Exhibit 10(k)
EXECUTIVE SALARY CONTINUATION PLAN AGREEMENT
FOR WESTERN RESOURCES, INC.
I acknowledge that, as an Employee of Western Resources, Inc., I have been
offered an opportunity to participate in the Western Resources, Inc. Executive
Salary Continuation Program (Program) described in the attached document
(which is incorporated herein by reference), and that I have elected one of
the alternatives set forth as indicated by the space which I have checked:
________ To participate in the Program
________ Not to participate in the Program
My Retirement Benefit, disability benefits, death benefits, and commencement
of such payments, and designated Beneficiary(ies) are agreed to be as follows:
1.A Retirement Benefit (Article IV of Program). Subject to the vesting
schedule in Section 4.3 of the Program, provided the reference to age 65 in
the next to last sentence thereof shall be age 61, and notwithstanding the
schedule contained therein, an amount which, when combined with existing
pension benefits under the Western Resources, Inc. Retirement Plan, will
provide the percentage of the final 36 months average Compensation, for
life (15 years minimum) as illustrated below:
Retirement Benefit
Retirement Age Percentage
50 & under 50.00%
51 51.20%
52 52.40%
53 53.60%
54 54.80%
55 56.00%
56 56.57%
57 57.14%
58 57.71%
59 58.28%
60 58.85%
61 60.00%
62 60.00%
63 60.56%
64 61.13%
65 & over 61.70%
1.B Commencement of Retirement Benefit Payments. The amount of the
Retirement Benefit Payments will be based on the following table depending
upon the Participant's age when Benefit Payments are to commence:
Age At
Payout Percentage Factor
Commencement of
Of Retirement Benefit
Benefit Payments Percentage
50 50%
51 55%
52 60%
53 65%
54 70%
55 75%
56 80%
57 85%
58 90%
59 95%
60 & older 100%
2. IRC Section 401(a)(17) Limitations. Notwithstanding Paragraphs 1A and
1B above, the Program and this Plan Agreement shall provide a Retirement
Benefit attributable to the Participant's annual base compensation that is in
excess of IRC Section 401(a)(17) limitations. This benefit will be computed by
applying the same benefit formula, vesting provisions, and early retirement
provisions as are in the Western Resources, Inc. Pension Plan. Any benefit
provided under this provision will offset the benefit provided under
Paragraphs 1A and 1B above.
3. Disability Benefit (Article IV of Program). If Total and Permanent
Disability should occur prior to Retirement, an amount which, when combined
with then existing pension benefits under the Western Resources, Inc.
Retirement Plan, will provide 61.7% of the final 36 months average
Compensation for life (15 years minimum).
4. Death Benefit. (Article III of Program). If death occurs before
Retirement, an amount which, when combined with then existing pension benefits
under the Western Resources, Inc. Retirement Plan, will provide 50% (or the
vested Retirement Benefit, whichever is greater) of the previous 36 months
average Compensation, payable to the Beneficiary for 180 months following
death.
5. Participant hereby designates as Primary Beneficiary under the Program
and this Plan Agreement:
and, Participant hereby designates as Secondary Beneficiary under the Program
and this Plan Agreement:
The term "Beneficiary" as used herein shall mean the Primary Beneficiary if
such Primary Beneficiary shall survive Participant by at least 30 days, and
shall mean the Secondary Beneficiary if Primary Beneficiary does not survive
Participant by at least 30 days, and shall mean the Estate of the Participant,
if neither Primary nor Secondary Beneficiary survives Participant by at least
30 days. Participant shall have the right to change Participant's designation
of Primary and/or Secondary Beneficiary from time to time, in such manner as
shall be required by the Company, it being agreed that no change in
beneficiary shall be effective until acknowledged in writing by the Committee.
(If Beneficiary is to be irrevocable, strike and initial previous sentence.)
I further acknowledge that neither the Company nor any of its subsidiaries,
affiliated companies, officers, employees, or agents has any responsibility
whatsoever for the changes which I may make in other personal plans or
programs as a result of my decision regarding the Program and they are fully
released to such extent. The Company agrees that although the Program may be
terminated or modified at any time, in the sole discretion of the Company, a
Participant shall have those rights provided for in Article X of said Program
to the extent such may be applicable to such Participant's at the time of
such termination.
IN WITNESS WHEREOF, Western Resources, Inc. and Plan Participant have
executed this Plan Agreement as of March 15, 1995.
WESTERN RESOURCES, INC.
Executive Vice President
PARTICIPANT:
(Signature)
John E. Hayes, Jr.