New regulations adopted in January 2011 allowing shareholders an advisory vote to approve executive compensation had little impact on total disbursement last fiscal year for the top executives at the companies in the IBO Stock Indexes (see IBO 4/30/12). In fiscal 2011, total average compensation for the 40 company presidents and CEOs at the 37 analytical instrument and lab product companies in the four Stock Indexes climbed 16.1% to $4,637,286. IBO’s executive-compensation tables (see pages 5–7) are based on fiscal-year 2011 data provided by SEC filings.

However, shareholders’ scrutiny of executives’ monetary compensation may have shifted the payout structure more distinctly toward long-term performance-based equity incentives. In fiscal 2011, average long-term compensation for top executives in the executive-compensation tables jumped 28.8% $2,511,588 to account for 54% of total compensation. Mostly, executives were incentivized with long-term equity grants for the retention of services and for performance measures. In fiscal 2011, organic revenues and adjusted EPS for companies in the tables grew 7% and 20%, respectively. The rise in average short-term compensation, which includes base salaries and annual incentives, was less dramatic, increasing just 1.4% to $1,669,551.

While 25 of the 40 top executives received higher total compensation packages, the substantial increase in average pay was due to the equity awards granted to three executives: Danaher President and CEO H. Lawrence Culp, Jr., Roper Industries President and CEO Brian D. Jellison, and Thermo Fisher Scientific President and CEO Mark N. Casper.

In fiscal 2011, Mr. Culp was awarded the largest equity grant, valued at $15.1 million, among the tables’ top executives. Nearly 70% of his salary came from equity awards, including restricted stock worth $7.7 million and stock options valued at $7.4 million. The executive committee gave consideration to tenure, retention incentives, strong financial performance and the integration of Beckman Coulter (see IBO 2/15/11). Mr. Culp was also awarded a $4.8 million short-term incentive award based on adjusted EPS and cash flow measures. As a result, Mr. Culp recorded the largest total compensation among the tables’ top executives. His total salary climbed 27.1% to $21.6 million.

In fiscal 2011, Mr. Jellison collected an $11.0 million multiyear equity award, which was comprised solely of restricted stock units. While significantly lower than his last equity grant in 2008, which was valued at $29.9 million, it was sufficient to yield the largest percentage change in total compensation among the tables’ top executives, with a 305.7% increase to $14.9 million. Included in Mr. Jellison’s compensation was a cash incentive of $2.5 million for reaching record sales, orders, net earnings and cash flow.

While less extravagant, Mr. Casper achieved a $3.1 million stock option award. However, given that Mr. Casper did not receive equity grants in fiscal 2010 due to a $32.4 million multiyear stock and option payment in 2009, his compensation doubled to $5.5 million in fiscal 2011. Mr. Casper also realized $1.3 million in cash incentives, which were based on goals of organic revenue growth of 4%, adjusted operating margin of 18.2% and non-financial goals.

Excluding compensation for these three executives, total average long-term compensation for the top executives in the tables grew 6.4% to $1,927,167 to make up 50% of total pay. Average total compensation expanded 5.2% to $3,876,244.

Given the sizeable restricted stock awards presented to Mr. Jellison and Mr. Culp, there was a notable shift toward the use of restricted stock as opposed to stock options in fiscal 2011. The average restricted stock award jumped 49.4% to $1,426,475, while the average stock option grant rose 9.0% to $1,085,113. Restricted stock awards, which typically vest over a specific time period, are intended to incentivize financial performance, support retention of services and preserve shareholder interests. However, unlike stock options, restricted stocks are less sensitive to price volatility and can retain value despite declining stock prices.

Coincidentally, Life Technologies, which endured a lower stock valuation over the last two years, granted restricted stock valued at $8.0 million and $4.0 million last year to Chairman and CEO Gregory T. Lucier, and President and COO Mark P. Stevenson, respectively. MKS Instruments, which continues to award only restricted stock, presented President and CEO Leo Berlinghieri with an equity award valued at $1.9 million. In addition to $2.1 million in option awards, Harry F. Hixson, Jr., CEO of Sequenom, received $260,625 in restricted stock, as a majority of his previous stock options expired unvested. Mr. Hixson recorded the largest percentage increase in long-term compensation among the top executives who received equity awards in fiscal 2010 and fiscal 2011. His long-term compensation climbed 599.6% to $2.3 million.

Long-Term Compensation

In fiscal 2011, 35 of the 40 top executives in the tables received long-term compensation in the form of restricted stock or stock options, including 18 executives with long-term compensation of more than $2 million. Of the five executives without equity awards, Waters President and CEO Douglas A. Berthiaume and Thomas E. Oland, president and CEO of Techne, each waived their incentives. The three remaining executives either did not qualify for awards or were affected by the timing of equity grants.

Not all executives received higher long-term compensation awards in fiscal 2011. Enzo Biochem Chairman and CEO Elazar Rabbani, PhD, endured the largest percentage drop in long-term compensation, with a decline of 68.1%, as the company did not realize targeted operational measures. Patrick J. Balthrop, president and CEO of Luminex, saw his long-term compensation fall 20.6% to $2.5 million, as the compensation committee voted to lower his equity awards to match grants awarded to his peers.

Annual Incentives

For the top executives in the tables, average annual incentives, which include non-equity incentive compensation and cash bonuses, declined 0.6% to $983,055 to make up 21% of total compensation. In fiscal 2011, 34 of the 40 top executives received an annual incentive payout.

PerkinElmer Chairman and CEO Robert F. Friel enjoyed the largest annual incentive and highest percentage change in annual incentive, as it rose 220.8% to $5.7 million. Mr. Friel was awarded $1.9 million for 2011 EPS results and $3.7 million for a three-year performance goal based on organic revenue growth, operating margin and stock price. Mr. Balthrop also realized a significant increase in cash incentives in fiscal 2011. His annual incentive pay jumped 62.7% to $716,575, as a result of strong revenue, margin and adjusted operating profit results.

Annual incentives for FEI President and CEO Don R. Kania rose 49.5% to $1.2 million due to revenue growth and gross margin results above targeted goals.

Annual incentives were also based on non-financial measures. In addition to a $1.6 million cash incentive award, AMETEK Chairman and CEO Frank S. Hermance received a $416,000 bonus for discretionary factors that included operational performance, acquisitions and new products.

As expected, annual incentives were generally more sensitive to performance measures than equity grants. In fiscal 2011, 12 of the 40 top executives in the tables recorded lower cash incentives. Annual incentives for Norman Schwartz , president and CEO of Bio-Rad Laboratories, and Bruker President and CEO Frank H. Laukien, PhD, fell 75.0% and 72.0%, respectively, due to missed operating goals. Mr. Lucier and Mr. Stevenson also recorded lower cash incentives of 45.4% and 46.2%, respectively, as Life Technologies missed targeted adjusted net income goals.

In addition, four executives did not receive an annual incentive in fiscal 2011, having missed the minimum financial thresholds. Harvard Bioscience Chairman and CEO Chane Graziano and President David Green fell short of revenue and EPS requirements. Similarly, William A. Shumaker, president and CEO of Kewaunee Scientific, and Kevin M. King, former president and CEO of Affymetrix (see IBO 6/15/11), each missed the necessary financial goals to be eligible for cash awards. However, Mr. King collected a $1.4 million severance payment and $86,000 for accumulated vacation and sick time.

Base Salary

In fiscal 2011, the average base salary for the top executives in the tables climbed 4.4% to $686,496 to make up 15% of total compensation. Among the 40 top executives, 34 received salary increases. Salaries for the remaining six executives were unchanged. QIAGEN CEO Peer M. Schatz recorded the highest salary, which rose 7.1% to $1.3 million. Having only a half a year’s pay to compare to, Zygo CEO Chris L. Koliopoulos had the largest percentage increase in salary, as it jumped 157.9% to $416,500. The largest organic salary increase was for Fluidigm President and CEO Gajus V. Worthington, with a 15.3% increase to $350,000.

CEO Changes

Additional factors contributing to variance in total compensation for the top executives in the tables were personnel changes. Laura B. Hamilton, former chairman and CEO of MTS Systems, resigned on August 25, 2011 (see IBO 8/31/11). Despite showing a higher total compensation package than last year, her option award of $755,969 listed in the table was forfeited due to her departure. However, Ms. Hamilton did receive a severance payment of $589,055.

Eric Krasnoff, former CEO of Pall, retired effective October 3, 2011 (see IBO 8/15/11). As a result, his total fiscal 2011 compensation fell 65.8% to $3.4 million. Mr. Krasnoff’s replacement, Lawrence D. Kingsley, signed an employment agreement the following day, which included a $1.5 million cash bonus and $2.0 million in options. Vincent A. Forlenza was promoted to CEO of Becton Dickinson (BD) at the start of fiscal 2012 on October 1, 2011 (see IBO 7/31/11). His annual salary will increase 20% to $900,000 in fiscal 2012 due to the promotion. Former BD CEO Edward J. Ludwig remains chairman until his planned retirement in June. Frank Witney, PhD, replaced Mr. King as CEO of Affymetrix on July 1, 2011. Dr. Witney will receive an annual base salary of $500,000, which is 26% lower than Mr. King’s fiscal 2010 salary. However, Mr. Witney was awarded equity incentives valued at $2.5 million to focus on rewarding performance.

The compensation for Hugh C. Martin, former president and CEO of Pacific Biosciences, was excluded from the tables due to his resignation in January. His successor, Michael W. Hunkapiller, PhD, was appointed in January (see IBO 3/15/12). Also missing from the list of executives is Jay T. Flatley, president and CEO of Illumina, for whom compensation figures have not yet been released.

Presidents of Dedicated Business Units

There were similar compensation patterns for non-CEO executives (see page 7). For the 10 heads of the dedicated instrument and lab-related business units with reported salaries for fiscal 2011 and fiscal 2010, total average compensation grew 11.0% to $2,525,480. Average long-term equity incentives climbed 20.5% to $1,531,302. However, average short-term compensation slipped 1.3% to $864,416, including a 9.3% increase in average base salary to $467,697, and an 11.5% decline in average annual incentives to $396,719. Pall Life Sciences President Yves Baratelli and Enzo Biochem Life Sciences COO Andrew P. Whiteley were excluded from these calculations for comparison purposes.

Arthur G. Caputo, president of Waters’s Waters Division, had the largest total compensation among non-CEOs. His total compensation grew 17.5% to $4.7 million. The biggest percentage change in compensation for non-CEOs was for Nicolas Roelofs, president of Agilent Technologies Life Science Group. His total compensation climbed 33.6% to $3,141,869 due to a 57.3% increase in long-term compensation. He also received a 16.2% raise in base salary. Bradford J. Crutchfield, vice president of Bio-Rad Laboratories Life Science, recorded a 13.0% decline in total compensation, the largest percentage drop among non-CEOs. His annual incentives fell 86.5% due to missed sales and operating profit measures.

 Top 10 Total Compensation, 2011

 Company                 Executive                   Total Pay

 Danaher                 H. Lawrence Culp, Jr.       $21,652,417

 Roper Industries        Brian D. Jellison           $14,901,446

 PerkinElmer             Robert F. Friel             $12,819,181

 Illinois Tool Works     David B. Speer              $12,499,367

 Life Technologies       Gregory T. Lucier           $10,897,630

 Agilent Technologies    William P. Sullivan         $10,252,265

 Becton Dickinson & Co.  Edward J. Ludwig            $10,091,273

 MKS Instruments         Leo Berlinghieri             $7,064,419

 AMETEK Frank S.         Hermance                     $6,702,392

 Life Technologies       Mark P.Stevenson             $5,907,016

 Average                                             $11,278,741

                            Short-Term Compensation                   Long-Term Comp.  Other     Total Comp     Revenue

 Executive            Title Salary   Annual      %   Total.    %      Stock &   %      Comp.     Total    %     FY11     %  

                            ($000)  Incentives  Chg  Short-   Chg     Option   Chg    ($000)     Comp.   Chg    ($M)    Chg

                                     ($000)         Term Comp         Grants                     ($000)

                                                     ($000)           ($000)

 Process/Metrology/Motion Instrumentation                    

 FEI Company                          

 Don R. Kania         P/CEO   $621   $1,242     50%   $1,863   32%   $2,447    73%     $3       $4,312    52%     $826    30%

 MKS Instruments                      

 Leo Berlinghieri     P/CEO   $600   $534      -60%   $1,134  -40%   $1,875    30%     $4,055   $7,064    26%     $823    -4%

 MTS Systems         former             

 Laura B. Hamilton  COB/CEO   $498   $0          NM   $498    -53%   $756      16%     $647     $1,900     9%     $467    25%

 Nanometrics                      

 Timothy J. Stultz    P/CEO   $425   $297      -51%   $722    -27%   $0         NM     $27      $749     -59%     $230    22%

 SDIX                          

 Francis M. DiNuzzo   P/CEO   $348   $102       16%   $450      6%   $112     -34%     $12      $575      -5%     $25      6%

 Veeco Instruments                     

 John R. Peeler         CEO   $681   $560      -72%   $1,241  -53%   $1,599   -15%     $118     $2,958   -36%     $979     5%

 Zygo                          

 Chris L. Koliopoulos   CEO   $417   $419        NM   $836    417%   $351     -67%     $25      $1,211   -20%     $150    48%

 Average                      $513   $451      -41%   $963    -21%   $1,020    -4%     $698     $2,681     0%     $500    13%

 Laboratory Consumables/Equipment                    

 Enzo Biochem                          

 Elazar Rabbani     COB/CEO   $552   $533       15%   $1,085    7%   $61      -68%     $173     $1,318     1%     $102     5%

 Kewaunee Scientific                       

 William A. Shumaker  P/CEO   $394   $0         NM    $394      8%   $47        7%     $60      $502       5%     $100     1%

 Life Technologies                            

 Gregory T. Lucier  COB/CEO   $1,187 $1,570    -45%   $2,757  -31%   $8,000    10%     $141     $10,898   -5%     $3,741   4%

 Mark P. Stevenson    P/CFO   $737   $654      -46%   $1,391  -27%   $4,000    59%     $517     $5,907    21%     $0       0%

 Pall                former     

 Eric Krasnoff      COB/CEO   $928   $1,393      1%   $2,321    1%   $0         NM     $1,117   $3,438   -66%     $2,741  14%

 QIAGEN                          

 Peer M. Schatz         CEO   $1,305 $539        7%   $1,844    7%   $501       9%     $92      $2,437     7%     $1,170   8%

 Sigma-Aldrich                      

 Rakesh Sachdev       P/CEO   $700   $950       37%   $1,650   40%   $2,149   118%     $116     $3,916    72%     $2,505 1 0%

 TECHNE                          

 Thomas E. Oland      P/CEO   $254   $0          NM   $254      0%   $0         NM     $12      $266       3%     $290     8%

 Average                      $757   $705      -21%   $1,462   -8%   $1,845    -5%     $279     $3,585   -13%     $1,331   8%

 Top 10 Short-Term Raises, 2011

 Company                   Executive                 % Chg.

 Zygo                      Chris L. Koliopoulos       417%

 PerkinElmer               Robert F. Friel            148%

 Teledyne Technologies     Aldo Pichelli               43%

 Sigma-Aldrich             Rakesh Sachdev              40%

 FEI Company               Don R. Kania                32%

 Fluidigm                  Gajus V. Worthington        32%

 Accelrys                  Max Carnecchia              31%

 Luminex                   Patrick J. Balthrop         30%

 Teledyne Technologies     Robert Mehrabian            28%

 Becton Dickinson & Co.    Edward J. Ludwig            25%

 Average                                               83%

                             Short-Term Compensation                  Long-Term Comp. Other    Total Comp      Revenue

 Executive           Title   Salary   Annual     %   Total.    %      Stock &    %    Comp.    Total      %     FY11      %  

                             ($000)  Incentives Chg  Short-   Chg     Option    Chg   ($000)   Comp.     Chg    ($M)     Chg

                                      ($000)       Term Comp          Grants                   ($000)

                                                    ($000)            ($000)

 Laboratory Instrumentation                      

 Accelrys                          

 Max Carnecchia      P/CEO    $415    $261      21%   $676    31%     $589     -1%    $221      $1,486    28%    $144    43%

 Affymetrix         former                

 Kevin M. King       P/CEO    $342    $0         NM   $342   -62%     $421    -51%    $1,519    $2,282    28%    $267   -14%

 Frank Witney, Ph.D. P/CEO    $248    $0         0%   $248     0%     $2,490    0%    $2        $2,740     0%    $0       0%

 Becton Dickinson & Co.                           

                COB/former 

 Edward J. Ludwig      CEO    $1,093  $1,310    54%   $2,403  25%     $6,363    8%    $1,326    $10,091    1%    $7,829   6%

 Vincent A. Forlenza   CEO    $725    $723      42%   $1,448  25%     $2,828   32%    $743      $5,019    15%    $0       0%

 Bio-Rad Laboratories                        

 Norman Schwartz     P/CEO    $770    $155     -75%   $925   -33%     $2,904   14%    $16       $3,845    -3%    $2,074   8%

 Bruker                          

 Frank H.Laukien COB/P/CEO    $433    $338     -55%   $772   -34%     $113      NM    $7        $892     -25%    $1,652  27%

 Cepheid                        

 John L. Bishop      P/CEO    $567    $500      52%   $1,067  23%     $3,440   63%    $70       $4,576    51%    $278    31%

 Fluidigm                          

 Gajus V.Worthington P/CEO    $350    $150      98%   $500    32%     $608      NM    $0        $1,108   192%    $43     28%

 Harvard Bioscience                      

 Chane Graziano    COB/CEO    $602    $0         NM   $602   -25%     $619     28%    $38       $1,259    -5%    $109     1%

 David Green             P    $505    $0         NM   $505   -32%     $619     28%    $25       $1,149    -8%    $0       0%

 Luminex                          

 Patrick J. Balthrop P/CEO    $514    $717      63%   $1,230  30%     $2,531  -21%    $11       $3,773    -9%    $184    30%

 MOCON                COB/    

 Robert L. Demorest  P/CEO    $296    $282       6%   $577     6%     $73      42%    $15       $665       4%    $37     18%

 PerkinElmer                          

 Robert F. Friel   COB/CEO    $922    $5,685   221%   $6,607 148%     $4,435   -3%    $1,777    $12,819   61%    $1,921  13%

 Sequenom                      

 Harry F. Hixson, Jr.  CEO    $489    $318      35%   $807    14%     $2,340  600%    $7        $3,154   200%    $56     18%

 Thermo Fisher Scientific                          

 Mark N. Casper      P/CEO    $1,000  $1,300   -19%   $2,300 -11%     $3,064    NM    $153      $5,517   100%    $11,726 11%

 Transgenomic                       

 Craig J. Tuttle     P/CEO    $325    $10        NM   $335     3%     $458      NM    $12       $805     134%    $32     59%

 Waters               COB/  

 Douglas Berthiaume  P/CEO    $795    $1,563     5%   $2,358   5%     $0        NM    $289      $2,647     8%    $1,851  13%

 X-Rite                       

 Thomas J.Vacchiano  P/CEO    $393    $193     -51%   $587   -21%     $0        NM    $16       $603     -20%    $238     7%

 Average                      $568    $711      25%   $1,278  12%     $1,784   38%    $329      $3,391    26%    $1,497  10%

 Top 10 Short-Term Compensation, 2011

 Company                       Executive                          Total Pay

 PerkinElmer                   Robert F. Friel                    $6,607,063

 Danaher                       H. Lawrence Culp, Jr.              $5,867,778

 Roper Industries              Brian D. Jellison                  $3,575,000

 Illinois Tool Works           David B. Speer                     $3,351,595

 Teledyne Technologies         Robert Mehrabian                   $3,350,231

 AMETEK                        Frank S. Hermance                  $3,057,600

 Agilent Technologies          William P. Sullivan                $2,912,258

 Life Technologies             Gregory T. Lucier                  $2,756,539

 Becton Dickinson & Co.        Edward J. Ludwig                   $2,402,808

 Waters                        Douglas A. Berthiaume              $2,357,743

 Average                                                          $3,623,862

                              Short-Term Compensation                  Long-Term Comp.  Other    Total Comp     Revenue

 Executive              Title Salary   Annual    %    Total.     %     Stock &     %    Comp.    Total     %   FY11    %  

                              ($000) Incentives Chg   Short-    Chg    Option     Chg   ($000)   Comp.    Chg  ($M)   Chg    

                                       ($000)         Term Comp        Grants                   ($000)

                                                      ($000)           ($000)

 Diversified Instrumentation

 Agilent Technologies                        

 William P. Sullivan    P/CEO  $990    $1,922  -24%   $2,912   -17%    $7,310     6%    $30      $10,252  -2%   $6,615  22%

 AMETEK                      

 Frank S. Hermance    COB/CEO  $1,040  $2,018    1%   $3,058     2%    $2,807   -32%    $838     $6,702  -14%   $2,990  21%

 Danaher                          

 H. Lawrence Culp, Jr.  P/CEO  $1,118  $4,750    8%   $5,868     6%    $15,060   37%    $724     $21,652  27%   $16,091 28%

 Illinois Tool Works                      

 David B. Speer       COB/CEO  $1,167  $2,185   -1%   $3,352     1%    $7,278    12%    $1,870   $12,499  12%   $17,787 15%

 Mettler-Toledo Int'l                          

 Olivier A. Filliol     P/CEO  $994    $1,195  -22%   $2,189   -14%    $2,800    10%    $390     $5,380    0%   $2,309  17%

 Roper Industries                      

 Brian D. Jellison  COB/P/CEO  $1,100  $2,475    5%   $3,575     5%    $11,034    NM    $292     $14,901 306%   $2,797  17%

 Teledyne Technologies                          

 Robert Mehrabian   COB/P/CEO  $870    $2,480   41%   $3,350    28%    $871      14%    $741     $4,962   25%   $1,942  18%

 Average                       $1,040  $2,432    1%   $3,472     2%    $6,737    48%    $698     $10,907  28%   $7,219  21%

 Dedicated Business Units                      

 Agilent Technologies   SVP/P                     

 Michael McMullen Chem.Ana.Gr. $520    $387    -31%   $907     -11%     $2,375   29%    $126     $3,408   14%    $405    4%

 Nicolas Roelofs        SVP/P  $494    $395    -12%   $889       2%     $2,166   57%    $87      $3,142   34%    $471    9%

                   LifeSci.Gr. 

 AMETEK                      

 John H.Hardin P/Elec.Inst.Gr. $380    $375     23%   $755      14%     $483    -17%    $87      $1,325    0%    $1,647 24%

 Bio-Rad Laboratories                        

 Bradford J. Crutchfield  VP/  $474    $25     -87%   $500     -20%     $231      6%    $12      $743    -13%    $695    7%

             Manager Life Sci.

 Enzo Biochem                      

 Andrew Whiteley COO Life Sci. $220    $70       0%   $290       0%     $19       0%    $16      $325      0%    $49    -7%

 Mettler-Toledo Int'l                          

 Thomas Caratsch  Head of Lab. $350    $281    -37%   $630     -20%     $415      4%    $128     $1,173   -9%    $1,038 14%

 Pall                       

 Yves Baratelli    P Life Sci. $487    $511      0%   $998       0%     $585      0%    $110     $1,693    0%    $1,408 14%

 Sigma-Aldrich                          

 Franklin D.Wicks P/Rsch.Spec. $393    $281     -1%   $675       5%     $1,094   65%    $131     $1,900   32%    $478   10%

 Teledyne Technologies                       

 Aldo Pichelli          P/COO  $389    $660     86%   $1,049    43%     $377     34%    $483     $1,909   28%    $617    8%

     Inst., Aero. & Def. Elec. 

 Thermo Fisher Scientific                          

 Gregory Herrema SVP/P.An.Ins. $556    $341    -27%   $897      -6%     $2,292   -3%    $57      $3,246   -4%    $5,935  5%

 Alan J. Malus SVP/P Lab Prod. $630    $400    -38%   $1,030   -15%     $2,590   10%    $69      $3,689    1%    $4,546 40%

 Waters                      

 Arthur G.Caputo EVP/P/WatDiv. $491    $822      4%   $1,313     5%     $3,289   24%    $118     $4,720   18%    $1,851 13%

 Average                       $449    $379    -15%   $828      -6%     $1,326    4%    $119     $2,273    0%    $1,595 16%

 Top 10 Fair-Value Stock and Option Grant Recipients, 2011

 Company                Executive                Fair Value

 Danaher                H. Lawrence Culp, Jr.    $15,060,271

 Roper Industries       Brian D. Jellison        $11,034,000

 Life Technologies      Gregory T. Lucier         $7,999,948

 Agilent Technologies   William P. Sullivan       $7,309,807

 Illinois Tool Works    David B. Speer            $7,278,242

 Becton Dickinson & Co. Edward J. Ludwig          $6,362,694

 PerkinElmer            Robert F. Friel           $4,434,781

 Life Technologies      Mark P. Stevenson         $3,999,947

 Cepheid                John L. Bishop            $3,439,515

 Waters                 Arthur G. Caputo          $3,289,000

 Average                                          $7,020,821

 Top 5 Total Comp. Increases and Declines, 2011

 Company                   Executive             % Chg.

 Top 5 Increases

 Roper Industries          Brian D. Jellison      306%

 Sequenom                  Harry F. Hixson, Jr.   200%

 Fluidigm                  Gajus V. Worthington   192%

 Transgenomic              Craig J. Tuttle        134%

 Thermo Fisher Scientific  Mark N. Casper         100%

 Average                                          186%

  


 Top 5 Declines

 Pall                      Eric Krasnoff         -66%

 Nanometrics               Timothy J. Stultz     -59%

 Veeco Instruments         John R. Peeler        -36%

 Bruker                    Frank H. Laukien      -25%

 Zygo                      Chris L. Koliopoulos  -20%

 Average   -41%