Special Supplemental Retirement Benefit Sample Clauses

Special Supplemental Retirement Benefit. In addition to the other benefits provided for in this Agreement, upon the expiration of the Term for any reason that would entitle the Executive to receive the Severance Benefit (as defined in Section 12.3), the Executive shall be entitled to receive a special supplemental annual retirement benefit (the "Deferred Benefit") equal to fifty percent (50%) of his Average Annualized Base Salary (as defined in this Section 6.1). The Deferred Benefit shall be payable for six (6) years in approximately equal monthly installments commencing on the first day of the month next following the end of the Severance Period (as defined in Section 12.3), and continuing for seventy-one (71) consecutive calendar months thereafter. The Deferred Benefit payments shall be paid in accordance with the payroll schedule for salaried personnel of the Company. For purposes of this Agreement, the "Average Annualized Base Salary" of the Executive shall mean the average of his Annualized Base Salary (as defined in this Section 6.1) for the three (3) most recent consecutive Employment Years completed under this Agreement as of the Termination Date. If the Executive has not completed three (3) consecutive -6- -34- Employment Years under this Agreement as of the Termination Date, the Average Annualized Base Salary shall mean the average of the Executive's Annualized Base Salary for the number of Employment Years completed under this Agreement as of the Termination Date. If the Termination Date occurs in the Executive's first Employment Year, the Average Annualized Base Salary shall be $250,000. For purposes of this Agreement, the Executive's "Annualized Base Salary" for an Employment Year shall be the amount of Base Salary actually received by the Executive during that Employment Year.
Sample 1
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Special Supplemental Retirement Benefit. In connection with your election to the position of President and Chief Executive Officer, Horizon agrees to supplement the retirement benefits you will receive under the DB Plan with the benefits described in this letter. The supplemental retirement benefit will equal the difference between (a) the retirement benefits you actually receive under the DB Plan, and (b) the retirement benefits you would have received under the DB Plan if your compensation and service earned while you are the President and CEO of Horizon were treated as compensation and service with Alaska Airlines. This supplemental benefit will be determined on the earlier of your retirement, severance of employment from Alaska Air Group and all of its subsidiaries, or disability (as defined in the DB Plan), and will be paid at the same time and in the same payment form as the benefit paid from the DB Plan. In the event of your death before benefit payments under the DB Plan begin, this supplemental benefit will be paid to your beneficiary who receives benefits under the DB Plan, at the same time and in the same payment form as that beneficiary receives your DB Plan benefit. This letter agreement represents the entire agreement between you and Horizon as to the matters described herein and supersedes any prior oral agreement. The sole method of changing this agreement is by written amendment signed by you and Horizon. Although the calculation of this benefit is based upon the DB Plan, the special supplemental retirement benefit would not be paid out of the DB Plan. Under this agreement, your rights to these supplemental benefits are as a general, unsecured creditor of Horizon. The supplemental benefits will be paid only to you, or to your beneficiary in the event of death, and the benefits cannot be assigned or alienated. The ERISA claims procedures in Section 8.8 of the Alaska Air Group, Inc. 1995 Elected Officers Supplementary Retirement Plan, as amended, are incorporated into this letter by reference and apply to the supplemental retirement benefit described in this agreement. ALASKA AIR GROUP, INC. 1995 ELECTED OFFICERS SUPPLEMENTARY RETIREMENT PLAN You became a participant in the Alaska Air Group, Inc. 1995 Elected Officers Supplementary Retirement Plan ("1995 OSRP") when you were elected to be the President and Chief Executive Officer of Horizon. Under the 1995 OSRP, you will earn retirement benefits based upon your years of service as the President and CEO of Horizon or as an Elected O...
Sample 1
Special Supplemental Retirement Benefit. In addition to the other benefits provided for in this Agreement, upon the occurrence of a Special Benefits Termination Event, the Executive shall be entitled to receive the SERP Benefit. If the Executive is eligible to continue to receive his Base Salary during the Compensation Continuance Period as provided in Section 9.2, the SERP Benefit shall be payable for ten (10) years in approximately equal monthly installments commencing on the first day of the calendar month next following the end of the Compensation Continuance Period, and continuing for one hundred nineteen (119) consecutive calendar months thereafter. If the Executive is not eligible to continue to receive his Base Salary during the Compensation Continuance Period as provided in Section 9.2, the SERP Benefit shall be payable for ten (10) years in approximately equal monthly installments commencing on the first day of the month next following the last day of the calendar month in which the Termination Date occurs and continuing for one hundred nineteen (119) consecutive calendar months thereafter. The SERP Benefit payments shall be paid in accordance with the payroll schedule for salaried personnel of the Company.
Sample 1
Special Supplemental Retirement Benefit. The Executive shall be entitled to receive the benefit described in this Section 6.3 upon the expiration of the Term for any reason described in Section 3.6(a) or if the Executive remains employed from the Effective Date until March 31, 2007 (regardless of when the Executive terminates his employment thereafter), or if the Executive’s employment ends on account of death or Total Disability. The benefit described in this Section 6.3 is equal to the amount that would be payable to the Executive under the Company’s Supplemental Executive Retirement Plan (the “SERP”) as in effect on the Effective Date, except that:
Sample 1
Special Supplemental Retirement Benefit. The Company shall pay Executive a monthly supplemental retirement benefit in the amount of Thirty-Six Thousand Seven Hundred and Seven Dollars ($36,707) on the 20th day of each month, or within ten (10) business days thereafter, commencing on April 20, 2015 and ending in the month of his death. If Executive’s current spouse survives him, she will receive monthly payments of Eighteen Thousand Three Hundred and Fifty-Four Dollars ($18,354) on the 20th day of each month, or within ten (10) business days thereafter, commencing in the month following Executive’s death and ending in the month of her death. Executive and his spouse are not entitled to benefits under the Alliance One International, Inc. Supplemental Executive Retirement Plan.”
Sample 1

Related to Special Supplemental Retirement Benefit

  • 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").

  • 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 Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • 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.

  • 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.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • 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.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • 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).

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