Nonqualified Retirement Benefit. The Corporation shall commence to pay either (1) to the Executive, within thirty (30) days after the later of Executive’s attainment of age 62 or termination of employment, or (2) if Executive’s termination of employment is due to Executive’s death, to the Executive’s spouse, within thirty (30) days after the later of Executive’s death or such time as Executive would have attained age 62, an annuity that is actuarially equivalent to the Projected Value (as defined below) as of the date the annuity commences (the “Annuity”). The form of Annuity shall be of a type that is reasonably commercially available and selected by the Executive or his spouse (as the case may be) on or prior to December 31, 2008 (or such earlier date as may be required in order to comply with Section 409A of the Code), and actuarial equivalence shall be determined using the interest rate and mortality assumptions in effect for the Kroger Consolidated Retirement Benefit Plan (or any successor plan thereto) (the “Kroger Plan”) for calculating lump sum distributions on the date of commencement of payment of the Annuity. If the Kroger Plan does not contain such assumptions on such date, then the Annuity shall be determined using the interest rate and mortality assumptions described in Section 417(e)(3) of the Internal Revenue Code of 1986, as amended (or any successor provision thereto) as in effect at such time using the same “lookback period” in the then latest version of the Kroger Plan. For this purpose, the Executive’s spouse (if any) shall be his spouse as of the date of this Agreement. Notwithstanding any provision to the contrary, if Executive is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the Annuity to which Executive is entitled hereunder is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the Annuity shall not be provided to Executive prior to the Delayed Payment Date.
Nonqualified Retirement Benefit. The Company will pay me $3.9 million on April 1, 2007. This is $2 million more than the present value of the nonqualified retirement benefit the Company contends I am entitled to receive in a lump sum, but less than the benefit I claim I am entitled to receive.
Nonqualified Retirement Benefit. You are expected to be offered participation in the Cash Balance Equalization Plan of Entergy Corporation and Subsidiaries (“CBEP”), subject to its terms and conditions as in effect and as may be amended from time to time. The CBEP is a non-qualified pension restoration plan that mirrors several key provisions of the Entergy Corporation Cash Balance Plan for Non-bargaining Employees, without regard to certain IRS compensation and benefits limits placed upon tax- qualified plans. To the extent your benefit payment under the Entergy Corporation Cash Balance Plan for Non-bargaining Employees is affected by these limits, the CBEP restores that otherwise lost benefit.
Nonqualified Retirement Benefit. It is anticipated by the Company and Executive that the Company will be providing BOLI benefits to its senior executive staff and that Executive shall be provided with these BOLI benefits. However, in the event that the Company does not provide BOLI benefits or these benefits do not equal at least $60,000 in annual benefits for a minimum of 10 years, the Company agrees that, provided Executive is employed by the Company for at least 10 years, then he, or his designated beneficiary (if he dies before receiving the full benefit) will be guaranteed an annual retirement benefit of at least $60,000 for a period of 10 years commencing upon his reaching age 65. The Company and Executive agree that the $60,000 annual "pension" is a conservative estimate of the pension benefit that Executive was forgoing by terminating his employment with his prior employer.
