EXHIBIT 10.55

 

EXHIBIT 1 to AMENDMENT NO. 1 TO SALARY CONTINUATION AGREEMENT

 

THOMAS LEON SOMMER

 

Birth Date: 2/23/1948

 

Early Retirement

 

Early Involuntary

 

Disability

 

Change of Control

Plan Anniversary Date: 1/1/2006

 

 

 

 

 

 

 

 

Normal Retirement: 12/31/2012 Age 64

 

Monthly Installment

 

Termination

 

Monthly Installments

 

Lump Sum Payable

Normal Retirement Payment: Monthly for 15 years

 

Payable at Termination

 

Lump Sum Payable at

 

Payable at Termination

 

at

 

 

for 15 Years

 

Normal Retirement Date

 

for 15 Years

 

Termination

 

Period
Ending

 

Discount
Rate

 

Benefit
Level (2)

 

Accrual
Balance

 

Vesting

 

Based on
Accrual

 

Vesting

 

Based on
Accrual

 

Vesting

 

Based on
Accrual

 

Vesting

 

Based on
Accrual

 

 

 

(1)

 

(2)

 

(3)

 

(4)

 

(5)

 

(6)

 

(7)

 

(8)

 

(9)

 

(10)

 

(11)

 

Dec 2005 (1)

 

6.25

%

10,000

 

8,958

 

20

%

184

 

0

%

—

 

100

%

922

 

100

%

97,190

 

Dec 2006

 

6.25

%

10,000

 

19,332

 

40

%

796

 

0

%

—

 

100

%

1,989

 

100

%

97,190

 

Dec 2007

 

6.25

%

10,000

 

30,373

 

60

%

1,875

 

0

%

—

 

100

%

3,125

 

100

%

97,190

 

Dec 2008

 

6.25

%

10,000

 

42,124

 

70

%

3,034

 

20

%

10,811

 

100

%

4,334

 

100

%

97,190

 

Dec 2009

 

6.25

%

10,000

 

54,631

 

80

%

4,497

 

40

%

26,346

 

100

%

5,621

 

100

%

97,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 2010

 

6.25

%

10,000

 

67,943

 

90

%

6,292

 

60

%

46,179

 

100

%

6,991

 

100

%

97,190

 

Dec 2011

 

6.25

%

10,000

 

82,111

 

100

%

8,448

 

70

%

61,175

 

100

%

8,448

 

100

%

97,190

 

Dec 2012

 

6.25

%

10,000

 

97,190

 

100

%

10,000

 

100

%

97,190

 

100

%

10,000

 

100

%

97,190

 

 

December 31, 2012 Retirement; January 31, 2013 First Payment Date

 

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(1) The first line reflects 11 months of data, February 2005 to December 2005.

(2) The benefit amount includes a 3.00% nonguaranteed inflator during the payout
period.

*                 The purpose of this hypothetical illustration is to show the
participant’s annual benefit based on various termination assumptions.  Actual
benefits are based on the terms and provisions of the plan agreement executed
between the company and participant and may differ from those shown.

 

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