Document:

EX-10.13 RESTATEMENT OF DIRECTOR COMPENSATION PLAN

 

Exhibit 10.13

AMENDED AND RESTATED

PROASSURANCE CORPORATION

DIRECTOR DEFERRED STOCK COMPENSATION PLAN

 

 

AMENDED AND RESTATED

PROASSURANCE CORPORATION

DIRECTOR DEFERRED STOCK COMPENSATION PLAN

     The Board of Directors of ProAssurance Corporation (the “Company”), effective May 18, 2005,
adopted the ProAssurance Corporation Director Deferred Stock Compensation Plan (the “Plan”).
Effective January 1, 2008, the Plan is being amended and restated in its entirety to comply with
the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and
regulations and guidance issued thereunder. This amended and restated Plan shall apply to
deferrals made on and after January 1, 2008, and any deferrals made prior to such date and which
are unpaid after December 31, 2007.

ARTICLE I

ELIGIBILITY

     The Board of Directors of ProAssurance Corporation (the “Company”) may from time to time
authorize to participate in the Director Deferred Stock Compensation Plan (the “Plan”) any person
(“Eligible Persons”) who is elected and is currently serving as a non-employee member of the Board
of Directors of the Company.

ARTICLE II

STOCK COMPENSATION SUBJECT TO PLAN

     At a meeting of the Compensation Committee of the Board of Directors of the Company held prior
to the annual meeting of the stockholders in each year commencing with the year 2005, and in the
same calendar year as such annual meeting, the Directors may determine that a portion, or all, of
their compensation as non-employee Directors be paid in the form of shares of the Company’s Common
Stock (the “Stock”); provided that the Board of Directors may make such determination at the
meeting at which this Plan is adopted, whether before or after the annual meeting of the
stockholders in such year. Compensation payable in Stock shall be payable only from the shares of
Stock reserved for issuance pursuant to the ProAssurance Corporation 2004 Equity Incentive Plan or
a successor plan which has been approved by the stockholders of the Company and the shares
thereunder approved for listing on the New York Stock Exchange (the “Incentive Plan”); provided
that the granting of the award under the Incentive Plan shall be subject to the condition that the
Company have sufficient net assets to apply to its capital and surplus in payment for the Stock an
amount equal to the value of the Stock credited to the Account of the Eligible Person.

ARTICLE III

ELECTION AS TO FORM AND TIME OF PAYMENT

	A.	 	Current or Deferred Payment Election. Each Eligible Person may elect to receive his
or her Stock as either:

	 	(1)	 	A current payment in accordance with Article IV below (“Current
Compensation”); or
	 
	 	(2)	 	A deferred payment in accordance with Article V below (“Deferred
Compensation”).

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	B.	 	Procedure for Making Elections. Subject to the provisions of Section III.C. below,
each Eligible Person may make a written election as to the form and time of payment of his or
her Stock under Section III.A above for each year that he or she is an Eligible Person. In
the case of initial elections hereunder by persons who are Eligible Persons as of May 18,
2005, the effective date of the Plan (“Effective Date”), the election must be made within
thirty (30) days after the Effective Date. Thereafter, the election must be made before
December 31 of the calendar year immediately preceding the calendar year to which the election
applies. In the case of a person who first becomes an Eligible Person during a calendar year
and prior to the date of the annual meeting for that year, his or her election must be made
within thirty (30) days following the date upon which he or she becomes an Eligible Person.
Elections will be made on forms prescribed by the Company and may be obtained from the office
of the Secretary of the Company (“Election Forms”). Election Forms must be fully completed,
executed and returned to the office of the Secretary on or before the applicable deadline in
order to be effective. If an Election Form is not so returned by the applicable deadline, the
Eligible Person will be deemed to have elected to continue his prior year’s election, or if
there is no prior year election, such Eligible Person will be deemed to have elected to
receive Current Compensation in accordance with Section III.A.(a) above.

	C.	 	Revocation of Elections. No Eligible Person shall have the right to retroactively
revoke any prior election under this Article III. An Eligible Person may prospectively revoke
his or her election and make a new election for the next calendar year if such Eligible Person
executes and delivers a new Election Form to the Secretary of the Company not later than
December 31 of the current calendar year.

ARTICLE IV

CURRENT COMPENSATION

	 	 	     If the Eligible Person elects to receive Current Compensation, a stock
certificate (or equivalent electronic transfer to an account with a registered broker
dealer) for the appropriate number of shares of Stock will be issued to the Eligible Person
within thirty (30) days after the annual meeting of the stockholders for the year to which
such Current Compensation relates.

ARTICLE V

DEFERRED COMPENSATION

	A.	 	Time of Payment. Any Eligible Person who elects to receive Deferred Compensation under this
Section V shall be paid the balance in his or her Deferred Compensation Account (herein
defined) within 90 days after such person ceases to be a member of the Board of Directors of
the Company. In the case of any Eligible Person who dies, payment of the balance in his or
her Account shall be made to the beneficiary designated by the Eligible Person in his or her
most recent annual Election Form within 90 days after the Eligible Person’s date of death.
The Deferred Compensation Account will be established and maintained in accordance with
Section V.C. below. Notwithstanding the foregoing, if the Eligible Person is a “specified
person” within the meaning of Section 409A(a)(2)(B)(i) of the Code, payment will be made
within the 90 day period after the date which is 6 months after the date that the Eligible
Person ceases to be a member of the Board of Directors of the Company (or, if earlier than the
end of the 6 month period, within 90 days after the Eligible Person’s date of death).

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	B.	 	Source of Payment. The Stock payable or distributable hereunder will not be funded
currently nor will segregated shares of Stock be maintained to pay such Deferred Compensation.
Until the time of payment of the Deferred Compensation, the Eligible Person shall have no
rights of ownership with respect to the Stock credited to the Account and such Stock shall not
be considered to be issued and outstanding until issued and delivered to the Eligible Person
at the time provided in Section V.A. above; provided, however, that notwithstanding anything
herein to the contrary, there shall be credited to the Account as a liability of the Company
to the Eligible Person: (i) an amount equal to all dividends that would otherwise be payable
with respect to the Stock credited to the Account; and (ii) an amount equal to the sum of all
proceeds that would otherwise be payable with respect to the Stock credited to the Account as
a result of a merger, consolidation, recapitalization, liquidation or other reorganization of
the Company; and provided further that the Stock credited to the Account shall be subject to
adjustment in the case of changes in the capitalization of the Company or change of control of
the Company in accordance with Section 4(c) of the Incentive Plan.

	 	(1)	 	Liability of the Company. The obligation to pay the Deferred
Compensation shall be considered a liability of the Company to make benefit payments in
the future to the Eligible Person subject to the claims of its general unsecured
creditors and shall be payable to the Eligible Person in consideration for the
cancellation of such liability (and not for past services). In the event that the
Company is involved in bankruptcy proceedings at any time prior to the payment of the
Deferred Compensation, the liability of the Company to pay the Deferred Compensation
shall be subject to adjustment and discharge on the same basis as liabilities to the
other general unsecured creditors of the Company. It is the intention of the Company
that the Plan be unfunded for tax purposes and for purposes of Title I of the Employee
Retirement Income Security Act of 1974, as amended.
	 
	 	(2)	 	Spendthrift Provision. An Eligible Person’s rights to payments under
the Plan are not subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors of the
Eligible Person or the Eligible Person’s beneficiary.

	C.	 	Deferred Compensation Accounts. The Company will establish a Deferred Compensation
Account (“Deferred Compensation Account”) for each Eligible Person who elects to receive
Deferred Compensation. The Deferred Compensation Account will evidence the amount of Stock
that the Eligible Person would receive at any time if he or she ceased to be an Eligible
Person. The amount of Stock payable to an Eligible Person will be credited to his or her
Deferred Compensation Account within thirty (30) days following the annual meeting of the
shareholders of the Company.

ARTICLE V

STOCK CERTIFICATES

     Stock certificates issued and delivered to Eligible Persons shall bear such
restrictive legends as the Company shall deem necessary or advisable pursuant to applicable federal
and state securities laws.

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ARTICLE VI

TERMINATION AND AMENDMENT OF PLAN

	A.	 	The Board of Directors of the Company may at any time terminate the Plan, and may at any time
and from time to time and in any respect amend the Plan.

	B.	 	No termination, amendment or modification of the Plan shall affect adversely the rights of an
Eligible Person with respect to his or her Deferred Compensation Account nor shall any
Eligible Person be entitled to accelerate the terms and conditions for the payment of Deferred
Compensation by reason of the termination, amendment or modification of the Plan.

	C.	 	This Plan shall terminate upon termination of the Incentive Plan or upon the issuance of
awards with respect to all shares of Stock reserved for issuance under the Incentive Plan.

ARTICLE VII

RELATIONSHIP TO OTHER COMPENSATION PLANS

     The adoption of the Plan shall not affect any other stock option, incentive, or other
compensation plans in effect for the Company or any of its subsidiaries; nor shall the adoption of
the Plan preclude the Company or any of its subsidiaries from establishing any other form of
incentive or other compensation plan for employees, officers, or directors of the Company or any of
its subsidiaries.

ARTICLE VIII

MISCELLANEOUS

	A.	 	Plan Binding on Successors. The Plan shall be binding upon the successors and
assigns of the Company.

	B.	 	Singular, Plural; Gender. Whenever used herein, nouns in the singular shall include
the plural, and the masculine pronoun shall include the feminine gender.

	C.	 	Headings, etc. Headings of Articles and Sections hereof are inserted for convenience
and reference; they do not constitute part of the Plan.

	D.	 	Interpretation. Subject to the express provisions of the Plan, the Board of
Directors of the Company shall have complete authority to interpret the Plan, to prescribe,
amend, and rescind rules and regulations relating to it, and to make all determinations
necessary or advisable for the administration of the Plan. No member of the Board of
Directors of the Company shall be liable to any person for any act or determination made in
good faith with respect to the Plan or any Compensation payable hereunder.

	E.	 	Taxes. If the Company is required to collect withholding taxes upon the issuance of
Stock to any Eligible Person, the Company may not deliver the shares to the Eligible Person
until the Eligible Person has delivered to the Company the required amount for the withholding
taxes.

	F.	 	Applicable Law. This Plan shall be administered, construed and enforced in accordance
with the laws of the State of Delaware.

4EX-10.28 Summary

 

Exhibit 10.28

Gaylord Entertainment Company (the “Company”)

Summary of Director and Executive Officer Compensation

I. Director Compensation. Directors who are employees of the Company do not receive additional
compensation for serving as directors of the Company. The following table sets forth current rates
of cash compensation for the Company’s non-employee directors.

	 	 	 	 	 
	Retainers	 	2008	 
	Board retainer
	 	$	50,000	 
	Audit chair retainer
	 	$	20,000	 
	Audit member retainer
	 	$	10,000	 
	Human Resources/Nominating and Corporate Governance chair retainer.
	 	$	12,500	 
	Human Resources/Nominating and Corporate Governance member retainer
	 	$	7,500	 

In addition, each director receives a fee of $1,500 for attending each meeting of the Board of
Directors. Pursuant to the Company’s Deferred Compensation Plan for Non-Employee Directors,
non-employee directors may defer these fees into this plan until their retirement or resignation
from the Board of Directors. Upon election to the Board of Directors, non-employee directors also
receive a one-time grant of 3,000 restricted stock units under the 2006 Omnibus Incentive Plan,
which vest on the first anniversary of the date of grant. In addition, each non-management
director receives an annual grant of 1,500 restricted stock units under the 2006 Omnibus Incentive
Plan, which vest on the first anniversary of the date of grant. All directors are reimbursed for
expenses incurred in attending meetings.

II. Executive Officer Compensation. The following table sets forth the 2008 annual base salaries
and the fiscal 2007 performance bonuses provided to the Company’s Chief Executive Officer, Chief
Financial Officer and three other most highly compensated executive officers named in the Company’s
proxy statement which was filed in connection with the 2007 annual meeting of stockholders (the
“Named Executive Officers”).

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Fiscal 2007	 
	Executive Officer	 	2008 Salary	 	 	Bonus Amount	 
	Colin V. Reed
	 	$	910,000	 	 	$	1,060,266	 
	David C. Kloeppel
	 	$	575,000	 	 	$	485,021	 
	John Caparella
	 	$	500,000	 	 	$	314,461	 
	Mark Fioravanti
	 	$	260,000	 	 	$	180,063	 
	Carter R. Todd
	 	$	290,000	 	 	$	173,459	 

The above-described Fiscal 2007 Bonus Amounts for each of the Named Executive Officers were paid
pursuant to the Company’s cash bonus program under the Company’s 2006 Omnibus Incentive Plan.

 

 

The following table sets forth the 2008 bonus targets as a percentage of 2008 base salary set for
the Company’s Named Executive Officers.

	 	 	 	 	 
	 	 	Fiscal 2008
	Executive Officer	 	Bonus Target
	Colin V. Reed
	 	 	100	%
	David C. Kloeppel
	 	 	75	%
	John Caparella
	 	 	75	%
	Mark Fioravanti
	 	 	50	%
	Carter R. Todd
	 	 	50	%

The Fiscal 2008 bonuses will be determined based upon the achievement of certain goals and Company
performance criteria, and if earned, will also be paid pursuant to the Company’s cash bonus program
under the Company’s 2006 Omnibus Incentive Plan.

The Named Executive Officers also receive long-term incentive awards pursuant to the Company’s
stockholder-approved equity incentive plans.

III. Additional Information. The foregoing information is summary in nature. Additional
information regarding director and Named Executive Officer compensation will be provided in the
Company’s proxy statement to be filed in connection with the 2008 annual meeting of stockholders.

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