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Compensation Arrangements with
Certain Executive Officers
The following
table sets forth the 2008 salary for the Company’s current
executive officers identified by name pursuant to Item 11 of
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2008, and the compensation disclosures in the
Company’s Proxy Statement for its 2009 Annual Meeting of
Shareholders that is incorporated by reference into such
Item 11. The table also sets forth each such officer’s
2009 incentive compensation target under the Company’s
Executive Annual Incentive Compensation Plan (the
“EICP”), as a percentage of salary, and his actual
incentive compensation award for 2008 (whether under the EICP or
based on other considerations).
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2 009
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2 008
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2009
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Incentive
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Incentive
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Base
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Compensation
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Compensation
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Salary
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Target
(1)
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$
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296,202
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$
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458,400
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80
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%
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$
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150,000
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$
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330,000
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55
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%
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Executive Vice President and COO
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$
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89,860
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$
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252,000
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50
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%
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Senior Vice President, Chief Financial Officer
and Treasurer
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$
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144,058
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$
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244,100
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50
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%
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Vice President and General Manager, Defense
& Space
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$
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114,447
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$
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209,200
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50
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%
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Vice President, Innovation &
Strategy
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(1).
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Actual
incentive compensation payment under the EICP is determined based
on Company or divisional performance during 2009, primarily with
reference to actual operating income and EPS compared with targets
approved by the Compensation Committee in February 2009. For
the CEO, COO, CFO, and VP, Innovation & Strategy, the
determination is weighted 40% based on performance against a
corporate operating income target and 40% based on performance
against an EPS target. In each case, the target is consistent with
the Company’s 2009 annual earnings guidance released in
January 2009. The remaining 20% is based on achievement
against individual objectives as set and evaluated by the CEO (the
Board in the case of the CEO). In the cases of corporate officers
other than the CEO, awards are subject to reduction by up to 10%
based on the CEO’s evaluation of individual performance. For
Mr. Smit
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