Executive Officer Base Salary Approval and Perquisites Agreement (May 2011)
This document records the approval by the Compensation & Organization Committee of the Board of Directors for the annual base salaries of named executive officers, effective May 1, 2011. It lists the specific salaries for J. P. Surma, G. R. Haggerty, J. D. Garraux, and G. F. Babcoke, and outlines additional benefits such as personal use of company assets, club memberships, financial services, and special allowances for foreign assignments. The agreement also covers related tax reimbursements for executives on foreign assignments.
Exhibit 10.10
BASE SALARIES OF NAMED EXECUTIVE OFFICERS
On April 25, 2011, the Compensation & Organization Committee of the Board of Directors approved annual base salaries for executive management effective May 1, 2011, increasing the salaries for the named executive officers other than Mr. Surma, whose salary remains the same:
| J. P. Surma | $ | 1,260,000 | ||
| G. R. Haggerty | $ | 609,000 | ||
| J. D. Garraux | $ | 560,000 | ||
| G. F. Babcoke | $ | 525,000 |
The named executive officers listed above are also provided the following perquisites: limited personal use of corporate aircraft and automobiles; dining privileges; club memberships; financial planning and tax preparation services; parking expenses; company-paid physicals; personal use of corporate properties; use of sports and entertainment tickets, matching contributions to charities; foreign service premiums, relocation expenses; and, in the case of executives on foreign assignment, the services of a driver, security, housing and utility benefits, foreign service cost of living adjustment and allowances for communications and home leave. Additionally, there are tax gross ups and reimbursements associated with foreign service.
