Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee and executive benefit plans and programs of the Company, as presently in effect or as they may be modified or added to by the Company from time to time, to the extent such plans are available to similarly situated senior executives or employees of the Company, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, and participation in savings, profit-sharing, and stock ownership plans. In furtherance of and not in limitation of the foregoing, during the Term: (i) Executive will participate in all executive and employee vacation and time-off programs; (ii) The Company will provide Executive with coverage by long-term disability insurance and benefits substantially no less favorable (including any required contributions by Executive) than such insurance and benefits provided to Executive on the Effective Date; (iii) Executive will be covered by Company-paid group term life insurance providing a death benefit of one and one-half (1 1/2) times Executive's Annual Base Salary but not to exceed $150,000; and (iv) The Executive will be covered by a nonqualified supplemental employee retirement plan ("SERP") which will provide to Executive a lifetime monthly benefit. Executive acknowledges that his rights to the deferred compensation provided for in this Section 5(b) shall be no greater than those of a general unsecured creditor of the Company, and that such rights may not be pledged, collateralized, encumbered, hypothecated, or liable for or subject to any lien, obligation, or liability of Executive, or be assignable or transferable by Executive, otherwise than by will or the laws of descent and distribution, provided that Executive may designate one or more beneficiaries to receive any payment of such amounts in the event of his death.
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Samples: Employment Agreement (Walbro Corp), Employment Agreement (Walbro Corp), Employment Agreement (Walbro Corp)
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee and executive benefit plans and programs of the Company, as presently in effect or as they may be modified or added to by the Company from time to time, to the extent such plans are available to similarly situated other senior executives or employees of the Company, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, and participation in savings, profit-sharing, and stock ownership plans; provided, however, that, except as provided in the first sentence of Section 5(c)(iv) below, such benefit plans and programs, in the aggregate, shall provide Executive with benefits and compensation and incentive award opportunities substantially no less favorable than those provided by the Company to Executive under such plans and programs as in effect on the Effective Date, except that the Company shall have no obligation to include the Executive in the "Pars" program or in the SERP. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate as President-Activewear in all executive and employee vacation and time-off programs;
(ii) The Company will provide Executive with coverage by as President-Activewear in group and executive long-term disability insurance and benefits substantially no less favorable (including any required contributions by Executive) than such insurance and benefits provided to Executive in effect on the Effective Date;
(iii) Executive will be covered by Company-paid group term life insurance providing a death benefit of one and one-half substantially no less favorable (1 1/2including any required contributions by Executive) times Executive's Annual Base Salary but not to exceed $150,000than life insurance coverage in effect on the Effective Date; and
(iv) The Executive will be covered by a nonqualified supplemental employee entitled to retirement plan ("SERP") which will provide to Executive a lifetime monthly benefit. Executive acknowledges that his rights to the deferred compensation provided for in this Section 5(b) shall be benefits substantially no greater less favorable than those of a general unsecured creditor under the qualified and nonqualified defined benefit pension plans of the Company, and that such rights may not be pledged, collateralized, encumbered, hypothecated, or liable for or subject to any lien, obligation, or liability of Executive, or be assignable or transferable by Executive, otherwise than by will or Company as in effect on the laws of descent and distribution, provided that Executive may designate one or more beneficiaries to receive any payment of such amounts in the event of his deathEffective Date.
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Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee and executive benefit plans and programs of the Company, as presently in effect or as they may be modified or added to by the Company from time to time, to the extent such plans are available to similarly situated other senior executives or employees of the Company, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, and participation in savings, profit-sharing, and stock ownership plans; provided, however, that, except as provided in the first sentence of Section 5(c)(iv) below, such benefit plans and programs, in the aggregate, shall provide Executive with benefits and compensation and incentive award opportunities substantially no less favorable than those provided by the Company to Executive under such plans and programs as in effect on the Effective Date, except that the Company shall have no obligation to include the Executive in the "Pars" program or in the SERP. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate as President-Retail Group in all executive and employee vacation and time-off programs;
(ii) The Company will provide Executive with coverage by as President-Retail Group in group and executive long-term disability insurance and benefits substantially no less favorable (including any required contributions by Executive) than such insurance and benefits provided to Executive in effect on the Effective Date;
(iii) Executive will be covered by Company-paid group term life insurance providing a death benefit of one and one-half substantially no less favorable (1 1/2including any required contributions by Executive) times Executive's Annual Base Salary but not to exceed $150,000than life insurance coverage in effect on the Effective Date; and
(iv) The Executive will be covered by a nonqualified supplemental employee entitled to retirement plan ("SERP") which will provide to Executive a lifetime monthly benefit. Executive acknowledges that his rights to the deferred compensation provided for in this Section 5(b) shall be benefits substantially no greater less favorable than those of a general unsecured creditor under the qualified and nonqualified defined benefit pension plans of the Company, and that such rights may not be pledged, collateralized, encumbered, hypothecated, or liable for or subject to any lien, obligation, or liability of Executive, or be assignable or transferable by Executive, otherwise than by will or Company as in effect on the laws of descent and distribution, provided that Executive may designate one or more beneficiaries to receive any payment of such amounts in the event of his deathEffective Date.
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Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee and executive benefit plans and programs of the CompanyCompany or Walbro, as presently in effect or as they may be modified or added to by the Company or Walbro from time to time, to the extent such plans are available to similarly situated senior executives or employees of the Company, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, and participation in savings, profit-sharing, and stock ownership plans. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate in all executive and employee vacation and time-off programs;
(ii) The Company will provide Executive with coverage by long-term disability insurance and benefits substantially no less favorable (including any required contributions by Executive) than such insurance and benefits provided to Executive on the Effective Date;
(iii) Executive will be covered by Company-paid group term life insurance providing a death benefit of one and one-half (1 1/2) times Executive's Annual Base Salary but not to exceed $150,000; and
(iv) The Executive will be covered by a nonqualified supplemental employee retirement plan ("SERP") which will provide to Executive a lifetime monthly benefit. Executive acknowledges that his rights to the deferred compensation provided for in this Section 5(b) shall be no greater than those of a general unsecured creditor of the Company, and that such rights may not be pledged, collateralized, encumbered, hypothecated, or liable for or subject to any lien, obligation, or liability of Executive, or be assignable or transferable by Executive, otherwise than by will or the laws of descent and distribution, provided that Executive may designate one or more beneficiaries to receive any payment of such amounts in the event of his death.
Appears in 1 contract
Samples: Employment Agreement (Walbro Corp)
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee and executive benefit plans and programs of the Company, as presently in effect or as they may be modified or added to by the Company from time to time, to the extent such plans are available to similarly situated senior executives or employees of the Company, including those assigned to serve as senior executives of FOL, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, and participation in savings, profit-sharing, and stock ownership plans; provided, however, that such benefit plans and programs and any benefit plans and programs of FOL in which Executive may from time to time participate shall, in the aggregate, provide Executive with benefits substantially no less favorable than those provided by the Company and FOL to senior executives in similar capacities. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate in all executive and employee vacation and time-off programs;
(ii) The Company will provide Executive with coverage by long-term disability insurance and benefits substantially no less favorable (including any required contributions by Executive) than such insurance and benefits provided to Executive on the Effective Dateat January 1, 1995;
(iii) Executive will be covered by Company-paid group and individual term life insurance providing a death benefit of one and one-half (1 1/2) not less than three times Executive's Annual Base Salary but not annual base salary under Section 4(a); provided, however, that such insurance may be combined with a supplementary retirement funding vehicle;
(iv) Under the Company's pension plans (including supplemental plans): (A) Executive will be entitled to exceed $150,000benefits substantially no less favorable than those under such plans and programs of the Company as in effect at January 1, 1995; (B) for purposes of calculating such benefits Executive's compensation covered by such plans will include 100% of annual salary paid under Section 4(a) and no less than 50% of annual incentive compensation paid under Section 4(b), and Executive shall be credited, for each full calendar year of the Term that is completed up to five years, with one additional year of service up to five additional years under such plans, which shall be fully vested upon crediting; and (C) amounts equal to the present value of Executive's accrued benefit vested at any time during the Term, under all supplemental (non-qualified) pension plans of the Company, will be fully funded by the Company by the purchase of an insured annuity, the ownership of which shall be transferred to Executive, providing a benefit equivalent to such accrued benefit on an after-tax basis, and the Company will pay to Executive an additional amount (or apply such additional amount to the purchase of an increased insured annuity if so elected by Executive) equal to the total of Executive's federal, state, and local income and employment taxes on the insured annuity and such additional amount; and
(ivv) The Executive will be covered by a nonqualified supplemental employee retirement plan ("SERP") which Company will provide Executive with health and medical benefits consistent with its policies for other senior executives, including those assigned to Executive serve as senior executives of FOL, subject to a lifetime monthly benefit. maximum amount of supplemental reimbursements of $750,000; provided, however, that supplemental health and medical benefits shall provide for reimbursement of Executive acknowledges that his rights to the deferred compensation provided for in this Section 5(b) shall be no greater than those of a general unsecured creditor of the Company, extent that any limitation on maximum lifetime health and that such rights may not be pledged, collateralized, encumbered, hypothecated, or liable for or subject to any lien, obligation, or liability of Executive, or be assignable or transferable by Executive, otherwise than by will or the laws of descent medical benefits and distribution, provided that Executive may designate one or more beneficiaries to receive any payment of such amounts in the event of his deathreimbursements under other Company policies and programs is exceeded.
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Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee and executive benefit plans and programs of the Company, as presently in effect or as they may be modified or added to by the Company from time to time, to the extent such plans are available to similarly situated other senior executives or employees of the Company, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, and participation in savings, profit-sharing, and stock ownership plans; provided, however, that, except as provided in the first sentence of Section 5(c)(iv) below, such benefit plans and programs, in the aggregate, shall provide Executive with benefits and compensation and incentive award opportunities substantially no less favorable than those provided by the Company to Executive under such plans and programs as in effect on the Effective Date, except that the Company shall have no obligation to include the Executive in the "Pars" program or in the SERP. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate as Vice President-Treasurer in all executive and employee vacation and time-off programs;
(ii) The Company will provide Executive with coverage by as Vice President-Treasurer in group and executive long-term disability insurance and benefits substantially no less favorable (including any required contributions by Executive) than such insurance and benefits provided to Executive in effect on the Effective Date;
(iii) Executive will be covered by Company-paid group term life insurance providing a death benefit of one and one-half substantially no less favorable (1 1/2including any required contributions by Executive) times Executive's Annual Base Salary but not to exceed $150,000than life insurance coverage in effect on the Effective Date; and
(iv) The Executive will be covered by a nonqualified supplemental employee entitled to retirement plan ("SERP") which will provide to Executive a lifetime monthly benefit. Executive acknowledges that his rights to the deferred compensation provided for in this Section 5(b) shall be benefits substantially no greater less favorable than those of a general unsecured creditor under the qualified and nonqualified defined benefit pension plans of the Company, and that such rights may not be pledged, collateralized, encumbered, hypothecated, or liable for or subject to any lien, obligation, or liability of Executive, or be assignable or transferable by Executive, otherwise than by will or Company as in effect on the laws of descent and distribution, provided that Executive may designate one or more beneficiaries to receive any payment of such amounts in the event of his deathEffective Date.
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