Alfa Corporation 2008 Salary Adjustments for Named Executive Officers

Contract Categories: Human Resources › Compensation Agreements
Summary

This document lists the 2008 annual salaries for five named executive officers of Alfa Corporation. The salaries will be reimbursed by Alfa Corporation to Mutual under an existing Management and Operating Agreement. The reimbursement percentage is based on the prior year's level and may change in the future. The agreement outlines the financial arrangements between the two companies regarding executive compensation.

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EX-10.(B) 3 dex10b.htm SALARY ADJUSTMENTS FOR NAMED EXECUTIVE OFFICERS Salary Adjustments for Named Executive Officers

Exhibit 10(b)

ALFA CORPORATION

SALARY ADJUSTMENTS FOR NAMED EXECUTIVE OFFICERS

Set forth below are the 2008 annual salaries for the named executive officers that will be reimbursed by the Company to Mutual under a Management and Operating Agreement between the companies:

 

     2008 Salary1

Jerry A. Newby

    $ 352,613

C. Lee Ellis

    $ 243,990

Herman T. Watts

    $ 174,685

Stephen G. Rutledge

    $ 168,814

Thomas E. Bryant

    $ 172,057

 

1

The 2008 salary figures assume that the percentage of salary reimbursed by the Company to Mutual will remain at the same level as 2007. The amounts reimbursed to Mutual by the Company could change in the future.