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Exhibit 10.9
PARTICIPATION AGREEMENT UNDER
THE
INTERNATIONAL FAMILY ENTERTAINMENT, INC.
EXECUTIVE RETIREMENT PLAN
THIS AGREEMENT, executed this 1st day of June, 1997, by and between
International Family Entertainment, Inc., a Delaware corporation, (the
"Company" and Xxxxx X. Xxxxxxxx, an individual resident in the Commonwealth of
Virginia (the "Employee").
W I T N E S S E T H:
WHEREAS, the Company has set forth under the International Family
Entertainment, Inc. Executive Retirement Plan attached hereto as Exhibit A (the
"Plan") the terms and conditions upon which the Company shall pay to certain
executive employees benefits upon retirement or other termination of employment;
WHEREAS, the Company recognizes the valuable services performed by the
Employee for the Company;
WHEREAS, the Employee wishes to be assured that he or she will be
entitled to certain benefits from the Company subsequent to his or her
retirement or other termination of employment; and
WHEREAS, the Company wishes to provide the Employee benefits under the
Plan and the Employee wishes to participate in the Plan;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties, intending legally to be bound, agree as follows:
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1. The Employee is designated as a Participant in the Plan as of the date
first written above.
2. The Company agrees to provide the Employee benefits in accordance with
the terms of the Plan, a copy of which is attached hereto and the terms of
which are incorporated herein by this reference.
3. The Employee agrees to be a Participant in the Plan and to be bound by
its terms, conditions and restrictions.
4. The Normal Retirement Benefit payable monthly to the Employee under
Section 4 of the Plan is equal to $885,000 divided by 12.
5. The monthly benefit payable to the Employee under Section 5 of the Plan
is equal to his Vested Percentage (as determined under the Plan) multiplied by
the benefit level set forth in Exhibit B hereto based on the Participant's
Years of Service completed as of the date of his Termination of Employment,
divided by 12.
6. All capitalized terms not specifically defined herein shall have the
same meaning as ascribed thereto in the Plan.
IN WITNESS WHEREOF, the parties hereto have set their hands and executed
this Agreement as of the date first written above.
INTERNATIONAL FAMILY ENTERTAINMENT, INC.
By: /s/ Xxxxxxx X. Xxxxxxxxx
--------------------------------
EMPLOYEE
By: /s/ Xxxxx X. Xxxxxxxx
--------------------------------
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Exhibit A
See Exhibit 10.7.
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EXHIBIT B
Benefit Schedule
Years of Service Benefit Level
1 $195,000
2 $210,000
3 $225,000
4 $245,000
5 $260,000
6 $280,000
7 $300,000
8 $325,000
9 $350,000
10 $375,000
11 $400,000
12 $430,000
13 $460,000
14 $500,000
15 $535,000
16 $575,000
17 $620,000
18 $665,000
19 $715,000
20 $770,000
21 $825,000
22 or more $885,000
