Description of Post-Retirement Life Insurance Equivalent
EX-10.12 2 a08-2394_1ex10d12.htm EX-10.12
Exhibit 10.12
Description of Post-Retirement Life Insurance Equivalent
Certain senior executives of the Registrant, including all executive officers, are entitled to receive a lump sum payment equal to one year’s salary plus a gross up for applicable taxes upon retirement or at age 55. This benefit was adopted by the Registrant in 1996 in lieu of providing post-retirement life insurance.
