Payment of Retirement Benefit. Upon termination of the Executive's employment for any reason under this Section 5 and based solely upon the Executive's written election, the Company shall either pay the Executive the earned retirement benefits and tax gross up thereon in cash or purchase for his benefit an annuity that guarantees the payment of the earned retirement benefits for the life of Executive and the life of his beneficiary at a 20% reduction should he predecease such beneficiary. If the annuity purchase is elected, the annuity must be issued by a Company with at least an A+ rating from Best's or a AA rating from Standard & Poor's. For the purposes of the purchase of such an annuity, the Executive may elect the commencement date of the annuity payment. Such annuity must be purchased within 90 days of termination except in the case of a Change in Control as defined below in which case the annuity must be purchased by the successor company at or prior to Closing unless an alternate date of purchase is mutually agreed to in writing by the Company, the Executive and the successor company. The parties recognize that the amount the Company or successor company pays the Executive in cash or for the annuity purchase will be taxable income to the Executive and the Company or successor company agrees to reimburse the Executive for all taxes, including taxes on the tax gross up, related to the annuity purchase or cash payment. In the case of a Change in Control, for the purposes of calculating any reduction in payments for early retirement in the value of the retirement benefit, the Executive shall be deemed to be the greater of (1) age 55 or (2) Executive's actual age, plus 2 years. If the Executive selects the annuity purchase option, retirement payments will commence when Executive attains the age of 55. If the cash option is selected, the sum payable will discounted back to a present value in accordance with Section 5(d)(ii) to reflect the number of years between Executive's current age and age 55.
Payment of Retirement Benefit. 4 3.4 Effect of Employee's Death...................................4
Payment of Retirement Benefit. Payment of the Retirement Benefit will commence on the later of January 1, 2020, or the first day of the calendar year following Employee's Retirement from Employer. The Retirement Benefit will be payable in annual or other mutually agreed upon convenient installments.
Payment of Retirement Benefit. Except as otherwise provided for Married Members pursuant to Section 8.02, or unless an optional mode of Retirement Benefit as provided for in Section 8.04 is duly elected by a Member, the Retirement Benefit, Disability Retirement Benefit, or Deferred Vested Severance Benefit provided pursuant to the applicable Section(s) of Article V, or Section 6.01, shall be payable as provided in the following paragraph of this Section. Each member shall receive the Retirement Benefit calculated in accordance with the applicable Section(s) of Article V, or Section 6.02 providing a monthly Retirement Benefit commencing upon his Retirement Date and terminating with the last monthly payment due prior to his death except that in the event that the Member’s total Retirement Benefit payments under this Plan do not equal his total Member Contributions, his annuitant or named beneficiary shall receive the difference, in cash, between the total Member’s Contributions and total Retirement Benefit payments at the Member’s date of death.
Payment of Retirement Benefit. Vishay shall pay a pension (the “Retirement Benefit”) to Dx. Xxxxx Xxxxxxx (the “Executive”), as set forth herein, consisting of monthly annuity payments equal to one-twelfth of the lesser of (i) 50% of Executive’s average base salary and the average annual bonus to which Executive was entitled (without regard to whether Executive waived payment of all or part of such bonus) for the five calendar years preceding the Executive’s termination of employment and (ii) $1,000,000. The terms and provisions of the Retirement Benefit, as set forth herein, shall be referred to as the “Dx. Xxxxxxx Supplemental Executive Retirement Plan” or the “Plan.”
Payment of Retirement Benefit. On the first day of the month following the month in which the Termination Date occurs, Executive shall receive payment of his Account Balance in a lump sum payment; provided that if the Termination Date occurs prior to January 1, 2003, the payment of Executive's Account Balance shall be made on the first business day of January, 2003.
Payment of Retirement Benefit. The Retirement Benefit will be paid as follows. All payments are subject to applicable withholding, including deductions as set forth in Section 1(iii) of the Retirement Agreement: Year from Termination Date Amount 1 January 15, 2010 $118,992.35 (includes first 6 months payment plus 7% interest plus payment for month 7) 1 January 30, 2010 $16,667.67 1 February 28, 2010 $16,667.67 1 March 30, 2010 $16,667.67 1 April 30, 2010 $16,667.67 1 May 30, 2010 $16,667.67 2 June 30, 2010 $16,667.67 2 July 30, 2010 $16,667.67 2 August 30, 2010 $16,667.67 2 September 30, 2010 $16,667.67 2 October 30, 2010 $16,667.67 2 November 30, 2010 $16,667.67 2 December 30, 2010 $16,667.67 2 January 30, 2011 $16,667.67 2 February 28, 2011 $16,667.67 2 March 30, 2011 $16,667.67 2 April 30, 2011 $16,667.67 2 May 30, 2011 $16,667.67 3 June 30, 2011 $16,667.67 3 July 30, 2011 $16,667.67 3 August 30, 2011 $16,667.67 3 September 30, 2011 $16,667.67 3 October 30, 2011 $16,667.67 3 November 30, 2011 $16,667.67 3 December 30, 2011 $16,667.67 3 January 30, 2012 $16,667.67 3 February 28, 2012 $16,667.67 3 March 30, 2012 $16,667.67 3 April 30, 2012 $16,667.67 3 May 30, 2012 $16,667.67 4 June 30, 2012 $16,667.67 4 July 30, 2012 $16,667.67 4 August 30, 2012 $16,667.67 4 September 30, 2012 $16,667.67 4 October 30, 2012 $16,667.67 4 November 30, 2012 $16,667.67 4 December 30, 2012 $16,667.67 4 January 30, 2013 $16,667.67 4 February 28, 2013 $16,667.67 4 March 30, 2013 $16,667.67 4 April 30, 2013 $16,667.67 4 May 30, 2013 $16,667.6 5 June 30, 2013 $8,333.33 5 July 30, 2013 $8,333.33 5 August 30, 2013 $8,333.33 5 September 30, 2013 $8,333.33 5 October 30, 2013 $8,333.33 5 November 30, 2013 $8,333.33 5 December 30, 2013 $8,333.33 5 January 30, 2014 $8,333.33 5 February 28, 2014 $8,333.33 5 March 30, 2014 $8,333.33 5 April 30, 2014 $8,333.33 5 May 30, 2014 $8,333.33 6 June 30, 2014 $8,333.33 6 July 30, 2014 $8,333.33 6 August 30, 2014 $8,333.33 6 September 30, 2014 $8,333.33 6 October 30, 2014 $8,333.33 6 November 30, 2014 $8,333.33 6 December 30, 2014 $8,333.33 6 January 30, 2015 $8,333.33 6 February 28, 2015 $8,333.33 6 March 30, 2015 $8,333.33 6 April 30, 2015 $8,333.33 6 May 30, 2015 $8,333.33 7 June 30, 2015 $8,333.33 7 July 30, 2015 $8,333.33 7 August 30, 2015 $8,333.33 7 September 30, 2015 $8,333.33 7 October 30, 2015 $8,333.33 7 November 30, 2015 $8,333.33 7 December 30, 2015 $8,333.33 7 January 30, 2016 $8,333.33 7 February 28, 2016 $8,333.33 7 March 30, 2016 $8,333.33 7 April 30, 2016 $8,333....
Payment of Retirement Benefit. Subject to Section 2.5, the Company shall pay the annual Retirement Benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Normal Retirement Date for fifteen (15) years.
Payment of Retirement Benefit. The supplemental retirement benefit shall be paid to the Executive in a one-time lump sum amount on or about the January 1 of the calendar year following the termination of the Executive. If the Executive dies prior to receipt of payment of a supplemental retirement benefit which is due to the Executive pursuant to Section 2 of this agreement, the supplemental retirement benefit shall be paid to the Executive's beneficiary as soon as practical after the Executive's death. The Executive's "beneficiary" means the person or persons entitled to benefits under the Retirement Plan because of the Executive's death. The actuarial rates, factors and assumptions used to determine lump sum benefits under the Retirement Plan at the time of payment shall be used to calculate the lump sum value of the supplemental retirement benefit.
Payment of Retirement Benefit. The Executive shall receive the payment of his Retirement Benefit as of the first day of the month following the later to occur of (a) the Termination Date, and (b) the date on which the Executive submits a claim for benefits pursuant to Section 6.1; PROVIDED, that (i) in the case of the Executive's Termination by reason of an Applicable Termination Event, the Executive may elect for payment of his Retirement Benefit to be made either (x) on the Termination Date in which case the Retirement Benefit shall include the sum of the then Account Value less the Executive's vested accrued benefit under the Corporate Plan, increased by Service Credits that would otherwise be made hereunder through January 31, 2005, but excluding any Interest Credits following such Termination, or (y) on or after January 31, 2005, in which case he shall be paid the sum of the then Account Value less the Executive's vested accrued benefit under the Corporate Plan, i.e. including Service Credits through January 31, 2005 and Interest Credits through the date of payment, and (ii) the Executive shall receive the payment no later than the first business day of February 2008. The Executive shall elect to receive the payment of his Retirement Benefit in the form of either a (a) lump sum payment, or (b) an annuity purchasable from his Account Balance.
