Exhibit 10
April 11, 1997
Xx. Xxxxxxx X. Xxxxx
Xxxxx Life Insurance Company of America
Xxx Xxxxxxx Xxxxx
Xxxxxxx, Xxx Xxxxxxxxx 00000
Dear Xxxxx:
Contingent upon the closing of the Chubb Life of America acquisition, I am
pleased to offer you the opportunity to join Jefferson-Pilot to head our
Communications Operations. This letter will constitute a three year
agreement, the terms of which are outlined below. This is a very exciting
time for all of us and a great opportunity for us as we move forward.
1. Starting Date: Upon closing.
2. Title: Executive Vice President - Jefferson-Pilot Corporation and
President - Jefferson-Pilot Communications.
3. Report/Duties: You will report to me and be responsible for all of
Jefferson-Pilot's communications activities and operations.
4. Compensation:
A. Base Salary: $350,000 per year subject to annual review or
increases.
B. Annual Bonus: You will participate in the Jefferson-Pilot
Communications plan consistent with key employees with a
range of:
16% for threshold/minimum performance
32% for target performance
48% for superior/maximum performance
I have discretion provided by the Board Compensation Committee to
increase the superior award by 50% based on individual performance.
You will be guaranteed a minimum bonus of $100,000 for the year 1997
payable in 1998. In addition, you will participate in the Company's
Long Term Incentive Plan.
C. Stock Option: The following options will be awarded assuming
continued performance at target levels and contingent upon approval
by the Jefferson-Pilot Board Compensation Committee. Options are
normally awarded in February of each year and vest over a three year
period.
1998 (for calendar year 1997) - 20,000 shares
1999 - 20,000 shares
This agreement is subject to final review and approval by the Jefferson-
Pilot Corporation Compensation Committee. If you agree with the above-
outlined terms and Conditions, please sign the original and return it to
me at your earliest convenience.
Xxxxx, I am very pleased with your willingness and excitement to join
this new organization, and bringing your skills to bear as we pursue
the many challenges and opportunities ahead. Best regards.
Sincerely,
/s/ Xxxxx Xxxxxxxxxxx
Xxxxx X. Xxxxxxxxxxx
I hereby accept the terms outlined above.
/s/ Xxxxxxx X. Xxxxx April 30, 1997
_____________________________ __________________________
Xxxxxxx X. Xxxxx (Date)
