More than a gold watch

May 15, 2005

Here's a look at last year's retirement benefits for Vance D. Coffman, who retired as CEO of Bethesda-based defense giant Lockheed Martin in August. The retirement package is in addition to the $12.98 million Coffman earned, including stock options, as CEO for eight months.

$31.6 million deferred bonus and incentive account payout.

$31.5 million lump-sum pension payment (in lieu of annual payments of $2.48 million).

A $1,761,144 balance in a Supplemental Savings Plan, to be paid in five annual installments, and a $163,339 balance in the Directors' Deferred Compensation plan, to be paid in 10 annual installments.

Regular pension: $87,187 annually, payable to his wife if he dies before her.

Payment for unused vacation: $279,415.

Annual retainer as non-employee chairman: $500,000

Annual retainer as a non-employee director: $75,000.

Moving expenses: $50,000.

Office space in Bethesda through last month, when he retired as board chairman, as well as support and equipment for a home office in a location of his choosing.

After retirement as chairman, "equipment, connectivity and technical support to maintain home offices at his residences" as well as "security systems and related support for his residences."

Continued country club memberships until he retired as board chairman.

Use of corporate aircraft "for business and personal use" until retirement as chairman, and for business trips after retirement.

Lockheed also made a $1.5 million grant to Iowa State University, where Coffman received his undergraduate engineering degree, to endow a chair in his name.

-- M. William Salganik

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More than a gold watch

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