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This excerpt taken from the LOJN DEF 14A filed Apr 11, 2007. Employee Benefit Programs The Company’s 401(k) plan, disability insurance, deferred compensation plan and charitable contribution matching program are all based on employee contributions and partial Company matching. The Company currently pays 100% of the premiums for health insurance for certain executive officers, and 70% for all other employees. The Employee Stock Purchase Plan allows employees to accumulate funds from payroll deductions over a six month period and purchase shares at a 15% discount from the lower of the market price at the beginning or the end of the six month period. The benefits detailed above were chosen by the Compensation Committee because they are commonly made available to executives. The Compensation Committee believes that the contribution levels of these programs, individually and in the aggregate, are typical and necessary to recruit and retain qualified executives. The executive physical examination program is intended more to motivate executives to have regular examinations than as an element of compensation. |
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