SUPPLEMENTAL ANNUAL RETIREMENT BENEFIT Sample Clauses

SUPPLEMENTAL ANNUAL RETIREMENT BENEFIT. Executive (or his spouse), that survives Executive) shall be entitled to the supplemental annual retirement benefit payable by the Company set forth below (the "Supplemental Annual Retirement Benefit"). The first applicable Supplemental Annual Retirement Benefit shall become payable upon the termination of Executive's employment with the Company, and such Supplemental Annual Retirement Benefit shall be payable each year to Executive through the remainder of his life in quarterly calendar installments (with a prorated initial installment if necessary), with a 50% right of survivorship. In the event Executive's employment terminates for any reason, the Supplemental Annual Retirement Benefit shall be (with proration between specified dates based on the number of three-month periods in which he was employed compared to 4 and, in any event $700,000 if after, at, or in contemplation of, a Change in Control): Date of Employment Termination Supplemental Annual Retirement Benefit On or after the fifth anniversary of the Effective Date $700,000 On or after the fourth anniversary of the Effective Date $500,000 On or after the third anniversary of the Effective Date $300,000 On or after the second anniversary of the Effective Date $200,000 On or after the first anniversary of the Effective Date $100,000 Prior to the first anniversary of the Effective Date None
Sample 1
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SUPPLEMENTAL ANNUAL RETIREMENT BENEFIT. Executive shall be entitled to participate in the Company’s Amended and Restated Executive Security Plan as currently in effect or as amended hereafter, but excluding any such amendment which would reduce Executive’s benefits thereunder, and shall receive a benefit upon his Separation from Service for any reason, other than for Cause, in an amount calculated under such plan using the greater of (i) his actual “Service” or (ii) 20 years of “Service” and payable in the form of a lump sum payable first day of the seventh (7th) calendar month following Executive’s Separation from Service, determined using the actuarial equivalent of an unreduced single life annuity with a 50% right of survivorship to his current spouse, Xxxx X. Xxxxx if she survives Executive.
Sample 1
SUPPLEMENTAL ANNUAL RETIREMENT BENEFIT. Executive (or his current spouse, Gxxx X. Xxxxx, that survives Executive) shall be entitled to the Supplemental Annual Retirement Benefit payable by the Company set forth below (the “Supplemental Annual Retirement Benefit”). The first applicable Supplemental Annual Retirement Benefit shall become payable upon the termination of Executive’s employment with the Company, and such Supplemental Annual Retirement Benefit shall be payable each year to Executive through the remainder of his life in quarterly calendar installments (with a prorated initial installment if necessary), with a 50% right of survivorship. The initial Supplemental Annual Retirement Benefit shall not be paid until six (6) months have elapsed from Executive’s termination of employment.
Sample 1
SUPPLEMENTAL ANNUAL RETIREMENT BENEFIT. Executive (or his current spouse, Gail H. Smith), that survives Executive) shall be entitled to xxx xxxxxxmental annual retirement benefit payable by the Company set forth below (the "Supplemental Annual Retirement Benefit"). The first applicable Supplemental Annual Retirement Benefit shall become payable upon the termination of Executive's employment with the Company, and such Supplemental Annual Retirement Benefit shall be payable each year to Executive through the remainder of his life in quarterly calendar installments (with a prorated initial installment if necessary), with a 50% right of survivorship. In the event Executive's employment terminates for any reason, the Supplemental Annual Retirement Benefit shall be (with proration between specified dates based on the number of three-month periods in which he was employed compared to 4 and, in any event $700,000 if after, at, or in contemplation of, a Change in Control):
Sample 1

Related to SUPPLEMENTAL ANNUAL 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.

  • 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.

  • 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.

  • 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.

  • 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 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 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.

  • 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.

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

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