Retirement Compensation. (i) If Executive's employment is terminated for any reason except Cause as defined in Section 5(d) above, the Company shall pay to Executive (or in the event of Executive's death after such termination, to such person as Executive has designated in a notice filed with the Company, or if no such person shall have been designated, to his estate), a lump sum amount equal to the amount by which (A) the product of (1) one-half multiplied by Executive's average annual salary for the three (3) year period preceding the Termination Date times (2) the number of years (including any partial year) since May 1, 1993 (the "Retirement Compensation") exceeds (B) the sum of any amounts previously distributed to Executive pursuant to Sections 5(g)(ii), 5(g)(iii) and 5(g)(iv). The lump sum amount to be paid shall not be present-valued or otherwise reduced by use of any other discount or discounting method. The payment will be made to Executive within five (5) business days of the Termination Date. (ii) Within five (5) business days after the date on which the BE Aerospace, Inc. Executive Compensation Trust II dated April 21, 1999, as amended is terminated (the "Distribution Date"), the Company will distribute in a lump sum the amount of Retirement Compensation that would have been payable to Executive under Section 5(g)(i) as of the Distribution Date. (iii) Within ninety (90) business days of the Distribution Date, the Company shall establish a trust for the duration of the Employment Term, and, commencing on the Distribution Date and on a quarterly basis, thereafter, each a "Contribution Date" the Company shall contribute to the trust (the "Retirement Trust") for the benefit of Executive an amount equal to (A) the Retirement Compensation that would be payable to Executive under Section 5(g)(ii) if the Contribution Date was his Termination Date minus (B) the assets in the Retirement Trust as of the Contribution Date. The Retirement Trust to which the Company shall make these contributions shall be irrevocable. The Retirement Trust shall provide that Executive may withdraw from the Retirement Trust, within the thirty (30)-day period beginning on the date on which he receives notice from the Company that the Company has made a contribution pursuant to this Section 5(g)(iii) an amount up to but not to exceed the amount of that contribution. If and to the extent that Executive fails to exercise this withdrawal right within the thirty (30) -day periods, such withdrawal right shall lapse. The Retirement Trust also shall contain such other provisions as the Company and Executive reasonably agree are necessary in order for the Retirement Trust to qualify as a grantor trust under Section 671 of the Internal Revenue Code of 1986, as amended (the "Code") with Executive as the grantor. The trust agreement for the Retirement Trust shall provide that any assets remaining in the Retirement Trust, after payment of all the retirement compensation payable pursuant to this Section 5g(iii), shall be payable to Executive, and that prior to payment of such retirement compensation, the assets of the Retirement Trust shall be exempt from the claims of the Company's creditors. (iv) As of the last day of each calendar quarter ending on or after the Distribution Date, during the Employment Term, the trustee of the Retirement Trust shall be required to distribute to Executive 25% of the amount of the Assumed Taxes that the Company reasonably estimates will be payable by Executive for the calendar year for which the distribution is being made and as a result of his beneficial interest in the Retirement Trust. For this purpose, the term "Assumed Taxes" shall mean the Federal, State and local income and employment taxes that would be payable by Executive for the year in question, assuming that the amount taxable would be subject to the highest Federal and applicable State and local income and employment tax rates.
Appears in 1 contract
Retirement Compensation. (i) If Executive's employment is terminated for any reason except Cause as defined in Section 5(d) above, the Company shall pay to Executive (or in the event of Executive's death after such termination, to such person as Executive has designated in a notice filed with the Company, or if no such person shall have been designated, to his estate), An who retires will receive a lump sum amount payment equal to the amount obtained by which (A) the product of (1) one-half multiplied by Executive's average annual salary for the three (3) year period preceding the Termination Date times (2) multiplying the number of completed years (including any partial year) since May 1, 1993 (the "Retirement Compensation") exceeds (B) the sum of any amounts previously distributed to Executive pursuant to Sections 5(g)(ii), 5(g)(iii) continuous service by his weekly salary and 5(g)(iv). The lump sum amount to be paid shall not be present-valued or otherwise reduced by use of any other discount or discounting method. The payment will be made to Executive within five (5) business days of the Termination Date.
(ii) Within five (5) business days after the date on which the BE Aerospace, Inc. Executive Compensation Trust II dated April 21, 1999, as amended is terminated (the "Distribution Date"), the Company will distribute in a lump sum the amount of Retirement Compensation that would have been payable to Executive under Section 5(g)(i) as of the Distribution Date.
(iii) Within ninety (90) business days of the Distribution Date, the Company shall establish a trust for the duration of the Employment Term, and, commencing on the Distribution Date and on a quarterly basis, thereafter, each a "Contribution Date" the Company shall contribute to the trust (the "Retirement Trust") for the benefit of Executive an amount equal to (A) the Retirement Compensation that would be payable to Executive under Section 5(g)(ii) if the Contribution Date was his Termination Date minus (B) the assets in the Retirement Trust as of the Contribution Date. The Retirement Trust to which the Company shall make these contributions shall be irrevocable. The Retirement Trust shall provide that Executive may withdraw from the Retirement Trust, within the thirty (30)-day period beginning on the date on which he receives notice from the Company that the Company has made a contribution pursuant to this Section 5(g)(iii) an amount up to but not to exceed an absolute maximum of providing he has completed a minimum of ten years of continu- ous employment with the amount Corporation immediately preceding his retirement and meets one of that contributionthe follow- ing conditions Has reached the age of Officially retires under the Public Service Pension Plan or equivalent combination of years of serv- ice and age if excluded from the Public Service Pension Plan. If An employee shall not, under any circumstances, be eligible for both severance pay and retirement pay. Permanent Employees shall be to pension benefits in accordance with the Public Service (Pen- sions) Act, and the regulations promulgated thereunder as may be from time to time, amended. As a condition of employment, all new employees shall participate in the Pension Plan in accordance with The Public Service (Pensions) Act. SICKNESS, ACCIDENT, AND LIFE INSURANCE Every full-time employee covered under this Agreement will participate in and will be eligible for the benefits of the Corporation’s Health-Accident-Life Insurance ’ , e orP oration will pay fully the premiums al! under the of Long- Disability, the premium for will be paid fully the-employee. TOOLS, EQUIPMENT AND PROTECTIVE CLOTHING Each employee shall provide such clothing as are necessary to perform the work associated with his job classification. The Corporation will replace such cloth- ing at no cost to the extent that Executive fails employee when working under ab- normal conditions whereby his clothing has been destroyed or rendered unfit for further use, providing the employee has taken all the necessary precautions under the Corporation’& safety standards regulations and was wearing the necessary protective clothing is- sued by the Corporation under Article However, the Corporation shall issue protective cloth- ing and equipment which it deems to exercise this withdrawal right within be of a nature in accordance with the thirty (30) -day periodsfollowing: The Corporation agrees to issue, on a personal basis, the following protective clothing and equip- ment for an employee when such withdrawal right shall lapse. The Retirement Trust also shall contain such other provisions as the Company and Executive reasonably agree equipment or clothing are necessary in order for the Retirement Trust to qualify as a grantor trust under Section 671 of the Internal Revenue Code of 1986, as amended (the "Code") with Executive as the grantor. The trust agreement for the Retirement Trust shall provide that any assets remaining required in the Retirement Trust, after payment of all the retirement compensation payable pursuant to this Section 5g(iii), shall be payable to Executive, and that prior to payment of such retirement compensation, the assets of the Retirement Trust shall be exempt from the claims of the Company's creditors.
(iv) As of the last day of each calendar quarter ending on or after the Distribution Date, during the Employment Term, the trustee of the Retirement Trust shall be required to distribute to Executive 25% of the amount of the Assumed Taxes that the Company reasonably estimates will be payable by Executive for the calendar year for which the distribution is being made and as a result performance of his beneficial interest in the Retirement Trust. For this purpose, the term "Assumed Taxes" shall mean the Federal, State and local income and employment taxes that would be payable by Executive for the year in question, assuming that the amount taxable would be subject to the highest Federal and applicable State and local income and employment tax ratesnor- mal duties.
Appears in 1 contract
Samples: Collective Bargaining Agreement
Retirement Compensation. (i) If Executive's employment is terminated for any reason except Cause as defined in Section 5(d) above, the Company shall pay to Executive (or in the event of Executive's death after such termination, to such person as Executive has designated in a notice filed with the Company, or if no such person shall have been designated, to his estate), a lump sum amount equal to the amount by which (A) the product of (1) one-half multiplied by Executive's average annual salary for Commencing on the three date of this Agreement and continuing through December 31, 1998, Retiree shall be paid retirement compensation of Fifty Thousand Dollars (3$50,000) year period preceding the Termination Date times (2) the number of years (including any partial year) since May 1, 1993 per calendar month (the "1998 Retirement Compensation") exceeds (B) the sum of any amounts previously distributed to Executive pursuant to Sections 5(g)(ii), 5(g)(iii) and 5(g)(iv). The lump sum amount to be paid shall not be present-valued or otherwise reduced by use of any other discount or discounting method. The payment will be made to Executive within five (5) business days of at the Termination Date.
(ii) Within five (5) business days after the date on which the BE Aerospace, Inc. Executive Compensation Trust II dated April 21, 1999, as amended is terminated (the "Distribution Date"), the Company will distribute in a lump sum the amount of Retirement Compensation that would have been payable to Executive under Section 5(g)(i) as of the Distribution Date.
(iii) Within ninety (90) business days of the Distribution Date, the Company shall establish a trust for the duration of the Employment Term, and, commencing on the Distribution Date times and on a quarterly basis, thereafter, each a "Contribution Date" the Company shall contribute to the trust (the "Retirement Trust") for the benefit of Executive an amount equal to (A) the Retirement Compensation that would be payable to Executive under Section 5(g)(ii) if the Contribution Date was his Termination Date minus (B) the assets in the Retirement Trust manner specified in the Corporation's general policies regarding the payment of employment compensation as of the Contribution Dateestablished from time to time. The Retirement Trust to which the Company shall make these contributions For federal, state and local tax purposes, said compensation shall be irrevocabletreated as "wages" and the Corporation shall withhold all appropriate taxes therefrom and shall remit such taxes, together with the taxes imposed by ss. The Retirement Trust shall provide that Executive may withdraw from the Retirement Trust, within the thirty (30)-day period beginning on the date on which he receives notice from the Company that the Company has made a contribution pursuant to this Section 5(g)(iii) an amount up to but not to exceed the amount of that contribution. If and to the extent that Executive fails to exercise this withdrawal right within the thirty (30) -day periods, such withdrawal right shall lapse. The Retirement Trust also shall contain such other provisions as the Company and Executive reasonably agree are necessary in order for the Retirement Trust to qualify as a grantor trust under Section 671 3111 of the Internal Revenue Code of 19861986 on the Corporation, as amended (to the "Code") with Executive as applicable taxing authorities; provided that subject to the grantorCorporation's obligation to withhold and remit income tax on said compensation to the applicable taxing authorities, Retiree shall be responsible for and pay any additional income tax due and owing thereon. The trust agreement for the Retirement Trust shall provide that any assets remaining During this period, Retiree shall, in the Retirement Trustsame manner and at the same cost to him as was in effect for him at the time of his retirement, after payment continue participation and coverage for himself and, where applicable, his spouse under the following employee and fringe benefit plans and policies of all the retirement compensation payable pursuant to this Section 5g(iii), shall be payable to Executive, and that prior to payment Corporation in which he participated at the time of such retirement compensationhis retirement: i.e., the assets of the Retirement Trust shall be exempt from the claims of the CompanyCorporation's creditors.
(i) Group Health Plan, (ii) Group Life Insurance Plan, (iii) Accidental Death and Dismemberment Insurance Plan, (iv) As Cancer Expense Protection Plan, (v) Dental Insurance Plan, (vi) Section 125 Tax Saving Benefit Plan, (vii) Revised Pension Plan, (viii) 401(k) Retirement Savings Plan, (ix) Supplemental Retirement Benefit Plan, (x) 1993 Executive Long-Term Incentive Plan, and (xi) Executive Incentive Program. If Retiree is prohibited from participating in any such plan or policy, the Corporation shall provide Retiree comparable benefits outside such plan or policy. The Corporation further agrees that (i) Retiree's 1998 bonus under the Short-Term Incentive Plan component of the Corporation's Executive Incentive Program shall be computed and paid in accordance with the terms of the Plan, provided that for purposes of said computation the Corporation's "return on assets employed" shall not be reduced by any compensation or other benefits paid or to be paid or provided to John X. Xxxx, xxe Corporation's Chief Executive Officer, and (ii) Retiree shall be entitled to receive the bonus,
(2) Commencing January 1, 1999 and continuing through the last day of each calendar quarter ending on or after the Distribution Datemonth in which Retiree's 65th birthday occurs, during Retiree shall be paid annual retirement compensation of Four Hundred Thousand Dollars ($400,000) (the Employment Term"Post-1998 Retirement Compensation"), to be paid at the trustee times and in the manner specified in the Corporation's general policies regarding the payment of employment compensation as established from time to time. For federal, state and local tax purposes, said compensation shall be treated as "wages" and the Corporation shall withhold all appropriate taxes therefrom and shall remit such taxes, together with the taxes imposed by ss. 3111 of the Retirement Trust shall be required Internal Revenue Code of 1986 on the Corporation, to distribute to Executive 25% of the amount of the Assumed Taxes applicable taxing authorities; provided that the Company reasonably estimates will be payable by Executive for the calendar year for which the distribution is being made and as a result of his beneficial interest in the Retirement Trust. For this purpose, the term "Assumed Taxes" shall mean the Federal, State and local income and employment taxes that would be payable by Executive for the year in question, assuming that the amount taxable would be (i) subject to the highest Federal Corporation's obligation to withhold and remit income tax on said compensation to the applicable State taxing authorities, Retiree shall be responsible for and local pay any additional income tax due and employment tax rates.owing thereon, and (ii) said compensation shall be treated by the parties as "payments on account of retirement", not as "wages", for purposes of the Social Security earnings test. During this period, Retiree shall, in the same manner and at the same cost to him as was in effect for him at the time of his retirement, continue participation and coverage for himself and, where applicable, his spouse under the following employee and fringe benefit plans and policies of the Corporation in which he participated at the time of his retirement: i.e., the Corporation's (i) Group Health Plan, (ii) Group Life Insurance Plan, (iii) Accidental Death and Dismemberment Insurance Plan, (iv) Cancer Expense Protection Plan, (v) Dental Insurance Plan and (vi)
Appears in 1 contract
Samples: Retirement Agreement (Russell Corp)
Retirement Compensation. (i) If Executive's employment is terminated for any reason except Cause as defined in Section 5(d) above, the Company shall pay to Executive (or in the event of Executive's death after such termination, to such person as Executive has designated in a notice filed with the Company, or if no such person shall have been designated, to his estate), a lump sum amount equal to the amount by which (A) the product of (1) one-half multiplied by Executive's average annual salary for the three (3) year period preceding the Termination Date times (2) the number of years (including any partial year) since Commencing on May 1, 1993 1998 and continuing through April 30, 2000, Retiree shall be paid retirement compensation of $27,666.67 per calendar month (the "Retirement Compensation") exceeds (B) the sum of any amounts previously distributed to Executive pursuant to Sections 5(g)(ii), 5(g)(iii) and 5(g)(iv). The lump sum amount to be paid shall not be present-valued or otherwise reduced by use at the times and in the manner specified in the Corporation's general policies regarding the payment of any other discount or discounting methodemployment compensation as established from time to time. The payment will initial six monthly payments hereunder shall be made to Executive within five in full satisfaction of all amounts which may be due Retiree under the Corporation's Salaried Employees Severance Pay Plan. The Corporation further agrees that (5i) business days Retiree's 1998 bonus under the Short-Term Incentive Plan component of the Termination Date.
(ii) Within five (5) business days after Corporation's Executive Incentive Program shall be computed and paid in accordance with the date on which the BE Aerospace, Inc. Executive Compensation Trust II dated April 21, 1999, as amended is terminated (the "Distribution Date"), the Company will distribute in a lump sum the amount of Retirement Compensation that would have been payable to Executive under Section 5(g)(i) as terms of the Distribution Date.
(iii) Within ninety (90) business days of the Distribution DatePlan, the Company shall establish a trust prorated for the duration portion of fiscal year 1998 for which Retiree was employed by the Employment TermCompany. For federal, andstate and local tax purposes, commencing on the Distribution Date and on a quarterly basis, thereafter, each a "Contribution Date" the Company shall contribute to the trust (the "Retirement Trust") for the benefit of Executive an amount equal to (A) the Retirement Compensation that would be payable to Executive under Section 5(g)(ii) if the Contribution Date was his Termination Date minus (B) the assets in the Retirement Trust as of the Contribution Date. The Retirement Trust to which the Company shall make these contributions said compensation shall be irrevocabletreated as "wages" and the Corporation shall withhold all appropriate taxes therefrom and shall remit such taxes, together with the taxes imposed by ss. The Retirement Trust shall provide that Executive may withdraw from the Retirement Trust, within the thirty (30)-day period beginning on the date on which he receives notice from the Company that the Company has made a contribution pursuant to this Section 5(g)(iii) an amount up to but not to exceed the amount of that contribution. If and to the extent that Executive fails to exercise this withdrawal right within the thirty (30) -day periods, such withdrawal right shall lapse. The Retirement Trust also shall contain such other provisions as the Company and Executive reasonably agree are necessary in order for the Retirement Trust to qualify as a grantor trust under Section 671 3111 of the Internal Revenue Code of 19861986 on the Corporation, to the applicable taxing authorities; provided that subject to the Corporation's obligation to withhold and remit income tax on said compensation to the applicable taxing authorities, Retiree shall be responsible for and pay any additional income tax due and owing thereon.
(2) In addition, the Corporation shall cause Retiree to accrue benefits under the Corporation's Revised Pension Plan and Supplemental Retirement Benefit Plan during the period commencing May 1, 1998 and ending on April 30, 2000, as amended (if Retiree were employed by the "Code") with Executive as Corporation and received a monthly salary equal to the grantor. The trust agreement for the Retirement Trust shall provide that any assets remaining in the Retirement Trust, after payment of all the retirement compensation payable pursuant to this Section 5g(iii), shall be payable to Executive, and that prior to payment of such retirement compensation, the assets monthly amount of the Retirement Trust Compensation during said period. If Retiree is prohibited from participating in, or accruing such benefit under, any such plans, the Corporation shall provide Retiree comparable benefits outside such plans. Retiree shall be exempt from responsible for and pay any income taxes due or owing by Retiree as the claims result of the CompanyCorporation's creditors.
providing (ivi) As of the last day of each calendar quarter ending on or after the Distribution Dateparticipation and coverage for Retiree, during the Employment Termand where applicable, the trustee of the Retirement Trust shall be required to distribute to Executive 25% of the amount of the Assumed Taxes that the Company reasonably estimates will be payable by Executive for the calendar year for which the distribution is being made his spouse, under such retirement plans, and as a result of his beneficial interest (ii) comparable benefits outside such retirement plans in the Retirement Trust. For this purpose, the term "Assumed Taxes" shall mean the Federal, State and local income and employment taxes that would be payable by Executive for the year event Retiree is prohibited from participating in question, assuming that the amount taxable would be subject any such plans to the highest Federal and applicable State and local income and employment tax ratesextent provided in this subparagraph (2) of this Section 2(a).
Appears in 1 contract
Samples: Retirement Agreement (Russell Corp)
