TGI » Topics » Accrued Pay and Regular Retirement Benefits.

This excerpt taken from the TGI DEF 14A filed Jun 25, 2007.
Accrued Pay and Regular Retirement Benefits.   In addition to the benefits described above, the executive officers are also entitled to certain payments and benefits upon termination of employment that are provided on a non-discriminatory basis to salaried employees generally upon termination of employment. These include:

·       accrued salary and vacation pay;

·       life insurance benefits; and

·       distributions of plan balances under Triumph’s 401(k) plan.

Similarly, except as described above, upon termination of employment, an executive officer’s options and restricted stock awards are subject to the terms applicable to all recipients of such awards under Triumph’s applicable plans. We are not obligated to provide any special accelerated vesting of executive officers’ options or restricted stock awards.

Other than items described above, payments and benefits provided on a non-discriminatory basis to salaried employees generally and the change of control context, discussed below, the compensation and management development committee or the Board may authorize additional severance benefits, although they are not obligated to do so.


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