Document:

exhibit10bw.htm

    
      

        EXHIBIT
10(bw)

        

        National Western Life
Insurance Company

        2009 EXECUTIVE OFFICER BONUS
PROGRAM

        

        

        The Bonus
Program (“Program”) is designed to reward the Chairman of the Board/Chief
Executive Officer and the President/Chief Operating Officer for their
performance in assisting the Company in achieving pre-determined sales targets
while managing to profit criteria. The Plan incorporates three measurable
performance factors: (1) sales, which are defined as net placed annualized
target premium for Life business and as total placed premium for Annuity
business, (2) expense management, and (3) overall Company
profitability.

        

        Each of
the above performance factors will have an assigned target level for purposes of
the Program. Assuming a “par” performance (i.e. achieving each target level),
the weighting of the bonus (applied to base salary) is 15% for sales
performance, 15% for expense management performance, and 20% for profitability,
or an overall par percentage of 50%. Actual results compared to the targets can
either increase or decrease each of these individual percentages as explained in
the following sections. However, the total bonus percentage cannot exceed
50%.

        

        Sales
Component:

        

        The sales
component of the Program is further subdivided between Life production and
Annuity production. For 2009, the bonus sales goals are:

        

        
          	
                  ●
      

                	
                  International
      Life -- $27,000,000 net placed annualized target
  premium

                

        

        
          	
                  ●

                	
                  Domestic
      Life -- $7,700,000 net placed annualized target
  premium

                

        

        
          	
                  ●

                	
                  Annuities
      -- $382,500,000 net placed total
premium

                

        

        

        The New
Business Market Summary Report (NWAR60) will be the source of sales results for
purposes of this Program. Based upon these sales goals, the bonus percentage
corresponding with each sales production levels achieved in 2009 will be applied
to 100% of the executive officer’s base salary in accordance with the following
grid:

        

        
          
            	
                    Intl
      Life

                  	 
      	
                    Domestic

                  	 
      	
                    Annuities

                  	 
      
	
                    Placed

                  	
                    Bonus

                  	
                    Life
      Placed

                  	
                    Bonus

                  	
                    Placed

                  	
                    Bonus

                  
	
                    Target

                  	
                    %

                  	
                    Target  (1)

                  	
                    %

                  	
                    Premium

                  	
                    %

                  
	
                    $23,100,000

                  	
                    3.00%

                  	
                    $6,200,000

                  	
                    3.00%

                  	
                    $309,800,000

                  	
                    3.00%

                  
	
                    $25,000,000

                  	
                    4.00%

                  	
                    $6,900,000

                  	
                    4.00%

                  	
                    $344,200,000

                  	
                    4.00%

                  
	
                    $27,000,000

                  	
                    5.00%

                  	
                    $7,700,000

                  	
                    5.00%

                  	
                    $382,500,000

                  	
                    5.00%

                  
	
                    $29,000,000

                  	
                    6.00%

                  	
                    $8,400,000

                  	
                    6.00%

                  	
                    $420,800,000

                  	
                    6.00%

                  
	
                    $31,200,000

                  	
                    7.00%

                  	
                    $9,300,000

                  	
                    7.00%

                  	
                    $462,800,000

                  	
                    7.00%

                  

          

        

        

        (1) Does not include California
1st Year Premium.

        
          
             

          

          
            1

            
              

            

          

          
             

          

        

        The level
shaded in gray represents the Company’s sales goals for each segment for
purposes of the bonus program and represents the par performance level. If the
actual results attain this level, the executive officer would be eligible to
receive a bonus of 15% (5% for each line of business) of base
salary.

        

        Expense Management
Component:

        

        The
expense component of the program is based upon a ratio of actual expenses to a
sales unit of production. For purposes of this ratio, the sales unit of
production will be based upon target premium. Annuity sales target premium will
be assumed to be equal to 7.5% of total placed annuity premium.

        

        Assuming
“par” sales goals of $27.0 million in International Life sales, $7.7 million in
Domestic Life sales (excluding California 1st year
premium), and $382.5 million in total annuity sales, the par sales production
for purposes of the expense management component is $63.4 million. The submitted
expense budget based upon these sales goals is approximately $49.2 million.
Accordingly, the par ratio of expenses to sales production is roughly 77%. Based
upon this relationship, the bonus percentage corresponding with the actual
expense ratio achieved in 2009 will be applied to 100% of each executive
officer’s base salary in accordance with the following grid:

        

        
          
            
              	
                      Expense/Sales
      Ratio

                    	
                      Bonus
      %

                    
	
                      83%

                    	
                      10.00%

                    
	
                      80%

                    	
                      12.50%

                    
	
                      77%

                    	
                      15.00%

                    
	
                      74%

                    	
                      17.50%

                    
	
                      71%

                    	
                      20.00%

                    

            

          

        

        

        For
purposes of the expense component, marketing and executive officer bonuses will
be excluded. In addition, special consideration may be given at the discretion
of the  Compensation and Stock Option Committee of the Board of
Directors (“Compensation Committee”) for items of an unusual and/or
non-recurring nature (i.e. excess pension contributions) that are beyond the
control of Company management.

        

        Company Profitability
Component:

        

        The
profitability component of the program is based upon GAAP operating earnings as
a percentage of beginning stockholders’ equity. GAAP operating earnings are net
of federal income taxes and exclude realized gains and losses on investments.
The amounts used for purposes of the bonus calculation will be the figures
audited by the Company’s independent auditors.

        

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

        The bonus
percentage corresponding with the actual GAAP operating earnings achieved in
2009 relative to beginning of the year stockholders’ equity will be applied to
100% of each executive officer’s base salary in accordance with the following
grid:

        

        
          
            
              	
                      GAAP
      Profitability

                    	
                      Bonus
      %

                    
	
                      7.5%
      of Stockholders’ Equity

                    	
                      10.00%

                    
	
                      8.5%
      of Stockholders’ Equity

                    	
                      15.00%

                    
	
                      9.5%
      of Stockholders’ Equity

                    	
                      20.00%

                    
	
                      10.5%
      of Stockholders’ Equity

                    	
                      25.00%

                    
	
                      11.5%
      of Stockholders’ Equity

                    	
                      30.00%

                    

            

          

        

        

        Example:

        
Assume
the following results for 2009:  

        
          

          
            
              
                
                  	 
      ●	
                          International
      Life placed target premium sales

                        	
                          $

                        	
                          30,000,000

                        
	 
      ●	
                          Domestic
      Life placed target premium sales

                        	
                          $

                        	
                          7,000,000

                        
	 
      ●	
                          Annuity
      placed total premium sales

                        	
                          $

                        	
                          400,000,000

                        
	 
      ●	
                          Actual
      budget center expenses

                        	
                          $

                        	
                          49,700,000

                        
	 
      ●	
                          GAAP
      operating earnings

                        	
                          $

                        	
                          80,000,000

                        
	 
      ●	
                          Beginning
      GAAP stockholders’ equity

                        	
                          $

                        	
                          990,000,000

                        

                

              

               

            

          

        

        Based
upon the above charts, the executive officer’s 2009 bonus would be calculated as
follows:

        

        
          
            
              
                
                  
                    
                      	 
      	
                              Sales Component

                            	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                              International
      Life sales bonus %

                            	 
      	
                              6.0%

                            
	 
      	
                              Domestic
      Life sales bonus %

                            	 
      	
                              4.0%

                            
	 
      	
                              Annuity
      s Total sales bonus %ales bonus %

                            	 
      	
                              5.0%

                            
	 
      	 
      	 
      	
                              15.0%

                            
	 
      	 
      	 
      	 
      
	 
      	
                              Expense Management
Component

                            	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                              Actual
      budget center expenses

                            	
                              $

                            	
                              49,700,000

                            
	 
      	 
      	 
      	 
      
	 
      	
                              Sale
      Production Amount:

                            	 
      	 
      
	 
      	
                                   International
      Life target premium

                            	
                              $

                            	
                              30,000,000

                            
	 
      	
                                   Domestic
      Life target premium

                            	 
      	
                              7,000,000

                            
	 
      	
                                   Annuity
      target ($400m @ 7.5%)

                            	 
      	
                              30,000,000

                            
	 
      	 
      	
                              $

                            	
                              67,000,000

                            
	 
      	 
      	 
      	 
      
	 
      	
                              Ratio
      of Actual/Sales Production

                            	 
      	
                              74.2%

                            
	 
      	
                              Expense
      management bonus %

                            	 
      	
                              17.5%

                            
	 
      	 
      	 
      	 
      

                    

                  

                

              

            

          

        

        

        
          
             

          

          
            3

            
              

            

          

          
             

          

        

        

        
          
            
              
                
                  	 
      	
                          Company Profitability
    Component

                        	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                          GAAP
      operating earnings

                        	
                          $

                        	
                          80,000,000

                        
	 
      	
                          Beginning
      stockholders’ equity

                        	
                          $

                        	
                          990,000,000

                        
	 
      	 
      	 
      	 
      
	 
      	
                          Ratio
      of earnings/equity

                        	 
      	
                          8.08%

                        
	 
      	
                          Company
      profitability bonus

                        	 
      	
                          10.00%

                        
	 
      	 
      	 
      	 
      
	 
      	
                          Total Bonus %

                        	 
      	 
      
	 
      	
                          Sales
      component

                        	 
      	
                          15.0%

                        
	 
      	
                          Expense
      management component

                        	 
      	
                          17.5%

                        
	 
      	
                          Company
      profitability component

                        	 
      	
                          10.0%

                        
	 
      	
                          Total

                        	 
      	
                          42.5%

                        

                

              

            

          

        

        

        

        Administration:

        

        Bonus
amounts under the program will be earned and paid at the end of the Company’s
calendar year upon the availability of audited GAAP financial statements. The
Company’s independent auditors will also review the calculation of the bonus %
for compliance with the details of this Program as part of the Company’s audited
financial statements.

        

        If
employment with the Company is terminated for any reason other than “termination
for cause” by NWL, the bonus amount paid at termination will be based upon the
pro rated percentage of the calendar year that services were rendered to the
Company. In the event of death, the bonus amount will be paid to the
individual’s spouse, and if there is no spouse, then to the individual’s
children.

        

        The
Program, its terms, and its administration are at the complete discretion of the
Compensation Committee and may be changed or revoked at any time without the
consent of the participants. This includes, among other things, amendment of the
terms, targets, and other features of the Program as the Compensation Committee
sees fit. Accordingly, this Program does not constitute a legal and binding
obligation of the Company to perform.

        

        

        

        

        

        

        

        

        February
2009

        
          
             

          

          
            4exhibit10bx.htm

    
      

        EXHIBIT
10(bx)

        

        National Western Life
Insurance Company

        2009 DOMESTIC MARKETING
OFFICER BONUS PROGRAM

        

        The Bonus
Program (“Program”) is designed to reward Domestic Marketing officers for their
performance in achieving pre-determined sales targets while assisting the
Company in managing to its profit criteria. The Plan incorporates three
measurable performance factors: (1) sales, which are defined as net placed
annualized target premium for Life business and as total placed premium for
Annuity business, (2) persistency, and (3) expense management. The bonus
percentages included in this document pertain to Domestic Marketing officers at
the vice president level and higher. The bonus percentages for Assistant Vice
Presidents are determined using one-half of the
percentages shown for vice presidents and above.

        

        Each of
the three performance factors will have an assigned target level for purposes of
the Program. Assuming a “par” performance (i.e. achieving each target level),
the weighting of the bonus (applied to base salary) is 75% for sales
performance, 15% for persistency performance, and 10% for expense management
performance. Actual results compared to the targets can either increase or
decrease these percentages as explained in each of the following
sections.

        

        Sales
Component (75%):

        

        The sales
component of the Program is further subdivided between Life production and
Annuity production. For 2009, the Domestic sales goals are:

        

        
          	
                  Ø  

                	
                  Life
      -- $8,500,000 net placed annualized target premium (excluding California
      1st
      year business) and $4,900,000 net paid annualized 2nd year California
      target premium.  Specifically, the target assumptions for the
      purposes of this program are 14% of MaxWealth and Lifetime Returns Select
      (LTRS) total single premium, 55% of LTRS 5 year pay premium and 85%
      of  LTRS 10 pay premium.

                

        

        
          	
                  Ø  

                	
                  Annuities
      -- $425,000,000 net placed total
premium

                

        

        

        
          
             

          

          
            1

            
              

            

          

          
             

          

        

        National Western Life
Insurance Company

        2009 DOMESTIC MARKETING
OFFICER BONUS PROGRAM

        

        The New
Business Market Summary Report (NWAR60) will be the source of sales results for
purposes of this Program, as well as other programs to track 2nd year
California premium. Based upon these sales goals, the bonus percentage
corresponding with the Life and Annuity sales production levels achieved in 2009
will be applied to 100% of each Domestic Marketing officer’s base salary in
accordance with the following grid:

        

        
          
            	
                    Life
      Placed Target

                  	 
      	
                    California
      Life 2nd

                  	 
      Bonus
	
                    Premium
      (Minus California

                  	
                    Bonus

                  	
                    Yr.  Target
      Paid

                  	
                    %

                  
	
                    1st
      Yr Premium)

                  	
                    %

                  	
                    Premium
      1

                  	
                     

                  
	
                    $6,000,000

                  	
                    5.0%

                  	
                    $2,500,000

                  	
                    7.0%

                  
	
                    $6,500,000

                  	
                    10.0%

                  	
                    $3,000,000

                  	
                    8.5%

                  
	
                    $7,000,000

                  	
                    15.0%

                  	
                    $3,500,000

                  	
                    10.0%

                  
	
                    $7,500,000

                  	
                    20.0%

                  	
                    $4,000,000

                  	
                    11.5%

                  
	
                    $8,000,000

                  	
                    25.0%

                  	
                    $4,500,000

                  	
                    13.5%

                  
	
                    $8,500,000

                  	
                    30.0%

                  	
                    $4,900,000

                  	
                    15.0%

                  
	
                    $9,000,000

                  	
                    35.0%

                  	
                    $5,500,000

                  	
                    16.5%

                  
	
                    $9,500,000

                  	
                    40.0%

                  	
                    $6,000,000

                  	
                    18.0%

                  
	
                    $10,000,000

                  	
                    45.0%

                  	
                    $6,500,000

                  	
                    19.5%

                  
	
                    Increment for
      every

                  	 
      	
                    Increment for
      every

                  	 
      
	
                    $500,000
      thereafter

                  	
                    5.0%

                  	
                    $500,000
      thereafter

                  	
                    5.0%

                  

          

        

        

        1For the
purposes of this Bonus Program, 2nd year
target paid premium is defined as paid premium received by NWL in 2009 on life
insurance sales originally written in  California that is classified
as second year premium for the purposes of paying agent commission.

        

        
          
            
              	
                      Annuity
      Placed Total

                    	
                      Bonus

                    
	
                      Premium
      (1)

                    	
                      %

                    
	
                      $300,000,000

                    	
                      5.0%

                    
	
                      $325,000,000

                    	
                      10.0%

                    
	
                      $350,000,000

                    	
                      15.0%

                    
	
                      $375,000,000

                    	
                      20.0%

                    
	
                      $400,000,000

                    	
                      25.0%

                    
	
                      $425,000,000

                    	
                      30.0%

                    
	
                      $475,000,000

                    	
                      35.0%

                    
	
                      $525,000,000

                    	
                      40.0%

                    
	
                      $575,000,000

                    	
                      45.0%

                    
	
                      Greater
      than

                    	 
      
	
                      $575,000,000

                    	
                      45.0%

                    

            

          

        

        

        (1)  Annuity
Placed Total Premium does not include premium ceded to a reinsurance
program.  Also, any annuity premium resulting from a conservation
program is not included.

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

        National Western Life
Insurance Company

        2009 DOMESTIC MARKETING
OFFICER BONUS PROGRAM

        

        Bonus
percentages associated with life sales are not capped but increase by 5.0% with
every additional $500,000 of placed target premium. Conversely, the bonus
percentage for annuity sales is capped at 45% irrespective of sales production
above the annuity sales goal.

        

        Assuming
an officer salary of $100,000 and 2009 production of $7,600,000 of Life placed
target premium (excludes California business), $3,500,000 of Life paid 2nd year
target California premium, and $470,000,000 of Annuity placed total premium, the
officer’s 2009 sales bonus component under the Program would be $60,000
($100,000 x 20% for Life business plus $100,000 x 10% for California business,
plus $100,000 x 30% for Annuity business).

        

        Persistency Component
(15%):

        

        Similar
to the sales component, the persistency component of the Program is further
subdivided between Life business and Annuity business.

        

        The
24th
month ratio of actual persistency to expected (i.e. pricing) persistency as
reported in the Duration Score Listing query will serve as the measure for the
Life persistency component of the Program. For purposes of the persistency
measurement, the parameters include all writing agents (active and terminated)
and all life business (universal life and traditional).

        

        Based
upon these persistency performance factors, the bonus percentage corresponding
with the Domestic Life persistency levels achieved in 2009 will be applied to
each Domestic Marketing officer’s base salary in accordance with the following
grid:

        

        
          
            	
                    Domestic
      Life

                  	
                    Bonus

                  
	
                    Persistency

                  	
                    %

                  
	
                    Less
      than 88%

                  	
                    0%

                  
	
                    88%
      – 91%

                  	
                    1.5%

                  
	
                    91%
      – 94%

                  	
                    3.0%

                  
	
                    94%
      – 97%

                  	
                    4.5%

                  
	
                    97%
      – 100%

                  	
                    6.0%

                  
	
                    100%
      - 101%

                  	
                    7.5%

                  
	
                    101%
      - 102%

                  	
                    9.0%

                  
	
                    102%
      - 103%

                  	
                    10.5%

                  
	
                    103%
      - 104%

                  	
                    12.0%

                  
	
                    104%
      - 105%

                  	
                    13.5%

                  
	
                    105%
      - 106%

                  	
                    15.0%

                  
	
                    Greater
      than 106%

                  	
                    15.0%

                  

          

        

         

        
          
             

          

          
            3

            
              

            

          

          
             

          

        

        National Western Life
Insurance Company

        2009 DOMESTIC MARKETING
OFFICER BONUS PROGRAM

        

        It is
anticipated that the Duration Score Listing query will also support the annuity
line of business sometime during 2009. Therefore, the 24th month
ratio of actual persistency to expected (i.e. pricing) persistency as reported
in the Duration Score Listing query for Annuity business will also serve as the
measure for the Annuity persistency component of the Program. The bonus
percentage corresponding with the Annuity persistency levels achieved in 2009
will be applied to each Domestic Marketing officer’s base salary in accordance
with the following grid:

        

        
          
            	
                    Annuity

                  	
                    Bonus

                  
	
                    Persistency

                  	
                    %

                  
	
                    Less
      than 96%

                  	
                    0%

                  
	
                    96%
      – 97%

                  	
                    1.5%

                  
	
                    97%
      – 98%

                  	
                    3.0%

                  
	
                    98%
      – 99%

                  	
                    4.5%

                  
	
                    99%
      – 100%

                  	
                    6.0%

                  
	
                    100%
      - 101%

                  	
                    7.5%

                  
	
                    101%
      - 102%

                  	
                    9.0%

                  
	
                    102%
      - 103%

                  	
                    10.5%

                  
	
                    103%
      - 104%

                  	
                    12.0%

                  
	
                    104%
      - 105%

                  	
                    13.5%

                  
	
                    105%
      - 106%

                  	
                    15.0%

                  
	
                    Greater
      than 106%

                  	
                    15.0%

                  

          

        

        

        Assuming
an officer salary of $100,000 and 2009 persistency ratios of 92.2% for Life
business and 102.42% for Annuity business, the officer’s 2009 persistency bonus
component under the Program would be $13,500 ($100,000 x 3.0% for Life business
plus $100,000 x 10.5% for Annuity business).

        

        Expense Component
(10%):

        

        The
expense component of the program is based upon the ratio of actual expenses to
target premium sales. For purposes of this ratio, annuity target premium is
defined as 7.5% of total placed premium. Actual expenses include all cost center
expenses with the exception of bonuses paid, agent health claims, agent reserve
balance changes, and sales conference expenses.

        

        
          
             

          

          
            4

            
              

            

          

          
             

          

        

        National Western Life
Insurance Company

        2009 DOMESTIC MARKETING
OFFICER BONUS PROGRAM

        

        Based
upon the actual ratio achieved, the corresponding bonus percentage based upon
the following chart will be applied to 100% of each Domestic Marketing officer’s
base salary:

        

        
          
            	
                    Ratio
      of Expense/

                  	
                    Bonus

                  
	
                    Target
      Premium

                  	
                    %

                  
	
                    Less
      than 5.60%

                  	
                    22.5%

                  
	
                    5.60%
      to 5.75%

                  	
                    20.0%

                  
	
                    5.75%
      to 5.90%

                  	
                    17.5%

                  
	
                    5.90%
      to 6.05%

                  	
                    15.0%

                  
	
                    6.05%
      to 6.20%

                  	
                    12.5%

                  
	
                    6.20%
      to 6.35%

                  	
                    10.0%

                  
	
                    6.35%
      to 6.50%

                  	
                    7.5%

                  
	
                    6.50%
      to 6.65%

                  	
                    5.0%

                  
	
                    6.65%
      to 6.80%

                  	
                    2.5%

                  
	
                    More
      than 6.80%

                  	
                    0.0%

                  

          

        

        

        Assuming
actual expenses of $3.2 million, life target premium sales of $9.6 million,
2nd
year California paid premium target of $4.5 million, and annuity total placed
premium of $470 million, the calculated ratio would be 6.48% ($3.2 million
divided by the sum of $9.6 million life target sales, $4.5 million California
business, and $35.25 million annuity ($470 million times 7.5%)). The officer’s
2009 expense management bonus component under the Program, assuming a $100,000
base salary, would be $7,500 ($100,000 x 7.5%).

        

        From the
above examples, the officer with a $100,000 base salary would receive a 2009
bonus under the program of 81.0% or $81,000 ($60,000 sales plus $13,500
persistency plus $7,500 expense management) reflecting one or more performance
factors below “par”. See “Administration” for further guidelines when the bonus
percentage exceeds 100%.

        

        Administration:

        

        Bonus
amounts under the program will be calculated quarterly based upon actual
year-to-date results and may be advanced to participants who request bonus
advances, subject to the following. The overall bonus advance percentage will be
capped at the “par” bonus percentage level for each performance factor (i.e. 30%
for life placed target premium less California 1st year
premium, 15% for California life 2nd year
target placed premium, 30% for annuity placed total premium, 15% for persistency
and 10% for expense management) even if actual year-to-date results for any
performance factor exceeds the par level. Accordingly, the overall bonus advance
percentage cannot exceed 100% of base salary. In the event that actual
year-to-date results subsequently fall below the minimum Program performance
factor levels, the Company will suspend the bonus advance payments until such
time as the year-to-date results reach the minimum Program performance factor
levels. Bonus amounts paid year-to-date will not be recouped from participants
in the event of suspension of quarterly payments except at the end of the
Program year if unearned.

        
          
             

          

          
            5

            
              

            

          

          
             

          

        

        National Western Life
Insurance Company

        2009 DOMESTIC MARKETING
OFFICER BONUS PROGRAM

        

        If at the
end of the year the aggregate bonus percentage exceeds 100%, the incremental %
above 100% will be applied to the base salaries of all Domestic Marketing
Officers (weighted for the portion of the calendar year each participant was
employed by the Company) to determine a dollar amount to be put into a “pool”.
The pool amount will be allocated based upon the recommendation of the Domestic
Chief Marketing Officer and as approved by the Company President. The
recommendation of the pool allocation by the Chief Marketing Officer must be
submitted to the Company President by the end of the January 2009. The pool
amount will be paid out quarterly in the following calendar year (i.e. 2010).
Participants must be currently employed by the Company in order to receive pool
payments. In other words, unpaid pool bonuses will be forfeited by participants
upon termination from the Company. Amounts forfeited by terminated participants
will remain the property of the Company and will not be redistributed among the
remaining participants.

        

        If
employment with the Company is terminated during calendar 2009 for any reason
other than “termination for cause” by NWL, the 2009 bonus amount paid at
termination will be based upon the current year-to-date bonus % (not to exceed
100%) and the prorated percentage of the calendar year that services were
rendered to the Company.  In the event of death, the bonus amount will
be paid to the individual’s spouse, or, if there is no spouse, then the bonus
amount will be paid to the individual’s children.

        

        The
Program, its terms, and its administration are at the complete discretion of the
Company President and/or Compensation and Stock Option Committee (“Compensation
Committee”) of the Board of Directors and may be changed or revoked at any time
without the consent of the participants. This includes, among other things,
amendment of the terms, targets, and other features of the Program as the
Company President and/or Compensation Committee sees fit. Accordingly, this
Program does not constitute a legal and binding obligation of the Company to
perform.

        

        All
amounts paid to participants under this program will be excluded when
determining benefits under the Company’s pension, 401(k), and other benefit
programs.

        

        

        

        

        

        
          
             

          

          
            6

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