SEC Document


Table of Contents

 

EXECUTIVE COMPENSATION (CONTINUED)

 

 

and 2017 assumed that 15% of our named executive officers will be paid a life annuity and 85% will be paid a lump sum.

The lump sums were determined using a 4.25% interest rate for May 31, 2015 and a 3.85% interest rate for May 31, 2016. The interest rates used for May 31, 2017 were 4.20% for the first five years, 4.77% for the next 15 years and 5.07% thereafter. The lump sums were determined using the applicable mortality table outlined in IRC Section 417(e) projected to 2023 for 2015 and 2016 calculations, and projected to 2027 for the 2017 calculations. No pre-retirement decrements, including mortality, were assumed in these calculations.

All Other Compensation. All other compensation of our named executive officers is set forth in the Summary Compensation Table and described in detail in footnote (6) of the table.

These benefits are discussed in further detail under the heading “Compensation Discussion and Analysis – Perks and Other Benefits.”

Employment Agreements and Related Arrangements. Each named executive officer is employed under an employment agreement. The terms of the employment agreements are described under the headings “Compensation Discussion and Analysis – Employment Agreements and Related Arrangements” and “Other Potential Post-Employment Compensation.”

Additional Information. We have provided additional information regarding the compensation we pay to our named executive officers under the headings “Compensation Discussion and Analysis” and “Other Potential Post-Employment Compensation.”

 

 

The Company offers both an active defined benefit pension plan and a matching 401(k) plan for U.S. employees. The Company’s worldwide employees have comprehensive health coverage and other competitive benefit packages, in keeping with local laws and customs.

 

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