Directors and Executives Deferred Compensation Plan Interest Rate Approval (2007)
This document states that, effective for the 2007 plan year, the Board of Directors and its Compensation Committee approved a 13% interest rate for the Directors and Executives Deferred Compensation Plan. This rate applies to all current directors and executive officers participating in the plan. The interest rate is subject to annual review and approval by the Committee but remains in effect until changed. The rate is set to encourage retention and long-term non-compete incentives for participants.
EXHIBIT 10.1(a1)
RATE APPLICABLE TO
DIRECTORS AND EXECUTIVE OFFICERS UNDER THE
DIRECTORS AND EXECUTIVES DEFERRED COMPENSATION PLAN
Effective for the 2007 plan year, the Board of Directors and its Compensation Committee on January 16, 2007 approved an applicable interest rate for the Directors and Executives Deferred Compensation Plan of 13%. That rate 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.
