Interest Rate Approval for Directors and Executives Deferred Compensation Plan (2011)
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Summary
The Board of Directors and Compensation Committee have set an 11.5% interest rate for the 2011 plan year under the Directors and Executives Deferred Compensation Plan, replacing the previous 12.25% rate. This rate applies to all current directors and executive officers participating in the plan. The rate is reviewed annually and is designed to encourage retention and discourage competition. The new rate is effective prospectively for eligible participants.
EX-10.1(A2) 2 g24773exv10w1xa2y.htm EXHIBIT 10.1(A2) exv10w1xa2y
EXHIBIT 10.1(a2)
RATE APPLICABLE TO
PARTICIPATING DIRECTORS AND EXECUTIVE OFFICERS UNDER THE
DIRECTORS AND EXECUTIVES DEFERRED COMPENSATION PLAN
PARTICIPATING DIRECTORS AND EXECUTIVE OFFICERS UNDER THE
DIRECTORS AND EXECUTIVES DEFERRED COMPENSATION PLAN
Effective for the 2011 plan year, the Board of Directors and its Compensation Committee has approved an applicable interest rate for the Directors and Executives Deferred Compensation Plan of 11.5%. That rate is a reduction from the 12.25% rate in effect for 2010, and applies prospectively to certain participants, including all participants who presently are directors or executive officers of the registrant. Rates generally are subject to annual approval by the Committee, but generally remain in effect until changed. The new interest rate, within the context of the entire Plan, has been established at a level intended to provide both retention and long-term non-compete incentives.
