2016 | ||||||||||||||||
638,266 | 319,134(1) | 4.1850 | 2/10/2017 | |||||||||||||||
144,666 | 289,334(2) | 7.6250 | 2/9/2018 | |||||||||||||||
0 | 442,000(3) | 9.0850 | 2/8/2019 | |||||||||||||||
Michael R. Webb | 118,400 | 8.2400 | 2/7/2014 | 132,534 | 1,411,487 | |||||||||||||
210,000 | 10.7300 | 2/13/2015 | ||||||||||||||||
136,000 | 11.6050 | 2/12/2016 | ||||||||||||||||
295,533 | 147,767(1) | 4.1850 | 2/10/2017 | |||||||||||||||
67,333 | 134,667(2) | 7.6250 | 2/9/2018 | |||||||||||||||
0 | 214,000(3) | 9.0850 | 2/8/2019 |
Option Awards | Stock Awards | |||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) | Number of Securities Underlying Unexercised Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested(4) (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | ||||||||||||
Exercisable | Unexercisable | |||||||||||||||||
Eric D. Tanzberger | 84,000 | 10.7300 | 2/13/2015 | 59,434 | $632,972 | |||||||||||||
57,100 | 11.6050 | 2/12/2016 | ||||||||||||||||
124,133 | 62,067(1) | 4.1850 | 2/10/2017 | |||||||||||||||
26,500 | 53,000(2) | 7.6250 | 2/9/2018 | |||||||||||||||
0 | 107,000(3) | 9.0850 | 2/8/2019 | |||||||||||||||
Sumner J. Waring, III | 53,200 | 8.2400 | 2/7/2014 | 55,034 | 586,112 | |||||||||||||
84,000 | 10.7300 | 2/13/2015 | ||||||||||||||||
49,000 | 11.6050 | 2/12/2016 | ||||||||||||||||
118,200 | 59,100(1) | 4.1850 | 2/10/2017 | |||||||||||||||
26,500 | 53,000(2) | 7.6250 | 2/9/2018 | |||||||||||||||
0 | 93,800(3) | 9.0850 | 2/8/2019 |
Option Awards | Stock Awards | |||||||||||||||||||||||
Market | ||||||||||||||||||||||||
Number of | Value of | |||||||||||||||||||||||
Shares or | Shares or | |||||||||||||||||||||||
Number of | Number of | Units of | Units of | |||||||||||||||||||||
Securities | Securities | Stock | Stock | |||||||||||||||||||||
Underlying | Underlying | Option | That | That | ||||||||||||||||||||
Unexercised | Unexercised | Exercise | Option | Have Not | Have Not | |||||||||||||||||||
Options | Options | Price | Expiration | Vested(4) | Vested | |||||||||||||||||||
Name | (#) | (#) | ($) | Date | (#) | ($) | ||||||||||||||||||
Exercisable | Unexercisable | |||||||||||||||||||||||
Eric D. Tanzberger | 12,500 | 6.8050 | 02/10/2012 | 54,901 | 452,933 | |||||||||||||||||||
41,400 | 8.2400 | 02/07/2014 | ||||||||||||||||||||||
84,000 | 10.7300 | 02/13/2015 | ||||||||||||||||||||||
38,066 | 19,034 | (1) | 11.6050 | 02/12/2016 | ||||||||||||||||||||
62,066 | 124,134 | (2) | 4.1850 | 02/10/2017 | ||||||||||||||||||||
0 | 79,500 | (3) | 7.6250 | 02/09/2018 | ||||||||||||||||||||
Sumner J. Waring, III | 25,500 | 6.8050 | 02/10/2012 | 52,934 | 436,706 | |||||||||||||||||||
53,200 | 8.2400 | 02/07/2014 | ||||||||||||||||||||||
84,000 | 10.730 | 02/13/2015 | ||||||||||||||||||||||
32,666 | 16,334 | (1) | 11.6050 | 02/12/2016 | ||||||||||||||||||||
59,100 | 118,200 | (2) | 4.1850 | 02/10/2017 | ||||||||||||||||||||
0 | 79,500 | (3) | 7.6250 | 02/09/2018 | ||||||||||||||||||||
(1) | ||
These unexercisable options expiring 02/10/2017 vest |
(2) | These unexercisable options expiring 02/09/2018 vest |
(3) | These unexercisable options expiring 02/08/2019 vest 33⅓% on each of 02/08/2012, 02/08/2013 and 02/08/2014. |
(4) | The restricted stock for each person in the table vests as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Vesting | Vesting | Vesting | Vesting | |||||||||||||
02/15/2011 | 03/05/2011 | 03/05/2012 | 03/05/2013 | |||||||||||||
R.L. Waltrip | 16,300 | 62,466 | 62,467 | 23,134 | ||||||||||||
Thomas L. Ryan | 27,534 | 109,666 | 109,667 | 43,334 | ||||||||||||
Michael R. Webb | 12,734 | 50,900 | 50,900 | 20,234 | ||||||||||||
Eric D. Tanzberger | 5,367 | 20,800 | 20,800 | 7,934 | ||||||||||||
Sumner J. Waring, III | 4,600 | 20,200 | 20,200 | 7,934 |
Shares Vesting 03/05/2012 | Shares Vesting 03/05/2013 | Shares Vesting 03/05/2014 | |||||||
R.L. Waltrip | 82,933 | 43,601 | 20,467 | ||||||
Thomas L. Ryan | 152,000 | 85,667 | 42,334 | ||||||
Michael R. Webb | 71,366 | 40,701 | 20,467 | ||||||
Eric D. Tanzberger | 31,033 | 18,167 | 10,234 | ||||||
Sumner J. Waring, III | 29,166 | 16,901 | 8,967 |
Option Awards | Stock Awards | ||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | |||||||||
R.L. Waltrip | 102,000 | $451,074 | 78,766 | $863,968 | |||||||||
Thomas L. Ryan | 114,500 | 545,440 | 137,200 | 1,504,820 | |||||||||
Michael R. Webb | 147,900 | 694,071 | 63,634 | 697,939 | |||||||||
Eric D. Tanzberger | 53,900 | 167,402 | 26,167 | 287,015 | |||||||||
Sumner J. Waring, III | 25,500 | 127,021 | 24,800 | 271,965 |
Option Awards | Stock Awards | |||||||||||||||
Number of Shares | Value Realized on | Number of Shares | Value Realized | |||||||||||||
Acquired on | Exercise | Acquired on | on Vesting | |||||||||||||
Name | Exercise (#) | ($) | Vesting (#) | ($) | ||||||||||||
R.L. Waltrip | 0 | $ | 0 | 74,433 | $ | 608,646 | ||||||||||
Thomas L. Ryan | 100,000 | 535,000 | 129,200 | 1,054,802 | ||||||||||||
Michael R. Webb | 100,000 | 518,298 | 61,033 | 497,701 | ||||||||||||
Eric D. Tanzberger | 0 | 0 | 25,267 | 206,190 | ||||||||||||
Sumner J. Waring, III | 0 | 0 | 23,900 | 195,118 |
36
Number of Years | Present Value of | Payments During | ||||||||||||||
Credited Service | Accumulated Benefit | Last Fiscal Year | ||||||||||||||
Name | Plan Name | (#) | ($)(1) | ($) | ||||||||||||
R. L. Waltrip | SERP for Sr. Officers | NA | $ | 0 | 0 | |||||||||||
Thomas L. Ryan | SERP for Sr. Officers | 15 | 108,931 | 0 | ||||||||||||
Michael R. Webb | SERP for Sr. Officers | 21 | 347,599 | 0 | ||||||||||||
Eric D. Tanzberger | SERP for Sr. Officers | 14 | 54,716 | 0 | ||||||||||||
Sumner J. Waring, III | SERP for Sr. Officers | NA | 0 | 0 |
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit ($)(1) | Payments During Last Fiscal Year ($) | |
R. L. Waltrip | SERP for Sr. Officers | NA | $0 | 0 | |
Thomas L. Ryan | SERP for Sr. Officers | 16 | 123,176 | 0 | |
Michael R. Webb | SERP for Sr. Officers | 22 | 381,173 | 0 | |
Eric D. Tanzberger | SERP for Sr. Officers | 15 | 62,587 | 0 | |
Sumner J. Waring, III | SERP for Sr. Officers | NA | 0 | 0 |
(1) | The assumptions made for calculating the present value of accumulated benefit of the SERP for Sr. Officers are set forth in note 15 to the consolidated financial statements included in the SCI |
Executive | Registrant | Aggregate | Aggregate | Aggregate | ||||||||||||||||
Contributions | Contributions | Earnings | Withdrawals/ | Balance at | ||||||||||||||||
in Last FY(1) | in Last FY(2) | in Last FY(3) | Distributions | Last FYE(4) | ||||||||||||||||
Name | ($) | ($) | ($) | ($) | ($) | |||||||||||||||
R.L. Waltrip | NA | NA | NA | NA | NA | |||||||||||||||
Thomas L. Ryan | $ | 308,985 | $ | 611,567 | $ | 569,152 | 0 | $ | 4,761,211 | |||||||||||
Michael R. Webb | 227,822 | 400,962 | 671,568 | 0 | 3,717,118 | |||||||||||||||
Eric D. Tanzberger | 48,288 | 193,524 | 58,921 | 0 | 1,001,797 | |||||||||||||||
Sumner J. Waring, III | 65,778 | 191,472 | 122,267 | 0 | 1,118,745 |
Name | Executive Contributions in Last FY(1) ($) | Registrant Contributions in Last FY(2) ($) | Aggregate Earnings in Last FY(3) ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last FYE(4) ($) | |||||||||
R.L. Waltrip | NA | NA | NA | NA | NA | |||||||||
Thomas L. Ryan | $1,399,870 | $591,367 | $143,220 | 0 | $6,895,669 | |||||||||
Michael R. Webb | 767,187 | 358,760 | 109,683 | 0 | 4,952,748 | |||||||||
Eric D. Tanzberger | 61,615 | 175,645 | 423 | 53,449 | 1,186,032 | |||||||||
Sumner J. Waring, III | 62,919 | 179,598 | (18,094 | ) | 0 | 1,343,168 |
(1) | These executive contributions were made in |
Salary | ||||
R.L. Waltrip | NA | |||
Thomas L. Ryan | $ | 308,985 | ||
Michael R. Webb | 227,822 | |||
Eric D. Tanzberger | 48,288 | |||
Sumner J. Waring, III | 65,778 |
Salary | Restricted Stock | |||||
R.L. Waltrip | NA | NA | ||||
Thomas L. Ryan | $240,360 | $1,159,510 | ||||
Michael R. Webb | 206,605 | 560,582 | ||||
Eric D. Tanzberger | 61,615 | 0 | ||||
Sumner J. Waring, III | 62,919 | 0 |
(1) | The registrant contributions are included in the Summary Compensation Table under the “All Other Compensation” column. |
(2) | The earnings reflect the returns of the measurement funds selected by the executives and are not included in the Summary Compensation Table. |
(3) | The earnings reflect the returns of the measurement funds selected by the executives and are not included in the Summary Compensation Table. |
(4) | The Aggregate Balance at Last FYE includes amounts previously reported as compensation in the Summary Compensation Table for years prior to |
R.L. Waltrip | NA | |||
Thomas L. Ryan | $ | 3,571,114 | ||
Michael R. Webb | 2,454,756 | |||
Eric D. Tanzberger | 682,193 | |||
Sumner J. Waring, III | 473,904 |
R.L. Waltrip | NA | ||
Thomas L. Ryan | $ | 4,491,666 | |
Michael R. Webb | 3,083,540 | ||
Eric D. Tanzberger | 924,005 | ||
Sumner J. Waring, III | 731,154 |
38
Fund Name | 2011 Calendar Year Return | |||||
* | Advisor Managed Portfolio - Conservative | 0.35 | % | |||
* | Advisor Managed Portfolio - Moderate | 1.09 | ||||
* | Advisor Managed Portfolio - Moderate Growth | 2.03 | ||||
* | Advisor Managed Portfolio - Growth | 2.82 | ||||
* | Advisor Managed Portfolio - Aggressive | 3.78 | ||||
American Funds International | ||||||
Davis Value | -4.18 | |||||
-14.43 | ||||||
DWS VIP Small Cap Index | -4.41 | |||||
Fidelity VIP Contrafund | -2.53 | |||||
Fidelity VIP Index 500 | 2.04 | |||||
Fidelity VIP Money Market | 0.11 | |||||
Fidelity VIP Mid Cap | -10.61 | |||||
Fidelity VIP Overseas | -17.16 | |||||
Invesco Van Kampen V.I. Mid Cap Value | 0.92 | |||||
Janus Aspen Enterprise Portfolio | -1.42 | |||||
Janus Aspen Series Forty | -6.69 | |||||
LVIP Baron Growth Opportunities | 4.02 | |||||
Mainstay VP Cash Management | 0.01 | |||||
Mainstay VP High Yield Corporate Bond | 6.26 | |||||
Mainstay VP ICAP Select Equity | -1.44 | |||||
MFS VIT Value Series | -0.30 | |||||
Morgan Stanley UIF Emerging Market Debt | 7.03 | |||||
NYLIC General Account Fund | 3.47 | |||||
PIMCO VIT Real Return Bond | 11.68 | |||||
PIMCO VIT Total Return Bond | 3.61 | |||||
Royce Small-Cap | -3.28 | |||||
T. Rowe Price Equity Income | -0.71 | |||||
T. Rowe Price Limited-Term Bond | 1.60 | |||||
T. Rowe Price New American Growth | -1.07 |
39
An amount equal to his target annual performance-based incentive bonus, prorated to the date of the change of control (“Partial Bonus”). Continuation of health benefits for eighteen months. |
Our incumbent directors cease to constitute a majority of our directors (our incumbent directors include persons nominated by the existing Board or Executive Committee); Our shareholders approve certain reorganizations, mergers or consolidations; or Our shareholders approve certain liquidations, dissolutions or sales of substantially all assets of SCI. |
40
Change of | |||||||||||||||||||||||||
Control: | |||||||||||||||||||||||||
Involuntary | Involuntary or | ||||||||||||||||||||||||
Executive Benefits and Payments | Voluntary | Not for Cause | Good Reason | ||||||||||||||||||||||
Upon Termination as of 12-31-10 | Termination | Termination | Termination | Disability | Death | ||||||||||||||||||||
Compensation: | |||||||||||||||||||||||||
Base Salary | $ | 1,900,000 | $ | 2,850,000 | $ | 950,000 | $ | 950,000 | |||||||||||||||||
Annual Performance-Based Incentive Paid in Cash | |||||||||||||||||||||||||
Target Bonus | 2,850,000 | ||||||||||||||||||||||||
Pro Rated Bonus | 1,266,825 | 1,266,825 | 1,266,825 | ||||||||||||||||||||||
Partial Bonus | 950,000 | ||||||||||||||||||||||||
Long Term Incentives | |||||||||||||||||||||||||
Performance Units | |||||||||||||||||||||||||
2008-2010 (performance period) | |||||||||||||||||||||||||
2009-2011 (performance period) | 344,867 | 344,867 | 533,300 | 344,867 | 344,867 | ||||||||||||||||||||
2010-2012 (performance period) | 889,000 | ||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Unvested and Accelerated | $ | 1,487,440 | $ | 1,487,440 | $ | 1,487,440 | $ | 1,487,440 | $ | 1,487,440 | |||||||||||||||
Restricted Stock | |||||||||||||||||||||||||
Unvested and Accelerated | $ | 1,356,028 | 1,356,028 | 1,356,028 | 1,356,028 | 1,356,028 | |||||||||||||||||||
Other Benefits: | |||||||||||||||||||||||||
Nonqualified Deferred Compensation | |||||||||||||||||||||||||
Unvested and Accelerated | |||||||||||||||||||||||||
Post-retirement Health Care | 22,067 | 22,067 | |||||||||||||||||||||||
Life Insurance Proceeds | 150,000 | ||||||||||||||||||||||||
Disability Benefits | 235,371 | ||||||||||||||||||||||||
Total: | $ | 3,188,335 | $ | 6,377,227 | $ | 10,937,835 | $ | 5,640,531 | $ | 5,555,160 | |||||||||||||||
Executive Benefits and Payments Upon Termination as of 12-31-11 | Voluntary Termination | Involuntary Not for Cause Termination | Change of Control: Involuntary or Good Reason Termination | Disability | Death | |||||||||||
Compensation: | ||||||||||||||||
Base Salary | $ | 1,902,400 | $ | 2,853,600 | $ | 951,200 | $ | 951,200 | ||||||||
Annual Performance-Based Incentive Paid in Cash | ||||||||||||||||
Target Bonus | 2,853,600 | |||||||||||||||
Pro Rated Bonus | 1,271,754 | 1,271,754 | 1,271,754 | |||||||||||||
Partial Bonus | 951,200 | |||||||||||||||
Long Term Incentives | ||||||||||||||||
Performance Units | ||||||||||||||||
2009-2011 (performance period) | $ | 1,045,268 | 1,045,268 | 1,045,268 | 1,045,268 | 1,045,268 | ||||||||||
2010-2012 (performance period) | 1,351,280 | 1,351,280 | 889,000 | 1,351,280 | 1,351,280 | |||||||||||
2011-2013 (performance period) | 1,186,000 | 1,186,000 | 593,000 | 1,186,000 | 1,186,000 | |||||||||||
Stock Options | ||||||||||||||||
Unvested and Accelerated | 2,023,511 | 2,023,511 | 2,023,511 | 2,023,511 | 2,023,511 | |||||||||||
Restricted Stock | ||||||||||||||||
Unvested and Accelerated | 1,565,561 | 1,565,561 | 1,565,561 | 1,565,561 | 1,565,561 | |||||||||||
Other Benefits: | ||||||||||||||||
Nonqualified Deferred Compensation | ||||||||||||||||
Unvested and Accelerated | ||||||||||||||||
Post-retirement Health Care | 20,360 | 20,360 | ||||||||||||||
Life Insurance Proceeds | 150,000 | |||||||||||||||
Disability Benefits | ||||||||||||||||
Total: | $ | 7,171,620 | $ | 10,366,134 | $ | 12,795,100 | $ | 9,394,574 | $ | 9,544,574 |
Change of | |||||||||||||||||||||||||
Control: | |||||||||||||||||||||||||
Involuntary | Involuntary or | ||||||||||||||||||||||||
Executive Benefits and Payments | Voluntary | Not for Cause | Good Reason | ||||||||||||||||||||||
Upon Termination as of 12-31-10 | Termination | Termination | Termination | Disability | Death | ||||||||||||||||||||
Compensation: | |||||||||||||||||||||||||
Base Salary | $ | 1,900,000 | $ | 2,850,000 | $ | 950,000 | $ | 950,000 | |||||||||||||||||
Annual Performance-Based Incentive Paid in Cash | |||||||||||||||||||||||||
Target Bonus | 3,135,000 | ||||||||||||||||||||||||
Pro Rated Bonus | 1,393,508 | 1,393,508 | 1,393,508 | ||||||||||||||||||||||
Partial Bonus | 1,045,000 | ||||||||||||||||||||||||
Long Term Incentives | |||||||||||||||||||||||||
Performance Units | |||||||||||||||||||||||||
2008-2010 (performance period) | |||||||||||||||||||||||||
2009-2011 (performance period) | 582,000 | 900,000 | 582,000 | 582,000 | |||||||||||||||||||||
2010-2012 (performance period) | 1,670,000 | ||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Unvested and Accelerated | 2,537,015 | 2,537,015 | 2,537,015 | 2,537,015 | |||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||
Unvested and Accelerated | 2,394,158 | 2,394,158 | 2,394,158 | 2,394,158 | |||||||||||||||||||||
Other Benefits: | |||||||||||||||||||||||||
Nonqualified Deferred Compensation | |||||||||||||||||||||||||
Unvested and Accelerated | 376,551 | 376,551 | 376,551 | 376,551 | |||||||||||||||||||||
Post-retirement Health Care | 26,594 | 26,594 | |||||||||||||||||||||||
Life Insurance Proceeds | 6,982,500 | ||||||||||||||||||||||||
Disability Benefits | 9,441,341 | ||||||||||||||||||||||||
Total: | $ | 9,209,826 | $ | 14,934,318 | $ | 17,674,573 | $ | 15,215,732 | |||||||||||||||||
Executive Benefits and Payments Upon Termination as of 12-31-11 | Voluntary Termination | Involuntary Not for Cause Termination | Change of Control: Involuntary or Good Reason Termination | Disability | Death | |||||||||
Compensation: | ||||||||||||||
Base Salary | $ | 2,028,400 | $ | 3,042,600 | $ | 1,014,200 | $ | 1,014,200 | ||||||
Annual Performance-Based Incentive Paid in Cash | ||||||||||||||
Target Bonus | 3,346,860 | |||||||||||||
Pro Rated Bonus | 1,491,584 | 1,491,584 | 1,491,584 | |||||||||||
Partial Bonus | 1,115,620 | |||||||||||||
Long Term Incentives | ||||||||||||||
Performance Units | ||||||||||||||
2009-2011 (performance period) | 1,764,000 | 1,764,000 | 1,764,000 | 1,764,000 | ||||||||||
2010-2012 (performance period) | 2,538,400 | 1,670,000 | 2,538,400 | 2,538,400 | ||||||||||
2011-2013 (performance period) | 2,440,000 | 1,220,000 | 2,440,000 | 2,440,000 | ||||||||||
Stock Options | ||||||||||||||
Unvested and Accelerated | 3,630,167 | 3,630,167 | 3,630,167 | 3,630,167 | ||||||||||
Restricted Stock | ||||||||||||||
Unvested and Accelerated | 2,982,011 | 2,982,011 | 2,982,011 | 2,982,011 | ||||||||||
Other Benefits: | ||||||||||||||
Nonqualified Deferred Compensation | ||||||||||||||
Unvested and Accelerated | 1,792,134 | 1,792,134 | 1,792,134 | 1,792,134 | ||||||||||
Post-retirement Health Care | 25,079 | 25,079 | ||||||||||||
Life Insurance Proceeds | 7,000,000 | |||||||||||||
Disability Benefits | 559,361 | |||||||||||||
Total: | $ | 18,691,775 | $ | 20,588,471 | $ | 18,211,857 | $ | 24,652,496 |
Change of | |||||||||||||||||||||||||
Control: | |||||||||||||||||||||||||
Involuntary | Involuntary or | ||||||||||||||||||||||||
Executive Benefits and Payments | Voluntary | Not for Cause | Good Reason | ||||||||||||||||||||||
Upon Termination as of 12-31-10 | Termination | Termination | Termination | Disability | Death | ||||||||||||||||||||
Compensation: | |||||||||||||||||||||||||
Base Salary | $ | 1,250,000 | $ | 1,875,000 | $ | 625,000 | $ | 625,000 | |||||||||||||||||
Annual Performance-Based Incentive Paid in Cash | |||||||||||||||||||||||||
Target Bonus | 1,875,000 | ||||||||||||||||||||||||
Pro Rated Bonus | 833,438 | 833,438 | 833,438 | ||||||||||||||||||||||
Partial Bonus | 625,000 | ||||||||||||||||||||||||
Long Term Incentives | |||||||||||||||||||||||||
Performance Units | |||||||||||||||||||||||||
2008-2010 (performance period) | |||||||||||||||||||||||||
2009-2011 (performance period) | 269,466 | 416,700 | 269,466 | 269,466 | |||||||||||||||||||||
2010-2012 (performance period) | 778,000 | ||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Unvested and Accelerated | 1,175,500 | 1,175,500 | 1,175,500 | 1,175,500 | |||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||
Unvested and Accelerated | 1,111,836 | 1,111,836 | 1,111,836 | 1,111,836 | |||||||||||||||||||||
Other Benefits: | |||||||||||||||||||||||||
Nonqualified Deferred Compensation | |||||||||||||||||||||||||
Unvested and Accelerated | 259,806 | 259,806 | 259,806 | 259,806 | |||||||||||||||||||||
Post-retirement Health Care | 26,594 | 26,594 | |||||||||||||||||||||||
Life Insurance Proceeds | 4,485,000 | ||||||||||||||||||||||||
Disability Benefits | 7,219,262 | ||||||||||||||||||||||||
Total: | $ | 4,926,640 | $ | 8,143,436 | $ | 11,494,308 | $ | 8,760,046 | |||||||||||||||||
Executive Benefits and Payments Upon Termination as of 12-31-11 | Voluntary Termination | Involuntary Not for Cause Termination | Change of Control: Involuntary or Good Reason Termination | Disability | Death | |||||||||
Compensation: | ||||||||||||||
Base Salary | $ | 1,338,400 | $ | 2,007,600 | $ | 669,200 | $ | 669,200 | ||||||
Annual Performance-Based Incentive Paid in Cash | ||||||||||||||
Target Bonus | 2,007,600 | |||||||||||||
Pro Rated Bonus | 894,720 | 894,720 | 894,720 | |||||||||||
Partial Bonus | 669,200 | |||||||||||||
Long Term Incentives | ||||||||||||||
Performance Units | ||||||||||||||
2009-2011 (performance period) | 816,723 | 816,723 | 816,723 | 816,723 | ||||||||||
2010-2012 (performance period) | 1,182,560 | 778,000 | 1,182,560 | 1,182,560 | ||||||||||
2011-2013 (performance period) | 1,186,000 | 593,000 | 1,186,000 | 1,186,000 | ||||||||||
Stock Options | ||||||||||||||
Unvested and Accelerated | 1,697,591 | 1,697,591 | 1,697,591 | 1,697,591 | ||||||||||
Restricted Stock | ||||||||||||||
Unvested and Accelerated | 1,412,552 | 1,412,552 | 1,412,552 | 1,412,552 | ||||||||||
Other Benefits: | ||||||||||||||
Nonqualified Deferred Compensation | ||||||||||||||
Unvested and Accelerated | 946,341 | 946,341 | 946,341 | 946,341 | ||||||||||
Post-retirement Health Care | 25,079 | 25,079 | ||||||||||||
Life Insurance Proceeds | 4,600,000 | |||||||||||||
Disability Benefits | 2,877,626 | |||||||||||||
Total: | $ | 9,499,967 | $ | 10,953,687 | $ | 11,683,314 | $ | 13,405,688 |
Change of | |||||||||||||||||||||||||
Control: | |||||||||||||||||||||||||
Involuntary | Involuntary or | ||||||||||||||||||||||||
Executive Benefits and Payments | Voluntary | Not for Cause | Good Reason | ||||||||||||||||||||||
Upon Termination as of 12-31-10 | Termination | Termination | Termination | Disability | Death | ||||||||||||||||||||
Compensation: | |||||||||||||||||||||||||
Base Salary | $ | 850,000 | $ | 1,275,000 | $ | 425,000 | $ | 425,000 | |||||||||||||||||
Annual Performance-Based Incentive Paid in Cash | |||||||||||||||||||||||||
Target Bonus | 765,000 | ||||||||||||||||||||||||
Pro Rated Bonus | 340,043 | 340,043 | 340,043 | ||||||||||||||||||||||
Partial Bonus | 255,000 | ||||||||||||||||||||||||
Long Term Incentives | |||||||||||||||||||||||||
Performance Units | |||||||||||||||||||||||||
2008-2010 (performance period) | |||||||||||||||||||||||||
2009-2011 (performance period) | 113,167 | 175,000 | 113,167 | 113,167 | |||||||||||||||||||||
2010-2012 (performance period) | 306,000 | ||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Unvested and Accelerated | 490,433 | 490,433 | 490,433 | 490,433 | |||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||
Unvested and Accelerated | 452,933 | 452,933 | 452,933 | 452,933 | |||||||||||||||||||||
Other Benefits: | |||||||||||||||||||||||||
Nonqualified Deferred Compensation | |||||||||||||||||||||||||
Unvested and Accelerated | 120,291 | 120,291 | 120,291 | 120,291 | |||||||||||||||||||||
Post-retirement Health Care | 26,594 | 26,594 | |||||||||||||||||||||||
Life Insurance Proceeds | 2,380,000 | ||||||||||||||||||||||||
Disability Benefits | 5,606,118 | ||||||||||||||||||||||||
Total: | $ | 2,393,461 | $ | 3,866,251 | $ | 7,547,985 | $ | 4,321,867 | |||||||||||||||||
Executive Benefits and Payments Upon Termination as of 12-31-11 | Voluntary Termination | Involuntary Not for Cause Termination | Change of Control: Involuntary or Good Reason Termination | Disability | Death | |||||||||
Compensation: | ||||||||||||||
Base Salary | $ | 923,600 | $ | 1,385,400 | $ | 461,800 | $ | 461,800 | ||||||
Annual Performance-Based Incentive Paid in Cash | ||||||||||||||
Target Bonus | 969,780 | |||||||||||||
Pro Rated Bonus | 432,199 | 432,199 | 432,199 | |||||||||||
Partial Bonus | 323,260 | |||||||||||||
Long Term Incentives | ||||||||||||||
Performance Units | ||||||||||||||
2009-2011 (performance period) | 343,000 | 343,000 | 343,000 | 343,000 | ||||||||||
2010-2012 (performance period) | 465,120 | 306,000 | 465,120 | 465,120 | ||||||||||
2011-2013 (performance period) | 592,000 | 296,000 | 592,000 | 592,000 | ||||||||||
Stock Options | ||||||||||||||
Unvested and Accelerated | 729,043 | 729,043 | 729,043 | 729,043 | ||||||||||
Restricted Stock | ||||||||||||||
Unvested and Accelerated | 632,972 | 632,972 | 632,972 | 632,972 | ||||||||||
Other Benefits: | ||||||||||||||
Nonqualified Deferred Compensation | ||||||||||||||
Unvested and Accelerated | 144,258 | 144,258 | 144,258 | 144,258 | ||||||||||
Post-retirement Health Care | 25,079 | 25,079 | ||||||||||||
Life Insurance Proceeds | 2,750,000 | |||||||||||||
Disability Benefits | ||||||||||||||
Total: | $ | 4,287,271 | $ | 5,154,792 | $ | 3,800,392 | $ | 6,550,392 |
Change of | |||||||||||||||||||||||||
Control: | |||||||||||||||||||||||||
Involuntary | Involuntary or | ||||||||||||||||||||||||
Executive Benefits and Payments | Voluntary | Not for Cause | Good Reason | ||||||||||||||||||||||
Upon Termination as of 12-31-10 | Termination | Termination | Termination | Disability | Death | ||||||||||||||||||||
Compensation: | |||||||||||||||||||||||||
Base Salary | $ | 850,000 | $ | 1,275,000 | $ | 425,000 | $ | 425,000 | |||||||||||||||||
Annual Performance-Based Incentive Paid in Cash | |||||||||||||||||||||||||
Target Bonus | 765,000 | ||||||||||||||||||||||||
Pro Rated Bonus | 358,849 | 358,849 | 358,849 | ||||||||||||||||||||||
Partial Bonus | 255,000 | ||||||||||||||||||||||||
Long Term Incentives | |||||||||||||||||||||||||
Performance Units | |||||||||||||||||||||||||
2008-2010 (performance period) | |||||||||||||||||||||||||
2009-2011 (performance period) | 107,799 | 166,700 | 107,799 | 107,799 | |||||||||||||||||||||
2010-2012 (performance period) | 306,000 | ||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Unvested and Accelerated | 475,370 | 475,370 | 475,370 | 475,370 | |||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||
Unvested and Accelerated | 436,706 | 436,706 | 436,706 | 436,706 | |||||||||||||||||||||
Other Benefits: | �� | ||||||||||||||||||||||||
Nonqualified Deferred Compensation | |||||||||||||||||||||||||
Unvested and Accelerated | 126,088 | 126,088 | 126,088 | 126,088 | |||||||||||||||||||||
Post-retirement Health Care | 26,594 | 26,594 | |||||||||||||||||||||||
Life Insurance Proceeds | 2,380,000 | ||||||||||||||||||||||||
Disability Benefits | 8,483,663 | ||||||||||||||||||||||||
Total: | $ | 2,381,406 | $ | 3,832,458 | $ | 10,413,475 | $ | 4,309,812 | |||||||||||||||||
Executive Benefits and Payments Upon Termination as of 12-31-11 | Voluntary Termination | Involuntary Not for Cause Termination | Change of Control: Involuntary or Good Reason Termination | Disability | Death | |||||||||
Compensation: | ||||||||||||||
Base Salary | $ | 903,600 | $ | 1,355,400 | $ | 451,800 | $ | 451,800 | ||||||
Annual Performance-Based Incentive Paid in Cash | ||||||||||||||
Target Bonus | 813,240 | |||||||||||||
Pro Rated Bonus | 427,019 | 427,019 | 427,019 | |||||||||||
Partial Bonus | 271,080 | |||||||||||||
Long Term Incentives | ||||||||||||||
Performance Units | ||||||||||||||
2009-2011 (performance period) | 326,732 | 326,732 | 326,732 | 326,732 | ||||||||||
2010-2012 (performance period) | 465,120 | 306,000 | 465,120 | 465,120 | ||||||||||
2011-2013 (performance period) | 518,000 | 259,000 | 518,000 | 518,000 | ||||||||||
Stock Options | ||||||||||||||
Unvested and Accelerated | 689,204 | 689,204 | 689,204 | 689,204 | ||||||||||
Restricted Stock | ||||||||||||||
Unvested and Accelerated | 586,112 | 586,112 | 586,112 | 586,112 | ||||||||||
Other Benefits: | ||||||||||||||
Nonqualified Deferred Compensation | ||||||||||||||
Unvested and Accelerated | 144967 | 144967 | 144967 | 144967 | ||||||||||
Post-retirement Health Care | 25,079 | 25,079 | ||||||||||||
Life Insurance Proceeds | 2,362,500 | |||||||||||||
Disability Benefits | 3,106,290 | |||||||||||||
Total: | $ | 4,085,833 | $ | 4,776,814 | $ | 6,715,244 | $ | 5,971,454 |
45
46
Amount | ||||||||
Name and Address | Beneficially | Percent | ||||||
of Beneficial Owner | Owned | of Class | ||||||
FMR LLC, Fidelity Management & Research Company, Fidelity Advisor Leveraged Company Stock Fund, Fidelity Leveraged Company Stock Fund and Edward C. Johnson, 3d | 31,856,623 | (1) | 13.0 | % | ||||
Southeastern Asset Management, Inc., Longleaf Partners Small Cap Fund and O. Mason Hawkins | 31,828,484 | (2) | 13.0 | % | ||||
6410 Poplar Ave., Suite 900 Memphis, TN 38119 | ||||||||
Barrow, Hanley, Mewhinney & Strauss, Inc. | 26,562,781 | (3) | 10.9 | % | ||||
2200 Ross Avenue, 31st Floor Dallas, Texas75201-2761 | ||||||||
Vanguard Windsor Funds — Vanguard Windsor IIFund 23-2439132 | 21,756,236 | (4) | 8.9 | % | ||||
(“Windsor II”) | ||||||||
100 Vanguard Blvd Malvern, Pennsylvania 19355 | ||||||||
BlackRock, Inc. | 12,744,745 | (5) | 5.2 | % | ||||
40 East 52nd Street New York, NY 10022 |
Name and Address of Beneficial Owner | Amount Beneficially Owned | Percent of Class | ||||
FMR LLC, Fidelity Management & Research Company, Fidelity Advisor Leveraged Company Stock Fund, Fidelity Leveraged Company Stock Fund and Edward C. Johnson, 3d | 35,465,937 | (1) | 15.6 | % | ||
82 Devonshire Street Boston, Massachusetts 02109 | ||||||
Southeastern Asset Management, Inc., Longleaf Partners Small Cap Fund and O. Mason Hawkins | 31,656,007 | (2) | 13.9 | % | ||
6410 Poplar Ave., Suite 900 Memphis, TN 38119 | ||||||
Barrow, Hanley, Mewhinney & Strauss, Inc. | 25,938,321 | (3) | 11.4 | % | ||
2200 Ross Avenue, 31st Floor Dallas, Texas 75201-2761 | ||||||
Vanguard Windsor Funds — Vanguard Windsor II Fund 23-2439132 | 21,420,336 | (4) | 9.4 | % | ||
(“Windsor II”) | ||||||
100 Vanguard Blvd Malvern, Pennsylvania 19355 | ||||||
BlackRock, Inc. | 12,314,308 | (5) | 5.4 | % | ||
40 East 52nd Street New York, NY 10022 |
(1) | Based on a filing made by the named companies and person on February 14, |
(2) | Based on a filing made by the named companies and person on February |
47
(3) | Based on a filing made by Barrow, Hanley, Mewhinney & Strauss, Inc. on February |
(4) | Based on a filing made by the named fund on |
(5) | Based on a filing made by the named company on February 8, |
Right to Acquire Ownership | ||||||||||||
Shares | Under Options Exercisable | Percent | ||||||||||
Name of Individual or Group | Owned | Within 60 Days | of Class | |||||||||
R. L. Waltrip | 1,871,203 | (1) | 1,294,866 | 1.3 | % | |||||||
Thomas L. Ryan | 971,452 | 1,991,832 | 1.2 | % | ||||||||
Michael R. Webb | 562,237 | 975,166 | * | |||||||||
Eric D. Tanzberger | 200,251 | 291,733 | * | |||||||||
Sumner J. Waring, III | 310,813 | 356,400 | * | |||||||||
Alan R. Buckwalter | 97,587 | (2) | — | * | ||||||||
Anthony L. Coelho | 70,930 | — | * | |||||||||
A. J. Foyt, Jr. | 114,668 | (3) | — | * | ||||||||
Malcolm Gillis | 65,495 | — | * | |||||||||
Victor L. Lund | 128,661 | — | * | |||||||||
John W. Mecom, Jr. | 110,199 | — | * | |||||||||
Clifton H. Morris, Jr. | 158,227 | (4) | — | * | ||||||||
W. Blair Waltrip | 1,598,420 | (5) | — | * | ||||||||
Edward E. Williams | 272,217 | — | * | |||||||||
Executive Officers and Directors as a Group (26 persons) | 6,927,394 | 6,909,285 | 5.6 | % |
Name of Individual or Group | Shares Owned | Right to Acquire Ownership Under Options Exercisable Within 60 Days | Percent of Class | ||||
R. L. Waltrip | 1,900,024 | (1) | 1,530,333 | 1.5 | % | ||
Thomas L. Ryan | 1,047,172 | 2,488,466 | 1.6 | % | |||
Michael R. Webb | 600,343 | 1,113,699 | * | ||||
Eric D. Tanzberger | 216,730 | 415,966 | * | ||||
Sumner J. Waring, III | 315,628 | 447,766 | * | ||||
Alan R. Buckwalter | 104,287 | — | * | ||||
Anthony L. Coelho | 52,090 | — | * | ||||
A. J. Foyt, Jr. | 59,668 | (2) | — | * | |||
Malcolm Gillis | 77,593 | (3) | — | * | |||
Victor L. Lund | 140,757 | — | * | ||||
John W. Mecom, Jr. | 120,199 | — | * | ||||
Clifton H. Morris, Jr. | 168,227 | (4) | — | * | |||
W. Blair Waltrip | 1,605,870 | (5) | — | * | |||
Marcus A. Watts | 16,600 | — | * | ||||
Edward E. Williams | 273,741 | — | * | ||||
Executive Officers and Directors as a Group (26 persons) | 7,213,137 | 8,552,846 | 7.0 | % |
(1) | Includes 468,384 shares held in trusts under which Mr. R. L. |
(2) | Includes |
48
(3) | Includes |
(4) | Includes 4,034 shares owned by Mr. |
(5) | Includes 253,438 shares held in trusts for the benefit of Mr. W. Blair Waltrip, and 468,384 shares held in trusts under which Mr. W. Blair Waltrip, his brother and his sister are trustees and have shared voting and investment power and for which Mr. W. Blair Waltrip disclaims 2/3 beneficial ownership. Also includes 105,357 shares held by other family members or trusts, of which shares Mr. W. Blair Waltrip disclaims beneficial ownership. Of the shares attributable to the trusts, 468,384 shares are also included in the shares owned by Mr. R. L. Waltrip. See Footnote (1). Also includes 79,600 shares held by a charitable foundation of which Mr. W. Blair Waltrip is President. |
51
52
53
54
55
56
57
58
59
60
AAA Northern California, Nevada and Utah Abercrombie & Fitch ACCO Brands Corporation Acuity Brands Inc AGL Resources Inc. Alberto-Culver Company Allegheny Energy, Inc. Alliance Data Systems American Axle & Manufacturing, Inc. Ametek, Inc. AMSTED Industries Incorporated Andersen Corporation Ann Taylor, Inc. Argo Group US Arizona Public Service Armstrong World Industries, Inc. Bausch & Lomb Incorporated Beazer Homes USA, Inc. Belk, Inc. Blue Cross and Blue Shield of Nebraska Blue Cross Blue Shield of Arizona, Inc. Blue Cross Blue Shield of Kansas Blue Cross Blue Shield of Kansas City BorgWarner Inc. Brady Corporation Brown-Forman Corporation Brunswick Corporation Career Education Corporation Ceridian Corporation Chipotle Mexican Grill, Inc. Chiquita Brands International, Inc. Church & Dwight Co., Inc. Cliffs Natural Resources Inc. CME Group Inc. Comerica Bank Constellation Brands, Inc. Corn Products International Inc Covanta Holding Corporation CUNA Mutual Group Curtiss-Wright Corporation Del Monte Foods Company Deluxe Corporation Donaldson Company, Inc. Dynegy Inc. E.ON U.S. Edison Mission Energy | Edwards Lifesciences LLC Energizer Holdings, Inc. ENSCO International Incorporated Equifax Inc. Erie Insurance Group Essilor of America FMC Corporation Furniture Brands International, Inc. GAF Materials Corporation GATX Corporation Global Crossing Ltd. Global Payments Inc. Granite Construction H. B. Fuller Company Hanesbrands, Inc. Henkel of America, Inc. Herman Miller, Inc. Huntington Bancshares Incorporated Idaho Power Company IMS Health Inc Iron Mountain, Inc. Jones Lang LaSalle Joy Global Inc. Kaman Corporation King Pharmaceuticals, Inc L.L. Bean Incorporated Lennox International Inc. Lorillard Tobacco Company M & T Bank Corporation Marshall & Ilsley Corporation Martin Marietta Materials, Inc. McCormick & Company, Inc. Mead Johnson Nutrition CO Mirant Corporation Molson Coors Brewing Company MoneyGram International, Inc. Moody's Corporation Nalco Company NewPage Corporation Nicor Inc. OGE Energy Corp. Olin Corporation Pactiv Corporation People's United Financial, Inc. Phillips-Van Heusen Corporation | Pioneer Natural Resources Company PNM Resources, Inc. Portland General Electric Company Protective Life Corporation Rayonier Inc. Redcats USA Rhodia, Inc. Rich Products Corporation RRI Energy, Inc. Sandia National Laboratories Sanofi Pasteur Sappi Fine Paper North America Sauer-Danfoss Inc. Schneider National, Inc. Sensient Technologies Sentry Insurance Solutia Inc. Sonoco Products Company SRA International Steelcase Inc. SuperMedia TAQA New World Inc. Temple-Inland Inc. The Bon-Ton Stores, Inc. The Brink's Company The Dun & Bradstreet Corporation The Scotts Miracle-Gro Company The Timberland Company The Timken Company The Valspar Corporation Thomas & Betts Corporation Trinity Industries, Inc. Tupperware Corporation United Launch Alliance, LLC United Space Alliance USG Corporation Valmont Industries, Inc. Vulcan Materials Company W. L. Gore & Associates, Inc. W. R. Grace & Co. Warner Bros. Entertainment Inc. Waters Corporation Wells' Dairy WGL Holdings Inc Wyndham Worldwide Corporation |
61
A-1
B-1
B-2
B-3
B-4
B-5
B-6
B-7
B-8
B-9
B-10
B-11
B-12
B-13
B-14
B-15
C-1
C-2
C-3
SERVICE CORPORATION INTERNATIONAL ATTN: INVESTOR RELATIONS 1929 ALLEN PARKWAY HOUSTON, TX 77019 | VOTE BY INTERNET - www.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. Electronic Delivery of Future PROXY MATERIALS If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||||
KEEP THIS PORTION FOR YOUR RECORDS | ||||
DETACH AND RETURN THIS PORTION ONLY |
01 | Thomas L. Ryan | 02 | Malcolm Gillis | 03 | Clifton H. Morris, Jr. | 04 | W. Blair Waltrip |
For | Withhold | For All | To withhold authority to vote for any individual nominee(s), mark “For All Except” and write the number(s) of the nominee(s) on the line below. | |||||||||||||||||||||||||||||||||||||||||||||||||||
The Board of Directors recommends you vote | All | All | Except | |||||||||||||||||||||||||||||||||||||||||||||||||||
FOR the following: | ¨ | ¨ | ¨ | |||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Election of Directors | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nominees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
01 | R. L. Waltrip | 02 | Anthony L. Coelho | 03 | Marcus A. Watts | 04 | Edward E. Williams | |||||||||||||||||||||||||||||||||||||||||||||||
The Board of Directors recommends you vote FOR proposals 2 and 3. | For | Against | Abstain | |||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Approval of the selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for fiscal 2012. | ¨ | ¨ | ¨ | ||||||||||||||||||||||||||||||||||||||||||||||||||
3 | To approve, by advisory vote, named executive officer compensation. | ¨ | ¨ | ¨ | ||||||||||||||||||||||||||||||||||||||||||||||||||
NOTE: Such other business as may properly come before the meeting or any adjournment thereof. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name, by authorized officer. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature (Joint Owners) | Date |
SERVICE CORPORATION INTERNATIONAL PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS For The Annual Meeting of Shareholders May 09,2012 | ||
The undersigned hereby appoints Thomas L. Ryan, Gregory T. Sangalis and Eric D. Tanzberger, and each or any of them as attorneys, agents and proxies of the undersigned with full power of substitution, for and in the name, place and stead of the undersigned, to attend the annual meeting of shareholders of Service Corporation International (the "Company") to be held in the Conference Center, Heritage I and II, Service Corporation International, 1929 Allen Parkway, Houston, Texas at 9:00 a.m. Houston time on May 9, 2012, and any adjournment(s) thereof, and to vote thereat the number of shares of Common Stock of the Company which the undersigned would be entitled to vote if personally present as indicated on the reverse side hereof and, in their discretion, upon any other business which may properly come before said meeting. This proxy, when properly executed, will be voted in accordance with your indicated directions. If no direction is made, this proxy will be voted FOR the election of directors, FOR approval of the selection of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm, and FOR approval by advisory vote of named executive officer compensation. | ||
Continued and to be signed on reverse side |