Employment Agreement Extension Letter between Jefferson-Pilot Corporation and David A. Stonecipher

Contract Categories: Human Resources › Employment Agreements
Summary

Jefferson-Pilot Corporation and David A. Stonecipher have agreed to extend Stonecipher's employment contract from December 31, 2002 to February 28, 2005. Stonecipher will continue as CEO and/or Chairman, or another mutually agreed position, and his total compensation will remain at 2001 levels, adjusted for performance and inflation. This letter is effective immediately and replaces any previous written agreements about extending the employment contract until a formal revision is made.

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EX-10.I 3 g74919ex10-i.txt LETTER EXTENDING EMPLOYMENT CONTRACT / STONECIPHER EXHIBIT 10(i) February 19, 2002 Jefferson-Pilot Corporation 100 North Greene Street Greensboro, NC 27401 Re: Commitment to extend Employment Agreement As discussed with Messrs. Melvin, Cunningham and Pittard, the members of the Compensation Committee, and agreed, I hereby commit to an extension of my current Employment Agreement, as amended, from December 31, 2002 to February 28, 2005 in accordance with these agreements by the Corporation: 1. My position in the Corporation will continue after 2002 as CEO and/or Chairman or such other position as both parties shall mutually agree from time to time, which mutually agreed change in position would not be a circumstance described in Section 2(b)(iv)(B) or (D) of the Employment Agreement. 2. My total compensation (base salary, annual bonus, LTIP, and annual option grant) shall continue at 2001 value levels, adjusted as appropriate for target performance and inflation. This letter shall be in full force and effect from this date until replaced by a mutually agreed upon formal revision to my existing Employment Agreement, and supercedes other written understandings contemplating the extension of the Employment Agreement to February 28, 2005. Date: 2/19/02 By: /s/ David A. Stonecipher ----------------------------- ----------------------------------- David A. Stonecipher Approved by Compensation Committee: /s/ E. S. Melvin ----------------------------------- E. S. Melvin, Chairman E-3