Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday. (2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination. (b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-month period. (c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday. (d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive. (e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRD, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTH, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
Appears in 3 contracts
Samples: Executive Agreement (Primex Technologies Inc), Executive Agreement (Primex Technologies Inc), Executive Agreement (Primex Technologies Inc)
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRD, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTH, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
(f) During the term of the Executive's employment with Primex, Primex will provide the Executive (1) with an automobile or car payment equivalent at the Executive's option, (2) with a club membership and (3) with financial counseling services, in each case on the same terms and conditions as Xxxx most recently provided to the Executive while the Executive was an employee of Olin.
Appears in 2 contracts
Samples: Executive Agreement (Primex Technologies Inc), Executive Agreement (Primex Technologies Inc)
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-24- month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized early --- early retirement from Olin Xxxx under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRSTFirst, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin Xxxx pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECONDsecond, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin Xxxx at age 55 under the early retirement provisions of the Olin Xxxx Employees Pension Plan (72% at the date hereof), THIRDthird, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTHfourth, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin Xxxx pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
Appears in 2 contracts
Samples: Executive Agreement (Primex Technologies Inc), Executive Agreement (Primex Technologies Inc)
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard Target Incentive by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination the Change in Control and (iiiii) at age 55, would not qualify for subsidized --- early retirement from Olin Xxxx under the --- provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will shall receive a lump sum payment from Primex immediately upon the Change in Control to make up for the lost subsidy calculated as follows: FIRSTFirst, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin Xxxx pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECONDsecond, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin Xxxx at age 55 under the early retirement provisions of the Olin Xxxx Employees Pension Plan (72% at the date hereof), THIRDthird, by determining the ------ lump sum actuarial value (as of the date of TerminationChange in Control) of annual payments beginning at age 55 as calculated in the second step and FOURTHfourth, by deducting ------ ------ deducting from such lump sum actuarial value the lump sum actuarial value (as of the date of TerminationChange in Control) of the Executive's accrued annual benefits under all Olin Xxxx pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans. Any payments made pursuant to this section 5 (e) which are subject to tax will be increased (grossed up) so that the Executive will have received a net payment equal to that which he would have received if the payment was not subject to tax.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard Target Incentive by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination Change in Control and (iiiii) at age 55, would not --- qualify for subsidized --- early retirement from Olin Xxxx under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will shall receive a lump sum payment from Primex immediately upon the Change in Control to make up for the lost subsidy calculated as follows: FIRSTFirst, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin Xxxx pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECONDsecond, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin Xxxx at age 55 under the early retirement provisions of the Olin Xxxx Employees Pension Plan (72% at the date hereof), THIRDthird, by determining the ------ lump sum actuarial value (as of the date of TerminationChange in Control) of annual payments beginning at age 55 as calculated in the second step and FOURTHfourth, by deducting ------ ------ deducting from such lump sum actuarial value the lump sum actuarial value (as of the date of TerminationChange in Control) of the Executive's accrued annual benefits under all Olin Xxxx pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans. Any payments made pursuant to this section 5(e) which are subject to tax will be increased (grossed up) so that the Executive will have received a net payment equal to that which he would have received if the payment was not subject to tax.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a3(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a3(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 4 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(14(a)(1). In the event the Executive receives a payment under Paragraph 4(b3(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(14(a)(1) shall be tripleddoubled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b3(b)) the lump sum payment required to be made under this Paragraph 5(a)(14(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b3(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a3(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b3(b), the insurance coverage provided for in Paragraph 5(a4(a) (2) will be for an additional 2412-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(24(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Causecause. It is understood that the counseling and services contemplated by this Paragraph 5(d4(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b3(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b3(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at 72%at the date hereof), THIRD, by determining the ------ ----- lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTH, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a3(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a3(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 4 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(14(a)(1). In the event the Executive receives a payment under Paragraph 4(b3(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(14(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 67 years old in the case the Executive receives a payment under Paragraph 4(b3(b)) the lump sum payment required to be made under this Paragraph 5(a)(14(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 2436-month period in the case of the Executive receiving a payment under Paragraph 4(b3(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a3(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b3(b), the insurance coverage provided for in Paragraph 5(a4(a) (2) will be for an additional 24-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(24(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Causecause. It is understood that the counseling and services contemplated by this Paragraph 5(d4(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b3(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for --- subsidized --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b3(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the ------ percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRD, by determining the ------ lump sum actuarial value (as of the date of ------ Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTH, by deducting ------ ------ from such lump sum actuarial ------ value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
(f) During the term of the Executive's employment with Primex, Primex will provide the Executive (1) with an automobile or car payment equivalent at the Executive's option, (2) with a club membership and (3) with financial counseling services, in each case on the same terms and conditions as Xxxx most recently provided to the Executive while the Executive was an employee of Olin.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a3(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a3(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 4 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(14(a)(1). In the event the Executive receives a payment under Paragraph 4(b3(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(14(a)(1) shall be tripleddoubled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b3(b)) the lump sum payment required to be made under this Paragraph 5(a)(14(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b3(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a3(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b3(b), the insurance coverage provided for in Paragraph 5(a4(a) (2) will be for an additional 2412-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(24(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Causecause. It is understood that the counseling and services contemplated by this Paragraph 5(d4(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b3(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for --- subsidized --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b3(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the ------ percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRD, by determining the ------ lump sum actuarial value (as of the date of ------ Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTH, by ------ deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
(f) During the term of the Executive's employment with Primex, Primex will provide the Executive (1) with an automobile or car payment equivalent at the Executive's option and (2) with financial counseling services, in each case on the same terms and conditions as Xxxx most recently provided to the Executive while the Executive was an employee of Olin.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a3(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a3(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 4 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(14(a)(1). In the event the Executive receives a payment under Paragraph 4(b3(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(14(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 67 years old in the case the Executive receives a payment under Paragraph 4(b3(b)) the lump sum payment required to be made under this Paragraph 5(a)(14(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 2436-month period in the case of the Executive receiving a payment under Paragraph 4(b3(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a3(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b3(b), the insurance coverage provided for in Paragraph 5(a4(a) (2) will be for an additional 24-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(24(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Causecause. It is understood that the counseling and services contemplated by this Paragraph 5(d4(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b3(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for --- subsidized --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b3(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the ------ percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRD, by determining the ------ lump sum ----- actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTH, by deducting ------ ------ from such lump ------ sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
(f) During the term of the Executive's employment with Primex, Primex will provide the Executive (1) with an automobile or car payment equivalent at the Executive's option, (2) with a club membership and (3) with financial counseling services, in each case on the same terms and conditions as Xxxx most recently provided to the Executive while the Executive was an employee of Olin.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a3(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a3(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 4 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(14(a)(1). In the event the Executive receives a payment under Paragraph 4(b3(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(14(a)(1) shall be tripleddoubled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b3(b)) the lump sum payment required to be made under this Paragraph 5(a)(14(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b3(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a3(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b3(b), the insurance coverage provided for in Paragraph 5(a4(a) (2) will be for an additional 2412-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(24(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Causecause. It is understood that the counseling and services contemplated by this Paragraph 5(d4(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b3(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for --- subsidized --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b3(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRD, by determining the ------ ----- lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTH, by ------ deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-12- month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-24- month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized early --- early retirement from Olin Xxxx under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRSTFirst, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin Xxxx pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECONDsecond, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin Xxxx at age 55 under the early retirement provisions of the Olin Xxxx Employees Pension Plan (72% at the date hereof), THIRDthird, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTHfourth, by deducting ------ ------ from such lump sum ------ ------ actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin Xxxx pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
(f) During the term of the Executive's employment with Primex, Primex will provide the Executive (1) with an automobile or car payment equivalent at the Executive's option, (2) with a club membership and (3) with financial counseling services, in each case on the same terms and conditions as Xxxx most recently provided to the Executive while the Executive was an employee of Xxxx.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRD, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTH, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
(f) During the term of the Executive's employment with Primex, Primex will provide the Executive (1) with an automobile or car payment equivalent at the Executive's option (2) with a club membership and (3) with financial counseling services, in each case on the same terms and conditions as Xxxx most recently provided to the Executive while the Executive was an employee of Olin.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized early --- early retirement from Olin Xxxx under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRSTFirst, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin Xxxx pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECONDsecond, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin Xxxx at age 55 under the early retirement provisions of the Olin Xxxx Employees Pension Plan (72% at the date hereof), THIRDthird, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTHfourth, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin Xxxx pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a3(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a3(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 4 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(14(a)(1). In the event the Executive receives a payment under Paragraph 4(b3(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(14(a)(1) shall be tripleddoubled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b3(b)) the lump sum payment required to be made under this Paragraph 5(a)(14(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b3(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a3(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b3(b), the insurance coverage provided for in Paragraph 5(a4(a) (2) will be for an additional 2412-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(24(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Causecause. It is understood that the counseling and services contemplated by this Paragraph 5(d4(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b3(b), (ii) has an accrued vested benefit under OlinXxxx Corporation's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized --- early retirement from Olin Xxxx Corporation ("Olin") under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b3(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRD, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTH, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-24- month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized early --- early retirement from Olin Xxxx under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRSTFirst, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin Xxxx pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECONDsecond, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin Xxxx at age 55 under the early retirement provisions of the Olin Xxxx Employees Pension Plan (72% at the date hereof), THIRDthird, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTHfourth, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin Xxxx pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
(f) During the term of the Executive's employment with Primex, Primex will provide the Executive (1) with an automobile or car payment equivalent at the Executive's option (2) with a club membership and (3) with financial counseling services, in each case on the same terms and conditions as Xxxx most recently provided to the Executive while the Executive was an employee of Xxxx.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-12- month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-24- month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized early --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRSTFirst, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECONDsecond, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRDthird, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTHfourth, by deducting ------ ------ from such lump sum ------ ------ actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
(f) During the term of the Executive's employment with Primex, Primex will provide the Executive (1) with an automobile or car payment equivalent at the Executive's option, (2) with a club membership and (3) with financial counseling services, in each case on the same terms and conditions as Xxxx most recently provided to the Executive while the Executive was an employee of Olin.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1). In the event the Executive receives a payment under Paragraph 4(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(1) shall be tripled. Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 years old in the case the Executive receives a payment under Paragraph 4(b)) the lump sum payment required to be made under this Paragraph 5(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a 24-month period in the case of the Executive receiving a payment under Paragraph 4(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard Target Incentive by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b), the insurance coverage provided for in Paragraph 5(a) (2) will be for an additional 24-month period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Cause. It is understood that the counseling and services contemplated by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not qualify for subsidized --- early retirement from Olin Xxxx --- under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRSTFirst, by calculating the annual benefit which would otherwise be ----- be payable to the Executive at age 65 under all Olin Xxxx pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECONDsecond, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin Xxxx at age 55 under the early retirement provisions of the Olin Xxxx Employees Pension Plan (72% at the date hereof), THIRDthird, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second step and FOURTHfourth, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin Xxxx pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
Appears in 1 contract
Other Benefits and Payments. (1) If the Executive becomes entitled to payment under Paragraph 4(a3(a), then the Executive shall be entitled to receive a lump sum payment from Primex at the same time as the payment under Paragraph 4(a3(a) is made equal to the amount contributed or credited by Primex to the Executive's accounts in all defined contribution plans of Primex (whether or not "qualified" plans) during the 12 months preceding the Executive's Termination provided that in the event there are fewer than 12 months in such period the payment required shall be increased proportionately to make it equivalent to a 12 month period. The "amount contributed or credited by Primex" as defined in this Paragraph 5 4 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts. Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination. If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(14(a)(1). In the event the Executive receives a payment under Paragraph 4(b3(b), the amount required to be paid under the preceding sentences of this Paragraph 5(a)(14(a)(1) shall be tripled. [doubled] [FN/2: Tripled in case of Chairman and CEO and Vice Chairman.] Notwithstanding the foregoing, in the event at the date of Termination the Executive is more than 69 years old (or more than 68 [FN/3: 67 in case of Chairman and CEO and Vice Chairman] years old in the case the Executive receives a payment under Paragraph 4(b3(b)) the lump sum payment required to be made under this Paragraph 5(a)(14(a)(1) shall be reduced such that if it were expressed as equal monthly payments made over a 12-month period (a [24-month] [FN/4: 36-month in case of Chairman and CEO and Vice Chairman] period in the case of the Executive receiving a payment under Paragraph 4(b3(b)) and paid in monthly installments on the first of every month following Termination no such monthly payments would be received by the Executive beyond his or her seventieth birthday.
(2) If the Executive becomes entitled to payment under Paragraph 4(a3(a), for the 12 months from the date of the Termination the Executive will continue to enjoy coverage under all Primex medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the then current year. If the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar quarter. Even if the Executive receives the Executive Severance (including the amount referred to in Paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall also be entitled to a prorated ICP award for the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard by a fraction the numerator of which is the number of weeks in the calendar year prior to the Termination and the denominator of which is 52. The Executive shall accrue no ICP award during the 12 months following the date of Termination.
(b) If the Executive receives payment under Paragraph 4(b3(b), the insurance coverage provided for in Paragraph 5(a4(a) (2) will be for an additional [12-month] [FN/6: 24-month in case of Chairman and CEO and Vice Chairman] period.
(c) Notwithstanding the foregoing Paragraphs 5(a)(24(a)(2), and (b), no such insurance coverage will be afforded by this Agreement with respect to any period after the Executive's seventieth birthday.
(d) In the event of a Termination, the Executive will be entitled at Primex's expense to outplacement counseling and associated services in accordance with Primex's customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other than for Causecause. It is understood that the counseling and services contemplated by this Paragraph 5(d4(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Primex in lieu thereof will not be available to the Executive.
(e) If the Executive (i) receives the payment under Paragraph 4(b3(b), (ii) has an accrued vested benefit under Olin's qualified pension plan as of the date of Termination and (iii) at age 55, would not NOT qualify for subsidized --- early retirement from Olin under the provisions of Olin's pension plans, then, concurrent with the payment made to the Executive under Paragraph 4(b3(b), the Executive will receive a lump sum payment from Primex to make up for the lost subsidy calculated as follows: FIRST, by calculating the annual benefit which would otherwise ----- be payable to the Executive at age 65 under all Olin pension plans assuming the Executive had terminated his or her employment with Primex on the date of the Change in Control, SECOND, by multiplying such annual benefit by the percentage ------ then applicable in the calculation of benefits paid to employees retiring from active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan (72% at the date hereof), THIRD, by determining the ------ lump sum actuarial value (as of the date of Termination) of annual payments beginning at age 55 as calculated in the second SECOND step and FOURTH, by deducting ------ ------ from such lump sum actuarial value the lump sum actuarial value (as of the date of Termination) of the Executive's accrued annual benefits under all Olin pension plans. Lump sum actuarial value shall be determined in accordance with Olin's actuarial assumptions for its nonqualified defined benefit plans.
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