Capital Accumulation Program Clause Samples
Capital Accumulation Program. Following the Effective Date, the Company shall take the necessary action to provide the Executive with a supplemental benefit under the Company’s Capital Accumulation Program (the “CAP”) of $500,000, so that his aggregate benefit under the CAP and any supplement thereto shall equal $2 million. The terms of the agreement evidencing the supplemental CAP benefit shall be substantially similar to those of the Executive’s existing CAP agreement (as it may be amended to comply with Section 409A and the Executive shall receive service credit for purposes of the vesting of the supplemental CAP benefit for all service taken into account for the purposes of the vesting of the existing CAP benefit.
Capital Accumulation Program. The parties hereto acknowledge and agree that the Executive is party to an agreement with the Company under the Company’s Capital Accumulation Program (the “CAP Agreement”), pursuant to which the Executive is entitled to an aggregate benefit equal to $2,000,000 (the “CAP Benefit”), subject to the terms and conditions of the CAP Agreement. For the avoidance of doubt, the parties hereto acknowledge and agree that the CAP Benefit is fully vested as of the date hereof.