Exhibit 10(h)
RADIAN CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
TABLE OF CONTENTS
PAGE
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . .1
ARTICLE I DEFINITIONS. . . . . . . . . . . . . . . . . . . . . . . .1
1.1 Compensation Committee . . . . . . . . . . . . . . . . . .1
1.2 Normal Retirement Date . . . . . . . . . . . . . . . . . .1
1.3 Participant. . . . . . . . . . . . . . . . . . . . . . . .1
1.4 Plan . . . . . . . . . . . . . . . . . . . . . . . . . . .1
1.5 Plan Year. . . . . . . . . . . . . . . . . . . . . . . . .2
1.6 Radian . . . . . . . . . . . . . . . . . . . . . . . . . .2
1.7 Targeted Benefit . . . . . . . . . . . . . . . . . . . . .2
1.8 Trust. . . . . . . . . . . . . . . . . . . . . . . . . . .2
1.9 Year of Service. . . . . . . . . . . . . . . . . . . . . .2
ARTICLE 2 PARTICIPATION. . . . . . . . . . . . . . . . . . . . . . .2
ARTICLE 3 VESTING. . . . . . . . . . . . . . . . . . . . . . . . . .3
3.1 General Vesting Provisions . . . . . . . . . . . . . . . .3
3.2 Special Vesting and Forfeiture Provisions. . . . . . . . .3
ARTICLE 4 BENEFITS . . . . . . . . . . . . . . . . . . . . . . . . .4
4.1 Retirement at Normal Retirement Date . . . . . . . . . . .4
4.2 Retirement After Normal Retirement Date. . . . . . . . . .4
4.3 Early Retirement . . . . . . . . . . . . . . . . . . . . .4
4.4 Termination of Employment - Prior to Age 55. . . . . . . .5
4.5 Termination of Employment - Death. . . . . . . . . . . . .5
4.6 Termination of Employment - Gross Negligence
or Criminal Misconduct . . . . . . . . . . . . . . . . . .5
4.7 Termination of Employment - Covenant Not to
Compete. . . . . . . . . . . . . . . . . . . . . . . . . .6
4.8 Benefit Form for Married Participants. . . . . . . . . . .6
ARTICLE 5 FUNDING AND ACTUARIAL CONSIDERATIONS . . . . . . . . . . .6
5.1 General Considerations . . . . . . . . . . . . . . . . . .6
5.2 Actuarial Considerations . . . . . . . . . . . . . . . . .7
ARTICLE 6 PLAN ADMINISTRATION. . . . . . . . . . . . . . . . . . . .7
6.1 Compensation Committee . . . . . . . . . . . . . . . . . .7
6.2 Consultants. . . . . . . . . . . . . . . . . . . . . . . .7
ARTICLE 7 AMENDMENT AND TERMINATION. . . . . . . . . . . . . . . . .8
7.1 Amendment. . . . . . . . . . . . . . . . . . . . . . . . .8
7.2 Termination. . . . . . . . . . . . . . . . . . . . . . . .8
ARTICLE 8 CLAIMS PROCEDURE . . . . . . . . . . . . . . . . . . . . .8
8.1 Claims . . . . . . . . . . . . . . . . . . . . . . . . . .8
8.2 Notice of Decision . . . . . . . . . . . . . . . . . . . .8
8.3 Content of Notice. . . . . . . . . . . . . . . . . . . . .9
8.4 Appeal Procedure . . . . . . . . . . . . . . . . . . . . .9
8.5 Review Procedure . . . . . . . . . . . . . . . . . . . . .9
8.6 Disputes . . . . . . . . . . . . . . . . . . . . . . . . 10
8.7 Appeals Committee. . . . . . . . . . . . . . . . . . . . 10
ARTICLE 9 MISCELLANEOUS. . . . . . . . . . . . . . . . . . . . . . 10
9.1 Employment Status. . . . . . . . . . . . . . . . . . . . 10
9.2 No Employment Rights . . . . . . . . . . . . . . . . . . 10
9.3 No Salary Reduction. . . . . . . . . . . . . . . . . . . 10
9.4 Creditor Status. . . . . . . . . . . . . . . . . . . . . 10
9.5 Rights to Benefits . . . . . . . . . . . . . . . . . . . 10
9.6 Antialienation . . . . . . . . . . . . . . . . . . . . . 10
9.7 Change in Corporate Structure. . . . . . . . . . . . . . 11
9.8 Indemnification. . . . . . . . . . . . . . . . . . . . . 11
9.9 Binding Effect . . . . . . . . . . . . . . . . . . . . . 11
9.10 Governing Law. . . . . . . . . . . . . . . . . . . . . . 11
9.11 Number and Gender. . . . . . . . . . . . . . . . . . . . 11
ii
RADIAN CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
INTRODUCTION
WHEREAS, Radian Corporation ("Radian") desires to retain the
services of and to provide rewards and incentives to members of a
select group of management employees who contribute to the
success of Radian;
WHEREAS, the Radian Corporation Supplemental Executive
Retirement Plan (the "Plan"), as set forth herein, is intended to
provide supplemental retirement benefits to certain management
employees who have been selected in accordance with the
provisions of the Plan, who meet certain requirements and
conditions necessary to obtain benefits under the Plan and who,
in general, retire from Radian after attaining age 55 for reasons
other than death;
WHEREAS, the Plan's supplemental benefits shall be as
provided herein; and
WHEREAS, it is contemplated that benefits under the Plan
will be paid through the Trust under the Radian corporation
Supplemental Executive Retirement Plan;
NOW, THEREFORE, effective January 1, 1991, Radian hereby
adopts the Plan set forth in this document.
ARTICLE 1
DEFINITIONS
Where the following words and phrases appear in the Plan,
they shall have the meanings specified below unless a different
meaning is clearly required by the context.
1.1 Compensation Committee. The term "Compensation
Committee" refers to the compensation committee of the Board of
Directors of Radian, which will administer the Plan.
1.2 Normal- Retirement Date. A Participant's "Normal
Retirement Date" is the day of the Participant's 65th birthday.
1.3 Participant. The term "Participant" refers to a
management employee of Radian who is selected to participate in
the Plan under the provisions of Article 2.
1.4 Plan. "Plan" refers to the Radian Corporation
Supplemental Executive Retirement Plan.
1.5 Plan Year. A "Plan Year" is the period from January 1
through December 31, annually, beginning January 1, 1991.
1.6 Radian. The term "Radian" refers to Radian Corporation,
a Texas corporation.
1.7 Targeted Benefit. With respect to each current
Participant hereunder, the term "Targeted Benefit" shall be, and
shall conclusively be deemed to be, the amount set forth
following the employee number that Radian has assigned to the
Participant under the "Targeted Benefit" column on Exhibit A,
which is attached hereto and incorporated herein for all
purposes. With respect to any management employee of Radian who
may in the future be selected to participate in the Plan under
the provisions of Article 2, such Participant's "Targeted
Benefit" shall be the amount set forth in the written notice that
Radian gives to the Participant advising him that he has been
selected to participate in the Plan and in the written notice
that Radian gives to the Trustee of the Trust advising that the
management employee has been selected to participate in the Plan.
1.8 Trust. "Trust" refers to the Trust under the Radian
Corporation Supplemental Executive Retirement Plan, the assets of
which are subject to the claims of Radian's creditors in the
event of Radian's insolvency as determined therein.
1.9 Year of Service. The term "Year of Service" refers to
each consecutive 12-month period beginning on the date that a
Participant becomes an employee of Radian during which the
Participant is employed on a full-time basis.
ARTICLE 2
PARTICIPATION
Eligibility of Radian's management employees for
participation in the Plan shall be determined, on an individual
basis, in the sole and absolute discretion of the Board of
Directors of Radian. Radian shall give written notice to those
management employees who have been selected to participate in the
Plan.
ARTICLE 3
VESTING
3.1 General Vesting Provisions. Except as provided in
Sections 3.2, 4.4, 4.5, 4.6, 4.7 and 7.2, a Participant's vested
interest in his Targeted Benefit, which shall be based on the
Participant's Years of Service (as defined in Section 1.9), shall
be determined in accordance with the following schedule:
Vested Percentage
Participant's of Participant's
Years of Service Targeted Benefit
Less Than 10 0%
10 40%
11 46%
12 52%
13 58%
14 64%
15 70%
16 76%
17 82%
18 88%
19 94%
20 or More 100%
3.2 Special Vesting and Forfeiture Provisions.
Notwithstanding the provisions of Section 3.1, (a) any
Participant whose full-time employment with Radian terminates for
any reason prior to his attaining the age of 55 shall not be
entitled to benefits under the Plan; (b) except as provided in
(c), (d) and (e) of this Section 3.2 and in Section 7.2, a
Participant shall become 100 percent vested in his Targeted
Benefit upon the Participant's Normal Retirement Date, if at that
time the Participant is employed by Radian on a full-time basis;
(c) any Participant whose employment with Radian terminates as a
result of his gross negligence, as determined in the sole and
absolute discretion of the Compensation Committee, or as a result
of his criminal misconduct, as determined in the sole and
absolute discretion of the Compensation Committee, shall not be
entitled to benefits under the Plan (even if such Participant's
employment terminates after his Normal Retirement Date or after
the Plan is terminated under the provisions of Section 7.2); (d)
any Participant whose employment with Radian terminates and who
does not execute a covenant not to compete with Radian that
contains terms satisfactory to the Compensation Committee, as
determined in its sole and absolute discretion, shall not be
entitled to benefits under the Plan (even if such Participant's
employment terminates after his Normal Retirement Date or after
the Plan is terminated under the provisions of Section 7.2); and
(e) the estate, personal representative, heirs, or assigns of any
Participant who dies while in the employ of Radian shall not be
entitled to benefits under the Plan (even if such Participant
dies after his Normal Retirement Date or after the Plan is
terminated under the provisions of Section 7.2).
ARTICLE 4
BENEFITS
4.1 Retirement at Normal Retirement Date. Except as
provided in Sections 4.5, 4.6, 4.7 and 4.8, if a Participant
terminates employment with Radian after he attains his Normal
Retirement Date and during the Plan Year in which he attains his
Normal Retirement Date, his vested Targeted Benefit shall be paid
to him at the and of each Plan Year that occurs during the
Participant's life (each December 31 that occurs during the
Participant's life), beginning at the end of the Plan Year in
which the Participant attains his Normal Retirement Date.
4.2 Retirement After Normal Retirement Date. Except as
provided in Sections 4.5, 4.6, 4.7 and 4.8, if a Participant
terminates his employment with Radian after the end of the Plan
Year in which he attains his Normal Retirement Date, his vested
Targeted Benefit, which is actuarially equivalent (as determined
under Section 5.2) to the payments to which the Participant would
have been entitled beginning at the end of the Plan Year in which
the Participant attained his Normal Retirement Date under the
provisions of Section 4.1 had the Participant terminated his
employment with Radian after his Normal Retirement Date and
during the Plan Year in which he attained his Normal Retirement
Date and which is actuarially increased to reflect deferred
payment beginning after the end of the Plan Year in which the
Participant attains his Normal Retirement Date, shall be paid to
him at the end of each Plan Year that occurs during the
Participant's life (each December 31 that occurs during the
Participant's life), beginning at the end of the Plan Year in
which the Participant's employment with Radian terminates.
4.3 Early Retirement. If a Participant terminates his
employment with Radian after the Participant attains age 55 but
before the Participant's Normal Retirement Date, the benefit to
be paid to the Participant shall be determined by multiplying the
Participant's vested Targeted Benefit by the "Percentage of the
Participant's vested Targeted Benefit" determined under the
schedule set forth below. Except as provided in Sections 4.5, 4.6
4.7 and 4.8, a Participant's benefit, to be determined and
paid under the provisions of this Section 4.3, shall be paid to
him at the end of each Plan Year that occurs during the
Participant's life (each December 31 that occurs during the
Participant's life), beginning at the end of the Plan Year in
which the Participant's employment with Radian terminates. The
"Percentage of the Participant's Vested Targeted Benefit," which
shall be based on the Participant's attained age at his
termination of employment with Radian, shall be determined in
accordance with the following schedule:
Participant's Attained Percentage of the Participant's
Age at Termination Vested Targeted
of Employment Benefit
55 70%
56 73%
57 76%
58 79%
59 82%
60 85%
61 88%
62 91%
63 94%
64 97%
4.4 Termination of Employment - Prior to Age 55. Any other
provision of the Plan to the contrary notwithstanding, if a
Participant's employment with Radian terminates before he attains
age 55, he shall not be entitled to benefits under the Plan.
4.5 Termination of Employment - Death. Any other provision
of the Plan to the contrary notwithstanding, if a Participant
dies while in the employ of Radian, he shall not be entitled to
benefits under the Plan (even if the Participant dies after
attaining his Normal Retirement Date or after the Plan is
terminated under the provisions of Section 7.2).
4.6 Termination of Employment - Gross Negligence or
Criminal Misconduct. Any other provision of the Plan to the
contrary notwithstanding, if a Participant's employment with
Radian terminates as a result of his gross negligence, as
determined in the sole and absolute discretion of the
Compensation Committee, or as a result of his criminal
misconduct, as determined in the sole and absolute discretion of
the Compensation Committee, he shall not be entitled to benefits
under the Plan (even if such Participant's employment terminates
after his Normal Retirement Date or after the Plan is terminated
under the provisions of Section 7.2).
4.7 Termination of Employment - Covenant Not to Compete.
Any other provision of the Plan to the contrary notwithstanding,
if a Participant's employment with Radian terminates and the
Participant does not execute a covenant not to compete with
Radian that contains terms satisfactory to the Compensation
Committee, as determined in its sole and absolute discretion, he
shall not be entitled to benefits under the Plan (even if such
Participant's employment terminates after his Normal Retirement
Date or after the Plan is terminated under the provisions of
Section 7.2). If a Participant who has executed a covenant not to
compete with Radian under the provisions of the preceding
sentence fails, as determined in the sole and absolute discretion
of the Compensation Committee, to comply with any term or
provision of the agreement containing such covenant not to
compete, neither such Participant nor the spouse of such deceased
Participant under the benefit form provided for in Section 4.8
shall be entitled to any further benefit payments under the Plan.
4.8 Benefit Form for Married Participants. A Participant
who is to receive a benefit hereunder and who has been married to
his spouse throughout the calendar year ending on the December 31
on which the Participant's benefit is to commence under Section
4.1, 4.2 or 4.3, as applicable, shall receive his benefit under
the Plan in the form (a) that is actuarially equivalent (as
determined under Section 5.2) to the benefit that the Participant
would otherwise be entitled to receive under Section 4.1, 4.2 or
4.3, as applicable, if the Participant had not been married to
his spouse throughout the calendar year ending on the December 31
on which the Participant's benefit is to commence under Section
4.1, 4.2 or 4.3, as applicable, (b) that makes one level of
payment to the Participant on each December 31 beginning at the
end of the Plan Year in which the Participant's employment with
Radian terminates and ending on the last December 31 to occur
while the Participant is living, and (c) if the Participant
predeceases his spouse, that makes payments to the surviving
spouse of the Participant on each December 31 to occur during the
lifetime of the surviving spouse of the Participant that are
equal to 50 percent of the payments made to the Participant under
clause (b) of this Section 4.8.
ARTICLE 5
FUNDING AND ACTUARIAL CONSIDERATIONS
5.1 General Considerations. Participants and any spouse of
a deceased Participant under the benefit form provided for in
Section 4.8 have the status of general unsecured creditors of
Radian and the Plan constitutes a mere promise by Radian to make
benefit payments in the future. Benefits under the Plan shall
constitute general obligations of Radian or of Radian's successor
under Section 9.7. Any trust created by Radian and any assets
held by the trust to assist it in meeting its obligations under
the Plan will conform to the terms of the model trust described
in Revenue Procedure 92-64. To the extent that benefits under the
Plan are not paid from the Trust, such benefits shall be paid
from the general assets of Radian or of Radian's successor under
Section 9.7. A Participant shall have no right to have a benefit
under the Plan paid from any particular asset of Radian. The
parties intend that the arrangements be unfunded for tax purposes
and for purposes of Title I of ERISA.
5.2 Actuarial Considerations. Except as provided below, as
used herein, the term "actuarially equivalent" shall mean an
amount of equal value when computed at an eight percent rate of
interest and on the basis of the 1984 Unisex Pension Mortality
Table. The preceding sentence notwithstanding, the Compensation
Committee may at any time adopt such mortality and other tables
as it shall deem appropriate for purposes of determining
actuarially equivalent benefits under the Plan.
ARTICLE 6
PLAN ADMINISTRATION
6.1 Compensation Committee. The Compensation Committee
shall administer the Plan. It shall have the authority to
interpret the Plan, to adopt and review rules relating to the
Plan and to make all other determinations relating to the
administration of the Plan. The Compensation Committee shall have
exclusive authority (a) to determine eligibility for and to
determine the time and form of benefit payments to Participants,
in accordance with the terms of the Plan, and (b) to settle
claims in accordance with the provisions in Article 8. The
Compensation Committee shall be the named fiduciary of the Plan.
6.2 Consultants. The Compensation Committee may employ
such attorneys, accountants, actuaries, investment advisors and
other agents as it deems advisable. Radian shall pay the
compensation and expenses of such attorneys, accountants,
actuaries, investment advisors and other agents, as well as any
other expenses incurred by the Compensation Committee in the
administration of the Plan.
ARTICLE 7
AMENDMENT AND TERMINATION
7.1 Amendment. Radian reserves the right to amend the Plan
at any time, including the right to amend the Plan retroactively,
as long as the amendment does not reduce a Participant's vested
Targeted Benefit.
7.2 Termination. Radian reserves the right to terminate
the Plan at any time by formal action of its Board of Directors
as long as the termination does not reduce a Participant's then
vested Targeted Benefit. Upon termination of the Plan,
distributions of the Participant's vested Targeted Benefit shall
be made in accordance with the provisions of the Plan, including
the provisions of Article 4, except that a Participant shall not
be entitled to further vesting in his Targeted Benefit (on
account of accruing additional Years of Service or on account of
attaining his Normal Retirement Date) following the termination
of the Plan.
ARTICLE 8
CLAIMS PROCEDURE
8.1 Claims. A Participant or the spouse of a deceased
Participant under the benefit form provided for in Section 4.8
may make a claim for benefits by filing a written claim for such
benefits with the Compensation Committee, in a form that may be
prescribed by the Compensation Committee, which shall set forth:
(a) the name, address and Social Security number of the
Participant, (b) the period of time the Participant was employed
with Radian, and (c) such other information as the Compensation
Committee may require.
8.2 Notice of Decision. If a claim is wholly or partially
denied, notice of the decision, in accordance with Section 8.3,
shall be furnished to the claimant within a reasonable period of
time, not to exceed 90 days after the Compensation Committee's
receipt of the claim, unless special circumstances require an
extension of time for processing the claim. If such an extension
of time is required, written notice of the extension shall be
furnished to the claimant prior to the termination of the initial
90-day period. In no event shall such extension exceed a period
of 90 days from the end of such initial period. The extension
notice shall indicate the special circumstances requiring an
extension of time and the date on which the Compensation
Committee expects to render a decision. If neither notice of
denial of claim nor notice of extension of time is furnished,
then such claim shall be deemed denied and the claimant may
proceed with the review procedure specified in Sections 8.4 and
8.5.
8.3 Content of Notice. The Compensation Committee shall
provide every claimant who is denied a claim for benefits written
notice setting forth, in a manner calculated to be understood by
the claimant, the following: (a) the specific reason or reasons
for the denial; (b) specific reference to pertinent Plan
provisions upon which the denial is based; (c) a description of
any additional material or information necessary for the claimant
to perfect the claim and an explanation of why such material or
information is necessary; and (d) an explanation of the Plan's
claims review procedure, as set forth in Sections 8.4 and 8.5
below.
8.4 Appeal Procedure. The purpose of the review procedure
set forth in this Section 8.4 and in Section 8.5 is to provide a
procedure by which a claimant, under the Plan, may have a
reasonable opportunity to appeal denial of a claim to the Appeals
Committee for a full and fair review. To accomplish that purpose,
the claimant (or his duly authorized representative) may: (a)
request review upon written application to the Appeals Committee;
(b) review pertinent Plan documents; and (c) submit issues and
comments in writing. A claimant (or his duly authorized
representative) shall request a review by filing a written
application for review with the Appeals Committee within 60 days
after the claimant receives written notice of the denial of his
claim.
8.5 Review Procedure. Decision on review of a denied claim
shall be made in the following manner: (a) the decision on review
shall be made by the Appeals Committee, which may, in its
discretion, hold a hearing on the denied claim; (b) the Appeals
Committee shall make its decision promptly, and not later than 60
days after the Appeals Committee receives the request for review,
unless special circumstances require extension of time, in which
case a decision shall be rendered as soon as possible, but not
later than 120 days after receipt of the request for review; (c)
if such an extension of time for review is required, written
notice of the extension shall be furnished to the claimant prior
to the commencement of the extension; (d) the decision on review
shall be in writing and shall include specific reasons for the
decision, written in a manner calculated to be understood by the
claimant, and specific references to the pertinent Plan
provisions on which the decision is based; and (a) the decision
shall be furnished to the claimant within the period set forth in
Section 8.5(b), but if the decision is not furnished within the
period set forth in Section 8.5(b), the claim shall be deemed
denied on review.
8.6 Disputes. If a dispute arises with respect to any matter
under this Plan, the Compensation Committee may refrain
from taking any other or further action in connection with the
matter involved in the controversy until the dispute has been
resolved.
8.7 Appeals Committee. For purposes of this Article 8, the
Appeals Committee shall consist of a committee of at least three
but not more than five individuals appointed by the Board of
Directors of Radian.
ARTICLE 9
MISCELLANEOUS
9.1 Employment Status. A retired Participant shall not be
considered an employee for any purpose.
9.2 No Employment Rights. Nothing contained in the Plan
shall be deemed to give any Participant or employee the right to
be retained in the service of Radian or to interfere with the
right of Radian to discharge any Participant or employee at any
time regardless of the effect that such discharge would have upon
him as a Participant of the Plan.
9.3 No Salary Reduction. The Plan does not involve a
reduction in salary for the Participant or the foregoing of an
increase in future salary by the Participant.
9.4 Creditor Status. The rights of Participants and any
spouse of a deceased Participant under the benefit form provided
for in Section 4.8 shall be solely those of unsecured general
creditors of Radian or of Radian's successor under Section 9.7.
9.5 Rights to Benefits. Any payments made in good faith and
under the terms of the Plan by Radian or by the Trustee of the
Trust to a Participant or to a spouse of a deceased Participant
under the benefit form provided for in section 4.8 shall fully
discharge Radian, the Compensation Committee and the Trustee of
the Trust from all further obligations with respect to such
payments. This Plan is solely between Radian and the Participant.
Individuals claiming benefits under the Plan shall only have
recourse against Radian or against Radian's successor under
Section 9.7 for enforcement of the Plan.
9.6 Antialienation. Except as required by law, a
Participant's rights or a spouse's rights (under Section 4.8) to
benefit payments under the Plan are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors of the
Participant or the Participant's spouse under Section 4.8.
Except as required by law, no sale, transfer, alienation
assignment, pledge, collateralization, or attachment of benefits
under the Plan shall be valid or recognized by Radian or by the
Compensation Committee.
9.7 Change in Corporate Structure. Radian shall not merge
into, be acquired by, or consolidate with any other employer
unless and until such other employer agrees to assume all rights
and obligations of Radian set forth in the Plan.
9.8 Indemnification. Radian agrees to indemnify each member
of the Compensation Committee and each member of the Appeals
Committee against all liability arising out of the performance of
his duties hereunder, except for liability resulting from the
member's gross negligence or embezzlement or diversion of funds.
it is expressly understood by Radian that through this
indemnification provision, Radian agrees to indemnify each member
of the compensation Committee and each member of the Appeals
Committee against the consequences of his own negligence in the
performance to his duties.
9.9 Binding Effect. This Plan shall be binding upon and
shall inure to the benefit of Radian, its successors and assigns
and each Participant and his heirs, executors, administrators and
legal representatives and any spouse of a deceased Participant
under the benefit form provided for in Section 4.8.
9.10 Governing Law. This Plan shall be governed by the laws
of the state of Texas.
9.11 Number and Gender. As used in the Plan, when
appropriate the singular includes the plural and vice versa and
the masculine includes the feminine.
Executed to be effective January 1, 1991.
RADIAN CORPORATION
By
Print Name:
Title:
EXHIBIT A
To
RADIAN CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Employee Number Targeted Benefit
1 $159,569
3 100,024
4 28,107
6 35,157
7 80,966
13 64,640
33 88,890
129 12,082
134 86,551
145 50,882
170 25,466
172 19,896
191 0
225 14,608
331 104,235
390 22,569
818 53,716
966 18,125
1415 55,784
1696 25,066
5711 62,972