Special Retirement Benefits. The Executive shall receive special retirement benefits as provided below, so that the total retirement benefits that the Executive receives will equal the retirement benefits that the Executive would have received under the Maui Land & Pineapple Company, Inc. Pension Plan for Non-Bargaining Unit Employees ("Retirement Plan"), Maui Land & Pineapple Company, Inc. Supplemental Executive Retirement Plan, and the Maui Land & Pineapple Company, Inc. Executive Supplemental Insurance Plan/Executive Deferred Compensation Plan (collectively, "Plans"), or any successor Plans or arrangements to such Plans, had the Executive continued in the employ of ML&P and its Subsidiaries for three (3) years following the Executive's Effective Date of Termination (or until his Normal Retirement Date, whichever is earlier) but without regard to any ancillary benefits. The amount of special retirement benefits payable hereunder to the Executive or his beneficiaries shall equal the excess of the amount specified in (a) over the amount specified in (b) below.
a. The total retirement benefits on an actuarial equivalent single-life basis would be paid to the Executive if the three (3) years (or the period to his Normal Retirement Date, if less) following the Executive's Effective Date of Termination are added to his credited service under the Plans.
b. The total retirement benefits actually paid on an actuarial equivalent single-life basis to the Executive under the Plans. Such special retirement benefits shall be paid at the same time and in the same form (e.g., actuarial equivalent single-life or contingent annuitant basis) as the Executive's retirement benefits under the Plans. The special retirement benefits shall be paid by the Plans or, if the terms of such Plans do not provide for such benefits, the special retirement benefits shall be paid directly by ML&P. The actuarial equivalent of special retirement benefits shall be determined in accordance with the factors provided under the Retirement Plan.
Special Retirement Benefits. If Dorman's employment with xxx Xxxporations shall be terminated either by Dorman pursuant to the pxxxxxxons of Section 4.1C or by the Corporations or either of them without "cause", Dorman shall be entitled xx xxceive "Special Retirement Benefits" from the Corporations so that the total retirement benefits Dorman receives from the Xxxxxrations will approximate the total retirement benefits Dorman would have receivxx xxxer all qualified retirement plans (which shall not include severance plans) of the Corporations in which Dorman participates were Xxxxxn fully vested undex xxxx qualified retirement plans as if Dorman had continued in xxx xxploy of the Corporations for at least sixty (60) consecutive months in the absence of early termination or until his retirement. The benefits specified in this Section 6.2 will include all ancillary benefits, such as early retirement and survivor rights and benefits available at retirement. The amount payable to Dorman or his beneficiarx(x) xnder this Section 6.2 shall equal the excess of (1) the benefits that would be paid to Dorman or his beneficiarxxx, xnder all retirement plans of the Corporations in which Dorman participates if Dxxxxx were fully vested xxxxx such plans or (2) the benefits that are payable to Dorman or his beneficiarxxx xxder all retirement plans of the Corporations in which Dorman participates. Thxxx Xxecial Retirement Benefits are provided on an unfunded basis, are not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code and shall be payable solely from the general assets of the Corporations. These Special Retirement Benefits shall be payable at the times and in the manner provided in the applicable retirement plans to which they relate.
Special Retirement Benefits. Executive will be eligible to receive “Special Retirement Benefits” so that the total retirement benefits he receives will approximate the retirement benefits he would have received had he continued in the employ of the Corporation for three (3) years following his Separation from Service (or until the date he will attain age sixty-five (65), whichever is earlier). These benefits will include all ancillary benefits, such as early retirement, supplemental retirement and survivor rights and benefits available at retirement. If Executive’s credited service with the Corporation plus three (3) years would result in vested benefits and/or eligibility for ancillary benefits under the Corporation’s pension plans, the amount payable to the Executive or his beneficiaries shall equal the excess of the amount specified in paragraph (i) over that in (ii) below:
(i) The benefits that would be paid to the Executive or his beneficiaries, if the three (3) years (or period to the date he will attain age sixty-five (65), if less) following his Separation from Service are added to his credited service under the Corporation’s pension plan, and his earnings during such period are equal to the amount of the cash payment specified in Paragraph A;
(ii) The benefit that is payable to the Executive or his beneficiaries under the Corporation’s pension plans. The Special Retirement Benefits are provided on an unfunded basis and are not intended to meet the qualification requirements of Section 401 of the Code. The Special Retirement Benefits shall be payable solely from the general assets of the Corporation or its appropriate affiliate.
Special Retirement Benefits. Xx. Xxxxxx or his beneficiaries shall be paid special retirement benefits under the MoneyGram Supplemental Pension Plan (“SERP”) as and when Xx. Xxxxxx or such beneficiaries become entitled to benefits under the SERP, equal to the excess of (i) the retirement benefits that would be payable to Xx. Xxxxxx or such beneficiaries under the SERP if Xx. Xxxxxx’x employment had continued through March 24, 2011 (the “Severance Period”), assuming all of his accrued benefits under the SERP (including those attributable to the Severance Period) were fully vested, and his final average compensation was equal to the Deemed Final Average Compensation (as defined in the Special Severance Plan) over (ii) the total benefits actually payable to Xx. Xxxxxx or his beneficiaries under the SERP. All such benefits will be payable pursuant to the terms and conditions of the SERP, and no additional enhancements will be made to Xx. Xxxxxx’x SERP benefits under the terms of the SERP or otherwise.
Special Retirement Benefits. (a) CPI shall pay to Arthur the grosx xxxxnt of One Hundred Ninety-six Thousand Dollars ($196,000.00), payable twenty-six equal bi-weekly commencing with the regular date of payment for CPI employees after the Retirement Date and continuing thereafter until the entire amount due under this subsection 2(a) is paid.
(b) Arthur may contxxxx xo participate in CPI's group health plan at the rates paid by active employees until he attains age sixty-five.
(c) Subject to approval of the Stock Option Committee, the exercise period for certain options granted to Arthur to purchxxx xxares of common stock of the Corporation that would have expired on the first anniversary of the Retirement Date shall be extended until the earlier of their original expiration date or the second anniversary of the Retirement Date. A schedule of all options held by Arthur and the xxxxx of exercise is attached hereto as Exhibit A and incorporated herein. By execution hereof, the parties agree that the terms of all option agreements under which Arthur holds opxxxxx shall remain in full force and effect except that the applicable expiration dates for such options shall be as set forth in Exhibit A.
(d) CPI will continue to pay the employer's portion of the premium on Arthur's General American life insurance policy for a period of two years after the Retirement Date.
(e) Arthur is entitxxx xx death or supplemental retirement benefits pursuant to subsections 5(g), 5(i) and 5(j) of the Employment Agreement in the annual gross amount of Seventy-eight Thousand Four Hundred Dollars ($78,400.00), payable in equal monthly installments for two hundred forty months, commencing on the earlier of the month after (i) Arthur's death or (ii) the date on which Arthur attains xxxxx-five years of age. In lieu thereof, CPI shall pay or cause to be paid to Arthur, the groxx xxxunt of Six Hundred Three Thousand Four Hundred Fifty Dollars and Fourteen Cents ($603,450.14), payable in a lump sum on January 2, 2003. The payment made by CPI pursuant to this subsection (e) shall be in full and complete satisfaction of Arthur's death and supplemental retirement benefits provided under subsections 5(g), 5(i) and 5(j) of the Employment Agreement.
Special Retirement Benefits. The Executive shall receive special retirement benefits as provided below, so that the total retirement benefits that the Executive receives will equal the retirement benefits that the Executive would have received under the Maui Land & Pineapple Company, Inc. Pension Plan for Non-Bargaining Unit Employees ("Retirement Plan"), Maui Land & Pineapple Company, Inc. Supplemental Executive Retirement Plan, and the Maui Land & Pineapple Company, Inc. Executive Supplemental Insurance Plan/Executive Deferred Compensation Plan (collectively, "Plans"), or any successor plans or arrangements to such Plans, had the Executive continued in the employ of ML&P and its Subsidiaries for two (2) years following the Executive's Effective Date of Termination (or until his Normal Retirement Date, whichever is earlier) but without regard to any ancillary benefits. The amount of special retirement benefits payable hereunder to the Executive or his beneficiaries shall equal the excess of the amount specified in (a) over that in (b) below.
a. The total retirement benefits on an actuarial equivalent single-life basis would be paid to the Executive if the two (2) years (or the period to his Normal Retirement Date, if less) following the Executive's Effective Date of Termination are added to his credited service under the Plans.
b. The total retirement benefits actually paid on a single-life basis to the Executive under the Plans.
Special Retirement Benefits. During the term of this agreement (unless earlier terminated as provided below), the Company will pay on your behalf to the Swiss social security system the lesser of (i) the annual amount necessary to maintain your retirement coverage as currently in effect under such system and (ii) the maximum annual amount of tax that the Company would be required to pay under section 3111(a) of the Internal Revenue Code (or any successor provision thereto) with respect to your covered wages under section 3121(a) of the Internal Revenue Code and section 230 of the Social Security Act (or any successor provisions thereto) if your compensation hereunder were subject to such tax.
Special Retirement Benefits. Executive and his surviving spouse will receive the supplemental retirement benefit in accordance with Section 7 above.
Special Retirement Benefits. Executive and his surviving spouse will receive (A) the supplemental retirement benefit described in Section 8 and (B) the additional retirement benefits described in Section 9 above, commencing on the earlier of the Agreed Retirement Date or Executive's death.
Special Retirement Benefits. (a) CPI shall pay to Xxxxxxxx the gross amount of One Hundred Thousand Dollars ($100,000.00) in a lump sum on the Retirement Date, which payment includes compensation for Xxxxxxxx’x accrued, unused vacation as of the Retirement Date.
(b) Xxxxxxxx may continue to participate in CPI’s group health plan with coverage for himself and his spouse at the rates paid by active employees until he attains age sixty-five.
(c) Xxxxxxxx is entitled to death or supplemental retirement benefits pursuant to subsections 5(g) and 5(i) of the Employment Agreement in the annual gross amount of Seventy-seven Thousand Dollars ($77,000.00), payable in equal monthly installments for two hundred forty months, commencing on the earlier of the month after (i) Xxxxxxxx’x death or (ii) the date on which Xxxxxxxx attains sixty-five years of age. In lieu thereof, CPI shall pay or cause to be paid to Xxxxxxxx or to his estate or beneficiaries in the event of Xxxxxxxx’x death prior to payment, the gross amount of Five Hundred Fifty-Nine Thousand, Six Hundred Fifteen Dollars and Sixty-one Cents ($559,615.61), the calculated net present value of Xxxxxxxx’x death or supplemental retirement benefits calculated on the basis of a discount rate of 8.73%, as of and payable in a lump sum on December 30, 2005. The payment made by CPI pursuant to this subsection (c) shall be in full and complete satisfaction of Xxxxxxxx’x death and supplemental retirement benefits provided under subsections 5(h) and 5(i) of the Employment Agreement; and
(d) CPI shall engage Xxxxxxxx as an independent consultant on the terms set forth on Exhibit A.
