| |
Annual Compensation
Notes:
| 1 |
This column includes the aggregate incremental cost to
the company of providing perquisites and personal benefits to the named
executive officers for each of the last three years. The amounts reported in
this column for 2002, which represent at least 25% of the total amount reported
for 2002, are: financial counseling for Mr. Immelt ($30,654), Mr. Wright
($65,880), Mr. Heineman ($33,120) and Mr. Rogers ($13,500) and leased car for
Mr. Immelt ($17,445), Mr. Dammerman ($25,539) and Mr. Rogers ($26,482). The amounts
also include the following incremental costs for personal use of company
aircraft by the named executive before the executive became subject to the
company’s security program requirements described below in footnote 2, or
for personal use of company aircraft by members of the executive’s
family: Mr. Immelt ($58,238 in 2001 and $81,418 in 2000); Mr. Wright ($16,289
in 2001 and $56,868 in 2000); and Mr. Rogers ($74,666 in 2001 and $164,355 in
2000). The amounts included in this column for personal use of company aircraft
by Mr. Heineman are $52,932 in 2002, $28,177 in 2001 and $33,149 in 2000. The
amounts reported in this column for 2001 and 2000 differ somewhat from the
amounts reported in prior proxy statements because in 2002 the company changed
the period for which it reported costs for personal use of company aircraft and
leased cars from a 12-month period ending October 31, to a 12-month
calendar-year period ending December 31, and recast prior years so that amounts
were reported on a consistent basis.
|
| 2 |
GE, pursuant to an executive security program
established by the management development and compensation committee of the
board of directors, requires the current chairman and vice chairmen to use
company aircraft for personal as well as business travel. The committee
requires the company to provide these security services for the company's
benefit rather than as a personal benefit or perquisite for the executives.
Although GE believes the costs of these services are a business expense and has
not included them in the column on Other Annual Compensation, we are
voluntarily reporting the following incremental costs of these
services in this footnote: Mr. Immelt ($119,191 in 2002 and $62,705 in 2001);
Mr. Dammerman ($391,706 in 2002, $385,208 in 2001 and $293,580 in 2000); Mr.
Wright ($138,813 in 2002, $112,378 in 2001 and $16,073 in 2000); and Mr. Rogers
($154,301 in 2002 and $39,031 in 2001).
|
|
|
|
|
| |
Long-Term Compensation and All Other Compensation
Notes:
| 3 |
This column shows the market value of restricted stock
unit (RSU) awards on date of grant. The management development and compensation
committee periodically grants restricted stock or RSUs to executives of the
company. The aggregate holdings and market value of restricted stock and RSUs
held on December 31, 2002, by the individuals listed in this table, are: Mr.
Immelt, 740,888 shares or units/$18,040,623; Mr. Dammerman, 1,196,620 shares or
units/$29,137,697; Mr. Wright, 1,380,383 shares or units/$33,612,326; Mr.
Heineman, 617,023 shares or units/$15,024,510; and Mr. Rogers, 715,302 shares
or units/$17,417,604. The restrictions on most of these shares and units lapse
on a scheduled basis over the executive officer’s career, or upon death,
with the restrictions on 25% of the units generally scheduled to lapse three
and seven years after the date of grant, and the restrictions on the remaining
50% scheduled to lapse at retirement. Regular quarterly dividends or dividend
equivalents are paid on restricted stock and RSUs held by these individuals.
|
| 4 |
These amounts represent the estimated dollar value of
payouts pursuant to the contingent long-term performance incentive awards
granted in 2000, as discussed on page 28 (Contingent Long-Term Performance Incentive Awards).
|
| 5 |
These amounts represent company payments of 3.5% of
eligible pay made in connection with the company’s Savings and Security
Program.
|
| 6 |
This compensation represents the difference between
market interest rates determined pursuant to SEC rules and the 10% to 14%
interest contingently credited by the company on salary deferred by the executive
officers under various salary deferral plans in effect between 1987 and 2002.
Under all such plans, the executive officers generally must remain employed by the company for
at least four years following the deferrals, or retire after a full year of
deferral, in order to obtain the stated interest rate.
|
| 7 |
This column includes the estimated dollar value of the
company's portion of insurance premium payments for supplemental split-dollar
life insurance provided to company officers prior to enactment of the
Sarbanes-Oxley Act on July 30, 2002. GE will recover all split-dollar premiums
paid by it from the policies. The estimated value is calculated, in accordance
with SEC rules, as if the 2002 premiums were advanced to the executive officers
without interest until the time the company expects to recover its premium
payments. This column also includes taxable payments made to executives to
cover premiums for a universal life insurance policy owned by the executive,
which is provided to over 4,400 of the company's executives, including the
named executives.
|
|
|
|
|
