Amendment No. 1 to Salary Continuation Agreement for Gary David Quisenberry
This document is an amendment to a salary continuation agreement between Gary David Quisenberry and his employer. It outlines the terms for retirement and other termination scenarios, specifying monthly and lump sum payments, vesting schedules, and benefit accruals based on different events such as early retirement, disability, or change of control. The agreement details payment amounts, vesting percentages, and the schedule for benefit payouts, with the normal retirement date set for December 31, 2015. Actual benefits are determined by the full plan agreement.
EXHIBIT 10.54
EXHIBIT 1 to AMENDMENT NO. 1 TO SALARY CONTINUATION AGREEMENT
GARY DAVID QUISENBERRY
| Birth Date: 5/26/1951 |
| Early Retirement |
| Early Involuntary |
| Disability |
| Change of Control |
| Plan Anniversary Date: 1/1/2006 |
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| Normal Retirement: 12/31/2015, Age 64 |
| Monthly Installment |
| Termination |
| Monthly Installments |
| Lump Sum Payable |
| Normal Retirement Payment: Monthly for 15 years |
| Payable at Termination |
| Lump Sum Payable at |
| Payable at Termination |
| at |
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| for 15 Years |
| Normal Retirement Date |
| for 15 Years |
| Termination |
| Period |
| Discount |
| Benefit |
| Accrual |
| Vesting |
| Based on |
| Vesting |
| Based on |
| Vesting |
| Based on |
| Vesting |
| Based on |
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| (1) |
| (2) |
| (3) |
| (4) |
| (5) |
| (6) |
| (7) |
| (8) |
| (9) |
| (10) |
| (11) |
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| Dec 2005 (1) |
| 6.25 | % | 10,000 |
| 5,863 |
| 20 | % | 121 |
| 0 | % | — |
| 100 | % | 603 |
| 100 | % | 97,190 |
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| Dec 2006 |
| 6.25 | % | 10,000 |
| 12,652 |
| 40 | % | 521 |
| 0 | % | — |
| 100 | % | 1,302 |
| 100 | % | 97,190 |
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| Dec 2007 |
| 6.25 | % | 10,000 |
| 19,878 |
| 60 | % | 1,227 |
| 0 | % | — |
| 100 | % | 2,045 |
| 100 | % | 97,190 |
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| Dec 2008 |
| 6.25 | % | 10,000 |
| 27,569 |
| 70 | % | 1,986 |
| 0 | % | — |
| 100 | % | 2,837 |
| 100 | % | 97,190 |
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| Dec 2009 |
| 6.25 | % | 10,000 |
| 35,755 |
| 80 | % | 2,943 |
| 0 | % | — |
| 100 | % | 3,679 |
| 100 | % | 97,190 |
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| Dec 2010 |
| 6.25 | % | 10,000 |
| 44,467 |
| 90 | % | 4,118 |
| 0 | % | — |
| 100 | % | 4,575 |
| 100 | % | 97,190 |
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| Dec 2011 |
| 6.25 | % | 10,000 |
| 53,740 |
| 100 | % | 5,529 |
| 20 | % | 13,792 |
| 100 | % | 5,529 |
| 100 | % | 97,190 |
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| Dec 2012 |
| 6.25 | % | 10,000 |
| 63,609 |
| 100 | % | 6,545 |
| 40 | % | 30,676 |
| 100 | % | 6,545 |
| 100 | % | 97,190 |
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| Dec 2013 |
| 6.25 | % | 10,000 |
| 74,113 |
| 100 | % | 7,625 |
| 60 | % | 50,372 |
| 100 | % | 7,625 |
| 100 | % | 97,190 |
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| Dec 2014 |
| 6.25 | % | 10,000 |
| 85,292 |
| 100 | % | 8,776 |
| 70 | % | 63,545 |
| 100 | % | 8,776 |
| 100 | % | 97,190 |
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| Dec 2015 |
| 6.25 | % | 10,000 |
| 97,190 |
| 100 | % | 10,000 |
| 100 | % | 97,190 |
| 100 | % | 10,000 |
| 100 | % | 97,190 |
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December 31, 2015 Retirement; January 31, 2016 First Payment Date
(1) The first line reflects 11 months of data, February 2005 to December 2005.
(2) The benefit amount includes a 3.00% nonguaranteed inflator during the payout period.
* The purpose of this hypothetical illustration is to show the participant’s annual benefit based on various termination assumptions. Actual benefits are based on the terms and provisions of the plan agreement executed between the company and participant and may differ from those shown.
