Description of Director Retirement Program for Pre-1997 Non-Management Directors
This document outlines a retirement program for non-management directors elected before 1997. Eligible directors receive a one-time payment based on their years of service through 1996, multiplied by the 1996 annual director's fee of $25,000. The payment amount is discounted to present value using a corporate bond benchmark rate from the year before retirement. Payments are made in February following the director's retirement. The program was terminated at the end of 1996, so only directors elected before then qualify.
Exhibit 10.O
Exhibit O.
Description of Director Retirement Program
Non-management directors who were elected prior to 1997 remain eligible to receive a one-time payment under our Director Retirement Program, which was terminated at the end of 1996. The amount of the payment is equal to the present value of the product of the annual director’s fee in effect in 1996 ($25,000) and the number of years of service through 1996. The discount rate used to calculate the present value is a corporate bond benchmark index in effect at the end of the year prior to the year in which an eligible director retires. The payment is made in February of the year following retirement.
