Moog Proxy and Notice and Access Letter- FY2019 Filed 12 30 2019 - Page 20



Independent Consultant
The Executive Compensation Committee selects and retains the services of Korn Ferry, our compensation consultant, to
provide professional advice on the Company’s executive officer compensation. Korn Ferry is retained directly by the Executive
Compensation Committee and works directly with the Executive Compensation Committee’s chairman. Korn Ferry advises on the
design of compensation arrangements and provides an independent market assessment of peer companies, using Korn Ferry’s
Job Evaluation methodology and general industry compensation and practices.
The compensation consultant works with management to collect information, to solicit management’s input and to understand
Moog’s plans, goals and actual performance. The consulting relationship is reviewed by the Executive Compensation Committee
annually to determine its satisfaction with the services and advice provided by the compensation consultant.
See “Executive Compensation Committee” on page 11 for more information about the services provided by Korn Ferry and its
independence.
MARKET ASSESSMENT
The Basis of Comparison
As part of their review process, Korn Ferry makes comparisons of the Company’s compensation program to two groups of
companies. The first comparison is with Korn Ferry’s proprietary Industrial Executive Compensation Report. The second comparison
is with a group of seventeen companies whose businesses are similar to Moog’s and whose revenues are reasonably comparable.
Korn Ferry reviews this peer group each year and recommends changes where appropriate.
One change to the peer group was made in fiscal 2019; Esterline Technologies was removed following their acquisition by
Transdigm Group.
Esterline Technologies was replaced by Barnes Group Inc. who was selected on the basis that they operate as an industrial
and aerospace manufacturer and service provider in the United States and internationally, with revenue of a broadly comparable
level to Moog and some of the same peers cited as Moog.
The full list of peers for fiscal 2019 is shown below.
AAR CORP.
Hexcel Corporation
Actuant Corporation
Kaman Corporation
Aerojet Rocketdyne Holdings, Inc.
Regal-Beloit Corporation
AMETEK, Inc.
Spirit AeroSystems, Inc.
Barnes Group Inc.
Teledyne Technologies, Inc.
Crane Co.
Transdigm Group Incorporated
Cubic Corporation
Triumph Group, Inc.
Curtiss-Wright Corporation
Woodward, Inc.
HEICO Corporation
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