Description of Non-Employee Directors Group Term Life Insurance Plan
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Summary
This document outlines the group term life insurance plan provided by the Company to its non-employee directors. Each eligible director receives up to $125,000 in life insurance coverage, with a 35% reduction if the director is age 70 or older. Coverage amounts above $62,500 require approval based on evidence of insurability. The Company pays all premiums, and coverage ends when the individual is no longer serving as a non-employee director.
EX-10.4 6 d98895exv10w4.txt DESCRIPTION-NON-EMPLOYEE DIRECTORS LIFE INSURANCE EXHIBIT 10.4 DESCRIPTION OF NON-EMPLOYEE DIRECTORS GROUP TERM LIFE INSURANCE PLAN The Company provides each non-employee director with up to $125,000 of group term life insurance coverage, subject to a 35% reduction if age 70 or older. Amounts in excess of $62,500 are subject to insurance company approval of satisfactory evidence of insurability. All premiums are paid by the Company. Coverage terminates on the last day of service as a non-employee director.
