Annual Cash Compensation of Named Executive Officers, dated Oct. 2005
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EX-10.22 4 c99635exv10w22.htm ANNUAL CASH COMPENSATION OF NAMED EXECUTIVE OFFICERS, DATED OCT. 2005 exv10w22
EXHIBIT 10.22
Annual Cash Compensation of Named Executive Officers
The executive officers named in the compensation table in Monsanto’s proxy statement dated December 9, 2004 (the “Named Executive Officers”) have their base salaries determined yearly by the People and Compensation Committee (the “Committee”) of the Board of Directors. It is anticipated that such determinations will occur annually, effective as of the first day of the pay period in which the subsequent January 1 occurs. The Named Executive Officers are all “at will” employees, and do not have written or oral employment agreements other than change of control agreements, the form of which is filed, as required, as an exhibit to reports filed by the Company under the Securities Exchange Act of 1934. The Company, upon the approval of the Committee, retains the right to unilaterally decrease or increase the Named Executive Officers’ base salaries at any time.
The Named Executive Officers are eligible to participate in the Company’s annual incentive compensation plans for all regular employees, including executive officers, which provide for cash awards. Summaries of such annual incentive compensation plans are filed as exhibits, as required, to reports filed by the Company under the Exchange Act.
On October 24, 2005, the Committee approved for the Company’s Named Executive Officers the following base salaries to become effective as of January 2, 2006 and the following annual incentive awards for the 2005 fiscal year, which will be paid on November 10, 2005:
| Base Salary | Base Salary | FY 2005 Annual | ||||||||||
| Named Executive Officer | (as of 01/03/05) | (as of 01/02/06) | Incentive Award | |||||||||
Hugh Grant | $ | 1,050,000 | $ | 1,100,000 | $ | 2,205,000 | ||||||
Chairman of the Board, President | ||||||||||||
and Chief Executive Officer | ||||||||||||
Charles W. Burson | 455,000 | 460,000 | 550,000 | |||||||||
Executive V.P., Secretary | ||||||||||||
and General Counsel | ||||||||||||
Carl M. Casale | 470,000 | 490,000 | 600,000 | |||||||||
Executive V.P., North | ||||||||||||
America Commercial | ||||||||||||
Terrell K. Crews | 490,000 | 510,000 | 600,000 | |||||||||
Executive V.P. and | ||||||||||||
Chief Financial Officer | ||||||||||||
Robert T. Fraley, Ph.D. | 515,000 | 525,000 | 740,000 | |||||||||
Executive V.P. and Chief | ||||||||||||
Technology Officer | ||||||||||||
In addition to the 2005 fiscal year annual incentive award, Messrs. Burson and Crews each received a $75,000 special cash bonus award during the 2005 fiscal year, a summary of which the Company has filed as an exhibit under the Exchange Act.
The Company intends to provide additional information regarding other compensation awarded to the Named Executive Officers in respect of and during the 2005 fiscal year in the proxy statement for its 2006 annual meeting of shareowners, which is expected to be filed with the Securities and Exchange Commission in December 2005.
