2009 Compensation Arrangements for Named Executive Officers of General Dynamics Corporation
General Dynamics Corporation's Compensation Committee approved the 2009 base salaries and 2008 bonus payments for its named executive officers. The agreement lists the annual base salaries for key executives, including the upcoming change in CEO from Nicholas D. Chabraja to Jay L. Johnson, whose salary will increase upon assuming the role. The arrangement also confirms the approval of 2008 bonuses. These decisions were made effective March 3, 2009, with new salary levels starting March 23, 2009.
Exhibit 10.1
2009 Compensation Arrangements for Named Executive Officers
On March 3, 2009, the Compensation Committee of the Board of Directors of General Dynamics Corporation (the company) approved the 2009 base salaries and 2008 bonus payments for the company’s named executive officers. The named executive officers listed in the table below reflect those individuals identified in the company’s 2009 Annual Proxy Statement, as well as Jay L. Johnson, Vice Chairman of the company, who will become chief executive officer following Nicholas D. Chabraja’s retirement on June 30, 2009.
The table below lists the 2009 annual base salary levels effective March 23, 2009.
| Name and Principal Position | 2009 Base Salary | |||
| Nicholas D. Chabraja | $ | 1,400,000 | ||
| L. Hugh Redd | $ | 745,000 | ||
| Gerard J. DeMuro | $ | 655,000 | ||
| Charles M. Hall | $ | 645,000 | ||
| David A. Savner | $ | 625,000 | ||
| Jay L. Johnson | $ | 860,000 | (1) | |
| (1) | Mr. Johnson’s base salary will increase to $1,400,000 when he becomes chief executive officer on July 1, 2009. |
Effective March 3, 2009, the Compensation Committee also approved the 2008 bonus payments for the named executive officers which were previously disclosed in the company’s current report on Form 8-K, filed with the Commission March 10, 2009.
