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1992 Compensation
Executive/Title Per Ms. Meyer
Bonke, Group VP, $393,000
General Signal Corp.
Pluff, Group VP, 416,200
Hubbell, Inc.
Paquette, Div. Pres., 327,500
Thomas & Betts Corp.
Pileggi, Div. Pres., 262,600
Thomas & Betts Corp.
Chenoweth, Sr. Corp. 712,600
VP-Intl., Honeywell, Inc.
Keyser, EVP, W.W. 1829,500
Grainger, Inc.
Hassan, VP-Global Interconn. 250,600
Sys., AMP, Inc.
1 Excludes $77,200 of the total compensation computed by Ms.
Meyer, representing 67 percent of a $115,231 long-term incentive
compensation plan payout in 1992 that Ms. Meyer included in full,
since the 1992 payout, according to the W.W. Grainger, Inc., proxy
materials in the record, covered the company’s 3 fiscal years
1990-92.
The 90th percentile of this range of compensation is $759,360.
Accordingly, reasonable compensation for petitioner’s heads of
operating divisions in 1992 would have been an amount not
exceeding $759,360.
(aa) Mr. Garrett
Mr. Garrett’s 1992 compensation, excluding the Retention
Payment and disputed 1991 SRP Benefit, was $591,893. Because
reasonable compensation for Mr. Garrett in 1992 exceeded his 1992
compensation (exclusive of the Retention Payment and disputed
1991 SRP Benefit) by $167,467, this excess constitutes the amount
of Mr. Garrett’s Retention Payment and disputed 1991 SRP Benefit
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