World Fuel Services 2002 Annual Report Download - page 69

As of December 31, 2002, the future minimum commitments under employment agreements, excluding discretionary
and performance bonuses, are as follows (in thousands):
For the Year Ending December 31,
2003 8
,
717$
2004 7
,
296
2005 5
,
722
2006 4
,
032
2007 1,689
27,456$
We recorded expenses under the terms of the above described agreements, including discretionary and performance
bonuses, and executive severance charges of approximately $19.0 million and $12.5 million for the nine months ended
December 31, 2002 and 2001, respectively, and approximately $15.1 million, $18.6 million, and $11.7 million for the years
ended March 31, 2002, 2001 and 2000, respectively.
Deferred Compensation Plans
Our Deferred Compensation Plan (“Deferred Plan”) relates to the marine segment and it is administered by a Deferred
Plan Committee appointed by the Board of Directors of Trans-Tec Services, Inc. The Deferred Plan was suspended effective
August 1, 1997 by the Deferred Plan Committee. The Deferred Plan is unfunded and is not a qualified plan under the
Internal Revenue Code. The Deferred Plan allowed for distributions of vested amounts over a five-year period, subject to
certain requirements, during and after employment with us. Participants became fully vested over a five-year period. Fully
vested participants must wait two years from the year of contribution to be eligible for the distribution of deferred account
balances. Our liability under the Deferred Plan was $267 thousand at December 31, 2002, $469 thousand at March 31, 2002
and $714 thousand at March 31, 2001, and was included in Long-term liabilities in the accompanying Consolidated Balance
Sheets. As of March 31, 2001, all participants in the Deferred Plan are vested.
We maintain a 401(k) defined contribution plan which covers all U.S. employees who meet minimum requirements and
elect to participate. Participants may contribute up to 15% of their compensation, subject to certain limitations. During the
nine months ended December 31, 2002, and the years ended March 31, 2002, 2001, and 2000, we made matching
contributions of 25% of the participants’ contributions up to 1% of the participant’s compensation. Annual contributions by
us are made at our sole discretion, as approved by the Compensation Committee. We recorded expenses for our contribution
of approximately $71 thousand and $49 thousand for the nine months ended December 31, 2002 and 2001, respectively, and
$76 thousand, $60 thousand and $50 thousand for the years ended March 31, 2002, 2001, and 2000, respectively.
Certain of our non-U.S. subsidiaries have defined contribution benefit plans, which allow for voluntary contributions by
the employees. The non-U.S. subsidiaries paid all general and administrative expenses of the plans and in some cases made
employer contributions on behalf of the employees. We recorded expenses for our contribution of approximately $104
thousand and $75 thousand for the nine months ended December 31, 2002 and 2001, respectively, and $105 thousand, $77
thousand and $67 thousand for the years ended March 31, 2002, 2001, and 2000, respectively.
Severance Benefits Payable
In accordance with local laws which apply to certain non-U.S. subsidiaries, we have accrued employee severance
benefits payable of approximately $104 thousand at December 31, 2002, $634 thousand at March 31, 2002, and $496
thousand at March 31, 2001.
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