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DEF 14C
APOLLO EDUCATION GROUP INC filed this Form DEF 14C on 12/27/2013
Entire Document
 


PENSION BENEFITS
The following table sets forth for each plan that provides for payments or other benefits in connection with a named executive officer’s retirement, the number of years of service credited to such named executive officer under the plan (if relevant to the benefit formula), the present value of his accumulated benefit under each applicable plan, and the dollar amount of any payments and benefits paid to such named executive officer during the Company’s last completed fiscal year.
Name
 
Plan Name
 
Number of Years
Credited Service (#)
 
Present Value of
Accumulated
Benefit ($)
 
Payments During Last Fiscal Year ($)
Dr. John G. Sperling
 
Deferred Compensation Agreement Dated 12/31/93(1)
 
not applicable
 
4,266,764(2)
 
566,667
(1)
Pursuant to his deferred compensation agreement with the Company dated December 31, 1993, Dr. Sperling began to receive, upon his termination of employment with the Company on December 31, 2012, an annuity for life in the annual amount of $850,000, which represents the amount equal to the highest annual rate of base salary in effect for him in any of the last three calendar years preceding the calendar year in which his employment terminated. This annual annuity for Dr. Sperling’s lifetime is payable in equal monthly installments of $70,833. In addition, under the terms of Dr. Sperling’s deferred compensation agreement, upon Dr. Sperling’s death, his designated beneficiary will be paid $2,550,000, which is an amount equal to three times his annual annuity amount. Such death benefit will be payable in 36 equal monthly installments, with the first such installment due on the first day of the month following the month of Dr. Sperling’s death.
(2)
Based on a lifetime annuity of $850,000 per year, determined as of the close of the 2013 fiscal year. Such value was calculated by taking the present value of Dr. Sperling’s monthly annuity installments for September 2013 through August 2020, using a 10% discount rate.

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