GVHR » Topics » Pay Elements

This excerpt taken from the GVHR DEF 14A filed Apr 17, 2008.

Pay Elements

        Our compensation practices reflect the Committee's pay for performance philosophy, whereby a significant portion of executive compensation is at risk and tied to both Company and business unit or function performance. Our compensation program consists of several elements, which are described below:

Pay Element

  Purpose of the Pay Element and What it Rewards
Base Salary   Provides fixed compensation that is in line with our philosophy on competitive and market practices. Intended to reward core competence in the executive's role relative to skills, experience and contributions to our business.

Annual Cash Incentives (Short Term Incentives)

 

Provides at-risk variable pay opportunity. Intended to reward achievement of specific annual Company and business unit or function objectives.

Long-term Incentives

 

Provides at-risk variable pay opportunity tied to long-term objectives that are aligned with shareholder interests. Intended to reward both performance and tenure and encourage executives to act as equity owners.

Perquisites

 

Retention of our most senior executives. Designed to assist the senior executive to efficiently perform their responsibilities and minimize distractions.

Retirement Benefits

 

Part of our broad-based total rewards program. Designed to provide a safety net of protection against financial catastrophes that can result from illness, disability or death.

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Health and Welfare Benefits

 

Part of the broad-based total rewards program. Designed to provide ready access to health care so that we can maintain a healthy and productive workforce. Also provides a safety net of protection against financial catastrophes that can result from illness, disability or death.

Severance and Change in Control

 

Includes general and change in control severance agreements. General severance agreements provide severance in the case of termination for other than "cause." Change in control agreements provide for severance in the event of termination within two years after a qualifying change in control event. Designed to attract and retain talent, reflect general market practice and, in the case of the change in control agreements, to provide for continuity of management.
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