Three months ended
EX-10.9 10 a21138exv10w9.txt EXHIBIT 10.9 EXHIBIT 10.9 SUMMARY OF BENEFITS FOR ALAN C. DRAPER UNDER THE UTI WORLDWIDE (UK) LTD PENSION SCHEME Accrued Pension at date of leaving Final Pensionable Salary x 2/3 x Actual pensionable service ---------------------------------------- Potential pensionable service (to Normal Retirement Date) Pensionable Service Date 1/1/84 Date of leaving 5/4/98 Normal retirement date 4/11/12 Pension accrued to 5/4/98: L130,000 x 2/3 x 14.25/28.8333 = L42,832.41 per annum Early retirement pension The pension is increased at a rate broadly equivalent to the increase in the Retail Price Index, but not exceeding 5% compound for each complete year from date of leaving to the pension commencement date. If retirement is early, an early factor is applied so the pension is reduced to take account of the longer period of payment. Mr Draper's pension at 30 June 2006 was calculated as follows:
L42,832.41 x 1.213 x 69% = L35,849.44 per annum Cash sum There is an option to exchange part of the pension for an initial cash sum. The cash sum is calculated on a similar formula to the pension as follows Final Pensionable Salary x 1.5 x Actual pensionable service ---------------------------------------- Potential pensionable service (to Normal Retirement Date) L130,000 x 1.5 x 14.25/28.8333 = L96,372.94 Reduced pension L35,849.44 - L96,372.94 = L30,114.66 per annum ---------- 16.805* * Factor actuarially calculated
