Empire District Electric Company CEO William Gipson made $928,271 in 2008, according to a proxy statement filed earlier this month with the Securities and Exchange Commission.
Gipson's base salary was $315,000, according to the statement. He also received $191,433 in stock awards, $209,627 in "non-equity incentive plan compensation," $289,244 in "change in pension value and nonqualified deferred compensation earnings," and $9,391 in "all other compensation."
Gipson's pay package has increased more than $150,000 in the past two years.
His pay could skyrocket if Empire ever has a change of ownership and the new owners give him the boot. According to the proxy statement, that scenario would give Gipson a severance package worth $2,921,470. That amount would include $1,316,317 in severance pay, a bonus of $209,627, dividend equivalents worth $179,200, $129,653 in performance-based restricted stock, $35,936 for continued benefits, $673,445 for excise tax and related gross-up, and $377,472 for "enhanced retirement benefits."
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