SFG » Topics » Item 1.01 Entry into a Material Definitive Agreement.

This excerpt taken from the SFG 8-K filed Jun 16, 2005.

Item 1.01 Entry into a Material Definitive Agreement.

 

On June 13, 2005, StanCorp Financial Group, Inc. (“StanCorp”) entered into a Third Amendment, dated as of June 27, 2005, to the $75,000,000 Credit Agreement between StanCorp and U.S. Bank National Association, dated as of June 30, 2003, extending the expiry date to June 27, 2006. A copy of the Third Amendment to the $75,000,000 Credit Agreement with U.S. Bank National Association is attached hereto and filed herewith as Exhibit 10.1.

 

On June 15, 2005, StanCorp entered into a Third Amendment, dated as of June 27, 2005 to the $75,000,000 Credit Agreement between StanCorp and Keybank National Association dated as of June 30, 2003, extending the expiry date to June 26, 2006. A copy of the Third Amendment to the $75,000,000 Credit Agreement with Keybank National Association is attached hereto and filed herewith as Exhibit 10.2.

 

Under the agreements, StanCorp is subject to customary covenants that take into consideration the impact of material transactions, changes to the business, compliance with legal requirements and financial performance. The financial covenants include limitations on indebtedness, financial liquidity, and risk-based capital. All borrowings on the lines of credit shall be due and payable by the termination date. Amounts due under the Credit Agreement may be accelerated upon the event of default, such as a breach of representation or covenant or the occurrence of bankruptcy or insolvency, if not otherwise waived or cured.

 

StanCorp is not required to maintain compensating balances, but pays commitment fees. Interest charged for use of the facilities is based on the federal funds rate, the bank’s prime rate, or the London Interbank Offered Rate at the time of borrowing plus an incremental basis point charge that varies by agreement, type of borrowing, and the amount outstanding on the lines. StanCorp currently has no commitments for standby letters of credit, standby repurchase obligations, or other related commercial commitments under the credit agreements.

 

Section 2 – Financial Information

 

This excerpt taken from the SFG 8-K filed Jan 6, 2005.

Item 1.01 Entry into a Material Definitive Agreement.

 

StanCorp Financial Group, Inc. currently has in effect three shareholder-approved equity compensation plans. The Organization and Compensation Committee of the Board of Directors (the “Committee”) oversees all of the Company’s broad-based compensation and benefit programs and advises management and exercises authority with respect to compensation and benefits afforded the CEO, Executive Officers and the Board of Directors.

 

On December 10, 2004, the Committee approved, effective January 1, 2005, the StanCorp Financial Group, Inc. Short Term Incentive Program (the “STIP”). The STIP is intended to enable the Company to attract, retain, motivate and reward qualified executive officers and key employees by providing them with the opportunity to earn competitive compensation directly linked to their annual performance and to the overall profitability and performance of the Company. A copy of this program is attached hereto and filed herewith as Exhibit 10.1.

 

Section 8 – Other Events

 

EXCERPTS ON THIS PAGE:

8-K
Jun 16, 2005
8-K
Jan 6, 2005
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