Common use of Benefits Programs Clause in Contracts

Benefits Programs. On the Merger Date, the Employee shall become fully vested in all awards theretofore granted to him and/or entitlements under the FHC 1990 Stock Option Plan and the FHC Supplemental Executive Retirement Plan (the "SERP"). If the Employee notifies the Company no later than the Merger Date that he elects to receive the SERP Amount (as defined below), on the later of the Merger Date or two business days after such notice is given, pursuant to and in full satisfaction of the Company's obligations to the Employee under the SERP, the Company shall pay to the Employee in a lump sum in cash $1,318,000 (the "SERP Amount"). The SERP Amount equals 90% of the actuarial equivalent of the Employee's Retirement Benefit (as defined in the SERP) as of December 31, 1996, as determined by FHC's independent actuarial firm, Millxxxx & Xobexxxxx, Xxc., using reasonable assumptions. If the SERP Amount is not paid, the terms of the SERP as in effect on the Merger Date shall remain in full force and effect; provided, however, that the actuarial equivalents for purposes of calculating lump sum payments under the SERP will be based on the 1983 group annuity mortality table blended 50% male and 50% female, and the average 30 year Treasury yield rate for the month prior to the month of the lump sum payment.

Benefits Programs. On the Merger Date, the Employee shall become fully vested in all awards theretofore granted to him and/or entitlements under the FHC 1990 Stock Option Plan and the FHC Supplemental Executive Retirement Plan (the "SERP"). If the Employee notifies the Company no later than the Merger Date that he elects to receive the SERP Amount (as defined below), on the later of the Merger Date or two business days after such notice is given, pursuant to and in full satisfaction of the Company's obligations to the Employee under the SERP, the Company shall pay to the Employee in a lump sum in cash $1,318,000 1,374,315 (the "SERP Amount"). The SERP Amount equals 90% of the actuarial equivalent of the Employee's Retirement Benefit (as defined in the SERP) as of December 31, 1996, as determined by FHC's independent actuarial firm, Millxxxx & Xobexxxxx, Xxc., using reasonable assumptions. If the SERP Amount is not paid, the terms of the SERP as in effect on the Merger Date shall remain in full force and effect; provided, however, that the actuarial equivalents for purposes of calculating lump sum payments under the SERP will be based on the 1983 group annuity mortality table blended 50% male and 50% female, and the average 30 year Treasury yield rate for the month prior to the month of the lump sum payment.

Benefits Programs. On the Merger Date, the Employee shall become fully vested in all awards theretofore granted to him and/or entitlements under the FHC 1990 Stock Option Plan and the FHC Supplemental Executive Retirement Plan (the "SERP"). If the Employee notifies the Company no later than the Merger Date that he elects to receive the SERP Amount (as defined below), on the later of the Merger Date or two business days after such notice is given, pursuant to and in full satisfaction of the Company's obligations to the Employee under the SERP, the Company shall pay to the Employee in a lump sum in cash $1,318,000 1,287,475 (the "SERP Amount"). The SERP Amount equals 90% of the actuarial equivalent of the Employee's Retirement Benefit (as defined in the SERP) as of December 31, 1996, as determined by FHC's independent actuarial firm, Millxxxx & Xobexxxxx, Xxc., using reasonable assumptions. If the SERP Amount is not paid, the terms of the SERP as in effect on the Merger Date shall remain in full force and effect; provided, however, that the actuarial equivalents for purposes of calculating lump sum payments under the SERP will be based on the 1983 group annuity mortality table blended 50% male and 50% female, and the average 30 year Treasury yield rate for the month prior to the month of the lump sum payment.

Benefits Programs. On the Merger Date, the Employee shall become fully vested in all awards theretofore granted to him and/or entitlements under the FHC 1990 Stock Option Plan and the FHC Supplemental Executive Retirement Plan (the "SERP"). If the Employee notifies the Company no later than the Merger Date that he elects to receive the SERP Amount (as defined below), on the later of the Merger Date or two business days after such notice is given, pursuant to and in full satisfaction of the Company's obligations to the Employee under the SERP, the Company shall pay to the Employee in a lump sum in cash $1,318,000 1,497,781 (the "SERP Amount"). The SERP Amount equals 90% of the actuarial equivalent of the Employee's Retirement Benefit (as defined in the SERP) as of December 31, 1996, as determined by FHC's independent actuarial firm, Millxxxx & Xobexxxxx, Xxc., using reasonable assumptions. If the SERP Amount is not paid, the terms of the SERP as in effect on the Merger Date shall remain in full force and effect; provided, however, that the actuarial equivalents for purposes of calculating lump sum payments under the SERP will be based on the 1983 group annuity mortality table blended 50% male and 50% female, and the average 30 year Treasury yield rate for the month prior to the month of the lump sum payment.