Description of Executive Long-Term Disability Coverage Program for Officers and Management Employees
This document describes an Executive Disability Coverage program offered by the Registrant to about 120 officers and management employees. The program provides long-term disability benefits, replacing up to 66 2/3% of an employee's base salary, bonuses, and incentive compensation, with a maximum monthly benefit of $25,000. Employees are responsible for paying the premiums for this coverage.
EXHIBIT 10.11(1)
DESCRIPTION OF LONG-TERM DISABILITY ARRANGEMENTS
The Registrant makes available an Executive Disability Coverage program to provide disability benefits to approximately 120 officers and 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.
