Common use of Supplemental Retirement Benefits Clause in Contracts

Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b) determined as of the date of the Qualifying Termination.

Appears in 3 contracts

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co), Change in Control Severance Agreement (Baltimore Gas & Electric Co), Change in Control Severance Agreement (Baltimore Gas & Electric Co)

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Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service, provided that the Executive's service percentage shall not be deemed to be less than 40%; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b) determined as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co)

Supplemental Retirement Benefits. For purposes of determining the Executive's ’s supplemental retirement benefits which the Executive is entitled to under the Company's ’s supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's ’s service percentage shall be computed by adding three two years of executive-level service to the Executive's ’s actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three two years will be added to the Executive's ’s age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b3(b) under the supplemental non-qualifed retirement plan in which he participated had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b3(b) determined under the supplemental non-qualified retirement plan in which he participated as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co)

Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three two years of executive-level service to the Executive's actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three two years will be added to the Executive's age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b3(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b3(b) determined as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co)

Supplemental Retirement Benefits. For purposes of determining the Executive's ’s supplemental retirement benefits which the Executive is entitled to under the Company's ’s supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's ’s service percentage shall be computed by adding three years of executive-level service to the Executive's ’s actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's ’s age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b) determined as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Constellation Energy Group Inc)

Supplemental Retirement Benefits. For purposes of determining the Executive's ’s supplemental retirement benefits which the Executive is entitled to under the Company's ’s supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's ’s service percentage shall be computed by adding three two years of executive-level service to the Executive's ’s actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three two years will be added to the Executive's ’s age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b3(b) under the supplemental non-qualified retirement plan in which he participated had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b3(b) determined under the supplemental non-qualified retirement plan in which he participated as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co)

Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service, provided that the Executive's service percentage shall not be deemed to be less than 40%; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iviii) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b3(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b3(b) determined as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co)

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Supplemental Retirement Benefits. For purposes of determining the Executive's ’s supplemental retirement benefits which the Executive is entitled to under the Company's ’s supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's ’s service percentage shall be computed by adding three years of executive-level service to the Executive's ’s actual service, provided that the Executive’s service percentage shall not be deemed to be less than 40%; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's ’s age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b) under the supplemental non-qualified retirement plan in which he participated had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b) determined under the supplemental non-qualified retirement plan in which he participated as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co)

Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b3(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b3(b) determined as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co)

Supplemental Retirement Benefits. For purposes of determining the Executive's ’s supplemental retirement benefits which the Executive is entitled to under the Company's ’s supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's ’s service percentage shall be computed by adding three years of executive-level service to the Executive's ’s actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's ’s age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b) under the supplemental non-qualified retirement plan in which he participated had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b) determined under the supplemental non-qualified retirement plan in which he participated as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co)

Supplemental Retirement Benefits. For purposes of determining the Executive's ’s supplemental retirement benefits which the Executive is entitled to under the Company's ’s supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's ’s service percentage shall be computed by adding three years of executive-level service to the Executive's ’s actual service, provided that the Executive’s service percentage shall not be deemed to be less than 40%; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan plan; and (iviii) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's ’s age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b3(b) under the supplemental non-qualified retirement plan in which he had participated had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b3(b) determined under the supplemental non-qualified retirement plan in which he participated as of the date of the Qualifying Termination.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Baltimore Gas & Electric Co)

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