Special Retirement Payment Sample Clauses

Special Retirement Payment. TRICON shall make a special $1,000,000 retirement payment to you at the conclusion of your three-year employment term hereunder or such shorter term as may be determined by the Committee pursuant to Paragraph 5. In the event of death or total disability (as determined by the Committee), you, your designated beneficiary or estate shall receive a retirement payment which is in proportion to your service during the term of this Agreement.
Sample 1
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Special Retirement Payment. In recognition of the Executive's contributions to the success of the Company, no later than five business days following the Chairman Termination Date, the Company shall pay the Executive (or if applicable, his estate or legal representative) a special retirement payment of $2,750,000, in a lump sum in cash.
Sample 1
Special Retirement Payment. A payment of $250,000 shall be allocated as a special retirement payment. This payment shall be made on August 31, 1998. This payment shall be subject to withholding and deduction for payroll taxes and other deductions as are required by federal and state law, and as set forth in this Agreement.
Sample 1
Special Retirement Payment. In an effort to compensate Executive with respect to retirement benefits he forewent by accepting employment with the Company and its Affiliates, Executive will be entitled to a lump sum cash payment (the “Retirement Payment”) on May 9, 2015 (the “Retirement Payment Date”) in an amount equal to $2,000,000 plus interest thereon compounded monthly from January 1, 2013 to the Retirement Payment Date at the prime rate in effect on such date plus one percentage point. Notwithstanding the foregoing, Executive will not be entitled to the Retirement Payment if, and only if, any of the following are true: (i) the present value as of the Original Effective Date of the sum of all Option Proceeds, as defined below, received by Executive prior to the Retirement Payment Date exceeds $9,000,000, (ii) prior to the end of the Initial Term, Executive voluntarily resigns effective prior to the end of the Initial Term from EFH Co. (or an Affiliate) without Good Reason, or (iii) prior to the Retirement Payment Date, Executive’s employment is terminated by EFH Co. (or an Affiliate) for Cause. For purposes of the foregoing, “Option Proceeds” shall equal the sum of all cash proceeds received by Executive (prior to the reduction for any withholding taxes) in respect of the stock options granted to Executive on May 9, 2008 (the “Option Award”) or the underlying shares of common stock of the Company (“Common Stock”) (including cash dividends or dividend equivalents) less any exercise price paid by Executive, provided that in calculating the Option Proceeds, if the shares of Common Stock subject to the Option Award (or shares of an acquiring entity into which such shares are converted) become publicly traded, Executive will be deemed to have exercised the Option Award and immediately sold the shares received upon such exercise for cash as and when the Option Award first becomes exercisable and underlying shares can be resold without restriction upon or following the date the shares become publicly traded. If any payment pursuant to this Section 11(b) results in the imposition of any interest or additional taxes upon Executive under Section 409A of the Code, whether before or after termination of Executive’s employment, Executive shall be entitled to an extra payment such that the amount retained by Executive net of all applicable taxes (including the interest and additional taxes imposed under Section 409A(a)(1)(B) of the Code) is equal to the amount Executive would have retained net...
Sample 1
Special Retirement Payment. The Executive shall be entitled to receive a special retirement payment equal to three times his base salary and annual incentive bonus (based on the highest annual incentive bonus paid to the Executive during the three fiscal years preceding the Effective Date) which equals $7,590,000 (the "SPECIAL RETIREMENT PAYMENT"). One-third (or $2,504,700) of the Special Retirement Payment shall be paid to the Executive in a lump sum payment on the eighth (8th) day following the Retirement Date. The remaining two-thirds (or $5,085,300) of the Special Retirement Payment shall be paid to the Executive ratably over twenty-four (24) months, as of the first of each month, the first such month being January 2005. The payment of the Special Retirement Payment is conditioned upon the Executive (i) signing and delivering to the Company on the Retirement Date a release in the form of Exhibit A hereto (the "EXECUTIVE GENERAL RELEASE") and (ii) not having revoked the Executive General Release. Accordingly, on the Retirement Date, the Executive shall execute and deliver to the Company the Executive General Release.
Sample 1
Special Retirement Payment. Effective as of the Closing Date, Kaiser shall amend its Bargaining Unit Pension Plan to provide that each Bargaining Unit Kaiser Employee who, as of the Closing Date, is not eligible to receive the Special Retirement Payment and (i) subsequently qualifies for a Special Retirement Payment from the New Bargaining Unit Pension Plan upon retirement from the Company, and (ii) also qualifies for a pension from the Bargaining Unit Pension Plan, shall be eligible to receive from the Bargaining Unit Pension Plan upon his retirement from the Company the first three monthly pension payments paid in a lump sum.
Sample 1

Related to Special Retirement Payment

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Pre-Retirement Death Benefits Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the Qualifying Date, the Bank will pay $671 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Disability; Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

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