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Description
of performance goals under the Amended and Restated National Fuel
Gas Company 2007 Annual At Risk Compensation Incentive Program and
the National Fuel Gas Company Executive Annual Cash Incentive
Program
On
December 26 and 29, 2008, the Compensation Committee of the
Board of Directors of National Fuel Gas Company (the
“Company”) set specific performance goals for fiscal
year 2009 under the Amended and Restated National Fuel Gas Company
2007 Annual At Risk Compensation Incentive Program
(“AARCIP”) for David F. Smith, Ronald J. Tanski,
Matthew D. Cabell and Anna Marie Cellino. Mr. Smith is President
and Chief Executive Officer of the Company. Mr. Tanski is
Treasurer and Principal Financial Officer of the Company and
President of National Fuel Gas Supply Corporation (“Supply
Corporation”), one of the Company’s two pipeline and
storage subsidiaries. Mr. Cabell is President of Seneca
Resources Corporation (“Seneca Resources”), the
Company’s exploration and production subsidiary.
Ms. Cellino is President of National Fuel Gas Distribution
Corporation, the Company’s utility subsidiary.
Mr. Smith,
Mr. Tanski, Mr. Cabell and Ms. Cellino will earn
cash compensation in fiscal 2009 under the AARCIP depending upon
their performance relative to their goals. Compensation amounts
pursuant to these arrangements can range from zero to 200% of
salary for Mr. Smith, from zero to 160% of salary for
Mr. Tanski, and from zero to 140% of salary for
Mr. Cabell and Ms. Cellino. Target compensation is 100%
of salary for Mr. Smith, 80% of salary for Mr. Tanski and
70% of salary for Mr. Cabell and Ms. Cellino. The
Compensation Committee may approve other compensation or awards at
its discretion.
The goals
for Mr. Smith relate to Company earnings per share (weighted
as 25% of the formula), earnings per share of the Company’s
pipeline and storage subsidiaries and utility subsidiary (weighted
as 25% of the formula), oil and natural gas production volume
(weighted as 20% of the formula), long-term strategy (weighted as
10% of the formula), the number of wells drilled in the Marcellus
Shale (weighted a
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