Retirement Plan Payments. In the event the Executive was a participant in the Xxxxxxx River Laboratories, Inc. Pension Plan (or any successor plan thereto) (the “Pension Plan”) on or prior to the Date of Termination, the Company shall pay to the Executive a separate lump-sum supplemental retirement benefit (the “Supplemental Retirement Amount”) equal to the difference between (1) the actuarial equivalent of the benefit payable under the Pension Plan which the Executive would receive if the Executive’s employment continued for the years following the Date of Termination and if her compensation during such number of years increased at a rate of 4% per year from the level in effect on the Date of Termination, and (2) the actuarial equivalent of the Executive’s actual benefit (paid or payable), if any, under the Pension
Retirement Plan Payments. In the event the Executive was a participant in the Xxxxxxx River Laboratories, Inc. Pension Plan (or any successor plan thereto) (the "PENSION PLAN") on or prior to the Date of Termination, the Company shall pay to the Executive a separate lump-sum supplemental retirement benefit (the "SUPPLEMENTAL RETIREMENT AMOUNT") equal to the difference between (1) the actuarial equivalent of the benefit payable under the Pension Plan which the Executive would receive if the Executive's employment continued for the [ ] years following the Date of Termination and if his compensation during such number of years increased at a rate of 4% per year from the level in effect on the Date of Termination, and (2) the actuarial equivalent of the Executive's actual benefit (paid or payable), if any, under the Pension Plan. The amounts to be paid to the Executive under this Section shall be paid out of the Pension Plan trust, to the extent permissible under applicable law. For purposes of calculating the actuarial equivalents referred to in (1) and (2) above, the Company shall use the actuarial assumptions utilized with respect to the Pension Plan during the 90-day period immediately preceding the Change in Control Date and shall assume that all accrued benefits are fully vested and that benefit accrual formulas in effect during any years after the Date of Termination are no less advantageous to the Executive than those in effect during the 90-day period immediately preceding the Change in Control Date.
Retirement Plan Payments. Mr. Hurlbut is a particixxxx xxx xxneficiary under the Company's tax- qualified defined benefit retirement plan (the "Qualified Plan"), covering substantially all the Company's U.S. employees, and its Supplemental Executive Retirement Plan (the "SERP"), covering certain of the Company's executive officers. Mr. Hurlbut will receive xxxxxxxx xnder the Qualified Plan in accordance with its terms and his established benefits entitlement (approximately $128,223 per year during his lifetime calculated on the basis of the 50% Joint Survivor Spouse Option). The Company has agreed to increase the benefits to Mr. Hurlbut under the SEXX xxx xxxxide him with annual payments for his life and that of his wife having an annual benefit of $318,154 during his lifetime, and following his death, 50% of such amount, if his wife survives him, for the remainder of his wife's lifetime. To effect this benefit, and in satisfaction of all obligations to Mr. Hurlbut under the SEXX:
Retirement Plan Payments. Nothing in this Agreement shall be deemed to limit the Executive's rights to receive or the obligations of the Corporations to pay or provide for the Executive and his beneficiaries, any continuation coverage as required by ERISA or any retirement or other benefits accrued by the Executive at any time under the terms of any retirement plans maintained by the Corporations which are subject to the requirements of ERISA and satisfy the requirements of Section 401 of the Code.
