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Deere CEO Lane gets $14.8M in fiscal 2007 compensation

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| Wednesday, January 23, 2008 |

THE ASSOCIATED PRESS

Deere & Co. CEO Robert W. Lane received compensation the company valued at $14.77 million during the 2007 fiscal year, according to a regulatory filing Tuesday.

The compensation was detailed in the Moline-based company’s proxy filing for the 12 months ending Oct. 31 — a period that saw the farm equipment maker grow its profit by 8 percent.

Lane, 58, who also is Deere’s president and chairman, was paid a salary of $1,306,280.

The bulk of his pay package came from $6,393,070 in non-equity incentives and stock and options valued at $6,568,917 at the time they were awarded.

Lane also received $122,031 in above-market returns on deferred compensation, and other compensation of $381,086.

That figure included about $325,000 for personal use of the company’s aircraft, $10,000 for medical exam and $9,000 for other perks, including company-provided car washes and drive-by home security surveillance by the company’s corporate security staff.

The Associated Press calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits and sometimes differ from the totals released by the companies.

Deere earned $1.82 billion, or $8.01 per share, in fiscal 2007, up from $1.69 billion, or $7.18 per share, a year earlier. Full-year sales grew to $24.1 billion, up 9 percent from $22.1 billion. Deere shares fell $2.33, or 2.5 percent, to $92.36 Tuesday.