Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - PMFG, Inc. | Financial_Report.xls |
| 10-Q - FORM 10-Q - PMFG, Inc. | d286966d10q.htm |
| EX-32 - EXHIBIT 32 - PMFG, Inc. | d286966dex32.htm |
| EX-31.2 - EXHIBIT 31.2 - PMFG, Inc. | d286966dex312.htm |
| EX-31.1 - EXHIBIT 31.1 - PMFG, Inc. | d286966dex311.htm |
Exhibit 99.1
The following information is being provided to revise certain information in our Definitive Proxy Statement filed on Schedule 14A on October 7, 2011 (the “Proxy Statement”).
(a) The information presented in the Summary Compensation Table on page 25 of the Proxy Statement is revised per the table below to reflect the correct amounts under (i) “Stock Awards” for each of Mr. Burlage, Mr. Hayslip, Mr. McMenamin, Mr. Taylor and Mr. Schopfer for fiscal year 2011, (ii) “Stock Awards” and “All Other Compensation” for Mr. Hayslip for fiscal year 2010, and (iii) “Total” for each of Mr. Burlage, Mr. Hayslip, Mr. McMenamin, Mr. Taylor and Mr. Schopfer for fiscal year 2011, for Mr. Hayslip for fiscal year 2010 and for Mr. Taylor for fiscal year 2009.
| Non-Equity | ||||||||||||||||||||||||||||||
| Stock | Incentive Plan | All Other | ||||||||||||||||||||||||||||
| Name and Principal Position |
Year | Salary | Bonus | Awards(1) | Compensation(2) | Compensation(3) | Total | |||||||||||||||||||||||
| Peter J. Burlage |
2011 | $ | 367,500 | $ | — | $ | 262,505 | $ | — | $ | 31,639 | $ | 661,644 | |||||||||||||||||
| President and Chief |
2010 | 350,000 | — | 245,000 | 214,416 | 18,225 | 827,641 | |||||||||||||||||||||||
| Executive Officer |
2009 | 350,000 | — | 210,020 | — | 25,600 | 585,620 | |||||||||||||||||||||||
| Ronald L. McCrummen |
2011 | $ | 59,614 | $ | — | $ | 310,009 | $ | — | $ | 115 | $ | 369,738 | |||||||||||||||||
| Vice President & Chief |
||||||||||||||||||||||||||||||
| Financial Officer(4) |
||||||||||||||||||||||||||||||
| Warren R. Hayslip |
2011 | $ | 231,000 | $ | — | $ | 92,402 | $ | — | $ | 10,408 | $ | 333,810 | |||||||||||||||||
| Vice President and |
2010 | 220,000 | — | 165,000 | 67,388 | 632 | 453,020 | |||||||||||||||||||||||
| Chief Operating Officer |
||||||||||||||||||||||||||||||
| Sean P. McMenamin |
2011 | $ | 180,000 | $ | — | $ | 71,988 | $ | — | $ | 7,712 | $ | 259,700 | |||||||||||||||||
| Vice President, |
2010 | 175,000 | — | 69,999 | 82,307 | 2,223 | 329,529 | |||||||||||||||||||||||
| Operations |
2009 | 175,000 | — | 46,506 | — | 6,663 | 228,169 | |||||||||||||||||||||||
| David Taylor |
2011 | $ | 167,000 | $ | — | $ | 66,797 | $ | — | $ | 7,640 | $ | 241,437 | |||||||||||||||||
| Vice President, |
2010 | 162,000 | — | 24,297 | 34,698 | 2,125 | 223,120 | |||||||||||||||||||||||
| Business Development |
2009 | 162,000 | 25,000 | 46,506 | 6,708 | 240,214 | ||||||||||||||||||||||||
| Henry G. Schopfer |
2011 | $ | 211,798 | $ | — | $ | 103,001 | $ | — | $ | 154,891 | $ | 469,690 | |||||||||||||||||
| Former Vice President and |
2010 | 250,000 | — | 100,003 | 90,758 | 3,079 | 443,840 | |||||||||||||||||||||||
| Chief Financial Officer(5) |
2009 | 250,000 | — | 89,978 | — | 11,465 | 351,443 | |||||||||||||||||||||||
(b) The percentage information provided for Mr. Warren Hayslip as presented in the Base Salary Table on Page 22 of the Proxy Statement is revised to reflect a percentage increase of 5%:
| Name of Officer |
Fiscal 2010 Base Salary |
Fiscal 2011 Base Salary |
Increase | Percentage Increase |
||||||||||||
| Warren R. Hayslip |
220,000 | 231,000 | 11,000 | 5.0 | % | |||||||||||
(c) The information presented in the table of Grants of Plan-Based Awards on Page 27 of the Proxy Statement is revised below to reflect the correct amounts under (i) “All Other Stock Awards: Number of Shares of Stock” for each of Mr. Hayslip, Mr. McMenamin, Mr. Taylor and Mr. Schopfer and (ii) “Grant Date Fair Value of Stock and Option Awards” for each of Mr. Burlage, Mr. Hayslip, Mr. McMenamin, Mr. Taylor and Mr. Schopfer:
| Estimated Future
Payouts Under Non-Equity Incentive Plan Awards(1) |
All Other Shares |
Grant Date Fair Value of Stock and Option |
||||||||||||||||||||||||||||||||
| Name |
Type | Grant Date | Threshold | Target | Maximum | Stock(2) | Awards(3) | |||||||||||||||||||||||||||
| Peter J. Burlage |
AIC | $ | 110,250 | $ | 220,500 | $ | 441,000 | |||||||||||||||||||||||||||
| LTI | 07/01/2010 | 18,054 | $ | 262,505 | ||||||||||||||||||||||||||||||
| Ronald L. McCrummen(4) |
AIC | — | — | — | ||||||||||||||||||||||||||||||
| LTI | 05/05/2011 | 14,419 | 310,009 | |||||||||||||||||||||||||||||||
| WWarren R. Hayslip |
AIC | $ | 46,200 | $ | 92,400 | $ | 184,800 | |||||||||||||||||||||||||||
| LTI | 07/01/2010 | 6,355 | 92,402 | |||||||||||||||||||||||||||||||
| S Sean P. McMenamin |
AIC | $ | 36,000 | $ | 72,000 | $ | 144,000 | |||||||||||||||||||||||||||
| LTI | 07/01/2010 | 4,951 | 71,988 | |||||||||||||||||||||||||||||||
| David Taylor |
AIC | $ | 33,400 | $ | 66,800 | $ | 133,600 | |||||||||||||||||||||||||||
| LTI | 07/01/2010 | 4,594 | 66,797 | |||||||||||||||||||||||||||||||
| Henry G. Schopfer(5) |
AIC | $ | 51,500 | $ | 103,000 | $ | 206,000 | |||||||||||||||||||||||||||
| LTI | 07/01/2010 | 7,084 | 103,001 | |||||||||||||||||||||||||||||||
| (1) | Represents the potential payout for annual cash incentive compensation. These awards were subject to the attainment of certain performance targets. The performance targets and target award multiples for determining the payout are described under “Compensation Discussion and Analysis — Fiscal 2011 Compensation — Annual Incentive Awards.” Actual amounts of annual cash incentive compensation earned in fiscal 2011 by our named executive officers are included in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table. |
| (2) | Represents number of shares of restricted stock granted to our named executive officers as annual long-term incentive compensation. These restricted stock awards vest ratably over a four-year period beginning on the first anniversary of the grant date. The number of shares has been adjusted for the two-for-one stock exchange affected in connection with the Company’s holding company reorganization in August 2008. |
| (3) | Calculated based on the closing market price of the Company’s common stock on the date of the grant. |
| (4) | Mr. McCrummen was appointed Vice President and Chief Financial Officer in April 2011. The LTI granted to Mr. McCrummen at the time of his appointment was part of his inducement award to join the Company. |
| (5) | Mr. Schopfer resigned from his position as Chief Financial Officer in April 2011. |