OFFER FOR COMPENSATION BILL DOWD PRESIDENT & CHIEF OPERATING OFFICER FLEMING COMPANIES, INC. 1. Salary: $475,000 2. Bonus Potential: $356,250 (Same formula calculations as other executive officers.) 3. 1995 Bonus: Will receive proportionate amount that other executive officers would receive based on EVA calculations for year end results 1995, payable following board meeting in February, 1996. 4. Stock Options: 20,000 time vested shares, 40,000 performance shares, 16,000 restricted shares. 5. Deluxe Cadillac - grade up from vehicles given to executive vice presidents. 6. Country Club membership - social membership only. 7. Relocation: Fleming will reimburse Cott for an equal amount to what they paid to cover the sale and closing on his house. Pay moving costs. Up to 2% of Oklahoma City home value for closing. Temporary living in a company provided apartment. 8. Employment Agreement which takes effect in the event of a change in control. 9. Severance Agreement - if terminated for any reason other than cause, pay one year's salary. 10. Health coverage - company to pay COBRA premium for two months. 11. Retirement/SERP (see attached) Age: 53 Est. Soc. Sec. $15,310 Years to retire: 12 Qualified Annual Pension at age 65 $26,938 Target Total Pension $260,000 Fleming Pension (26,938) Primary & Spousal Soc. Sec. (22,965) Kraft Retirement (50,000) $160,097 Round to: $162,000 Payable as Follows: Year Age at Retirement Annual SERP Payments After year 1 54 0 2 55 0 3 56 0 4 57 0 5 58 0 6 59 $81,000 7 60 94,500 8 61 108,000 9 62 121,500 10 63 135,000 11 64 148,500 12 65 162,000 Agreed to and accepted this 7th day of July, 1995 Fleming Companies, Inc. ROBERT E. STAUTH BILL DOWD By: Robert E. Stauth Bill Dowd Chairman and CEO
Offer for Compensation - Fleming Companies Inc. and Bill Dowd
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