OI » Topics » Other Benefits

This excerpt taken from the OI DEF 14A filed Apr 7, 2008.

Other Benefits

        The Company provides certain other benefits to named executive officers as described below. Our perquisite program represents a small portion of overall compensation. We provide these particular benefits because they represent the most common perquisites provided to executives and assist the Company to both attract and retain executives. The nature of the types of other benefits provided is reviewed by the Committee on a periodic basis to ensure the Company maintains a competitive market position.

        Mr. Ridder is covered by the Senior Executive Retention and Confidentiality Agreement applicable to certain executives in Australia. This plan was established January 1, 2001 in response to specific market and competitive threats. It provided a series of overlapping 3 year cycles leading to cash payments based in part on achievement of certain performance metrics, and includes a two year non-compete commitment. The plan has been terminated, with the last cycle running January 1, 2005 to December 31, 2007.

        U.S. named executive officers who were officers prior to 2006 were provided with a vehicle leased by the Company. Such arrangement included insurance and maintenance on the vehicle. In mid-2006, changes were made to this practice. Specifically, U.S. named executive officers who currently have a vehicle will retain that vehicle through the end of the lease period. At the end of the lease, the named executive officer will be given a car allowance in the amount of $2,000 per month. This allowance is intended to cover the cost of a vehicle plus insurance and maintenance. The allowance is not included in compensation for purposes of determining base pay increases, annual incentives, retirement benefits, or any other benefit determined using base pay. Executive officers who remain in their positions will continue to receive this allowance. Newly hired executive officers or individuals promoted into these positions will not be eligible for this allowance in the future.

        The Company provides financial planning and tax preparation services for its U.S. executive officers. The executive officer may choose to work with any consultant of their choice. The Company pays for the cost of this service, up to $15,000 per year, and provides a tax gross-up on this amount.

        U.S. executive officers are also eligible to participate in an annual executive physical examination program. The program is offered through a single provider in the Toledo area and is limited to $3,500 per year.

        The Company installs a home security system for its U.S. based executive officers, and provides monitoring of the system through its existing security personnel.

        Under board policy, for security reasons, the Company's chief executive officer generally uses the Company aircraft for both business and personal travel. Per the terms of his agreement, Mr. Stroucken's personal use of the Company aircraft is limited to 50 hours per year. Personal travel by any other officers requires the approval of the chief executive officer.

This excerpt taken from the OI DEF 14A filed Apr 5, 2007.

Other Benefits

        The Company provides certain other benefits to named executive officers as described below.

        The nature of the types of other benefits provided is reviewed by the Committee on a periodic basis to ensure the Company maintains a competitive market position.

        U.S. named executive officers who were officers prior to 2006 were provided with a vehicle leased by the Company. Such arrangement included insurance and maintenance on the vehicle. In mid-2006, changes were made to this practice. Specifically, U.S. named executive officers who currently have a vehicle will retain that vehicle through the end of the lease period. At the end of the lease, the named executive officer will be given a car allowance in the amount of $2,000 per month. This allowance is intended to cover the cost of a vehicle plus insurance and maintenance. The allowance is not included in compensation for purposes of determining base pay increases, annual incentives, retirement benefits, or any other benefit determined using base pay. Executive officers who remain in their positions will continue to receive this allowance. Newly hired executive officers or individuals promoted into these positions will not be eligible for this allowance in the future.

        The Company provides financial planning and tax preparation services for its U. S. executive officers. The executive officers may choose to work with any consultant of their choice. The Company pays for the cost of this service, up to $15,000 per year, and provides a tax gross-up on the cost.

        U. S. executive officers are also eligible to participate in an annual executive physical examination program. The program is offered through a single provider in the Toledo area and is limited to $3,500 per year.

        The Company installs a home security system for its U. S. based executives officers, and provides monitoring of the system through its existing security personnel.

        Mr. Restrepo received benefits under the Company's Global Mobility policy as a Colombian expatriate living and working in Switzerland at the Company's request (see detail in the "Summary Compensation Table"). The benefits provided under this policy are provided to all expatriate employees living outside their home country.

        Under board policy, for security reasons, the Company's chief executive officer generally uses the Company aircraft for both business and personal travel. Personal travel by any other officers requires the approval of the chief executive officer.

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