Grandfathered CIC Benefit definition

Grandfathered CIC Benefit means the amount set forth in Appendix A. (Persons not listed in Appendix A do not have a Grandfathered CIC Benefit.) A Participant’s Grandfathered CIC Benefit is based on the annual benefit he would have received under the terms of the Pre-2004 Plan if a Change in Control (within the meaning of Section E-10.3) had occurred less than 24 months prior to December 31, 2004 and he had terminated employment on December 31, 2004, if such benefit were paid in the form of a single-life annuity commencing on the first day of the month coincident with or next following his 62nd birthday.
Sample 1
Grandfathered CIC Benefit means, for any Participant, the “Grandfathered CIC Benefit” for such Participant set forth in Appendix A. (Persons not listed in Appendix A do not have Grandfathered CIC Benefits.) A Participant’s Grandfathered CIC Benefit is based on the annual benefit he would have received under the terms of the Pre-2004 Plan (disregarding any required offset for benefits earned any plan maintained by a previous employer) if a “Change in Control” (as defined in Section E-10.3) had occurred less than 24 months before December 31, 2004 and he had terminated employment on December 31, 2004, if such benefit were paid in the form of a single-life annuity commencing on the first day of the month coincident with or next following his 62nd birthday.
Sample 1

Examples of Grandfathered CIC Benefit in a sentence

  • For a Participant who terminates employment on or after his 55th birthday, such single-life annuity shall be calculated in accordance with Sections 4.01 and 4.02, or Section 4.03, as applicable, except that the Grandfathered Benefit for any Participant listed in Appendix A shall be replaced with his Grandfathered CIC Benefit.

  • If the Participant is listed in Appendix A, then the interest rate shall be (i) the rate described in Section E-10.3 for his Grandfathered CIC Benefit and (ii) the rate described in Section 5.03(b)(2)(A) for the portion (if any) of his Vested Benefit that exceeds the value of his Grandfathered CIC Benefit.

  • Also, if a “Change in Control” (within the meaning of Section E-10.3) occurs, then each Participant listed in Appendix A (to the extent not already vested) shall become 100 percent vested in his Grandfathered CIC Benefit only.

Related to Grandfathered CIC Benefit

  • Grandfathered Person means any Person who is the Beneficial Owner of 20% or more of the outstanding Voting Shares as determined at the Record Time; provided, however, that a Person shall cease to be a Grandfathered Person in the event that such Person ceases to Beneficially Own 20% or more of the outstanding Voting Shares at any time after the Record Time.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.