HomeMy Public PortalAbout007-2007 - GM Insurance PlanRICHMOND POWER & LIGHT
RESOLUTION 7 -2007
WHEREAS, Steven Saum is employed by Richmond Power & Light in the capacity of
General Manager, and has been so employed in this position pursuant to
an employment agreement first entered into between Richmond Power &
Light and Steven Saum as of May 21, 2007 (the "Employment
Agreement "); and
WHEREAS, Richmond Power & Light depends upon the knowledge, skills, abilities
and resourcefulness of Steven Saum and acknowledges that his services
are necessary to the continued profitability and growth of the Company,
and that the loss of his services would be a severe setback for the
company, and wishes to encourage Steven Saum to stay in its employ; and
WHEREAS, Richmond Power & Light is therefore establishing an IRC Section 457(f)
deferred compensation arrangement for the benefit of Steven Saum;
NOW, THEREFORE, BE IT RESOLVED that the proposed IRC Section 457(f) deferred
compensation agreement between Richmond Power & Light and Steven Saum, a copy of
which is attached to and made a part of this Resolution, is hereby approved and the
designated member is expressly authorized and directed to execute said agreement on
Richmond Power & Light's behalf. Steven Saum shall only be a general creditor of the
Richmond Power & Light with respect to the promises made by Richmond Power &
Light in said agreement.
BE IT FURTHER RESOLVED that in order to meet its potential financial obligations
under this 457(f) deferred compensation agreement, the designated officer (Steven Saum)
of the Corporation (Richmond Power & Light) is hereby authorized to purchase, own and
be the beneficiary of an appropriate funding vehicle. The executive shall have no
ownership in this specific asset of the Corporation.
APPROVED unanimously by the Board of Directors this _ 17 th day of December,
2007, in a regularly scheduled meeting duly called on this date:
S/S Larry Parker , President
(Larry Parker)
ATTEST: S/S Karen Chasteen City Clerk
(Karen Chasteen)