EXHIBIT 10.54

 

EXHIBIT 1 to AMENDMENT NO. 1 TO SALARY CONTINUATION AGREEMENT

 

GARY DAVID QUISENBERRY

 

Birth Date: 5/26/1951

 

Early Retirement

 

Early Involuntary

 

Disability

 

Change of Control

Plan Anniversary Date: 1/1/2006

 

 

 

 

 

 

 

 

Normal Retirement: 12/31/2015, 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

 

5,863

 

20

%

121

 

0

%

—

 

100

%

603

 

100

%

97,190

 

Dec 2006

 

6.25

%

10,000

 

12,652

 

40

%

521

 

0

%

—

 

100

%

1,302

 

100

%

97,190

 

Dec 2007

 

6.25

%

10,000

 

19,878

 

60

%

1,227

 

0

%

—

 

100

%

2,045

 

100

%

97,190

 

Dec 2008

 

6.25

%

10,000

 

27,569

 

70

%

1,986

 

0

%

—

 

100

%

2,837

 

100

%

97,190

 

Dec 2009

 

6.25

%

10,000

 

35,755

 

80

%

2,943

 

0

%

—

 

100

%

3,679

 

100

%

97,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 2010

 

6.25

%

10,000

 

44,467

 

90

%

4,118

 

0

%

—

 

100

%

4,575

 

100

%

97,190

 

Dec 2011

 

6.25

%

10,000

 

53,740

 

100

%

5,529

 

20

%

13,792

 

100

%

5,529

 

100

%

97,190

 

Dec 2012

 

6.25

%

10,000

 

63,609

 

100

%

6,545

 

40

%

30,676

 

100

%

6,545

 

100

%

97,190

 

Dec 2013

 

6.25

%

10,000

 

74,113

 

100

%

7,625

 

60

%

50,372

 

100

%

7,625

 

100

%

97,190

 

Dec 2014

 

6.25

%

10,000

 

85,292

 

100

%

8,776

 

70

%

63,545

 

100

%

8,776

 

100

%

97,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 2015

 

6.25

%

10,000

 

97,190

 

100

%

10,000

 

100

%

97,190

 

100

%

10,000

 

100

%

97,190

 

 

December 31, 2015 Retirement; January 31, 2016 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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