Executive Long-Term Disability Coverage Arrangement for Named Executive Officers and CEO Karl G. Glassman

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the Company's executive disability coverage program for its named executive officers and management employees. The program provides disability benefits that replace up to 66 2/3% of an employee's base salary, bonuses, and incentive compensation, with a maximum monthly benefit of $25,000. Employees pay the premiums for this coverage. Additionally, the Company provides supplemental disability coverage for its President and CEO, Karl G. Glassman, offering a $4,200 monthly benefit until age 65, with the Company paying the premium.

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EX-10.16 5 legex1016q42015.htm DESCRIPTION OF LONG-TERM DISABILITY ARRANGEMENT Exhibit

Exhibit 10.16
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 President and Chief Executive Officer, 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.