Square D Company and Subsidiaries - Page 28

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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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