AND OTHER BENEFITS Clause Samples

AND OTHER BENEFITS. The Executive is currently vested, and shall remain eligible for a benefit under the SERP heretofore established by the Company for executives. The benefit to which the Executive is entitled under the SERP will (1) be payable at the time and in such forms as are set forth in the SERP, (2) be calculated in accordance with the terms and conditions of the SERP and (3) remain subject to all the terms and conditions of the SERP as it is currently stated, except that Executive shall be entitled to all years of service performed for the Company at any time and additional years of credit under the SERP for each year of service (as defined by the Company's SERP) with AGL Resources or Louisville Gas & Electric Company. Any additional benefit provided under the SERP resulting from such additional years of credited service with AGL Resources or Louisville Gas & Electric Company shall be reduced by any amount of qualified benefit received from AGL Resources or Louisville Gas & Electric Company under their qualified pension plans. In addition, if the Executive is employed by the Company on the Expiration Date (or as provided in the last sentence of Section 6.5(f)), SERP and retiree medical benefits and all other benefits at retirement shall be calculated as though Executive had reached age 62 on the Expiration Date and had accrued service time as of the Expiration Date as if he had worked continuously from his first date of service with SPR (including time served with AGL Resources or Louisville Gas & Electric Company) until he had reached in the normal course of time age 62.

AND OTHER BENEFITS. 7.1 The Company will make contributions of 5% of your annual basic salary, less any deductions for tax or NI contributions required by law, to a personal pension scheme of your choice. 7.2 A contracting out certificate under SERPS is not currently in force in respect of your employment. 7.3 The Company will pay the premiums for providing you with life assurance cover subject to any limits imposed by the Inland Revenue from time to time and subject to cover being available at rates acceptable to the Company. 7.4 You are eligible to participate in the Company's private medical insurance scheme. 7.5 Your participation in any of the schemes referred to in paragraphs 7.1 to 7.4 above is subject to the rules and provisions of the applicable scheme and any related contracts or policies of insurance in force from time to time. The Company reserves the right to vary or amend each of the schemes at any time without compensation to you. 7.6 For as long as you are legally entitled to drive, the Company will provide you with (pound)1,200 per calendar month as a non-pensionable car allowance. As a condition of this allowance, you must ensure that fully comprehensive insurance is in place for any car used by you on Company business or otherwise. 7.7 You must comply with the terms of any Company Car Policy in force from time to time and all statements of policy, rules and regulations issued by the Company, from time to time with regard to motor cars and the monthly allowance provided under Clause 7.6 above.

AND OTHER BENEFITS. No pension contributions shall be paid by the Company on behalf of the Executive

AND OTHER BENEFITS