Exhibit 10.2
| |
|
|
|
|
|
|
| POLICIES AND PROCEDURES |
|
NO. RS — 06 |
DATE:
|
|
1 FEBRUARY, 2009 (revised) |
|
|
|
|
SUBJECT:
|
|
SENIOR MANAGEMENT BENEFITS |
|
|
|
|
Schedule A
In addition to all of the fringe benefits provided to salaried employees, Division Vice
Presidents/General Managers, Vice President—Administration and Subsidiary Presidents (the “Senior
Managers”) will have the following additional benefits:
| 1. |
|
Insurance premiums will be one-half the amount paid by regular salaried employees with equal
seniority for all individual and family health coverage. Life, disability and dental
insurance coverage will be paid in full. |
| 2. |
|
Supplemental health insurance benefits for the Senior Managers and dependents up to 4% of the
total of the current base salary. |
| 3. |
|
Health Club membership or equivalent in home exercise equipment. |
| 4. |
|
Life insurance and A.D. & D. at 2.0 times annualized base salary on February 1st
each year. |
| 5. |
|
Full pay for sick leave up to a point where disability insurance coverage begins. Disability
insurance is 60% of base salary, non-integrated with Social Security. Provisions of the
actual policy will govern the exact amount of payments. |
| 6. |
|
Two additional weeks of paid vacation in addition to the regular established vacation policy. |
| 7. |
|
Physical examination provided by the Company will be given on a biennial basis to age 60 on
individuals who are asymptomatic, annually if symptomatic. Above age 60 examinations will be
annually. |
| 8. |
|
Senior Manager’s annual base salary will be grossed up at the end of the calendar year to
compensate for the additional payroll and income tax burden created by the treatment of
benefits under Numbers 1, 2, 4 and 7, above, as additional income. |
| |
|
This section applies only to Senior Managers retiring after February 1, 2009. Benefits to
Senior Managers retiring before that date will be governed by the policy in effect at
retirement. |
| |
|
Upon retirement, the following benefits will be available to Raven Senior Managers who retire
between the ages of 65 and 70, or who choose early retirement. Early retirement is defined as
the first day of any month after the Senior Manager’s years of service, plus attained age,
equals or exceeds the sum of 80, or any date between then and age 65. |
| |
(A) |
|
Continued group hospital, medical, and dental coverage for the Senior Manager,
spouse and eligible dependents until the Senior Manager attains the eligibility age
for Medicare (presently age 65 or disabled). Premiums will be at the same rate
available to active Senior Managers. |
PAGE 1 OF 2
