Common use of Special Retirement Benefits Clause in Contracts

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"), Supplemental Executive Retirement Plan, and Executive Supplemental Insurance Plan/Executive Deferred Compensation Plan (collectively, "Plans"), under the terms thereof that existed ninety (90) days prior to the Change in Control, 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. 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 was required with respect to 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 Employer. The actuarial equivalent of special retirement benefits shall be determined in accordance with the factors provided under the Retirement Plan.

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"), under the terms thereof that existed ninety (90) days prior or any successor Plans or arrangements to the Change in Controlsuch 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 ExecutiveExecutive 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 was required with respect to 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 Employer. 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. 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"), Supplemental Executive Retirement Plan, and Executive Supplemental Insurance Plan/Executive Deferred Compensation Plan (collectively, "Plans"), under the terms thereof that existed ninety (90) days prior to the Change in Control, had the Executive continued in the employ of ML&P and its Subsidiaries for three two (32) 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 two (32) 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. 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 was required with respect to 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 Employer. The actuarial equivalent of special retirement benefits shall be determined in accordance with the factors provided under the Retirement Plan.

Special Retirement Benefits. The Executive shall receive special retirement benefits "Special Retirement Benefits" as provided belowin this Paragraph 2B, so that the total retirement benefits that the Executive receives received will equal the retirement benefits that which would have been received had employment continued for three years following Termination. Special Retirement Benefits shall be paid when and as the underlying retirement benefits are paid. In addition to Special Retirement Benefits, the Executive shall receive all other benefits which would have been received had employment continued for three years following Termination, including, without limitation, all ancillary benefits, such as early retirement and survivor rights and benefits available at retirement, including hospital, medical-surgical, major medical, group life insurance and Executive Security Plan (if applicable), as well as benefits (if any) under the Maui Land & Pineapple CompanyGoulds Pumps, Inc. Incorporated Pension Plan for Non-Bargaining Unit Employees ("Retirement Plan")Exempt Salaried Employees, the Supplemental Executive Retirement Plan, and Executive Supplemental Insurance Plan/Executive Deferred Compensation Plan (collectivelyany predecessor, "Plans")successor, under substitute or additional plan or plans of the terms thereof that existed ninety (90) days prior to the Change in Control, 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 benefitsCorporation. The amount of special Special Retirement Benefits provided for in the first sentence of this Paragraph 2B and (i) The total retirement benefits that would be paid to the Executive or his or her beneficiaries, if the three years (or the period of his death or normal retirement date, if less) following his Termination are added to credited service under the Corporation's pension plans (including the Goulds Pumps, Incorporated Pension Plan for Exempt Salaried Employees, the Supplemental Executive Pension Plan or any predecessor or successor or substitute plan or plans of the Corporation), and final average compensation is as determined under the plans referred to in this Paragraph 2B(i) (the amount specified in Paragraph 2A. hereof not being considered "compensation" for purposes of calculating final average compensation under this Paragraph 2B(i)); (ii) The total retirement benefits payable hereunder to the Executive or his beneficiaries shall equal under the excess Corporation's retirement plans (including the Goulds Pumps, Incorporated Pension Plan for Exempt Salaried Employees, the Supplemental Executive Pension Plan or any successor plans of the amount specified in (a) over the amount specified in (b) below. a. The total retirement Corporation). All Special Retirement Benefits and other benefits provided for herein are provided on an actuarial equivalent single-life unfunded basis would be paid and are not intended to meet the Executive if qualification requirement of Section 401 of the three (3) years (or the period to his Normal internal Revenue Code. All Special 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 and other benefits actually paid on an actuarial equivalent single-life basis to the Executive. Such special retirement benefits provided for herein shall be paid at payable solely from the same time and in general assets of the same form (e.g., actuarial equivalent single-life Corporation or contingent annuitant basis) as was required with respect to 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 Employer. The actuarial equivalent of special retirement benefits shall be determined in accordance with the factors provided under the Retirement Planits appropriate affiliate.