Additional Retirement Benefit. If you are a participant in the Company’s U.S. Retirement Income Plan (the “Retirement Plan”), the Company will pay you on the fifth (5th) business day following the Date of Termination a lump sum retirement benefit, in addition to the benefits to which you are or would be entitled under the Retirement Plan. That benefit will be a lump sum amount that is the actuarial equivalent of your benefits calculated pursuant to the terms of the Retirement Plan with the following adjustments: (a) regardless of your Years of Vesting Service under the Retirement Plan, you will be treated as if you were 100% vested under the Retirement Plan, (b) the number of Years of Benefit Service used will be the actual number of Years of Benefit Service accumulated as of the Date of Termination plus an additional number of Years of Benefit Service (up to a maximum of five (5) additional years) equal to the number of additional Years of Benefit Service that you would have earned if you had remained an employee of the Company until attainment of age sixty-two (62), (c) the Final Average Earnings (for purposes of applying the benefit formula under the Retirement Plan) will be determined using (I) the highest monthly rate of Base Salary in effect during the twelve (12) months immediately preceding the Date of Termination, plus (II) the higher of (A) the highest annual bonus paid to you or paid but deferred on your behalf under the Plan, (B) any earned, but unpaid, bonus accrued for your benefit under the Plan, or (C) your highest target annual bonus under the Plan, whether or not earned, in each case with respect to the three (3) calendar years immediately preceding the Date of Termination and the partial calendar year ending on the Date of Termination, divided by twelve (12) (regardless of the earnings limitations under the Retirement Plan or governmental regulations applicable to those plans), and (d) the monthly retirement benefit so calculated will be reduced by an amount equal to the monthly retirement benefit payable to you under the Retirement Plan. All capitalized terms used in this subparagraph, unless otherwise defined, will have the same meanings as those terms are defined in the Retirement Plan. The actuarial equivalent will be calculated based on the assumptions contained in the Retirement Plan on the Date of Termination; provided that the assumptions on which the actuarial equivalent will be calculated will be no less favorable to you than those assumptions contained in t...
Additional Retirement Benefit. (i) Subject to the terms and conditions set forth herein, the Executive shall be entitled to payment by the Company of an annual supplemental retirement benefit (the "SERP Benefit"), expressed as a life annuity commencing on the Executive's sixty- fifth birthday, equal to (1) the product of (A) 60% times (B) the Executive's Final Average Compensation (as defined below), minus (2) the aggregate annual vested benefit (expressed as a life annuity commencing on the Executive's sixty-fifth birthday) payable to the Executive under the terms of any "defined benefit plan" (as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended) or plans, including excess benefit or supplemental retirement plans or agreements, maintained by the Company or H. As of the Effective Time, the Executive shall be fully vested in the SERP Benefit. The SERP Benefit shall be reduced by 3% for each year (or pro rata for any portion thereof) during which the Executive collects his SERP Benefit prior to January 1, 2003. Following the Executive's death (whether or not the payment of the SERP Benefit has commenced), an annual survivor benefit equal to 50% of the SERP Benefit shall be payable to the Executive's surviving spouse (if any) for her life.
Additional Retirement Benefit. Effective as of the Termination Date, the Executive’s interest in the Savings Plan shall become fully vested and nonforfeitable. In addition, Key shall provide to the Executive, at the time specified in Section 1.3, an additional retirement benefit which shall equal the benefit that the Executive otherwise would have been entitled to receive under the Savings Plan had the Executive remained an active full time employee of Key during the period beginning on the Termination Date and ending on the second anniversary of the Termination Date (the “24-month Continuing Benefit Period”). In calculating the Executive’s additional retirement benefit under the Savings Plan (i) the amount to be provided to the Executive under clause 1.1(b)(i) will be deemed to be the Executive’s base salary paid ratably during the 24-month Continuing Benefit Period, (ii) the amount to be provided to the Executive under clause 1.1(b)(ii) will be deemed to be the Executive’s incentive compensation paid ratably during the 24-month Continuing Benefit Period, and (iii) the rate of employer matching contributions allocated under the Savings Plan shall reflect the rate of employer matching contributions under the Savings Plan immediately prior to the Termination Date. The payment of the Executive’s additional retirement benefit, as if accrued under the Savings Plan, shall be paid to the Executive in a single lump sum cash payment.
Additional Retirement Benefit. In addition to any retirement benefits to which the Executive is entitled under the Retirement Plan in which the Executive participates on the Date of Termination, the Executive shall be paid in one sum in cash within thirty (30) days after the Date of Termination an amount, as an additional retirement benefit, equal to the actuarial equivalent of the additional amount that the Executive would have earned under such Retirement Plan had he accumulated four (4) additional years of continuance service under such Retirement Plan both for purposes of determining eligibility for a benefit and for purposes of calculating the amount of such benefit. For purposes of this paragraph, "actuarial equivalent" shall be determined using the same methods and assumptions utilized under the Retirement Plan, or any successor plan, immediately prior to the Change in Control of the Company.
Additional Retirement Benefit. Employee shall receive an annual additional retirement benefit of Fifty Thousand and 00/100 ($50,000.00) Dollars commencing at Employee’s “retirement,” as defined below and continuing until Employee’s death. For this purpose “retirement” shall have the same definition as under the X-XXX.xxx Corp. Incentive Plan.
Additional Retirement Benefit. In addition to the benefit in 3.b Retirement Salary And Related Remuneration , the qualified retiring employee shall have the option of one of the following:
Additional Retirement Benefit. Key shall pay to Xxxxx, at the time specified in Section 7.1(h), an additional retirement benefit that shall equal the benefits that Xxxxx otherwise would have been entitled to receive under the Retirement Plan, the Supplemental Retirement Plan and the Savings Plan had Xxxxx remained an active full time employee of Key during the period beginning on the Termination Date and ending on the third anniversary of the Termination Date (the “Continuing Benefit Period”). In calculating Xxxxx’x additional retirement benefit under the respective Plans (i) the entire Continuing Benefit Period shall be included for purposes of determining Xxxxx’x years of service for both vesting and benefit accrual purposes, (ii) the amounts to be provided to Xxxxx under clause 7.1(c)(i) will be deemed to be Xxxxx’x Base Salary paid ratably during the Continuing Benefit Period, (iii) the amounts to be provided to Xxxxx under clause 7(c)(ii) will be deemed to be Xxxxx’x incentive compensation paid ratably during the Continuing Benefit Period, and (iv) the rate of employer matching contributions allocated under the Savings Plan shall reflect Xxxxx’x rate of employer matching contributions under such Plans immediately prior to the Termination Date. The payment of Xxxxx’x additional retirement benefit, as if accrued under the Retirement Plan and the Supplemental Retirement Plan, shall be paid to Xxxxx as an annuity payment in a form elected by Xxxxx under the annuity benefit payment options otherwise provided under the Retirement Plan and Supplemental Retirement Plan, and the additional retirement benefit payment as if accrued under the Savings Plan shall be paid to Xxxxx in a single lump sum cash payment. Notwithstanding the foregoing provisions of this Section 7.1(d), however, in the event that Key, during the ordinary course of its business and prior to a Change of Control, amends or modifies the Retirement Plan, Supplemental Retirement Plan, and/or the Savings Plan with such amendment or modification resulting in the termination of Xxxxx’x future accruals or contributions under such Plan(s), then in such event shall the provisions of this Section 7.1(d) be modified to reflect the amendment or modification of such Plan(s).
Additional Retirement Benefit. $358,000.00, which is equal to the actuarial-equivalent, present-value amount of the additional retirement benefit I would have been eligible to receive under the terms of my Separation Pay Arrangement if it had not been terminated.
Additional Retirement Benefit. (a) In addition to the Retirement Benefit described in Section 5.1 hereinabove, effective January 1, 2004, SouthTrust shall establish a bookkeeping account in the name of Banton and shall credit such account with $500,000.00 (the "Additional Retirement Benefit"). Such bookkeeping account shall be credited with interest at a rate equal to the interest rate at which accounts are credited under the SouthTrust Deferred Compensation Plan, as the same may be amended from time to time.
Additional Retirement Benefit. If the Executive Retires on or after the December 31, 2013, the Bank shall pay the Executive an additional retirement benefit as a lump sum, which shall be equal to the present value (determined in accordance with the assumptions set forth in Section IX(L)) of Ten Thousand Dollars ($10,000) paid in equal monthly installments (1/12 of the annual benefit) for a period of one hundred and eighty (180) months, commencing with the first day of the month following the date of the Executive’s Retirement, with 3% cost of living increases annually after the first year. In the event of death, Section V of this Agreement shall control.
