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a. Additional claims payments through May 31,
1986, that when combined with the
compensation payments described above, will
equal my current rate of salary.
b. Additional claims payments in any calendar
year in which, until I reach age 62, the
total of my salaries, wages, and net business
income, plus compensation payments from DH&S
(as provided in paragraphs 1. and 2.a. above)
does not equal or exceed $42,000, such
additional claims payments to bring the total
to $42,000 (I will submit signed copies of my
Federal income tax returns to substantiate
requests for payments under this clause).
c. The option at age 60, to elect a 50% “joint
and survivor annuity” option based upon the
same terms as available under my Director
Agreement and thereby reduce the annual
compensation payments during my remaining
life (from $25,130 to $22,115 at present
rates, to be adjusted as described in
paragraph 2.e. below) and, upon my death,
provide my surviving spouse with annual
compensation payments of half that amount
($11,058 at present, to be adjusted as
described in paragraph 2.e. below).
d. The opportunity to continue to elect DH&S
group health and life insurance under the
same terms as available to Directors retiring
this year at age 60.
e. Annual adjustments to the amounts of the
compensation payments described in paragraphs
1. and 2.c. above, based upon the same
computations of average annual income as will
be used for Directors who retired in 1985
under the terms of my Director Agreement.
f. Payment of the same Net Supplemental
Compensation Award for the fiscal year ended
June 1, 1985, as would have been paid to me
if I were not terminating my employment with
DH&S.
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Last modified: May 25, 2011