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ESCC is on the hook for $750K annually

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Knowledge is King Member Level  Thursday, 03/17/16 02:27:21 PM
Re: jtomm post# 29
Post # of 49 
ESCC is on the hook for $750K annually for twelve years, to satisfy the PBGC agreement...


On April 21, 2015, Evans & Sutherland Computer Corporation (the "Company") and its wholly owned subsidiary Spitz, Inc. ("Spitz" and together with the Company, the "Obligors") entered into a settlement agreement (the "Settlement Agreement") with the Pension Benefit Guaranty Corporation (the "PBGC") to settle previously disclosed liabilities (the "ERISA Liabilities") of the Obligors under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and all other liabilities of the Obligors relating to the Evans & Sutherland Computer Corporation Pension Plan (the "Plan") (except for those resulting from any violation of Part 4 of Subtitle B of Title 1 of ERISA) (the "Settled ERISA Liabilities").

Pursuant to the Settlement Agreement, the Obligors agreed to (a) pay to the PBGC a total of $10.5 million, with $1.5 million due within ten days following the effective date of the Settlement Agreement and the remainder paid in twelve annual installments of $750 thousand beginning on October 31, 2015 (the "Installments") and (b) issue within ten days following the effective date of the Settlement Agreement 88,117 shares of the Company's treasury stock in the name of the PBGC.

In connection with the Settlement Agreement, on April 21, 2015, the Company, as the administrator of the Plan, and the PBGC entered into an Agreement For Appointment of Trustee and Termination of Plan (the "Termination Agreement") (a) terminating the Plan, (b) establishing March 8, 2013 as the Plan's termination date and (c) appointing the PBGC as statutory trustee of the Plan

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