Stock Ownership and 401(k) Savings Plans” below. At no time will the benefit of any participant under the Retirement Plan be less than such participant’s benefits, if any, under the Retirement Plan before establishment of the ESOP. The formula amount calculated under the Retirement Plan is based on the sum of 1.25% of the employee’s average base salary up to the employee’s Social Security covered compensation plus 1.70% of the employee’s average base salary over covered compensation, times the number of years of credited service up to but not exceeding 35 years. An employee’s average base salary is his average base salary for the five consecutive highest paid of his last ten years of employment.


Pursuant to provisions of the Internal Revenue Code of 1986, as amended, in general, annual compensation


that may be taken into account in computing a participant’s benefit under the Retirement Plan is limited (to $250,000 for the plan year beginning on July 1, 2011) and annual annuity benefits may not exceed a specified dollar limit (currently $200,000). The Company has established a Supplemental Executive Retirement Plan (“SERP”) to provide on an unfunded basis out of the general assets of the Company benefits earned under the Retirement Plan formula that are in excess of Internal Revenue Code limits. At June 30, 2012, the retirement benefits are outlined in the Pension Benefits table below.


PENSION BENEFITS Name Douglas A. Starrett Francis J. O’Brien AnthonyM. Aspin Stephen F. Walsh Plan Name


Retirement Plan SERP


Retirement Plan SERP


Retirement Plan SERP


Retirement Plan SERP


Number of Years Credited Service (#)


34.5 34.5


1.5 -


20.5 20.5


9.5 9.5


Summary of Director Compensation Our non-management directors in fiscal 2012 received:


 An annual cash retainer of $16,000, paid in four, equal installments following each quarter of service;  $1,000 for each board or committee meeting they attend (whether by telephone or in person); and  Reimbursement for Company-related out-of-pocket expenses, including travel expenses.


Present Value of


Accumulated Benefit ($)


1,216,740 513,034


53,912 -


436,149 -


387,901 1,941


Payments During Last Fiscal Year ($)


- 0 - - 0 -


- 0 - - 0 -


- 0 - - 0 -


- 0 - - 0 -


17 A14


Proxy


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