NON-QUALIFIED RETIREMENT PLANS. The Executive shall be entitled to participate in any non-qualified retirement plan that is generally provided to senior executive officers of the Company.
NON-QUALIFIED RETIREMENT PLANS. MVT Employees shall be deemed to have terminated employment on the Distribution Date for purposes of the MI Deferred Compensation Plans and shall be entitled to the distribution of their account balances under the MI Deferred Compensation Plans in accordance with the terms thereof. To the extent of any underfunding in the MI Deferred Compensation Trust II as of the Distribution Date, the MVT Group shall, upon reasonable notice by the MI Group, contribute its proportional part of the underfunding to the MI Deferred Compensation Trust II. The MVT Group’s proportional share of such underfunding, if any, shall be equal to the excess of (i) the account balances of the MVT Employees in the MI Deferred Compensation Plans that are subject to the MI Deferred Compensation Trust II as of the Distribution Date (disregarding any restricted stock units forfeited as of the Distribution Date) over (ii) the fair market value of the assets of the MI Deferred Compensation Trust II as of the Distribution Date attributable to the contributions (and earnings thereon) of the MVT Group. The MVT Group shall reimburse the MI Group for the amounts by which the amounts credited after the Distribution Date to the accounts of MVT Employees invested in the Xxxxx’x Single A Corporate Bond Rate exceed the actual earnings of the related assets attributable to such employees held under the MI Deferred Compensation Trust II during the same time period, which shall, after the Distribution Date, be invested consistent with past practices. The MVT Group shall make a profit sharing contribution to the MI Deferred Compensation Plans for the plan year ending December 31, 2007 in amounts determined pursuant to the terms of the MI Deferred Compensation Plans based on compensation paid to MVT Employees from January 1, 2007 through, but not after, the Distribution Date. Such contribution shall be made with respect to MVT Employees who remain in the MVT Group’s employ on December 31, 2007 (or retire, die or become disabled during calendar year 2007) and who are eligible for an allocation under the terms of the MI Deferred Compensation Plans taking into account employment with the MVT Group after the Distribution Date. Such contribution shall be made to the MI Deferred Compensation Trust II at a time to be determined by the MI Group which is on or before September 15, 2008. MVT Employees who forfeit restricted MI Corp. stock units credited to their accounts under the MI Deferred Compensation Plans as a ...
NON-QUALIFIED RETIREMENT PLANS. Purchaser hereby agrees to honor all liabilities to Company Employees and their beneficiaries arising under all nonqualified, unfunded, deferred compensation programs of Seller or its Subsidiaries listed on Schedule 5.05(f), including the Xxxxxx Corp. Supplemental Executive Retirement Plan (the "Xxxxxx SERP")
NON-QUALIFIED RETIREMENT PLANS. If eligible, and if you have a vested benefit under any of the excess non-qualified pension plans, then following your Termination Date you will be entitled to receive the benefits provided under such plan(s) in accordance with the terms of the applicable plan and subject to the requirements of Code §409A.
NON-QUALIFIED RETIREMENT PLANS. Non-Qualified Plans Maintained by the TRW Automotive Subsidiaries Prior to Closing Date. Immediately prior to the Closing Date, one or more TRW Automotive Subsidiaries maintain the Varity Automotive Inc. Supplemental Retirement & Deferred Compensation Plan for Employees and the Varity Automotive Inc. Non-Qualified Deferred Compensation Plan (collectively, the "TRW Automotive U.S. Non-Qualified Plans") and rabbi trusts relating thereto (collectively, the "TRW Automotive Rabbi Trusts"). Effective as of the Closing Date, the Company or the TRW Automotive Subsidiaries hereby retains and agrees to fully perform, pay and discharge and agrees to cause the TRW Automotive U.S. Non-Qualified Plans and the TRW Automotive Rabbi Trusts to retain and to fully perform, pay and discharge, all accrued benefit and other Liabilities under or with respect to the TRW Automotive U.S. Non-Qualified Plans and the TRW Automotive Rabbi Trusts.
NON-QUALIFIED RETIREMENT PLANS. 13 4.1. Establishment of Plans Discretionary.........................13 4.2. No Transfer of Liabilities...................................13 4.3. Final Year Credits...........................................13
NON-QUALIFIED RETIREMENT PLANS. The Employee shall be eligible to participate in both the Executive Salary Continuation Plan and the Executive Deferred Compensation Plan, as amended or replaced by successor plans approved by Employer’s Board of Directors.
NON-QUALIFIED RETIREMENT PLANS. 3.01 With respect to the Xcel Energy Inc. Nonqualified Deferred Compensation Plan and the Xcel Energy Inc. Nonqualified Pension Plan (collectively, the "NQRPs"), NRG and Xcel will determine prior to the Effective Date the proportion of the obligations owing thereunder as of the Effective Date to individuals employed by NRG or any NRG Subsidiary as of the date hereof ("NRG NQRP Participants") that is legally allocable to Xcel by virtue of the NRG NQRP Participants' prior service with Xcel and/or Northern States Power Company (the "Xcel NQRP Amount"). To the extent Xcel has not previously satisfied such obligation, Xcel will maintain responsibility for payment of the Xcel NQRP Amount to which the NRG NQRP Participants become entitled under the NQRPs, and NRG will have no obligation or liability for payment of such amount.
3.02 Any excess of (i) the total amount owing to NRG NQRP Participants under the NQRPs over (ii) the Xcel NQRP Amount (the "NRG NQRP Amount") will be reinstated or replaced by NRG under a similar non-qualified retirement plan or plans, developed by NRG in consultation with the Global Steering Committee and the Noteholder Group, that will be subject to approval as part of the Plan of Reorganization. NRG will be solely responsible for payment of the NRG NQRP Amount, and Xcel will have no obligation or liability for payment of such amount under the NQRPs or any replacement plan.
NON-QUALIFIED RETIREMENT PLANS. The Company shall provide a supplemental retirement benefit to the Executive which shall be no less than $650,000 per year beginning at age 65 and paid annually for 15 years, as amended or replaced by a successor plan approved by the Company's Board of Directors.
NON-QUALIFIED RETIREMENT PLANS. Parent hereby agrees to honor or to cause its Affiliates (including the Surviving Corporation) to honor all liabilities to Company Employees and their beneficiaries arising under all nonqualified, unfunded deferred compensation programs of Company or its Subsidiaries listed on Section 5.5(f) of the Disclosure Schedule, including but not limited to the Xxxxxx Corp. Supplemental Executive Retirement Plan (the "Xxxxxx SERP"). In particular, Parent hereby agrees that Company shall have the right to contribute within 3 days prior to the Effective Time to the Xxxxxx Corp. Supplemental Executive Retirement Trust, an amount necessary to fully fund all benefit obligations accrued under the Xxxxxx SERP immediately after the Effective Time (as required under the terms of the Xxxxxx SERP and the Trust) equal to the lesser of (i) $4,000,000 or (ii) an amount sufficient to purchase annuities from New York Life Insurance Company, Principal Mutual Life Insurance Company, Xxxx Xxxxxxx Mutual Life Insurance Company or Metropolitan Life Insurance Company or any other reputable insurance company rated at least A++ by Best and recommended by Xxxxxxx X. Xxxxxx Incorporated for the full accrued benefit of each participant and beneficiary under the Xxxxxx SERP (and the Trustee shall cause the Trust to purchase such annuities in the name of the Trust).
