Danaher 2014 Annual Report Download - page 132

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Exhibit 10.30
March 5, 2014
(supersedes prior versions)
Mr. Mark A. Beck
Dear Mark:
I am delighted to extend you an offer of employment with Danaher Corporation (the “Company”) and am confident that your background and experience
will allow you to make major contributions to the Company. Your leadership will be critical in fully leveraging our talent and the Danaher Business System
to achieve our aggressive growth targets.
We look forward to welcoming you to our dynamic team. As we discussed, your position would be the Executive Officer position of Executive Vice President
(with an initial focus on Water Quality), based in Washington, D.C., reporting directly to Larry Culp, President and Chief Executive Officer.
Please allow this letter to serve as documentation of the offer extended to you.
Start Date: Your start date will be as soon as practicable, but no later than April 1, 2014.
Base Salary: Your base salary will be paid at the annual rate of $600,000, subject to periodic review, and payable in accordance with the Company’s usual
payroll practices.
Incentive Compensation: You are eligible for an annual cash incentive award. The target bonus percentage, beginning in 2015, will be 110% of your annual
base salary, subject to periodic review. Provided your employment with the Company commences on or before April 1, 2014, your annual bonus award will
be no less than $660,000 for calendar year 2014. (More precisely, for 2014, you will be paid a guaranteed bonus of $660,000 in a lump sum (subject to
applicable tax withholding) outside of the annual cash incentive plan within 60 days of the end of calendar year 2014 (provided that you remain actively
employed at the Company through the date of payment), and the Company may grant a separate, contingent award to you under the annual cash incentive
compensation plan for 2014. In all other respects, such annual cash incentive compensation award shall be subject to the Company’s annual cash incentive
compensation award program for Executive Officers, including applicable performance conditions.
Sign On Bonus: The Company will provide you a cash signing bonus equal to $1,000,000 that is payable in three installments subject to your continued
active employment up to each of the anniversary dates set forth herein. The first payment of $500,000 will be paid in first normal payroll cycle following
your Start Date with the Company. The second $250,000 installment will be paid in the first normal payroll cycle following the first anniversary of your Start
Date. The third $250,000 installment will be paid in the first normal payroll cycle following the second anniversary of your Start Date.
Benefits: You will be eligible to participate in any associate benefit plan that the Company has adopted or may adopt, maintain, or contribute to for the
benefit of its regular exempt employees generally, subject to satisfying any applicable eligibility requirements. You will be eligible to participate in our
comprehensive health and other insurance benefits immediately upon your first day of employment with the Company. You will be eligible to participate in
our 401(k) retirement plan beginning on your first day of employment subject to the applicable plan. Information about our various benefit programs is
enclosed.
Vacation: You will be eligible for 20 days of annual vacation benefits pursuant to the Company’s vacation policy.
Stock Options and RSUs: A recommendation will be made to the Compensation Committee of Danaher’s Board of Directors to grant you a sign-on equity
award (“Sign-On Award”) at its next regularly scheduled meeting after your Start Date at which equity awards are considered. The target award value of this
sign-on grant would be $3,100,000 which would be awarded entirely in RSUs and would vest 33.3% on each of the first three anniversaries RSUs of the grant
date, assuming continued employment.
Source: DANAHER CORP /DE/, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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