THOMAS LEON SOMMER
EXHIBIT 10.55
EXHIBIT 1 to AMENDMENT NO. 1 TO SALARY CONTINUATION AGREEMENT
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
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Birth Date: 2/23/1948 |
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Early Retirement |
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Early Involuntary |
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Disability |
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Change of Control |
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Plan Anniversary Date: 1/1/2006 |
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Normal Retirement: 12/31/2012 Age 64 |
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Monthly Installment |
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Termination |
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Monthly Installments |
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Lump Sum Payable |
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Normal Retirement Payment: Monthly for 15 years |
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Payable at Termination |
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Lump Sum Payable at |
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Payable at Termination |
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at |
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|
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for 15 Years |
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Normal Retirement Date |
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for 15 Years |
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Termination |
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Period |
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Discount |
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Benefit |
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Accrual |
|
Vesting |
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Based on |
|
Vesting |
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Based on |
|
Vesting |
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Based on |
|
Vesting |
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Based on |
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|
|
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(1) |
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(2) |
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(3) |
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(4) |
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(5) |
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(6) |
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(7) |
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(8) |
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(9) |
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(10) |
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(11) |
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Dec 2005 (1) |
|
6.25 |
% |
10,000 |
|
8,958 |
|
20 |
% |
184 |
|
0 |
% |
— |
|
100 |
% |
922 |
|
100 |
% |
97,190 |
|
|
Dec 2006 |
|
6.25 |
% |
10,000 |
|
19,332 |
|
40 |
% |
796 |
|
0 |
% |
— |
|
100 |
% |
1,989 |
|
100 |
% |
97,190 |
|
|
Dec 2007 |
|
6.25 |
% |
10,000 |
|
30,373 |
|
60 |
% |
1,875 |
|
0 |
% |
— |
|
100 |
% |
3,125 |
|
100 |
% |
97,190 |
|
|
Dec 2008 |
|
6.25 |
% |
10,000 |
|
42,124 |
|
70 |
% |
3,034 |
|
20 |
% |
10,811 |
|
100 |
% |
4,334 |
|
100 |
% |
97,190 |
|
|
Dec 2009 |
|
6.25 |
% |
10,000 |
|
54,631 |
|
80 |
% |
4,497 |
|
40 |
% |
26,346 |
|
100 |
% |
5,621 |
|
100 |
% |
97,190 |
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|
|
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Dec 2010 |
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6.25 |
% |
10,000 |
|
67,943 |
|
90 |
% |
6,292 |
|
60 |
% |
46,179 |
|
100 |
% |
6,991 |
|
100 |
% |
97,190 |
|
|
Dec 2011 |
|
6.25 |
% |
10,000 |
|
82,111 |
|
100 |
% |
8,448 |
|
70 |
% |
61,175 |
|
100 |
% |
8,448 |
|
100 |
% |
97,190 |
|
|
Dec 2012 |
|
6.25 |
% |
10,000 |
|
97,190 |
|
100 |
% |
10,000 |
|
100 |
% |
97,190 |
|
100 |
% |
10,000 |
|
100 |
% |
97,190 |
|
December 31, 2012 Retirement; January 31, 2013 First Payment Date
(1) The first line reflects 11 months of data, February 2005 to December 2005.
(2) The benefit amount includes a 3.00% nonguaranteed inflator during the payout period.
* The purpose of this hypothetical illustration is to show the participant’s annual benefit based on various termination assumptions. Actual benefits are based on the terms and provisions of the plan agreement executed between the company and participant and may differ from those shown.