Description of PMD Retiree Medical Program for Participating Managing Directors
This document outlines the retiree medical program for Participating Managing Directors (PMDs) who retire with at least eight years of service. Eligible PMDs and their dependents may receive medical coverage with a subsidy of up to 75%. Eligibility for the program or subsidy may end if the PMD is terminated for cause or joins a competitor. PMDs with less than eight years of service or who join a non-competitor may still be eligible for coverage, but without the subsidy. The program and subsidy may be changed or discontinued at any time.
Exhibit 10.25
Description of PMD Retiree Medical Program
Participating Managing Directors (“PMDs”) who retire with eight or more years of service as PMDs are eligible to receive retiree medical coverage for themselves and their eligible dependents. The PMD retiree medical program currently provides a subsidy of up to 75%. A PMD’s eligibility under the PMD retiree medical program generally terminates if the PMD engages in conduct constituting cause or if the PMD goes to work for a competitor. A PMD with less than eight years of service or who goes to work for a non-competitor may be eligible for the retiree medical program but not the subsidy. The PMD retiree medical program and/or the subsidy can be amended or terminated at any time as provided in the applicable plan documents.
