Summary
E. I. du Pont de Nemours and Company (DuPont) announced changes to the compensation package for its Chairman and Chief Executive Officer, C. O. Holliday, Jr., effective January 25, 2006. These changes include a modest increase in his annual salary and a variable compensation payment for the year 2005. The company also approved a significant grant of equity-based awards, comprising stock options and restricted stock units. The salary increase is set at 3%, bringing Mr. Holliday's annual pay to $1.293 million. The variable compensation of $1.628 million for 2005 is in line with corporate performance and existing compensation guidelines. The equity grants, effective February 1, 2006, consist of 300,000 stock options, 58,000 performance-based restricted stock units, and 58,000 time-vested restricted stock units, aligning executive incentives with company performance and shareholder value.
Key Highlights
- 1Chairman and CEO C. O. Holliday, Jr. received a 3% salary increase, from $1.255 million to $1.293 million.
- 2Mr. Holliday was awarded a variable compensation payment of $1.628 million for the fiscal year 2005.
- 3The compensation is stated to be consistent with corporate results and company-wide variable compensation guidelines.
- 4A grant of 300,000 stock options was approved for Mr. Holliday.
- 558,000 performance-based restricted stock units were granted.
- 658,000 time-vested restricted stock units were also granted.
- 7These equity awards are effective February 1, 2006, and subject to previously filed terms and conditions.