2005 Compensation Arrangements for Named Executive Officers of General Dynamics Corporation
General Dynamics Corporation's Compensation Committee approved the 2005 base salaries and 2004 bonus payments for its named executive officers, as listed in the company's 2005 Annual Proxy Statement. The agreement specifies the annual base salary amounts for each executive, effective March 21, 2005, and confirms the approval of previously disclosed 2004 bonuses. This arrangement outlines the compensation structure for the company's top executives for the specified period.
Exhibit 10.1
2005 Compensation Arrangements for Named Executive Officers
On March 2, 2005, the Compensation Committee of the Board of Directors of General Dynamics Corporation (the company) approved the 2005 base salaries and 2004 bonus payments for the company’s named executive officers. The named executive officers reflect those individuals identified in the company’s 2005 Annual Proxy Statement.
The table below lists the 2005 annual base salary levels of the company’s named executive officers.
| Name and Principal Position | 2005 Base Salary (effective 3/21/05) | ||
| Nicholas D. Chabraja Chairman of the Board and Chief Executive Officer | $ | 1,300,000 | |
| Arthur J. Veitch Executive Vice President and Group Executive, Combat Systems | $ | 515,000 | |
| Michael J. Mancuso Senior Vice President and Chief Financial Officer | $ | 575,000 | |
| Gerard J. DeMuro Executive Vice President and Group Executive, Information Systems and Technology | $ | 500,000 | |
| David A. Savner Senior Vice President and General Counsel, Secretary | $ | 490,000 | |
On March 2, 2005, the Compensation Committee also approved the 2004 bonus payments which were previously disclosed in the company’s current report on Form 8-K, filed with the Commission March 4, 2005.
