This excerpt taken from the WFT DEF 14A filed Apr 26, 2007.
The following table shows information regarding the named executive officers benefits under our nonqualified executive retirement plan. For more information regarding our executive retirement plan, see Retirement Plan in the Compensation Discussion and Analysis section of this proxy statement.
Compensation under the plan is based on the sum of (a) the highest base salary in the last five years of employment, increased by any amounts that could have been received in cash in lieu of deferrals made pursuant to a cash or deferred arrangement or a cafeteria plan, and (b) the greater of the bonus amount potentially payable under the Companys management incentive plan for the last year of employment and the highest bonus paid in the last five years of employment.
Upon electing to participate in the plan, the participant agrees to a 10% reduction in his or her base salary as of the time of electing to participate. Our Chief Executive Officer has sole discretion to credit participants, other than himself, with additional years of service under the plan. The officers named in the Summary Compensation Table may be credited an additional three years of service or years of age upon termination of employment for any reason (except for termination by the Company for Cause or voluntary termination by the participant for any reason other than for Good Reason, death, disability or retirement).
A participants interest in the plan is generally distributed either in a lump sum or in the form of a monthly annuity for life, at the participants option. If the participant elects to receive monthly benefits, the participants beneficiaries will receive upon the participants death a lump sum payment equal to 120 monthly installments of the participants benefit.