Additional pension benefit payment Sample Clauses

Additional pension benefit payment. The Company’s Amended and Restated Pension Restoration Plan (as amended, the “Restoration Plan”) entitles you, as an early retiree, to a retirement benefit as defined in Section 4.1 of the Restoration Plan (herein, the “Basic Benefit”); and, additionally, permits the Company to pay you an additional benefit (herein, the “Additional Benefit”). By this Agreement, the Company agrees to pay you, in addition to the Basic Benefit and your benefits provided for in the Company’s Pension Plan, an Additional Benefit in the form of a non-qualified pension benefit which waives the age discount for the purpose of calculating your total pension benefit. This Additional Benefit will be paid in the same form (i.e., lump sum) as elected for your Basic Benefit and provides you a total pension benefit as if you had retired at age 65 except you will not receive any additional service credit beyond your actual years worked as a full-time employee of the Company. To comply with Internal Revenue Code Section 409A, the payment of the Basic Benefit and the Additional Benefit will be delayed six (6) months after your retirement date (i.e., they will be made on the first pay date after June 30, 2012). The first payment of your benefits under the Company’s Pension Plan will be made in accordance with the provisions of the Company’s Pension Plan, based upon your election with respect to the receipt of benefits thereunder. All payments will be subject to applicable tax withholding. EQUITY AWARDS: Paragraphs (ii), (iii), (iv), and (v) below provide for the vesting and/or payment of certain awards at certain future times. In each case, the benefit provided by this Agreement is limited to the Company’s waiver of the condition provided in such awards that your employment continue through the vesting or payment date, as applicable. Other conditions to payment or vesting that may be provided in the terms of such awards, such as unfulfilled performance conditions or non-competition conditions, remain unchanged by this Agreement and continue in effect unless otherwise expressly provided in this Agreement. In particular, the change in control provisions of outstanding equity awards and related plans are not affected by this Agreement except as expressly provided below. As a result, you will not satisfy the “double trigger” requirement for acceleration of vesting or payment in many of those awards since your employment will not be terminated as a result of a change in control event. In all cases...
Sample 1
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Additional pension benefit payment. The Company’s Amended and Restated Pension Restoration Plan (as amended, the “Restoration Plan”) entitles you, as an early retiree, to the “Basic Benefit” as defined in the Restoration Plan; and, additionally, permits the Company to pay you an additional benefit (herein, the “Additional Benefit”). By this Agreement, the Company agrees to pay you, in addition to the Basic Benefit and your benefits provided for in the Company’s Pension Plan, an Additional Benefit in the form of a non-qualified pension benefit which adds five (5) years to your age for the purpose of calculating your total pension benefit. This Additional Benefit will be paid in the same form (i.e., lump sum or annuity) as elected for your Basic Benefit and provides you a total pension benefit as if you had retired at age 64 except you will not receive any additional service credit beyond your actual years worked as a full-time employee of the Company. To comply with Internal Revenue Code Section 409A, the first payments of the Basic Benefit and the Additional Benefit will be made in the first payroll period which occurs six (6) months after your retirement date (i.e., on the first pay date after August 31, 2008), along with a lump sum payment equal to the amount of the six (6) delayed Restoration Plan and Additional Benefit payments. The first payment of your benefits under the Company’s Pension Plan will be made in accordance with the provisions of the Company’s Pension Plan, based upon your election with respect to the receipt of benefits thereunder.
Sample 1

Related to Additional pension benefit payment

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Benefit Payments Benefit Payments, as referred to in this Agreement, means the sum of (i) Claims, as described in Xxxxxxxxx 0 xxxxx, (xx) Cash Surrender Values, as described in Paragraph 3 below, and (iii) Annuity Payments, as described in Paragraph 7 below.

  • Deduction Limitation on Benefit Payments If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • Retirement Benefits Upon the occurrence of the Qualifying --------- ------------------- Date (except as otherwise specifically provided herein), the Bank will pay to the Director $671 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • BENEFIT PAYMENT ELECTIONS Not earlier than 90 days, but not later than 30 days, before the Participant's annuity starting date, the Advisory Committee must provide a benefit notice to a Participant who is eligible to make an election under this Section 6.03. The benefit notice must explain the optional forms of benefit in the Plan, including the material features and relative values of those options, and the Participant's right to defer distribution until he attains the later of Normal Retirement Age or age 62. If a Participant or Beneficiary makes an election prescribed by this Section 6.03, the Advisory Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with that election. Any election under this Section 6.03 is subject to the requirements of Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section 6.03 by filing his election with the Advisory Committee at any time before the Trustee otherwise would commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

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