- 107 -
adjustment is required with respect to the treatment of long-term
incentive plan compensation. In the case of one comparable
executive (Mr. Bielinski), Ms. Meyer included the entire amount
of a payout of long-term incentive compensation in his 1992
compensation because the payout occurred in 1992, even though the
payment covered multiple years of services. Conversely, in the
case of another comparable executive (Mr. Galvin), Ms. Meyer did
not include any portion of a long-term incentive compensation
payout, even though the proxy materials of Mr. Galvin’s employer
indicate that he received a $778,790 payout in 1993, paid with
respect to 5 years of services including 1992. Consistent with
our earlier analysis and conclusions concerning the LTIP payouts
to the Retained Executive, we conclude that a ratable portion of
a long-term incentive compensation payout should be included in
compensation for any year on which the payout was based. We
accordingly adjust the 1992 compensation of the comparable
executives to do so, as described in greater detail in the
footnotes to the following table, which summarizes the 1992
compensation of the executives determined to be comparable to Mr.
Brink.
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