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This excerpt taken from the HAS DEF 14A filed Apr 6, 2009. Post-Employment
Agreement With Mr. Verrecchia
Mr. Verrecchia’s employment with the Company ended
effective December 31, 2008. Mr. Verrecchia is now
serving as the Company’s non-employee Chairman of the
Board. Mr. Verrecchia has elected to receive a lump sum
benefit equivalent to the value of an annuity for the remainder
of his life equal to 1.5% of his five-year average compensation
multiplied by Mr. Verrecchia’s years of service with
the Company, but not to exceed 60% of his five-year average
compensation. This enhanced retirement benefit is reduced by the
pension benefits provided to Mr. Verrecchia by the Pension
Plan and Supplemental Plan. The amounts shown in the pension
table reflect Mr. Verrecchia’s actual lump sum
determined as of January 1, 2009. Certain portions of the
lump sum are subject to delay due to Section 409A of the
Code. All payments deferred beyond January 1, 2009 will be
paid with interest accrued at an annual rate of 5%.
This excerpt taken from the HAS DEF 14A filed Apr 8, 2008. Post-Employment
Agreement With Mr. Verrecchia
Unless Mr. Verrecchia’s employment is terminated by
the Company for Cause (as defined in the Post-Employment
Agreement), Mr. Verrecchia shall receive an annuity benefit
(calculated based on monthly installments) following the
termination of his employment for the remainder of his life in
an annual amount equal to 1.5% of his five-year average
compensation multiplied by Mr. Verrecchia’s years of
service with the Company, but not to exceed 60% of his five-year
average compensation. This enhanced retirement benefit is
reduced by the pension benefits provided to Mr. Verrecchia
by the Pension Plan and Supplemental Plan. If
Mr. Verrecchia’s employment terminates due to his
death, his spouse is entitled to the actuarial equivalent of the
enhanced retirement benefits
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described above. Mr. Verrecchia’s enhanced retirement
benefit under this agreement will be paid as a lump sum.
Mr. Verrecchia is currently eligible for an unreduced
retirement benefit under his Post-Employment Agreement.
This excerpt taken from the HAS DEF 14A filed Apr 16, 2007. Post-Employment
Agreement With Mr. Verrecchia
Unless Mr. Verrecchia’s employment is terminated by
the Company for Cause (as defined in the Post-Employment
Agreement), Mr. Verrecchia shall receive annuity payments
in monthly installments following the termination of his
employment for the remainder of his life in an annual amount
equal to 1.5% of his five-year average compensation multiplied
by Mr. Verrecchia’s years of service with the Company,
but not to exceed 60% of his five-year average compensation.
This enhanced retirement benefit is reduced by the pension
benefits provided to Mr. Verrecchia by the Pension Plan and
Supplemental Plan. If Mr. Verrecchia’s employment
terminates due to his death, his spouse is entitled to the
actuarial equivalent of the enhanced retirement benefits
described above. The
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benefit under his agreement may also be paid as a lump sum or
other annuity forms of payment available under the Supplemental
Plan. Mr. Verrecchia is currently eligible for an unreduced
retirement benefit under his Post-Employment Agreement.
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