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Danaher Corp/DE – ‘10-K’ for 12/31/12 – ‘EX-10.14’

On:  Friday, 2/22/13, at 8:11am ET   ·   For:  12/31/12   ·   Accession #:  313616-13-26   ·   File #:  1-08089

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/22/13  Danaher Corp/DE                   10-K       12/31/12  135:21M

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.45M 
 2: EX-10.14    Letter Agreement                                    HTML     58K 
 3: EX-10.16    Proprietary Interest Agreement                      HTML     86K 
 4: EX-10.28    Aircraft Time Sharing Agreement                     HTML     79K 
 5: EX-10.30    Amendment to Executive Deferred Incentive Program   HTML     54K 
 7: EX-21.1     Subsidaries of the Registrant                       HTML     84K 
 8: EX-23.1     Consent of Independent Registered Public            HTML     48K 
                Accounting Firm                                                  
 6: EX-12.1     Calculation of Ratio of Earnings to Fixed Charges   HTML     57K 
 9: EX-31.1     Certification of CEO Pursuant to Section 302        HTML     45K 
10: EX-31.2     Certification of CFO Pursuant to Section 302        HTML     45K 
11: EX-32.1     Certification of CEO Pursuant to Section 906        HTML     40K 
12: EX-32.2     Certification of CFO Pursuant to Section 906        HTML     40K 
91: R1          Document And Entity Information                     HTML     69K 
69: R2          Consolidated Balance Sheets                         HTML    136K 
86: R3          Consolidated Balance Sheets (Parenthetical)         HTML     53K 
95: R4          Consolidated Statements Of Earnings                 HTML    158K 
122: R5          Consolidated Statements Of Comprehensive Income     HTML     68K  
73: R6          Consolidated Statements Of Stockholders' Equity     HTML    115K 
85: R7          Consolidated Statements Of Stockholders' Equity     HTML     39K 
                (Parenthetical)                                                  
62: R8          Consolidated Statements Of Cash Flows               HTML    174K 
51: R9          Business And Summary Of Significant Accounting      HTML    123K 
                Policies                                                         
125: R10         Acquisitions                                        HTML    155K  
97: R11         Discontinued Operations                             HTML     76K 
96: R12         Investment in Joint Venture                         HTML     57K 
104: R13         Inventory                                           HTML     51K  
105: R14         Property, Plant And Equipment                       HTML     54K  
101: R15         Goodwill & Other Intangible Assets                  HTML    121K  
106: R16         Fair Value Measurements                             HTML    109K  
87: R17         Accrued Expenses And Other Liabilities              HTML     76K 
92: R18         Financing                                           HTML     95K 
99: R19         Pension Benefit Plans                               HTML    309K 
134: R20         Other Post Retirement Employee Benefit Plans        HTML    103K  
115: R21         Income Taxes From Continuing Operations             HTML    166K  
79: R22         Restructuring And Other Related Charges             HTML     85K 
98: R23         Leases And Commitments                              HTML     56K 
82: R24         Litigation And Contingencies                        HTML     56K 
40: R25         Stock Transactions and Stock-Based Compensation     HTML    193K 
116: R26         Net Earnings Per Share From Continuing Operations   HTML     85K  
130: R27         Segment Information                                 HTML    186K  
56: R28         Quarterly Data                                      HTML    111K 
55: R29         Schedule II - Valuation And Qualifying Accounts     HTML     79K 
60: R30         Business And Summary Of Significant Accounting      HTML    182K 
                Policies (Policy)                                                
61: R31         Business And Summary Of Significant Accounting      HTML     80K 
                Policies (Tables)                                                
63: R32         Acquisitions (Tables)                               HTML    134K 
28: R33         Discontinued Operations (Tables)                    HTML     72K 
113: R34         Investment in Joint Venture (Tables)                HTML     47K  
77: R35         Inventory (Tables)                                  HTML     47K 
80: R36         Property, Plant And Equipment (Tables)              HTML     53K 
45: R37         Goodwill & Other Intangible Assets (Tables)         HTML    110K 
133: R38         Fair Value Measurements (Tables)                    HTML    100K  
19: R39         Accrued Expenses And Other Liabilities (Tables)     HTML     75K 
66: R40         Financing (Tables)                                  HTML     63K 
120: R41         Pension Benefit Plans (Tables)                      HTML    305K  
42: R42         Other Post Retirement Employee Benefit Plans        HTML    113K 
                (Tables)                                                         
54: R43         Income Taxes From Continuing Operations (Tables)    HTML    150K 
59: R44         Restructuring And Other Related Charges (Tables)    HTML     83K 
70: R45         Leases And Commitments (Tables)                     HTML     50K 
27: R46         Stock Transactions and Stock-Based Compensation     HTML    174K 
                (Tables)                                                         
50: R47         Net Earnings Per Share From Continuing Operations   HTML     80K 
                (Tables)                                                         
22: R48         Segment Information (Tables)                        HTML    187K 
118: R49         Quarterly Data (Tables)                             HTML    109K  
41: R50         Business And Summary Of Significant Accounting      HTML     48K 
                Policies (Narrative) (Details)                                   
114: R51         Business And Summary Of Significant Accounting      HTML     46K  
                Policies (Useful Lives Of Depreciable Assets)                    
                (Details)                                                        
46: R52         Business And Summary Of Significant Accounting      HTML     97K 
                Policies (Components of Accumulated Other                        
                Comprehensive Income (Loss)) (Details)                           
67: R53         Acquisitions (Narrative) (Details)                  HTML    103K 
21: R54         Acquisitions (Fair Values Of The Assets Acquired    HTML     78K 
                And Liabilities) (Details)                                       
24: R55         Acquisitions (Results Of Operations If Acquisition  HTML     47K 
                Was Consummated) (Details)                                       
58: R56         Discontinued Operations (Narrative) (Details)       HTML     56K 
32: R57         Discontinued Operations (Components Of Income       HTML     76K 
                Related To Discontinued Operations) (Details)                    
126: R58         Discontinued Operations (Components Of Assets And   HTML     66K  
                Liabilities Related To Discontinued Operations)                  
                (Details)                                                        
75: R59         Investment in Joint Venture (Narrative) (Details)   HTML     77K 
102: R60         Investment in Joint Venture (Gain From Affiliates)  HTML     65K  
                (Details)                                                        
49: R61         Inventory (Schedule Of Inventory) (Details)         HTML     48K 
52: R62         Property, Plant And Equipment (Details)             HTML     53K 
111: R63         Goodwill & Other Intangible Assets (Narrative)      HTML     67K  
                (Details)                                                        
107: R64         Goodwill & Other Intangible Assets (Rollforward Of  HTML     65K  
                Goodwill) (Details)                                              
78: R65         Goodwill & Other Intangible Assets (Finite Lived    HTML     52K 
                Intangible And Indefinite Assets By Major Class)                 
                (Details)                                                        
109: R66         Fair Value Measurements (Narrative) (Details)       HTML     48K  
47: R67         Fair Value Measurements (Financial Assets And       HTML     52K 
                Liabilities Carried At Fair Value) (Details)                     
83: R68         Fair Value Measurements (Carrying Amounts And Fair  HTML     64K 
                Values Of Financial Instruments) (Details)                       
129: R69         Accrued Expenses And Other Liabilities (Accrued     HTML     59K  
                Expenses And Other Liabilities) (Details)                        
23: R70         Financing (Commercial Paper Program And Credit      HTML     62K 
                Facility) (Narrative) (Details)                                  
39: R71         Financing (Other Long-Term Indebtedness)            HTML     51K 
                (Narrative) (Details)                                            
68: R72         Financing (LYONs) (Narrative) (Details)             HTML     75K 
30: R73         Financing (Beckman Coulter Indebtedness)            HTML     72K 
                (Narrative) (Details)                                            
132: R74         Financing (Components Of Debt) (Details)            HTML     74K  
43: R75         Pension Benefit Plans (Narrative) (Details)         HTML     88K 
34: R76         Pension Benefit Plans (Funded Status Of Pension     HTML    122K 
                Plans) (Details)                                                 
38: R77         Pension Benefit Plans (Weighted Average             HTML     46K 
                Assumptions Used To Determine Benefit Obligations)               
                (Details)                                                        
25: R78         Pension Benefit Plans (Components Of Net Periodic   HTML     68K 
                Pension Cost) (Details)                                          
29: R79         Pension Benefit Plans (Weighted Average             HTML     52K 
                Assumptions Used To Determine Net Periodic Pension               
                Cost) (Details)                                                  
93: R80         Pension Benefit Plans (Fair Values Of Pension Plan  HTML     73K 
                Assets) (Details)                                                
36: R81         Pension Benefit Plans (Summary Of Changes In Fair   HTML     78K 
                Value Of Level 3 Investments) (Details)                          
127: R82         Pension Benefit Plans (Benefit Payments That        HTML     56K  
                Reflect Expected Future Service) (Details)                       
64: R83         Other Post Retirement Employee Benefit Plans        HTML     74K 
                (Narrative) (Details)                                            
100: R84         Other Post Retirement Employee Benefit Plans        HTML     86K  
                (Funded Status Of The Domestic Plans) (Details)                  
108: R85         Other Post Retirement Employee Benefit Plans        HTML     50K  
                (Weighted Average Assumptions Used To Determine                  
                Benefit Obligations) (Details)                                   
35: R86         Other Post Retirement Employee Benefit Plans        HTML     50K 
                (Effect Of One-Percentage-Point Change In Assumed                
                Health Care Cost Trend Rates) (Details)                          
37: R87         Other Post Retirement Employee Benefit Plans        HTML     60K 
                (Components Of Net Periodic Benefit Cost)                        
                (Details)                                                        
124: R88         Other Post Retirement Employee Benefit Plans        HTML     54K  
                (Benefit Payments That Reflect Expected Future                   
                Service) (Details)                                               
31: R89         Income Taxes From Continuing Operations             HTML    112K 
                (Narrative) (Details)                                            
94: R90         Income Taxes From Continuing Operations (Earnings   HTML     41K 
                From Continuing Operations Before Income Taxes)                  
                (Details)                                                        
90: R91         Income Taxes From Continuing Operations (Schedule   HTML     72K 
                Of Provision For Income Taxes) (Details)                         
112: R92         Income Taxes From Continuing Operations (Schedule   HTML    102K  
                Of Deferred Income Taxes) (Details)                              
89: R93         Income Taxes From Continuing Operations             HTML     65K 
                (Reconciliation Of The Statutory Federal Income                  
                Tax Rate To The Effective Tax Rate) (Details)                    
74: R94         Income Taxes From Continuing Operations             HTML     62K 
                (Reconciliation Of Unrecognized Tax Benefits)                    
                (Details)                                                        
117: R95         Restructuring And Other Related Charges             HTML     54K  
                (Narrative) (Details)                                            
71: R96         Restructuring And Other Related Charges             HTML     45K 
                (Restructuring And Other Related Charges By                      
                Segment) (Details)                                               
44: R97         Restructuring And Other Related Charges (The        HTML     53K 
                Accrual Balance And Utilization Of Restructuring                 
                Cost) (Details)                                                  
81: R98         Restructuring And Other Related Charges             HTML     42K 
                (Restructuring And Other Related Charges                         
                Recognized In Statements Of Earnings) (Details)                  
76: R99         Leases And Commitments (Narrative) (Details)        HTML     70K 
57: R100        Leases And Commitments (Warranty Accrual)           HTML     51K 
                (Details)                                                        
135: R101        Litigation And Contingencies (Narrative) (Details)  HTML     49K  
110: R102        Stock Transactions and Stock-Based Compensation     HTML    104K  
                (Narrative) (Details)                                            
88: R103        Stock Transactions and Stock-Based Compensation     HTML     54K 
                (Assumptions Used In The Black-Scholes Model To                  
                Value Options Granted) (Details)                                 
26: R104        Stock Transactions and Stock-Based Compensation     HTML     52K 
                (Components Of Share-Based Compensation Program)                 
                (Details)                                                        
119: R105        Stock Transactions and Stock-Based Compensation     HTML     98K  
                (Option Activity Under The Company's Stock Plans)                
                (Details)                                                        
128: R106        Stock Transactions and Stock-Based Compensation     HTML     69K  
                (Summary of Options Outstanding) (Details)                       
121: R107        Stock Transactions and Stock-Based Compensation     HTML     70K  
                (RSU And Restricted Stock Activity) (Details)                    
84: R108        Net Earnings Per Share From Continuing Operations   HTML     44K 
                (Narrative) (Details)                                            
33: R109        Net Earnings Per Share From Continuing Operations   HTML     84K 
                (Components Of Basic And Diluted Earnings Per                    
                Share) (Details)                                                 
103: R110        Segment Information (Segment Results) (Details)     HTML     83K  
48: R111        Segment Information (Schedule Of Operations In      HTML     63K 
                Geographical Areas) (Details)                                    
20: R112        Segment Information (Sales By Major Product Group)  HTML     48K 
                (Details)                                                        
72: R113        Quarterly Data (Schedule Of Quarterly Data)         HTML     87K 
                (Details)                                                        
65: R114        Schedule II - Valuation and Qualifying Accounts     HTML     52K 
                (Details)                                                        
131: XML         IDEA XML File -- Filing Summary                      XML    215K  
53: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   3.46M 
13: EX-101.INS  XBRL Instance -- dhr-20121231                        XML   5.15M 
15: EX-101.CAL  XBRL Calculations -- dhr-20121231_cal                XML    326K 
16: EX-101.DEF  XBRL Definitions -- dhr-20121231_def                 XML   1.23M 
17: EX-101.LAB  XBRL Labels -- dhr-20121231_lab                      XML   2.66M 
18: EX-101.PRE  XBRL Presentations -- dhr-20121231_pre               XML   1.68M 
14: EX-101.SCH  XBRL Schema -- dhr-20121231                          XSD    291K 
123: ZIP         XBRL Zipped Folder -- 0000313616-13-000026-xbrl      Zip    442K  


‘EX-10.14’   —   Letter Agreement


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 <!   C:   C: 
  DHR-2012.12.31-EX-10.14  





Exhibit 10.14
March 19, 2012


Via E-Mail

Ms. Angela S. Lalor

Dear Angela:

Thank you for the time you have spent with us discussing our organization and the exciting opportunities for growth ahead of us. We are delighted to extend you an offer of employment with Danaher Corporation (the “Company”) and are 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 Senior Vice President – Human Resources, based in Washington, DC, directly reporting to me.
 
Please allow this letter to serve as documentation of the offer extended to you.

Start Date:
Your start date will be mutually agreed, but no later than April30, 2012.

Base Salary:
Your base salary will be paid at the annual rate of $500,000, subject to periodic review, and payable in accordance with the Company’s usual payroll practices.

Incentive
Compensation
Bonus:    
You are eligible for an annual cash incentive compensation award. The baseline annual bonus percentage, beginning in 2014, will be 60% of base salary, subject to periodic review.

More information regarding the Company’s annual cash incentive compensation program for Executive Officers is available beginning at page 25 of Danaher’s 2011 Annual Proxy Statement.

Provided your employment with the Company commences on or before April 30, 2012, your annual cash incentive compensation award will be no less than $500,000 for each of the calendar years 2012 and 2013. (More precisely, for each of 2012 and 2013 you will be paid a guaranteed bonus of $500,000 in a lump sum (subject to applicable tax withholding) outside of the annual cash incentive plan within 60 days of the end of the applicable year (provided that you remain actively employed at the Company through the date of payment) and the Company will grant a separate, contingent award to you under the annual cash incentive compensation plan for each of 2012 and 2013.) In all other respects, such annual cash incentive compensation awards will be subject to the Company’s annual cash incentive compensation program for Executive Officers, including applicable performance conditions.








Stock Options
and RSUs:
A recommendation will be made to the Compensation Committee of Danaher’s Board of Directors to grant you stock options and RSUs with a total target award value of $3,500,000 (representing the combined target award value of a 2012 annual grant and a new hire grant), at its next regularly scheduled meeting after the commencement of your employment at which equity awards are considered. The awards approved by the Compensation Committee will be solely governed by the terms and conditions set forth in Danaher’s 2007 Stock Incentive Plan and
in the particular form of award agreement required to be signed with respect to each award.
The target award dollar value of your “new hire” grant is $2,100,000 which would be awarded entirely in RSUs and would vest 20% on each of the first five anniversaries of the grant date, assuming continued employment. The target award dollar value attributable to these RSUs will be converted into a specific number of RSUs (rounded up to the nearest five) based on the average closing price of Danaher’s common stock over a 15-day trading period ending on the 7th business day before the grant date (the “average price”).
The target award dollar value of your 2012 annual grant will be $1,400,000 which will be split evenly between stock options and RSUs. The target award dollar value attributable to stock options will be converted into a specific number of options (rounded up to the nearest ten) based on an assumed value per option equal to 40% of the average price.  The target award dollar value attributable to RSUs will be converted into a specific number of RSUs (rounded up to the nearest five) using the average price. 1/3 of these stock options and RSUs would vest on each of the third, fourth and fifth anniversaries of the grant date, assuming continued employment and satisfaction of applicable performance conditions.

Signing Bonus:
The Company will pay you a signing bonus equal to $1,200,000, payable in four separate payments of $300,000 each (subject to applicable tax withholding). The first payment will be made within 30 days after your employment start date, and the remaining three payments will be made within 30 days of the second, third and fourth anniversaries of such start date, respectively, with each payment being subject to: (i) your continued active employment with Danaher through and on the date of such payment; and (ii) except as to the first payment, your timely execution without revocation of a general release of claims in favor of Danaher Corporation and its affiliates in a form reasonably satisfactory to the Company.

Retention Bonus:
The Company will pay you a retention bonus equal to $2,400,000, payable in three separate payments of $800,000 (subject to applicable tax withholding). Each payment will be made within 30 days of the eighth, ninth, and tenth anniversaries of your employment start date, respectively, with each payment being subject to: (i) your continued active employment with Danaher through and on the date of such payment; and (ii) your timely execution without revocation of a general release of claims in favor of Danaher Corporation and its affiliates in a form reasonably satisfactory to the Company.
 



EDIP Program:
You will be included in a select group of executives who participate in the Executive Deferred Incentive Program (EDIP), an exclusive, non-qualified executive benefit designed to supplement retirement benefits that otherwise are limited by IRS regulations; and provide the opportunity for you to defer taxation on a portion of your current income (base salary or bonus or both).  Initially, the Company will direct 6% of your total annual target cash compensation (as calculated in accordance with the EDIP) into your EDIP account annually.  Vesting requirements and your participation in the EDIP are subject to all of the terms and conditions set forth in such plan.  Additional information on the EDIP is enclosed, and you will be scheduled for a formal EDIP orientation with a member of the Corporate Benefits team.

Benefits:
You will be eligible to participate in any employee 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 medical, dental and life insurance benefits immediately upon your first day of employment with the Company. Information on our various benefit programs, including the Danaher Retirement and Savings Plan, is enclosed. Danaher will also reimburse you for the costs of an annual physical examination for executives.

Vacation:
You will be eligible for annual vacation benefits pursuant to the Company’s vacation policy.

Relocation
Benefits:
The Company is pleased to provide relocation benefits through Prudential Relocation, our third party relocation services company.  The relocation benefits available to you are set forth in the enclosed document, “Summary of Relocation Benefits for Angela S. Lalor.”

Reimbursement
for Financial and
Tax Assistance:
The Company will reimburse you for financial planning and tax preparation services in an amount not to exceed $5,000 per year provided you provide appropriate and satisfactory documentation for such reimbursement and such expenses otherwise satisfy the Company’s practices and policies.

Severance Benefits:
You will be eligible for severance pay and benefits under the Senior Leaders Severance Pay Plan of Danaher Corporation and its Affiliated Companies (the “Severance Plan”). For purposes of Section III.B of the Severance Plan, the total amount of severance pay for which you are eligible will be equal to your annual base salary at the time of your employment termination multiplied by (1 + your baseline annual bonus percentage under the annual cash incentive compensation plan as of the time of termination). Except for the foregoing provision, all other aspects of your severance pay and benefits shall be governed solely by the terms and conditions of the Severance Plan.

At-Will
Employment :
Nothing in this offer letter shall be construed as any agreement, express or implied, to employ you for any stated term. Your employment with the Company will be on an at-will basis, which means that either you or the Company can terminate the employment relationship at any time and for any reason (or no reason), with or without notice.




Conditions of
Employment
Offer:
This offer of employment is expressly conditioned upon your timely satisfaction of the following:
Execution of the Agreement Regarding Noncompetition and the Protection of Proprietary Interests
Execution of the Certification of Compliance With Obligations as to Prior Employers
Execution of the enclosed Danaher Corporation Standards of Conduct Certification
Execution of the enclosed Authorization and Notification for a consumer report or investigative consumer report
Satisfactory reference, background check and drug screen

Thank you for considering our offer. We anticipate that you will make a very strong contribution to the success of the Company and believe this is an excellent professional opportunity for you. We look forward to the opportunity to work with you as we pursue our very aggressive goals.

I realize that a career decision such as this has a major impact on you and your family. If there is anything we can do, please do not hesitate to contact me.

Sincerely yours,

/s/ H. Lawrence Culp, Jr.


H. Lawrence Culp, Jr.
President and Chief Executive Officer



Please acknowledge that you have read, understood and accept this offer of at-will employment by signing and returning it to me, along with the above-referenced signed documents no later than April 30, 2012, and in any event prior to your employment start date.


Date: 3/19/2012



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:2/22/134
For Period end:12/31/1211-K,  5,  ARS
4/30/124
3/19/12
 List all Filings 


4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/23/22  Danaher Corp./DE                  10-K       12/31/21  141:89M
 2/25/21  Danaher Corp./DE                  10-K       12/31/20  153:22M
 6/04/13  SEC                               UPLOAD9/21/17    1:73K  Danaher Corp./DE
 5/09/13  SEC                               UPLOAD9/21/17    1:197K Danaher Corp./DE
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