Annual Amount. The "Annual Amount" shall be calculated so that the present value of the fifteen (15) equal payments of the Annual Amount, when discounted at 7 percent (or such other percent as may be determined by the Board of Directors of Elco Industries, Inc., in its sole discretion) per annum, is equal to the balance of the Executive's Account as defined in Section 1.1 on the Retirement Payment Commencement Date.
Appears in 3 contracts
Samples: Executive Supplemental Defined Contribution Benefit Agreement (Elco Industries Inc), Executive Supplemental Defined Contribution Benefit Agreement (Elco Industries Inc), Executive Supplemental Defined Contribution Benefit Agreement (Elco Industries Inc)
Annual Amount. The "Annual Amount" shall be calculated so that the present value of the fifteen (15) equal payments of the Annual Amount, when discounted at 7 percent (or such other percent as may from time to time be determined by the Board of Directors of Elco Industries, Inc., in its sole discretion) per annum, is equal to the balance of the Executive's Account as defined in Section 1.1 on the Retirement Payment Commencement Date.
Appears in 1 contract
Samples: Executive Supplemental Defined Contribution Benefit Agreement (Elco Industries Inc)
