Square D Company and Subsidiaries - Page 110

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          disagreements concerning the 1992 compensation of the Retained              
          Executives in the main concern the appropriate adjustments to be            
          made to the Retained Executives’ 1992 compensation to make it               
          conform to the reporting conventions used in such SEC filings.              
                         (i)   Perquisites                                            
               Because the SEC proxy filings utilized by the experts                  
          generally did not disclose perquisites paid to a reporting                  
          company’s executives unless the perquisites’ value exceeded in              
          the aggregate the lesser of either $50,000 or 10 percent of                 
          salary and bonus,50 Ms. Meyer took the position that perquisites            
          of the Retained Executives should be excluded from their 1992               
          compensation when comparing it to the compensation of executives            
          as reported in proxy filings.  Mr. Rosenbloom, by contrast,                 
          included all perquisites in the Retained Executives’ 1992                   
          compensation, regardless of amounts.  We agree with Ms. Meyer               
          that the perquisites of the Retained Executives for 1992 should             
          be disregarded insofar as they fall below SEC reporting                     
          thresholds, to conform with the conventions underlying the                  
          disclosed compensation of executives to which they are being                
          compared.51  However, we find that Ms. Meyer erred in                       

               50 See 17 C.F.R. sec. 229.402(b)(2)(iii)(C)(1) (1993).                 
               51 We also agree with Ms. Meyer’s position that                        
          reimbursements for moving expenses should be excluded from                  
          perquisites for purposes of comparisons to compensation reported            
          in proxy filings.  We therefore disregard $77,371 in moving                 
                                                             (continued...)           





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