RICHARD M. JAFFEE - Corporate Board Profile

Oil-Dri Corp of America

Filing Date	Source Excerpt
2001-10-31	Mr. Richard M. Jaffee relinquished an immediate lump sum payment of $300,000 due to him from the Company at his retirement as a full-time employee of the Company on January 31, 2001 and agreed to serve as a consultant to the Company for a period of five years at an annual fee of $185,000. During the fiscal year ended July 31, 2001, Mr. Jaffee was paid $92,500 for his services as a consultant under this agreement.
2002-10-31	Richard M. Jaffee Age 66 Director since 1958 CHAIRMAN OF THE BOARD OF THE COMPANY Mr. Jaffee received a degree from the University of Wisconsin School of Business in 1957 and earned his CPA certificate in that same year. He worked briefly for the public accounting firm of Touche Niven et. al. After service as an officer in the U.S. Army, he joined the Company in 1958, becoming its president in 1960, a position he held until 1995. He served as Chief Executive Officer of the Company from 1962 until 1997. Mr. Jaffee retired as an employee of the Company in 2001. He has served as Chairman of the Board of the Company since 1962. Mr. Jaffee is a director of Harris Bancorp, Inc. and Bankmont Financial, subsidiaries of the Bank of Montreal, and of Gold Eagle Corporation. He is a trustee and a member of the executive committee of Rush-Presbyterian-St. Luke's Medical Center and the Illinois Institute of Technology. In addition he is a trustee of the Chicago Museum of Science and Industry and the Chicago Historical Society. Mr. Jaffee received an honorary Doctor of Human Letters degree from the Illinois Institute of Technology in 2001. Mr. Richard M. Jaffee relinquished an immediate lump sum payment of $300,000 due to him from the Company at his retirement as a full-time employee of the Company on January 31, 2001 and agreed to serve as a consultant to the Company for a period of five years at an annual fee of $185,000. In addition, Mr. Jaffee earns during the consulting period an annuity payable to him as a benefit of $3,810 monthly at the end of the consulting period, with payment at his death of the remaining value of this annuity to his wife, or if she should predecease him, to his designee or estate. The estimated economic benefit for fiscal year 2002 of the agreement between the Company and Mr. Jaffee to pay Mr. Jaffee a monthly annuity of $3,810 which will commence February 1, 2006, was $68,600. The Company provides split dollar joint survivorship life insurance policies in the aggregate amount of $10,000,000 on the lives of Richard M. Jaffee and his wife, with payment to be made on the death of the last to survive. The premiums paid by the Company on the policies are charged to an open account established by the Company. No interest accrues on the balance of the open account. On the death of the last surviving insured, the estate of the deceased is obligated to pay the balance of the deceased's open account in full. During the fiscal year ended July 31, 2002 and before July 30, 2002 the company paid $218,253 as a premium on these policies. The value of the premiums paid by the Company is estimated as if such premiums were advanced to Mr. Jaffee with interest for the actuarially determined period between the Company's payment of the premium and its refund to the Company; such value for the fiscal year ended July 31, 2002, was $116,386. It is presently anticipated that the Company will not pay any further premiums. During the fiscal year ending July 31, 2002, Mr. Jaffee paid a premium of $41,542 directly to the insurance company and was reimbursed this amount by the Company during the fiscal year. This premium represents the economic benefit to Mr. Jaffee of the term life component of these policies.
2003-10-31	Mr. Richard M. Jaffee, a retired officer of the Company, did not receive an annual retainer or any meeting fees. Mr. Richard M. Jaffee relinquished an immediate lump sum payment of $300,000 due to him from the Company at his retirement as a full-time employee of the Company on January 31, 2001 and agreed to serve as a consultant to the Company for a period of five years at an annual fee of $185,000. In addition, Mr. Jaffee earns during the consulting period an annuity payable to him as a benefit of $3,810 monthly at the end of the consulting period, with payment at his death of the remaining value of this annuity to his wife, or if she should predecease him, to his designee or estate. The economic benefit to Mr. Jaffee of this agreement to pay an annuity was estimated to be $79,380 for the fiscal year ended July 31, 2003. Mr. Jaffee received a payment of $1,292 to cover the taxes on the economic benefit of the term life component of the policy that Mr. Jaffee recognized as income.
2004-11-01	Richard M. Jaffee Age 68 Director since 1958 Chairman of the Board of the Company ... Mr. Jaffee retired as an employee of the Company in 2001. He has served as Chairman of the Board of the Company since 1962. ... Richard M. Jaffee, a retired officer of the Company, did not receive an annual retainer or any meeting fees. ... Richard M. Jaffee relinquished an immediate lump sum payment of $300,000 due to him from the Company at his retirement as a full-time employee of the Company on January 31, 2001 and agreed to serve as a consultant to the Company for a period of five years at an annual fee of $185,000.
2005-10-31	Richard M. Jaffee is Chairman of the Board of the Company. He retired as an employee in 2001 and serves as a consultant with an annual fee of $185,000 plus an estimated annuity benefit of $118,796 for fiscal year 2005. He did not receive an annual retainer or meeting fees as a director.
2006-11-03	Richard M. Jaffee Age 70 Director since 1958 Chairman of the Board of the Company...Richard M. Jaffee, a retired officer of the Company, does not receive an annual retainer or any meeting fees...Richard M. Jaffee relinquished an immediate lump sum payment of $300,000 due to him from the Company at his retirement as a full-time employee of the Company on January 31, 2001 and agreed to serve as a consultant to the Company at an annual fee of $185,000...Mr. Jaffee earned during the initial five years of the consulting period an annuity payable to him as a benefit of $3,810 monthly...The economic benefit to Mr. Jaffee of this agreement to pay an annuity was estimated to be $84,905 for the fiscal year ended July 31, 2006...Richard M. Jaffee and his spouse are covered under the Companys medical plan at no cost to them, each for their lifetime...Richard M. Jaffee deferred the full amount of his consulting fees ($185,000) and the monthly annuity under his consulting agreement ($22,860) into the plan during the fiscal year ended July 31, 2006...During the fiscal year ended July 31, 2006, Mr. Jaffee earned $17,977 in excess of 120% of the applicable federal rate on his balances in the plan and a prior deferred compensation plan sponsored by the Company.
2007-10-31	Richard M. Jaffee Age 71 Director since 1958 Chairman of the Board of the Company... Mr. Jaffee does not receive a retainer or any meeting fees as a director. Richard M. Jaffee, Chairman of our Board of Directors, received $185,000 pursuant to a consulting agreement with Oil-Dri... Total compensation $200,818.
2008-10-31	Richard M. Jaffee Age 72 Director since 1958 Chairman of the Board of the Company... Mr. Jaffee does not receive a retainer or any meeting fees as a director. Mr. Jaffee also receives a pension benefit under our pension plan earned during his years of service as an employee... Compensation of Directors table shows total compensation $209,967.
2009-10-30	Richard M. Jaffee Age 73 Director since 1958 Chairman of the Board of the Company ...Mr. Jaffee receives an annual consulting fee of $185,000; he does not receive a retainer or any meeting fees as director...He also receives an annuity of $45,725 annually...Total $230,235.
2010-11-05	Mr. Jaffee retired as an employee of the Company in 2001. He has served as Chairman of the Board of the Company since 1962. We have a consulting agreement with Richard M. Jaffee, Chairman of our Board of Directors, that was originally entered into in October 1989 and has since been amended four times. The agreement expires on January 31, 2011, but will automatically renew for additional one-year periods unless either party gives the other at least 90 days’ prior written notice of termination. Under the terms of the agreement, Mr. Jaffee performs all assignments given him from time to time by our Board of Directors or our President and CEO. Prior to August 1, 2010, he was receiving an annual consulting fee of $185,000; as of August 1, 2010, that fee was increased to $240,000. He does not receive a retainer or any meeting fees as director. We also provide him with an office and administrative support. In addition, we provide lifetime coverage to Mr. Jaffee and his spouse under our medical plan at no cost to them. He also receives a pension benefit under our pension plan earned during his years of service as an employee. The following table sets forth information about compensation paid to our directors for their service in fiscal 2010. Richard M. Jaffee: $229,909 total compensation.
2011-11-07	Richard M. Jaffee Age 75 Director since 1958 Chairman of the Board of the Company ...Mr. Jaffee has served as Chairman of the Board of the Company since 1962. ...The following table sets forth information about compensation paid to our directors for their service in fiscal 2011. ...Richard M. Jaffee ...Annual consulting fee of $240,000; does not receive a retainer or any meeting fees as director. ...Total compensation $281,691.
2012-11-07	Mr. Jaffee has served as Chairman of the Board of the Company since 1962. ... He receives an annual consulting fee of $240,000; he does not receive a retainer or any meeting fees as director. ... The following table sets forth information about compensation paid to our directors for their service in fiscal 2012. ... Richard M. Jaffee $308,530
2013-11-06	Richard M. Jaffee Age 77 Director since 1958 Chairman of the Board of the Company ...Mr. Jaffee has served as Chairman of the Board of the Company since 1962. ...Mr. Jaffee receives an annual consulting fee of $240,000; he does not receive a retainer or any meeting fees as director. ...Mr. Jaffee also receives a pension benefit under our pension plan earned during his years of service as an employee. ...The following table sets forth information about compensation paid to our directors for their service in fiscal 2013. ...Richard M. Jaffee ...$ 83,690 ...$ 240,000 ...$ 323,690
2014-11-05	Richard M. Jaffee Age 78 Director since 1958 Chairman of the Board of the Company ...Mr. Jaffee has served as Chairman of the Board of the Company since 1962. ...We have a consulting agreement with Richard M. Jaffee, Chairman of our Board of Directors...He receives an annual consulting fee of $240,000; he does not receive a retainer or any meeting fees as director...We also pay Mr. Jaffee an annuity of $45,725 annually...The following table sets forth information about compensation paid to our directors for their service in fiscal 2014. Director Compensation Table Name Fees Earned or Paid in Cash ($) Stock Awards ($) Option Awards ($) (1) Non-EquityIncentiveCompensation($) Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) (2) All OtherCompensation($) Total ($) Richard M. Jaffee — — — — $49,187 $240,000 $289,187
2015-10-28	Richard M. Jaffee Age 79 Director since 1958 Chairman of the Board of the Company ...Mr. Jaffee has served as Chairman of the Board of the Company since 1962...We have a consulting agreement with Richard M. Jaffee, Chairman of our Board of Directors...Under the terms of the agreement, Mr. Jaffee performs all assignments given him from time to time by our Board of Directors or our CEO. He receives an annual consulting fee of $240,000...Mr. Jaffee also receives a pension benefit under our pension plan earned during his years of service as an employee...The following table sets forth information about compensation paid to our directors for their service in fiscal 2015...Richard M. Jaffee...Total: $314,014.
2016-11-01	Richard M. Jaffee Age 80 Director since 1958 Chairman of the Board of the Company Mr. Jaffee received a degree from the University of Wisconsin School of Business in 1957. He received an honorary Doctor of Humane Letters degree from the Illinois Institute of Technology in 2001 and an honorary Doctor of Humane Letters degree from Rush University in 2013. He earned his CPA certificate from the State of Illinois in 1957 and worked briefly for the public accounting firm of Touche Niven, et al. After service as an officer in the United States Army, he joined the Company in 1958, becoming its president in 1960, a position he held until 1995. He served as Chief Executive Officer of the Company from 1962 until 1997. Mr. Jaffee retired as an employee of the Company in 2001. He has served as Chairman of the Board of the Company since 1962. Director Compensation We have a consulting agreement with Richard M. Jaffee, Chairman of our Board of Directors, that was originally entered into in October 1989 and has since been amended four times. The initial term of the agreement (as amended) expired on January 31, 2011; however, pursuant to the terms thereof, it automatically renews for successive one-year periods thereafter unless either party gives the other at least 90 days’ prior written notice of termination. No termination notice has been given by either party and thus the current renewal term of the agreement expires on January 31, 2017. Under the terms of the agreement, Mr. Jaffee performs all assignments given him from time to time by our Board of Directors or our CEO. He receives an annual consulting fee of $240,000; he does not receive a retainer or any meeting fees as director. We also provide him with an office and administrative support. In addition, pursuant to the terms of the agreement, we provided lifetime coverage to Mr. Jaffee and his late spouse under our medical plan at no cost to them during fiscal 2016. This coverage is secondary to the coverage provided by Medicare. Because we have a self-insured medical plan, our cost for this coverage is the amount of any actual medical claims we pay. We also pay Mr. Jaffee an annuity of $45,725 annually that he earned during an earlier five years (2001 to 2006) of his consulting agreement. All directors are eligible to defer cash compensation that they receive from the Company into our executive deferred compensation plan. Mr. Jaffee chose to defer the full amount of his consulting fees and his annuity into our executive deferred compensation plan in fiscal 2016. Mr. Jaffee also receives a pension benefit under our pension plan earned during his years of service as an employee. The following table sets forth information about compensation paid to our directors for their service in fiscal 2016. Director Compensation Table Name Fees Earned or Paid in Cash($) Stock Awards($)(1) Option Awards($)(2) Non-EquityIncentiveCompensation($) Change in Pension Value and Nonqualified Deferred Compensation Earnings($)(3) All OtherCompensation($) Total($) Richard M. Jaffee $ 240,000 — $ 45,725 — $ 41,593 $ 327,318 (3) The amount shown consists of earnings in excess of 120% of the applicable federal rate on the aggregate balances in our executive deferred compensation plan in which Richard M. Jaffee, Chairman of our Board of Directors, participates.
2017-10-30	Richard M. Jaffee Age 81 Director since 1958 Chairman of the Board of the Company ...Mr. Jaffee has served as Chairman of the Board of the Company since 1962... ...The following table sets forth information about compensation paid to our directors for their service in fiscal 2017. ...Richard M. Jaffee receives an annual consulting fee of $240,000; he does not receive a retainer or any meeting fees as director. ...Mr. Jaffee also receives a pension benefit under our pension plan earned during his years of service as an employee. ...Director Compensation Table shows total $338,805.