2010 Summary Compensation
The following table lists the annual compensation for fiscal years 2010, 2009, and 2008 of our CEO, CFO, and our three other most highly compensated executive officers in 2010 (referred to as listed officers).
2010 Summary Compensation Table
|Name and Principal Position||Year||Salary
Paul S. Otellini
Chief Executive Officer
Stacy J. Smith
Senior Vice President
Chief Financial Officer
Andy D. Bryant
Executive Vice President,
and Enterprise Services
Chief Administrative Officer
Executive Vice President
and General Manager,
Intel Architecture Group
|A. Douglas Melamed(3) Senior Vice President General Counsel||2010||600,000||12,600||2,342,200||496,400||1,887,500||—||21,500||5,360,200|
Total compensation as reported in the Summary Compensation table increased 13% from 2009 to 2010 for listed officers (excluding Mr. Melamed, who was not a listed officer in fiscal year 2009 or 2008), primarily because of increases in payouts under our performance-based cash compensation.
Under SEC rules, the values reported in the "Stock Awards" and "Option Awards" columns of the Summary Compensation table reflect the aggregate grant date fair value of grants of stock options and stock awards to each of the listed officers in the years shown.
We calculate the grant date fair value of stock options using the Black-Scholes option pricing model. Because we do not pay or accrue dividends or dividend-equivalent amounts on unvested RSUs, we calculate the grant date fair value of an RSU by taking the value of Intel common stock on the date of grant and reducing it by the present value of dividends expected to be paid on Intel common stock before the RSU vests. The grant date fair values of OSUs are provided to us by Radford, an AonHewitt consulting company.
The following table includes the assumptions used to calculate the aggregate grant date fair value of awards reported for 2010, 2009, and 2008 on a grant-date by grant-date basis.
|(1)||RSUs were the only awards granted on this date; therefore, the "volatility" and "expected life (years)" assumptions were not applicable.|
Non-Equity Incentive Plan Compensation
The amounts in the "Non-Equity Incentive Plan Compensation" column of the Summary Compensation table include annual incentive cash payments made under the EOIP and semiannual incentive cash payments. The allocation of payments was as follows:
|Paul S. Otellini||2010||6,524,000||266,000||6,790,000|
|Stacy J. Smith||2010||1,484,000||91,000||1,575,000|
|Andy D. Bryant||2010||2,180,500||111,800||2,292,300|
|A. Douglas Melamed||2010||1,780,000||107,500||1,887,500|
Change in Pension Value and Non-Qualified Deferred Compensation Earnings
Amounts reported represent the actuarial increase in the pension plan arrangement (other than for Mr. Perlmutter and Mr. Melamed). Since the benefit that executive officers have in the tax-qualified pension plan arrangement is a fixed dollar amount payable at age 65, year-to-year differences in the present value of the accumulated benefit arise solely from changes in the interest rate used to calculate present value and the participant's age becoming closer to age 65. The listed officers (other than Mr. Perlmutter and Mr. Melamed) had an overall increase in 2010 because the interest rate used to calculate present value decreased from 6.1% for 2009 to 5.8% for 2010. They had an overall increase in 2009 because the interest rate decreased from 6.7% for 2008 to 6.1% for 2009. Mr. Perlmutter participates in a pension savings plan and a severance plan for Israeli employees, which are explained further in "Retirement Plans for Mr. Perlmutter" following the Pension Benefits for Fiscal Year 2010 table. The changes in pension value reported above in the Summary Compensation table are the increases in the balance of the pension savings plan (less Mr. Perlmutter's contributions) and the increase in the actuarial value for the severance plan. Mr. Melamed was not eligible to participate in the pension plan until January 1, 2011.
All Other Compensation
The amounts in the "All Other Compensation" column of the Summary Compensation table include tax-qualified discretionary company contributions to the retirement contribution plan, discretionary company contributions credited under the retirement contribution component of the non-qualified deferred compensation plan, matching charitable contributions from the Intel Foundation, and payments in connection with listed officer relocations, as detailed in the table below. Amounts included in the "Retirement Plan Contributions" and "Deferred Compensation Plan Contributions" columns will be paid to the listed officers only upon the latest to occur: retirement, termination, disability, death, or reaching age 70½.
|Total All Other
|Paul S. Otellini||2010||14,700||364,900||2,500||—||382,100|
|Stacy J. Smith||2010||14,700||85,900||—||—||100,600|
|Andy D. Bryant||2010||14,700||129,900||—||—||144,600|
|A. Douglas Melamed||2010||—||—||—||21,500||21,500|