Common use of Reduction of Benefits Clause in Contracts

Reduction of Benefits. (a) The Company and the Employee have entered into a Life Insurance Split-Dollar Agreement dated as of August 26, 1992, pursuant to which the Employee's designated beneficiaries may receive a death benefit in the event of the Employee's death while employed by the Company and the Employee may own an interest in the cash surrender value of a life insurance policy (the "Policy") at the time his employment with the Company terminates by retirement or otherwise. Therefore, notwithstanding any other provision of this Agreement to the contrary, the benefits that the Company is obligated to pay to the Employee pursuant to Sections 2, 3, 4 and 5 shall be reduced in the manner provided in Paragraph (b) below by the amount of the Employee's interest in the cash surrender value of the Policy at the date of the Employee's retirement, termination, or total and permanent disability, whichever first occurs. (b) The reduction under Paragraph (a) above shall be calculated as follows as of the date on which the Employee ceases to be employed by the Company: (i) Calculate the monthly benefit under Section 2, 3, 4, or 5, as the case may be. (ii) Convert the monthly benefit (from (i) above) into an after-tax monthly benefit, using the after-tax rate specified under paragraph II in Schedule A to this Agreement (the "After-Tax Rate"). (iii) Calculate the monthly annuity amount that would be payable to the Employee monthly for 180 months if an amount equal to the Employee's interest in the cash surrender value of the Policy were converted into an annuity with a term certain of 180 months using an interest rate equal to the applicable annual interest rate specified under paragraph III in Schedule A to this Agreement (the "Applicable Annual Rate"). (iv) Convert the monthly annuity amount (from (iii) above) into an after-tax monthly annuity amount, using the After-Tax Rate, but applying the After-Tax Rate only to that part of the monthly annuity amount that would not represent the return of the Employee's investment in the policy. (v) Subtract the after-tax monthly annuity amounts (from (iv) above) from the after-tax monthly benefit (from (ii) above). Divide the remainder, if any, by the After-Tax Rate; the quotient is, notwithstanding the provisions of Sections 2, 3, 4, and 5, the monthly benefit payable for 180 months in accordance with the terms of the relevant section of this Agreement.

Reduction of Benefits. (a) The Company and the Employee have entered into a Life Insurance Split-Dollar Agreement dated as of August 26May 1, 19921999, pursuant to which beneficiaries of the Employee's designated beneficiaries Employee may receive a death benefit in if the event of the Employee's death Employee dies while employed by the Company and the Employee may own an interest in the cash surrender value of a life insurance policy (the "Policy") at the time his employment with the Company terminates by retirement or otherwise. Therefore, notwithstanding Notwithstanding any other contrary provision of this Agreement to the contraryAgreement, the benefits that the Company is otherwise obligated to pay to the Employee pursuant to Sections 2, 3, 4 and 5 5, or 6 shall be reduced in the manner provided in Paragraph (b) below by the amount of the Employee's interest in the cash surrender value of the Policy at on the date of the Employee's retirement, termination, or total and permanent disability, whichever first occursEmployee ceases to be employed by the Company. (b) The reduction under to which Paragraph (a) above refers shall be calculated as follows described in (i) through (v) below as of the date on which the Employee ceases to be employed by the Company: (i) Calculate the monthly benefit under Section Sections 2, 3, 45, or 56, as the case may be. (ii) Convert the monthly benefit (from (i) above) into an after-tax monthly benefit, using the after-tax rate specified under paragraph II in Schedule A to this Agreement (the "After-Tax Rate"). (iii) Calculate the monthly annuity amount that would be payable to the Employee monthly for 180 months if an amount equal to the Employee's interest in the cash surrender value of the Policy were converted into an annuity with a term certain of 180 months using an interest rate equal to the applicable annual interest rate specified under paragraph III in Schedule A to this Agreement (the "Applicable Annual Rate"). (iv) Convert the monthly annuity amount (from (iii) above) into an after-tax monthly annuity amount, using the After-Tax Rate, but applying the After-Tax Rate only to that part of the monthly annuity amount that would not represent the return of the Employee's investment in the policyPolicy. (v) Subtract the after-tax monthly annuity amounts amount (from (iv) above) from the after-tax monthly benefit (from (ii) above). Divide the remainder, if any, by the After-Tax Rate; the quotient is, notwithstanding the provisions of Sections 2, 3, 45, and 56, the monthly benefit payable for 180 months in accordance with the terms of the relevant section of this Agreement.

Reduction of Benefits. (a) The Company and the Employee have entered into a Life Insurance Split-Dollar Agreement dated as of August 26May 1, 19921997, pursuant to which beneficiaries of the Employee's designated beneficiaries Employee may receive a death benefit in if the event of the Employee's death Employee dies while employed by the Company and the Employee may own an interest in the cash surrender value of a life insurance policy (the "Policy") at the time his employment with the Company terminates by retirement or otherwise. Therefore, notwithstanding Notwithstanding any other contrary provision of this Agreement to the contraryAgreement, the benefits that the Company is otherwise obligated to pay to the Employee pursuant to Sections 2, 3, 4 and 5 5, or 6 shall be reduced in the manner provided in Paragraph (b) below by the amount of the Employee's interest in the cash surrender value of the Policy at on the date of the Employee's retirement, termination, or total and permanent disability, whichever first occursEmployee ceases to be employed by the Company. (b) The reduction under to which Paragraph (a) above refers shall be calculated as follows described in (i) through (v) below as of the date on which the Employee ceases to be employed by the Company: (i) Calculate the monthly benefit under Section Sections 2, 3, 45, or 56, as the case may be. (ii) Convert the monthly benefit (from (i) above) into an after-tax monthly benefit, using the after-tax rate specified under paragraph II in Schedule A to this Agreement (the "After-Tax Rate"). (iii) Calculate the monthly annuity amount that would be payable to the Employee monthly for 180 months if an amount equal to the Employee's interest in the cash surrender value of the Policy were converted into an annuity with a term certain of 180 months using an interest rate equal to the applicable annual interest rate specified under paragraph III in Schedule A to this Agreement (the "Applicable Annual Rate"). (iv) Convert the monthly annuity amount (from (iii) above) into an after-tax monthly annuity amount, using the After-Tax Rate, but applying the After-Tax Rate only to that part of the monthly annuity amount that would not represent the return of the Employee's investment in the policyPolicy. (v) Subtract the after-tax monthly annuity amounts amount (from (iv) above) from the after-tax monthly benefit (from (ii) above). Divide the remainder, if any, by the After-Tax Rate; the quotient is, notwithstanding the provisions of Sections 2, 3, 45, and 56, the monthly benefit payable for 180 months in accordance with the terms of the relevant section of this Agreement.

Reduction of Benefits. (a) The Company and the Employee have entered into a Life Insurance Split-Dollar Agreement dated as of August 26May 1, 1992, pursuant to which beneficiaries of the Employee's designated beneficiaries Employee may receive a death benefit in if the event of the Employee's death Employee dies while employed by the Company and the Employee may own an interest in the cash surrender value of a life insurance policy (the "Policy") at the time his employment with the Company terminates by retirement or otherwise. Therefore, notwithstanding Notwithstanding any other contrary provision of this Agreement to the contraryAgreement, the benefits that the Company is otherwise obligated to pay to the Employee pursuant to Sections 2, 3, 4 and 5 5, or 6 shall be reduced in the manner provided in Paragraph (b) below by the amount of the Employee's interest in the cash surrender value of the Policy at on the date of the Employee's retirement, termination, or total and permanent disability, whichever first occursEmployee ceases to be employed by the Company. (b) The reduction under to which Paragraph (a) above refers shall be calculated as follows described in (i) through (v) below as of the date on which the Employee ceases to be employed by the Company: (i) Calculate the monthly benefit under Section Sections 2, 3, 45, or 56, as the case may be. (ii) Convert the monthly benefit (from (i) above) into an after-tax monthly benefit, using the after-tax rate specified under paragraph II in Schedule A to this Agreement (the "After-Tax Rate"). (iii) Calculate the monthly annuity amount that would be payable to the Employee monthly for 180 months if an amount equal to the Employee's interest in the cash surrender value of the Policy were converted into an annuity with a term certain of 180 months using an interest rate equal to the applicable annual interest rate specified under paragraph III in Schedule A to this Agreement (the "Applicable Annual Rate"). (iv) Convert the monthly annuity amount (from (iii) above) into an after-tax monthly annuity amount, using the After-Tax Rate, but applying the After-Tax Rate only to that part of the monthly annuity amount that would not represent the return of the Employee's investment in the policyPolicy. (v) Subtract the after-tax monthly annuity amounts amount (from (iv) above) from the after-tax monthly benefit (from (ii) above). Divide the remainder, if any, by the After-Tax Rate; the quotient is, notwithstanding the provisions of Sections 2, 3, 45, and 56, the monthly benefit payable for 180 months in accordance with the terms of the relevant section of this Agreement.