Retirement Before Age 65. If Employee retires or otherwise ceases to be employed by Hexcel after his 40th birthday but prior to his 65th birthday, his consulting and retirement income payments, without any specification as to the amount allocated to either, computed pursuant to Section 1.2, shall commence the calendar month following his 65th birthday and shall continue for one hundred twenty (120) such payments or until payment for the month in which Employee dies, whichever is the last to occur. Should the Employee request that such payments commence at an earlier date and Hexcel, in its sole and absolute discretion, consents thereto in writing, the monthly amounts payable shall be the amount actuarially reduced to reflect the appropriate benefit according to the employee’s age. Employee shall not be entitled to any benefits under this Agreement if Employee ceases to be employed by Hexcel prior to attaining his 40th birthday.
Retirement Before Age 65. If Employee retires or otherwise ceases to be employed by Hexcel after his 40th birthday but prior to his 65th birthday, his consulting and retirement income payments, without any specification as to the amount allocated to either, computed pursuant to Section 1.2 and actuarially reduced to reflect commencement prior to age 65, shall commence the calendar month following his termination of employment and shall continue for one hundred twenty (120) such payments or until payment for the month in which Employee dies, whichever is the last to occur (the “Early Retirement Benefit”). The Employee may irrevocably elect, provided such election shall not take effect until twelve months after the date on which it is made:
(A) to defer commencement of the Early Retirement Benefit until the later of the fifth anniversary following Employee’s termination of employment and age 65 (the “deferred commencement date”); provided that, the amount of such benefit shall be adjusted such that the benefit to be received by the Employee, after taking into account that the payment will not take place until the deferred commencement date, is actuarially equivalent to the Early Retirement Benefit; or
(B) to receive payment of the Early Retirement Benefit in the form of a single lump sum cash payment, the amount of which shall equal the actuarial present value of the Early Retirement Benefit, and which shall be paid as soon as administratively practicable (but in any event no later than 90 days) after the fifth anniversary of the Employee’s termination of employment; provided that the amount of such payment shall be adjusted such that, after taking into account that the payment will not take place until the fifth anniversary of the date of Employee’s termination of employment, the payment is actuarially equivalent to the Early Retirement Benefit; or
(C) to receive payment of the Early Retirement Benefit in the form of a single lump sum cash payment, the amount of which shall equal the actuarial present value of the Early Retirement Benefit, which shall be paid on or as soon as administratively practicable (but in any event no later than 90 days) after the deferred commencement date as defined in (A); provided that the amount of such payment shall be adjusted such that, after taking into account that the payment will not take place until the deferred commencement date, the payment is actuarially equivalent to the Early Retirement Benefit. Employee shall not be entitled to any benefits...
Retirement Before Age 65. In the event Kerr elects to retire from employment with the Company and commence xxx available benefits under certain of the Company's benefit plans and programs prior to attaining age 65, Kerr shall receive retirement benefits under the SERP only to the exxxxx and in the amounts as determined by the Board of Directors of the Company. Termination of employment pursuant to Sections 9.4, 9.6, or 9.7, shall not be deemed to be retirement within the meaning of this Section and Kerr shall be entitled to retirement benefits under the SERP. All axxxxs of restricted stock, stock options and any other benefits under the Long-Term Incentive Plans shall be handled in accordance with the terms of the relevant plan and agreements entered into between Kerr and the Company with respect to such awards.
Retirement Before Age 65. Employees who retire before age 65 and who have achieved the O.M.E.R.S. factor (age plus years of service) of 90 (or a lower factor in effect at the time of retirement) and who take a retirement pension, and employees who retire early under a retirement window offered by
Retirement Before Age 65. If Employee retires or otherwise ceases to be employed by Hexcel after his 40th birthday but prior to his 65th birthday, his consulting and retirement income payments, without any specification as to the amount allocated to either, computed pursuant to said Exhibit “A”, shall commence the calendar month following his 65th birthday and shall continue for one hundred twenty (120) such payments or until payment for the month in which Employee dies, whichever is the last to occur. Should the Employee request that such payments commence at an earlier date and Hexcel, in its sole and absolute discretion, consents thereto in writing, the monthly amounts payable shall be the amount reflected on Exhibit “B”, which has been initialed by the parties and attached hereto. If Employee retires or otherwise ceases to be employed by Hexcel after his 40th birthday but prior to his 58th birthday, his consulting and retirement income payments shall be the same as under Section 1.2 except that until Employee attains the age of 58, the obligation of Hexcel under Section 6.2 (i.e., medical and dental insurance) shall be in effect only if Employee promptly reimburses Hexcel on its written demand for its costs of such medical and dental insurance under the group plan. Employee shall not be entitled to any benefits under this Agreement if Employee ceases to be employed by Hexcel prior to attaining his 40th birthday.
Retirement Before Age 65. In the event Xxxx elects to retire from employment with the Company and commence the available benefits under certain of the Company's benefit plans and programs prior to attaining age 65, Xxxx shall receive retirement benefits under the SERP only to the extent and in the amounts as determined by the Board of Directors of the Company. Termination of employment pursuant to Sections 9.4, 9.6, or 9.7, shall not be deemed to be retirement within the meaning of this Section and Xxxx shall be entitled to retirement benefits under the SERP. All awards of restricted stock, stock options and any other benefits under the Long-Term Incentive Plans shall be handled in accordance with the terms of the relevant plan and agreements entered into between Xxxx and the Company with respect to such awards.
