Common use of Pension Supplement Clause in Contracts

Pension Supplement. In addition to the Severance Amount, the Vesting, the COBRA Benefits and the Insurance Payment, the Company shall pay to Executive (or his trust or estate, as applicable) a lump sum cash payment (the “Pension Supplement”), if applicable, in an amount equal to the lump sum value of the retirement pension to which Executive would have been entitled under the Company’s pension plan, excess benefit plan and supplemental retirement plan, if any, if Executive’s employment had continued for an additional period of twenty four (24) months, reduced by the present value (determined as of Executive’s normal retirement date) of Executive’s actual benefits under the Company’s pension plan, excess benefit plan and supplemental retirement plan. The Pension Supplement shall be paid to Executive during the sixty-five (65) day period following the date on which Executive’s Separation from Service occurs.