Common use of Special Executive Retirement Plan Clause in Contracts

Special Executive Retirement Plan. The termination of the Executive’s employment will be deemed a “separation from service” pursuant to Section 5 of the Company’s Restated Special Executive Retirement Plan and the Company will pay the applicable monthly benefit to the Executive pursuant to Section 4 of the Company’s Restated Special Executive Retirement Plan. The Company will provide for payment of the benefit pursuant to this Section 2(b) and Section 4 of the Company’s Restated Special Executive Retirement Plan through a trust. The trust must (1) be a grantor trust with respect to which the Company is treated as the grantor, (2) not cause benefits under this Section 2(b) to be funded for federal income tax purposes or for purposes of ERISA, and (3) provide that trust assets will, upon the Company’s insolvency, be used to satisfy the claims of the Company’s general creditors. Neither the Executive nor the Executive’s surviving spouse will have any interest in the assets of the trust.

Special Executive Retirement Plan. The termination of the Executive’s 's employment will be deemed a “"separation from service” " pursuant to Section 5 of the Company’s 's Restated Special Executive Retirement Plan and the Company will pay the applicable monthly benefit to the Executive pursuant to Section 4 of the Company’s 's Restated Special Executive Retirement Plan. The Company will provide for payment of the benefit pursuant to this Section 2(b) and Section 4 of the Company’s 's Restated Special Executive Retirement Plan through a trust. The trust must (1) be a grantor trust with respect to which the Company is treated as the grantor, (2) not cause benefits under this Section 2(b) to be funded for federal income tax purposes or for purposes of ERISA, and (3) provide that trust assets will, upon the Company’s 's insolvency, be used to satisfy the claims of the Company’s 's general creditors. Neither the Executive nor the Executive’s 's surviving spouse will have any interest in the assets of the trust.