Common use of Special Retirement Benefits Clause in Contracts

Special Retirement Benefits. The Executive shall receive special retirement benefits as provided below, so that the total retirement benefits that the Executive receives will equal the retirement benefits that the Executive would have received under the Maui Land & Pineapple Company, Inc. Pension Plan for Non-Bargaining Unit Employees ("Retirement Plan"), Maui Land & Pineapple Company, Inc. Supplemental Executive Retirement Plan, and the Maui Land & Pineapple Company, Inc. Executive Supplemental Insurance Plan/Executive Deferred Compensation Plan (collectively, "Plans"), or any successor Plans or arrangements to such Plans, had the Executive continued in the employ of ML&P and its Subsidiaries for three (3) years following the Executive's Effective Date of Termination (or until his Normal Retirement Date, whichever is earlier) but without regard to any ancillary benefits. The amount of special retirement benefits payable hereunder to the Executive or his beneficiaries shall equal the excess of the amount specified in (a) over the amount specified in (b) below.

Special Retirement Benefits. The Executive shall receive special retirement benefits as provided below, so that the total retirement benefits that the Executive receives will equal the retirement benefits that the Executive would have received under the Maui Land & Pineapple Company, Inc. Pension Plan for Non-Bargaining Unit Employees ("Retirement Plan"), Maui Land & Pineapple Company, Inc. Supplemental Executive Retirement Plan, and the Maui Land & Pineapple Company, Inc. Executive Supplemental Insurance Plan/Executive Deferred Compensation Plan (collectively, "Plans"), or any successor Plans plans or arrangements to such Plans, had the Executive continued in the employ of ML&P and its Subsidiaries for three two (32) years following the Executive's Effective Date of Termination (or until his Normal Retirement Date, whichever is earlier) but without regard to any ancillary benefits. The amount of special retirement benefits payable hereunder to the Executive or his beneficiaries shall equal the excess of the amount specified in (a) over the amount specified that in (b) below.