Interest Rate Approval for Directors and Executives Deferred Compensation Plan (2010)
The Board of Directors and Compensation Committee have set a 12.25% interest rate for the Directors and Executives Deferred Compensation Plan, effective for the 2010 plan year. This rate applies to all current directors and executive officers, replacing the previous 12.5% rate from 2009. The rate is reviewed annually and is designed to encourage retention and discourage competition. The rate remains in effect until changed by the Committee.
EXHIBIT 10.1(a2)
RATE APPLICABLE TO
PARTICIPATING DIRECTORS AND EXECUTIVE OFFICERS UNDER THE
DIRECTORS AND EXECUTIVES DEFERRED COMPENSATION PLAN
Effective for the 2010 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 12.25%. That rate is a reduction from the 12.5% rate in effect for 2009, 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.
