Additional Pension Benefit Sample Clauses
Additional Pension Benefit. In addition to the retirement benefits to which the Executive is entitled under the Retirement Plan and BEP, or any successors to those plans, the Company will pay the Executive an additional amount under the BEP (or a successor plan) equal to the excess of (1) over (2), where (1) is the retirement pension (determined as a straight life annuity commencing on the Executive’s Retirement Date) that the Executive would have accrued under the terms of the Retirement Plan and BEP (without regard to any amendment to the Retirement Plan or BEP that is made subsequent to a Change in Control and on or prior to the Date of Termination and that adversely affects in any manner the computation of the Executive’s retirement benefits), determined as if the Executive (a) were fully vested under the Retirement Plan and the BEP, and (b) had accumulated (after the Date of Termination) 24 additional months of age and service credit under the Retirement Plan and the BEP at the higher of (i) the Executive’s highest annual rate of compensation (as compensation is defined for purposes of the BEP) in effect during the three years immediately preceding the Date of Termination, or (ii) the sum of the Executive’s annual salary and target annual bonus in effect immediately prior to the Change in Control (but in no event will the Executive be deemed to have accumulated additional service credit in excess of the maximum permitted pursuant to the Retirement Plan and BEP); and (2) is the retirement pension (determined as a straight life annuity commencing on the Executive’s Retirement Date) that the Executive had then accrued pursuant to the respective provisions of the Retirement Plan and BEP. This additional amount will be paid in the form and at the time or times that the relevant benefits are payable to the Executive under the BEP or any successor plan; provided, however, that if the transaction constituting the Change in Control has not been approved by the Board prior to its consummation, the actuarial equivalent of the additional benefits under this Section 3.02(d) will be paid in a cash lump sum. The Executive understands and acknowledges that the additional retirement benefit described in this Section 3.02(d) is payable entirely under the BEP, a nonqualified plan, and will not be subject to any special tax treatment applicable to benefits under the Retirement Plan and other tax-qualified plans.
Additional Pension Benefit. In addition to the retirement benefitsto which the Executive is entitled under the Retirement Plan and BEP, or any successors to those plans, the Company will pay the Executive an additional amount under the BEP (or a successor plan) equal to the excess of (1) over (2), where (1) is the retirement pension (determined as a straight life annuity commencing on the Executive's Retirement Date) that the Executive would have accrued under the terms of the Retirement Plan and BEP (without regard to any amendment to the Retirement Plan or BEP that is made subsequent to a Change in Control and on or prior to the Date of Termination and that adversely affects in any manner the computation of the Executive's retirement benefits), determined as if the Executive (a) were fully vested under the Retirement Plan and the BEP, and (b) had accumulated (after the Date of Termination) 24 additional months of age and service credit under the Retirement Plan and the BEP at the higher of (i) the Executive's highest annual rate of compensation (as compensation is defined for purposes of the BEP) in effect during the three years immediately preceding the Date of Termination, or (ii) the sum of the Executive's annual salary and target annual bonus in effect immediately prior to the Change in Control (but in no event will the Executive be deemed to have accumulated additional service credit in excess of the maximum permitted pursuant to the Retirement Plan and BEP); and
Additional Pension Benefit. Executive shall be entitled to all benefits vested or earned as of the Effective Date under the plans listed on Exhibit B hereto, in each case as further amended by the Company (collectively, the "Pension Plans"), to the extent, but only to the extent, permitted by and subject to the terms and conditions of, the Pension Plans and applicable law; provided, that to the extent allowable under the terms of the Pension Plans (without the imposition of conditions that are, in the reasonable and good faith judgment of the Company, materially adverse to the Company or the maintenance of the Pension Plans), Executive's benefits earned or amounts payable under each of the Pension Plans shall be calculated as if Executive's term of service or employment with the Company terminated on and as of June 30, 2006 (the "Adjusted Benefit Date"), regardless of the actual date of retirement or payment of such benefits. Executive's interest in the Pension Plans shall cease to vest from and after the Effective Date. To the extent that Executive's benefits under the Pension Plans, or any of them, can not be reasonably increased (as determined in the Company's sole discretion) to give effect to the Adjusted Benefit Date, then the Company shall pay such additional amounts to Executive as necessary to give such effect, and such additional payments by the Company shall be made at the same time and in the same manner as payments under the Pension Plans. Without limiting the foregoing, (A) Executive's benefits under the Pension Plans shall remain subject to reduction or other limitation for early retirement and (B) the Company may, in its sole discretion, elect to pay all benefits resulting from consideration of the Adjusted Benefit Date rather than amending or revising the Pension Plans, or any of them. Pension benefits for Executive shall commence effective January 1, 2003 and continue on a monthly basis in accordance with the provisions of the Pension Plans. Initial monthly benefit amounts are estimated to be $29,146 based on the selection of the Ten (10) Year Certain and Continuous Option of benefit payments.
Additional Pension Benefit. In addition to the retirement benefits to which the Executive is entitled under the Retirement Plan and BEP, or any successors to those plans, the Company will pay the Executive an additional amount under the BEP (or a successor plan) equal to the excess of (1) over (2), where (1) is the retirement pension (determined as a straight life annuity commencing on the Executive’s Retirement Date) that the Executive would have accrued under the terms of the Retirement Plan and BEP (without regard to any amendment to the Retirement Plan or BEP that is made subsequent to a Change in Control and on or prior to the Date of Termination and that adversely affects in any manner the computation of the Executive’s retirement benefits), determined as if the Executive (a) were fully vested under the Retirement Plan and the BEP, and