Common use of Pension Service Credit and Payment Clause in Contracts

Pension Service Credit and Payment. The Executive's accrued benefit under any qualified or nonqualified defined benefit type pension plan or arrangement of the Company, including, without limitation, the Employee Pension Plan or any successor plan and/or the Supplemental Executive Retirement Plan or any successor plan (all such plans, the "Pension Plans") shall, to the extent not previously vested, be deemed vested as of the Date of Termination. In addition, the Company shall pay to the Executive an amount equal to the lump sum value (based on the actuarial assumptions used under the respective plan) of two and one half years of additional service and age credit for pension purposes under the Pension Plans (with the Base Salary used for the last two and one half years of the salary component of "final average earnings" for purposes of this calculation), which payments shall be made within thirty (30) days after termination of employment.

Pension Service Credit and Payment. The Executive's accrued benefit under any qualified or nonqualified defined benefit type pension plan or arrangement of the Company, including, without limitation, the Employee Pension Plan or any successor plan and/or the Supplemental Executive Retirement Plan or any successor plan (all such plans, the "Pension PlansPENSION PLANS") shall, to the extent not previously vested, be deemed vested as of the Date of Termination. In addition, the Company shall pay to the Executive an amount equal to the lump sum value (based on the actuarial assumptions used under the respective plan) of two and one half three years of additional service and age credit for pension purposes under the Pension Plans (with the Base Salary used for the last two and one half years of as the salary component of "final average earnings" for purposes of this calculation), which payments shall be made within thirty (30) days after termination of employment.