DESCRIPTION OF LONG-TERM DISABILITY ARRANGEMENTS

EX-10.17 3 dex1017.htm DESCRIPTION OF LONG-TERM DISABILITY ARRANGEMENTS WITH CERTAIN EXECUTIVES Description of long-term disability arrangements with certain executives

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

    Current Age    Annual Premiums*    Monthly Benefit    Benefit Period

David S. Haffner

    57    $ 4,874    $ 16,300    Until Age 65

Karl G. Glassman

    51    $ 1,185    $ 4,200    Until Age 65

 

* Under the supplemental disability coverage, the Company pays for the premium.