Monsanto Base Salary Determination for Named Executive Officers (Effective January 7, 2013)
Monsanto's Board of Directors, through its People and Compensation Committee, annually determines the base salaries of its top executive officers. The named executives are at-will employees without formal employment contracts, except for change of control agreements. The Committee approved new base salaries for these executives, effective January 7, 2013, and retains the right to adjust these salaries at any time. Additional compensation details will be disclosed in the company's 2013 proxy statement.
EXHIBIT 10.26
Base Salaries of Named Executive Officers
The executive officers named in the compensation table in Monsanto’s proxy statement dated Dec. 9, 2011 (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 during a pay period in the following January. 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 Exchange Act. 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.
In October 2012, the Committee approved for the Company’s Named Executive Officers the following base salaries to become effective as of Jan. 7, 2013:
| Named Executive Officer | Base Salary (as of 01/09/12) | Base Salary (as of 01/7/13) | ||||||
| Hugh Grant Chairman of the Board and Chief Executive Officer | $ | 1,431,856 | $ | 1,460,500 | ||||
| Pierre C. Courduroux Senior Vice President and Chief Financial Officer | $ | 525,000 | $ | 580,000 | ||||
| Brett D. Begemann President and Chief Commercial Officer | $ | 600,000 | $ | 688,500 | ||||
| Robert T. Fraley, Ph.D. Executive Vice President and Chief Technology Officer | $ | 624,240 | $ | 637,000 | ||||
| David F. Snively Executive Vice President, Secretary and General Counsel | $ | 530,400 | $ | 580,000 | ||||
The Company intends to provide additional information regarding other compensation awarded to the Named Executive Officers in respect of and during the 2012 fiscal year in the definitive proxy statement for its 2013 annual meeting of shareowners, which proxy statement is expected to be filed with the Securities and Exchange Commission in December 2012.
