Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash payment) equal to the Present Value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated Ingersoll-Rand Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx Plan"), (B) the Ingersoll-Rand Company Elected Officers Supplemental Prograx (xxx "Xxxxxxd Officer Supplemental Program" or the "Program"), and (C) the Executive Supplementary Retirement Agreement (the "Ten Year Annuity"), all as in effect immediately prior to the Change of Control Event (collectively the "Pension Benefit"). (ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age is fifty-five). (iii) In calculating the portion of the Pension Benefit under the Elected Officer Supplemental Program, the Company shall: (A) credit the Employee with an additional five Years of Service and an additional five years of age for purposes of computing the amount of the Pension Benefit; and (B) define "Final Average Salary" in Section 1.8 of the Program as 1/3 of the severance amount determined pursuant to Section 5(b) of this Agreement.
Appears in 1 contract
Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash paymentpayment and in lieu of the benefit otherwise provided under the applicable plan, program or agreement) equal to the Present Value present value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated IngersollXxxxxxxxx-Rand Xxxx Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx “Section 415 Excess Plan"”), (B) the IngersollXxxxxxxxx-Rand Xxxx Company Elected Officers Supplemental Prograx Program (xxx "Xxxxxxd Officer the “Elected Officers Supplemental Program" ” or the "“Program"”), and and, if applicable, (C) the Xxxxxxxxx-Xxxx Company Executive Supplementary Retirement Agreement (the "Ten “Ten-Year Annuity"”), all as in effect immediately prior to the Change of in Control Event (collectively collectively, the "Section 415 Excess Plan, the Program and the Ten-Year Annuity shall be referred to as the “Pension Benefit"”).
(ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age is fifty-five).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Officers Supplemental ProgramProgram for the purpose of determining the amount payable under this Agreement, the Company shall: (A) credit the Employee with an additional five three Years of Service (as defined in the Program) (but in no event shall the Employee be credited with more than 35 Years of Service) and an additional five three years of age but to an age no greater than 65 for purposes of computing the amount of the Pension Benefit; and (B) define "“Final Average Salary" Pay” in Section 1.8 1.10 of the Program as 1/3 of the severance amount determined pursuant to Section 5(bparagraph 4(b) of this Agreement. If, after crediting three years of age, the Employee is less than 55 years old, the portion of his or her Pension Benefit under the Program shall be reduced to reflect commencement prior to age 55 in accordance with the applicable provisions of the Program.
(iii) This paragraph 4(e)(iii) shall apply only in the event that the portion of the Pension Benefit under the Elected Officers Supplemental Program, after application of paragraph 4(e)(ii), is less than zero ($0.00). In calculating the portion of the Pension Benefit under Section 1.1 of the Section 415 Excess Plan for the purpose of determining the amount payable under this Agreement, the Company shall credit the Employee with three additional years of credited service (within the meaning of the Company’s qualified defined benefit plan in which the Employee actively participates immediately prior to the Change in Control Event (the “Qualified Pension Plan”), and including compensation, vesting and age credit) and three additional years of age (provided that age shall not be increased to more than 65) for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan.
(iv) In calculating the portion of the Pension Benefit for the purpose of determining the amount payable under this Agreement under the Ten-Year Annuity, the Company shall credit the Employee with three additional years of age but to an age no greater than 65. Further, the competition restriction under the Ten-year Annuity shall be deleted and shall be null and void as of the Termination Date and replaced, in lieu thereof, with the competition restriction as set forth in Section 7 hereof.
(v) The present value of the Pension Benefit under the Elected Officers Supplemental Program, the Ten-Year Annuity and, only in the event that paragraph 4(e)(iii) applies, the Section 415 Excess Plan, shall be calculated using (A) an interest rate equal to the 10-year Treasury Note rate as used in the Elected Officers Supplemental Program’s definition of Actuarial Equivalent, (B) the mortality rate used to determine lump sum values in the Elected Officers Supplemental Program, and (C) actual age without the three year addition to age, except that the Ten-Year Annuity present value shall be calculated using no mortality assumption and actual age plus the additional three years but to an age no greater than 65.
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Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash paymentpayment and in lieu of the benefit otherwise provided under the applicable plan, program or agreement) equal to the Present Value present value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated Ingersoll-Rand Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx Section 415 Excess Plan"), (B) the Ingersoll-Rand Company Elected Xxxxxxxx Xxxxlemental Program (the "Elected Officers Supplemental Prograx (xxx "Xxxxxxd Officer Supplemental Program" or the "ProgramPrograx"), and xxx, xx xpplicable, (C) the Ingersoll-Rand Company Executive Supplementary Retirement Agreement (the "Ten Ten-Year Annuity"), all as in effect immediately prior to the immediatexx xxxxx xx xxe Change of Control Event (collectively collectively, the "Pension Benefit").
(ii) This paragraph 5(e)(ii) shall apply only in the event that the portion of the Pension Benefit under the Elected Officers Supplemental Program, after application of paragraph 5(e)(iii), is less than zero ($0.00). In calculating the portion of the Pension Benefit under section Section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service credited service (within the meaning of the Plan and Company's qualified defined benefit plan in which the Employee actively participates immediately prior to the Change of Control Event (the "Qualified Pension Plan"),and including wagecompensation, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age is fifty-five).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Officers Supplemental Program, the Company shall: (A) credit the Employee with an additional five Years of Service (as defined in the Program) and an additional five years of age for purposes of computing the amount of the Pension Benefit; and (B) define "Final Average SalaryPay" in Section 1.8 1.10 of the Program as 1/3 of the severance amount determined pursuant to Section paragraph 5(b) of this Agreement. If, after crediting five years of age, the Employee is less than 55 years old, the portion of his or her Pension Benefit under the Program shall be reduced for commencement prior to age 55 in accordance with the applicable provisions of the Program.
(iv) In calculating the portion of the Pension Benefit under the Ten-Year Annuity: (A) the phrase "subject to paragraph 5 hereof" shall be deleted, and the phrase "normal retirement age" or "age 65", as applicable depending on the Employee's arrangement, shall be replaced with "age 62", in each case, in paragraph 1; (B) the Company shall credit the Employee with five additional years of age but to an age no greater than 62; and (C) the competition restriction under the Ten-Year Annuity shall be deleted, and shall be null and void as of the Termination Date.
(v) The present value of the Pension Benefit under the Elected Officers Supplemental Program, the Ten-Year Annuity and, only in the event that paragraph 5(e)(ii) applies, the Section 415 Excess Plan, shall be calculated using (A) an interest rate equal to the product of (I) the 10-year Treasury Note rate as used in the Elected Officers Supplemental Program's definition of Actuarial Equivalent times (II) one minus the federal income tax rate at the highest bracket of income for individuals in effect for the year containing the date of payment, (B) the mortality rate used to determine lump sum values in the Elected Officers Supplemental Program, and (C) actual age without the five year addition to age, except that the Ten-Year Annuity present value shall be calculated using no mortality assumption and actual age plus the additional five years but to an age no greater than 62.
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Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash payment) equal to the Present Value present value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated Ingersoll-Rand Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx Xxxxxxx 415 Excess Plan"), (B) the Ingersoll-Rand Company Elected Officers Supplemental Prograx Supplemenxxx Xxxxxxx (xxx xhe "Xxxxxxd Officer Elected Officers Supplemental Program" or the "Program"), and (C) the Ingersoll- Rand Company Executive Supplementary Retirement Agreement Rxxxxxxxxx Xxxxxxxxx (the "Ten Ten-Year Annuity"), all as in effect immediately prior to the Change of Control Event (collectively collectively, the "Pension Benefit").
(ii) In calculating the portion of the Pension Benefit under section Section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service credited service (within the meaning of the Plan Company's qualified defined benefit plan in which the Employee actively participates immediately prior to the Change of Control Event (the "Qualified Pension Plan"), and including wagecompensation, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- fifty-five years old, it will be assumed that the benefit commencement age for purposes of the Section 415 Excess Plan is fifty-five).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Officers Supplemental Program, the Company shall: (A) credit the Employee with an additional five seventeen Years of Service (as defined in the Program) and an additional five years of age for purposes of computing the amount of the Pension Benefit; and (B) define "Final Average SalaryPay" in Section 1.8 1.10 of the Program as 1/3 of the severance amount determined pursuant to Section paragraph 5(b) of this Agreement; (C) revise Section 3.1(a) of the Program to read "the product of: (x) 53.6% plus the product of 1.9% times Years of Service after 1999, and (y) his Final Average Pay"; and (D) for purposes of benefit offset determinations, increase the annual life annuity pension benefit as determined in Appendix A, paragraph (a), by the product of: (x) $139,548, and (y) 1 minus the sum of (a) 1/180 for each of the next 60 months plus (b) 1/360 for each of the next 60 months that the Change in Control Event precedes the Employee's 65th birthday, and (z) in the event that a change in control precedes the Employee's 55th birthday, a further actuarial reduction factor for the period (measured in years and months) between the Employee's actual retirement age and age 55, computed using the applicable definition of "Actuarial Equivalent" under the provisions of the qualified defined benefit pension plan in which the Employee actively participated immediately prior to the Change in Control Event.
Appears in 1 contract
Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash payment) equal to the Present Value present value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated IngersollXxxxxxxxx-Rand Xxxx Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx Section 415 Excess Plan"), (B) the IngersollXxxxxxxxx-Rand Xxxx Company Elected Officers Supplemental Prograx Program (xxx the "Xxxxxxd Officer Elected Officers Supplemental Program" or the "Program"), and (C) the Xxxxxxxxx- Xxxx Company Executive Supplementary Retirement Agreement (the "Ten Ten-Year Annuity"), all as in effect immediately prior to the Change of Control Event (collectively collectively, the "Pension Benefit").
(ii) In calculating the portion of the Pension Benefit under section Section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service credited service (within the meaning of the Plan Company's qualified defined benefit plan in which the Employee actively participates immediately prior to the Change of Control Event (the "Qualified Pension Plan"), and including wagecompensation, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- fifty-five years old, it will be assumed that the benefit commencement age date for purposes of the Section 415 Excess Plan is fifty-fivethe first date on which the Employee becomes eligible to begin receiving payment of benefits under the Qualified Pension Plan).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Officers Supplemental Program, the Company shall: (A) credit the Employee with an additional five Years of Service (as defined in the Program) and an additional five years of age for purposes of computing the amount of the Pension Benefit; and (B) define "Final Average SalaryPay" in Section 1.8 1.10 of the Program as 1/3 of the severance amount determined pursuant to Section paragraph 5(b) of this Agreement.
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Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash paymentpayment and in lieu of the benefit otherwise provided under the applicable plan, program or agreement) equal to the Present Value present value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated IngersollXxxxxxxxx-Rand Xxxx Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx “Section 415 Excess Plan"), ”) and (B) the IngersollXxxxxxxxx-Rand Xxxx Company Elected Officers Supplemental Prograx Program (xxx "Xxxxxxd Officer the “Elected Officers Supplemental Program" ” or the "“Program"”), and (C) the Executive Supplementary Retirement Agreement (the "Ten Year Annuity"), all each as in effect immediately prior to the Change of in Control Event (collectively collectively, the "Section 415 Excess Plan and the Program shall be referred to as the “Pension Benefit"”).
(ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age is fifty-five).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Officers Supplemental ProgramProgram for the purpose of determining the amount payable under this Agreement, the Company shall: (A) credit the Employee with an additional five three Years of Service (as defined in the Program) (but in no event shall the Employee be credited with more than 35 Years of Service) and an additional five three years of age but to an age no greater than 65 for purposes of computing the amount of the Pension Benefit; and (B) define "“Final Average Salary" Pay” in Section 1.8 1.10 of the Program as 1/3 forty percent (40%) of the severance amount determined pursuant to Section 5(bparagraph 4(b) of this Agreement. If, after crediting three years of age, the Employee is less than 55 years old, the portion of his or her Pension Benefit under the Program shall be reduced to reflect commencement prior to age 55 in accordance with the applicable provisions of the Program.
(iii) This paragraph 4(e)(iii) shall apply only in the event that the portion of the Pension Benefit under the Elected Officers Supplemental Program, after application of paragraph 4(e)(ii), is less than zero ($0.00). In calculating the portion of the Pension Benefit under Section 1.1 of the Section 415 Excess Plan for the purpose of determining the amount payable under this Agreement, the Company shall credit the Employee with three additional years of credited service (within the meaning of the Company’s qualified defined benefit plan in which the Employee actively participates immediately prior to the Change in Control Event (the “Qualified Pension Plan”), and including compensation, vesting and age credit) and three additional years of age (provided that age shall not be increased to more than 65) for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan.
Appears in 1 contract
Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash payment) equal to the Present Value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated IngersollXxxxxxxxx-Rand Xxxx Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx Section 415 Excess Plan"), (B) the IngersollXxxxxxxxx-Rand Xxxx Company Elected Officers Supplemental Prograx Program (xxx the "Xxxxxxd Officer Supplemental Sixty-five Percent Program" or the "Program"), and (C) the Executive Supplementary Retirement Agreement (the "Ten Year Annuity"), all as in effect immediately prior to the Change of in Control Event (collectively the "Pension Benefit").
(ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- fifty-five years old, it will be assumed that the benefit commencement age date is fifty-fivethe first date on which the Employee becomes eligible to begin receiving payment of benefits under the Qualified Pension Plan).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Supplemental Sixty-five Percent Program, the Company shall: (A) credit the Employee with an additional five Years of Service and an additional five years of age for purposes of computing the amount of the Pension Benefit; and (B) reduce age 65 to age 62 in Section 5.1 (b) (i) of the Program; (C) define "Final Average Salary" in Section 1.8 of the Program as 1/3 of the severance amount determined pursuant to Section 5(b) of this Agreement; and (D) for purposes of benefit offset determinations compute retirement account amounts invested in Company stock and the account balance from employer matching contributions made in Company stock in Appendix A, paragraph (a)(2) and (3) of the Program using the lowest closing sale price of the Company stock on the New York Stock Exchange during the twelve months preceding the Change in Control Event.
Appears in 1 contract
Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash payment) equal to the Present Value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated IngersollXxxxxxxxx-Rand Xxxx Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx Section 415 Excess Plan"), (B) the IngersollXxxxxxxxx-Rand Xxxx Company Elected Officers Supplemental Prograx Program (xxx the "Xxxxxxd Elected Officer Supplemental Program" or the "Program"), and (C) the Executive Supplementary Retirement Agreement (the "Ten Year Annuity"), all as in effect immediately prior to the Change of Control Event (collectively the "Pension Benefit").
(ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age date is fifty-fivethe first date on which the Employee becomes eligible to begin receiving payment of benefits under the Qualified Pension Plan).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Supplemental Program, the Company shall: (A) credit the Employee with an additional five Years of Service and an additional five years of age for purposes of computing the amount of the Pension Benefit; and (B) define "Final Average Salary" in Section 1.8 of the Program as 1/3 of the severance amount determined pursuant to Section 5(b) of this Agreement.
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Pension Benefits. In addition to the benefits to which the Executive is entitled under any pension or retirement plan or arrangement established by the Corporation:
(i) No later than 30 days following The Executive will be credited with pensionable service in the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash payment) equal to the Present Value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated Ingersoll-Rand Company Canadian Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx “Supplemental Pension Plan"”), as may be amended from time to time or any successor plan thereto, for each of the 24 months included in the Severance Period;
(ii) Calculation of the Executive’s final average annual earnings for purposes of this Section 4.0(e) shall be determined based on the Executive’s annual base salary and annual Bonus award (as applicable) over the sixty month period prior to the end of the Executive’s Severance Period calculated according to Schedule “A” ;
(iii) The Executive’s age, for the purpose of calculating any early retirement reduction factor under the Supplemental Pension Plan shall be deemed to be equal to the age he would have attained at the end of the Severance Period;
(iv) For the purposes of this Section 4.0(e) and subject to clause 4.0(e)(vii) below, the date of pension commencement shall be determined in accordance with the Supplemental Pension Plan, but in any event no earlier than the end of the Severance Period;
(v) Subject to clauses 4.0(e)(vi) and (vii) below, the form of benefit to which the Executive is entitled under the Supplemental Pension Plan, including in the event of death prior to the commencement date of the Executive’s pension under the Supplemental Pension Plan, as modified by clauses 4.0(e)(i), (ii), (iii) and (iv) above, shall be determined in accordance with the terms of such plans in effect at the applicable time;
(vi) On or prior to the 15th business day following the Date of Termination, the Executive may irrevocably elect to receive in lieu of his pension entitlement under the Supplemental Pension Plan, a lump sum payment payable on the Payment Date equal to the actuarial present value of the Executive’s accrued pension under the Supplemental Pension Plan at the Date of Termination as modified by clauses 4.0(e)(i), (ii), (iii) and (iv) above and determined: (A) without any gross up or other adjustment for income tax and not taking into account the non-registered status of the Supplemental Pension Plan, (B) using the Ingersoll-Rand Company Elected Officers Supplemental Prograx (xxx "Xxxxxxd Officer Supplemental Program" same assumptions and methods utilized as at the Date of Termination for purposes of calculating a commuted value upon cessation of employment or membership under the "Program")Encana Corporation Canadian Pension Plan, as amended from time to time or any successor registered pension plan thereto, and (C) assuming the Executive’s accrued pension under the Supplemental Pension Plan is fully vested. If the Executive Supplementary Retirement Agreement (does not elect to receive the "Ten Year Annuity"), all as in effect immediately lump sum payment provided under this clause 4.0(e)(vi) on or prior to the Change 15th business day following the Date of Control Event (collectively Termination and subject to clause 4.0(e)(vii) below, he shall be deemed to have elected to receive his entitlement under the "Supplemental Pension Benefit"Plan as modified by clauses 4.0(e)(i).
, (ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage), vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age is fifty-five).
(iii) In calculating and (iv) above in accordance with clause 4.0(e)(v) above; and
(vii) If the portion Executive is age 55 or older on the Date of Termination, the Executive may elect to commence his pension under the Supplemental Pension Plan as of the Pension Benefit Date of Termination. In this event, the Executive’s pension entitlement under the Elected Officer Supplemental ProgramPension Plan as modified by clauses 4.0(e)(i), (ii), (iii) and (iv) above, shall be reduced on an actuarial equivalent value basis (but for greater certainty without any gross up or other adjustment for income tax and not taking into account the Company shall: (A) credit the Employee with an additional five Years of Service and an additional five years of age for purposes of computing the amount non-registered status of the Supplemental Pension Benefit; Plan), using the same assumptions and (B) define "Final Average Salary" in Section 1.8 methods utilized as at the Date of Termination under the Encana Corporation Canadian Pension Plan, as amended from time to time or any successor registered pension plan thereto, to reflect the acceleration of the Program as 1/3 commencement of the severance amount determined pursuant Executive’s pension under the Supplemental Pension Plan from the end of the Severance Period to Section 5(b) the Date of this AgreementTermination.
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Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash paymentpayment and in lieu of the benefit otherwise provided under the applicable plan, program or agreement) equal to the Present Value present value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated IngersollXxxxxxxxx-Rand Xxxx Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx “Section 415 Excess Plan"), ”) and (B) the IngersollXxxxxxxxx-Rand Xxxx Company Elected Officers Supplemental Prograx Program (xxx "Xxxxxxd Officer the “Elected Officers Supplemental Program" ” or the "“Program"”), and (C) the Executive Supplementary Retirement Agreement (the "Ten Year Annuity"), all each as in effect immediately prior to the Change of in Control Event (collectively collectively, the "Section 415 Excess Plan and the Program shall be referred to as the “Pension Benefit"”).
(ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age is fifty-five).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Officers Supplemental ProgramProgram for the purpose of determining the amount payable under this Agreement, the Company shall: (A) credit the Employee with an additional five three Years of Service (as defined in the Program) (but in no event shall the Employee be credited with more than 35 Years of Service) and an additional five three years of age but to an age no greater than 65 for purposes of computing the amount of the Pension Benefit; and (B) define "“Final Average Salary" Pay” in Section 1.8 1.10 of the Program as 1/3 of the severance amount determined pursuant to Section 5(bparagraph 4(b) of this Agreement. If, after crediting three years of age, the Employee is less than 55 years old, the portion of his or her Pension Benefit under the Program shall be reduced to reflect commencement prior to age 55 in accordance with the applicable provisions of the Program.
(iii) This paragraph 4(e)(iii) shall apply only in the event that the portion of the Pension Benefit under the Elected Officers Supplemental Program, after application of paragraph 4(e)(ii), is less than zero ($0.00). In calculating the portion of the Pension Benefit under Section 1.1 of the Section 415 Excess Plan for the purpose of determining the amount payable under this Agreement, the Company shall credit the Employee with three additional years of credited service (within the meaning of the Company’s qualified defined benefit plan in which the Employee actively participates immediately prior to the Change in Control Event (the “Qualified Pension Plan”), and including compensation, vesting and age credit) and three additional years of age (provided that age shall not be increased to more than 65) for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan.
Appears in 1 contract
Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash paymentpayment and in lieu of the benefit otherwise provided under the applicable plan, program or agreement) equal to the Present Value present value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated Ingersoll-Rand Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx Section 415 Excess Plan"), (B) the Ingersoll-Rand Company Comxxxx Xxxxxxx Xfficers Supplemental Program (the "Elected Officers Supplemental Prograx (xxx "Xxxxxxd Officer Supplemental Program" or the xxx "ProgramXxxxxxx"), and and, if applicable, (C) the Ingersoll-Rand Company Executive Supplementary Retirement Agreement (the "Ten Ten-Year Annuity"), all as in effect immediately effexx xxxxxxxxxxx prior to the Change of Control Event (collectively collectively, the "Pension Benefit").
(ii) This paragraph 5(e)(ii) shall apply only in the event that the portion of the Pension Benefit under the Elected Officers Supplemental Program, after application of paragraph 5(e)(iii), is less than zero ($0.00). In calculating the portion of the Pension Benefit under section Section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service credited service (within the meaning of the Plan and Company's qualified defined benefit plan in which the Employee actively participates immediately prior to the Change of Control Event (the "Qualified Pension Plan"),and including wagecompensation, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age is fifty-five).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Officers Supplemental Program, the Company shall: (A) credit the Employee with an additional five Years of Service (as defined in the Program) and an additional five years of age for purposes of computing the amount of the Pension Benefit; and (B) define "Final Average SalaryPay" in Section 1.8 1.10 of the Program as 1/3 of the severance amount determined pursuant to Section paragraph 5(b) of this Agreement. If, after crediting five years of age, the Employee is less than 55 years old, the portion of his or her Pension Benefit under the Program shall be reduced for commencement prior to age 55 in accordance with the applicable provisions of the Program.
(iv) In calculating the portion of the Pension Benefit under the Ten-Year Annuity: (A) the phrase "subject to paragraph 5 hereof" shall be deleted, and the phrase "normal retirement age" or "age 65", as applicable depending on the Employee's arrangement, shall be replaced with "age 62", in each case, in paragraph 1; (B) the Company shall credit the Employee with five additional years of age but to an age no greater than 62; and (C) the competition restriction under the Ten-Year Annuity shall be deleted, and shall be null and void as of the Termination Date.
(v) The present value of the Pension Benefit under the Elected Officers Supplemental Program, the Ten-Year Annuity and, only in the event that paragraph 5(e)(ii) applies, the Section 415 Excess Plan, shall be calculated using (A) an interest rate equal to the product of (I) the 10-year Treasury Note rate as used in the Elected Officers Supplemental Program's definition of Actuarial Equivalent times (II) one minus the federal income tax rate at the highest bracket of income for individuals in effect for the year containing the date of payment, (B) the mortality rate used to determine lump sum values in the Elected Officers Supplemental Program, and (C) actual age without the five year addition to age, except that the Ten-Year Annuity present value shall be calculated using no mortality assumption and actual age plus the additional five years but to an age no greater than 62.
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Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash paymentpayment and in lieu of the benefit otherwise provided under the applicable plan, program or agreement) equal to the Present Value present value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated IngersollXxxxxxxxx-Rand Xxxx Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx “Section 415 Excess Plan"”), (B) the IngersollXxxxxxxxx-Rand Xxxx Company Elected Officers Supplemental Prograx Program (xxx "Xxxxxxd Officer the “Elected Officers Supplemental Program" ” or the "“Program"”), and and, if applicable, (C) the Xxxxxxxxx-Xxxx Company Executive Supplementary Retirement Agreement (the "Ten “Ten-Year Annuity"”), all as in effect immediately prior to the Change of in Control Event (collectively collectively, the "Section 415 Excess Plan, the Program and the Ten-Year Annuity shall be referred to as the “Pension Benefit"”).
(ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age is fifty-five).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Officers Supplemental ProgramProgram for the purpose of determining the amount payable under this Agreement, the Company shall: (A) credit the Employee with an additional five three Years of Service (as defined in the Program) (but in no event shall the Employee be credited with more than 35 Years of Service) and an additional five three years of age but to an age no greater than 65 for purposes of computing the amount of the Pension Benefit; and (B) define "“Final Average Salary" Pay” in Section 1.8 1.10 of the Program as 1/3 forty percent (40%) of the severance amount determined pursuant to Section 5(bparagraph 4(b) of this Agreement. If, after crediting three years of age, the Employee is less than 55 years old, the portion of his or her Pension Benefit under the Program shall be reduced to reflect commencement prior to age 55 in accordance with the applicable provisions of the Program.
(iii) This paragraph 4(e)(iii) shall apply only in the event that the portion of the Pension Benefit under the Elected Officers Supplemental Program, after application of paragraph 4(e)(ii), is less than zero ($0.00). In calculating the portion of the Pension Benefit under Section 1.1 of the Section 415 Excess Plan for the purpose of determining the amount payable under this Agreement, the Company shall credit the Employee with three additional years of credited service (within the meaning of the Company’s qualified defined benefit plan in which the Employee actively participates immediately prior to the Change in Control Event (the “Qualified Pension Plan”), and including compensation, vesting and age credit) and three additional years of age (provided that age shall not be increased to more than 65) for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan.
(iv) In calculating the portion of the Pension Benefit for the purpose of determining the amount payable under this Agreement under the Ten-Year Annuity, the Company shall credit the Employee with three additional years of age but to an age no greater than 65. Further, the competition restriction under the Ten-year Annuity shall be deleted and shall be null and void as of the Termination Date and replaced, in lieu thereof, with the competition restriction as set forth in Section 7 hereof.
(v) The present value of the Pension Benefit under the Elected Officers Supplemental Program, the Ten-Year Annuity and, only in the event that paragraph 4(e)(iii) applies, the Section 415 Excess Plan, shall be calculated using (A) an interest rate equal to the 10-year Treasury Note rate as used in the Elected Officers Supplemental Program’s definition of Actuarial Equivalent, (B) the mortality rate used to determine lump sum values in the Elected Officers Supplemental Program, and (C) actual age without the three year addition to age, except that the Ten-Year Annuity present value shall be calculated using no mortality assumption and actual age plus the additional three years but to an age no greater than 65.
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Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash payment) equal to the Present Value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated IngersollXxxxxxxxx-Rand Xxxx Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx Section 415 Excess Plan"), (B) the IngersollXxxxxxxxx-Rand Xxxx Company Elected Officers Supplemental Prograx Program (xxx the "Xxxxxxd Officer Supplemental Sixty-five Percent Program" or the "Program"), and (C) the Executive Supplementary Retirement Agreement (the "Ten Year Annuity"), all as in effect immediately prior to the Change of Control Event (collectively the "Pension Benefit").
(ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- fifty-five years old, it will be assumed that the benefit commencement age is fifty-five).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Supplemental Sixty-five Percent Program, the Company shall: (A) credit the Employee with an additional five Years of Service and an additional five years of age for purposes of computing the amount of the Pension Benefit; and (B) reduce age 65 to age 62 in Section 5.1 (b) (i) of the Program; (C) define "Final Average Salary" in Section 1.8 of the Program as 1/3 of the severance amount determined pursuant to Section 5(b) of this Agreement; and (D) for purposes of benefit offset determinations compute retirement account amounts invested in Company stock and the account balance from employer matching contributions made in Company stock in Appendix A, paragraph (a)(2) and (3) of the Program using the lowest closing sale price of the Company stock on the New York Stock Exchange during the twelve months preceding the Change in Control Event.
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