Executive Financial Counseling Program Agreement between Company and Senior Executives
The company has established a voluntary program for selected senior executives to receive financial counseling services from The Ayco Company. The program includes a comprehensive financial review, two personal counseling sessions per year, income tax preparation, and unlimited communication with Ayco. The company will pay for these services, but about 60% of the cost will be treated as taxable income for the participating executives. Participation is optional and subject to approval by the Board of Directors.
EXHIBIT 10.23
EXECUTIVE FINANCIAL COUNSELING PROGRAM
On February 14, 2003, the Board of Directors approved a program to provide for executive financial counseling from The Ayco Company for a selected group of senior executives. The services provide a comprehensive review of the participating executive’s financial situation, two personal counseling sessions per year, income tax preparation, and unlimited communications with Ayco. The costs of these services will be borne by the Company, but approximately 60% of that cost will be considered imputed (taxable) income to the participant. Participation in the program is entirely voluntary.
