Amendment to Executive Retirement Plan (January 28, 2003)

Summary

This amendment updates the Company's Executive Retirement Plan for participants eligible after January 1, 2003. Only service as an elected officer counts toward vesting, with 50% vesting after five years and the rest over the next five years. The death benefit is set at 50% of the remaining benefit. In case of a change in control, benefits are calculated using the higher of final base pay or the average of the last three years' base pay. The amendment also removes benefit loss for terminations not for cause and allows disability payments to begin immediately upon disability.

EX-10.15 3 exhibit_10-15.txt Exhibit 10.15 - ------------- On January 28, 2003, the Company's Executive Retirement Plan (the Plan) was amended as follows: o For participants who become eligible after January 1, 2003: o Only service as an elected officer counts towards vesting; o 50% cliff vesting occurs after the first five years as an elected officer, with the remaining vesting occurring on a pro-rata basis over the next five years; o The Plan's death benefit is 50% of the remaining benefit. o Upon a change in control, the Plan's benefit is based upon the higher of final base pay or the average of the last three years' base pay. o Remove loss of benefit upon termination for performance other than cause. o In the event of disability, payments begin upon disability rather than at age 65.