Common use of Amount and Payment of Supplemental Retirement Benefits Clause in Contracts

Amount and Payment of Supplemental Retirement Benefits. Executive shall not be eligible for any benefits under this Agreement, the Restoration Plan or the SERP unless Executive remains employed with the Company through at least January 1, 2007. If Executive is still employed with the Company as of January 1, 2007, the single sum present value of Executive’s aggregate accrued benefit under the Restoration Plan and the SERP shall be determined as of January 1, 2007 pursuant to the provisions of Section 1(b) below. Subject to the provisions of Section 1(d) below, such single sum present value shall be paid to Executive as soon as administratively practicable after January 1, 2007, but not more than 60 days thereafter. As of each subsequent January 1 or, if earlier, the date of Executive’s termination of employment with the Company, the single sum present value of the amount of the additional aggregate benefits accrued under the Restoration Plan and the SERP since the most recently preceding January 1 shall be determined pursuant to the provisions of Section 1(b) below and, subject to the provisions of Section 1(d) below, paid to Executive as soon as administratively practicable after such date, but not more than 60 days thereafter. In each case, the payment shall be made by the Company delivering to Executive a life insurance policy (each, a “Policy”) having a net cash value as of the applicable determination date equal to the amount of the payment. In the Company’s discretion, the Company may require Executive to provide a restrictive endorsement with respect to each Policy limiting Executive’s access to the Policy’s cash value (through withdrawals, Policy loans, transfers or otherwise) prior to such time as reasonably required by the Company and specified in the restrictive endorsement, such restrictions not to apply beyond the date of Executive’s termination of employment with the Company. Payments under this Section 1(a) shall be in lieu of, and fully replace, any retirement benefits Executive would have otherwise become entitled to receive under the Restoration Plan or the SERP. For purposes of this Agreement, each payment under this Section 1(a) shall be referred to as a “Retirement Benefit Payment.”

Amount and Payment of Supplemental Retirement Benefits. Executive shall not be eligible for any benefits under this Agreement, the Restoration Plan or the SERP unless Executive remains employed with the Company through at least January 1, 2007. If Executive is still employed with the Company as of January 1, 2007, the The single sum present value of Executive’s aggregate accrued benefit under the Restoration Plan and the SERP shall be determined as of January December 1, 2007 2005 pursuant to the provisions of Section 1(b) below. Subject to the provisions of Section 1(d) below, such single sum present value shall be paid to Executive as soon as administratively practicable after January 1on or before December 31, 2007, but not more than 60 days thereafter2005. As of each subsequent January 1 or, if earlier, the date of Executive’s termination of employment with retirement from the CompanyCompany during 2006, the single sum present value of the amount of the additional aggregate benefits accrued under the Restoration Plan and the SERP since the most recently preceding January 1 December 1, 2005 shall be determined pursuant to the provisions of Section 1(b1(a) below and, subject to the provisions of Section 1(d) below, paid to Executive as soon as administratively practicable after such date, but not more than 60 days thereafter. In each case, the payment shall be made by the Company delivering to Executive a life insurance policy (each, a “Policy”) having a net cash value as of the applicable determination date equal to the amount of the payment. In the Company’s discretion, the Company may require Executive to provide a restrictive endorsement with respect to each Policy limiting Executive’s access to the Policy’s cash value (through withdrawals, Policy loans, transfers or otherwise) prior to such time as reasonably required by the Company and specified in the restrictive endorsement, such restrictions not to apply beyond the date of Executive’s termination of employment with the Company. Payments under this Section 1(a1(b) shall be in lieu of, and fully replace, any retirement benefits Executive would have otherwise become entitled to receive under the Restoration Plan or the SERP. For purposes of this Agreement, each payment under this Section 1(a) shall be referred to as a “Retirement Benefit Payment.”

Amount and Payment of Supplemental Retirement Benefits. Executive shall not be eligible for any benefits under this Agreement, the Restoration Plan or the SERP unless Executive remains employed with the Company through at least January 1, 2007. If Executive is still employed with the Company as of January 1, 2007, the The single sum present value of Executive’s aggregate accrued benefit under the Restoration Plan and the SERP shall be determined as of January December 1, 2007 2005 pursuant to the provisions of Section 1(b) below. Subject to the provisions of Section 1(d) below, such single sum present value shall be paid to Executive as soon as administratively practicable after January 1on or before December 31, 2007, but not more than 60 days thereafter2005. As of each subsequent January 1 December 31 or, if earlier, the date of Executive’s termination of employment with the Company, the single sum present value of the amount of the additional aggregate benefits accrued under the Restoration Plan and the SERP since the most recently preceding January 1 determination date shall be determined pursuant to the provisions of Section 1(b) below and, subject to the provisions of Section 1(d) below, paid to Executive as soon as administratively practicable after such date, but not more than 60 days thereafter. In each case, the payment shall be made by the Company delivering to Executive a life insurance policy (each, a “Policy”) having a net cash value as of the applicable determination date equal to the amount of the payment. In the Company’s discretion, the Company may require Executive to provide a restrictive endorsement with respect to each Policy limiting Executive’s access to the Policy’s cash value (through withdrawals, Policy loans, transfers or otherwise) prior to such time as reasonably required by the Company and specified in the restrictive endorsement, such restrictions not to apply beyond the date of Executive’s termination of employment with the Company. Payments under this Section 1(a) shall be in lieu of, and fully replace, any retirement benefits Executive would have otherwise become entitled to receive under the Restoration Plan or the SERP. For purposes of this Agreement, each payment under this Section 1(a) shall be referred to as a “Retirement Benefit Payment.”