Supplemental Pension Benefits. 4.1 An Eligible Employee shall be entitled to receive Supplemental Pension Benefits which shall be calculated and paid in accordance with the provisions of this Article IV.
Supplemental Pension Benefits. If Employee's employment shall continue until June 30, 2000, he shall be entitled to a monthly pension benefit commencing July 1, 2000 equal to $20,833.33, which shall be payable in the form of a joint and 50% survivor annuity -- i.e., the monthly pension shall be $20,833.33 during Employee's lifetime, and should the spouse to whom he was legally married on July 1, 2000 survive him, she will be paid a monthly annuity for her life of $10,416.67. 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 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, 2000, under the rules of Section 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, which corresponds to the date that his employment is so terminated, shall be substituted for $20,833.33 (and one-half of such number shall be substituted for $10,416.67). 4
Supplemental Pension Benefits. During the term of this Agreement, Executive shall continue participation in Employer’s Supplemental Executive Pension Plan, as amended (the “SEPP”), and Employer shall not amend the SEPP in a manner adverse to Executive without Executive’s prior written consent.
Supplemental Pension Benefits. Executive shall be entitled to receive from the Company the supplemental retirement benefit (the "Supplemental Retirement Benefit") under and in accordance with the terms of the Excess Benefit Agreement dated as of March 15, 2002 by and between the Company and Executive, as the same may be amended by the parties from time to time (the "Excess Benefit Agreement").
Supplemental Pension Benefits. Commencing January 1, 2001, and ----------------------------- continuing on the first day of each month thereafter for a period which is 119 months, Xxxxxx shall pay to Executive a monthly supplemental pension benefit equal to Two Thousand Dollars ($2,000.00).
Supplemental Pension Benefits. If Employee's employment shall continue until October 31, 1999, he shall be entitled to a monthly pension benefit commencing November 1, 1999 equal to $16,667.00, which shall be payable in the form of a joint and 100% survivor annuity - i.e., the monthly pension shall be $16,667.00 during Employee's lifetime, and should the spouse to whom he was legally married on November 1, 1999 survive him, she will be paid a monthly annuity for her life of $16,667.00. 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 3. To the extent that the benefits specified under this Section 3 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 Company shall cause this benefit to be covered by the "rabbi" trust which it maintains with respect to other executive benefits.
Supplemental Pension Benefits. If the Employee is in the Company’s employ on the third anniversary of the Effective Date, the Employee shall then be credited with three supplemental years of service for all purposes for which years of service are counted in determining the pension payable by the Company; if the Employee is in the Company’s employ on the fourth anniversary of the Effective Date, the Employee shall then be credited with an additional supplemental year of service for pension purposes, if the Employee is in the Company’s employ on the fifth anniversary of the Effective Date, the Employee shall then be credited with another additional supplemental year of service, with the result that on the fifth anniversary of the Effective Date the Employee shall have been granted five supplemental years of service. The supplemental years of service shall be in addition to the years of service actually earned by the Employee under the Company’s qualified defined benefit pension plan. The benefits attributable to such supplemental years of service shall be payable under the Company’s non-qualified defined benefit pension plan, minus any benefits payable to the Employee under the Company’s qualified defined benefit pension plan. This Paragraph 4 shall survive the expiration of the term.
Supplemental Pension Benefits. (a)(1) Should the Executive continue in the employ of the Corporation until his retirement at age 62 (or later, if requested in writing to do so by the Corporation), the Corporation shall pay, beginning with the month following such retirement to the Executive in monthly installments for his lifetime, from the general funds of the Corporation, a supplemental pension benefit equal to the difference between (i) all amounts which the Executive receives as Primary Social Security benefits, plus the employer-provided retirement income benefits payable under the then existing qualified defined benefit plan of the Corporation, or any successor corporation (the "Pension Plan") and (unless waived by the Compensation Committee of the Board of Directors of the Corporation as more fully set forth at the end of this paragraph 5(a)(1)) under the qualified defined benefit plans, qualified defined contribution plans and/or qualified money purchase plans or other employers and (ii) sixty percent (60%) of the average of the highest annual compensation paid by the Corporation to him in any three consecutive calendar years of the ten most recently completed calendar years ending on or prior to the date of his retirement (the "Average Annual Compensation"). In determining the Executive's annual compensation, the amounts to be included in this calculation shall be limited to his Annual Salary and his yearly bonus and/or additional yearly incentive compensation (and for this purpose, the Executive's yearly bonus and/or additional yearly incentive compensation, if any, shall be deemed to have been paid, and shall be included in his annual compensation, in the year that they are earned, even if they are paid in a subsequent year) and shall include all other compensation and other benefits received by the executive including, but not limited to, long-term incentive bonuses such as stock option rights, and restricted stock. In addition, and for the purpose of this calculation, the amount of the Executive's annual compensation shall not be reduced by the amount of salary, bonus or yearly incentive compensation the receipt of which the Executive elects to defer pursuant to a plan or arrangement approved by and participated in by the Corporation. For purposes of the offsets referred to above, the phrase "employer-provided retirement income benefits payable under the then existing qualified defined benefit plans of the Corporation and under the qualified defined benefit plans, qualified...
Supplemental Pension Benefits. The Executive shall continue to be entitled to receive the benefits pursuant to the Supplemental Executive Retirement Plan ("SERP") which was entered into between the Company and the Executive on February 25, 2002. For purposes of determining the SERP benefit, the Executive shall be deemed to have received a $200,000 cash bonus for the year ending December 31, 2002.
Supplemental Pension Benefits. The Executive shall be entitled to supplemental pension benefits pursuant to a Supplemental Executive Retirement Plan ("SERP") which is attached hereto as Exhibit E and made a part of this Agreement.
