Special Pension Benefit. Following the Executive’s termination of employment with the Company for any reason, the Executive shall be eligible to receive from the Company, a special pension benefit of U.S.$190,000 per year, which benefit shall be payable on the same terms and conditions (with respect to the benefit commencement date, the form of payment and any reduction of such pension benefit for early retirement) as the benefit accrued by the Executive under the General Electric Company Pension Plan, as amended and restated as of July 1, 2003 (the “GE Plan”). In no event shall the special pension benefits payable hereunder be reduced by any amounts otherwise payable to the Executive under the GE Plan. The Executive’s rights to this special pension benefit shall be solely those of an unsecured general creditor of the Company, and nothing herein shall be deemed to give the Executive any right to particular assets of the Company or to require the Company to establish a fund or trust for the benefit of the Executive or otherwise set aside assets for his benefit.
Special Pension Benefit. Employee's regular benefit entitlement under and pursuant to the provisions of the BetzDearborn Pension Plan, having satisfied all of the requirements of Section 6.6 (Vested Benefit) of the BetzDearborn Pension Plan, and including one year Service Credit for Plan Year 2001, will be approximately $28,000/year payable at age 55. Employee will be granted an additional special pension benefit payable under the Hercules Employee Pension Restoration Plan of $1,333.33 per month effective July 1, 2006, such amount payable for Employee's lifetime. The additional benefit is payable pursuant to the provisions of the BetzDearborn Pension Plan but is payable under the Hercules Pension Restoration Plan, which is a nonqualified pension plan payable from the assets of Hercules Incorporated. Additionally, Employee will be entitled to the Early Retirement Benefit described in Attachment 2 to Employee's Employment Offer Letter dated October 6, 1998. The value of this account on March 31, 2001 was $833,693.00. Interest will be credited to June 30, 2001. 2 C O N F I D E N T I A L
Special Pension Benefit. Instead of participating in any of the CPC Supplemental Executive Retirement Program, the Northrop Grumman Supplemental Plan I or the ERISA Supplemental Program 2 (Appendix B under the Northrop Grumman Supplemental Plan 2) pension plans, Executive shall participate in the supplemental pension plan attached hereto as Exhibit A. With regard to Executive’s qualified and non-qualified defined benefit pension plan benefits earned while employed by Xxxxxx Electronics Corporation, its predecessors, or any affiliates of either, on written request of the Company, Executive shall inform the Company of the date such benefits commence, the amount of such benefits, and the form in which such benefits are distributed. For purposes of the Special Agreement referenced in Section 9 of this Agreement, the special pension benefit provided by this Section 5.D shall be considered a supplemental defined benefit retirement plan.
Special Pension Benefit
