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Document Preview Summary of Termination Benefits Provided Under the Employment Agreement |
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Title: |
Summary of Termination Benefits Provided Under the Employment Agreement |
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Entities: |
Erie Family Life Insurance Co.; Erie Indemnity Company; Stephen A. Milne |
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Date: |
2002 |
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Size: |
3KB total |
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Price: |
$38 |
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ID: |
#292236 |
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EXHIBIT 10.26 - SUMMARY OF TERMINATION BENEFITS UNDER EMPLOYMENT AGREEMENT
Summary of termination benefits provided under the Employment Agreement between
the Erie Indemnity Company and Stephen A. Milne dated December 16, 1997, as
amended, (The Employment Agreement) and summary of a separate performance
recognition award (The Performance Award) granted Stephen A. Milne by the
Board of Directors of the Erie Indemnity Company upon voluntary termination
from active employment on January 18, 2002.
Termination benefits that were provided Mr. Milne under The Employment Agreement
are described under a provision in Section 8 of The Employment Agreement (which
was filed with the Commission as an exhibit to the 1997 Form 10K of the
Company), describing when termination from employment is "By the Executive
Without Good Reason".
Benefits that were provided under The Performance Award upon voluntary
termination from active employment by Mr. Milne on January 18, 2002 were as
follows:
1. A cash payment of five times the 2002 base annual salary of Mr. Milne
plus five times Mr. Milne's 2001 award under the Erie Indemnity Company's
annual incentive plan for Executives.
2. Continuation of the Company's health, dental and vision insurance
coverage for Mr. Milne and his spouse until age 65 and continuation of
Company life insurance programs regarding the life of Mr. Milne for his
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