Springing Rabbi Trust Sample Clauses

Springing Rabbi Trust. Notwithstanding anything in this Agreement (or the Trust Agreement) to the contrary, upon a Change in Control, if Employee is a “key employee” (as defined in Code section 416(i)) and the Employee’s termination of employment is not involuntary, so that his payout (as described in Section 1.a. of this Agreement) is delayed as described in Section 18.e. of this Agreement, the Bank shall (i) establish a trust (if not already established) as described in subsection b. below, and (ii) maintain in the Trust an amount of money which is at all times at least equal to its obligations under this Agreement to Employee (as well as any other key employee with a similar agreement), by making sufficient contributions to the Trust, immediately upon such Change in Control in an amount equal to the Bank’s total liabilities to such Employee and all other key employees. The obligation of the Bank to provide benefits pursuant to this Agreement shall be the sole unsecured promise of the Bank with respect to this Agreement. Notwithstanding the foregoing, prior to any Change in Control, the Bank may establish a trust, pursuant to a Trust Agreement, for the purpose of setting aside funds to provide for the payment of benefits under this Agreement. However, the assets of the Trust shall at all time remain subject to the claims of the general creditors of the Bank, and the Employee shall not have any claim or right with respect to the assets held in the Trust, except to the extent that the Employee is a general creditor of the Bank. For purposes of this Section 9, the following words and phrases shall have the following meanings:

Springing Rabbi Trust. It is contemplated that Defense will enter into a rabbi trust agreement following the Distribution Date that will, only in the event of a Change in Control of Defense, be fully funded with the amounts payable under the ITT Excess Pension Plans identified as Item 1 on Schedule 3(a)(ii) and will pay to each participant the lump-sum amount payable following a Change in Control in accordance with such plans.

Springing Rabbi Trust. It is contemplated that Defense will enter into a rabbi trust agreement following the Distribution Date that will, only in the event of a Change in Control of Defense, be fully funded with the amounts payable under the US Non-Qualified DB Plans identified as Items 1-7 on Schedule 3(a)(ii) and will pay to each participant the lump-sum amount payable following a Change in Control in accordance with such plans. (d) Non-US DB Plans. (i) Continuation of Non-US DB Plans. Following the Distribution Date, ITT shall continue to sponsor the ITT Non-US DB Plans as so identified on Schedule 3(a)(iii). Following the Distribution Date, Defense shall continue to sponsor the Defense Non-US DB Plans as so identified on Schedule 3(a)(iii). Following the Distribution Date, Water shall continue to sponsor the Water Non-US DB Plans as so identified on Schedule 3(a)(iii). Each of ITT, Defense and Water shall assume all liabilities associated with such plans that it sponsors following the Distribution Date, whether incurred prior to, on or following the Distribution Date. Each of ITT, Defense and Water shall retain all accrued benefits associated with such plans that it sponsors following the Distribution Date, whether accrued prior to, on or following the Distribution Date. For any ITT Non-US DB Plan not identified on Schedule 3(a)(iii), the entity that maintained such ITT Non-US DB Plan prior to the Distribution Date shall continue to maintain such plan and assume all liabilities associated with such plan following the Distribution Date. (ii) Adoption of Non-US DB Plan. Effective as of the Distribution Date, Water shall adopt a benefits plan for Water Employees, which shall have terms similar in all material respects to the benefit plan identified on Item 3 of Schedule 3(a)(iii). Each of ITT, Defense and Water shall assume all liabilities associated with the plans that it sponsors following the Distribution Date, whether incurred prior to, on or following the Distribution Date. (iii) Transfer of Non-US DB Plans. Effective as of the Distribution Date, ITT shall transfer to Water the Non-US DB Plan identified as Item 22 of Schedule 3(a)(iii) (the “British DB Plan”), and Water shall assume all liabilities associated with such plan; provided that the transfer of such plan will be made in accordance with a deed of substitution between Lowara UK Limited, ITT Industries Limited and Pension Trustee Management Limited and a scheme apportionment arrangement deed between the Trustee and ...

Springing Rabbi Trust. In the event of a Change of Control, the SERP Benefit will be held in a Rabbi Trust pursuant to, the Alliance Bank SERP Rabbi Trust documents (hereinafter the ‘‘Trust’’) and the Plan. Distributions from the Trust will only be permitted for the payment of a Participant’s SERP Benefit and/or payment to the Employer’s creditors in the event of bankruptcy.

Springing Rabbi Trust. In the event of a Change of Control, an amount equal to the present value of the aggregate Accrued SERP Benefit liability for all Participants will be held in a Rabbi Trust pursuant to, the Alliance Bank SERP Rabbi Trust documents (hereinafter the “Trust”), incorporated and attached hereto as Appendix A. Distributions from the Trust will only be permitted for the payment of a Participant’s SERP Benefit and/or payment to the Employer’s creditors in the event of bankruptcy. For purposes of calculating the aforementioned present value, the discount rate to be utilized shall be 120% of the Applicable Federal Rate (AFR) at the effective date of Change of Control.

Springing Rabbi Trust. Notwithstanding anything in this Agreement (or the Trust Agreement) to the contrary, upon a Change in Control, if Employee is a “key employee” (as defined in Code section 416(i)) so that his payout (as described in Section 1.a. of this Agreement is delayed as described in Section 18.e. of this Agreement, the Bank shall (i) establish a trust (if not already established) as described in subsection b. below, and (ii) maintain in the Trust an amount of money which is at all times at least equal to its obligations under this Agreement to Employee (as well as any other key employee with a similar agreement), by making sufficient contributions to the Trust, immediately upon such Change in Control in an amount equal to the Bank’s total liabilities to such Employee and all other key employees. The obligation of the Bank to provide benefits pursuant to this Agreement shall be the sole unsecured promise of the Bank with respect to this Agreement. Notwithstanding the foregoing, prior to any Change in Control, the Bank may establish a trust, pursuant to a Trust Agreement, for the purpose of setting aside funds to provide for the payment of benefits under this Agreement. However, the assets of the Trust shall at all time remain subject to the claims of the general creditors of the Bank, and the Employee shall not have any claim or right with respect to the assets held in the Trust, except to the extent that the Employee is a general creditor of the Bank. For purposes of this Section 9, the following words and phrases shall have the following meanings: