Special Retirement Benefit Adjustment Agreement for Kenneth Mlekush

Summary

This agreement between Jefferson Pilot Financial and Kenneth Mlekush provides that, upon his normal retirement at age 65, his retirement benefit will be increased from 27.3% to 40% of his final average earnings, recognizing his significant contributions to the company. The benefit becomes vested at age 65, unless an event under the company's Executive Change in Control Severance Plan occurs, in which case it vests immediately. The benefit will be paid under the company's Executive Special Supplemental Benefit plan.

EX-10.V 5 g74919ex10-v.txt SPECIAL RETIREMENT BENEFIT ADJUSTMENT / MLEKUSH EXHIBIT 10(vi) Special Retirement Benefit Adjustment for Kenneth Mlekush Upon normal retirement at age 65, the Corporation will increase the accrued benefit from a projected 27.3% of final average earnings to 40% of final average earnings in light of Mr. Mlekush's substantial contribution to the growth and development of Jefferson Pilot Financial over the past 8 years. This benefit will not vest until age 65, except that in the case of a triggering event providing the benefits under Section 1 of the Corporation's Executive Change in Control Severance Plan, the benefit will become vested immediately. This benefit will be payable under the Corporation's Executive Special Supplemental Benefit. E-5