Supplemental Compensation Benefit. Upon retirement at age sixty- --------------------------------- five (65) or upon early retirement with the written approval of the Corporation, the Executive will receive the equivalent of two and one-fourth times the Executive's final annual base salary as of the January 1 occurring concurrently with or immediately preceding retirement or an average of the last five years (computed on base salary as of each January 1 of said 5-year period) whichever is greater, paid as follows:
Appears in 3 contracts
Samples: Deferred Compensation Agreement (BGF Industries Inc), Deferred Compensation Agreement (BGF Industries Inc), Deferred Compensation Agreement (BGF Industries Inc)
Supplemental Compensation Benefit. Upon retirement at age sixty- --------------------------------- five (65) or upon early retirement with the written approval of the Corporation, the Executive will receive the equivalent of two and one-fourth three times the Executive's final annual base salary as of the January 1 occurring concurrently with or immediately preceding retirement or an average of the last five years (computed on base salary as of each January 1 of said 5-year period) ), whichever is greater, paid as follows:
Appears in 1 contract
Samples: Deferred Compensation Agreement (BGF Industries Inc)