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Except as otherwise noted, the following items apply only to a termination in the context of a
change in control for Messrs. Gliebe, Hinrichs, Schlemmer, Underwood and Colvin. We assume the
termination is without cause or by the executive with good reason. Further, we assume that the change
in control and the executive’s termination of employment both occurred on January 3, 2015, the last
day of our fiscal year.
Supplemental Retirement Plan
In the event of a termination related to a change in control, we will waive the years of service
requirement under the Target Supplemental Retirement Plan. Amounts reported in the table reflect the
present value of the accumulated benefit, using a three and ninety‐four one hundredths percent (3.94%)
discount rate.
Equity Acceleration
The executive will be entitled to the vesting of all of the executive’s then unvested stock
options, SARs, restricted stock and restricted stock units upon a change in control, assuming that the
acquirer does not choose to assume or replace the awards, and all PSUs will be deemed earned
assuming that the performance goals were achieved at the time of the change in control based on the
better of then‐current performance trends or target performance.
Cash Payment Under Retirement Plans
The amounts relating to the cash payments under our retirement plans in the tables above
reflect the cash payment that is equal to the value of additional retirement benefits that each executive
would have received if he remained employed with our company for an additional three years, in the
case of Messrs. Gliebe and Hinrichs, or two years, in the case of Messrs. Schlemmer, Underwood and
Colvin.
Post
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Retirement Health Care Benefits
The executive will be covered under our health and life insurance for, in the case of Messrs.
Gliebe and Hinrichs, three years or, in the case of Messrs. Schlemmer, Underwood and Colvin, two
years, unless the executive obtains equal or greater benefits from another employer. We have assumed
the executive will not obtain benefits from another employer.
Accounting and Legal Services
We are obligated to reimburse the executive for up to $15,000 for accounting and legal services
related to the calculation of the tax gross‐up amount described below under “Section 280G Tax Gross‐up
or Cut Back.” The tables assume the entire amount is reimbursed to the executive.
Outplacement
The executive will be entitled to receive outplacement services up to the amount that is equal to
ten percent (10%) of the executive’s base salary. The tables assume the executive will use the full
amount of this benefit.