Executive Officer Compensatory Arrangements for Estate, Financial, and Tax Planning Services
This agreement outlines a program by which the company provides its senior executive officers with up to $10,000 per year for professional estate, financial, and tax planning services. In the first year, executives may use up to $20,000 by carrying forward the second year's allowance to cover initial planning costs. The company will notify participants of the fees allocated to them, and the value of these services will be treated as taxable income. Executives may also use certain company facilities and equipment for personal use, subject to company and IRS rules.
Exhibit 10.e
OTHER COMPENSATORY ARRANGEMENTS FOR EXECUTIVE OFFICERS
In order to assure that the Company’s senior executives are fully aware of the tax, legal and financial implications of the Company’s benefit programs, the Company has established a program to provide senior executives with assistance in their estate, financial and tax planning matters. Under this program, the Company will pay up to $10,000 for such professional services each year, with a special “carry-forward” of the second year’s $10,000 allowance during the first year to cover additional costs associated with development of an initial estate and financial plan. The Company will inform each participant during the course of this process as to the amount of professional fees allocated to services performed on such participant’s behalf under the program. The value of any such services received will be taxable as ordinary income to the participant.
The Company’s executive officers are permitted to utilize certain Company facilities and equipment for personal purposes, if available, and subject to IRS and Company rules for reporting or reimbursement.
