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Termination Award Retention Payment Payable
Payable Under 1990 at Inception of 1991
Employment Agreements Employment Agreements
Brink $699,150 $910,224
Denny 1,320,000 1,792,000
Francis 666,600 702,000
Free 646,200 837,406
Garrett 948,939 1,137,780
Hite 853,314 1,029,420
Kurczewski 773,202 854,000
Pugh 635,598 812,122
Richardson 531,000 644,448
Thompson 742,869 928,428
Williams 593,205 758,520
F. Mr. Garrett’s Termination
Effective December 31, 1992, petitioner terminated the
employment of Mr. Garrett without cause and made a prorated
Retention Payment and 1991 SRP Benefit payment in December 1992
under the provisions of his 1991 Employment Agreement.
G. The 1992 Amendments
On December 18, 1992, in anticipation of proposed increases
in individual income tax rates and proposed limitations on the
deductibility of executive compensation for Federal income tax
purposes, petitioner and the Retained Executives (other than Mr.
Garrett) executed amendments to the 1991 Employment Agreements
(1992 Amendments). The 1992 Amendments extended the employment
period provided by the 1991 Employment Agreements by 1 year, from
December 31, 1994, to December 31, 1995, and provided for the
early payment of the Retention Payment and 1991 SRP Benefit, on
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