Document:

EX-10(P) 2006 COMPENSATION ARRANGEMENTS

 

Exhibit (10)(p)

2006 Compensation Arrangements

On February 9, 2006, the Compensation Committee of the Board of Directors of Vulcan Materials
Company (the “Company”) approved the annual base salaries effective March 1, 2006, the short term
incentive payments (cash performance bonus) for 2005, and payments for previously granted
performance share units for the three-year period ending December 31, 2005, for executive officers
of the Company. The compensation for the CEO was ratified by the Board of Directors.

Salary and Cash Bonus

The Compensation Committee authorized the payment of annual bonus awards to each of the Company’s
executive officers for the year ended December 31, 2005 under the Vulcan Materials Company
Executive Incentive Plan (“EIP”) or the Management Incentive Plan (“MIP”). No executive may
participate in both plans concurrently. The annual incentive awards, shown on the table below,
were made within the maximum payable established under the Plans and were based on achieving
previously established financial objectives. The EIP is intended to ensure the tax deductibility of
the bonus for the Company. Total incentive payments to executive officers participating in the EIP
in any year cannot exceed 4% of consolidated net earnings in excess of 6% of net capital for the
prior year. Total payments under the MIP in any year cannot exceed 10% of consolidated net
earnings in excess of 6% of net capital for the prior year.

The following table sets forth the annual base salary and cash bonus for the executive officers who
will be included as the Named Executive Officers in the Company’s 2006 proxy statement. Please
note that any changes to base salaries do not become effective until March 1 of each year.
Consequently, the 2005 base salary shown in the table below is a higher amount than the actual
salary earned from January 1 through December 31, 2005. The actual salary earned for 2005 is the
amount that will be reflected in the Summary Compensation table in Vulcan’s Proxy Statement for its
2006 Annual meeting.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	New Base	 	 
	 	 	 	 	 	 	 	 	Salary	 	Bonus
	Named Executive	 	Title	 	Year	 	($)	 	($)
	James, Don
	 	Chairman and Chief Executive Officer	 	 	2006	 	 	 	1,125,000	 	 	 	2,700,000	 
	 
	 	 	 	 	2005	 	 	 	1,060,000	 	 	 	1,400,000	 
	 
	Badgett, Mac
	 	Senior Vice President, Construction Materials	 	 	2006	 	 	 	445,000	 	 	 	400,000	 
	 
	 	 	 	 	2005	 	 	 	425,000	 	 	 	280,000	 
	 
	Denson, Bill
	 	Senior Vice President, General
Counsel and Secretary	 	 	2006	 	 	 	360,000	 	 	 	475,000	 
	 
	 		 	 	2005	 	 	 	345,000	 	 	 	250,000	 
	 
	Sansone, Dan
	 	Senior Vice President, Chief
Financial Officer and Treasurer	 	 	2006	 	 	 	445,000	 	 	 	563,000	 
	 
	 	 	 	 	2005	 	 	 	430,000	 	 	 	220,000	 
	 
	Smack, Jim
	 	Senior Vice President, Construction Materials	 	 	2006	 	 	 	440,000	 	 	 	393,000	 
	 
	 	 	 	 	2005	 	 	 	425,000	 	 	 	260,000	 

 

 

Long-Term Incentive Award Payments

The Compensation Committee also authorized payments to the Company’s executive officers for the
Performance Share Units previously granted pursuant to the Company’s 1996 Long-Term Incentive Plan.
The payments were based on internal performance measures along with changes in the market value of
our common stock and total shareholder return versus a preselected comparison group.

The following table sets forth the amount earned for the previously granted 2003 Performance Share
Units for the period ending December 31, 2005. Note that the value will be paid in approximately 50%
cash and 50% stock.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Performance	 	Original	 	Units	 	Value
	Named Executive	 	Title	 	Period	 	Grant	 	Earned	 	($)
	James, Don

	 	Chairman and Chief
Executive Officer
	 	1/1/2003 -

12/31/2005
	 	 	37,000	 	 	 	58,534	 	 	 	4,623,601	 
	Badgett, Mac

	 	Senior Vice President,
Construction Materials
	 	1/1/2003 -

12/31/2005
	 	 	7,000	 	 	 	9,667	 	 	 	763,596	 
	Denson, Bill

	 	Senior Vice
President, General
Counsel and Secretary
	 	1/1/2003 -

12/31/2005
	 	 	4,600	 	 	 	7,277	 	 	 	574,810	 
	Sansone, Dan

	 	Senior Vice
President, Chief
Financial Officer and
Treasurer
	 	1/1/2003 -

12/31/2005
	 	 	3,600	 	 	 	5,112	 	 	 	403,797	 
	Smack, Jim

	 	Senior Vice
President,
Construction
Materials
	 	1/1/2003 -

12/31/2005
	 	 	4,100	 	 	 	5,662	 	 	 	447,241<PAGE>
                                                                   EXHIBIT 10l-2

                                    AMENDMENT
                                     TO THE
                              BELLSOUTH CORPORATION
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

     THIS AMENDMENT is made to the BellSouth Corporation Supplemental Executive
Retirement Plan (the "Plan"), effective as of December 31, 2005.

                                   WITNESSETH:

     WHEREAS, BellSouth Corporation (the "Company") sponsors the Plan, which was
amended and restated effective November 1, 1997; and

     WHEREAS, the Board of Directors of the Company has delegated to the
Executive Nominating and Compensation Committee of the Board of Directors (the
"Compensation Committee") authority to approve amendments to existing executive
compensation plans or programs, other than amendments involving significant
policy considerations or as otherwise appropriate; and

     WHEREAS, the Plan has previously been amended pursuant to actions of the
Compensation Committee at its November 24, 2003 and June 28, 2004 meetings; and

     WHEREAS, the Compensation Committee, at its November 28, 2005 meeting and
at its special meeting on January 10, 2006, approved further amendments to the
Plan to provide for capping the amount of lump sum death benefits under Section
5 of the Plan for current Plan Participants at the amount that would have been
payable had a Participant died on December 31, 2005 and, for all future Plan
Participants, to eliminate altogether death benefits described in Section 5 of
the Plan; and

     WHEREAS, the Compensation Committee authorized appropriate officers of the
Company to do such further acts and to execute such documents as may be
necessary or advisable to effectuate the purposes of its resolutions adopting
such Plan amendments;

     NOW, THEREFORE, pursuant to the authority delegated by the Compensation
Committee, the undersigned officer approves the following revisions to the Plan
document:

     Section 5 of the Plan shall be amended by inserting, immediately following
Section 5.1, a new Section 5.1A which shall read as follows:

<PAGE>

     1A.  Death Benefits After 2005.

          Notwithstanding the provisions of Section 5.1 preceding:

          (i) with respect to each Participant in the Plan on December 31, 2005,
     the amount of any death benefit payable pursuant to Section 5.1 shall in no
     event be based on base salary and/or Standard Award amounts greater than
     such Participant's base salary and the Standard Award applicable with
     respect to such Participant on December 31, 2005; and

          (ii) with respect to individuals who become eligible to participate in
     the Plan on or after January 1, 2006, no death benefits shall be payable
     pursuant to this Section 5.

     Any other provisions of the Plan not amended herein shall remain in full
force and effect.

January 19, 2006                        /s/ Richard D. Sibbernsen
Date                                    ----------------------------------------
                                        Vice President-Human Resources<PAGE>
                                                                  EXHIBIT 10x-17

                       AMENDMENT TO THE BELLSOUTH PERSONAL
                         RETIREMENT ACCOUNT PENSION PLAN

     THIS AMENDMENT to the BellSouth Personal Retirement Account Pension Plan
(the "Plan") is made this 22nd day of December, 2005 and effective as of the
dates specified herein.

                                   WITNESSETH:

     WHEREAS, BellSouth Corporation (the "Company") sponsors the Plan, which was
amended and restated effective January 1, 1998, and subsequently amended from
time to time; and

     WHEREAS, pursuant to Section 15.01 of the Plan, the BellSouth Board of
Directors' Nominating and Compensation Committee (the "Committee") is authorized
to amend the Plan; and

     WHEREAS, the Committee approved a provision at its February 28, 2005
meeting to amend the Plan to provide an additional credit for the 2005 Plan Year
equal to 2% of each Plan participant's 2005 compensation; and

     WHEREAS, the Committee authorized appropriate officers of the Company to do
such further acts and to execute such documents as may be necessary or advisable
to effectuate the purposes of such action; and

     WHEREAS, pursuant to Section 15.01 of the Plan, the Employees' Benefit
Committee (the "EBC") is authorized to adopt nonmaterial amendments to the Plan;
and

     WHEREAS, the EBC approved the plan adoption for employees of IYP Employee
Services; and

     WHEREAS, the EBC approved amendments to the Plan at its June 29, 2005 and
October 10, 2005 meetings to change the mandatory payments of small benefits;
and

     WHEREAS, the Plan must be amended for certain other miscellaneous and
technical changes; and

     WHEREAS, L.M. Berry and Company ("Berry") previously adopted the Plan
subject to certain modifications described in Schedule 2 of the Plan; and

     WHEREAS, the EBC approved an amendment to the Plan at its October 10, 2005
meeting to amend Schedule 2 to eliminate the beneficiary designation process for
L.M. Berry and Company participants; and

<PAGE>

     WHEREAS, the EBC approved an amendment to the Plan at its December 19, 2005
meeting to amend the Plan to provide the interest crediting rate of 4.89% for
the L.M. Berry and Company participants for the 2005 Year.

     NOW, THEREFORE, pursuant to the authority delegated by the Committee and
the EBC, the undersigned officer approves the following amendments to the Plan:

                                       1.

     Effective January 1, 2005, amend Section 3 of the Plan by adding the
following sentence at the end of Subparagraph 3.05(a):

          "The Board has approved an additional credit for the 2005 Plan Year
     equal to the Participant's Compensation multiplied by two percent, and this
     additional credit shall be credited to each Participant's account as of the
     last day of such Plan Year."

                                       2.

Effective January 1, 2005, amend Schedule 1 of the Plan by adding the following
Participating Company at the end of Schedule 1:

<TABLE>
<CAPTION>
Participating Company   Effective Date of Participation
---------------------   -------------------------------
<S>                     <C>
IYP Employee Services   January 1, 2005
</TABLE>

                                       3.

     Effective as of January 1, 2005, Schedule 2 of the Plan regarding L.M.
Berry and Company is hereby amended by adding to the end of Paragraph 4(f) the
following:

     "As of the last day of Plan Year 2005, each Participant's account shall be
     credited with interest at the rate of 4.89% under the terms of the Plan."

                                       4.

     Effective as of March 28, 2005, Section 7.06 of the Plan is hereby amended
by deleting the first paragraph of 7.06(a) and replacing it with the following:

     "If the greater of the Participant's account balance or the present value
     of the Participant's accrued benefit (determined using the Applicable
     Mortality Table and the Applicable Interest Rate) is less than or equal to
     $1,000 as of the date of

<PAGE>

     his Pension Commencement Date, a lump-sum settlement equal to such greater
     amount shall be payable to him on such date in lieu of any other benefits
     under the Plan, if the greater of such amounts remains $1,000 or less
     through the date of payment; provided that, if a Participant's Pension
     Commencement Date occurs before March 28, 2005 and after March 31, 1998,
     the lump sum settlement shall be payable with respect to benefits of $5,000
     or less; further provided that, if a Participant's Pension Commencement
     Date occurs before April 1, 1998 the lump sum settlement shall be payable
     with respect to benefits of $3,500 or less.

                                       5.

     Also effective as of March 28, 2005 Section 7.06 of the Plan is hereby
amended by deleting paragraph (b) replacing it with the following:

     "A lump sum settlement shall be payable to the Participant's surviving
     spouse in lieu of the benefits otherwise payable to such spouse pursuant to
     Paragraphs 8.02 or 8.03 if the lump sum value (as defined in Sections 8.02
     and 8.03) is less than or equal to $1,000 as of the date of his Pension
     Commencement Date, if the value remains $1,000 or less through the date of
     payment; provided that, if a surviving spouse's Pension Commencement Date
     occurs before March 28, 2005 and after March 31, 1998 the lump sum
     settlement shall be payable with respect to benefits of $5,000 or less;
     further provided that, if a surviving spouse's Pension Commencement Date
     occurs before April 1, 1998, the lump sum settlement shall be payable with
     respect to benefits of $3,500 or less."

                                       6.

     Effective as of January 1, 2006, Paragraph 5(e) of Schedule 2 of the Plan
regarding L.M. Berry and Company participants, is hereby amended by deleting
such paragraph (including the reference to Section 8 of the PRA), and replacing
it with the following:

     "If a Grandfathered Participant whose pension benefit would be paid under
     subparagraphs (c) or (d) of this Paragraph 5 dies prior to payment or
     commencement of payment thereof, pre-commencement death benefits under the
     Plan with respect to such Participant shall be payable under the terms of
     the PRA (Sections 8.02 and 8.03), with further explanation:

     A surviving eligible spouse shall receive 100% of the Grandfathered
     Participant's accrued benefit, with respect to both the Berry Benefit
     and/or PRA Benefit, the amount that the Grandfathered Participant would
     have received had he retired or terminated employment on the day of his
     death. The surviving spouse shall have the same optional forms of payment
     as the Grandfathered Participant would have had. If there is no surviving
     eligible spouse, then the lump sum value of the benefit will be paid to the
     participant's estate.

<PAGE>

                                       7.

     Effective as of January 1, 2004, adding the following to the end of Article
V of the Plan:

     "Notwithstanding anything in the Plan to the contrary and subject to
     Treasury Regulation Section 1.417(e)-1(b)(3) and such other guidance as may
     be issued by the Secretary of Treasury from time to time (including, but
     not limit to, the requirement that retroactive payments be increased with
     applicable interest), the retirement notice described in the Plan may be
     provided after a Participant's Pension Commencement Date; provided, the
     90-day period during which a participant may make a qualified retirement
     election shall not end before the 30-day period (or the 7-day period in the
     case of a waiver of the 30-day period as described in the Plan) beginning
     after the date on which such retirement notice is provided."

                                       8.

     Any other provisions of the Plan not amended herein shall remain in full
force and effect.

     IN WITNESS WHEREOF, this Amendment has been executed by the duly authorized
officer of the Company.

                                        By: /s/ Richard D. Sibbernsen
                                            ------------------------------------
                                            Richard D. Sibbernsen
                                            Vice President -- Human Resources

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