o | Preliminary Proxy Statement |
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x | Definitive Proxy Statement |
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(Name of Registrant as Specified in its Charter) |
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
x | No fee required. |
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Sincerely, | |
GEORGE C. FREEMAN, III | |
Chairman, President, and | |
Chief Executive Officer |
(1) | to elect as directors the |
(2) | to approve a non-binding advisory resolution approving the compensation of our named executive officers; |
(3) | to ratify the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2014; |
(5) |
to act upon such other matters as may properly come before the meeting or any adjournments or postponements thereof. |
By Order of the Board of Directors, | |
PRESTON D. WIGNER | |
Secretary | |
Q: | Who is asking for my vote and why are you sending me this document? |
A: | The Board of Directors asks that you vote on the matters listed in the Notice of Annual Meeting of Shareholders, which are more fully described in this Proxy Statement. We are providing this Proxy Statement and related proxy card or voting instruction to our shareholders in connection with the solicitation by the Board of Directors of proxies to be voted at the Annual Meeting. A proxy, if duly executed and not revoked, will be voted and, if it contains any specific instructions, will be voted in accordance with those instructions. |
Q: | Who is eligible to vote? |
A: | You may vote if you owned shares of Universal Corporation common stock, which we refer to as Common Stock, on June |
Q: | What is a proxy? |
A: | A proxy is your legal designation of another person to vote the stock you own. If you designate someone as your proxy or proxy holder in a written document, that document also is called a proxy or a proxy card. Messrs. Preston D. Wigner and David C. Moore have been designated as proxies or proxy holders for the Annual Meeting. Proxies properly executed and received by our Secretary prior to the Annual Meeting and not revoked will be voted in accordance with the terms thereof. |
Q: | What is a voting instruction? |
A: | A voting instruction is the instruction form you receive from your bank, broker, or other nominee if you hold your shares of Common Stock in street name. The instruction form instructs you how to direct your bank, broker, or other nominee, as record holder, to vote your shares of Common Stock. |
Q: | What am I voting on at the Annual Meeting? |
A: | You will be voting on the following matters: |
Ÿ | The election of the |
Ÿ | The approval of a non-binding advisory resolution approving the compensation of our named executive officers, |
Ÿ | The ratification of the |
Ÿ | One shareholder |
Ÿ | Any other business properly raised at the Annual Meeting or any adjournments or postponements thereof. |
Q: | What constitutes a quorum and how many votes must be present to hold the Annual Meeting? |
A: | In order for the Annual Meeting to be conducted, a majority of the shares entitled to vote (i.e., a majority of the outstanding shares of Common Stock as of the record date) must be present in person or represented by proxy at the Annual Meeting for the transaction of business at the Annual Meeting. This is referred to as a quorum. Abstentions, withheld votes, and shares held of record by a bank, broker, or other nominee (“broker shares”) that are voted on any matter are included in determining the number of votes present. Broker shares that are voted on at least one matter will be counted for purposes of determining the existence of a quorum for the transaction of business at the Annual Meeting. Broker shares that are not voted on any matter will not be included in determining whether a quorum is present. In the event that a quorum is not present at the Annual Meeting, it is expected that the Annual Meeting will be adjourned or postponed to solicit additional proxies. It is very important, therefore, that you vote your shares. |
Q: | What vote is needed to elect directors? |
A: | The election of each nominee for director requires the affirmative vote of the holders of a plurality of the shares of Common Stock voted in the election of directors. |
Q: | What vote is needed to approve the non-binding advisory resolution approving the compensation of our named executive officers? |
A: | The approval of the non-binding advisory proposal regarding the compensation of our named executive officers requires that the votes cast in favor of the proposal exceed the number of votes cast against the proposal. The Board of Directors and the Compensation and Governance Committee value the opinions of our shareholders. To the extent that there is any significant vote against executive compensation, the Board of Directors and the Compensation and Governance Committee will consider shareholder concerns and evaluate whether any actions are necessary to address those concerns. |
Q: | What vote is |
A: | The ratification of the appointment of Ernst & Young LLP requires that the number of votes cast in favor of the ratification exceed the number of votes cast in opposition to the |
Q: | What vote is needed to approve the |
A: | The |
Q: | What are the voting recommendations of the Board of Directors? |
A: | The Board of Directors recommends that shareholders vote “FOR” all of the proposed nominees for director named in this Proxy |
Q: | How do I vote? |
A: | Registered shareholders (shareholders who hold Common Stock in certificated form as opposed to through a bank, broker, or other nominee) may vote in person at the Annual Meeting or by proxy. Registered shareholders have the following ways to vote by proxy: |
Ÿ | By mail |
Ÿ | Over the Internet or by telephone |
Q: | Can I attend the Annual Meeting? |
A: | The Annual Meeting is open to all holders of our Common Stock as of the close of business on the record date, June |
Q: | What do I need in order to attend the Annual Meeting in person? |
A: | Any shareholder of record may attend the Annual Meeting; however, street name holders must have a legal proxy from their bank or broker and bring that proxy to the Annual Meeting in order to attend the Annual Meeting. |
Q: | Can I withhold my vote? |
A: | You may withhold your vote with respect to the election of directors. |
Q: | Can I change or revoke my proxy? |
A: | Any shareholder who gives a proxy may change or revoke his or her proxy at any time before it is voted at the Annual Meeting. A shareholder may change or revoke his or her proxy by: |
Ÿ | giving written notice of revocation to our Secretary, whose address is on page 6 of this Proxy Statement, |
Ÿ | executing a proxy dated as of a later date, or |
Ÿ | voting in person at the Annual Meeting. |
Q: | How will my shares be voted if I sign, date, and return my proxy card or voting instruction card, but do not provide complete voting instructions with respect to each proposal? |
A: | Shareholders should specify their choice for each matter on the enclosed proxy. If no specific instructions are given, it is intended that all proxies that are signed and returned will be voted “FOR” the election of all of the nominees for director named in this Proxy Statement, “FOR” the approval of the non-binding resolution |
Q: | Will my shares be voted if I do not provide my proxy? |
A: | It will depend on how your ownership of shares of Common Stock is registered. If you own your shares as a registered holder, which means that your shares of Common Stock are registered in your name with our transfer agent, your unvoted shares will not be represented at the Annual Meeting and will not count toward the quorum requirement, which is explained under |
Q: | How are abstentions and broker non-votes counted? |
A: | With respect to the election of directors, abstentions, withheld votes and broker non-votes will not be included in the vote total for the proposal to elect the nominees named in this Proxy Statement for director and will not affect the outcome of the vote for that proposal. |
Q: | Where can I find the results of the Annual Meeting? |
A: | We |
Q: | Who pays for the solicitation of proxies? |
A: | We will pay all of the costs associated with this proxy solicitation. Proxies are being solicited by mail and may also be solicited in person or by telephone, facsimile, or other means of electronic transmission by our directors, officers, and employees. We will reimburse banks, brokerage firms, and other custodians, nominees, and fiduciaries for their reasonable expenses in forwarding proxy materials to the beneficial owners of shares of Common Stock. It is contemplated that additional solicitation of proxies will be made by D.F. King & Co., Inc., 77 Water Street, New York, New York 10005, at an anticipated cost to us of approximately $6,000, plus reimbursement of out-of-pocket expenses for such items as mailing, copying, phone calls, faxes, and other related matters. In addition, we will indemnify D.F. King against any losses arising out of D.F. |
Q: | Could other matters be decided in the Annual Meeting? |
A: | The Board of Directors does not know of any other business that may be brought before the Annual Meeting. However, if any other matters should properly come before the Annual Meeting or at any adjournment or postponement thereof, it is the intention of the persons named in the enclosed proxy card to vote on such matters as they, in their discretion, may determine. |
Q: | Where can I find Universal |
A: | Our Corporate Governance Guidelines, including our independence standards for members of the Board of Directors, Code of Conduct, and the charters of the Audit Committee, the Executive Compensation, Nominating and Corporate Governance Committee, which we refer to as the Compensation and Governance Committee, and all other standing committees, are available under the |
Q: | How do I communicate with the Board of Directors? |
A: | Shareholders and other interested parties may at any time direct communications to the Board of Directors as a whole, to the director who presides at the executive sessions of the non-employee directors, or to any individual member of the Board of Directors, through our Internet website or by contacting our Secretary. The |
Name and Address of Beneficial Owner | Number of Shares | Percent of Class(1) | |||||
(#) | (%) | ||||||
BlackRock, Inc. | 4,402,831 | (2) | 18.9 | % | |||
40 East 52nd Street | |||||||
New York, New York 10022 | |||||||
Dimensional Fund Advisors LP | 1,970,148 | (3) | 8.5 | % | |||
Palisades West, Building One | |||||||
6300 Bee Cave Road | |||||||
Austin, Texas 78746 | |||||||
Vanguard Group, Inc. | 1,777,936 | (4) | 7.6 | % | |||
100 Vanguard Boulevard | |||||||
Malvern, Pennsylvania 19355 | |||||||
Allianz Global Investors U.S. Holdings LLC | 1,659,114 | (5) | 7.1 | % | |||
680 Newport Center Drive, Suite 250 | |||||||
Newport Beach, California 92660 | |||||||
NFJ Investment Group LLC | |||||||
2100 Ross Avenue, Suite 700 | |||||||
Dallas, Texas 75201 |
Name and Address of Beneficial Owner | Number of Shares | Percent of Class(1) | ||||||
(#) | (%) | |||||||
BlackRock, Inc. | 3,974,367 | (2) | 17.1 | % | ||||
40 East 52nd Street | ||||||||
New York, New York 10022 | ||||||||
State Street Corporation | 2,383,447 | (3) | 10.3 | % | ||||
State Street Financial Center | ||||||||
One Lincoln Street | ||||||||
Boston, Massachusetts 02111 | ||||||||
Allianz Global Investors Capital LLC | 1,741,600 | (4) | 7.5 | % | ||||
600 West Broadway, Suite 2900 | ||||||||
San Diego, California 92101 | ||||||||
NFJ Investment Group LLC | ||||||||
2100 Ross Avenue, Suite 700 | ||||||||
Dallas, Texas 75201 | ||||||||
Artisan Partners Holdings LP | 1,466,286 | (5) | 6.3 | % | ||||
Artisan Investment Corporation | ||||||||
Artisan Partners Limited Partnership | ||||||||
Artisan Investments GP LLC | ||||||||
ZFIC, Inc. | ||||||||
Andrew A. Ziegler | ||||||||
Carlene M. Ziegler | ||||||||
875 East Wisconsin Avenue, Suite 800 | ||||||||
Milwaukee, Wisconsin 53202 | ||||||||
Dimensional Fund Advisors LP | 1,465,021 | (6) | 6.3 | % | ||||
Palisades West, Building One | ||||||||
6300 Bee Cave Road | ||||||||
Austin, Texas 78746 |
(1) | The percentages shown in the table are based on |
(2) | As reported on a Schedule 13G/A filed with the Securities and Exchange Commission on January |
(3) |
As reported on a Schedule 13G filed with the Securities and Exchange Commission on February |
(4) | As reported on an amended Schedule 13G/A filed with the Securities and Exchange Commission on February 11, 2013. According to this filing, Vanguard Group, Inc. possessed sole voting power over 35,788 shares with no shared voting power and sole dispositive power over 1,743,248 shares with shared dispositive power over 34,688 shares. |
(5) | As reported on an amended Schedule 13G/A filed with the Securities and Exchange Commission on February 14, 2013 by Allianz Global Investors Capital LLC (“AGIC”), a parent holding company, and its subsidiary, NFJ Investment Group LLC (“NFJ”), an investment adviser. AGIC had sole voting power over no shares of Common Stock, shared voting power over no shares of Common Stock, sole dispositive power over no shares of Common Stock and shared dispositive power over no shares of Common Stock, and NFJ had sole voting power over 1,567,233 shares of Common Stock, shared voting power over no shares of Common Stock, sole dispositive power over 1,583,833 shares of Common Stock and shared dispositive power over no shares of Common Stock. |
* | Percentage of ownership is less than 1% of the outstanding shares of Common Stock. |
(1) | The number of shares of Common Stock shown in the table includes shares that certain of our directors and executive officers had the right to acquire through the exercise of stock options or SARs within 60 days following June |
(2) | No executive officers or directors have pledged shares of Common Stock as security. |
(3) | The percentages shown in the table are based on |
Ÿ | chair Board of Directors meetings when the Chairman of the Board of Directors is not present or when there is a potential conflict of interest; |
Ÿ | call meetings and set agendas for executive sessions of the independent directors; |
Ÿ | preside over meetings of the independent Board members and, as appropriate, provide prompt feedback to the Chief Executive Officer and Chairman; |
Ÿ | serve as a liaison between the independent directors and the Chief Executive Officer and Chairman of the Board of Directors and senior management to report or raise matters; |
Ÿ | serve as a “sounding board” and mentor to the Chief Executive Officer and Chairman of the Board of Directors; and |
Ÿ | perform such other duties and responsibilities as may be delegated to the Lead Independent Director by the Board of Directors from time to time. |
• | During fiscal year 2013, we approved our 42nd consecutive annual dividend increase on the Common Stock of the Company. We have increased our common dividend every year since 1971. |
(1) | Base Salary is the actual amount paid in fiscal year 2013, Short-Term Performance Pay is the actual amount earned in fiscal year 2013 based on performance, and Long-Term Performance Pay is the value on the grant date of restricted stock and performance shares granted in fiscal year 2013. See Summary Compensation Table for the amounts of all elements of reportable compensation described in this section. |
Ÿ | Reaffirming |
Ÿ | Evaluating the mix of pay to ensure that the appropriate balance among base salary, annual cash incentives, and long-term performance-based award opportunities is maintained; |
Ÿ | Benchmarking fiscal year |
Ÿ | Conducting a review and assessment of potential risks arising from our compensation policies and programs; |
Ÿ | Reaffirming a policy prohibiting our executives and directors from hedging or engaging in any derivatives trading in respect to shares of our Common Stock and generally prohibiting pledging of securities. This policy serves to enhance our long-standing policy prohibiting insider trading by executives and directors while in the possession of material information that is not available to the public; |
Ÿ | Electing to discontinue, beginning with fiscal year 2012, future Company contributions to executive insurance policies for all active participants thereby restoring the coverage provided to named executive officers to our standard group term life insurance program; |
Ÿ | Evaluating alternative performance metrics and reaffirming the use of adjusted earnings per share as a performance goal in both the annual incentive and long-term performance award program because adjusted earnings per share is an important driver of shareholder value; |
Ÿ | Reviewing the performance targets and calibration ranges for economic profit and adjusted earnings per share to reflect current and anticipated business conditions and to ensure adequate performance stretch in the annual incentive plan goals; |
Reaffirming |
Ÿ | Reaffirming that 5-year restricted stock units and 3-year performance-based stock units, which we refer to as Performance Shares, are appropriate forms of long-term incentive awards. The Performance Shares, if earned over a three-year period, will be paid out in shares of Common Stock; |
Ÿ | Reviewing the performance target and calibration range for adjusted earnings per share to reflect current and anticipated business conditions and to ensure adequate performance stretch in the goals of the performance based stock units; |
Ÿ | Reaffirming the stock ownership guidelines |
Ÿ | Reaffirming stock ownership guidelines for the non-employee directors; |
Ÿ | Reaffirming the “clawback” provision in our performance-based awards with respect to ethical misconduct or material restatements of financial results, in part to address the potential recovery or adjustment of awards in instances where the performance measures on which they were based are restated in a manner that would have decreased the amount of the |
Ÿ | Reaffirming a commitment to provide very limited perquisites to executives. |
Ÿ | Compensation should be set based on the responsibilities, skills, experience and achievements of each executive officer, taking into account competitive market rates; |
Ÿ | Compensation should be linked to individual and corporate performance by aligning our executive compensation program to company-wide performance, which we define in terms of economic performance and increases in shareholder value; |
Ÿ | There should be an appropriate mix and weighting among base salary, cash incentives and equity awards, such that an adequate amount of each executive |
Ÿ | Compensation should avoid any arrangements that pay for failure; |
Ÿ | Compensation programs should be designed to provide appropriate performance incentives without encouraging executives to take excessive risks in managing the business and which emphasize our commitment to our core values; |
Ÿ | Strong emphasis should be placed on equity-based compensation and equity ownership in order to align the financial interests of senior management with those of the shareholders and to ensure the proper focus on long-term business strategies; and |
Ÿ | Compensation goals and objectives should be transparent and easy to communicate, both internally and externally. Shareholders should be supplied with clear, comprehensive compensation disclosure. |
Alliance One International, Inc. | Ralcorp Holdings, Inc. |
Chiquita Brands International, Inc. | Seaboard Corporation |
Flowers Foods, Inc. | The Andersons, Inc. |
Ingredion Incorporated | Seneca Foods Corporation |
Lancaster Colony Corporation | Treehouse Foods, Inc. |
McCormick & Company, Inc. |
George C. Freeman, III | |
W. Keith Brewer | |
David C. Moore | |
4.0 times base salary | |
Theodore G. Broome | 3.5 times |
Shares held as of June 15, 2010 | Value of Shares held as of June 15, 2010(1) | Shares held as of June 15, 2011 | Value of Shares held as of June 15, 2011(2) | |||||||||||||||||||||||||
(#) | ($) | (#) | ($) | Shares held as of June 15, 2012 | Value of Shares held as of June 15, 2012(1) | Shares held as of June 14, 2013 | Value of Shares held as of June 14, 2013(2) | |||||||||||||||||||||
(#) | ($) | (#) | ($) | |||||||||||||||||||||||||
George C. Freeman, III | 69,953 | 2,866,674 | 87,625 | 3,248,259 | 123,785 | 5,643,358 | 158,993 | 9,561,839 | ||||||||||||||||||||
W. Keith Brewer | 40,212 | 1,647,888 | 56,605 | 2,098,347 | 78,968 | 3,600,151 | 85,318 | 5,131,025 | ||||||||||||||||||||
David C. Moore | 43,835 | 1,796,358 | 51,071 | 1,893,202 | 66,809 | 3,045,822 | 72,122 | 4,337,417 | ||||||||||||||||||||
William J. Coronado | 25,062 | 1,027,041 | 28,776 | 1,066,726 | ||||||||||||||||||||||||
Ray M. Paul, Jr. | 37,161 | 1,522,858 | 38,413 | 1,423,970 | ||||||||||||||||||||||||
Preston D. Wigner | 26,880 | 1,225,459 | 35,145 | 2,113,620 | ||||||||||||||||||||||||
Theodore G. Broome | 27,682 | 1,262,022 | 32,841 | 1,975,058 |
(1) | Based on |
(2) | Based on |
Ÿ | authorizes the granting of annual cash incentive awards, stock options, SARs, Performance Shares, restricted stock, restricted stock units and other incentive awards, all of which may be made subject to the attainment of performance goals approved by the Compensation and Governance Committee; |
Ÿ | provides for the enumeration of the business criteria on which an |
Ÿ | establishes the maximum share grants or awards (or, in the case of incentive awards, the maximum compensation) that can be paid to a participant in the 2007 Stock Incentive Plan; and |
Ÿ | prohibits repricing or the exchange of options or stock appreciation rights without the approval of shareholders. |
Ÿ | Base |
Ÿ | Annual cash incentive awards. Annual cash incentive awards in the form of market competitive, performance-based, cash bonuses are designed to focus our executives on pre-set goals each year and to drive profitability, growth, and shareholder value. |
Ÿ | Long-term equity |
Ÿ | Other |
Ÿ | Retirement and other post-retirement |
Base Salary | Cash Incentive Award | Long-Term Equity Award | Total | |||||||||||||
George C. Freeman, III | 25 | % | 25 | % | 50 | % | 100 | % | ||||||||
W. Keith Brewer | 25 | % | 25 | % | 50 | % | 100 | % | ||||||||
David C. Moore | 30 | % | 25 | % | 45 | % | 100 | % | ||||||||
William J. Coronado | 35 | % | 25 | % | 40 | % | 100 | % | ||||||||
Ray M. Paul, Jr. | 35 | % | 25 | % | 40 | % | 100 | % |
Base Salary | Cash Incentive Award | Long-Term Equity Award | Total | |||||||||
George C. Freeman, III | 25.0 | % | 25.0 | % | 50.0 | % | 100 | % | ||||
W. Keith Brewer | 25.0 | % | 25.0 | % | 50.0 | % | 100 | % | ||||
David C. Moore | 30.0 | % | 25.0 | % | 45.0 | % | 100 | % | ||||
Preston D. Wigner | 32.5 | % | 25.0 | % | 42.5 | % | 100 | % | ||||
Theodore G. Broome | 35.0 | % | 30.0 | % | 35.0 | % | 100 | % |
1. | Base Salaries |
Fiscal Year 2012 | Fiscal Year 2013 | Percentage Increase | Fiscal Year 2014 | Percentage Increase | |||||||||
($) | ($) | (%) | ($) | (%) | |||||||||
George C. Freeman, III | 775,000 | 798,200 | 3.00 | 816,200 | 2.25 | ||||||||
W. Keith Brewer | 545,000 | 561,300 | 3.00 | 573,900 | 2.25 | ||||||||
David C. Moore | 405,000 | 417,100 | 3.00 | 426,500 | 2.25 | ||||||||
Preston D. Wigner | 310,000 | 319,300 | 3.00 | 326,500 | 2.25 | ||||||||
Theodore G. Broome | 290,000 | 298,700 | 3.00 | 330,000 | 10.48 |
Fiscal Year 2010 | Fiscal Year 2011 | Percentage Increase | Fiscal Year 2012 | Percentage Increase | ||||||||||||||||
($) | ($) | (%) | ($) | (%) | ||||||||||||||||
George C. Freeman, III | 675,000 | 775,000 | 14.8 | 775,000 | 0.0 | |||||||||||||||
W. Keith Brewer | 485,000 | 545,000 | 12.4 | 545,000 | 0.0 | |||||||||||||||
David C. Moore | 370,000 | 405,000 | 9.5 | 405,000 | 0.0 | |||||||||||||||
William J. Coronado | 283,900 | 288,200 | 1.5 | 288,200 | 0.0 | |||||||||||||||
Ray M. Paul, Jr. | 312,800 | 317,500 | 1.5 | 317,500 | 0.0 |
2. | Annual Cash Incentives Awards |
Threshold Level | Target Level | Maximum Level | Results | |||||
Economic Profit | $ | $ | $ | |||||
Adjusted Earnings Per Share | $ | $ | $ |
Adjusted Earnings Per Share | $ | 6.01 | $ | 4.84 | ||||
Per share effect of annual cash incentive award accrual excluded from adjusted earnings per share | $ | (0.10 | ) | (0.12 | ) | |||
Per share effect of restructuring and impairment | $ | (0.49 | ) | (0.06 | ) | |||
Reported Diluted Earnings Per Share | $ | 5.42 | $ | 4.66 |
Target Bonus Opportunity Percentage | Target Bonus Opportunity Amount | Maximum Bonus Opportunity Amount | Actual 2013 Bonus Paid | |||||||||
(%) | ($) | ($) | ($) | |||||||||
George C. Freeman, III | 100 | % | 798,200 | 1,596,400 | 1,343,400 | |||||||
W. Keith Brewer | 100 | % | 561,300 | 1,122,600 | 944,700 | |||||||
David C. Moore | 83 | % | 347,600 | 695,200 | 585,000 | |||||||
Preston D. Wigner | 71 | % | 228,100 | 456,200 | 383,900 | |||||||
Theodore G. Broome | 71 | % | 213,400 | 426,800 | 359,200 |
Target Bonus Opportunity Percentage | Target Bonus Opportunity Amount | Maximum Bonus Opportunity | Actual 2011 Bonus Paid | |||||||||||||
(%) | ($) | ($) | ($) | |||||||||||||
George C. Freeman, III | 100 | 775,000 | 1,550,000 | 1,122,700 | ||||||||||||
W. Keith Brewer | 100 | 545,000 | 1,090,000 | 789,500 | ||||||||||||
David C. Moore | 83 | 337,500 | 675,000 | 488,900 | ||||||||||||
William J. Coronado | 71 | 205,800 | 411,600 | 298,100 | ||||||||||||
Ray M. Paul, Jr. | 71 | 226,800 | 453,600 | 328,500 |
3. | Long-Term Equity Participation |
Performance Shares | SARs | Restricted Stock Units | ||||||||||
George C. Freeman, III | 9,500 | 38,000 | 9,500 | |||||||||
W. Keith Brewer | 6,700 | 26,800 | 6,700 | |||||||||
David C. Moore | 3,750 | 15,000 | 3,750 | |||||||||
William J. Coronado | 2,000 | 8,000 | 2,000 | |||||||||
Ray M. Paul, Jr. | 2,250 | 9,000 | 2,250 |
Threshold Level | Target Level | Maximum Level | Average 2010-2012 Result | |||||||||||||
Average Adjusted Earnings per Share | $ | 3.25 | $ | 4.30 | $ | 4.85 | $ | 5.11 |
Fiscal Year 2010 | $ | 5.81 | ||
Fiscal Year 2011 | 6.01 | |||
Fiscal Year 2012 | 3.51 | |||
3-year Average Adjusted Earnings Per Share | $ | 5.11 |
Actual Payout as a % of Target | Target Award at Grant (Shares) | Maximum Award at Grant (Shares) | Actual Award (Shares) | Target Award Value at Grant(1) | Actual Award Value(2) | ||||||||||||||
George C. Freeman, III | 150% | 15,000 | 22,500 | 22,500 | $ | 529,500 | $ | 1,026,675 | |||||||||||
W. Keith Brewer | 150% | 10,800 | 16,200 | 16,200 | $ | 381,240 | $ | 739,206 | |||||||||||
David C. Moore | 150% | 6,150 | 9,225 | 9,225 | $ | 217,095 | $ | 420,937 | |||||||||||
Preston D. Wigner | 150% | 3,400 | 5,100 | 5,100 | $ | 120,020 | $ | 232,713 | |||||||||||
Theodore G. Broome | 150% | 3,000 | 4,500 | 4,500 | $ | 105,900 | $ | 205,335 |
(1) | This column represents grant date fair value based on the May 27, 2009 stock price of $35.30. |
(2) | This column represents market value based on the May 25, 2012 stock price of $45.63. |
Performance Shares | Restricted Stock Units | |||||
George C. Freeman, III | 17,350 | 17,350 | ||||
W. Keith Brewer | 12,200 | 12,200 | ||||
David C. Moore | 6,800 | 6,800 | ||||
Preston D. Wigner | 3,950 | 3,950 | ||||
Theodore G. Broome | 3,700 | 3,700 |
4. | Other Benefits |
5. | Retirement and Post-Termination Compensation |
Base Benefit: | Designated Percentage of Average Compensation | Multiplied by | All years of service |
PLUS | |||
Excess Benefit: | Designated Percentage of Average Compensation less Covered Compensation | Multiplied by | service |
Ÿ | any individual, entity, or group acquires 20% or more of either the outstanding shares of Common Stock or the combined voting power of our outstanding voting securities; |
Ÿ | a majority of our directors are replaced; |
Ÿ | we reorganize, merge, consolidate, or sell all or substantially all of our assets except for certain situations in which control of outstanding shares of Common Stock or outstanding voting securities is maintained; or |
Ÿ | our shareholders approve a complete liquidation or dissolution of Universal Corporation. |
Ÿ | do not contain any obligation to gross-up severance payments for potential excise taxes incurred by the executive officer; |
Ÿ | contain a “double trigger” instead of a “single trigger,” meaning that payments are not made until there is a change of control and the executive officer is effectively terminated within three years of the change of control; |
Ÿ | contain non-competition and non-solicitation clauses; and |
Ÿ | contain certain administrative elements intended to address the requirements of Section 409A of the Internal Revenue Code applicable to deferred compensation. |
THE EXECUTIVE COMPENSATION, NOMINATING AND | |
CORPORATE GOVERNANCE COMMITTEE | |
Jeremiah J. Sheehan, Chairman | |
Charles H. Foster, Jr. | |
Thomas H. Johnson | |
Name and Principal Position | Fiscal Year | Salary(1) | Stock Awards(2) | Option Awards(2) | Non-Equity Incentive Plan Compensation(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(4) | All Other Compensation(5) | Total | |||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||
George C. Freeman, III | 2013 | 798,200 | 1,428,252 | — | 1,343,400 | 973,395 | 17,790 | 4,561,037 | |||||||||||||||
Chairman, President, and Chief Executive Officer | 2012 | 775,000 | 841,211 | 359,572 | — | 1,878,900 | 17,250 | 3,871,933 | |||||||||||||||
2011 | 775,000 | 699,770 | 317,299 | 1,122,700 | 900,896 | 122,354 | 3,938,019 | ||||||||||||||||
W. Keith Brewer | 2013 | 561,300 | 1,004,304 | — | 944,700 | 988,163 | 21,596 | 3,520,063 | |||||||||||||||
Executive Vice President and Chief Operating | 2012 | 545,000 | 593,385 | 253,640 | — | 1,961,747 | 15,025 | 3,368,797 | |||||||||||||||
Officer | 2011 | 545,000 | 493,522 | 223,781 | 789,500 | 1,242,612 | 97,634 | 3,392,049 | |||||||||||||||
David C. Moore | 2013 | 417,100 | 559,776 | — | 585,000 | 870,773 | 14,986 | 2,447,635 | |||||||||||||||
Senior Vice President and Chief Financial Officer | 2012 | 405,000 | 331,598 | 141,740 | — | 1,725,852 | 14,970 | 2,619,160 | |||||||||||||||
2011 | 405,000 | 276,225 | 125,250 | 488,900 | 1,308,729 | 75,626 | 2,679,730 | ||||||||||||||||
Preston D. Wigner | 2013 | 319,300 | 325,164 | — | 383,900 | 175,984 | 12,616 | 1,216,964 | |||||||||||||||
Vice President, General Counsel, and Secretary | 2012 | 310,000 | 191,978 | 82,060 | — | 267,591 | 13,728 | 865,357 | |||||||||||||||
Theodore G. Broome | 2013 | 298,700 | 304,584 | — | 359,200 | 275,875 | 12,609 | 1,250,968 | |||||||||||||||
Executive Vice President and Sales Director Universal Leaf Tobacco Co., Inc. |
Name and Principal Position | Fiscal Year | Salary(1) | Stock Awards(2) | Option Awards(2) | Non-Equity Incentive Plan Compensation(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(4),(5) | All Other Compensation(6) | Total | ||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||
George C. Freeman, III | 2011 | 775,000 | 699,770 | 317,299 | 1,122,700 | 900,896 | 122,354 | 3,938,019 | ||||||||||||||||||||||
Chairman, President and | 2010 | 675,000 | 974,550 | 471,000 | 1,313,200 | 461,735 | 80,675 | 3,976,160 | ||||||||||||||||||||||
Chief Executive Officer | 2009 | 547,000 | 588,544 | 281,931 | 714,600 | 334,367 | 78,752 | 2,545,194 | ||||||||||||||||||||||
W. Keith Brewer | 2011 | 545,000 | 493,522 | 223,781 | 789,500 | 1,242,612 | 97,634 | 3,392,049 | ||||||||||||||||||||||
Executive Vice President and | 2010 | 485,000 | 701,676 | 339,120 | 943,600 | 327,055 | 64,125 | 2,860,576 | ||||||||||||||||||||||
Chief Operating Officer | 2009 | 410,000 | 432,896 | 207,369 | 528,200 | 553,359 | 62,024 | 2,193,848 | ||||||||||||||||||||||
David C. Moore | 2011 | 405,000 | 276,225 | 125,250 | 488,900 | 1,308,729 | 75,626 | 2,679,730 | ||||||||||||||||||||||
Senior Vice President and | 2010 | 370,000 | 399,566 | 193,110 | 599,800 | 616,481 | 50,818 | 2,229,775 | ||||||||||||||||||||||
Chief Financial Officer | 2009 | 326,250 | 257,792 | 123,489 | 347,000 | 650,521 | 49,502 | 1,754,554 | ||||||||||||||||||||||
William J. Coronado | 2011 | 288,200 | 147,320 | 66,799 | 298,100 | 799,167 | 54,624 | 1,654,210 | ||||||||||||||||||||||
Vice President | 2010 | 283,900 | 233,892 | 113,040 | 394,500 | 303,686 | 43,035 | 1,372,053 | ||||||||||||||||||||||
Ray M. Paul, Jr. | 2011 | 317,500 | 165,735 | 75,150 | 328,500 | 812,460 | 49,650 | 1,748,995 | ||||||||||||||||||||||
Executive Vice President, Universal Leaf Tobacco Company, Inc. | 2010 | 312,800 | 256,632 | 124,030 | 434,600 | 350,391 | 39,611 | 1,518,064 | ||||||||||||||||||||||
Universal Leaf Tobacco Company, Inc. |
(1) | Salary amounts include cash compensation earned by each named executive officer during fiscal years |
(2) | The amount represents the aggregate grant date fair value of stock or options awarded in the applicable fiscal year in accordance with FASB ASC Topic 718. This amount does not reflect our accounting expense for these award(s) during the year and does not correspond to the actual cash value that will be recognized by the named executive officer when received. Performance Share awards do not have dividend rights and therefore reflect a lower grant date fair value than the closing price of |
(3) | The amounts represent cash awards to the named executive officers under our performance-based annual cash incentive plan for fiscal years |
(4) | The amounts represent the actuarial increases in the present values of the named executive |
(5) |
The table below reflects the types and dollar amounts of perquisites, additional compensation, and other personal benefits provided to the named executive officers during fiscal year |
Column (i) Components | G.C. Freeman, III | W.K. Brewer | D.C. Moore | P.D. Wigner | T.G. Broome | ||||||||||
($) | ($) | ($) | ($) | ($) | |||||||||||
Professional Fees (a) | — | 7,692 | 1,410 | — | — | ||||||||||
Executive Insurance (b) | — | — | — | — | — | ||||||||||
401(k) Match (c) | 12,790 | 12,704 | 12,651 | 12,616 | 12,609 | ||||||||||
Matching Gifts (d) | 5,000 | 1,200 | 925 | — | — | ||||||||||
TOTALS | 17,790 | 21,596 | 14,986 | 12,616 | 12,609 |
Column (i) Components | G.C. Freeman, III | W.K. Brewer | D.C. Moore | W.J. Coronado | R.M. Paul, Jr. | |||||||||||||||
($) | ($) | ($) | ($) | ($) | ||||||||||||||||
Professional Fees (a) | — | 1,485 | 1,585 | — | — | |||||||||||||||
Executive Insurance (b) | 104,854 | 83,149 | 60,319 | 40,870 | 32,341 | |||||||||||||||
401(k) Match (c) | 13,500 | 13,000 | 12,687 | 12,304 | 12,309 | |||||||||||||||
Matching Gifts (d) | 4,000 | — | 1,035 | 1,450 | 5,000 | |||||||||||||||
TOTALS | 122,354 | 97,634 | 75,626 | 54,624 | 49,650 |
(a) | Financial Planning and Tax Preparation Services. |
(b) | Executive Insurance Program. |
(c) | 401(k) Company Match. Each named executive officer is eligible to participate in the 401(k) Plan, which offers them an opportunity to defer income and receive matching contributions from us subject to certain limits. Company contributions made to the named executive officers during fiscal year |
(d) | Matching |
Ÿ | the balance between annual and longer-term performance opportunities; |
Ÿ | the balance between performance-based and non-performance based pay; |
Ÿ | alignment of our programs with business strategies focused on long-term growth and sustained shareholder |
Ÿ | placement of an appropriate portion of our executive pay “at risk” and dependent upon the achievement of specific corporate and individual performance goals that are objectively determined with verifiable results. These corporate goals have pre-established thoughtful threshold, target and maximum award limits; |
Ÿ | the use of multiple performance metrics that are based on the general performance of the corporation and the use of economic profit as a risk adjusted metric; |
Ÿ | the use of |
Ÿ | the Compensation and Governance |
Ÿ | stock ownership guidelines that are reasonable and align |
Ÿ | the recoupment policy |
Name and Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All Other Stock Awards: Number of Shares of Stock or Units(3) | All Other Option Awards: Number of Securities Underlying Options | Exercise or Base Price of Option Awards | Market Price of Option Awards on Grant Date | Grant Date Fair Value of Stock and Option Awards(4) | ||||||||||||||||||||||||
Threshold | Target | Max. | Threshold | Target | Max. | ||||||||||||||||||||||||||
($) | ($) | ($) | (#) | (#) | (#) | (#) | (#) | ($/Sh) | ($/Sh) | ($) | |||||||||||||||||||||
(a & b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | (l) | (m) | ||||||||||||||||||||
George C. Freeman, III | |||||||||||||||||||||||||||||||
0 | 798,200 | 1,596,400 | |||||||||||||||||||||||||||||
6/5/2012 | 0 | 17,350 | 26,025 | 44.18 | 661,729 | ||||||||||||||||||||||||||
6/5/2012 | 17,350 | 44.18 | 766,523 | ||||||||||||||||||||||||||||
W. Keith Brewer | |||||||||||||||||||||||||||||||
0 | 561,300 | 1,122,600 | |||||||||||||||||||||||||||||
6/5/2012 | 0 | 12,200 | 18,300 | 44.18 | 465,308 | ||||||||||||||||||||||||||
6/5/2012 | 12,200 | 44.18 | 538,996 | ||||||||||||||||||||||||||||
David C. Moore | |||||||||||||||||||||||||||||||
0 | 347,600 | 695,200 | |||||||||||||||||||||||||||||
6/5/2012 | 0 | 6,800 | 10,200 | 44.18 | 259,352 | ||||||||||||||||||||||||||
6/5/2012 | 6,800 | 44.18 | 300,424 | ||||||||||||||||||||||||||||
Preston D. Wigner | |||||||||||||||||||||||||||||||
0 | 228,100 | 456,200 | |||||||||||||||||||||||||||||
6/5/2012 | 0 | 3,950 | 5,925 | 44.18 | 150,653 | ||||||||||||||||||||||||||
6/5/2012 | 3,950 | 44.18 | 174,511 | ||||||||||||||||||||||||||||
Theodore G. Broome | |||||||||||||||||||||||||||||||
0 | 213,400 | 426,800 | |||||||||||||||||||||||||||||
6/5/2012 | 0 | 3,700 | 5,550 | 44.18 | 141,118 | ||||||||||||||||||||||||||
6/5/2012 | 3,700 | 44.18 | 163,466 |
Name and | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All Other Stock Awards: Number of Shares of Stock | All Other Option Awards: Number of Securities Underlying | Exercise or Base Price of Option | Market Price of Option Awards on | Grant Date Fair Value of Stock and Option | |||||||||||||||||||||||||||||||||||||
Grant Date | Threshold | Target | Max. | Threshold | Target | Max. | or Units(3) | Options(4) | Awards | Grant Date | Awards(5) | |||||||||||||||||||||||||||||||||
($) | ($) | ($) | (#) | (#) | (#) | (#) | (#) | ($/Sh) | ($/Sh) | ($) | ||||||||||||||||||||||||||||||||||
(a & b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | (l) | (m) | |||||||||||||||||||||||||||||||||
George C. Freeman, III | ||||||||||||||||||||||||||||||||||||||||||||
0 | 775,000 | 1,550,000 | ||||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 0 | 9,500 | 14,250 | 39.71 | 322,525 | |||||||||||||||||||||||||||||||||||||||
6/8/2010 | 9,500 | 39.71 | 39.71 | 377,245 | ||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 38,000 | 39.71 | 39.71 | 317,299 | ||||||||||||||||||||||||||||||||||||||||
W. Keith Brewer | ||||||||||||||||||||||||||||||||||||||||||||
0 | 545,000 | 1,090,000 | ||||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 0 | 6,700 | 10,050 | 39.71 | 227,465 | |||||||||||||||||||||||||||||||||||||||
6/8/2010 | 6,700 | 39.71 | 39.71 | 266,057 | ||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 26,800 | 39.71 | 39.71 | 223,781 | ||||||||||||||||||||||||||||||||||||||||
David C. Moore | ||||||||||||||||||||||||||||||||||||||||||||
0 | 337,500 | 675,000 | ||||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 0 | 3,750 | 5,625 | 39.71 | 127,313 | |||||||||||||||||||||||||||||||||||||||
6/8/2010 | 3,750 | 39.71 | 39.71 | 148,912 | ||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 15,000 | 39.71 | 39.71 | 125,250 | ||||||||||||||||||||||||||||||||||||||||
William J. Coronado | ||||||||||||||||||||||||||||||||||||||||||||
0 | 205,800 | 411,600 | ||||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 0 | 2,000 | 3,000 | 39.71 | 67,900 | |||||||||||||||||||||||||||||||||||||||
6/8/2010 | 2,000 | 39.71 | 39.71 | 79,420 | ||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 8,000 | 39.71 | 39.71 | 66,799 | ||||||||||||||||||||||||||||||||||||||||
Ray M. Paul, Jr. | ||||||||||||||||||||||||||||||||||||||||||||
0 | 226,800 | 453,600 | ||||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 0 | 2,250 | 3,375 | 39.71 | 76,388 | |||||||||||||||||||||||||||||||||||||||
6/8/2010 | 2,250 | 39.71 | 39.71 | 89,347 | ||||||||||||||||||||||||||||||||||||||||
6/8/2010 | 9,000 | 39.71 | 39.71 | 75,150 |
(1) | Amounts represent potential annual cash incentive awards for fiscal year |
(2) | Amounts represent potential vesting of Performance Shares granted during fiscal year |
(3) | Amounts represent the award of restricted stock units. Each restricted stock unit will convert one-for-one into shares of Common Stock upon vesting. Additional information with respect to restricted stock unit awards is set forth in the section entitled |
(4) |
Represents the grant date fair value of the award determined in accordance with FASB ASC Topic 718. The full grant date fair value of the Performance Shares is calculated at the target performance level and will vest, if at all, at the end of a three-year measurement period, if certain performance targets are met. Amounts for Performance Share awards are determined assuming a price per share of |
Option Awards | Stock Awards | Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||
Name and Grant Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable(1) | Option Exercise Price | Option Expiration Date | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2),(3) | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable(1) | Option Exercise Price | Option Expiration Date | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2) | ||||||||||||||||||||||||||||||||||||
(#) | (#) | ($) | (#) | ($) | (#) | ($) | (#) | (#) | ($) | (#) | ($) | (#) | ($) | |||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||||||||||||||||
George C. Freeman, III | George C. Freeman, III | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 17, 2004 | 4,144 | 47.28 | 5-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||||||
December 17, 2004 | 5,671 | 48.21 | 5-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 13, 2006 | 5,000 | 36.03 | 12-Jun-16 | |||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2007 | 31,800 | 62.66 | 23-May-17 | 31,800 | 62.66 | May 23, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2008 | 24,200 | 51.32 | May 27, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 12,667 | 39.71 | June 7, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 7, 2011 | 32,134 | 37.86 | June 6, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2008 | 16,133 | 8,067 | 51.32 | 27-May-18 | 7,456 | 417,834 | ||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2009 | 20,000 | 40,000 | 35.30 | 26-May-19 | 17,638 | 988,434 | ||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 38,000 | 39.71 | 7-Jun-20 | 10,714 | 600,413 | |||||||||||||||||||||||||||||||||||||||||||||||
June 13, 2006 | 4,854 | 211,343 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 7, 2011 | 12,982 | 727,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 5, 2012 | 17,870 | 1,001,435 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 9,500 | 532,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 7, 2011 | 12,050 | 675,282 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 5, 2012 | 17,350 | 972,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||
W. Keith Brewer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2007 | 9,298 | 404,835 | 24,400 | 62.66 | May 23, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 8,934 | 39.71 | June 7, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 7, 2011 | 22,667 | 37.86 | June 6, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2008 | 6,845 | 298,031 | 5,482 | 307,211 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2009 | 16,189 | 704,869 | 12,699 | 711,652 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 9,834 | 428,172 | 7,557 | 423,494 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 7, 2011 | 9,157 | 513,158 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 5, 2012 | 12,565 | 704,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 6,700 | 375,468 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 7, 2011 | 8,500 | 476,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 5, 2012 | 12,200 | 683,688 | ||||||||||||||||||||||||||||||||||||||||||||||||||
David C. Moore | ||||||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2007 | 15,000 | 62.66 | May 23, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 5,000 | 39.71 | June 7, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 7, 2011 | 12,667 | 37.86 | June 6, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2008 | 6,050 | 263,417 | 3,267 | 183,083 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2009 | 15,000 | 653,100 | 7,232 | 405,281 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 9,500 | 413,630 | 4,229 | 236,993 | ||||||||||||||||||||||||||||||||||||||||||||||||
W. Keith Brewer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2007 | 24,400 | 62.66 | 23-May-17 | |||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2008 | 11,867 | 5,933 | 51.32 | 27-May-18 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2009 | 14,400 | 28,800 | 35.30 | 26-May-19 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 7, 2011 | 5,118 | 286,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 5, 2012 | 7,003 | 392,448 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 26,800 | 39.71 | 7-Jun-20 | 3,750 | 210,150 | |||||||||||||||||||||||||||||||||||||||||||||||
June 13, 2006 | 3,641 | 158,529 | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2007 | 7,134 | 310,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2008 | 5,032 | 219,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2009 | 11,658 | 507,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 6,937 | 302,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2008 | 4,450 | 193,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2009 | 10,800 | 470,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2010 | 6,700 | 291,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 7, 2011 | 4,750 | 266,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 5, 2012 | 6,800 | 381,072 |
Option Awards | Stock Awards | ||||||||||||||||||||||
Name and Grant Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable(1) | Option Exercise Price | Option Expiration Date | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2) | |||||||||||||||
(#) | (#) | ($) | (#) | ($) | (#) | ($) | |||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||
Preston D. Wigner | |||||||||||||||||||||||
May 24, 2007 | 9,600 | 62.66 | May 23, 2017 | ||||||||||||||||||||
May 28, 2008 | 6,200 | 51.32 | May 27, 2018 | ||||||||||||||||||||
June 8, 2010 | 2,534 | 39.71 | June 7, 2020 | ||||||||||||||||||||
June 7, 2011 | 7,334 | 37.86 | June 6, 2021 | ||||||||||||||||||||
May 28, 2008 | 1,911 | 107,092 | |||||||||||||||||||||
May 27, 2009 | 3,998 | 224,048 | |||||||||||||||||||||
June 8, 2010 | 2,144 | 120,150 | |||||||||||||||||||||
June 7, 2011 | 2,963 | 166,047 | |||||||||||||||||||||
June 5, 2012 | 4,068 | 227,971 | |||||||||||||||||||||
June 8, 2010 | 1,900 | 106,476 | |||||||||||||||||||||
June 7, 2011 | 2,750 | 154,110 | |||||||||||||||||||||
June 5, 2012 | 3,950 | 221,358 | |||||||||||||||||||||
Theodore G. Broome | |||||||||||||||||||||||
May 24, 2007 | 8,400 | 62.66 | May 23, 2017 | ||||||||||||||||||||
May 28, 2008 | 5,600 | 51.32 | May 27, 2018 | ||||||||||||||||||||
June 8, 2010 | 2,267 | 39.71 | June 7, 2020 | ||||||||||||||||||||
June 7, 2011 | 6,934 | 37.86 | June 6, 2021 | ||||||||||||||||||||
May 28, 2008 | 1,724 | 96,613 | |||||||||||||||||||||
May 27, 2009 | 3,529 | 197,765 | |||||||||||||||||||||
June 8, 2010 | 1,917 | 107,429 | |||||||||||||||||||||
June 7, 2011 | 2,800 | 156,912 | |||||||||||||||||||||
June 5, 2012 | 3,810 | 213,512 | |||||||||||||||||||||
June 8, 2010 | 1,700 | 95,268 | |||||||||||||||||||||
June 7, 2011 | 2,600 | 145,704 | |||||||||||||||||||||
June 5, 2012 | 3,700 | 207,348 |
Option Awards | Stock Awards | ||||||||||||||||||||||||||||
Name and Grant Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable(1) | Option Exercise Price | Option Expiration Date | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2),(3) | |||||||||||||||||||||
(#) | (#) | ($) | (#) | ($) | (#) | ($) | |||||||||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||||||||
David C. Moore | |||||||||||||||||||||||||||||
May 24, 2005 | 6,000 | 46.34 | 23-May-15 | ||||||||||||||||||||||||||
June 13, 2006 | 4,000 | 36.03 | 12-Jun-16 | ||||||||||||||||||||||||||
May 24, 2007 | 15,000 | 62.66 | 23-May-17 | ||||||||||||||||||||||||||
May 28, 2008 | 7,067 | 3,533 | 51.32 | 27-May-18 | |||||||||||||||||||||||||
May 27, 2009 | 8,200 | 16,400 | 35.30 | 26-May-19 | |||||||||||||||||||||||||
June 8, 2010 | 15,000 | 39.71 | 7-Jun-20 | ||||||||||||||||||||||||||
June 13, 2006 | 3,641 | 158,529 | |||||||||||||||||||||||||||
May 24, 2007 | 4,385 | 190,923 | |||||||||||||||||||||||||||
May 28, 2008 | 2,999 | 130,576 | |||||||||||||||||||||||||||
May 27, 2009 | 6,638 | 289,019 | |||||||||||||||||||||||||||
June 8, 2010 | 3,882 | 169,022 | |||||||||||||||||||||||||||
May 28, 2008 | 2,650 | 115,381 | |||||||||||||||||||||||||||
May 27, 2009 | 6,150 | 267,771 | |||||||||||||||||||||||||||
June 8, 2010 | 3,750 | 163,275 | |||||||||||||||||||||||||||
William J. Coronado | |||||||||||||||||||||||||||||
May 24, 2007 | 10,000 | 62.66 | 23-May-17 | ||||||||||||||||||||||||||
May 28, 2008 | 4,400 | 2,200 | 51.32 | 27-May-18 | |||||||||||||||||||||||||
May 27, 2009 | 4,800 | 9,600 | 35.30 | 26-May-19 | |||||||||||||||||||||||||
June 8, 2010 | 8,000 | 39.71 | 7-Jun-20 | ||||||||||||||||||||||||||
June 13, 2006 | 3,033 | 132,057 | |||||||||||||||||||||||||||
May 24, 2007 | 2,923 | 127,267 | |||||||||||||||||||||||||||
May 28, 2008 | 1,868 | 81,333 | |||||||||||||||||||||||||||
May 27, 2009 | 3,886 | 169,196 | |||||||||||||||||||||||||||
June 8, 2010 | 2,071 | 90,171 | |||||||||||||||||||||||||||
May 28, 2008 | 1,650 | 71,841 | |||||||||||||||||||||||||||
May 27, 2009 | 3,600 | 156,744 | |||||||||||||||||||||||||||
June 8, 2010 | 2,000 | 87,080 |
Option Awards | Stock Awards | ||||||||||||||||||||||||
Name and Grant Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable(1) | Option Exercise Price | Option Expiration Date | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2),(3) | |||||||||||||||||
(#) | (#) | ($) | (#) | ($) | (#) | ($) | |||||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||||
Ray M. Paul, Jr. | |||||||||||||||||||||||||
May 24, 2007 | 11,200 | 62.66 | 23-May-17 | ||||||||||||||||||||||
May 28, 2008 | 4,800 | 2,400 | 51.32 | 27-May-18 | |||||||||||||||||||||
May 27, 2009 | 5,267 | 10,533 | 35.30 | 26-May-19 | |||||||||||||||||||||
June 8, 2010 | 9,000 | 39.71 | 7-Jun-20 | ||||||||||||||||||||||
June 13, 2006 | 3,641 | 158,529 | |||||||||||||||||||||||
May 24, 2007 | 3,275 | 142,594 | |||||||||||||||||||||||
May 28, 2008 | 2,036 | 88,647 | |||||||||||||||||||||||
May 27, 2009 | 4,263 | 185,611 | |||||||||||||||||||||||
June 8, 2010 | 2,330 | 101,448 | |||||||||||||||||||||||
May 28, 2008 | 1,800 | 78,372 | |||||||||||||||||||||||
May 27, 2009 | 3,950 | 171,983 | |||||||||||||||||||||||
June 8, 2010 | 2,250 | 97,965 |
(1) | Amounts in Column (c) represent unvested SARs. SARs vest within three years of the date of grant, with one-third of the SARs vesting on each anniversary date of the date of grant. Amounts in Column (g) represent Performance Shares. Performance Shares vest at the end of their corresponding three-year performance period if certain performance targets are met or exceeded. Amounts in Column (g) assume 100% vesting of the award, which represents the target amount payable. Each Performance Share converts |
(2) | Based on the closing price of |
Stock Awards | Option Awards | Stock Awards | Option Awards | |||||||||||||||||||||||||
Name | Number of Shares Acquired on Vesting(1) | Value Realized on Vesting | Number of Shares Acquired on Exercise(1) | Value Realized on Exercise(2) | Number of Shares Acquired on Vesting(1) | Value Realized on Vesting | Number of Shares Acquired on Exercise(1) | Value Realized on Exercise(2) | ||||||||||||||||||||
(#) | ($) | (#) | ($) | (#) | ($) | (#) | ($) | |||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (b) | (c) | (d) | (e) | ||||||||||||||||||||
George C. Freeman, III | — | — | — | — | 32,336 | 1,476,770 | 14,854 | 738,645 | ||||||||||||||||||||
W. Keith Brewer | 2,443 | 116,525 | — | — | 23,745 | 1,084,465 | 11,046 | 544,450 | ||||||||||||||||||||
David C. Moore | 1,832 | 87,394 | — | — | 13,863 | 633,172 | 12,904 | 412,175 | ||||||||||||||||||||
William J. Coronado | 2,443 | 116,525 | — | — | ||||||||||||||||||||||||
Ray M. Paul, Jr. | 3,665 | 174,786 | — | — | ||||||||||||||||||||||||
Preston D. Wigner | 8,069 | 368,574 | 3,774 | 198,330 | ||||||||||||||||||||||||
Theodore G. Broome | 7,097 | 324,174 | 10,053 | 168,131 |
(1) | Amounts represent the number of shares of Common Stock underlying |
(2) | Amounts associated with stock options were calculated by determining the difference between the market price of the underlying Common Stock at the time of exercise and the exercise or base price of the stock options. Amounts associated with SARs would be calculated by multiplying the market price of the Common Stock received by the number of shares acquired on exercise. |
Name | Plan Name | Number of Years Credited Service(1) | Present Value of Accumulated Benefit(2),(3) | Payments During Last Fiscal Year | Plan Name | Number of Years Credited Service(1) | Present Value of Accumulated Benefit(2) | Payments During Last Fiscal Year | |||||||||||||||||
(#) | ($) | ($) | (#) | ($) | ($) | ||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (b) | (c) | (d) | (e) | |||||||||||||||||
George C. Freeman, III | Pension Plan | 13.75 | 224,844 | — | Pension Plan | 15.75 | 397,052 | — | |||||||||||||||||
Benefit Restoration Plan | 13.75 | 1,810,431 | — | Benefit Restoration Plan | 15.75 | 4,490,518 | — | ||||||||||||||||||
W. Keith Brewer | Pension Plan | 22.25 | 481,193 | — | Pension Plan | 24.25 | 760,374 | — | |||||||||||||||||
Benefit Restoration Plan | 22.25 | 2,599,676 | — | Benefit Restoration Plan | 24.25 | 5,270,405 | — | ||||||||||||||||||
David C. Moore | Pension Plan | 33.25 | 826,511 | — | Pension Plan | 35.25 | 1,235,461 | — | |||||||||||||||||
Benefit Restoration Plan | 33.25 | 2,761,694 | — | Benefit Restoration Plan | 35.25 | 4,949,369 | — | ||||||||||||||||||
William J. Coronado | Pension Plan | 29.42 | 705,317 | — | |||||||||||||||||||||
Preston D. Wigner | Pension Plan | 10.00 | 200,268 | — | |||||||||||||||||||||
Benefit Restoration Plan | 29.42 | 1,849,831 | — | Benefit Restoration Plan | 10.00 | 528,733 | — | ||||||||||||||||||
Ray M. Paul, Jr. | Pension Plan | 32.25 | 732,546 | — | |||||||||||||||||||||
Theodore G. Broome | Pension Plan | 17.00 | 637,717 | — | |||||||||||||||||||||
Benefit Restoration Plan | 32.25 | 1,781,217 | — | Benefit Restoration Plan | 17.00 | 1,077,159 | — |
(1) | We have not granted, and we do not have a policy with respect to granting, extra years of service to named executive officers under the Pension Plan or the Benefit Restoration Plan. Additional information with respect to the Pension Plan and the Benefit Restoration Plan is set forth in the section entitled |
(2) | Present value was determined assuming retirement at age 65 for the Pension Plan and Benefit Restoration Plan. The present value calculation used an interest rate consistent with assumptions used for our financial reporting under FASB |
Base Benefit: | Designated Percentage of Average Compensation | Multiplied by | All years of service |
PLUS | |||
Excess Benefit: | Designated Percentage of Average Compensation less Covered Compensation | Multiplied by | service |
Name | Executive Contributions in FY 2011 (1) | Registrant Contributions in FY 2011 (2) | Aggregate Earnings in FY 2011 (3) | Aggregate Withdrawals/ Distributions (4) | Aggregate Balance at FYE 2011 (5) | Executive Contributions in FY 2013(1) | Registrant Contributions in FY 2013(2) | Aggregate Earnings in FY 2013(3) | Aggregate Withdrawals/ Distributions(4) | Aggregate Balance at FYE 2013(5) | |||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||
George C. Freeman, III | 23,300 | — | 40,977 | — | 331,069 | 10,500 | — | 46,890 | — | 466,592 | |||||||||||||||||||||||||
W. Keith Brewer | — | — | 13,071 | 46,437 | 76,975 | — | — | 6,924 | — | 80,559 | |||||||||||||||||||||||||
David C. Moore | — | — | 45,233 | — | 391,225 | — | — | 52,424 | — | 455,773 | |||||||||||||||||||||||||
William J. Coronado | — | — | 162,934 | 182,339 | 1,218,144 | ||||||||||||||||||||||||||||||
Ray M. Paul, Jr. | 56,660 | — | 18,589 | — | 396,844 | ||||||||||||||||||||||||||||||
Preston D. Wigner | — | — | 1,230 | — | 12,305 | ||||||||||||||||||||||||||||||
Theodore G. Broome | — | — | — | — | 0 |
(1) | Amounts represent a portion of base salary and annual incentive awards deferred into DIP III. Additional information about DIP II and DIP III is set forth in the section entitled |
(2) | DIP II and DIP III do not provide for company matches or contributions. |
(3) | Amounts represent earnings on funds held for named executive officers in DIP II and DIP III. |
(4) | DIP II and DIP III permit withdrawals under certain circumstances including hardship, and participants may elect to have annual deferrals distributed from DIP II or DIP III upon reaching age 65, or after a specified number of years after the compensation is deferred. |
(5) | Amounts represent the balances at the end of fiscal year |
Name | Executive Contributions in FY 2013 | Registrant Contributions in FY 2013(1) | Aggregate Earnings in FY 2013(2) | Aggregate Withdrawals/ Distributions | Aggregate Balance at FYE 2013(3) | ||||||||||
($) | ($) | ($) | ($) | ($) | |||||||||||
George C. Freeman, III | — | 162,903 | 81,809 | — | 399,005 | ||||||||||
W. Keith Brewer | — | — | — | — | — | ||||||||||
David C. Moore | — | — | — | — | — | ||||||||||
Preston D. Wigner | — | — | — | — | — | ||||||||||
Theodore G. Broome | — | — | — | — | — |
Name | Executive Contributions in FY 2011 | Registrant Contributions in FY 2011 (1) | Aggregate Earnings in FY 2011 (2) | Aggregate Withdrawals/ Distributions | Aggregate Balance at FYE 2011 (3) | |||||||||||||||
($) | ($) | ($) | ($) | ($) | ||||||||||||||||
George C. Freeman, III | — | 145,645 | (7,728 | ) | — | 137,717 | ||||||||||||||
W. Keith Brewer | — | — | — | — | — | |||||||||||||||
David C. Moore | — | — | — | — | — | |||||||||||||||
William J. Coronado | — | — | — | — | — | |||||||||||||||
Ray M. Paul, Jr. | — | — | — | — | — |
(1) | Amount represents the value of the restricted stock units on the vesting date of the awards. |
(2) | Amount represents earnings and change in market value during |
(3) | Amount represents market value of the restricted stock units on March |
Ÿ | any individual, entity, or group acquires 20% or more of either the outstanding shares of Common Stock or the combined voting power of our outstanding voting securities; |
Ÿ | a majority of our directors are replaced; |
Ÿ | we reorganize, merge, consolidate, or sell all or substantially all of our assets except for certain situations in which control of outstanding shares of Common Stock or outstanding voting securities is maintained; or |
Ÿ | our shareholders approve a complete liquidation or dissolution of Universal Corporation. |
Ÿ | do not contain any obligation to gross-up severance payments for potential excise taxes incurred by the executive officer; |
Ÿ | contain a “double trigger” instead of a “single trigger,” meaning that payments are not made until there is a change of control and the executive officer is effectively terminated within three years of the change of control (under our prior Change of Control Agreements, payment could be triggered at the |
Ÿ | contain non-competition and non-solicitation clauses; and |
Ÿ | contain certain administrative elements intended to address the requirements of Section 409A of the Internal Revenue Code applicable to deferred compensation. |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Change of Control(1) | — | — | — | — | — | 6,457,204 | ||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||
SARs(2) | 791,048 | 791,048 | 791,048 | — | — | 791,048 | ||||||||||||
Restricted Stock(2) | 3,735,627 | 3,735,627 | 3,735,627 | — | — | 3,735,627 | ||||||||||||
Performance Shares(2) | 1,306,666 | 1,306,666 | 1,306,666 | — | — | 2,179,956 | ||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||
Pension Plan(3) | 36,809 | 19,162 | 57,545 | 36,809 | 36,809 | 36,809 | ||||||||||||
401(k) Savings Plan | 253,502 | 253,502 | 253,502 | 253,502 | 253,502 | 253,502 | ||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||
Benefit Restoration Plan(4) | 5,679,596 | 1,729,931 | 5,679,596 | 5,679,596 | 5,679,596 | 5,679,596 | ||||||||||||
Deferred Income Plan II and III(5) | 41,602 | 466,592 | 466,592 | 466,592 | 466,592 | 466,592 | ||||||||||||
Deferred Payment of Restricted Stock(6) | 399,005 | 399,005 | 399,005 | 399,005 | 399,005 | 399,005 | ||||||||||||
Other Benefits | ||||||||||||||||||
Health and Welfare Plans(7) | — | 3,100,000 | — | — | — | — | ||||||||||||
Long-Term Disability Plan(8) | — | — | 478,920 | — | — | — | ||||||||||||
Total | 10,937,189 | 10,494,867 | 11,861,835 | 6,835,504 | 6,835,504 | 17,819,383 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||
Change of Control(1) | — | — | — | — | — | 5,674,123 | ||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||
Stock Options and SARs(2) | 475,140 | 475,140 | 475,140 | — | — | 475,140 | ||||||||||||||||||
Restricted Stock(2) | 2,047,250 | 2,047,250 | 2,047,250 | — | — | 2,047,250 | ||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||
Pension Plan(3) | 31,276 | 15,982 | 48,902 | 31,276 | 31,276 | 31,276 | ||||||||||||||||||
401(k) Savings Plan | 163,101 | 163,101 | 163,101 | 163,101 | 163,101 | 163,101 | ||||||||||||||||||
Nonqualified Retirement Benefits | ||||||||||||||||||||||||
Benefit Restoration Plan(4) | 3,720,697 | 924,443 | 3,720,697 | 3,720,697 | 3,720,697 | 3,720,697 | ||||||||||||||||||
Deferred Income Plan II and III(5) | 22,078 | 331,069 | 331,069 | 331,069 | 331,069 | 331,069 | ||||||||||||||||||
Deferred Payment of Restricted Stock(6) | 137,717 | 137,717 | 137,717 | 137,717 | 137,717 | 137,717 | ||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health and Welfare Plans(7) | — | 6,266,000 | — | — | — | — | ||||||||||||||||||
Long-Term Disability Plan(8) | — | — | 465,000 | — | — | — | ||||||||||||||||||
Total | 6,597,259 | 10,360,702 | 7,388,876 | 4,383,860 | 4,383,860 | 12,580,373 |
(1) | Amount represents cash payment due pursuant to the change of control double trigger (change of control and involuntary termination) in the |
(2) | SARs automatically vest at the time of the events specified in the table for which amounts are shown. Amounts for |
(3) | For all columns except Column (b), amounts represent an annual payment to the executive at March 31, |
(4) | Amounts represent a lump sum payment at March 31, |
(5) | Amount in Column (a) represents a first payment of annual payments for retirement as elected in the |
(6) | Amounts represent the value of restricted stock units that vested, but payment was deferred until termination of employment in order to preserve the Section 162(m) deduction. More information on Section 162(m) is discussed in the section entitled |
(7) | Amounts represent payment due under the |
(8) | Amounts represent 60% of annual base salary as of March 31, |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||||||||||||||||||||
Change of Control(1) | — | — | — | — | — | 3,990,155 | — | — | — | — | — | 4,540,614 | ||||||||||||||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||||||||||||||||||||
Stock Options and SARs(2) | 339,956 | 339,956 | 339,956 | — | — | 339,956 | ||||||||||||||||||||||||||||||||||||
SARs(2) | 557,978 | 557,978 | 557,978 | — | — | 557,978 | ||||||||||||||||||||||||||||||||||||
Restricted Stock(2) | 1,497,862 | 1,497,862 | 1,497,862 | — | — | 1,497,862 | 2,659,658 | 2,659,658 | 2,659,658 | — | — | 2,659,658 | ||||||||||||||||||||||||||||||
Performance Shares(2) | 920,924 | 920,924 | 920,924 | — | — | 1,535,496 | ||||||||||||||||||||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||||||
Pension Plan(3) | 51,204 | 27,457 | 80,434 | 51,204 | 51,204 | 51,204 | 57,320 | 31,713 | 90,020 | 57,320 | 57,320 | 57,320 | ||||||||||||||||||||||||||||||
401(k) Savings Plan | 241,990 | 241,990 | 241,990 | 241,990 | 241,990 | 241,990 | 346,027 | 346,027 | 346,027 | 346,027 | 346,027 | 346,027 | ||||||||||||||||||||||||||||||
Nonqualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||||||
Benefit Restoration Plan(4) | 4,106,159 | 1,355,932 | 4,106,159 | 4,106,159 | 4,106,159 | 4,106,159 | 5,847,586 | 2,189,965 | 5,847,586 | 5,847,586 | 5,847,586 | 5,847,586 | ||||||||||||||||||||||||||||||
Deferred Income Plan II and III(5) | 7,697 | 76,975 | 76,975 | 76,975 | 76,975 | 76,975 | 8,056 | 80,559 | 80,559 | 80,559 | 80,559 | 80,559 | ||||||||||||||||||||||||||||||
Deferred Payment of Restricted Stock | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||||||||||||||||
Health and Welfare Plans(6) | — | 2,978,000 | — | — | — | — | — | 2,180,000 | — | — | — | — | ||||||||||||||||||||||||||||||
Long-Term Disability Plan(7) | — | — | 327,000 | — | — | — | — | — | 336,780 | — | — | — | ||||||||||||||||||||||||||||||
Total | 6,244,868 | 6,518,172 | 6,670,376 | 4,476,328 | 4,476,328 | 10,304,301 | 9,476,625 | 8,045,900 | 9,918,608 | 6,331,492 | 6,331,492 | 14,089,742 |
(1) | Amount represents cash payment due pursuant to the change of control double trigger (change of control and involuntary termination) in the |
(2) | SARs automatically vest at the time of the events specified in the table for which amounts are shown. Amounts for |
(3) | For all columns except Column (b), amounts represent an annual payment to the executive at March 31, |
(4) | Amounts represent a lump sum payment at March 31, |
(5) | Amount in Column (a) represents a first payment of annual payments for retirement as elected in the |
(6) | Amounts represent payment due under the |
(7) | Amounts represent 60% of annual base salary as of March 31, |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Change of Control(1) | — | — | — | — | — | 3,024,385 | ||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||
SARs(2) | 311,936 | 311,936 | 311,936 | — | — | 311,936 | ||||||||||||
Restricted Stock(2) | 1,504,618 | 1,504,618 | 1,504,618 | — | — | 1,504,618 | ||||||||||||
Performance Shares(2) | 514,634 | 514,634 | 514,634 | — | — | 857,412 | ||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||
Pension Plan(3) | 96,394 | 48,197 | 131,969 | 96,394 | 96,394 | 96,394 | ||||||||||||
401(k) Savings Plan | 241,176 | 241,176 | 241,176 | 241,176 | 241,176 | 241,176 | ||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||
Benefit Restoration Plan(4) | 5,667,429 | 2,642,224 | 5,667,429 | 5,667,429 | 5,667,429 | 5,667,429 | ||||||||||||
Deferred Income Plan II and III(5) | 57,743 | 455,773 | 455,773 | 455,773 | 455,773 | 455,773 | ||||||||||||
Deferred Payment of Restricted Stock | — | — | — | — | — | — | ||||||||||||
Other Benefits | ||||||||||||||||||
Health and Welfare Plans(6) | — | 1,564,000 | — | — | — | — | ||||||||||||
Long-Term Disability Plan(7) | — | — | 250,260 | — | — | — | ||||||||||||
Total | 7,879,296 | 6,767,924 | 8,563,161 | 6,460,772 | 6,460,772 | 11,301,711 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||
Change of Control(1) | — | — | — | — | — | 2,672,761 | ||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||
Stock Options and SARs(2) | 192,586 | 192,586 | 192,586 | — | — | 192,586 | ||||||||||||||||||
Restricted Stock(2) | 938,069 | 938,069 | 938,069 | — | — | 938,069 | ||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||
Pension Plan(3) | 78,177 | 42,818 | 120,847 | 78,177 | 78,177 | 78,177 | ||||||||||||||||||
401(k) Savings Plan | 149,349 | 149,349 | 149,349 | 149,349 | 149,349 | 149,349 | ||||||||||||||||||
Nonqualified Retirement Benefits | ||||||||||||||||||||||||
Benefit Restoration Plan(4) | 3,867,042 | 1,813,165 | 3,867,042 | 3,867,042 | 3,867,042 | 3,867,042 | ||||||||||||||||||
Deferred Income Plan II and III(5) | 49,560 | 391,225 | 391,225 | 391,225 | 391,225 | 391,225 | ||||||||||||||||||
Deferred Payment of Restricted Stock | — | — | — | — | — | — | ||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health and Welfare Plans(6) | — | 3,015,000 | — | — | — | — | ||||||||||||||||||
Long-Term Disability Plan(7) | — | — | 243,000 | — | — | — | ||||||||||||||||||
Total | 5,274,783 | 6,542,212 | 5,902,118 | 4,485,793 | 4,485,793 | 8,289,209 |
(1) | Amount represents cash payment due pursuant to the change of control double trigger (change of control and involuntary termination) in the |
(2) | SARs automatically vest at the time of the events specified in the table for which amounts are shown. Amounts for |
(3) | For all columns except Column (b), amounts represent an annual payment to the executive at March 31, |
(4) | Amounts represent a lump sum payment at March 31, |
(5) | Amount in Column (a) represents a first payment of annual payments for retirement as elected in the |
(6) | Amounts represent payment due under the |
(7) | Amounts represent 60% of annual base salary as of March 31, |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Change of Control(1) | — | — | — | — | — | 2,124,096 | ||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||
SARs(2) | 174,712 | 174,712 | 174,712 | — | — | 174,712 | ||||||||||||
Restricted Stock(2) | 845,308 | 845,308 | 845,308 | — | — | 845,308 | ||||||||||||
Performance Shares(2) | 283,002 | 283,002 | 283,002 | — | — | 481,944 | ||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||
Pension Plan(3) | 23,009 | 11,636 | 36,147 | 23,009 | 23,009 | 23,009 | ||||||||||||
401(k) Savings Plan | 255,496 | 255,496 | 255,496 | 255,496 | 255,496 | 255,496 | ||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||
Benefit Restoration Plan(4) | 770,843 | 176,921 | 770,843 | 770,843 | 770,843 | 770,843 | ||||||||||||
Deferred Income Plan II and III(5) | 12,305 | 12,305 | 12,305 | 12,305 | 12,305 | 12,305 | ||||||||||||
Deferred Payment of Restricted Stock | — | — | — | — | — | — | ||||||||||||
Other Benefits | ||||||||||||||||||
Health and Welfare Plans(6) | — | 1,734,000 | — | — | — | — | ||||||||||||
Long-Term Disability Plan(7) | — | — | 191,580 | — | — | — | ||||||||||||
Total | 2,081,673 | 3,210,378 | 2,286,391 | 1,061,653 | 1,061,653 | 4,205,769 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||
Change of Control(1) | — | — | — | — | — | — | ||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||
Stock Options and SARs(2) | 109,744 | 109,744 | 109,744 | — | — | 109,744 | ||||||||||||||||||
Restricted Stock(2) | 600,024 | 600,024 | 600,024 | — | — | 600,024 | ||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||
Pension Plan(3) | 66,522 | 33,261 | 91,423 | 66,522 | 66,552 | 66,552 | ||||||||||||||||||
401(k) Savings Plan | 566,982 | 566,982 | 566,982 | 566,982 | 566,982 | 566,982 | ||||||||||||||||||
Nonqualified Retirement Benefits | ||||||||||||||||||||||||
Benefit Restoration Plan(4) | 2,510,255 | 1,155,628 | 2,510,255 | 2,510,255 | 2,510,255 | 2,510,255 | ||||||||||||||||||
Deferred Income Plan II and III(5) | — | 1,218,144 | 1,218,144 | 1,218,144 | 1,218,144 | 1,218,144 | ||||||||||||||||||
Deferred Payment of Restricted Stock | — | — | — | — | — | — | ||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health and Welfare Plans(6) | — | 1,366,000 | — | — | — | — | ||||||||||||||||||
Long-Term Disability Plan(7) | — | — | 172,920 | — | — | — | ||||||||||||||||||
Total | 3,853,527 | 5,049,783 | 5,269,492 | 4,361,903 | 4,361,933 | 5,071,701 |
(1) | Amount represents cash payment due pursuant to the change of control double trigger (change of control and involuntary termination) in the |
(2) | SARs automatically vest at the time of the events specified in the table for which amounts are shown. Amounts for |
(3) | For all columns except Column (b), amounts represent an annual payment to the executive at March 31, |
(4) | Amounts represent a lump sum payment at March 31, |
(5) | Amount in Column (a) represents a first payment of annual payments for retirement as elected in the |
(6) | Amounts represent payment due under the |
(7) | Amounts represent 60% of annual base salary as of March 31, |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death, or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Change of Control(1) | — | — | — | — | — | — | ||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||
SARs(2) | 163,080 | 163,080 | 163,080 | — | — | 163,080 | ||||||||||||
Restricted Stock(2) | 772,231 | 772,231 | 772,231 | — | — | 772,231 | ||||||||||||
Performance Shares(2) | 261,520 | 261,520 | 261,520 | — | — | 448,320 | ||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||
Pension Plan(3) | 45,764 | 22,882 | 63,387 | 45,764 | 45,764 | 45,764 | ||||||||||||
401(k) Savings Plan | 193,683 | 193,683 | 193,683 | 193,683 | 193,683 | 193,683 | ||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||
Benefit Restoration Plan(4) | 1,156,959 | 523,556 | 1,156,959 | 1,156,959 | 1,156,959 | 1,156,959 | ||||||||||||
Deferred Income Plan II and III(5) | — | — | — | — | — | — | ||||||||||||
Deferred Payment of Restricted Stock | — | — | — | — | — | — | ||||||||||||
Other Benefits | ||||||||||||||||||
Health and Welfare Plans(6) | — | 1,226,000 | — | — | — | — | ||||||||||||
Long-Term Disability Plan(7) | — | — | 179,220 | — | — | — | ||||||||||||
Total | 2,331,717 | 2,901,432 | 2,528,560 | 1,396,406 | 1,396,406 | 2,331,717 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death, or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||
Change of Control(1) | — | — | — | — | — | — | ||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||
Stock Options and SARs(2) | 121,262 | 121,262 | 121,262 | — | — | 121,262 | ||||||||||||||||||
Restricted Stock(2) | 676,829 | 676,829 | 676,829 | — | — | 676,829 | ||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||
Pension Plan(3) | 73,833 | 40,318 | 116,584 | 73,833 | 73,833 | 73,833 | ||||||||||||||||||
401(k) Savings Plan | 157,639 | 157,639 | 157,639 | 157,639 | 157,639 | 157,639 | ||||||||||||||||||
Nonqualified Retirement Benefits | ||||||||||||||||||||||||
Benefit Restoration Plan(4) | 2,678,665 | 922,571 | 2,678,665 | 2,678,665 | 2,678,665 | 2,678,665 | ||||||||||||||||||
Deferred Income Plan II and III(5) | 396,844 | 396,844 | 396,844 | 396,844 | 396,844 | 396,844 | ||||||||||||||||||
Deferred Payment of Restricted Stock | — | — | — | — | — | — | ||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health and Welfare Plans(6) | — | 2,258,000 | — | — | — | — | ||||||||||||||||||
Long-Term Disability Plan(7) | — | — | 190,500 | — | — | — | ||||||||||||||||||
Total | 4,105,072 | 4,573,463 | 4,338,323 | 3,306,981 | 3,306,981 | 4,105,072 |
(1) | Amount represents cash payment due pursuant to the change of control double trigger (change of control and involuntary termination) in the |
(2) | SARs automatically vest at the time of the events specified in the table for which amounts are shown. Amounts for |
(3) | For all columns except Column (b), amounts represent an annual payment to the executive at March 31, |
(4) | Amounts represent a lump sum payment at March 31, |
(5) | Amount in Column (a) represents a first payment of annual payments for retirement as elected in the |
(6) | Amounts represent payment due under the |
(7) | Amounts represent 60% of annual base salary as of March 31, |
Plan Category | Number of Securities to Be Issued upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans(1) | ||||||
(#) | ($) | (#) | |||||||
Equity compensation plans approved by shareholders: | |||||||||
1994 Amended and Restated Stock Option Plan for Non-Employee Directors | 1,000 | 43.12 | — | ||||||
2002 Executive Stock Plan | 192,667 | 60.08 | — | ||||||
2007 Stock Incentive Plans(2) | 224,810 | 41.53 | 991,802 | ||||||
Equity compensation plans not approved by shareholders(3) | — | — | — | ||||||
Total | 418,477 | 50.07 | 991,802 |
Plan Category | Number of Securities to Be Issued upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans(1) | |||||||||
(#) | ($) | (#) | ||||||||||
Equity compensation plans approved by shareholders: | ||||||||||||
1994 Amended and Restated Stock Option Plan for Non-Employee Directors | 11,000 | 39.47 | — | |||||||||
1997 Executive Stock Plan | 4,000 | 35.81 | — | |||||||||
2002 Executive Stock Plan | 458,393 | 53.43 | 127,099 | (2) | ||||||||
2007 Stock Incentive Plan | 828,146 | 40.47 | 1,279,033 | (3) | ||||||||
Equity compensation plans not approved by shareholders(4) | — | — | — | |||||||||
Total | 1,301,539 | 45.01 | 1,406,132 |
(1) | Amounts exclude any securities to be issued upon exercise of outstanding options, warrants, and rights. |
(2) | The 2007 Stock Incentive Plan permits grants of stock options and stock appreciation rights, and awards of |
(3) | All of |
Name | Fees Earned or Paid in Cash(2) | Stock Awards(3),(4) | Option Awards(5) | Non-Equity Incentive Plan Compensation | Change in Pension Value And Non-qualified Deferred Compensation Earnings(6) | All Other Compensation(7) | Total | ||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||
John B. Adams, Jr. | 70,500 | 70,510 | — | — | — | — | 141,010 | ||||||||||||||
Diana F. Cantor | 65,000 | 70,510 | — | — | — | — | 135,510 | ||||||||||||||
Chester A. Crocker | 69,000 | 70,510 | — | — | — | — | 139,510 | ||||||||||||||
Charles H. Foster, Jr. | 77,000 | 70,510 | — | — | — | — | 147,510 | ||||||||||||||
Thomas H. Johnson | 68,500 | 70,510 | — | — | — | — | 139,010 | ||||||||||||||
Eddie N. Moore, Jr. | 88,000 | 70,510 | — | — | — | — | 158,510 | ||||||||||||||
Jeremiah J. Sheehan | 87,000 | 70,510 | — | — | — | — | 157,510 | ||||||||||||||
Robert C. Sledd | 81,500 | 70,510 | — | — | — | — | 152,010 | ||||||||||||||
Eugene P. Trani (1) | 11,500 | — | — | — | — | — | 11,500 |
Name | Fees Earned or Paid in Cash(1) | Stock Awards(2),(3) | Option Awards(4) | Non-Equity Incentive Plan Compensation | Change in Pension Value And Nonqualified Deferred Compensation Earnings(5) | All Other Compensation(6) | Total | |||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||
John B. Adams, Jr. | 73,500 | 76,041 | — | — | — | — | 149,541 | |||||||||||||||||||||
Chester A. Crocker | 67,500 | 76,041 | — | — | — | — | 143,541 | |||||||||||||||||||||
Charles H. Foster, Jr. | 78,500 | 76,041 | — | — | — | — | 154,541 | |||||||||||||||||||||
Thomas H. Johnson | 70,000 | 76,041 | — | — | — | — | 146,041 | |||||||||||||||||||||
Eddie N. Moore, Jr. | 89,500 | 76,041 | — | — | — | — | 165,541 | |||||||||||||||||||||
Jeremiah J. Sheehan | 91,500 | 76,041 | — | — | — | — | 167,541 | |||||||||||||||||||||
Robert C. Sledd | 74,500 | 76,041 | — | — | — | — | 150,541 | |||||||||||||||||||||
Hubert R. Stallard | 83,000 | 76,041 | — | — | — | — | 159,041 | |||||||||||||||||||||
Eugene P. Trani | 78,000 | 76,041 | — | — | — | — | 154,041 |
(1) | Mr. Trani retired from the Board of Directors as of August 7, 2012. |
(2) | Represents fees earned before deferral of any amounts into the Outside |
(3) | These amounts represent the aggregate grant date fair value of the annual restricted stock unit award recognized in fiscal year |
(4) | On August |
(5) | No options |
Name | Total Options Held | Weighted Average Exercise Price of Total Options Held | ||||||
($) | ||||||||
John B. Adams, Jr. | 4,000 | 44.91 | ||||||
Chester A. Crocker | — | — | ||||||
Charles H. Foster, Jr. | 4,000 | 44.91 | ||||||
Thomas H. Johnson | 2,000 | 46.70 | ||||||
Eddie N. Moore, Jr. | 6,000 | 41.88 | ||||||
Jeremiah J. Sheehan | 7,000 | 40.50 | ||||||
Robert C. Sledd | — | — | ||||||
Hubert R. Stallard | 6,000 | 41.88 | ||||||
Eugene P. Trani | 6,000 | 41.88 |
Name | Total Options Held | Weighted Average Exercise Price of Total Options Held | ||||
(#) | ($) | |||||
John B. Adams, Jr. | — | — | ||||
Diana F. Cantor | — | — | ||||
Chester A. Crocker | — | — | ||||
Charles H. Foster, Jr. | — | — | ||||
Thomas H. Johnson | 2,000 | 46.70 | ||||
Eddie N. Moore, Jr. | — | — | ||||
Jeremiah J. Sheehan | 4,000 | 44.91 | ||||
Robert C. Sledd | — | — |
(6) | We do not maintain any defined benefit or actuarial plans for non-employee directors. The non-employee directors did not earn above-market or preference earnings on compensation they deferred into the |
Name | Director Contributions in FY 2013 | Registrant Contributions FY 2013(a) | Aggregate Earnings in FY 2013 | Aggregate Withdrawals/ Distributions(b) | Aggregate Balance at 2013 FYE | ||||||||||
($) | ($) | ($) | ($) | ($) | |||||||||||
John B. Adams, Jr. | — | — | — | — | — | ||||||||||
Diana F. Cantor | — | — | — | — | — | ||||||||||
Chester A. Crocker | 19,000 | — | 22,999 | — | 225,465 | ||||||||||
Charles H. Foster, Jr. | 77,000 | — | 121,770 | 115,539 | 917,836 | ||||||||||
Thomas H. Johnson | — | — | — | — | — | ||||||||||
Eddie N. Moore, Jr. | — | — | 4,900 | — | 48,563 | ||||||||||
Jeremiah J. Sheehan | — | — | 89,333 | — | 470,060 | ||||||||||
Robert C. Sledd | — | — | — | — | — |
Name | Director Contributions in FY 2011 | Registrant Contributions FY 2011(a) | Aggregate Earnings in FY 2011 | Aggregate Withdrawals/ Distributions(b) | Aggregate Balance at 2011 FYE | |||||||||||||||
($) | ($) | ($) | ($) | ($) | ||||||||||||||||
John B. Adams, Jr. | — | — | — | — | — | |||||||||||||||
Chester A. Crocker | 17,500 | — | 14,497 | — | 155,538 | |||||||||||||||
Charles H. Foster, Jr. | 78,500 | — | 60,272 | 40,675 | 788,518 | |||||||||||||||
Thomas H. Johnson | — | — | — | — | — | |||||||||||||||
Eddie N. Moore, Jr. | — | — | 4,303 | — | 41,879 | |||||||||||||||
Jeremiah J. Sheehan | — | — | (45,697 | ) | — | 342,485 | ||||||||||||||
Robert C. Sledd | — | — | — | — | — | |||||||||||||||
Hubert R. Stallard | — | — | (120,575 | ) | — | 643,944 | ||||||||||||||
Eugene P. Trani | — | — | 67,460 | — | 419,341 |
(a) | We do not match non-employee director deferrals or otherwise contribute to the |
(b) | There were no withdrawals and only one distribution from the |
(7) | None of the directors received perquisites, personal benefits, or other compensation in excess of $10,000 for fiscal year |
Ÿ | the transaction is on terms comparable to those that could be obtained in |
Ÿ | the transaction is approved by the disinterested members of the Board of Directors; or |
Ÿ | the transaction involves compensation approved by our Compensation and Governance Committee. |
Ÿ | any person who is, or at any time since the beginning of our last fiscal year was, one of our directors or executive officers or a nominee to become one of our directors; |
Ÿ | any person who is known to be the beneficial owner of more than 5% of any class of our voting securities; |
Ÿ | any immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the director, executive officer, nominee or more than 5% beneficial owner, and any person (other than a tenant or employee) sharing the household of such director, executive officer, nominee, or more than 5% beneficial owner; and |
Ÿ | any firm, corporation, or other entity in which any of the foregoing persons is employed or is a general partner or principal or in a similar position or in which such person has a 5% or greater beneficial ownership interest. |
Fiscal Year 2013 | Fiscal Year 2012 | |||||
($) | ($) | |||||
Audit Fees | ||||||
Includes fees associated with the integrated audit of our financial statements and internal controls over financial reporting, review of our Annual Report on Form 10-K, reviews of our interim financial statements and Quarterly Reports on Form 10-Q, statutory audits, and other attestation services related to regulatory filings. Also includes comfort letters related to the filing of a shelf registration statement (2012). | 2,671,503 | 2,924,574 | ||||
Audit-Related Fees | ||||||
Includes fees for services that are reasonably related to the review of our financial statements that are not reported under the category “Audit Fees.” These services include employee benefit plan audits (2013 and 2012), procedures performed to certify financial information in certain governmental filings outside the United States (2013), and agreed-upon testing and validation procedures related to product costing information developed for one of the Company's operating regions (2013). | 56,425 | 19,115 | ||||
Tax Fees | ||||||
Includes fees for corporate tax compliance, tax advice, and tax planning (2013 and 2012), and expatriate employee tax compliance (2013). | 188,921 | 315,445 | ||||
All Other Fees | ||||||
Includes fees for assistance in completing certain governmental filings in countries outside the United States (2013 and 2012). The Audit Committee has concluded that the services covered under this category are compatible with maintaining Ernst & Young LLP's independence with respect to Universal Corporation. | 6,119 | 14,690 |
Fiscal Year 2013 | Fiscal Year 2012 | |||||
($) | ($) | |||||
Audit Fees | ||||||
Includes fees associated with the integrated audit of our financial statements and internal controls over financial reporting, review of our Annual Report on Form 10-K, reviews of our interim financial statements and Quarterly Reports on Form 10-Q, statutory audits, and other attestation services related to regulatory filings. Also includes comfort letters related to the filing of a shelf registration statement (2012). | 2,671,503 | 2,924,574 | ||||
Audit-Related Fees | ||||||
Includes fees for services that are reasonably related to the review of our financial statements that are not reported under the category “Audit Fees.” These services include employee benefit plan audits (2013 and 2012), procedures performed to certify financial information in certain governmental filings outside the United States (2013), and agreed-upon testing and validation procedures related to product costing information developed for one of the Company's operating regions (2013). | 56,425 | 19,115 | ||||
Tax Fees | ||||||
Includes fees for corporate tax compliance, tax advice, and tax planning (2013 and 2012), and expatriate employee tax compliance (2013). | 188,921 | 315,445 | ||||
All Other Fees | ||||||
Includes fees for assistance in completing certain governmental filings in countries outside the United States (2013 and 2012). The Audit Committee has concluded that the services covered under this category are compatible with maintaining Ernst & Young LLP's independence with respect to Universal Corporation. | 6,119 | 14,690 |
Fiscal Year 2011 | Fiscal Year 2010 | Fiscal Year 2013 | Fiscal Year 2012 | |||||||||||
($) | ($) | ($) | ($) | |||||||||||
Audit Fees | ||||||||||||||
Includes fees associated with the integrated audit of our financial statements and internal controls over financial reporting, review of our Annual Report on Form 10-K, reviews of our interim financial statements and Quarterly Reports on Form 10-Q, statutory audits, and other attestation services related to regulatory filings. Also includes a comfort letter related to a debt offering under an existing registration statement (2010). | 2,657,474 | 2,721,285 | ||||||||||||
Includes fees associated with the integrated audit of our financial statements and internal controls over financial reporting, review of our Annual Report on Form 10-K, reviews of our interim financial statements and Quarterly Reports on Form 10-Q, statutory audits, and other attestation services related to regulatory filings. Also includes comfort letters related to the filing of a shelf registration statement (2012). | 2,671,503 | 2,924,574 | ||||||||||||
Audit-Related Fees | ||||||||||||||
Includes fees for services that are reasonably related to the review of our financial statements that are not reported under the category “Audit Fees." These services include various technical accounting consultations (2011 and 2010) and employee benefit plan audits (2011). | 81,526 | 23,794 | ||||||||||||
Includes fees for services that are reasonably related to the review of our financial statements that are not reported under the category “Audit Fees.” These services include employee benefit plan audits (2013 and 2012), procedures performed to certify financial information in certain governmental filings outside the United States (2013), and agreed-upon testing and validation procedures related to product costing information developed for one of the Company's operating regions (2013). | 56,425 | 19,115 | ||||||||||||
Tax Fees | ||||||||||||||
Includes fees for corporate tax compliance, tax advice, and tax planning. | 160,908 | 134,745 | ||||||||||||
Includes fees for corporate tax compliance, tax advice, and tax planning (2013 and 2012), and expatriate employee tax compliance (2013). | 188,921 | 315,445 | ||||||||||||
All Other Fees | ||||||||||||||
Includes fees for assistance in completing certain governmental filings in countries outside the United States (2011 and 2010). The Audit Committee has concluded that the services covered under this category are compatible with maintaining Ernst & Young LLP's independence with respect to Universal Corporation. | 1,689 | 6,112 | ||||||||||||
Includes fees for assistance in completing certain governmental filings in countries outside the United States (2013 and 2012). The Audit Committee has concluded that the services covered under this category are compatible with maintaining Ernst & Young LLP's independence with respect to Universal Corporation. | 6,119 | 14,690 |
1. | Company policy and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications. |
2. | Payments by Universal used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the amount of the payment and the recipient. |
3. | Universal's membership in and payments to any tax-exempt organization that writes and endorses model legislation. |
4. | Description of the decision making process and oversight by management and the Board for making payments described in sections 2 and 3 above. |
P.O. Box 64945 St. Paul, MN 55164-0945 |
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UNIVERSAL CORPORATION |