Document:

Ex-10.2 November 22, 2006 Press Release

 

Exhibit 10.2

Spheris

	 	 	 	 	 	 	 
	 	 	

	 	Media Relations:
	 	Harry Shaw
	 	 	 

	 	 	 	(615) 261-1570
	 	 	 

	 	 	 	hshaw@spheris.com
	 
	 	 
	 	 	 	 
	 	 	 

	 	Investor Relations:
	 	Linda Garrad
	 	 	 

	 	 	 	(615) 261-1597
	 	 	 

	 	 	 	lgarrad@spheris.com

For Immediate Release 

November 22, 2006

Spheris Adds Jack Kane to Board of Directors

FRANKLIN, Tenn. (Nov. 22, 2006) — Spheris, a leading global provider of clinical
documentation technology and services, today announced the appointment of John “Jack”A. Kane to
its board of directors. The addition of Kane brings the number of Spheris directors to nine.

Kane was formerly Senior Vice President — Finance, Chief Financial Officer, and Treasurer of IDX
Systems Corporation from 1984 until the acquisition of IDX by GE Healthcare in January 2006. Prior
to joining IDX, Kane was employed as an audit manager at Ernst & Young, LLP, in Boston.

“Jack is a well-respected executive within the healthcare IT industry and is a wonderful addition
to the Spheris board of directors,” said Spheris President and CEO Steven E. Simpson. “His
background as a public company CFO and experience in financial positioning and strategy will be a
tremendous asset for Spheris as we continue to execute our growth plan. Jack’s intimate knowledge
of the forces shaping the evolution of the clinical documentation technology and services industry
will also provide unique insight and perspective.”

The Spheris board of directors also includes Joel Ackerman, general partner of Warburg Pincus & Co.
and managing director of Warburg Pincus, LLC; Jonathan Bilzin, managing director of TowerBrook
Capital Partners — New York; Robert Z. Hensley, former audit partner of Ernst & Young, LLP;
Michael J. King, former chairman and CEO of HealthScribe, Inc.; Neal Moszkowski, Co-CEO of
TowerBrook Capital Partners — New York; Steven E. Simpson, president and CEO of Spheris; Wayne T.
Smith, chairman of the board, president and CEO of Community Health Systems; and David J. Wenstrup,
general partner of Warburg Pincus & Co. and managing director of Warburg Pincus, LLC.

Spheris is a leading, global outsource provider of clinical documentation technology and services
to approximately 500 health systems, hospitals and group practices throughout the U.S.
Approximately 5,500 skilled Spheris medical language specialists support the company’s clients
through secure networks, using a Web-based system with integrated voice, text and data. Customer
service is provided 24 hours a day, 365 days a year with an emphasis on verifiable quality,
turnaround time and pricing. Spheris is headquartered in Franklin, Tenn., with major operations in
St. Petersburg, Fla.; Sterling, Va.; Milpitas, Calif.; Bangalore, India; and Coimbatore, India.
For more information, please visit www.spheris.com.

###Ex-10.1 Amendment to Supplemental Executive Retire

 

EXHIBIT 10.1

PERFORMANCE FOOD GROUP COMPANY

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

AMENDMENT

     The Performance Food Group Company Supplemental Executive Retirement Plan (the “Plan”) was
established by Performance Food Group Company (the “Company”) effective January 1, 2004.

     WHEREAS, the Company has determined that it is advisable to make certain changes to the Plan
and to conform the Plan to Section 409A of the Internal Revenue Code of 1986, as amended.

     NOW THEREFORE, the Plan is amended effective as of the dates set forth below.

     1. Article I is amended, effective January 1, 2005, to add the following to the end of Section
1.01:

Effective January 1, 2005, the Plan is amended to conform to the requirements of
Section 409A of the Code. The amendments apply solely to amounts accrued on and
after January 1, 2005, plus any amounts accrued prior to January 1, 2005, that are
not earned and vested as of December 31, 2004. Amounts accrued prior to January
1, 2005, that are earned and vested as of December 31, 2004, shall remain subject
to the terms of the Plan as in effect on December 31, 2004.

     2. Article I is amended, effective January 1, 2005, to add the following to the end of the
definition of “Retirement Benefit.”

A Participant’s Post-2004 Retirement Benefit means the portion of a Participant’s
Retirement Benefit accrued on and after January 1, 2005, plus amounts accrued
prior to January 1, 2005 that are not earned and vested as of December 31, 2004,
plus earnings and losses thereon. Pre-2005 Retirement Benefit means the portion
of a Participant’s Retirement Benefit accrued prior to January 1, 2005, that is
earned and vested as of December 31, 2004, plus earnings and losses thereon.

     3. Article III is amended, effective January 1, 2005 to add the following to the end of
subsection (a) of Section 3.02:

Effective January 1, 2005, the Company shall maintain a Pre-2005 Account and
Post-2004 Account for each Participant. A Participant’s Pre-2005 Account shall
document the amounts deferred under the Plan by the

 

 

Participant and any other amounts credited hereunder which are earned and vested
prior to January 1, 2005, plus earnings thereon. A Participant’s Post-2004 Account
shall document the amounts deferred under the Plan by the Participant and any other
amounts credited hereunder on and after January 1, 2005, plus earnings thereon.
Where applicable, a Participant’s Pre-2005 Account and Post-2004 Account may be
referred to collectively as the Participant’s “Account.”

     4. Article III is amended, effective December 31, 2006, to revise subsection (a) of Section
3.03 to read as follows:

	(a)	 	Floor Contribution — Effective for contributions credited for
periods through December 30, 2006, an amount equal to five percent (5%) of
each Participant’s Annual Compensation. Effective for contributions credited
for periods beginning on or after December 31, 2006, the Company will no
longer make a Floor Contribution to the Plan.

     5. Article V is amended, effective for contributions credited for periods beginning on or
after December 31, 2006, to revise the introduction to the existing vesting schedule to read as
follows:

If a Participant terminates employment prior to completing six Years of Credited
Service under this Plan, the following schedule will apply with regard to Company
Contributions credited for periods through December 30, 2006.

     6. Article V is amended further, effective for contributions credited for periods beginning on
or after December 31, 2006, to add the following new vesting schedule as follows:

If a Participant terminates employment prior to completing ten Years of Credited
Service under this Plan, the following schedule will apply with regard to Company
contributions credited on or after December 31, 2006:

	 	 	 	 	 
	Years of Service	 	Vested percentage	 
	Less than Five
	 	 	0	%
	Five but less than Six
	 	 	50	%
	Six but less than Seven
	 	 	60	%
	Seven but less than Eight
	 	 	70	%
	Eight but less than Nine
	 	 	80	%
	Nine but less than Ten
	 	 	90	%
	Ten or more
	 	 	100	%

 

 

     7. Article VI is amended, effective January 1, 2007, to revise Section 6.01 to read as
follows:

	(a)	 	Effective January 1, 2007, payment of the Normal Retirement Benefit,
Early Retirement Benefit and Delayed Retirement Benefit shall commence sixty
(60) days after the Participant’s Normal Retirement Date, Early Retirement
Date or Delayed Retirement Date or as soon thereafter as is practicable;
provided that such payment must be made by the later of (i) December 31 of
the calendar year in which payment was scheduled or (ii) the 15th
day of the third month following the scheduled payment date, or (iii) if the
Participant is a Key Employee on his or her Normal Retirement Date, Early
Retirement Date or Delayed Retirement Date, the later of (A) sixty (60) days
following January 1 following his Normal Retirement Date, Early Retirement
Date or Delayed Retirement Date termination or (B) the first day of the month
following the six-month anniversary of the Participant’s Normal Retirement
Date, Early Retirement Date or Delayed Retirement Date.

	(b)	 	Effective January 1, 2007, payment of the Disability Retirement
Benefit shall commence sixty (60) days after the Participant’s Disability
Retirement Date or as soon thereafter as is practicable; provided that such
payment must be made by the later of (i) December 31 of the calendar year in
which payment was scheduled or (ii) the 15th day of the third
month following the scheduled payment date.

	(c)	 	Effective January 1, 2007, payment of the Pre-Retirement Death
Benefits shall commence sixty (60) days after the Participant’s date of death
or as soon thereafter as is practicable; provided that such payment must be
made by the later of (i) December 31 of the calendar year in which payment
was scheduled or (ii) the 15th day of the third month following
the scheduled payment date. If no beneficiary is designated, the death
benefit shall be paid to his estate.

	(d)	 	Effective January 1, 2007, payment of the vested portion of the
Account of a Participant who was removed from participation or who terminates
employment prior to reaching his Retirement Date shall commence sixty (60)
days after what would have been the Participant’s Normal Retirement Date
under the Plan or as soon thereafter as is practicable; provided that such
payment must be made by the later of (i) December 31 of the calendar year in
which payment was scheduled or (ii) the 15th day of the third
month following the scheduled payment date, or (iii) if the Participant is a

 

 

Key Employee on his date of termination, the later of (A) sixty (60) days
following January 1 following what would have been the Participant’s
Normal Retirement Date under the Plan or (B) the first day of the month
following the six-month anniversary of what would have been the
Participant’s Normal Retirement Date under the Plan.

	(e)	 	Except as provided in Treasury Regulations, no acceleration in the
time or schedule of any payment or amount scheduled to be paid from the
Participant’s Post-2004 Account is permitted.

	(f)	 	For purposes of this Plan section, Key Employee means a Participant
who, as of December 31 of any Plan Year, satisfies the requirements of
Section 416(i) of the Code without regard to Section 416(i)(5) of the Code
with such Participant being considered a Key Employee for purposes of the
Plan for the 12-month period commencing on the next following April 1.

     8. Article IX is amended, effective January 1, 2005, to add the following new Section 9.03 to
the end thereof:

     9.03. Omnibus Provision.

     (a) Any benefit, payment or other right provided by the Plan shall be
provided or made in a manner, and at such time, in such form and subject to such
election procedures (if any), as complies with the applicable requirements of
Section 409A of the Code to avoid a plan failure described in Section 409A(a)(1)
of the Code, including without limitation, deferring payment until the occurrence
of a specified payment event described in Section 409A(a)(2) of the Code.
Notwithstanding any other provision hereof or document pertaining hereto, the Plan
shall be so construed and interpreted to meet the applicable requirements of
Section 409A of the Code to avoid a plan failure described in Section 409A(a)(1)
of the Code.

     (b) It is specifically intended that all elections, consents and
modifications thereto under the Plan will comply with the requirements of Section
409A of the Code (including any transition or grandfather rules thereunder). The
Employer is authorized to adopt rules or regulations deemed necessary or
appropriate in connection therewith to anticipate and/or comply with the
requirements of Section 409A of the Code (including any transition or grandfather
rules thereunder) and to declare any election, consent or modification thereto
void if non-compliant with Section 409A of the Code.

 

 

     9. Appendix II is amended, effective December 31, 2006, to revise the Performance Contribution
as follows:

Effective for Performance Contributions credited for periods through December 30,
2006, for every 1% over 95% of the Performance Target, an additional 1% of Annual
Compensation will be credited by the Company to each Eligible Participant’s
Account. The maximum Performance Contribution shall be 15% of Annual
Compensation (which will occur when 110% or more of the Performance Target is
achieved).

Effective for Performance Contributions credited for periods beginning on or
after December 31, 2006, for every 1% over 95% of the Performance Target (up to
100% of the Performance Target), an additional 2% of Annual Compensation will be
credited by the Company to each Eligible Participant’s Account, and for every 1%
over 100% of the Performance Target (up to 110% of the Performance Target), an
additional 1% of Annual Compensation will be credited by the Company to each
Eligible Participant’s Account. The maximum Performance Contribution shall be
20% of Annual Compensation (which will occur when 110% or more of the Performance
Target is achieved).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]