Common use of CREDITS TO ACCOUNT Clause in Contracts

CREDITS TO ACCOUNT. As of the Effective Date, for each calendar month during the period of July 1, 1995 through the Effective Date, an amount equal to 13.77 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) of the monthly base salary payable to the Executive by the Corporation for such month shall be credited to the Executive's Account. As of the last day of each calendar month thereafter, an amount shall be credited to the Executive's Account which is equal to 13.77 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) of the monthly base salary payable to the Executive by the Corporation for such month. The aforementioned amounts shall cease to be credited to an Executive's Account as of the last day of the calendar month in which occurs the Executive's Benefit Date (as defined in Section 1.2 ), voluntary termination of employment with the Corporation or discharge by the Corporation (with or without cause), death, Permanent Disability (as defined in Section 3.1) or termination of this Agreement pursuant to Section 4.2. In addition to the amounts based on the Executive's monthly base salary described above, there shall be a monthly credit to the Executive's Account as of the last day of each calendar month equal to 0.5654 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) multiplied by the Executive's Account balance as of the last day of the preceding calendar month. This credit shall continue until, as is applicable, the Executive's Retirement Payment Commencement Date described in Section 1.2, Early Benefit Payment Commencement Date described in Article 2 or Article 3, voluntary termination of employment with the Corporation or discharge by the Corporation as described in Section 4.1 or 8.1 or termination of this Agreement as described in Section 4.2. Notwithstanding the foregoing, with respect to each calendar month during the period of July 1, 1995 through the Effective Date, the monthly credit amounts shall be determined as described above, but credited to the Executive's Account as of the Effective Date.

CREDITS TO ACCOUNT. As of the Effective Date, for each calendar month during the period of July 1, 1995 1994 through the Effective Date, an amount equal to 13.77 15.8 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) of the monthly base salary payable to the Executive by the Corporation for such month shall be credited to the Executive's Account. As of the last day of each calendar month thereafter, an amount shall be credited to the Executive's Account which is equal to 13.77 15.8 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) of the monthly base salary payable to the Executive by the Corporation for such month. The aforementioned amounts shall cease to be credited to an Executive's Account as of the last day of the calendar month in which occurs the Executive's Benefit Date (as defined in Section 1.2 1.2), voluntary termination of employment with the Corporation or discharge by the Corporation (with or without cause), death, Permanent Disability (as defined in Section 3.1) or termination of this Agreement pursuant to Section 4.2. In addition to the amounts based on the Executive's monthly base salary described above, there shall be a monthly credit to the Executive's Account as of the last day of each calendar month equal to 0.5654 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) multiplied by the Executive's Account balance as of the last day of the preceding calendar month. This credit shall continue until, as is applicable, the Executive's Retirement Payment Commencement Date described in Section 1.2, Early Benefit Payment Commencement Date described in Article 2 or Article 3, voluntary termination of employment with the Corporation or discharge by the Corporation as described in Section 4.1 or 8.1 or termination of this Agreement as described in Section 4.2. Notwithstanding the foregoing, with respect to each calendar month during the period of July 1, 1995 1994 through the Effective Date, the monthly credit amounts shall be determined as described above, but credited to the Executive's Account as of the Effective Date.

CREDITS TO ACCOUNT. As of the Effective Date, for each calendar month during the period of July 1, 1995 through the Effective Date, an amount equal to 13.77 14.63 percent (or such other percent as may from time to time be determined by the Board of Directors of Elco Industriesindustries, Inc., in its sole discretion) of the monthly base salary payable to the Executive by the Corporation for such month shall be credited to the Executive's Account. As of the last day of each calendar month thereafter, an amount shall be credited to the Executive's Account which is equal to 13.77 14.63 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) of the monthly base salary payable to the Executive by the Corporation for such month. The aforementioned amounts shall cease to be credited to an Executive's Account as of the last day of the calendar month in which occurs the Executive's Benefit Date (as defined in Section 1.2 1.2), voluntary termination of employment with the Corporation or discharge by the Corporation (with or without cause), death, Permanent Disability (as defined in Section 3.1) or termination of this Agreement pursuant to Section 4.2. In addition to the amounts based on the Executive's monthly base salary described above, there shall be a monthly credit to the Executive's Account as of the last day of each calendar month equal to 0.5654 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) multiplied by the Executive's Account balance as of the last day of the preceding calendar month. This credit shall continue until, as is applicable, the Executive's Retirement Payment Commencement Date described in Section 1.2, Early Benefit Payment Commencement Date described in Article 2 or Article 3, voluntary termination of employment with the Corporation or discharge by the Corporation as described in Section 4.1 or 8.1 or termination of this Agreement as described in Section 4.2. Notwithstanding the foregoing, with respect to each calendar month during the period of July 1, 1995 through the Effective Date, the monthly credit amounts shall be determined as described above, but credited to the Executive's Account as of the Effective Date.

CREDITS TO ACCOUNT. As of the Effective Date, for each calendar month during the period of July 1, 1995 1994 through the Effective Date, an amount equal to 13.77 14.4 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) of the monthly base salary payable to the Executive by the Corporation for such month shall be credited to the Executive's Account. As of the last day of each calendar month thereafter, an amount shall be credited to the Executive's Account which is equal to 13.77 14.4 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) of the monthly base salary payable to the Executive by the Corporation for such month. The aforementioned amounts shall cease to be credited to an Executive's Account as of the last day of the calendar month in which occurs the Executive's Benefit Date (as defined in Section 1.2 1.2), voluntary termination of employment with the Corporation or discharge by the Corporation (with or without cause), death, Permanent Disability (as defined in Section 3.1) or termination of this Agreement pursuant to Section 4.2. In addition to the amounts based on the Executive's monthly base salary described above, there shall be a monthly credit to the Executive's Account as of the last day of each calendar month equal to 0.5654 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) multiplied by the Executive's Account balance as of the last day of the preceding calendar month. This credit shall continue until, as is applicable, the Executive's Retirement Payment Commencement Date described in Section 1.2, Early Benefit Payment Commencement Date described in Article 2 or Article 3, voluntary termination of employment with the Corporation or discharge by the Corporation as described in Section 4.1 or 8.1 or termination of this Agreement as described in Section 4.2. Notwithstanding the foregoing, with respect to each calendar month during the period of July 1, 1995 1994 through the Effective Date, the monthly credit amounts shall be determined as described above, but credited to the Executive's Account as of the Effective Date.

CREDITS TO ACCOUNT. As of the Effective Date, for each calendar month during the period of July 1, 1995 1994 through the Effective Date, an amount equal to 13.77 8.46 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) of the monthly base salary payable to the Executive by the Corporation for such month shall be credited to the Executive's Account. As of the last day of each calendar month thereafter, an amount shall be credited to the Executive's Account which is equal to 13.77 8.46 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) of the monthly base salary payable to the Executive by the Corporation for such month. The aforementioned amounts shall cease to be credited to an Executive's Account as of the last day of the calendar month in which occurs the Executive's Benefit Date (as defined in Section 1.2 1.2), voluntary termination of employment with the Corporation or discharge by the Corporation (with or without cause), death, Permanent Disability (as defined in Section 3.1) or termination of this Agreement pursuant to Section 4.2. In addition to the amounts based on the Executive's monthly base salary described above, there shall be a monthly credit to the Executive's Account as of the last day of each calendar month equal to 0.5654 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) multiplied by the Executive's Account balance as of the last day of the preceding calendar month. This credit shall continue until, as is applicable, the Executive's Retirement Payment Commencement Date described in Section 1.2, Early Benefit Payment Commencement Date described in Article 2 or Article 3, voluntary termination of employment with the Corporation or discharge by the Corporation as described in Section 4.1 or 8.1 or termination of this Agreement as described in Section 4.2. Notwithstanding the foregoing, with respect to each calendar month during the period of July 1, 1995 1994 through the Effective Date, the monthly credit amounts shall be determined as described above, but credited to the Executive's Account as of the Effective Date.