Purchase of Annuity. On the Purchase Date MetLife will determine the monthly rate of the Annuity (if relevant) by applying the annuity purchase rates in Table I. However, if on the Purchase Date MetLife has in effect more favorable rates for the purchase of annuities under contracts in the class to which this Contract belongs, then such more favorable rates will be applicable.
Purchase of Annuity. In the event that under Section 8(b), 8(d) or 8(e) above, (i) the Acquiror fails to expressly assume all of the payment obligations to Executive hereunder (except with respect to any payments which may be made to Executive as a non-employee director of Pinnacle, Xxxxx or Newco) OR (ii) the Acquiror, after giving pro forma effect to the acquisition of Pinnacle, Newco or Xxxxx, as the case may be, fails to have at least the Minimum Credit Rating specified in Section 8(e) above, then Pinnacle, Newco or Xxxxx, as the case may be, shall purchase a self-amortizing annuity from an insurance company having an A.M. Best's rating of no less than "A" that provides, for the balance of Executive's actuarial life as determined by the insurance company from which the annuity is purchased, the amounts necessary to fund for the remainder of Executive's actuarial life (A) the deferred compensation payment obligations to Executive under Section 3(e) above and (B) the annual premium payments on the Split-Dollar Policy under Section 4(b) above. The annuity will be deposited into a rabbi trust (the "Rabbi Trust") established for the benefit of Executive. The Rabbi Trust shall be irrevocable and shall provide that the trust assets can be used for no purpose other than to provide said deferred compensation payments and Split-Dollar Policy premium payments to Executive or on his behalf, or to pay the claims of the creditors of Pinnacle, Newco or Xxxxx, as the case may be, in the event that Pinnacle, Newco or Xxxxx, as the case may be, becomes insolvent. If a separate annuity and trust are required to provide for each of the deferred compensation payments and Split-Dollar Policy premium payments, then Pinnacle, Newco or Xxxxx, as the case may be, shall purchase two self-amortizing annuities under this Section 8(f) and deposit such annuities in the respective Rabbi Trusts on Executive's behalf.
Purchase of Annuity. Upon execution of this Agreement, it is the Trustee’s intention to use the funds contributed by the Grantor to purchase an annuity from Northwestern Mutual Financial Network (“Northwestern”). Beginning on May 17, 2004, such annuity shall make an annual payment of $200,000 to the trust. Each subsequent annual annuity payment shall be made on the anniversary date of the original payment for a total of ten (10) consecutive years.
Purchase of Annuity. The Corporation agrees to purchase within thirty days after the Termination Date, an annuity from a reputable provider of annuities rated at least "AA" by Standard & Poors for the Executive and the Spouse which provides annual retirement benefits to Executive and his Spouse equal to the retirement benefits called for by this Agreement in excess of the benefits provided under the Plan and the Annuity. Within 30 days after the purchase of such annuity, the Corporation shall pay the Executive an amount equal to the federal income taxes which shall be payable by the Executive upon receipt of the annuity, said amount to be grossed up to reflect the additional taxes payable due to the receipt of said payment. The retirement benefits provided by the annuity shall be adjusted for this payment of federal income taxes so that the after tax retirement benefits provided by the annuity are at least equal to the after tax retirement benefits the Executive would have received from Lone Star had Lone Star paid the retirement
Purchase of Annuity. Upon the first to occur (the "Trigger Date") of (i) a Change in Control (as hereinafter defined) or (ii) a termination of this Agreement pursuant to Section 4.1(a)(i), 4.1(a)(iii) or 4.4, the Company shall immediately thereupon pay to the Executive in cash an amount equal to the cost of purchasing an annuity from the Northwestern Mutual Life Insurance Company that would pay to the Executive a monthly payment of $8,333.33 commencing upon the Trigger Date and ending on the date of the Executive's death, less any Realizable Value as hereinafter defined. "Change in Control" means the occurrence of events so that any party which is neither (x) Trust Company of the West or an affiliate thereof nor (y) an employee of the Company acquires equity securities of the Company having in excess of fifty percent (50%) of the voting power entitled to elect the Board. "Realizable Value" means Compensation less federal income tax payable on Compensation at the then effective highest applicable individual marginal income tax rate. "Compensation" means the sum of (a) cash and the Fair Market Value of non-cash compensation received by the Executive from the sale or other transfer of the Option Interest, less amounts expended to exercise the Options and (b) the Fair Market Value of the Option Interest as of the Trigger Date. "Fair Market Value" means, with respect to securities which are publicly traded either on a major securities exchange or on NASDAQ with not less than two market makers, the last sales price for such securities immediately preceding the Trigger Date, and, with respect to other items, the fair market value as determined by a nationally recognized appraisal or accounting firm selected by the Company.
Purchase of Annuity. The Corporation agrees to purchase within thirty days after the Termination Date, an annuity from a reputable provider of annuities rated at least "AA" by Standard & Poors for the Executive and the Spouse which provides, together with annual amounts paid to the Executive or Spouse from the Plan and Annuity, for an annual retirement benefit to Executive and his Spouse equal to the Annual Retirement Benefit called for by this Agreement. Within 30 days after the purchase of such annuity, the Corporation shall pay the Executive an amount equal to the federal income taxes which shall be payable by the Executive upon receipt of the annuity, said amount to be grossed up to reflect the additional taxes payable due to the receipt of said payment. The retirement benefits provided by the annuity shall be adjusted for this payment of federal income taxes so that the after tax retirement benefits provided by the annuity are at least equal to the after tax retirement benefits the Executive would have received from the Corporation had the Corporation paid the retirement benefits directly rather than provide the retirement benefits through the annuity.
Purchase of Annuity. The Corporation agrees to purchase within thirty days after the date on which the Executive ceases to be an employee (which date will not be deferred even if the Termination Date is to be deferred thereafter as a result of the proviso to Section 1.12), an annuity from a reputable provider of annuities rated at least "AA" by Standard & Poors for the Executive and the Spouse which provides, together with annual amounts paid to the Executive or Spouse from the Plan and Annuity, for an annual retirement benefit to Executive and his Spouse equal to the Annual Retirement Benefit called for by this Agreement. Within 30 days after the purchase of such annuity, the Corporation shall pay the Executive an amount equal to the federal and applicable state and local income taxes and FICA taxes which shall be payable by the Executive upon receipt of the annuity, said amount to be grossed up to reflect the additional taxes payable due to the receipt of such payment.
