EX-99.1 2 dex991.htm EXHIBIT 99.1 EXHIBIT 99.1

Exhibit 99.1

 

Lockheed Martin Corporation

 

Salary and Incentive Compensation Information for Named Executive Officers

 

Named Executive Officer1

   

Base Salary

effective as
of 02/27/062

   

2005 MICP

Bonus
Award

   

2006 Stock
Option
Award3

(#
underlying
shares)

   

2006 RSU
Award4

(#
underlying
shares)

   

LTIP Target
Award

2006-2008

Performance
Period5

   

LTIP
Payout

2003-2005
Performance
Period

Robert J. Stevens

    $ 1,480,000    $ 3,250,000    300,000    132,000    $ 4,300,000    $0

Robert B. Coutts

      825,000      1,102,700    43,500    7,000      850,000    0

Christopher E. Kubasik

      745,000      954,300    36,000    8,500      700,000    0

Michael F. Camardo

      702,000      913,500    36,000    5,500      750,000    0

G. Thomas Marsh

      679,000      896,300    0    0      850,000    0

Frank H. Menaker6

      N/A      893,500    N/A    N/A      N/A    0

 

1 Consistent with SEC rules, the named executive officers reflected include: (i) the individuals serving as Chief Executive Officer of the Corporation during 2005; (ii) the four most highly compensated executive officers other than the CEO; and (iii) up to two additional individuals for whom disclosures would have been provided but for the fact that the person was not serving as an executive officer of the Corporation at the end of 2005.
2 The percentage increase in base salary (rounded to the nearest whole percentage) over the prior base salary for each of the named executive officers was: Mr. Stevens (7%); Mr. Coutts (6%); Mr. Kubasik (10%); Mr. Camardo (5%); and Mr. Marsh (7%).
3 Stock options have an exercise price equal to the closing market price of our common stock on the date of grant (February 1, 2006) and are subject to a three-year vesting schedule.
4 RSUs are payable in shares of the Corporation’s stock on the third anniversary of the grant, subject to reduction based on the Corporation’s cash from operations performance in the year of grant. Of the RSUs awarded to Mr. Stevens, 92,000 have an extended vesting schedule for retention purposes.
5 LTIP award payments may range from 0 percent to 200 percent of the Target Award, based on performance factors over the 2006-2008 performance period. To the extent any payment is made at the end of the performance period, 50 percent is payable in cash and 50 percent is deferred automatically as stock units that track the performance of the Corporation’s common stock for a period of two years.
6 Mr. Menaker served as Senior Vice President and General Counsel until October 1, 2005 and retired on February 1, 2006.