Common use of Payment of Retirement Benefit Clause in Contracts

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. 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 her benefit an annuity that guarantees the payment of the earned retirement benefits for the life of Executive and the life of his her 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. 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 to the 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.