Common use of Benefit Amount Clause in Contracts

Benefit Amount. Subject to the provisions of Article VI below, in the event that Executive becomes Disabled prior to Separating From Service, then upon such Disability, Executive shall be entitled to receive one (1) of the following amounts, depending on circumstances: (1) In the event Executive becomes Disabled prior to attaining the Normal Retirement Age, then Executive shall be entitled to be paid a lump sum amount equal to the Actuarial Equivalent value of the following: a lifetime benefit with annual payments equal to the Applicable Percentage that Executive would have achieved had he remained employed until the Normal Retirement Age, multiplied by the Target Benefit Amount, and assuming a payment commencement date of the Normal Retirement Age, and factoring in a two percent (2%) annual increase in Executive Benefit amounts. In addition, for the purposes of this provision, the Target Benefit Amount shall be determined based on the following assumptions: it shall be assumed that for each year following Executive becoming Disabled, Executive’s Base Salary will increase annually at a rate of three percent (3%) each year on anniversary of Executive’s date of hire until such time as Executive attains the Normal Retirement Age. (2) In the event Executive becomes Disabled after attaining the Normal Retirement Age, then the Executive shall be entitled to be paid a lump sum amount equal to the Actuarial Equivalent value of the following: a lifetime benefit with annual payments equal to the Applicable Percentage (as of the date of Separation from Service) of the Target Benefit Amount, assuming a payment commencement date of the date of Disability, and factoring in a two percent (2%) annual increase in Executive Benefit amounts.

Benefit Amount. Subject to the provisions of Article VI below, in In the event that Executive becomes Disabled prior to Separating From Service, then upon such DisabilityDisability (and subject to the provisions of Article VI below), Executive shall be entitled to receive one (1) of the following amounts, depending on circumstances: (1) In the event If Executive becomes Disabled prior to attaining the Normal Retirement Age, then Executive they shall be entitled to be paid a lump sum amount equal to the Actuarial Equivalent value of the following: a lifetime benefit with annual payments equal to the Applicable Percentage that Executive would have achieved had he they remained employed until the Normal Retirement Age, multiplied by the Target Benefit Amount, and assuming a payment commencement date of the Normal Retirement Age, Age and factoring in a two percent (2%) annual increase in Executive Benefit amounts. In addition, for the purposes of this provision, the Target Benefit Amount shall be determined based on the following assumptions: it shall be assumed that for each year following Executive becoming Disabled, Executive’s Base Salary will would increase annually at a rate of three percent (3%) each year on the anniversary of Executive’s date of hire until such time as Executive attains the Normal Retirement Age. (2) In the event If Executive becomes Disabled after attaining the Normal Retirement Age, then the Executive shall be entitled to be paid a lump sum amount equal to the Actuarial Equivalent value of the following: a lifetime benefit with annual payments equal to the Applicable Percentage (as of the date of Separation from Service) of multiplied by the Target Benefit Amount, assuming a payment commencement date of the date of Disability, Disability and factoring in a two percent (2%) annual increase in Executive Benefit amounts.

Benefit Amount. Subject to the provisions of Article VI below, in In the event that Executive becomes Disabled prior to Separating From Service, then upon such DisabilityDisability (and subject to the provisions of Article VI below), Executive shall be entitled to receive one (1) of the following amounts, depending on circumstances: (1) In the event If Executive becomes Disabled prior to attaining the Normal Retirement Age, then Executive they shall be entitled to be paid a lump sum amount equal to the Actuarial Equivalent value of the following: a lifetime benefit with annual payments equal to the Applicable Percentage that Executive would have achieved had he they remained employed until the Normal Retirement Age, multiplied by the Target Benefit Amount, and assuming a payment commencement date of the Normal Retirement Age, Age and factoring in a two percent (2%) annual increase in Executive Benefit amounts. In addition, for the purposes of this provision, the Target Benefit Amount shall be determined based on the following assumptions: it shall be assumed that for each year following Executive becoming Disabled, Executive’s Base Salary will would increase annually at a rate of three percent (3%) each year on the anniversary of Executive’s date of hire until such time as Executive attains the Normal Retirement Age. (2) In the event If Executive becomes Disabled after attaining the Normal Retirement Age, then the Executive shall be entitled to be paid a lump sum amount equal to the Actuarial Equivalent value of the following: a lifetime benefit with annual payments equal to the Applicable Percentage (as of the date of Separation from Service) of multiplied by the Target Benefit Amount, assuming a payment commencement date of the date of Disability, Disability and factoring in a two percent (2%) annual increase in Executive Benefit amounts.