Description of Long-Term Disability Arrangement for Executive Officers and Management Employees
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Summary
This document outlines the long-term disability benefits provided by the company to its executive officers and management employees. The program offers disability coverage that replaces 66 2/3% of an employee's base salary, bonuses, and incentive compensation, up to a maximum of $25,000 per month, with employees responsible for paying the premiums. Additionally, the company provides supplemental disability coverage for its Executive Chairman, Karl G. Glassman, offering a $4,200 monthly benefit until age 65, with the company covering the premium costs.
EX-10.18 5 legex1018-descriptionoflon.htm EXHIBIT 10.18 DESCRIPTION OF LONG-TERM DISABILITY ARRANGEMENT Document
Exhibit 10.18
DESCRIPTION OF LONG-TERM DISABILITY ARRANGEMENT
The Company makes available an executive disability coverage program to provide disability benefits to its named executive officers and other management employees. The executive disability coverage is designed to replace 66 ²/³ % of the base salary, bonuses and incentive compensation of the employee up to a maximum of $25,000 per month benefit. Under the executive disability coverage, the employee pays for the premiums.
In addition to the above coverage, the Company provides supplemental disability coverage for its Executive Chairman, Karl G. Glassman. This supplemental disability coverage provides the following benefits:
Name | Annual Premium* | Monthly Benefit | Benefit Period | |||||||||||||||||||||||
Karl G. Glassman | $ | 1,185 | $ | 4,200 | Until Age 65 | |||||||||||||||||||||
* Under the supplemental disability coverage, the Company pays for the premium. | ||||||||||||||||||||||||||
