EXHIBIT 1
AWARD CHART
PERFORMANCE SHARE | ||||||||||||||||||||||||||||
NAME OF OFFICER AND | STOCK OPTIONS (# OF | AMIPII AWARDS (MAXIMUM $ | CORPORATE AND/OR DIVISION | AWARDS (#OF | ||||||||||||||||||||||||
TITLE | SHARES)1 | VALUE)2 | GOALS3 | SHARES)4 | ||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||
Kendrick B. Melrose, CEO | 2,000 | 1,163,000 | Corporate Only | None | ||||||||||||||||||||||||
Michael J. Hoffman, President & COO | 20,000 | 715,000 | Corporate only | 18,000 | ||||||||||||||||||||||||
Stephen P. Wolfe, Vice President & CFO | 10,700 | 384,800 | Corporate Only | 9,600 | ||||||||||||||||||||||||
Karen M. Meyer, Vice President, Administration | 10,200 | 362,600 | Corporate Only | 9,000 | ||||||||||||||||||||||||
Timothy A. Ford, Group Vice President | 8,100 | 336,400 | Corporate Only | 7,200 | ||||||||||||||||||||||||
J. Lawrence McIntyre, Vice President, Secy. & General Counsel | 7,000 | 275,000 | Corporate Only | 6,200 | ||||||||||||||||||||||||
Sandra J. Meurlot, Vice President, Operations | 4,400 | 248,000 | Corporate Only | 4,000 | ||||||||||||||||||||||||
Michael D. Drazan, Vice President, Corporate Information Systems | 3,600 | 199,000 | Corporate Only | 3,200 | ||||||||||||||||||||||||
Randy B. James, Corporate Controller | 2,800 | 165,800 | Corporate Only | 2,400 | ||||||||||||||||||||||||
Philip A. Burkart, Vice President & General Mgr, | ||||||||||||||||||||||||||||
Irrigation Business | 3,300 | 227,000 | Corporate and Division | 3,000 | ||||||||||||||||||||||||
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William E. Brown, Jr., Vice President & General Manager, | ||||||||||||||||||||||||||||
Commercial Business | 3,600 | 198,000 | Corporate and Division | 3,200 | ||||||||||||||||||||||||
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Dennis P. Himan, Vice President & General Mgr. - | ||||||||||||||||||||||||||||
International | 3,600 | 212,400 | Corporate and Division | 3,200 | ||||||||||||||||||||||||
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Thomas M. Swain, General Manager, | ||||||||||||||||||||||||||||
Consumer Business | 4,100 | 157,600 | Corporate and Division | 3,600 | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Richard W. Rodier, General Manager, | ||||||||||||||||||||||||||||
LCB-Toro | 3,100 | 134,400 | Corporate and Division | 2,800 | ||||||||||||||||||||||||
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Mark B. Stinson, | ||||||||||||||||||||||||||||
General Manager | 3,100 | 134,400 | Corporate and Division | 2,800 | ||||||||||||||||||||||||
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1 The exercise price per share for each option granted was $74.04, the closing price of one share of Toro Common Stock, par value $1.00 per share, on the New York Stock Exchange on December 2, 2004, the date of grant.
2 Amounts shown for AMIP II Awards for fiscal 2005 are the maximum amount that could be paid under each award, if performance goals are achieved at maximum levels, and are subject to reduction, including to zero, if goals are achieved at target or lower levels. The goals for 2005 are based on Earnings Per Share and Average Net Asset Turns for corporate participants.
3 Division participants’ awards are based on corporate goals and goals applicable to their respective division, and are based on controllable profit contribution and current asset turns.
4 Amounts shown for Performance Share Awards for the three year award term of fiscal 2005 through 2007 are the maximum number of shares that could be shown, if performance goals are achieved at maximum levels, and are subject to reduction, including to zero. If performance goals are achieved at the target level, the payout would be 50% of the maximum level. The goals for this award term are based on Cumulative Average Net Assets Turns and Cumulative Net Income Plus After-Tax Interest.