EXHIBIT 99
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the "AGREEMENT") is made on May 26, 2005 by
and between OM GROUP, INC., a Delaware corporation (the "COMPANY"), and Xxxxxx
X. Xxxxxxxxx, ("EXECUTIVE").
WHEREAS, the Company and Executive desire to enter into this Agreement
to provide for Executive's employment with the Company;
NOW, THEREFORE, in consideration of the mutual covenants contained
herein, the parties hereto agree as follows:
1. EMPLOYMENT AND TERM. The Company agrees to employ Executive
and Executive accepts such employment upon the terms and conditions set forth in
this Agreement for the period beginning on June 13, 2005 (the "Effective Date")
and ending on May 31, 2008, unless ending earlier as provided in Section 4
hereof (the "Term").
2. TITLE, POWERS AND RESPONSIBILITIES. During the term of this
Agreement, Executive shall serve as Chief Executive Officer of the Company and
have such duties, responsibilities, powers and authority normally and
customarily associated with a chief executive officer, subject to the power and
authority of the Board of Directors of the Company (the "Board of Directors").
Executive shall not engage in any business activity that interferes with the
performance of his duties hereunder and shall not, without the prior written
consent of the Board of Directors, perform other services for compensation,
except as set forth on Schedule 1 attached hereto. Executive shall travel as
necessary in connection with the performance of his duties hereunder; provided,
however, that the Executive shall perform his duties and responsibilities
primarily in the Cleveland, Ohio metropolitan area. The Board of Directors shall
elect Executive to the Board of Directors effective on or before the Effective
Date. Subject only to prior termination under Section 4, the Nominating
Committee of the Board of Directors will nominate Executive for election at the
next meeting of stockholders of the Company for a full term extending until May
31, 2008, and the Board of Directors will recommend his election to the
stockholders of the Company at such meeting of stockholders.
3. COMPENSATION AND BENEFITS.
(A) ANNUAL COMPENSATION.
(I) BASE SALARY. The Company shall pay Executive
a salary (the "Base Salary") at the annual rate of Eight
Hundred Fifty Thousand Dollars ($850,000), which amount may be
reviewed annually and increased at the discretion of the Board
of Directors or any committee of the Board of Directors duly
authorized to take such action. Executive's Base Salary shall
be payable in accordance with the Company's standard payroll
practices and policies for executives and shall be subject to
such statutory deductions and applicable withholdings as
required by law or as otherwise permissible under such
practices or policies.
(II) BONUS. Executive shall be entitled to
receive an annual bonus (the "Bonus") at the discretion of the
Board of Directors or any committee of the Board of Directors
duly authorized to take such action and in accordance with the
Company's executive bonus plans, programs and policies then in
effect; provided, however, the Company shall pay Executive a
bonus for the period from the Effective Date through December
31, 2005 of no less than Nine Hundred Fifty Thousand Dollars
($950,000). The parties hereby acknowledge that expectation is
that, for periods after 2005, Executive's maximum bonus
opportunity shall be no less than 150% of the bonus target and
the bonus target shall be no less than 100% of Base Salary.
(B) EQUITY BASED COMPENSATION. On the Effective Date, the
Company shall:
(I) grant Executive an award of restricted
Common Stock of the Company in the amount set forth on Exhibit
A attached hereto, which shall vest at the date specified on
Exhibit A; and
(II) grant Executive options to purchase Common
Stock of the Company in amounts and at exercise prices per
share set forth on Exhibit A attached hereto, which shall vest
at the dates specified on Exhibit A.
Executive agrees that the grant of restricted stock and stock
options hereunder shall be in accordance with and subject to the terms
and conditions of the stock and compensation plans, programs and
policies maintained by the Company and Executive agrees to promptly
execute and deliver to the Company any and all such acknowledgements,
agreements, certificates and other documents required under such plans.
Executive hereby agrees to comply with the share ownership guidelines
for the Chief Executive Officer of the Company, as such guidelines
shall be established from time to time by the Board of Directors.
Executive shall receive a stock option grant in December of 2005 as
part of the Company's Long-Term Incentive Compensation Plan as regards
his performance for 2005. The parties hereby acknowledge that their
expectation is that such stock option grant will relate to the purchase
of not fewer than 67,744 shares of Common Stock of the Company.
(C) RETIREMENT AND WELFARE BENEFIT PLANS. Executive shall
be entitled to the employee benefits provided by the Company to its
executive officers from time to time as well as such benefits that may
be recommended by the Compensation Committee and approved by the Board
of Directors. Such benefits currently include, but are not limited to,
group life insurance, group short-term and long-term disability
insurance, group healthcare coverage for Executive, his spouse and any
dependent children, participation in the OMG Profit Sharing and
Retirement Savings Plan and participation in the OM Group Benefit
Restoration Plan. A description of such benefit plans and programs is
attached hereto as Exhibit B. The parties understand that such plans
and programs may be revised, terminated and/or replaced by the Company
in its sole discretion. The Company will take all necessary action to
designate Executive as a participant in the OM Group, Inc. Benefit
Restoration Plan as of June 1, 2005. The Company shall seek to waive
any waiting periods applicable to Executive that prevent Executive from
participating in the benefit plans and programs described in Exhibit B.
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(D) VACATION. Executive shall be entitled to twenty (20)
days of vacation and five (5) personal days during each successive one
year period in the Term, which vacation time shall be taken at such
time or times in each such one year period so as not to materially and
adversely interfere with the performance of his responsibilities under
this Agreement. Executive in addition shall have the right to the same
holidays as other employees of the Company.
4. TERMINATION.
(A) GENERAL. During the term of this Agreement, the
Company shall have the right to terminate Executive's employment at any
time for any reason upon written notice to Executive and Executive
shall also have the right to resign at any time for any reason upon
written notice to the Company.
(B) TERMINATION WITHOUT CAUSE. If the Company terminates
Executive's employment without Cause, the Executive shall receive the
following amounts, without discount but less all applicable
withholdings, and which shall be payable to Executive no later than ten
days after his termination date pursuant to the Company's normal
payroll practices: (i) a single sum equal to his Base Salary earned,
but unpaid, as well as any accrued, but unused, vacation; and (ii) a
lump sum payment equal to two times the sum of Executive's Average
Annual Base Salary and Executive's Average Bonus Amount. For purposes
of this Agreement: (i) "EXECUTIVE'S AVERAGE ANNUAL BASE SALARY" shall
equal an amount determined by adding together (X) Executive's annual
rate of Base Salary as in effect immediately before the termination of
Executive's employment and (Y), if Executive's annual rate of Base
Salary has been increased at least once during the Term, Executive's
annual rate of Base Salary as in effect immediately before the most
recent such increase occuring before the termination of Executive's
employment, and dividing the sum so obtained by two, provided that
Executive's Average Annual Base Salary shall not in any event be less
than Eight Hundred Fifty Thousand Dollars ($850,000); and (ii)
"EXECUTIVE'S AVERAGE BONUS AMOUNT" shall equal the greater of (X) the
aggregate Bonuses received by Executive during the Term prior to his
termination date divided by the number of Bonuses received by
Executive, or (Y) Nine Hundred Fifty Thousand Dollars ($950,000).
(C) TERMINATION FOR CAUSE. If the Company terminates
Executive's employment for Cause, the Company's only obligation to
Executive shall be to pay Executive his earned but unpaid Base Salary.
The Company shall only be obligated to make such payments and provide
such benefits under any employee benefit plan, program or policy in
which Executive was a participant as are explicitly required to be paid
to Executive by the terms of any such benefit plan, program or policy
following the date on which Executive's employment terminates.
For purposes of this Agreement, the Company may terminate
Executive's employment hereunder for "CAUSE" if and only if:
(I) Executive commits a felony (other than
felonious operation of a motor vehicle);
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(II) Executive commits: (a) fraud, embezzlement
or misappropriation of funds, in each case involving or
against the Company or any of its subsidiaries or affiliates,
or (b) an act or series of acts of dishonesty in the course of
his employment that are materially inimical to the best
interests of the Company or a Subsidiary as determined by
action of the Board of Directors (taken by a majority of the
full number of directors then in office) and, if the act or
acts are capable of being cured, Executive fails to cure or
take all reasonable steps to cure within 30 days of notice
from the Board of Directors to Executive;
(III) Executive continues to violate his
obligation under Section 5 not to engage in competitive
activities for more than ten days after the Board of Directors
has by action of the Board of Directors (taken by a majority
of the full number of directors then in office) advised him in
writing to cease those activities; or
(IV) Other than for disability, Executive
abandons and consistently fails to attempt to perform his
duties and responsibilities as specified from time to time by
the Board of Directors for 30 consecutive days after the Board
of Directors has by action of the Board of Directors (taken by
a majority of the full number of directors then in office)
advised him in writing of that failure.
No action by the Board of Directors pursuant to any of paragraphs (i),
(ii), (iii), or (iv) above shall be effective to terminate Executive's
employment for "Cause" unless, before the vote on that action is taken
by the Board of Directors, Executive is first given notice by the Board
of Directors, in reasonable detail, of the alleged act or acts by
Executive that give rise to the proposed vote and Executive is given
the opportunity to respond to those allegations at a duly called
meeting of the Board of Directors at which Executive may be represented
by counsel.
(D) TERMINATION FOR DISABILITY. The Company shall have
the right to terminate Executive's employment on or after the date
Executive incurs a Disability (as such term is defined below), and such
a termination shall not be treated as a termination without Cause under
this Agreement. Therefore, if Executive's employment is terminated on
account of a Disability, the Company shall pay executive, without
discount but less all applicable withholding:
(I) his Base Salary through the end of the month
in which his employment terminates as soon as practicable
after his employment terminates; and
(II) an amount equal to two times the sum of
Executive's Average Annual Base Salary and Executive's Average
Bonus Amount, which sum shall be payable to Executive in equal
monthly installments for twenty-four (24) months commencing
with the calendar month following his termination date
pursuant to the Company's normal payroll practices.
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(III) minus the amount of any disability pay or
other benefits to which Executive is entitled under the terms
of any disability plan or program of the Company covering
Executive at the time of such Disability.
A "DISABILITY" means a condition that renders Executive unable
(as determined by the Company in good faith) to regularly perform his
duties hereunder by reason of illness or injury for a period of more
than six (6) consecutive months.
(E) DEATH. If Executive's employment terminates as a
result of his death, the Company shall:
(I) pay Executive's designated beneficiary (and
if none, to his estate) such benefits and payments as he would
have been entitled to if he had been terminated without Cause
on the date of his death;
(II) make such payments and provide such benefits
as otherwise required under Company insurance programs in
which Executive was a participant.
5. COVENANTS.
(A) COMPANY PROPERTY. Upon the termination of Executive's
employment for any reason or, if earlier, upon the Company's request,
Executive shall promptly return all Property which had been entrusted
or made available to Executive by the Company. "PROPERTY" means all
records, files, memoranda, reports, price lists, customer lists,
drawings, plans, sketches, keys, codes, computer hardware and software
and other property of any kind or description prepared, used or
possessed by Executive during Executive's employment by the Company
(and any duplicates of any such Property) together with any and all
information, ideas, concepts, discoveries, and inventions and the like
conceived, made, developed or acquired at any time by Executive
individually or, with others during Executive's employment which relate
to the Company or its products or services.
(B) CONFIDENTIAL INFORMATION. Executive agrees that he
shall hold in a fiduciary capacity for the benefit of the Company and
its affiliates, and shall not directly or indirectly use or disclose,
any Confidential Information that Executive may have acquired during
the term of Executive's employment by the Company for so long as such
information remains confidential without the prior written consent of
the Company unless and except to the extent that such disclosure is (i)
made in the ordinary course of Executive's performance of his duties
under this Agreement or (ii) required by any subpoena or other legal
process (in which event Executive will give the Company prompt notice
of such subpoena or other legal process in order to permit the Company
to seek appropriate protective orders). "CONFIDENTIAL INFORMATION"
means any secret, confidential or proprietary information possessed by
the Company or any of its affiliates, including, without limitation,
trade secrets, customer lists, details of client or consultant
contracts, current and anticipated customer requirements, pricing
policies, price lists, market studies, business plans, operational
methods, marketing plans or strategies, product development techniques
or flaws, computer software programs (including object
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code and source code), data and documentation data, base technologies,
systems, structures and architectures, inventions and ideas, past
current and planned research and development, compilations, devices,
methods, techniques, processes, financial information and data,
business acquisition plans and new personnel acquisition plans that has
not become generally available to the public other than as a result of
Executive's acts or omissions to act.
(C) NON-SOLICITATION OF CUSTOMERS OR EMPLOYEES. Executive
agrees that, during the term of this Agreement and for a period of two
years thereafter, he will not knowingly, directly or indirectly, for
himself or for any other person or entity, divert, call on, solicit, or
take away or attempt to divert, call on, solicit or take away present
or actively solicited prospective employees or, with respect to
competitive products or services, any present or actively solicited
prospective suppliers or customers of the Company or any of its
subsidiaries or affiliates.
(D) NON-COMPETITION OBLIGATION. Executive agrees that,
during the term of this Agreement and for a period of two years
thereafter, he will not, for himself or on behalf of any other person,
partnership, company or corporation, directly or indirectly, acquire
any financial or beneficial interest in (except as provided in the next
sentence), be employed by, or own, manage, operate or control any
entity which is primarily engaged in any type of business in which
either the Company or its subsidiaries are then actively engaged.
Notwithstanding the preceding sentence, Executive will not be
prohibited from owning less than five (5%) percent of any publicly
traded corporation regardless of the business in which such corporation
is engaged. If, at the time of enforcement of this provision, a court
of competent jurisdiction holds that the restrictions stated herein are
unreasonable under the circumstances then existing, the parties agree
that the maximum period or scope under the circumstances shall be
substituted for the period or scope stated herein.
(E) NONDISPARAGEMENT. Executive agrees that, after his
employment with the Company has terminated, he will not knowingly make
any public statement, written or oral, or take any other action
relating to the Company (and its subsidiaries and affiliates) that
would disparage or otherwise harm the Company's (or its subsidiaries'
or affiliates') business or reputation, or the reputation of any of its
employees, shareholders, officers and directors.
(F) REMEDY FOR BREACH. Executive agrees that the remedies
available at law to the Company for any actual or threatened breach by
Executive of the covenants in this Section 5 would be inadequate and
that the Company shall be entitled to specific performance of the
covenants in this Section 5, including entry of an ex parte, temporary
restraining order in state or federal court, preliminary and permanent
injunctive relief against activities in violation of this Section 5, or
both, or other appropriate judicial remedy, writ or order, in addition
to any damages and legal expenses which the Company may be legally
entitled to recover. Executive acknowledges and agrees that the
covenants in this Section 5 shall be construed as agreements
independent of any other provision of this Agreement or any other
agreement between the Company and Executive, and that the existence of
any claim or cause of action by Executive against the Company, whether
predicated upon this Agreement or any other agreement, shall not
constitute a
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defense to the enforcement by the Company of such covenants. Executive
acknowledges that Executive is qualified for other comparable
employment, including for companies not engaged in the same type of
business as the Company. Executive acknowledges that the restrictions
contained in paragraph 5 do not impose an undue hardship on him due to
the fact that he has general business skills which may be used in
industries other than those in which each of the Company and its
subsidiaries conduct their businesses and do not deprive Executive of
his livelihood, Executive has received substantial amounts of
consideration which will enable Executive to conduct and engage in
businesses other than those in which each of the Company and its
subsidiaries engage.
6. MISCELLANEOUS.
(A) NOTICES. All notices, requests, demands and other
communications which are required or may be given under this Agreement shall be
in writing and shall be deemed to have been duly given on (a) the date of
service if delivered personally on the party on whom notice is to be given, (b)
the third day after mailing if mailed, first class mail, postage prepaid, return
receipt requested, or (c) the day after sending if sent to the party to whom
notice is to be given by any other express delivery technique calling for
receipted delivery, and properly addressed as follows:
If to Executive:
Xxxxxx X. Xxxxxxxxx
00000 Xxxxxxxx Xxxx Xxxx.
Xxxxx XX 00000
If to the Company:
OM Group, Inc.
0000 Xxx Xxxxx
000 Xxxxxx Xxxxxx
Xxxxxxxxx, Xxxx 00000
Attention: General Counsel
or such other address or to the attention of such other person as the recipient
shall have specified by prior written notice to the sending party.
(B) SEVERABILITY. Whenever possible, each provision of
this Agreement shall be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or unenforceability will
not affect any other provision or any other jurisdiction, but this Agreement
will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.
(C) ENTIRE AGREEMENT. This Agreement, those documents
expressly referred to herein and other documents of even date herewith embody
the complete agreement and understanding among the parties and supersede and
preempt any prior understandings,
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agreements or representations by or among the parties, written or oral, which
may have related to the subject matter hereof in any way.
(D) COUNTERPARTS. This Agreement may be executed on
separate counterparts, each of which is deemed to be an original and all of
which taken together constitute one and the same agreement.
(E) SUCCESSORS AND ASSIGNS. This Agreement is intended to
bind and inure to the benefit of and be enforceable by Executive, the Company,
and their respective successors and assigns; provided, however, that Executive
may not assign his rights or delegate his obligations hereunder without the
prior written consent of the Company. The Company may assign this Agreement to
any affiliate or successor that acquires all or substantially all of the assets
and business of the Company, and no such assignment shall be treated as a
termination of Executive's employment under this Agreement.
(F) CHOICE OF LAW. All questions concerning the
construction, validity and interpretation of this Agreement will be governed by
the internal law of the State of Ohio, without giving effect to any choice or
conflict of law provision or rule thereof.
(G) AMENDMENTS. Any provision of this Agreement may be
amended only with the prior written consent of Executive and the Company.
(H) NO WAIVER. No failure by either party at any time to
give notice of any breach by the other of, or to require compliance with, any
condition or provision of this Agreement shall be deemed a waiver of any
provisions or conditions of this Agreement.
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IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer and Executive has executed this
Agreement as of the date first above written.
"THE COMPANY" "EXECUTIVE"
OM GROUP, INC. XXXXXX X. XXXXXXXXX
By:
----------------------------- ----------------------------
Name:
Title:
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SCHEDULE 1
APPROVED SERVICES FOR COMPENSATION
Parker Hannifin Corporation
The Xxxxx Company
Cleveland Clinic Foundation
EXHIBIT A
RESTRICTED COMMON STOCK GRANT:
Number of shares: 166,194
Vesting: All shares vest on May 31, 2008 if and only
if Executive remains in the employ of the
Company on that date.
STOCK OPTION GRANT (SUBGRANTS A, B, AND C):
Subgrant A
Number of Shares: 80,001
Exercise Price: Equal to Market Price on Date of Grant
Vesting: Options vest on May 31, 2006 if and only if
Executive remains in the employ of the
Company on that date.
Subgrant B
Number of Shares: 85,050
Exercise Price: Equal to lesser of (i) Market Price on Date
of Grant plus $5.00, or (ii) $28.67.
Vesting: Options vest on May 31, 2007 if and only if
Executive remains in the employ of the
Company on that date.
Subgrant C
Number of Shares: 89,945
Exercise Price: Equal to lesser of (i) Market Price on Date
of Grant plus $10.00, or (ii) $33.67.
Vesting: Options vest on May 31, 2008 if and only if
Executive remains in the employ of the
Company on that date.
A - 1
EXHIBIT B
[OMG logo]
OM GROUP, INC.
ASSOCIATE BENEFITS
Benefits Eligibility begins the first of the month coinciding with or
following date of hire.
LIFE INSURANCE
--------------
Group Term Life Insurance
1 1/2 times annual wage
Maximum benefit of $250,000
Voluntary Life Insurance
Purchased in multiples of $10,000
Maximum is 5 times salary to a maximum of $500,000
Spouse and Child coverage also available
Accidental Death & Dismemberment (AD&D)
1 1/2 times annual wage
Maximum benefit of $250,000
DISABILITY
----------
Short Term Disability (STD)
Elimination Period of 14 days
Benefit Duration of 180 days
WEEKLY BENEFIT
Service Time 100% of Pay 75% of Pay
------------ ----------- ----------
0-6 months 1 month 5 months
6 months - 1 year 2 months 4 months
1 year - 5 years 4 months 2 months
5 years or greater 6 months
Long Term Disability (LTD)
Elimination Period of 180 days
Benefit Amount of 60% of monthly salary
Maximum Benefit:
$15,000/month maximum
Up to age 65
MEDICAL
-------
DEDUCTIBLE
Single Family
------ ------
In-Network $100 $200
Out-of-Network $200 $400
OUT-OF-POCKET MAXIMUM
Single Family
------ ------
In-Network $1000 $2000
Out-of-Network $2000 $4000
Revised: June 2004
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[OM GROUP LOGO]
OM GROUP, INC.
ASSOCIATE BENEFITS
CO-PAYMENTS & CO-INSURANCE
IN-NETWORK OUT-OF-NETWORK
---------------- ----------------
Physician Office Visit $15 co-pay/visit Deductible + 30%
In-patient hospital services Deductible + 10% Deductible + 30%
Out-patient surgery Deductible + 10% Deductible + 30%
Pre-Admission Testing Deductible + 10% Deductible + 30%
Second Surgical Opinion Deductible + 10% Deductible + 30%
In-patient Mental/Nervous Conditions Deductible + 10% Deductible + 30%
(30 days/yr) (30 days/yr)
Out-patient Mental/Nervous Conditions $15 co-pay (52 Deductible + 30%
visits/yr) (52 visits/yr)
In-patient Drug/Alcohol Abuse Deductible + 10% Deductible + 30%
(30 days/yr & (30 days/yr &
$30,000 lifetime) $30,000 lifetime)
Out-patient Drug/Alcohol Abuse $15 co-pay (52 Deductible + 30%
visits/yr) (52 visits/yr)
Emergency Room $50 co-pay $50 co-pay
Diagnostic X-ray & Laboratory Deductible + 10% Deductible + 30%
Chiropractic Services $15 co-pay (20 Deductible + 30%
visits/yr) (20 visits/yr)
Hospice & Home Health Care Payable at 100% Payable at 100%
Non Pre-certification Penalty $250
Lifetime Maximum Benefit $2,000,000
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[OM GROUP LOGO]
OM GROUP, INC.
ASSOCIATE BENEFITS
PRESCRIPTIONS
-------------
Co-payment per Prescription (30 day supply)
$5 Generic
$15 Name Brand
Mail Order Drug Benefit (90 day supply)
$10 Generic
$30 Name Brand
DENTAL
------
DEDUCTIBLE
Service Cost
------- ----
Preventive Services No Deductible
Basic & Major Services $50/person/calendar year
Orthodontia Services* No Deductible
BENEFIT PERCENTAGES
Service Percentage Covered
------- ------------------
Preventive Services 100%
Basic & Major Services 80% ($1500 Maximum/year)
Orthodontia Services 60% (1500 lifetime maximum)
*Benefit provided for dependent children only.
VISION
------
Vision Examination (one per calendar year) $40
Lenses (one pair per calendar year)
Single Vision $40
Bifocals $50
Trifocals $60
Lenticular $70
Aphakic $100
Frames (one set per 24 months) $50
Contact Lenses (one pair per calendar year)
Cosmetic $55
Medically Necessary $200
Revised: June 2004
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[OM GROUP LOGO]
OM GROUP, INC.
ASSOCIATE BENEFITS
ASSOCIATE CONTRIBUTIONS
COSTS/MONTH*
MEDICAL/DRUG DENTAL VISION TOTAL
------------ ------ ------ -----
SINGLE $15 $ 5 $1 $21
EMPLOYEE + 1 $30 $10 $2 $42
FAMILY $45 $15 $3 $63
--------------------
*Pre-tax Deductions
FLEXIBLE SPENDING ACCOUNTS
Flexible Spending Options afforded to OMG through Section 125 of the Internal
Revenue Code:
Pre-Tax Health Insurance Deductions
Healthcare Reimbursement Account (HCRA)
Dependent Care Reimbursement (DCRA)
Rules:
Plan year is from January 1st - December 31st
Use it or Lose it
DCRA & HCRA Maximum = $5,000/year each
PROFIT SHARING & RETIREMENT SAVINGS PLAN*
Profit Sharing
OMG may make contributions on your behalf. These contributions are
discretionary and may vary from year to year.
All to Retirement account OR
50% to Retirement account AND 50% cash option
Associate Contributions
401(k) Pre-tax
Up to 50% of salary
2004 Maximum of $13,000
401(k) After-tax
Up to 10% of salary
Highly compensated Employees are not eligible
Catch-up Contribution
Must be age 50 or older
2004 Maximum of $3,000
*Eligibility begins six months from date of hire.
Revised: June 2004 4
