2007 Compensation Arrangements for Named Executive Officers of General Dynamics Corporation
General Dynamics Corporation's Compensation Committee approved the 2007 base salaries and 2006 bonus payments for its named executive officers. The agreement lists the annual base salaries for four top executives, effective March 19, 2007, and confirms the approval of 2006 bonus payments as previously disclosed. The arrangement applies to current executives as of the date, excluding those who retired or resigned. This document outlines the compensation structure for the company's senior leadership for the specified period.
Exhibit 10.1
2007 Compensation Arrangements for Named Executive Officers
On March 6, 2007, the Compensation Committee of the Board of Directors of General Dynamics Corporation (the company) approved the 2007 base salaries and 2006 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 2007 Annual Proxy Statement with two exceptions: (1) Micahel J. Mancuso, who retired from the company in 2006, is no longer listed and (2) Bryan T. Moss, who resigned as Executive Vice President, Aerospace effective April 9, 2007, is no longer listed.
The table below lists the 2007 annual base salary levels effective March 19, 2007.
| Name and Principal Position | 2007 Base Salary | ||
| Nicholas D. Chabraja | $ | 1,300,000 | |
| Chairman of the Board and Chief Executive Officer | |||
| L. Hugh Redd | $ | 525,000 | |
| Senior Vice President and Chief Financial Officer | |||
| Gerard J. DeMuro | $ | 580,000 | |
| Executive Vice President, Information Systems and Technology | |||
| David A. Savner | $ | 500,000 | |
| Senior Vice President and General Counsel, Secretary | |||
Effective March 6, 2007, the Compensation Committee also approved the 2006 bonus payments which were previously disclosed in the company’s current report on Form 8-K, filed with the Commission March 9, 2007.
