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.