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LPL » Topics » Agenda 6: Approval of Regulations on Severance Payment for Directors

This excerpt taken from the LPL 6-K filed Feb 15, 2005.

Agenda 6: Approval of Regulations on Severance Payment for Directors

 

As the remuneration limit for Directors must be approved by the resolution of the Annual General Meeting under the Korean Commercial Code and as the severance payment is included in the remuneration limit, regulations on severance payment for directors will be approved at the Annual General Meeting.

 

  •   Summary of Regulations

 

Severance payment for Directors shall be granted to those who work on a full-time basis as Directors appointed at the Annual General Meeting. The method of calculating a severance payment shall be (basic monthly payment at the time of retirement x 22÷12) x (payment rate for the relevant position) with respect to every one (1) year of his/her service at the relevant position.

 

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