Common use of Pension Adjustment Clause in Contracts

Pension Adjustment. An amount equal to the excess of (a) the actuarial value of the benefits which the Executive would have accrued under each of the Holding Company’s qualified and non-qualified pension plans in which the Executive was a participant as of the date of termination of employment if (i) the Executive’s employment had continued at the Executive’s level of total compensation (determined as of the date of termination of employment) for a period of three years following the Executive’s date of termination of employment and (ii) each such plan had remained in effect during such three-year period, over (b) the actuarial value of the Executive’s actual benefits under such qualified and non-qualified pension plans. The actuarial value of such benefits shall be determined by the Compensation Committee of the Holding Company in its reasonable discretion, and shall be paid to the Executive in a lump sum on the date of termination of employment.

Pension Adjustment. An amount equal to the excess of (a) the actuarial value of the benefits which the Executive would have accrued under each of the Holding Company’s 's qualified and non-qualified pension plans in which the Executive was a participant as of the date of termination of employment if (i) the Executive’s 's employment had continued at the Executive’s 's level of total compensation (determined as of the date of termination of employment) for a period of three years following the Executive’s 's date of termination of employment and (ii) each such plan had remained in effect during such three-year period, over (b) the actuarial value of the Executive’s 's actual benefits under such qualified and non-qualified pension plans. The actuarial value of such benefits shall be determined by the Compensation Committee of the Holding Company in its reasonable discretion, and shall be paid to the Executive in a lump sum on the date of termination of employment.

Pension Adjustment. An amount equal to the excess of (a) the actuarial value of the benefits which the Executive would have accrued under each of the Holding Company’s 's qualified and non-qualified pension plans in which the Executive was a participant as of the date of termination of employment if (i) the Executive’s 's employment had continued at the Executive’s 's level of total compensation (determined as of the date of termination of employment) for a period of three years following the Executive’s 's date of termination of employment and (ii) each such plan had remained in effect during such threeone-year period, over (b) the actuarial value of the Executive’s 's actual benefits under such qualified and non-qualified pension plans. The actuarial value of such benefits shall be determined by the Compensation Committee of the Holding Company in its reasonable discretion, and shall be paid to the Executive in a lump sum on the date of termination of employment.