Lockheed Martin Corporation Executive Base Salary Adjustments for Named Officers (2006)
This document lists the prior and adjusted base salaries for Lockheed Martin Corporation's named executive officers as of December 1, 2006. It details salary increases for several top executives, including the Chairman, President, and CEO, as well as Executive Vice Presidents. The adjustments are tied to the company's Management Incentive Compensation Plan, which uses December base salaries to determine annual incentive compensation. One executive did not receive an increase due to planned retirement. The document is informational and does not impose ongoing obligations or conditions beyond salary adjustments.
Exhibit 10.2
Lockheed Martin Corporation
Base Salaries of Named Executive Officers1
| Named Executive Officer | Base Salary as of 11-30-06 | Adjusted Base Salary as of 12-1-062 | |||||
| Robert J. Stevens Chairman, President and Chief Executive Officer | $ | 1,480,000 | $ | 1,520,000 | |||
| Robert B. Coutts Executive Vice President Electronic Systems | 825,000 | 850,000 | |||||
| Christopher E. Kubasik Executive Vice President and Chief Financial Officer | 745,000 | 775,000 | |||||
| Michael F. Camardo Executive Vice President Information & Technology Services | 702,000 | 702,000 | 3 | ||||
| 1 | Named executive officers are reflected for the fiscal year ended December 31, 2005. G. Thomas Marsh , Executive Vice President, Space Systems, previously was reflected as a named executive officer but retired in 2006 and consequently did not receive an adjustment to base salary. |
| 2 | Under the Corporation’s Management Incentive Compensation Plan, the base salary in effect during the first full week of December is used to determine annual incentive compensation. This factor was considered in determining the amount of the adjustment. |
| 3 | Mr. Camardo plans to retire on April 1, 2007 and, consequently, did not receive an increase in base salary relative to the elimination of certain perquisites. |
