Lump Sum Payment for Additional Two Years of Service Sample Clauses

Lump Sum Payment for Additional Two Years of Service. If you are not a participant in the Retirement Income Restoration Plan of ENSERCH Corporation ("RIRP") (the RIRP has provisions comparable to this subparagraph (ix)) when your employment with the Company is terminated within the first three years after a change in control, by the Company without Cause or by you for Good Reason, you shall receive from the Company, at the time you first receive any payment under or with respect to the Retirement Plan, an amount (calculated and paid in the form of a lump sum) equal to the difference between (i) the "Lump Sum", as defined below, value of any payment you receive at such time (or any monthly annuities that you then become entitled to receive) from (a) the Retirement Plan and (b) from the Company with respect to the portion, if any, of your Retirement Plan pension which exceed the limitations on pension amounts to which the Retirement Plan is subject and (ii) the Lump Sum value of payments that would have been payable if it or they had been calculated as if you had been deemed to have had two (2) additional "Years of Service", as defined below. "Years of Service" shall be as defined in the Retirement Plan and shall be applied as if you were a participant thereunder at the time of your termination of employment, and "Lump Sum" shall mean an amount calculated in accordance with the interest rate and other actuarial assumptions set forth or used in connection with lump sum calculations under the Retirement Plan. (x) Lump Sum Payment if Not Vested under Retirement Plan. If you are not vested under the Retirement Plan when your employment with the Company is terminated within the first three years after a change in control by the Company without Cause or by you for Good Reason, you shall receive from the Company at the time payments are made pursuant to paragraph (iii) above, an amount (calculated and paid in a lump sum) equal to the Lump Sum value of any payment you would have been entitled to receive at your Normal Retirement Date (or any annuities that you would have been entitled to receive) from the Retirement Plan and the RIRP calculated (a) as if you were 100% vested under such plans and (b) using actual years of service increased by two (2) additional Years of Service. (xi)
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Lump Sum Payment for Additional Two Years of Service. If the Retirement Income Restoration Plan of ENSERCH Corporation or the Company's successor plan thereto ("RIRP") does not have provisions comparable to this subparagraph (ix) when your employment with the Company is terminated within the first three years after a change in control, by the Company without Cause or by you for Good Reason, you shall receive from the Company, at the time you first receive any payment under or with respect to the Retirement Plan, an amount (calculated and paid in the form of a lump sum) equal to the difference between (i) the "Lump Sum", as defined below, value of any payment you receive at such time (or any monthly annuities that you
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Related to Lump Sum Payment for Additional Two Years of Service

  • Years of Service (i) A Participant’s Years of Service shall include all service performed for the Employer and ¨ Shall ¨ Shall Not include service performed for the Related Employer.

  • SUSPENSION OF YEARS OF SERVICE The suspension of Years of Service rule elected under Adoption Agreement Section 2.03 is effective for Plan Years beginning after _____________________.

  • Death After Termination of Employment But Before Benefit Payments Commence If the Executive is entitled to benefit payments under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the benefit payments to the Executive's beneficiary that the Executive was entitled to prior to death except that the benefit payments shall commence on the first day of the month following the date of the Executive's death.

  • Death After Separation from Service But Before Benefit Distributions Commence If the Executive is entitled to benefit distributions under this Agreement, but dies prior to the commencement of said benefit distributions, the Bank shall distribute to the Beneficiary the same benefits that the Executive was entitled to prior to death except that the benefit distributions shall commence within thirty (30) days following receipt by the Bank of the Executive’s death certificate.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Year of Service VESTING. For purposes of vesting under Section 5.03, Year of Service means any 12-consecutive month period designated in the Employer's Adoption Agreement during which an Employee completes not less than the number of Hours of Service (not exceeding 1,000) specified in the Employer's Adoption Agreement. A Year of Service includes any Year of Service earned prior to the Effective Date of the Plan, except as provided in Section 5.08.

  • Term of Service Except as otherwise provided in this Agreement, Atlas shall serve as the Managing General Partner of the Partnership until either it:

  • Lump Sum Payment NewMil Bancorp shall make a lump sum payment to the Executive in an amount in cash equal to one times the Executive’s annual compensation. For purposes of this Agreement, annual compensation means (a) the Executive’s annual base salary on the date of the Change in Control or the Executive’s termination of employment, whichever amount is greater, plus (b) any bonuses or incentive compensation earned for the calendar year immediately before the year in which the Change in Control occurred or immediately before the year in which termination of employment occurred, whichever amount is greater, regardless of when the bonus or incentive compensation is or was paid. NewMil Bancorp recognizes that the bonus and incentive compensation earned by the Executive for a particular year’s service might be paid in the year after the calendar year in which the bonus or incentive compensation is earned. The amount payable to the Executive hereunder shall not be reduced to account for the time value of money or discounted to present value. The payment required under this Section 2(a)(1) is payable no later than 5 business days after the date the Executive’s employment terminates. If the Executive terminates employment for Good Reason, the date of termination shall be the date specified by the Executive in his notice of termination.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Share Class Annual Compensation Rate Class R-1 1.00% Class R-2 0.75% Class R-2E 0.60% Class R-3 0.50% Class R-4 0.25% Class R-5 No compensation paid Class R-5E No compensation paid Class R-6 No compensation paid

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