Relocation Compensation Agreement between Northrop Grumman and James F. Palmer (June 2011)
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Summary
This agreement between Northrop Grumman, represented by CEO Wes Bush, and James F. Palmer, Corporate Vice President and CFO, outlines the terms of Palmer's relocation to Virginia. Palmer will receive a one-time payment of $750,000 instead of standard relocation benefits. By accepting this payment, Palmer forfeits all other relocation-related reimbursements or benefits under the company's usual policy. The payment will be made upon his move to the company's new headquarters in Falls Church, Virginia.
EX-10.1 2 v59799exv10w1.htm EX-10.1 exv10w1
Chief Executive Officer and President
Corporate Vice President and Chief Financial Officer
Exhibit 10.1
 | Wes Bush Chief Executive Officer and President |
June 23, 2011
Dear Jim,
This letter serves to confirm the terms of your relocation to Virginia. The Compensation Committee has approved the following benefits in relation to your relocation:
| • | A lump sum relocation payment of $750,000 to be paid in lieu of relocation benefits to which you would otherwise be entitled to under the Company’s relocation policy. The payment is to be made upon your relocation to the Company’s new headquarters in Falls Church, Virginia. | ||
| • | In exchange for this payment, you will forfeit all benefits you would have been entitled to receive under the company’s relocation policy. |
You will not receive any other reimbursements that would normally be provided under the Company’s relocation policy.
Sincerely,
/s/ WES BUSH
Wes BushChief Executive Officer and President
Accepted:
/s/ JAMES F. PALMER
James F. PalmerCorporate Vice President and Chief Financial Officer
