World Fuel Services 2015 Annual Report Download - page 73

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All of Mr. Kasbar’s outstanding SSAR Awards, restricted stock and RSUs (collectively, “outstanding equity awards”) will
immediately vest in each scenario described in (a) and (b) above following a change of control, except for awards assumed
or substituted by a successor company, in which case, such awards shall continue to vest in accordance with their applicable
terms. In each scenario described in (a), (b) or (c) above where there has not been a change of control, Mr. Kasbar’s
outstanding equity awards will generally vest over a two year period following termination of his employment, with any
remaining unvested awards vesting on the last day of such two year period. For each scenario described above, awards
with multiple annual performance conditions must satisfy certain other requirements in order to have their vesting terms
accelerated.
We have also entered into employment agreements or separation agreements with certain of our other executive officers
and key employees. These agreements provide for minimum salary levels, and, in most cases, bonuses which are payable
if specified performance goals are attained. Some executive officers and key employees are also entitled to severance
benefits upon termination or non-renewal of their contracts under certain circumstances.
As of December 31, 2015, the approximate future minimum commitments under these agreements, excluding discretionary
and performance bonuses, are as follows (in millions):
Year Ended December 31,
2016 $ 6.0
2017 1.2
$ 7.2
Termination of Employment Agreement
On March 13, 2015, we agreed with Mr. Michael S. Clementi that he would retire from his position as Aviation Segment
President, effective March 16, 2015. In connection with the termination of his employment agreement, we recorded a
charge totaling $3.8 million in March 2015, which included non-cash expenses of $0.8 million related to previously awarded
stock compensation. As of December 31, 2015, $0.8 million of the cash portion of the termination of the employment
agreement charge was included in accrued expenses and other current liabilities and $1.9 million was included in other
long-term liabilities in the accompanying consolidated balance sheets.
Deferred Compensation Plans and Pension
We maintain a 401(k) defined contribution plan which covers all U.S. employees who meet minimum requirements and elect
to participate. We are currently making a match contribution of 50% for each 1% of the participants' contributions up to 6%
of the participants' contributions. Annual contributions by us are made at our sole discretion, as approved by the
Compensation Committee. Additionally, certain of our foreign subsidiaries have defined contribution plans, which allow for
voluntary contributions by the employees. In some cases, we make employer contributions on behalf of the employees.
The expenses for our contributions under these plans were not significant during each of the years presented on the
consolidated statements of income and comprehensive income.