Special Supplemental Retirement Benefit. Upon the expiration of the Term for any reason (other than for one of the terminating events described in subparagraphs (iii), (iv) or (vi) of Section 3.1), whether voluntary or involuntary on the part of the Executive, the Executive shall be entitled to receive a special supplemental annual retirement benefit (the "Deferred Benefit") equal to fifty percent (50%) of his Average Base Salary (as defined in this ARTICLE 6). The Deferred Benefit shall be payable for three (3) years in approximately equal monthly installments commencing on the first day of the month next following the later of (i) the end of the Employment Year in which the Term expires or (ii) the end of the Severance Period (as defined in ARTICLE 12) in the event the Executive is eligible to receive the Severance Benefit (as defined in ARTICLE 12), and continuing for thirty-rive (35) 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 Base Salary" of the Executive shall mean the average of his annual Base Salary for the three (3) consecutive calendar years of employment pursuant to this Agreement (or, in the event the Executive does not have three (3) consecutive calendar years of employment pursuant to this Agreement, his annual salary for calendar years of employment prior to the date of this Agreement) ending coincident " with or next preceding the Termination Date. If the Executive shall not have three (3) consecutive calendar years of employment, his Average Base Salary shall be equal to the Base Salary (or annual salary, as the case may be) for the calendar year of employment next preceding the Termination Date. Notwithstanding the foregoing, for purposes of this ARTICLE 6, the Executive's Average Base Salary shall in no event be less than $200,000.
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.
Special Supplemental Retirement Benefit. In connection with your election to the position of President, 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 of Horizon were treated as compensation and service with Alaska Airlines. This supplemental benefit will be determined on your separation from service from Alaska Air Group and all of its subsidiaries, as defined in the Alaska Air Group, Inc. 1995 Elected Officers Supplementary Retirement Plan (“0000 XXXX”). The supplemental benefit will be paid at the same time and in the same payment form as the benefit paid under the 1995 OSRP. In the event of your death before payments under the 0000 XXXX begin, this supplemental benefit will be paid to your beneficiary (as designated under the 0000 XXXX), at the same time and in the same payment form as that beneficiary receives your 1995 OSRP benefit. In the event you become disabled, as defined in the 1995 OSRP, the supplemental benefit shall be 100% vested. 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.
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.”
12. Articles 7 and 8 of the Employment Agreement are deleted.
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:
(a) For purposes of determining the amount payable under this Section 6.3, the Executive’s Years of Service (as defined in the SERP) shall be deemed to be the greater of twenty (20) or the Executive’s actual Years of Service.
(b) For purposes of determining the amount payable under this Section 6.3, the Executive’s age on the Termination Date shall be deemed to be the greater of sixty (60) or the Executive’s actual age.
(c) For purposes of determining the amount payable under this Section 6.3, the Executive’s “Compensation” shall be determined as follows:
(i) If the Termination Date is on or before March 31, 2006, the Executive’s “Compensation” shall be the sum of the Executive’s current Base Salary plus his target annual bonus for the fiscal year ending March 31, 2006.
(ii) If the Termination Date is after March 31, 2006 but before March 31, 2007, the Executive’s “Compensation” shall be the sum of the Executive’s current Base Salary plus the greater of (x) the average of the Executive’s target annual bonuses for the fiscal years ending March 31, 2006 and March 31, 2007 or (y) the Executive’s actual bonus for the fiscal year ending March 31, 2006.
(iii) If the Termination Date is on or after March 31, 2007, the Executive’s “Compensation” shall be the sum of the Executive’s current Base Salary plus the greater of (x) the average of the Executive’s target annual bonuses for the fiscal years ending March 31, 2006 and March 31, 2007 or (y) the average of the Executive’s actual annual bonuses for the fiscal years ending March 31, 2006 and March 31, 2007. The Executive’s “Compensation” shall not include any amount of the Special Incentive paid under Section 4.3. For purposes of determining the amount payable under this Section 6.3, the Executive’s “Credited Compensation” is one-half of the amount determined under (i), (ii) or (iii) above, as applicable.
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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.
