Summary
This 8-K filing amendment from Lowe's Companies Inc. (LOW) details significant changes to the compensation packages of two key executives, CCO Mr. Damron and COO Mr. Bridgeford, effective May 5, 2012. The adjustments include increases in their annual base salaries, annual incentive award targets and maximums, and target values for annual equity incentive awards. These changes are attributed to their increased duties and responsibilities. Specifically, base salaries will rise to $750,000. The target annual incentive award will increase from 90% to 100% of base salary, and the maximum will rise from 180% to 200% of base salary. Furthermore, the target value for annual equity incentive awards will increase from 300% to 400% of base salary, effective for awards granted as of March 1, 2013. These adjustments signal the company's recognition of expanded executive roles and potentially its outlook on performance expectations.
Key Highlights
- 1Effective May 5, 2012, the annual base salaries for CCO Mr. Damron and COO Mr. Bridgeford will increase to $750,000.
- 2The target annual incentive award for both executives has been raised from 90% to 100% of their base salaries.
- 3The maximum annual incentive award for both executives has been increased from 180% to 200% of their base salaries.
- 4The target values for annual equity incentive awards have been increased from 300% to 400% of base salaries.
- 5The increase in equity incentive award target values is effective for awards to be made as of March 1, 2013.
- 6These compensation adjustments are stated to reflect the increased duties and responsibilities of Mr. Damron and Mr. Bridgeford.
- 7The actual value of equity awards will depend on performance vesting goals and continued employment.