Common use of Supplemental Pension Benefits Clause in Contracts

Supplemental Pension Benefits. If Employee's employment shall continue until June 30, 1999, he shall be entitled to a monthly pension benefit commencing July 1, 1999 equal to $20,000.00, which shall be payable in the form of a joint and 50% survivor annuity -- i.e., the monthly pension shall be $20,000.00 during Employee's lifetime, and should the spouse to whom he was legally married on July 1, 1999 survive him, she will be paid a monthly annuity for her life of $10,000.00. Such amounts shall include any amounts to which the Employee and such surviving spouse may be entitled under any qualified defined benefit pension plan maintained by the Employer and any unfunded supplemental defined benefit pension plan maintained by the Employer. To the extent that Employee is covered by a plan or plans described in the preceding sentence, he shall make all such elections and file all such papers as the Employer shall require so that benefits under such plans shall be payable in the form and at the time specified in the first sentence of this Section 4. To the extent that the benefits specified under this Section 4 exceed the benefits payable under such plans, any and all such benefits shall be an unfunded obligation of the Employer as to which the Employee and any person claiming through the Employee shall be merely a general unsecured creditor of the Employer; provided that the Employer shall cause this benefit to be covered by the "rabbi" trust which it maintains with respect to other executive benefits. If Employee's employment is terminated prior to June 30, 1999, under the rules of Section 1.(a) hereof, he shall be entitled to the benefits described in the first paragraph of this Section 4, commencing on the first day of the first calendar month commencing after the date that his employment is so terminated except that the number set forth in the schedule below shall be substituted for $20,000.00 (and one-half of such number shall be substituted for $10,000.00).

Supplemental Pension Benefits. If Employee's employment shall continue until June 30December 31, 19992002, he shall be entitled to a monthly pension benefit commencing July January 1, 1999 2003 equal to $20,000.0020,833.33, which shall be payable in the form of a joint and 50% survivor annuity -- i.e., the monthly pension shall be $20,000.00 20,833.33 during Employee's lifetime, and should the spouse to whom he was legally married on July 1December 31, 1999 2002 survive him, she will be paid a monthly annuity for her life of $10,000.0010,416.67. Such amounts shall include any amounts to which the Employee and such surviving spouse may be entitled under any qualified defined benefit pension plan maintained by the Employer and any unfunded supplemental defined benefit pension plan maintained by the Employer. To the extent that Employee is covered by a plan or plans described in the preceding sentence, he shall make all such elections and file all such papers as the Employer shall require so that benefits under such plans shall be payable in the form and at the time specified in the first sentence of this Section 4. To the extent that the benefits specified under this Section 4 exceed the benefits payable under such plans, any and all such benefits shall be an unfunded obligation of the Employer as to which the Employee and any person claiming through the Employee shall be merely a general unsecured creditor of the Employer; provided that the Employer Company shall cause this benefit to be covered by the "rabbi" trust which it maintains with respect to other executive benefits. If Employee's employment is terminated prior to June 30December 31, 19992002, under the rules of Section 1.(a) l.a. hereof, he shall be entitled to the benefits described in the first paragraph of this Section 4, commencing on the first day of the first calendar month commencing after the date that his employment is so terminated except that the number set forth in the schedule below below, which corresponds to the date that his employment is so terminated, shall be substituted for $20,000.00 20,833.33 (and one-half of such number shall be substituted for $10,000.0010,416.07).

Supplemental Pension Benefits. If Employee's employment During the Initial Period, the Executive shall continue until June 30to participate in and accrue benefits under the Supplemental Executive Retirement Plan which was entered into between the Company and the Executive on February 25, 19992002 (the "SERP"). For purposes of determining the Executive's benefit under the SERP, he the Executive shall be deemed to have received a $200,000 cash bonus for the year ending December 31, 2002. In addition, upon the Effective Date, notwithstanding anything to the contrary in the SERP, the SERP shall be amended hereby as follows: (i) for all purposes of the SERP, all references to "age 65," "65th birthday" and "65" shall be amended to be references to "age 62 and one-half," "62nd and one-half birthday" and "62 and one-half"; (ii) notwithstanding anything to the contrary contained in the SERP, including without limitation Section 2(c) and the first sentence of Section 3, on or prior to December 31, 2006, the Executive shall be entitled to make an election as to the time and form of distribution of the SERP benefit, with the optional forms of benefit to include (A) a monthly pension benefit commencing July 150% joint and survivor annuity option to be purchased by the Company for the Executive from a nationally recognized insurance company selected by the Executive, 1999 equal (B) a lump sum option, with the lump sum to $20,000.00, which shall be payable calculated in accordance with the actuarial factors set forth in the Citizens Banking Corporation Pension Plan for Employees as of the date hereof (the "PENSION PLAN") for the determination of lump sum benefits thereunder, PROVIDED that in no event shall the discount rate for determining such lump sum exceed 5.5% and (C) any other form of a joint distribution provided for under the Pension Plan as provided in Section 2(c) of the SERP; and 50% survivor annuity -- i.e.(iii) to provide that, in the event of the Executive's death while employed by the Company, the monthly pension shall be $20,000.00 during EmployeeExecutive's lifetime, and should the spouse to whom he was legally married on July 1, 1999 survive him, she will be paid a monthly annuity for her life of $10,000.00. Such amounts shall include any amounts to which the Employee and such surviving spouse may be entitled under any qualified defined benefit pension plan maintained by the Employer and any unfunded supplemental defined benefit pension plan maintained by the Employer. To the extent that Employee is covered by a plan or plans described in the preceding sentence, he shall make all such elections and file all such papers as the Employer shall require so that benefits under such plans shall be payable in the form and at the time specified in the first sentence of this Section 4. To the extent that the benefits specified under this Section 4 exceed the benefits payable under such plans, any and all such benefits shall be an unfunded obligation of the Employer as to which the Employee and any person claiming through the Employee shall be merely a general unsecured creditor of the Employer; provided that the Employer shall cause this benefit to be covered by the "rabbi" trust which it maintains with respect to other executive benefits. If Employee's employment is terminated prior to June 30, 1999, under the rules of Section 1.(a) hereof, he shall be entitled to the benefits described in benefit under the first paragraph SERP, the amount and form of this Section 4, commencing on which shall be determined as if the first day Executive had retired under the SERP as of the first calendar month commencing after the date that of his employment is so terminated except that the number set forth in the schedule below shall be substituted for $20,000.00 (and one-half of such number shall be substituted for $10,000.00)death.

Supplemental Pension Benefits. If Employee's employment shall continue until June 30, 19992000, he shall be entitled to a monthly pension benefit commencing July 1, 1999 2000 equal to $20,000.0020,833.33, which shall be payable in the form of a joint and 50% survivor annuity -- i.e., the monthly pension shall be $20,000.00 20,833.33 during Employee's lifetime, and should the spouse to whom he was legally married on July 1, 1999 2000 survive him, she will be paid a monthly annuity for her life of $10,000.0010,416.67. Such amounts shall include any amounts to which the Employee and such surviving spouse may be entitled under any qualified defined benefit pension plan maintained by the Employer and any unfunded supplemental defined benefit pension plan maintained by the Employer. To the extent that Employee is covered by a plan or plans described in the preceding sentence, he shall make all such elections and file all such papers as the Employer shall require so that benefits under such plans shall be payable in the form and at the time specified in the first sentence of this Section 4. To the extent that the benefits specified under this Section 4 exceed the benefits payable under such plans, any and all such benefits shall be an unfunded obligation of the Employer as to which the Employee and any person claiming through the Employee shall be merely a general unsecured creditor of the Employer; provided that the Employer Company shall cause this benefit to be covered by the "rabbi" trust which it maintains with respect to other executive benefits. If Employee's employment is terminated prior to June 30, 19992000, under the rules of Section 1.(a) l.a. hereof, he shall be entitled to the benefits described in the first paragraph of this Section 4, commencing on the first day of the first calendar month commencing after the date that his employment is so terminated except that the number set forth in the schedule below below, which corresponds to the date that his employment is so terminated, shall be substituted for $20,000.00 20,833.33 (and one-half of such number shall be substituted for $10,000.0010,416.67).. 4