Danaher Corporation Executive Officer Compensation Arrangements (2007)
Danaher Corporation outlines the compensation and benefits for its named executive officers and board members, including base salaries ranging from $395,000 to $1,100,000. Officers are eligible for standard employee benefit plans such as health insurance and 401(k), as well as certain perquisites like club dues, financial planning, car allowances, and limited personal use of company resources. Most officers also participate in the company's executive incentive and stock plans. These arrangements are in addition to other compensation plans detailed in Danaher’s 2007 Annual Report.
Exhibit 10.23
Danaher Corporation
Description of Compensation Arrangements for Certain Executive Officers
In addition to the compensation arrangements otherwise set forth as exhibits to Danaher’s Annual Report on Form 10-K for the year ended December 31, 2007 (the “Annual Report”), following is a description of the compensation arrangements for each of the Company’s named executive officers and for each other executive officer who is also a member of the Company’s Board of Directors (the “officers”).
| Name and Position | Base Salary | ||
| Steven M. Rales Chairman of the Board | $ | 395,000 | |
| Mitchell P. Rales Chairman of the Executive Committee | $ | 395,000 | |
| H. Lawrence Culp, Jr. President and Chief Executive Officer | $ | 1,100,000 | |
| Daniel L. Comas Executive Vice President and Chief Financial Officer | $ | 625,000 | |
| Philip W. Knisely Executive Vice President | $ | 675,000 | |
| James A. Lico Executive Vice President | $ | 525,000 | |
| Thomas P. Joyce, Jr. Executive Vice President | $ | 525,000 | |
The officers are eligible to participate in the Company’s employee benefit plans, including the Company’s group medical, dental, vision, disability, accidental death and dismemberment, life insurance and 401(k) plans. These plans are generally available to all salaried employees and do not discriminate in favor of the officers.
In addition, the perquisites provided to the officers consist primarily of reimbursement for club dues and tax preparation and financial planning services, parking, car allowance or car lease and related expenses, annual physical, tickets for sporting events and, with respect to Mr. Culp, additional term life insurance and personal use of the Danaher plane when not in use for business purposes. Mr. Comas is also allowed certain personal use of the Danaher plane. Not every officer receives or uses each of the perquisites listed above. In addition, Messrs. Steven Rales and Mitchell Rales are permitted to make personal use of designated Company office space and secretarial, tax and accounting services.
In addition, each officer (other than Messrs. Steven Rales and Mitchell Rales) participates in the Company’s Executive Deferred Incentive Program, 2007 Executive Cash Incentive Compensation Plan and 2007 Stock Incentive Plan, each of which is attached as an exhibit to the Annual Report.
