Retirement Term Sheet between Executive and Company (Effective July 31, 2005)

Contract Categories: Human Resources › Retirement Agreements
Summary

This Retirement Term Sheet outlines the terms for an executive's retirement effective July 31, 2005. The executive's salary and car allowance will end on that date, and bonus eligibility will be determined by the Compensation Committee. The executive may continue medical benefits at their own cost until age 65 and will not receive further 401(k) contributions. Stock options and restricted stock units are addressed based on the executive's continued service as a director. A general release is required by August 5, 2005.

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EX-10.1 2 d27835exv10w1.htm RETIREMENT TERM SHEET exv10w1  

EXHIBIT 10.1
RETIREMENT TERM SHEET
         
1.
  Retirement Pay/Salary Continuation   Terminate salary at close of business on 7/31/05
 
        
2.
  Bonus   To be determined by the Compensation
Committee in its sole discretion, pro
rated through 7/31/05
 
        
3.
  Health Care Benefits   Participation in Executive Retiree Program, which generally provides medical benefits, at Executive’s cost, through Executive’s 65th birthday.
 
        
4.
  401(k) Plan   No matching or other contributions
after 7/31/05
 
        
5.
  Options under 1995 Plan   Vesting of options to be accelerated as of 7/31/05. Options shall remain exercisable for 90 days following 7/31/05
 
        
6.
  Options under 2003 Plan   Because of Executive’s continuation as a director, options will be unaffected by
retirement, in accordance with the
plan
 
        
7.
  Restricted Stock Units   Because of Executive’s continuation as a director, RSUs will be unaffected by
retirement, in accordance with the
plan
 
        
8.
  Car Allowance   Terminate car allowance at close of business on 7/31/05
 
        
9.
  General Release   To be provided no later than August
5, 2005