Exhibit 10.2
LUNAR CORPORATION
Deferred Compensation Agreement
THIS AGREEMENT is made and entered into this _____ day of __________,
199_, by and between Lunar Corporation, a Wisconsin corporation (the
"Company"), and _________________________ (the "Participant").
WITNESSETH:
WHEREAS, the Company has a Deferred Compensation Plan (the "Plan") in
which the Participant is eligible to participate; and
WHEREAS, the Participant desires to defer a portion of the
Participant's base salary, commissions and/or all or a portion of any bonus
award earned by or payable to the Participant, in accordance with the terms
and conditions of the Plan and this Agreement:
NOW, THEREFORE, the parties hereto agree as follows:
1. Participant's Election to Defer Base Salary. The Participant
hereby irrevocably elects, except as provided for in Section 4.3 of the
Plan, to defer payment of ____% (insert a whole number between 1% and 50%)
of the Participant's future base salary payments. Such base salary shall be
deferred for each pay period of the Company (up to a maximum of $______ in
any fiscal year) beginning with the pay period commencing _______, 199_.
The Participant may revoke or change the foregoing election in accordance
with Section 3.2 of the Plan.
2. Participant's Election to Defer Commissions. The Participant
hereby irrevocably elects, except as provided in Section 4.3 of the Plan, to
defer payment of _____% (insert a whole number between 5% and 100%) of any
future commissions earned by and otherwise payable to the Participant.
3. Participant's Election to Defer Bonus Award. The Participant
hereby irrevocably elects, except as provided in Section 4.3 of the Plan, to
defer payment of _____% (insert a whole number between 5% and 100%) of any
future bonus award earned by and otherwise payable to the Participant.
4. Agreement of the Company to Defer Base Salary, Commissions and/or
Bonus Award. The Company agrees to establish a separate account on its books
for the benefit and in the name of the Participant ("Account") in which the
amount of base salary, commissions and/or bonus award deferred by the
Participant ("Deferred Compensation") under this Agreement shall be credited.
Deferred Compensation shall be credited to the Account as of the date on
which such Deferred Compensation would have been paid to the Participant but
for the Participant's election to defer payment of such amount(s). Interest
shall be credited to the Account in accordance with Section 3.3(b) of the
Plan. The Account shall be maintained by the Company in accordance with
Section 3.3 of the Plan.
5. Payment of Deferred Compensation. (a) The Participant hereby
elects to receive payment of, and the Company hereby agrees to pay the
Participant, the Deferred Compensation as follows (check one and complete if
necessary):
_____ A lump sum payment in ________________(insert month and year at
least one year after the execution of this Agreement); or
_____ A lump sum payment in the first full calendar month following
the effective date of the Participant's termination of employment with the
Company; or
_____ ANNUAL; ____ QUARTERLY; ____ MONTHLY installments commencing on
January 1, ____ (insert year at least one year after the execution of this
Agreement) and ending on the earlier to occur of (i) January 1, ____ and (ii)
the date on which the amount credited to the Account is zero; or
_____ ANNUAL; ____ QUARTERLY; ____ MONTHLY installments commencing in
the first full calendar month following the effective date of the
Participant's termination of employment with the Company and ending on the
earlier to occur of (i) ____ months after the commencement of installment
payments and (ii) the date on which the amount credited to the Account is zero.
(b) The lump sum payment or each such installment payment shall be
paid together with interest thereon as determined in Section 3.3 of the Plan.
6. Calculation of Installment Payment Amounts. The amount of any
installment payment shall equal the amount determined by dividing the current
balance in the Account as of a specified payment date (which amount shall
include interest accrued from and including the most recent date to which
interest has been credited to but excluding such payment date) by the number
of remaining installment payments.
7. Death of Employee. In the event that the Participant shall die
prior to the payment of the unpaid balance of the Deferred Compensation in
the Participant's Account, such unpaid balance shall be paid to the
beneficiary(ies) designated on the attached Exhibit A or, if no
beneficiary(ies) is designated, in accordance with Section 4.5 of the Plan.
8. Incorporation of Deferred Compensation Plan. The terms and
conditions of the Plan are hereby incorporated by reference and form a part
of this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the day and year first above written.
LUNAR CORPORATION
By:___________________________________
Name:
Title:
Participant's Signature
______________________________________
Print Name
______________________________________
Home Address
______________________________________
Participant's Social Security Number
Exhibit A
LUNAR CORPORATION
Deferred Compensation Plan
BENEFICIARY DESIGNATION FORM
Deferred Compensation Agreement (the "Agreement")
dated:_______________________
You may designate a primary beneficiary and a secondary beneficiary. You
may name more than one person as a primary or secondary beneficiary. For
example, you may wish to name your spouse as primary beneficiary and your
children as secondary beneficiaries. Your secondary beneficiary(ies) will
receive nothing if any of your primary beneficiaries survive you. All
primary beneficiaries will share equally unless you indicate otherwise. The
same rule applies for secondary beneficiaries.
Designate Your Beneficiary(ies):
Primary Beneficiary(ies) (give name, address and relationship to you):
___________________________________________________
___________________________________________________
___________________________________________________
Secondary Beneficiary(ies) (give name, address and relationship to you):
___________________________________________________
___________________________________________________
___________________________________________________
I certify that my designation of beneficiary set forth above is my free
act and deed.
If you marry or become divorced after the date of this Form, your marriage
will be deemed to revoke any prior beneficiary designation, and your divorce
will be deemed to revoke any prior designation of your divorced spouse, if
written evidence of such marriage or divorce is received by the Secretary
before payment of any deferred compensation subject to the Agreement.
Therefore, if you are married or divorced after making a beneficiary
designation, you should file a new designation even if you want your
beneficiary designation(s) to remain the same.
______________________________ ________________________________
Name (Please Print) Signature
________________________________
Date
This Beneficiary Designation Form shall be effective on the day it is
actually received by the Secretary of the Company at 000 Xxxx Xxxxxxxx
Xxxxxxx, Xxxxxxx, Xxxxxxxxx 00000. This Form shall be delivered to the
Secretary by personal delivery, United States registered or certified mail
(return receipt requested, postage prepaid) or by a nationally recognized
overnight courier service; provided, however, that if this Form is not
received during regular business hours, it shall be deemed to be received on
the next succeeding business day of the Company.
NOTICE: The signature on this Beneficiary Designation Form shall correspond
to the name set forth in the Agreement.