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. For purposes of this Section, the Executive's deemed service as an employee of the Company will be calculated by adding two additional years of service for each actual year of service worked on each of the first five anniversaries of February 23, 1998, so that as of February 23, 2003, the Executive will be deemed to be credited with fifteen years of service for purposes of calculating his supplemental retirement benefit under this Section. 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...
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. 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. 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:
(i) equals the product of (A) 3.25 percent of the Executive's Compensation for the calendar year during the three consecutive completed calendar years prior to termination of the Executive's employment (the "Determination Date") in which the Executive had the highest Compensation (the "Highest Compensation") (where Compensation shall mean the Executive's Base Salary and annual performance bonus paid for that calendar year, including without limitation any of the above amounts deferred pursuant to a salary reduction agreement pursuant to Code Section 125 or 401(k) or electively pursuant to a nonqualified deferred compensation arrangement and any portion of the annual performance bonus earned for the calendar year non- electively deferred, provided that for 1996 Compensation shall be deemed not to be less than $1,000,000 and the 1996 calendar year shall be deemed a completed prior calendar year), multiplied by (B) the number of years (including fractions thereof) that the Executive is employed by the Company and previously was employed by IP (the "Benefit Servicer").
(ii) equals 50 percent of the Executive's Highest Compensation.
(iii) equals the product of:
(A) 3.25 percent of the Executive's Primary Social Security Benefit multiplied by the number of years of Benefit Service projected to age 65, subject to a maximum of 50 percent of the Executive's Primary Social Security Benefit, multiplied by
(B) the ratio of Benefit Service at the Determination Date to Benefit Service projected to age 65.
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. The Executive maintains his status in the Supplemental Executive Retirement Plan, under which he has fully met the vesting requirements for his benefits.
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. Summit FGI will provide Employee with a supplemental executive retirement benefit.
Supplemental Executive Retirement Benefit. You have satisfied the ___________ service requirement for vesting under the provisions of the Supplemental Executive Retirement Plan.
