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This excerpt taken from the TXI 10-K filed Jul 13, 2007. ITEM 9B. OTHER INFORMATION On July 11, 2007, our board of directors approved an amendment to be effective on December 31, 2007 to the SAR Agreement for Employee Directors Under Texas Industries, Inc. 2003 Stock Appreciation Rights Agreement of Mel G. Brekhus, our President and Chief Executive Officer. The amendment is intended to insure that payments to Mr. Brekhus upon exercise of his stock appreciation rights after the amendment becomes effective are deductible by us for federal income tax purposes. The amendment applies to stock appreciation rights that are unexercised when the amendment becomes effective. The amendment (i) defers payment under the SAR Agreement until after Mr. Brekhus' employment terminates, (ii) provides for the payment of interest on the deferred amount at a rate equal to the greater of the U.S. Treasury Bill rate for Treasury Bills with a three month maturity or 120% of the applicable federal rate, and (iii) provides that we will pay any additional tax or interest imposed on Mr. Brekhus and caused by the deferral. 70 |
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