Common use of Capital Accumulation Program Clause in Contracts

Capital Accumulation Program. Following the Effective Date, the Company shall take the necessary action to provide the Executive with a supplemental benefit under the Company’s Capital Accumulation Program (the “CAP”) of $500,000, so that his aggregate benefit under the CAP and any supplement thereto shall equal $2 million. The terms of the agreement evidencing the supplemental CAP benefit shall be substantially similar to those of the Executive’s existing CAP agreement (as it may be amended to comply with Section 409A and the Executive shall receive service credit for purposes of the vesting of the supplemental CAP benefit for all service taken into account for the purposes of the vesting of the existing CAP benefit.

Capital Accumulation Program. Following the Effective Date, the Company shall take the necessary action to provide the Executive with a supplemental benefit under the Company’s Capital Accumulation Program (the “CAP”) of $500,000, so that his aggregate benefit under the CAP and any supplement thereto shall equal $2 million. The terms of the agreement evidencing the supplemental CAP benefit shall be substantially similar to those of the Executive’s existing CAP agreement (as it may be amended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)), and the Executive shall receive service credit for purposes of the vesting of the supplemental CAP benefit for all service taken into account for the purposes of the vesting of the existing CAP benefit.