Schedule 14A


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(1)

The amounts disclosed in this column reflect the aggregate grant date fair value of (a) performance-based awards made in fiscal 2014, 2015 and 2016 and (b) a time-based award made to Ms. Golder upon the commencement of her employment with the Company on April 25, 2016, each calculated in accordance with Financial Accounting Standards Board Accounting Standard Code Topic 718 (“ASC Topic 718”). For the performance-based awards, the aggregate grant date fair value has been determined assuming the probable outcome of the performance condition on the date of the grant (i.e., the achievement of the target performance level). Assuming an outcome of the performance conditions at the maximum level, the aggregate grant date fair values of the awards made in fiscal 2016 are as follows:

 

 

 

 

 

 

 

 

 

 

Name

  

Year

 

  

Aggregate Grant Date Fair

Value at Maximum

Performance Level

 

Sandra B. Cochran

  

 

2016

  

  

$

6,620,391

  

Jill Golder

  

 

2016

  

  

$

663,156

  

Lawrence E. Hyatt

  

 

2016

  

  

$

732,239

  

Nicholas V. Flanagan

  

 

2016

  

  

$

776,794

  

Beverly K. Carmichael

  

 

2016

  

  

$

391,294

  

Laura A. Daily

  

 

2016

  

  

$

334,943

  

For information regarding the compensation cost of the awards and the assumptions used to calculate the grant date fair value of the awards, see Note 10 to the Consolidated Financial Statements included or incorporated by reference in the Company’s Annual Reports on Form 10-K for fiscal 2016, 2015 and 2014.

 

(2)

The table below sets forth information regarding each component of compensation included in the “All Other Compensation” column of the Summary Compensation Table above. The amounts in this column were overstated for 2014 and 2015 in the prior year’s proxy statement due to the inclusion of accrued cash dividend equivalents associated with the MSU award. The fair value of the MSU awards, reported in the Stock Awards column of this table, includes the cash dividend equivalents. Therefore, the accrued cash dividend equivalents associated with the MSU awards are not reported as Other Compensation.

(3)

Ms. Golder, our Senior Vice President and Chief Financial Officer, began her employment with the Company on April 25, 2016. Ms. Golder’s fiscal 2016 salary reflects a prorated amount based on her service with the Company during fiscal 2016, with an annualized base salary of $475,000.

(4)

Pursuant to the retirement agreement the Company entered into with Mr. Hyatt, in fiscal 2016 Mr. Hyatt received (i) his full base salary of $535,600 on an annualized basis through July 1, 2016, and thereafter base salary at an annualized rate of $52,000 for the remainder of fiscal 2016, and (ii) a prorated amount of the amount earned under the 2016 annual bonus plan, based on his service through July 1, 2016.

 

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Table of Contents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Year

 

  

Life

Insurance

 

  

Long-term

Disability

 

  

Dividend

Equivalents

on Shares of

Restricted

Stock(1)

 

  

Company

Match Under

Non-Qualified

Deferred

Compensation

Plan

 

  

Company

Match Under

401(k) Plan

 

  

Other(2)

 

  

Total

 

Sandra B. Cochran

  

 

2016

  

  

$

20,010

  

  

$

1,902

  

  

$

541,360

  

  

$

41,953

  

  

$

1,126

  

  

$

0

  

  

$

606,351

  

Jill Golder

  

 

2016

  

  

$

300

  

  

$

0

  

  

$

13,878

  

  

$

0

  

  

$

0

  

  

$

16,491

  

  

$

30,669

  

Lawrence E. Hyatt

  

 

2016

  

  

$

900

  

  

$

1,698

  

  

$

151,043

  

  

$

17,694

  

  

$

0

  

  

$

0

  

  

$

171,335

  

Nicholas V. Flanagan

  

 

2016

  

  

$

900

  

  

$

1,411

  

  

$

52,484

  

  

$

12,305

  

  

$

2,500

  

  

$

15,732

  

  

$

85,332

  

Beverly K. Carmichael

  

 

2016

  

  

$

900

  

  

$

1,094

  

  

$

32,562

  

  

$

6,207

  

  

$

2,890

  

  

$

16,237

  

  

$

59,890

  

Laura A. Daily

  

 

2016

  

  

$

864

  

  

$

1,014

  

  

$

36,235

  

  

$

267

  

  

$

2,820

  

  

$

0

  

  

$

41,200

  

 

(1)

The amounts disclosed in this column represent cash dividend equivalents accrued on awards granted under the 2015 and 2016 LTPP and certain time-based restricted stock awards. The accrued amounts will be settled in cash upon the vesting of the shares underlying such awards.

(2)

Includes Company-paid expenses for (a) relocation assistance for Ms. Golder and (b) professional financial planning services for Mr. Flanagan and Ms. Carmichael.
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