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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (37448)11/14/2000 6:08:15 PM
From: UnBelievable  Read Replies (1) of 436258
 
First Union To Pay Ex-CEO $1.8M/Yr For Rest Of His Life

11/14/2000
Dow Jones News Services
(Copyright © 2000 Dow Jones & Company, Inc.)

DJ First Union - Ex-CEO -2: Co Cites Outstanding Leadership

WASHINGTON (Dow Jones)--First Union Corp. (FTU) said it will pay outgoing Chief Executive Edward E. Crutchfield $1.8 million a year for the rest of his life.

As reported, Crutchfield resigned in March to begin treatment for a curable form of lymphoma cancer.

In its most recent quarterly report filed Monday with the Securities and Exchange Commission, First Union called the retirement package a "special retirement benefit." The information was detailed in a special retirement agreement filed with the report.

The benefits are in addition to Crutchfield's retirement benefits, the filing said.

First Union, a financial services holding company, said it would make a lump sum payment representing the net present value of the special retirement benefit payments for the rest of the retirement benefit period to a designated beneficiary if Crutchfied dies before the 15th anniversary of the retirement date.

Crutchfield retired Sept. 1. The board wants Crutchfield to remain as nonemployee chairman, the filing said.

First Union said the special benefit was granted because the board recognizes and appreciates Crutchfield's "outstanding leadership and contributions to the corporation."
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