Moog Proxy and Notice and Access Letter- FY2019 Filed 12 30 2019 - Page 41



CEO PAY RATIO
As required by the Dodd-Frank Act and Regulation S-K of the Exchange Act, the following information discloses the
relationship of the annual total compensation of our CEO, as set forth in the Summary Compensation Table, to that of the annual
total compensation of our median employee.
As permitted by the Securities and Exchange Commission’s rules, the Company used the same median employee that
was identified as of July 1, 2018 for its fiscal 2019 pay ratio disclosure as there have not been any material changes to our employee
population, including employees who joined through acquisition in fiscal 2018, or compensation design during fiscal 2019 that we
believe would significantly change our 2019 CEO pay ratio results.
For purposes of identifying our median employee in fiscal 2018, base wages paid to all employees, excluding the CEO,
annualized for employees hired within the year, were utilized to determine the median employee. Base wages were used as the
consistently applied compensation measure to determine the median employee as the variable pay programs are uniform across
the Company. For purposes of determining the Company’s 2019 CEO pay ratio, the Company calculated the annual total
compensation of the median employee under the same methodology used for the NEOs as set forth in the 2019 Summary
Compensation Table. The annual total compensation for our median employee was then compared to 2019 Summary Compensation
Table total compensation reported for Mr. Scannell, our CEO.
Fiscal 2019 annual total compensation of our CEO
$
Fiscal 2019 annual total compensation of our median employee
$
Fiscal 2019 CEO Pay Ratio
5,739,957
54,336
106 : 1
We believe it is important to distinguish the reported compensation provided to our CEO in fiscal 2019 from the compensation
that was actually awarded to our CEO in fiscal 2019. The annual total compensation of our CEO includes the change in pension
benefits as required to be disclosed in the Summary Compensation Table. If our CEO pay ratio was calculated based upon the total
awarded pay of $2,645,309, as reflected on page 25, our 2019 CEO pay ratio would be 49 : 1. This supplemental ratio removes
the volatility related to the effects of changes in actuarial assumptions on the value of our CEO’s pension benefits.
The Company’s fiscal 2019 ratio described above is a reasonable estimate calculated in a manner consistent with Item 402(u) of
Regulation S-K based upon the Company’s payroll and employment records and the methodologies described above. The SEC
rules permit companies to employ various methodologies, exclusions and reasonable estimates to derive the pay ratio calculation
representative of their respective employee populations and compensation practices. Based upon this variability, the estimated
ratio reported above should not be interpreted as a basis for comparison between companies.
39

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