Dollar General 2006 Annual Report Download - page 140
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is entitled to the full 25% SERP benefit and his SERP benefit is payable on an
unreduced basis.
√ In determining his base salary and bonus for the additional credited years of
service for purposes of calculating his final average compensation for his
SERP, we use his base salary on the termination date and the greater of his
actual annual incentive bonus earned in the last fiscal year prior to the
termination date or his target annual incentive bonus for the fiscal year in
which the termination date occurs.
√ Mr. Perdue’ s SERP benefit is payable commencing upon his SERP normal
retirement date.
• In the event of death, the NEO’ s beneficiary will receive payments under our group
life insurance program in an amount, up to a maximum of $3 million, equal to 2.5
times the NEO’ s annual base salary. We have excluded from the tables below
amounts that the NEO would receive under our disability insurance program since the
same benefit level is provided to all of our salaried employees.
• In the event of the NEO’ s disability, the CDP/SERP Plan benefit becomes fully
vested and is payable in a lump sum within 60 days after the end of the calendar
quarter in which we receive notification of the determination of the NEO’ s disability
by the Social Security Administration.
• In the event of the NEO’ s death, the NEO’ s CDP/SERP Plan benefit becomes fully
vested and is payable in a lump sum within 60 days after the end of the calendar
quarter in which the NEO’ s death occurs.
• In the event of Mr. Perdue’ s death while an employee and after becoming eligible for
early or normal retirement under the SERP, his SERP benefit will commence to be
paid as of the first of the calendar month following his death determined as though he
had retired on the date of death.
For purposes of the NEOs’ employment agreements and Mr. Perdue’ s SERP, “disability”
means the employee must be disabled for purposes of our long-term disability insurance plan or,
if no plan is in effect or if that plan is not applicable, the employee’ s inability to perform the
functions of his or her regular duties and responsibilities. For purposes of the CDP/SERP Plan,
disability means total and permanent disability for purposes of entitlement to Social Security
disability benefits.
Payments Upon Voluntary Termination
The payments to be made to an NEO upon voluntary termination vary depending upon
whether the NEO resigns with or without “good reason” or after our failure to offer to renew,
extend or replace the NEO’ s employment agreement under certain circumstances. For purposes
of each NEO, “good reason” means (as more fully described in the applicable employment
agreement):
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