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Content analysis
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Legalese | ||
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7th grade Avg
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- 10-K Annual report
- 3.2 Amended Bylaws
- 10.9 Award Formula
- 10.11.1 Flexible Stock Plan Form of Performance Stock Unit Award Agreement
- 10.14 Amended & Restated Deferred Compensation Program
- 10.17 Amended 2005 Executive Stock Unit Program
- 10.18 Description of Long-term Disability Arrangements for Certain Executives
- 10.19 Amended & Restated Retirement K Excess Program
- 10.20.1 Assignment & Assumption Between Bank of America & Bank of Tokyo-mitsubishi Ufj
- 10.20.2 Assignment & Assumption Between the Bank of New York & Comerica Bank
- 12 Computation of Ratio of Earnings to Fixed Charges
- 21 Schedule of Subsidiaries of the Company
- 23 Consent of Independent Registered Public Accounting Firm
- 24 Power of Attorney
- 31.1 Section 302 Certification of CEO
- 31.2 Section 302 Certification of CFO
- 32.1 Section 906 Certification of CEO
- 32.2 Section 906 Certification of CFO
EXHIBIT 10.18
DESCRIPTION OF LONG-TERM DISABILITY ARRANGEMENTS
The Company makes available an executive disability coverage program to provide disability benefits to approximately 120 officers and management employees. The executive disability coverage is designed to replace 66 2/3% of the base salary, bonuses and incentive compensation of the employee up to a maximum of $25,000 per month benefit. Under the executive disability coverage, the employee pays for the premiums.
In addition to the above coverage, the Company provides supplemental disability coverage for Felix E. Wright, David S. Haffner and Karl G. Glassman under various policies. This supplemental disability coverage provides the following benefits:
Name | Current Age | Annual Premiums | Monthly Benefit | Benefit Period* | ||||
Felix E. Wright | 72 | $8,715 | $20,000 | 24 months | ||||
David S. Haffner | 55 | $4,874 | $16,300 | Until Age 65 | ||||
Karl G. Glassman | 49 | $1,185 | $ 4,200 | Until Age 65 |
* | Assumes disability occurred in February 2008 |
Under the supplemental disability coverage, the Company pays for the premium.