Base Salaries and Perquisites Agreement for Named Executive Officers
This document outlines the annual base salaries and certain benefits for the company's named executive officers, as approved by the Compensation & Organization Committee. It details salary reductions effective July 1, 2009, and a revised salary for one executive due to additional duties. The agreement also lists various perquisites provided to these executives, such as limited personal use of company assets, club memberships, and other benefits. The parties involved are the company and its named executive officers.
Exhibit 10.(p)
BASE SALARIES OF NAMED EXECUTIVE OFFICERS
On April 23, 2009, the Compensation & Organization Committee of the Board of Directors approved annual base salaries reflecting a 20.6% salary reduction for Mr. Surma and 10% salary reductions for the other named executive officers. The salary reductions were announced on April 27, 2009, and became effective on July 1, 2009. On January 25, 2010, the Compensation & Organization Committee approved a revised base salary for Mr. Garraux based on his assumption of additional duties in connection with a reduction to the number of executives in 2009. As of the date of this filing, the base salaries for our named executive officers are as follows:
| J. P. Surma | $ | 1,000,000 | |
| J. H. Goodish | $ | 675,000 | |
| G. R. Haggerty | $ | 526,500 | |
| J. D. Garraux | $ | 475,000 | |
| D. H. Lohr | $ | 418,500 |
The named executive officers listed above are also provided the following perquisites: limited personal use of corporate aircraft and automobiles; lunch service supplement; club memberships; financial planning and tax preparation services; annual physical examinations; a parking supplement; personal use of corporate properties; tickets to entertainment and sporting events; and, in the case of executives on foreign assignment, the services of a driver as well as security, housing and utility benefits.
