AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
99.1
AMENDMENT
TO EMPLOYMENT AGREEMENT
This
Amendment (the “Amendment”) to Employment Agreement effective November 1, 2005
(the “Employment Agreement”) is entered into this 22nd day of
July, 2008, by and between Tower Financial Corporation, an Indiana corporation
(the “Company”) and Xxxxxx X. Xxxxxxxx, a resident of Xxxxx County, Indiana (the
“Employee”). Capitalized terms, unless otherwise defined herein,
shall have the same meaning as set forth in the Employment
Agreement.
WHEREAS,
the parties have mutually agreed that it is in the best interests of the Company
and the Employee for the Employee to relinquish his position and duties as
President and Chief Executive Officer of the Company, as well as his various
positions and duties with the Company’s affiliates, while maintaining on a
part-time basis the position of Chairman of the Company’s Board of Directors, as
more fully described herein; and
WHEREAS,
the Company and the Employee have reached a mutual agreement concerning
Employee’s continued employment with the Company through the date of his
retirement as Chair of the Company’s Board of Directors, anticipated to be on or
before July 1, 2011,
NOW,
THEREFORE, for and in consideration of the foregoing recitals, Employee’s
forbearance of certain of his rights under the Employment Agreement, and of the
mutual covenants and agreements set forth herein, the parties, intending to be
legally bound hereby, agree as follows:
1.
Employee hereby relinquishes his position and duties as President and Chief
Executive Officer of the Company, as well as all other positions he currently
holds with any of the Company’s affiliates, including but not limited to Tower
Bank. Employee shall nonetheless remain as an employee of the Company
in the capacity of Chair of its Board of Directors through his anticipated
retirement on June 30, 2011, with duties as mutually agreed upon by the
President and Employee and primarily focused on client
relations. This description regarding Employee’s duties supersedes
Section 2(b) of the Employment Agreement, which is hereby deleted.
2.
Paragraphs 4(a), 4(b) and 4(c) of the Employment Agreement, regarding
Employee’s compensation, shall be amended and replaced with the following
schedule of Employee’s all-inclusive annual compensation during the remaining
Term:
|
a.
|
July
1, 2008 – June 30, 2009
|
$280,000.00
|
||
|
b.
|
July
1, 2009 – June 30, 2010
|
$235,000.00
|
||
|
c.
|
July
1, 2010 – June 30, 2011
|
$190,000.00
|
3.
Employee shall retire no later than July 1, 2011, unless the Company
offers to extend Employee’s employment on terms acceptable to both parties and
the parties enter into a new written employment agreement.
4.
For purposes of the provisions set forth in Paragraph 4(f) regarding business
expenses, the total of all reimbursements thereunder shall be capped at $25,000
per year, for each of the years July 1, 2008 through June 30, 2009, July 1, 2009
through June 30, 2010 and July 1, 2010 through June 30, 2011, after which such
expense reimbursements shall terminate. Employee shall be entitled to
retain the use of the Company automobile he is now driving, to the end of the
Term if he so desires.
5.
During the remaining portion of the Term, through June 30, 2011, Company shall
provide Employee with appropriate secretarial assistance and office space
commensurate with Employee’s duties.
6. Because
the parties anticipate that Employee’s duties will be substantially diminished
relative to his current duties and will hereafter, through Employee’s
retirement, primarily involve customer relations, the scope of the term
“material obligations” in Paragraph 6(c)(ii) of the Employment Agreement and
Article 1.1(d)(ii) of the SERP concerning the definition of “Cause” shall be
construed strictly with reference to such diminished duties. In this
regard, no termination for cause pursuant to either Paragraph 6(c)(ii) of the
Employment Agreement or Article 1.1(d)(ii) of the SERP shall occur, if at all,
unless (a) pursuant to written notice, upon the prior joint written
recommendation of not less than two of the three persons then serving as chair
of the Audit Committee, Compensation Committee and Nominating and Corporate
Governance Committee, stating with particularity the reasons therefor and (b)
after a period of not less than forty-five (45) days following such written
notice, not less than two of the foregoing persons confirm their recommendation
that the conditions giving rise to the claim of cause have not been
cured.
1
7.
The SERP shall be amended, in the manner set forth in Exhibit 1 attached
hereto, to redefine Employee’s Normal Retirement Date as July 1,
2011. The SERP shall not thereafter be either further amended or
terminated by the Company if the effect would be to avoid paying Employee his
Accrued Benefit. Employee’s anticipated Accrued Benefit at his Normal
Retirement Date is $1,961,262.00, and his monthly or Yearly Benefits under the
Supplemental Executive Retirement Plan, at his Normal Retirement Date, are
$15,437.50/month and $185,250.00/year, respectively. It is understood
and agreed that it shall be Employee’s responsibility to make a determination
and, having made such determination, if at all, to so advise the Company, in
writing and prior to December 31 of the year immediately preceding Employee’s
separation from service, if by virtue of Employee’s position and duties with the
Company, he is a “Key Employee” within the meaning of Section 3.8 of the
SERP. In default of such notification, the Company shall be entitled
to rely on the fact that the Employee is not a “Key Employee” and that SERP
benefits may commence without any deferral period otherwise required under the
SERP and under Section 409A of the Internal Revenue Code.
8.
Paragraph 4(g) of the Employment Agreement shall be amended and replaced
with the following Paragraph 4(g):
(g) Life Insurance
Benefits. During the Term,
the Company, through a Company-owned life insurance policy on the Employee’s
life, shall continue to provide the Employee with a life insurance death benefit
in an amount up to $945,481.37, or, from time to time, such lesser amount,
declining to zero, as, when added to the death benefit payable to Employee’s
spouse under the SERP in the event of Employee’s death before benefits commence
under the SERP, equals $1,961,262.00. Schedule A attached
hereto sets forth the amount of such life insurance death benefit payable under
the Company-owned life insurance policy until such time as monthly benefits
commence under the SERP. The Employee shall from time to time
designate a beneficiary for the benefits payable under this
provision.
Upon
termination of Employee’s employment or upon commencement of Employee’s benefits
under the SERP, whichever first occurs, the Employee shall have the right but
not the obligation, upon written notice to the Company, to purchase up to
$850,000 of the Company-owned life insurance from the Company for an amount,
payable in cash to the Company, equal to the cash surrender value of the policy
relative to the face amount of the policy Employee wishes to
purchase.
The death
benefit set forth in this Paragraph 4(g), as described herein, shall be in
addition to any death benefit provided for in the SERP.
Except as
otherwise specifically provided herein, the Employee shall be solely responsible
for any imputed income incurred as a result of any fringe or other benefits
payable hereunder.
All
payments made under this Agreement shall be subject to any and all federal,
state and local taxes and other withholdings to the extent required by
applicable law.
9.
For purposes of Paragraph 3, the Term of the Employment Agreement shall be
amended to extend to and including midnight on June 30, 2011.
2
10. The
terms of this Amendment shall take precedence over all conflicting provisions in
the Employment Agreement and/or the SERP but shall not affect any other terms or
conditions thereof. In all other respects, the terms of the
Employment Agreement and the SERP are hereby affirmed.
IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first
written above.
TOWER
FINANCIAL CORPORATION
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By:
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/s/ Xxxxxxx X. Xxxxxx
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/s/ Xxxxxx X. Xxxxxxxx
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|||
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Its:
|
President/CEO
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Xxxxxx
X. Xxxxxxxx
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|||
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Date:
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July
22, 2008
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Date: July
22, 2008
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3
REVISED
AND RESTATED
TOWER
FINANCIAL CORPORATION
SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN
Tower
Financial Corporation (sometimes referred to as the “Company”) hereby amends and
restates its Supplemental Executive Retirement Plan (“Plan”) in its entirety,
effective as of July 1, 2008 (which Plan was originally effective as of January
1, 2002 and which Plan was subsequently amended, including a prior restatement
effective as of January 1, 2005). The Plan is an unfunded,
non-qualified plan for the payment of deferred compensation to Xxxxxx X.
Xxxxxxxx, in recognition of his substantial contributions to the operation of
Tower Financial Corporation and Affiliates and provides him with additional
incentives to enhance Tower Financial Corporation and its programs.
ARTICLE
I
DEFINITIONS AND RULES OF
CONSTRUCTION
Section
1.1. Definitions. As
used in the Plan, the following words and phrases, when capitalized, have the
following meanings:
(a) “Accrued
Benefit” means, with respect to the Participant, a series of equal monthly
payments, commencing at the Participant’s Normal Retirement Date (or other
applicable Commencement Date) and continuing until his death. The following
table expresses the monthly Accrued Benefit of the Participant hereunder, once
the Participant attains the ages and/or the Normal Retirement Date set forth in
the following table, which table takes into consideration certain factors found
in the original Plan document, such as the Participant’s base salary multiplied
by an applicable benefit factor:
|
Age
/ Normal Retirement Date
|
Yearly
Benefit
|
Monthly
Accrued Benefit
|
|||||||
|
64
|
$ |
99,750.00
|
$ |
8,312.50
|
|||||
|
65
|
$ |
114,000.00
|
$ |
9,500.00
|
|||||
|
66
|
$ |
128,250.00
|
$ |
10,687.50
|
|||||
|
67
|
$ |
142,500.00
|
$ |
11,875.00
|
|||||
|
68
|
$ |
156,750.00
|
$ |
13,062.50
|
|||||
|
69
|
$ |
171,000.00
|
$ |
14,250.00
|
|||||
|
Normal
Retirement Date of 7/1/2011
|
$ |
185,250.00
|
$ |
15,437.50
|
|||||
(b) “Affiliate”
means any employer that, together with Tower Financial Corporation, is under
common control or a member of an affiliated service group, as determined under
Code subsections 414(b), (c), (m), and (o).
(c) “Board
of Directors” means the Board of Directors of Tower Financial
Corporation.
(d) “Cause”
means, with respect to a Separation from Service, (i) the commission by the
Participant of an act of malfeasance, dishonesty, fraud or breach of trust
against the Company or any of its affiliates, employees, clients or vendors,
resulting or intended to result in substantial gain or personal enrichment to
which the Participant was not legally entitled; (ii) the continued breach by the
Participant of any of his material obligations pursuant to his Employment
Agreement with Company (which duties shall be construed strictly with reference
to Participant’s diminished duties set forth in the Amendment to his Employment
Agreement entered into the 22nd day of
July, 2008), but only after (a) the Participant is notified in writing that
Company is requesting the Participant to correct a breach of this subsection
(which notice specifically identifies the section or sections of the Employment
Agreement which Company asserts have been breached and the manner in which
Company asserts that Participant has breached the obligations referenced
therein), upon the prior joint written recommendation of not less than two of
the three persons then serving as chair of the Audit Committee, the Compensation
Committee and the Nominating and Corporate Governance Committee, stating with
particularity the reasons therefor and (b) after a period of not less than
forty-five (45) days following such written notice, not less than two of the
foregoing persons confirm their recommendation that the conditions giving rise
to the claim of cause have not been cured; and (iii) the Participant’s
indictment, conviction of or plea of guilty or no contest to any felony or any
crime involving moral turpitude.
4
(e) “Change
of Control” means a change of control pursuant to provisions of IRC
§409A.
(f) “Code”
means the Internal Revenue Code of 1986, as amended, and its interpretive rules
and regulations.
(g) “Commencement
Date” means, with respect to the Participant, the date that the payment of the
Participant’s benefit under the Plan commences, as provided in Article
III.
(h) “Compensation
Committee” means the Compensation Committee of the Board of
Directors.
(i) “Disability”
means the Participant’s disability as determined pursuant to the provisions of
IRC §409A.
(j) “Employee”
means Xxxxxx X. Xxxxxxxx.
(k) “Employment
Termination” means the same as “Separation from Service.”
(l) “Key
Employee” means a key employee as defined in IRC §416(i) without regard to
Paragraph (5) thereof. For purposes of determining whether an individual is a
Key Employee for a given Plan Year hereunder, such determination shall be made
as of the December 31st
preceding the Plan Year in question and any such person so identified as a Key
Employee shall be treated as a Key Employee for the twelve-month period
beginning on the first day of the fourth month following said December 31st
identification date.
(m) “Normal
Retirement Date” means the date of July 1, 2011.
(n) “Participant”
means Xxxxxx X. Xxxxxxxx.
(o) “Plan”
means this instrument, as restated and amended from time to time, and the
non-qualified supplemental retirement plan established by this instrument, as
amended.
(p) “Plan
Year” means the calendar year.
(q) “Separation
from Service” means the cessation of the Participant’s status as an Employee for
any reason, which cessation shall also meet the definition of Separation from
Service as set forth in IRC §409A.
Section
1.2. Rules of
Construction. The following rules of construction shall govern
in interpreting the Plan:
(a) The
Plan is intended to be an unfunded deferred compensation plan for a select group
of management or highly compensated employees that is exempt from Parts 2, 3,
and 4 of Subtitle B of Title I of the Employee Retirement Income Security Act of
1974.
(b) This
Plan is intended to comply with the applicable requirements of §409A of the
Internal Revenue Code (“IRC 409A”) and shall be limited, construed and
interpreted in accordance with such intent (including the final regulations or
any other guidance issued by the Secretary of the Treasury and the Internal
Revenue Service with respect to IRC §409A). Notwithstanding anything hereunder
to the contrary, any provision in the Plan that is inconsistent with IRC §409A
shall be deemed to be amended to comply with IRC §409A and to the extent such
provision cannot be amended to comply therewith, such provision shall be null
and void.
(c) The
provisions of this Plan shall be construed and governed in all respects under
and by the laws of the State of Indiana.
(d) If
any provision of the Plan is held to be illegal or invalid for any reason, that
provision shall be void, but the voiding of that provision shall not otherwise
impair or affect the remaining provisions of the Plan.
5
ARTICLE
II
PARTICIPATION
Section
2.1. Commencement of
Participation. The Compensation Committee shall designate each
Employee who is to become the Participant by resolution of the Board of
Directors and by identifying the Employee as the Participant on the attached
Appendix.
Section
2.2. Termination of
Participation. Once designated the Participant, an Employee
shall continue to be the Participant until (a) the Compensation Committee
determines that he shall cease to be the Participant, (b) his Separation from
Service or Disability, or (c) the termination of the Plan, whichever occurs
first.
ARTICLE
III
FORMS OF
BENEFIT
Section
3.1. Normal Retirement
Benefit. Except as otherwise provided in this Plan, if the
Participant incurs a Separation from Service on or after attaining his Normal
Retirement Date, his Plan benefits shall be paid in a series of monthly
installments each in the amount of his Accrued Benefit determined pursuant to
Section 1.1(a), commencing on the 1st day of
the month following his Normal Retirement Date and continuing until his
death.
Section
3.2. Delayed Retirement
Benefit. If the Participant incurs a Separation from Service
after his Normal Retirement Date, his Plan benefits shall be paid in a series of
monthly installments each in an amount equal to the Normal Retirement Benefit
described in section 3.1 above (i.e., his plan benefit will not be increased if
his Separation from Service is delayed beyond his Normal Retirement Date),
commencing on the 1st day of
the month following his Delayed Retirement Date and continuing until his
death.
Section
3.3. Disability
Benefit. If the Participant incurs a Disability while an
Employee, his Plan benefit shall be paid in a series of monthly installments
each in an amount that is equal to his Accrued Benefit determined pursuant to
Section 1.1(a) and the date he incurs a Disability, commencing on the first day
of the month following the effective date of his Disability and continuing until
his death.
Section
3.4. Death
Benefit.
(a) If
the Participant dies while an Employee and prior to receiving benefits from this
Plan, his surviving spouse shall receive a death benefit in a lump sum amount
equal to the amount, determined as of the Participant’s death, of the SERP
liability accrued on the books of the Company pertaining to the Participant (and
not the Accrued Benefit), which lump sum amount shall be paid on the 60th day
following the Participant’s death. If the Participant is not survived by a
spouse, no death benefit shall be payable hereunder.
(b) If
the Participant dies while receiving benefits under this Plan, his surviving
spouse shall receive a death benefit in a lump sum amount equal to the amount of
the remaining SERP liability accrued on the books of the Company as of the date
of the Participant’s death (and not the Accrued Benefit), which lump sum amount
shall be paid within sixty (60) days of the Participant’s death. If the
Participant is not survived by a spouse, no death benefit shall be payable
hereunder.
Section
3.5. Separation from Service
Benefit. If the Participant incurs a Separation from Service
before his Normal Retirement Date in which the Separation from Service was
voluntary or was involuntary without Cause, his Plan benefit shall be paid in a
series of monthly installments each in an amount equal to his Accrued Benefit
determined pursuant to Section 1.1(a) and the date he incurs a Separation from
Service, commencing on the 1st day of
the month following such Separation from Service and continuing until his death.
If the Participant’s Separation from Service before his Normal Retirement Date
is involuntary with Cause, the Participant’s benefit shall be the amount of the
SERP liability accrued on the books of the Company as of the date of the
Participant’s Separation from Service (and not the Accrued Benefit), which
benefit shall be paid in a lump sum payment on the 60th day
following said Separation from Service.
6
Section
3.6. Change of
Control. Upon a Change of Control, the Participant’s Accrued
Benefit determined pursuant to Section 1.1(a) and the date on which the Change
of Control occurred shall be paid in a lump sum payment to the Participant on
the 60th day
following said Change of Control. This lump sum payment shall be the actuarial
equivalent of the Participant’s Accrued Benefit (which actuarial equivalent
shall be determined using the Applicable Mortality Table as defined in IRC
§417(e)(3) and the 30-year Treasury rates in effect for the month of August
(actually announced in September) preceding the first day of the applicable Plan
Year).
Section
3.7. Termination of the Plan by
the Company. The Company may terminate this Plan at any time,
in which case the Participant shall be entitled to the amount of his Accrued
Benefit determined pursuant to Section 1.1(a) and the date on which the Plan is
terminated.
If the
Plan termination results from any of the three events set forth in Reg.
§1.409A-3(j)(4)(ix), a distribution will be paid as soon as practicable
following the date of such Plan termination to the Participant in a lump sum
payment equal to the actuarial equivalent of the Participant’s Accrued Benefit
(which actuarial equivalent shall be determined using the Applicable Mortality
Table as defined in IRC §417(e)(3) and the 30-year Treasury rates in effect for
the month of August (actually announced in September) preceding the first day of
the applicable Plan Year).
If the
Plan termination does not result from one of the above-described two events, the
Participant’s accrued benefit shall be frozen and his Plan benefits shall be
paid to him, or in the event of his death to his surviving spouse, at the same
time and in the same form and amount that his Plan benefit would have been paid
had the Plan not been terminated.
Section
3.8. Delayed Commencement Date
for Key Employee. If the Participant is a Key Employee and is
entitled to benefit hereunder as a result of a Separation from Service pursuant
to the provisions of Section 3.1, 3.2 or 3.5 above, the commencement of the
Participant’s benefits shall be delayed for six (6) months after the date of the
Separation from Service. After the end of said six-month delayed Commencement
Date, benefits to the Participant in the amount described in Sections 3.1, 3.2,
or 3.5 (whichever is applicable) shall commence to be paid each month,
continuing to his death; provided, however, that the amount of monthly benefits
the Participant did not receive during such six-month delayed commencement time
period shall be paid Participant in a lump sum payment at the same time his
first monthly payment is paid hereunder; provided further, if such Separation
from Service is involuntary with Cause, the Participant’s benefit described in
Section 3.5 above in such situation shall be paid in a lump sum payment after
the end of said 6-month delayed Commencement Date.
Section
3.9. Breach of
Non-Competition/Non-Solicitation Provisions. If the
Participant breaches either or both of the non-competition and non-solicitation
provisions of his Employment Agreement with Company (if any), the Participant
(or his spouse) shall forfeit the right to receive any further payments pursuant
to this Plan.
ARTICLE
IV
FUNDING
Section
4.1. Plan
Unfunded. The obligation to pay benefits under the Plan
represents only a contractual obligation of the Company to make payments when
due. The Company’s obligation to pay benefits shall not be secured in
any way, and neither shall set aside assets beyond the reach of their general
creditors for the purpose of paying benefits under the Plan.
Section
4.2. Insurance
Contracts. The Company may determine, in its sole discretion,
to purchase one or more life insurance contracts on the Participant’s life as a
means of reserving assets to pay its obligations under the Plan. In
that event, the Participant shall, as a condition to receiving any benefits
under the Plan, consent to the purchase of that insurance, execute any
application or other forms that the insurer reasonably requires, and make other
reasonable efforts to permit the Company to obtain that
insurance.
7
ARTICLE
V
ADMINISTRATION
Section
5.1. Administration. The
Company shall administer the Plan and may delegate all or a portion of its
responsibility to such individuals as it deems appropriate.
Section
5.2. Notices. Any
notice to the Company under the Plan shall be sufficient if it is in writing and
delivered by hand or sent by registered or certified mail, return receipt
requested, to the Board of Directors. Any notice to the Participant
or his spouse under the Plan shall be sufficient if it is in writing and
delivered by hand or sent by registered or certified mail, return receipt
requested, to the Participant or, in the event of his death, to his
spouse. Any notice shall be deemed made as of the date of delivery by
hand or the mailing date shown on the return receipt for registered or certified
mail.
Section
5.3. Powers and Duties of the
Company. Subject to the specific limitations stated in this
Plan, the Company shall have the following powers, duties, and
responsibilities:
(a) To carry
out the general administration of the Plan;
(b) To
cause to be prepared all forms necessary or appropriate for the administration
of the Plan;
(c) To
keep appropriate books and records;
(d) To
determine amounts to be distributed to the Participant and his spouse under the
provisions of the Plan;
(e) To
determine, consistently with the provisions of this instrument, all questions of
eligibility, rights, and status of the Participant and his spouse under the
Plan;
(f)
To issue, amend, and rescind rules relating to the administration of the Plan,
to the extent those rules are consistent with the provisions of this
instrument;
(g) To
exercise all other powers and duties specifically conferred upon Company
elsewhere in this instrument; and
(h) To
interpret, with discretionary authority, the provisions of this Plan and to
resolve, with discretionary authority, all disputed questions of Plan
interpretation and benefit eligibility. Benefits shall be paid hereunder only if
the Administrator, in its sole discretion, decides that the Participant or his
spouse is entitled to them.
ARTICLE
VI
AMENDMENT AND
TERMINATION
Section
6.1. Amendment. The
Company may amend the Plan at any time by action of the Board of Directors, with
written notice to each Participant. The Company, however, may not
make any amendment that reduces the Participant’s benefits below amounts already
earned or that delays the payment of those benefits past the time provided under
the Plan immediately before the date of the amendment, unless the Participant
consents in writing to the amendment.
Section
6.2. Termination. The
Company reserves the right to terminate the Plan, by action of the Board of
Directors, at any time it deems appropriate. Upon termination of the
Plan, no further benefits shall be earned under the Plan
8
ARTICLE
VII
MISCELLANEOUS
Section
7.1. Relationship. Notwithstanding
any other provision of this Plan, this Plan and action taken pursuant to it
shall not be deemed to establish a trust or fiduciary relationship of any kind
between the Company and the Participant or his spouse. The Plan is
intended to be unfunded for purposes of the Employee Retirement Income Security
Act of 1974, as amended. The Plan shall not be deemed to grant the
Participant, his spouse, or any other person any interest or right in any
property of the Company other than as an unsecured general creditor of the
Company.
Section
7.2. Anticipation of
Benefits. Neither the Participant nor his spouse shall have
the power to transfer, assign, anticipate, pledge, alienate, or otherwise
encumber in advance any of the payments that may become due under this Plan, and
any attempt to do so shall be void. Any payments that may become due
under this Plan shall not be subject to attachment, garnishment, execution, or
be transferable by operation of law in the event of bankruptcy, insolvency, or
otherwise.
Section
7.3. No Guarantee of Continued
Employment. Nothing contained in this Plan or any action taken
under the Plan shall be construed as a contract of employment or as giving the
Participant any right to be retained in employment with the
Company.
Section
7.4. Persons Subject to the
Plan. This Plan shall be binding upon and inure to the benefit
of the Participant and his spouse and upon the Company and their successors and
assigns.
Section
7.5. Responsibility for Tax
Status. The Company does not make any warranties, express or
implied, or assume any responsibility concerning the federal, state, or local
taxation of rights or benefits under the Plan.
Section
7.6. Tax
Withholding. The Company may withhold from the Participant’s
compensation or from any benefit paid under the Plan such amounts as may be
required by applicable federal, state, or local tax laws.
Tower
Financial Corporation has caused the Plan to be executed by its duly authorized
officer on the 22nd day of
July, 2008.
| Tower Financial Corporation | ||
|
By:
|
||
|
Title:
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9
SCHEDULE
"A"
|
Beg. Bal
|
Accrual
|
End Bal
|
Life
Insurance Benefit
|
|
||||||||||||
|
Jan-08
|
863,777.27 | 21,171.86 | 884,949.13 | 850,000.00 |
|
|||||||||||
|
Feb-08
|
884,949.13 | 21,171.86 | 906,120.99 | 850,000.00 | ||||||||||||
|
Mar-08
|
906,120.99 | 21,171.86 | 927,292.86 | 850,000.00 | ||||||||||||
|
Apr-08
|
927,292.86 | 21,171.86 | 948,464.72 | 850,000.00 | ||||||||||||
|
May-08
|
948,464.72 | 21,171.86 | 969,636.59 | 850,000.00 | ||||||||||||
|
Jun-08
|
969,636.59 | 21,171.86 | 990,808.45 | 850,000.00 | ||||||||||||
|
Jul-08
|
990,808.45 | 24,972.18 | 1,015,780.63 | 945,481.37 | ||||||||||||
|
Aug-08
|
1,015,780.63 | 24,972.18 | 1,040,752.81 | 920,509.19 | ||||||||||||
|
Sep-08
|
1,040,752.81 | 24,972.18 | 1,065,724.99 | 895,537.01 | ||||||||||||
|
Oct-08
|
1,065,724.99 | 24,972.18 | 1,090,697.17 | 870,564.83 | ||||||||||||
|
Nov-08
|
1,090,697.17 | 24,972.18 | 1,115,669.35 | 845,592.65 | ||||||||||||
|
Dec-08
|
1,115,669.35 | 24,972.18 | 1,140,641.53 | 820,620.47 | ||||||||||||
|
Jan-09
|
1,140,641.53 | 26,258.25 | 1,166,899.78 | 794,362.22 | ||||||||||||
|
Feb-09
|
1,166,899.78 | 26,258.25 | 1,193,158.03 | 768,103.97 | ||||||||||||
|
Mar-09
|
1,193,158.03 | 26,258.25 | 1,219,416.27 | 741,845.73 | ||||||||||||
|
Apr-09
|
1,219,416.27 | 26,258.25 | 1,245,674.52 | 715,587.48 | ||||||||||||
|
May-09
|
1,245,674.52 | 26,258.25 | 1,271,932.77 | 689,329.23 | ||||||||||||
|
Jun-09
|
1,271,932.77 | 26,258.25 | 1,298,191.02 | 663,070.98 | ||||||||||||
|
Jul-09
|
1,298,191.02 | 26,258.25 | 1,324,449.26 | 636,812.74 | ||||||||||||
|
Aug-09
|
1,324,449.26 | 26,258.25 | 1,350,707.51 | 610,554.49 | ||||||||||||
|
Sep-09
|
1,350,707.51 | 26,258.25 | 1,376,965.76 | 584,296.24 | ||||||||||||
|
Oct-09
|
1,376,965.76 | 26,258.25 | 1,403,224.00 | 558,038.00 | ||||||||||||
|
Nov-09
|
1,403,224.00 | 26,258.25 | 1,429,482.25 | 531,779.75 | ||||||||||||
|
Dec-09
|
1,429,482.25 | 26,258.25 | 1,455,740.50 | 505,521.50 | ||||||||||||
|
Jan-10
|
1,455,740.50 | 27,610.55 | 1,483,351.05 | 477,910.95 | ||||||||||||
|
Feb-10
|
1,483,351.05 | 27,610.55 | 1,510,961.59 | 450,300.41 | ||||||||||||
|
Mar-10
|
1,510,961.59 | 27,610.55 | 1,538,572.14 | 422,689.86 | ||||||||||||
|
Apr-10
|
1,538,572.14 | 27,610.55 | 1,566,182.69 | 395,079.31 | ||||||||||||
|
May-10
|
1,566,182.69 | 27,610.55 | 1,593,793.23 | 367,468.77 | ||||||||||||
|
Jun-10
|
1,593,793.23 | 27,610.55 | 1,621,403.78 | 339,858.22 | ||||||||||||
|
Jul-10
|
1,621,403.78 | 27,610.55 | 1,649,014.33 | 312,247.67 | ||||||||||||
|
Aug-10
|
1,649,014.33 | 27,610.55 | 1,676,624.87 | 284,637.13 | ||||||||||||
|
Sep-10
|
1,676,624.87 | 27,610.55 | 1,704,235.42 | 257,026.58 | ||||||||||||
|
Oct-10
|
1,704,235.42 | 27,610.55 | 1,731,845.97 | 229,416.03 | ||||||||||||
|
Nov-10
|
1,731,845.97 | 27,610.55 | 1,759,456.52 | 201,805.48 | ||||||||||||
|
Dec-10
|
1,759,456.52 | 27,610.55 | 1,787,067.06 | 174,194.94 | ||||||||||||
|
Jan-11
|
1,787,067.06 | 29,032.49 | 1,816,099.55 | 145,162.45 | ||||||||||||
|
Feb-11
|
1,816,099.55 | 29,032.49 | 1,845,132.04 | 116,129.96 | ||||||||||||
|
Mar-11
|
1,845,132.04 | 29,032.49 | 1,874,164.53 | 87,097.47 | ||||||||||||
|
Apr-11
|
1,874,164.53 | 29,032.49 | 1,903,197.02 | 58,064.98 | ||||||||||||
|
May-11
|
1,903,197.02 | 29,032.49 | 1,932,229.51 | 29,032.49 | ||||||||||||
|
Jun-11
|
1,932,229.51 | 29,032.49 | 1,961,262.00 | (0.00 | ) | |||||||||||
10
