SEC Document


Table of Contents

 

EXECUTIVE COMPENSATION (CONTINUED)

 

 

Option Exercises and Stock Vested During Fiscal 2017

This table provides information for the named executive officers on stock option and SAR exercises and restricted stock vesting during fiscal 2017, including the number of shares acquired upon exercise and the value realized, before payment of any applicable withholding tax and broker commissions.

 

     Option Awards      Stock Awards  
  Name
  (a)
   Number of
Shares
Acquired on
Exercise
(#)(b)
    

Value

Realized

on

Exercise

($)

(c)

    

Number of
Shares
Acquired on
Vesting

(#)

(d)

    

Value

Realized

on

Vesting

($)

(e)

 
Frank C. Sullivan      400,000        15,048,000        73,866        3,871,953  
Ronald A. Rice      60,000        2,068,500        35,000        1,820,000  
Russell L. Gordon      0        0        15,000        780,000  
Edward W. Moore      12,500        291,775        16,590        866,226  
Janeen B. Kastner      0        0        8,000        416,000  

Pension Benefits for Fiscal 2017

 

  Name
  (a)
   Plan Name
(b)
  

Number

of

Years

Credited

Service

at

5/31/15

(c)

    

Present

Value of

Accumulated

Benefit

($)

(d)

    

Payments

During

Last

Fiscal

Year

($)

(e)

 
Frank C. Sullivan    RPM International Inc. Retirement Plan      28.3        676,207        0  
Ronald A. Rice    RPM International Inc. Retirement Plan      22.3        540,936        0  
Russell L. Gordon    RPM International Inc. Retirement Plan      22.3        442,760        0  
Edward W. Moore    RPM International Inc. Retirement Plan      10.6        337,516        0  
Janeen B. Kastner    RPM International Inc. Retirement Plan      20.3        407,269        0  

 

The preceding table shows the present value of accumulated benefits payable to each named executive officer, including each such named executive officer’s number of years of credited service, under our Retirement Plan determined using interest rate and mortality rate assumptions consistent with those used in our financial statements.

The Retirement Plan is a funded and tax qualified retirement plan. The monthly benefit provided by the Retirement Plan’s formula on a single life annuity basis is equal to the sum of 22.5% of a participant’s average monthly compensation, reduced pro rata for years of benefit service (as defined in the Retirement Plan) less than 30 years, plus 22.5% of a participant’s average monthly compensation in excess of his or her monthly Social Security covered compensation, reduced pro rata for years of benefit service less than 35 years. Average monthly compensation is the average

monthly compensation earned during the 60 consecutive months providing the highest such average during the last 120 months preceding the applicable determination date. The compensation used to determine benefits under the Retirement Plan is generally a participant’s W-2 compensation, adjusted for certain amounts, but may not exceed the limit under the Internal Revenue Code which is applicable to tax qualified plans ($265,000 for 2016). Compensation for each of the named executive officers during 2016 only includes $265,000 of the amount shown for 2016 in column (c) of the Summary Compensation Table. A participant’s Social Security covered compensation is based on the average of the Social Security taxable wage bases in effect during the 35-year period ending with his attainment of the Social Security retirement age assuming his compensation is and has always been at least equal to the taxable wage base.

 

 

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