Description of Long-Term Disability Arrangements for Executive Officers and Management Employees
This document outlines the company's long-term disability program for 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 offers supplemental disability coverage for two executives, David S. Haffner and Karl G. Glassman, with the company paying the premiums. The supplemental benefits provide monthly payments until age 65.
Exhibit 10.17
DESCRIPTION OF LONG-TERM DISABILITY ARRANGEMENTS
The Company makes available an executive disability coverage program to provide disability benefits to the 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 David S. Haffner and Karl G. Glassman under various policies. This supplemental disability coverage provides the following benefits:
| Name | Annual Premiums* | Monthly Benefit | Benefit Period | |||||||||
| David S. Haffner | $ | 4,874 | $ | 16,300 | Until Age 65 | |||||||
| Karl G. Glassman | $ | 1,185 | $ | 4,200 | Until Age 65 | |||||||
| * | Under the supplemental disability coverage, the Company pays for the premium. |
