Summary
This 8-K filing from General Dynamics Corporation (GD) announces the approval of 2010 bonus payments to its named executive officers and certain other officers, effective March 1, 2011. The Compensation Committee of the Board of Directors finalized these bonuses, which are a key component of executive compensation and reflect performance during the fiscal year 2010. Investors can view this as an indication of the company's executive compensation philosophy and its approach to incentivizing leadership based on annual results.
Key Highlights
- 1Approval of 2010 bonus payments for named executive officers and other company officers, effective March 1, 2011.
- 2Jay L. Johnson, Chairman and CEO, received a 2010 bonus of $3,100,000.
- 3L. Hugh Redd, Senior Vice President and CFO, received a 2010 bonus of $950,000.
- 4Gerard J. DeMuro, Executive Vice President, Information Systems and Technology, received a 2010 bonus of $950,000.
- 5Charles M. Hall, former Executive Vice President, Combat Systems, received a prorated 2010 bonus of $325,000 (retired May 1, 2010).
- 6Nicholas D. Chabraja and David A. Savner were not eligible for 2010 bonuses due to their retirements in 2009.
Frequently Asked Questions
The primary purpose of this 8-K filing is to formally report the approval of 2010 bonus payments to General Dynamics' named executive officers and certain other officers by the Compensation Committee of its Board of Directors.
Jay L. Johnson, Chairman and Chief Executive Officer, was approved for a 2010 bonus amount of $3,100,000.
Yes, Nicholas D. Chabraja and David A. Savner, who were named executive officers in the 2010 proxy statement, were not eligible for 2010 bonuses because they retired from the company in 2009.
The bonus payments were approved by the Compensation Committee and became effective on March 1, 2011.