Directors’ Retirement Income Plan (Adopted February 17, 1982; Replaced September 18, 1995 and January 1, 2005)

Summary

This agreement outlines a retirement income plan for non-employee Directors and certain officer Directors of the company. Directors who retire at age 55 or older with at least 10 years of service are entitled to receive an annual payment equal to their fixed retainer at retirement, paid quarterly for life. Directors with 5 to 10 years of service receive a reduced benefit. The Board retains the right to modify or terminate the plan at any time without the consent of retired Directors. The plan was later replaced by new phantom share plans.

EX-10.67 5 g11658exv10w67.htm EXHIBIT 10.67 Exhibit 10.67

Exhibit 10.67

DIRECTORS’ RETIREMENT INCOME PLAN

Adopted by the Board of Directors on February 17, 1982
Replaced by Directors’ Phantom Share Plan September 18, 1995
Further Replaced by Outside Director Phantom Share Plan effective January 1, 2005

RESOLVED, that upon retirement from the Board of Directors after reaching the age of 55 with at least 10 years of service as a Director, any non-employee Director, and any officer Director who has also served as Chief Executive Officer, will, subject to the right of modification or termination referred to below, be entitled to receive an annual amount equal to the fixed retainer in effect at the time of retirement, to be paid quarterly for the life of the retired Director;

RESOLVED, that any retiring Director who has reached age 55 and has served for at least 5 but less than 10 years will, subject to the right of modification or termination referred to below, be entitled to receive an annual amount, payable as set forth in the preceding resolution, at the reduced rate of 50% of the fixed retainer in effect at retirement plus 10% of such retainer for each additional year of service up to 10;

RESOLVED, that the Committee on Directors and the Board of Directors shall have the right to modify or terminate this retirement benefit in their sole discretion and without the approval or consent of any retired Director who may be affected by such modification or termination; and

RESOLVED, that the officers of the Company be and hereby severally are authorized to make payments to retired Directors in accordance with the provisions of the preceding resolutions.