Supplemental Executive Retirement Benefit. The Executive will be a participant in the Supplemental Executive Retirement Plan. Under the plan, the Executive will be eligible to receive a supplemental nonqualified annual cash benefit over a fifteen (15) year period beginning at his retirement or as otherwise provided under the plan.
Supplemental Executive Retirement Benefit. Upon termination of the Executive's employment with the Company and all affiliates other than for Cause (as defined in Section 5(b) of this Agreement), a supplemental retirement benefit shall be payable in accordance with the provisions of this Section (4)(g). The annual supplemental retirement benefit, expressed in the form of a single life annuity beginning at the Executive's Normal Retirement Date as defined in The United Illuminating Company Pension Plan (the “Company's Pension Plan”), shall be the excess, if any, of (A) less (B), where (A) is 2.0% (.020) of the Executive's highest three-year average Total Compensation times his number of years of service as an employee of the Company (including any deemed service credited under this Agreement or the CIC Plan II) at termination (not to exceed thirty), and (B) is the benefit payable under the Company's Pension Plan expressed as a single life annuity commencing as of the Executive’s Normal Retirement Date. For purposes of this Section, Total Compensation shall mean the Executive’s Base Salary, and any amount payable to the Executive as short-term incentive compensation pursuant to the Company’s annual executive incentive compensation plan. Subject to the requirements of Section 6(f), distribution of the supplemental retirement benefit shall be made in the month of January following the Executive’s termination of service with the Company and its affiliates, but in no event earlier than six months following the Executive’s termination of service. The benefit provided in this Section 4(g) shall be paid in an actuarially equivalent lump sum equal to the present value of the immediate life annuity payable as of such distribution date, unless the Executive shall have elected at least 12 months in advance of such distribution date to commence distributions in one of the other actuarially equivalent forms of benefits permitted under the Company’s Pension Plan, in which case the commencement of the supplemental executive retirement benefit provided under this Section 4(g) shall be deferred, except in the case of termination due to death or disability, for a period of at least five years from the date on which such distribution otherwise would have been made. The provisions of this subsection are intended to comply with all laws applicable to the taxation of non-qualified deferred compensation, and the Company and Executive agree to revise this subsection as necessary or advisable from time to time in order to com...
Supplemental Executive Retirement Benefit. Executive shall be eligible to receive a supplemental retirement benefit from the Company consistent with the supplemental retirement benefit provided to other PacifiCorp executives, subject to the terms of the PacifiCorp Supplemental Executive Retirement Plan as amended from time to time. This benefit may be offset by retirement benefits payable for from the PacifiCorp Retirement Plan.
Supplemental Executive Retirement Benefit. As soon as reasonably practicable, the Company will enter into a supplemental executive retirement plan with you to provide for certain supplemental nonqualified cash benefits in accordance with the terms included in the Company's offer letter, dated January 21, 2016.
Supplemental Executive Retirement Benefit. (a) The Company shall provide the Executive with a non-qualified supplemental retirement benefit (“Supplemental Retirement Benefit”) payable as of the first day of the month coincident with or next following the later of Executive’s attainment of age 55 and his Separation from Service with the Company and all Affiliated Employers (“Commencement Date”) in the amount equal to the positive difference (if any) between (x) the Tentative Benefit minus (y) the Offset Benefit. For this purpose:
Supplemental Executive Retirement Benefit. The Executive will be entitled to receive a nonqualified supplemental executive retirement benefit from the Company, which he shall be immediately vested in to the extent accrued. The annual benefit payable to Executive (calculated as a single life annuity on an unreduced basis starting at age 62 and actuarially reduced from age 62 if commencing prior to age 62 or paid in a form other than a single life annuity) will equal the greater of I and II, reduced by III, where I, II and III are as follows: I equals the lesser of (i) and (ii), reduced by (iii), where (i), (ii) and (iii) are as follows:
Supplemental Executive Retirement Benefit. Effective immediately, Xx. Xxxxxx'x Supplemental Executive Retirement Benefit shall be frozen at its current level with no future increases or contributions by the Company ($2,925,000 of pre-retirement death benefit and $455,034 of annual retirement income).
Supplemental Executive Retirement Benefit. Summit FGI will provide Employee with a supplemental executive retirement benefit with an annual retirement benefit of $125,000, payable upon termination at retirement age subject to the terms and conditions of the applicable Executive Salary Continuation Agreement and contingent upon any applicable medical requirements. Provided, that such plan, if required to be aggregated for Code Section 409A purposes with this Employment Agreement or any other agreement between Employee and Summit FGI, Bank, or any affiliate, shall not cause this Agreement to violate Code Section 409A or the regulations and guidance issued thereunder.
Supplemental Executive Retirement Benefit. In addition to benefits the Executive is entitled to receive under the Qualified Plan, Executive also shall be entitled to receive an additional amount which shall be the amount, if any, Executive would have received under the Qualified Plan had his benefits under the Qualified Plan not been subject to the limitations on benefits and contributions set forth in Sections 401 (a)(17) and 415 of the Code.
Supplemental Executive Retirement Benefit. (a) Upon termination of employment for any reason, Executive will be entitled to receive from the Company a supplemental executive retirement benefit ("SERB") equal to:
