Document:

Exhibit 10.43

 

Exhibit 10.43

AMENDMENT NUMBER 3

TO THE

GOODRICH CORPORATION SEVERANCE PROGRAM

     THIS AMENDMENT is made this 11th day of December, 2007, by Goodrich Corporation (hereinafter
referred to as the “Company”);

W I T N E S S E T H

     WHEREAS, the Company maintains the Goodrich Corporation Severance Program, as amended and
restated, effective February 21, 2006 (hereinafter referred to as the “Plan”); and

     WHEREAS, pursuant to Section 10 of the Plan, the Company has retained the right to amend the
Plan from time to time.

     NOW, THEREFORE, effective December 11, 2007, the Company hereby amends the Plan by adding the
following to the end of Section 5(a)(iv):

Notwithstanding anything herein to the contrary, the amount payable under this Subsection
5(a) shall be not less than eight (8) weeks’ Base Pay and not more than one-hundred and
four (104) weeks’ Base Pay if an Eligible Employee meets either of the following
requirements:

     (A) is employed in a corporate staff position classified under the Broad Bands of B-1
and up (eligible for the Company’s Management Incentive Program) at one of the Company’s
corporate offices (including, but not limited to, Charlotte, Washington, D.C., or
Brecksville) or

     (B) is employed in a general manager position at one of the Company’s larger
businesses and is a member of a group commonly known as the Company’s “expanded
roundtable”.

     IN WITNESS WHEREOF, the Company, by its duly authorized officer, has caused this Amendment to
be executed as of the day and year first above written.

	 	 	 	 	 
	 

	 	GOODRICH CORPORATION
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:Exhibit 10.61

 

Exhibit 10.61

Compensation Arrangements for the Named Executive Officers

Set forth below is a summary of the compensation paid by Goodrich Corporation (the “Company”) to
its named executive officers (defined in Regulation S-K Item 402(a)(3)) in their current positions
as of the date of filing of the Company’s Annual Report on Form 10-K for the year ended December
31, 2007 (the “Form 10-K”). All of the Company’s executive officers are at-will employees whose
compensation and employment status may be changed at any time in the discretion of the Company’s
Board of Directors, subject only to the terms of the Management Continuity Agreements between the
Company and these executive officers, the form of which is filed as Exhibit 10.44 to the Form 10-K.

Base Salary. Effective January 1, 2008, the named executive officers are to receive the following
annual base salaries in their current positions:

	 	 	 	 	 
	Name and Current Position	 	Base Salary ($)
	 
	 	 	 	 
	Marshall O. Larsen
	 	$	1,100,000	 
	(Chairman, President and Chief Executive Officer)
	 	 	 	 
	 
	 	 	 	 
	Scott E. Kuechle
	 	$	460,000	 
	(Executive Vice President and Chief Financial Officer)
	 	 	 	 
	 
	 	 	 	 
	John J. Grisik
	 	$	492,000	 
	(Executive Vice President)
	 	 	 	 
	 
	 	 	 	 
	Terrence G. Linnert
	 	$	500,000	 
	(Executive Vice President, Administration and General Counsel)
	 	 	 	 
	 
	 	 	 	 
	John J. Carmola
	 	$	505,000	 
	(Vice President and Segment President, Actuation & Landing Systems)
	 	 	 	 

Annual and Long-Term Incentive Plans. In their current positions, the named executive officers
are eligible to:

	•	 	Receive an annual cash incentive award pursuant to the Senior Executive Management
Incentive Plan (filed as Exhibits 10.33 and 10.34 to the Form 10-K).

	•	 	Participate in the Company’s long-term incentive program, which currently involves the
award of restricted stock units, stock options and performance units pursuant to the Company’s
2001 Equity Compensation Plan (filed as Exhibits 10.12, 10.13 and 10.14 to the Form 10-K).

 

 

Benefit Plans and Other Arrangements. In their current positions, the named executive officers are
eligible to:

	•	 	Participate in the Company’s broad-based benefit programs generally available to its
salaried employees, including health, disability and life insurance programs, qualified 401(k)
and pension plans and a severance plan.

	•	 	Participate in non-qualified 401(k) and pension plans (filed as Exhibits 10.37, 10.38 and
10.39 to the Form 10-K), a supplemental executive retirement plan (the form of which is filed
as Exhibit 10.36 to the Form 10-K), a management continuity agreement that takes effect upon a
change in control of the Company (the form of which is filed as Exhibit 10.44 to the Form
10-K).

	•	 	Receive certain perquisites offered by the Company, including an automobile allowance,
automobile and umbrella liability insurance, financial counseling and tax preparation, club
memberships, annual physical examinations for the executive and spouse, cellular telephone
service, long-distance telephone service for the executive and family, and, in certain cases,
home security systems and use of the Company’s aircraft for personal use. Executives receive a
tax gross-up equal to 100% of the amounts paid by the Company on their behalf with respect to
the automobile allowance, umbrella liability insurance, financial counseling and tax
preparation, club initiation fees and certain life insurance programs.Exhibit 10.62

 

Exhibit 10.62

Compensation Arrangements For Non-Management Directors

Annual Retainer and Meeting Fees

During 2007, each of our non-management Directors of Goodrich Corporation (the “Company”) received
an annual retainer of $55,000, payable in quarterly installments. Effective July 1, 2007, the
annual retainer was increased to $60,000. In addition, each non-management Director receives
$1,500 for each Board and Board Committee meeting attended. The chairs of the Governance Committee,
the Compensation Committee and the Financial Policy Committee each receive an annual $5,000
retainer for serving as the Committee Chair and the Chair of the Audit Review Committee receives an
annual $10,000 retainer.

Outside Directors’ Deferral Plan

Non-management Directors may elect to defer annual retainer and meeting fees under the Outside
Directors’ Deferral Plan. The Outside Directors’ Deferral Plan permits non-management Directors to
elect to defer a portion or all of the annual retainer and meeting fees into either a phantom share
account or a cash account. Amounts deferred into the phantom share account accrue dividend
equivalents, and amounts deferred into the cash account accrue interest at the prime rate. The plan
provides that amounts deferred into the phantom share account are paid out in shares of Company
Common Stock, and amounts deferred into the cash account are paid out in cash, in each case
following termination of service as a Director in either a single lump sum, five annual
installments or ten annual installments.

Directors’ Phantom Share Plan

During 2007, each non-management Director received an annual grant of phantom shares under the
Outside Director Phantom Share Plan equal in value to $75,000. Effective July 1, 2007, the annual
grant value of the phantom shares was increased to $90,000. Dividend equivalents accrue on all
phantom shares credited to a Director’s account. All phantom shares are fully vested on the date of
grant. Following termination of service as a Director, the cash value of the vested number of
phantom shares will be paid to each Director in either a single lump sum, five annual installments
or ten annual installments. The value of each phantom share is determined on the relevant date by
the fair market value of Company Common Stock (as defined in the plan).

 

 

Directors’ Retirement Plan

One of the Company’s non-management Directors (Mr. Rankin) participates in the 1982 Directors’
Retirement Plan, which was terminated in 1995. The plan provided that, upon retirement from the
Board of Directors after reaching the age of 55 with at least ten years of service as a Director,
any non-management Director would be entitled to receive an annual amount equal to the annual
retainer in effect at retirement. A retiring Director who had reached age 55 and served for at
least five but less than ten years would be entitled to a reduced amount equal to 50% of the annual
retainer in effect at retirement, plus 10% of such annual retainer for each additional year of
service (rounded to the nearest whole year) up to ten. Under the transition provisions of the plan,
upon his retirement Mr. Rankin will be entitled to receive an annual amount under the plan equal to
70% of the annual retainer in effect at retirement.

Other

Non-management Directors are reimbursed for actual expenses incurred in the performance of their
services as Directors, including continuing education programs and seminars and, in most instances,
provided with travel via Company-provided private aircraft to Board of Directors and committee
meetings. The Company also provides each non-management Director with long-distance telephone
service for business and personal use and with $250,000 in business travel accident insurance
coverage.Exhibit 10.67

 

Exhibit 10.67

DIRECTORS’ RETIREMENT INCOME PLAN

Adopted by the Board of Directors on February 17, 1982

Replaced by Directors’ Phantom Share Plan September 18, 1995

Further Replaced by Outside Director Phantom Share Plan effective January 1, 2005

RESOLVED, that upon retirement from the Board of Directors after reaching the age of 55 with at
least 10 years of service as a Director, any non-employee Director, and any officer Director who
has also served as Chief Executive Officer, will, subject to the right of modification or
termination referred to below, be entitled to receive an annual amount equal to the fixed retainer
in effect at the time of retirement, to be paid quarterly for the life of the retired Director;

RESOLVED, that any retiring Director who has reached age 55 and has served for at least 5 but less
than 10 years will, subject to the right of modification or termination referred to below, be
entitled to receive an annual amount, payable as set forth in the preceding resolution, at the
reduced rate of 50% of the fixed retainer in effect at retirement plus 10% of such retainer for
each additional year of service up to 10;

RESOLVED, that the Committee on Directors and the Board of Directors shall have the right to modify
or terminate this retirement benefit in their sole discretion and without the approval or consent
of any retired Director who may be affected by such modification or termination; and

RESOLVED, that the officers of the Company be and hereby severally are authorized to make payments
to retired Directors in accordance with the provisions of the preceding resolutions.

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