Exhibit 10.53
Summary of Compensation
Arrangements for
Robert S. Driessnack, Chief
Financial Officer
Appointment of Chief Financial
Officer. On December 18, 2008, our board
appointed Robert J. Driessnack to become Chief Financial Officer of
Intermec, Inc. He commenced employment on January 19,
2009.
Compensation Arrangements for Chief Financial
Officer. On December 18, 2008, the Compensation Committee
of the Board of Directors approved the following compensation
arrangements for Mr. Driessnack:
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An annual base
salary of $300,000
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A cash signing
and relocation bonus of $80,000, and
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Eligibility for
participation in the annual cash Management Incentive Compensation
Plan (“MICP”), beginning in 2009. The
potential MICP payout to Mr. Driessnack at target performance will
be 60% of his base salary paid during the period
covered.
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Effective
February 7, 2009, the salaries of all of our Section 16 officers,
including Mr. Driessnack, were reduced by 10%. These
reductions are intended to be temporary but are expected to remain
in effect throughout 2009.
Mr. Driessnack
also will be granted the following equity compensation:
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80,000
non-qualified stock options, with an exercise price e
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