Amendment to Exhibit A of Del Webb Corporation Umbrella Trust

Summary

Del Webb Corporation, through its Benefits Advisory Committee and Human Resources Committee, amends Exhibit A of its Umbrella Trust. The amendment updates how benefit liabilities are calculated, specifying that present value is determined using the interest rate for lump sum payments under the relevant plan, and clarifies the assumptions about mortality before and after benefits begin. This change is authorized by the committees as allowed under the trust's terms.

EX-1.16 17 ex1-16.txt AMENDMENT TO EXHIBIT A - UMBRELLA TRUST Exhibit 1.16 AMENDMENT TO EXHIBIT A OF DEL WEBB CORPORATION UMBRELLA TRUST WHEREAS, Del Webb Corporation ("Company") has established a Del Webb Corporation Umbrella Trust (as amended, the "Trust"); and WHEREAS, pursuant to Section 2.01-4 of the Trust, the "Committee," as defined in the Trust, may from time to time amend Exhibit A to the Trust; and WHEREAS, the Committee has authorized an amendment to Exhibit A. Pursuant to the foregoing, Exhibit A to the Trust is revised as follows: Items 3 and 4 are deleted in their entirety and replaced by the following language: 3. The Benefit Liability is equal to the present value of benefits discounted to the trigger date using the interest rate (or series of rates) used to determine the amount of a lump sum payment under the applicable Plan. 4. No mortality is assumed prior to the commencement of benefits. Future mortality is assumed to occur after the commencement of benefits in accordance with the mortality table used for valuing lump sums under the applicable Plan. DEL WEBB CORPORATION Benefits Advisory Committee By: ------------------------------------ Its: ------------------------------------ DEL WEBB CORPORATION Human Resources Committee By: ------------------------------------ Robertson C. Jones, on behalf of and as directed by the Human Resources Committee