EXECUTIVE BENEFIT PLAN. The administration of the E.B.P. contained herein is subject to the Policies and Procedures as set out by the Employer. It is understood that these Policies and Procedures will not alter the Benefit Plan as set out in this Article.
EXECUTIVE BENEFIT PLAN. During the term of Employee's employment ---------------------- hereunder, Employee shall be entitled to participate fully in all benefit plans made available generally to executive officers of cti.
EXECUTIVE BENEFIT PLAN. If financial conditions permit, the Company agrees to implement an executive benefit plan, which will include life and disability insurance benefits. The Company may, at the sole discretion of the Board of Directors, make contributions to an executive benefit plan.
EXECUTIVE BENEFIT PLAN. The Company and Employee acknowledge that they have entered into an Agreement setting forth an Executive Benefit Plan dated March 9, 1984, as amended ("the Executive Benefit Plan"). In connection therewith, the parties agree that this Agreement shall not in any manner modify, alter or change the terms and conditions of the Executive Benefit Plan. It is further agreed that:
EXECUTIVE BENEFIT PLAN. The Purchaser intends to continue in effect the Company's Executive Benefit Plan, as evidenced by separate Executive Benefit Agreements with each participating employee of the Company (the "Executive Benefit Agreements"), the separate Trust Agreement dated January 31, 1994, with NBD Bank, N.A., as Trustee, as amended by that certain Amendment to Trust Under Fabwel, Inc. Executive Benefit Plan adopted prior to the execution of this Agreement (collectively, the "Trust") and the separate life insurance policies owned by the Company on the lives of each participating employee (the "Life Insurance"). The Purchaser agrees to cause the Company to assume the obligations and liabilities under the separate Executive Benefit Agreements with the participating employees as of the Closing Date for as long as the Executive Benefit Agreements, or any of them, remain in full force and effect. The Purchaser further agrees to cause the Company to provide sufficient funding, whether through the funds held in the Trust, the Life Insurance or otherwise, for timely payment of any and all financial obligations under the Executive Benefit Agreements, or any of them, for as long as the Executive Benefit Agreements, or any of them, remain in full force and effect. Nothing herein shall be construed so as to prohibit the Purchaser or the Company from exercising any rights of the Company under the Executive Benefit Agreements after Closing, nor shall the Purchaser or the Company be required to continue funding obligations under any of the Executive Benefit Agreements once said Agreements have been terminated and all benefits paid in accordance with their respective terms.
EXECUTIVE BENEFIT PLAN. The administration of the contained herein is subject to the Policies and Procedures as set out by the Employer. It is understood that these Policies and Procedures will not alter the Benefit Plan as set out in this Article. The Executive Benefit Plan for employees shall be equivalent to of an employee's basic salary. Designation of the total percentage of the benefit to the plan chosen must be made by the end of September each year. The designation is irrevocable and will continue for pay periods starting in January of the following year. An employee may choose one or a combination of the following benefits, to the extent of earned entitlements. Direct Monetary Payment An employee may elect to receive a cash payout on a pay period basis of all or part of the benefit. Time Bank An employee may elect to transfer all or part of the benefit earned into a Time Bank which shall have a maximum accumulation of fifteen (1 5) days. The purpose of the Time Bank is to enable the employee to take a leave of absence from work with pay. The scheduling of such time off is subject to departmentalrequirements. If a Transit Supervisor or Transit Communications Supervisor selects time off, may be scheduled off for time that has not earned. The will be administered in conjunction with the payroll system. Selected options, e.g., time off or cash, will be recorded or paid on each pay. local Collective Agreement January December
EXECUTIVE BENEFIT PLAN. You shall be entitled to a lump sum pension benefit in accordance with the Company's Executive Benefit Plan in effect as of October 1, 1996; provided that, for purposes of determining the pension benefit to which you are entitled in accordance with such Executive Benefit Plan, you shall be deemed (i) to be a "Vested Participant"; (ii) to continue to be a "Tier I Participant"; to have a "Final Average Pay" equal to $1,101,971; and (iv) to continue to accrue additional "Credited Service" (without regard to the 10 year limit in Section 4.2(a) of the Executive Benefit Plan). Such benefit shall be paid on or about January 15, 1998. The estimated amount of such benefit is $5.8 million.
