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TPGI » Topics » Potential Payments on Disability(1) or Death(2) As of Year Ended December 31, 2008

This excerpt taken from the TPGI DEF 14A filed Apr 28, 2009.

Potential Payments on Disability(1) or Death(2) As of Year Ended December 31, 2008

 

Name of Executive Officer

    Cash
Payments
($)
    Estimated value
Of accelerated
Stock options
and restricted
stock warrants
($)
    Maximum
value of
continued
benefits
($)
    Total ($)

James A. Thomas

    120,000    119,118    15,969    255,087

Diana M. Laing

    390,383    22,711    23,612    436,706

Thomas S. Ricci

    509,418    25,329    23,612    558,359

Paul S. Rutter

    439,397    284,900    17,898    742,195

Randall L. Scott

    509,418    25,329    21,101    555,848

John R. Sischo

    415,383    25,329    23,612    464,324
(1) An executive’s employment may be terminated, to the extent consistent with federal and state law, if the executive suffers a disability, which means the executive’s inability, by reason of physical or mental illness, to fulfill his or her obligations for sixty consecutive days or for a total of one hundred twenty days in any twelve-month period, which in the reasonable opinion of an independent physician renders the executive unable to perform the essential functions of his or her job even after reasonable accommodations are made by the Company. In the event of termination due to disability, we will pay 100% of the executive’s then current annual base salary and a pro-rated annual bonus for the fiscal year of the company in which the termination occurs. We will also pay in cash within thirty days of the date of termination, the following: the executive’s earned but unpaid base salary and accrued but unpaid vacation pay through the date of termination, and any annual bonus required to be paid to the executive for any fiscal year of the Company that ends on or before the date of termination to the extent not previously paid. In addition, we will provide continued health care coverage for the executive and/or his or her qualified beneficiaries for a period up to one year.
(2) An executive’s employment will terminate automatically upon death. In the event of termination due to death, we will pay 100% of the executive’s then current annual base salary and a pro-rated annual bonus for the fiscal year of the company in which the termination occurs. We will also pay in cash within thirty days of the date of termination, the following: the executive’s earned but unpaid base salary and accrued but unpaid vacation pay through the date of termination, and any annual bonus required to be paid to the executive for any fiscal year of the Company that ends on or before the date of termination to the extent not previously paid. In addition, we will provide continued health care coverage for the executive and/or his or her qualified beneficiaries for a period up to one year.

 

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