Nonqualified Retirement Plan. Company has previously entered into a nonqualified supplemental executive retirement plan with Executive whereby Company has credited a bookkeeping account maintained by Company for Executive with a deemed contribution of $25,000 per fiscal year. Such deemed contribution shall be credited during the Term as of the first day of each fiscal year of Company and shall earn interest at the rate of 10 percent compounded annually. Company acknowledges that Executive is entitled to continue receiving benefits under and in accordance with the terms of such plan. Executive shall at all times be fully vested in such account, and such account shall be paid to Executive in the manner and at the time(s) specified in such plan.
Nonqualified Retirement Plan. Company shall enter into a nonqualified supplemental executive retirement plan with Executive whereby Company shall agree to credit a bookkeeping account maintained by Company for Executive with a deemed contribution of $25,000 per fiscal year. Such deemed contribution shall be credited during the Term as of the first day of each fiscal year of the Trust beginning with its 2002 fiscal year, and shall earn interest at the rate of 10%, compounded annually. Executive shall at all times be fully vested in such account, and such account shall be paid to Executive in a single sum within 60 days after the termination of Executive's employment with the Trust for any reason.
Nonqualified Retirement Plan. Company hereby acknowledges that Executive is entitled to continue receiving benefits under and in accordance with the terms of Company's Supplemental Retirement Plan for Xxxxxxxx X. Xxxxxx, as amended.
Nonqualified Retirement Plan. Company has previously entered into a nonqualified supplemental executive retirement plan with Executive whereby Company has credited a bookkeeping account maintained by Company for Executive with a deemed contribution of $100,000 per fiscal year. Company acknowledges that Executive is entitled to continue receiving benefits under and in accordance with the terms of such plan; provided that, for fiscal year 2012, the deemed contribution to Executive shall be $71,500 and provided further that, beginning as of the first calendar day of each fiscal year of Company beginning with its 2013 fiscal year, the deemed contribution credited to Executive shall be $50,000 per fiscal year. Commencing on January 1, 2012, all deemed contributions, including those deemed made prior to 2012, in 2012, and after 2012 shall earn interest, compounding annually, for 2012 and for each calendar year after 2012, at the rate of five percent per annum. Executive and Company shall appropriately amend and restate the current Nonqualified Supplemental Executive Retirement Agreement. Executive shall at all times be fully vested in such account and such account shall be paid to Executive in the manner and at the time(s) specified in such plan.
Nonqualified Retirement Plan. Company has entered into a nonqualified supplemental executive retirement plan with Executive whereby Company has credited a bookkeeping account maintained by it for Executive with a deemed contribution of $25,000 per fiscal year. Company acknowledges that Executive is entitled to continue receiving benefits under and in accordance with the terms of such plan. Each additional deemed contribution shall be credited during the Term as of the first day of each fiscal year of Company beginning with its 2004 fiscal year, and shall earn interest at the rate of 10%, compounded annually. Executive shall at all times be fully vested in such account, and such account shall be paid to Executive in a single sum within 60 days after the termination of Executive's employment with Company for any reason.
Nonqualified Retirement Plan. The Employer shall establish a nonqualified retirement plan for the benefit of the Employee that will (i) be funded by the Employer with a minimum of $9,000 per year; and (ii) include provisions for (A) twenty percent (20%) annual vesting on a rolling basis; (B) one hundred percent (100%) vesting upon the death, disability, or termination of employment of the Employee by the Employer without cause; and (C) payment of the benefit to the Employee upon death, disability, retirement after having attained age sixty-two (62); or (D) having attained age sixty-five (65), whichever shall first occur.
Nonqualified Retirement Plan. Executive’s nonqualified supplemental retirement plan is hereby terminated and will be liquidated in a manner intended to comply with Treas. Reg. § 1.409A-3(j)(4)(ix)(C). No further contributions will be credited under such plan, but interest will continue to accrue on the account balance at an annual rate of ten percent through the date of liquidation.
Nonqualified Retirement Plan. 8 ARTICLE V
Nonqualified Retirement Plan. Company hereby acknowledges that Executive is entitled to continue receiving benefits under and in accordance with the terms of Company's Supplemental Retirement Plan for Jonathan B. Weller, as amended.
Nonqualified Retirement Plan. The Corporation shall establish a nonqualified deferred compensation/trust arrangement pursuant to which the Executive shall be entitled to defer all or a portion of his salary and bonus on an annual basis, in accordance with the provisions of the arrangement and the requirements of the Internal Revenue Code of 1986, as amended. In addition, the Corporation shall annually credit the amount of $82,000 on behalf of the Executive under such arrangement. The trust maintained in connection with such arrangement shall be designed as a rabbi trust, provided that it shall automatically convert to a secular trust upon the occurrence of certain events as specified therein. Subject to such reasonable limitations as are necessary for the arrangement to be considered deferred compensation, the Executive's benefits under such arrangement shall be fully vested at all times. The corpus of the trust maintained as part of such arrangement shall be invested as directed by the Board (or a committee to which the Board delegates this responsibility) after receiving input from the Executive as to his investment preferences. Such arrangement shall contain such other terms and conditions as shall be mutually agreed to by the Corporation and the Executive as soon as administratively possible following the date of this Agreement.
