Common use of Supplemental Executive Retirement Plan Clause in Contracts

Supplemental Executive Retirement Plan. The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP"), at an accrual rate as prescribed in the SERP, but no less than 2.5% per year from his date of hire (which for avoidance of doubt shall provide him with an annual minimum aggregate retirement benefit from all Company-furnished sources of approximately $200,000 per year assuming retirement at age 60).

Appears in 1 contract

Samples: Employment Agreement (Arrow Electronics Inc)

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Supplemental Executive Retirement Plan. The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP"), at an accrual rate as prescribed in the SERP, but no less than 2.5% per year from his date of hire (which for avoidance of doubt shall provide him with an annual minimum aggregate retirement benefit from all Company-furnished sources of approximately $200,000 125,000 per year assuming upon retirement at age 60).

Appears in 1 contract

Samples: Employment Agreement (Arrow Electronics Inc)

Supplemental Executive Retirement Plan. The Executive shall continue to participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP"), at an accrual rate as prescribed in the SERP, but no less than 2.5% per year from his date of hire (which for avoidance of doubt shall provide him with an annual minimum aggregate retirement benefit from all Company-furnished sources of approximately $200,000 300,000 per year assuming upon retirement at age 60).

Appears in 1 contract

Samples: Employment Agreement (Arrow Electronics Inc)

Supplemental Executive Retirement Plan. The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP"), at an accrual rate as prescribed in the SERP, but no less than 2.5% per year from his date of hire (which for avoidance of doubt shall provide him with an aggregate annual minimum aggregate retirement benefit from all Companyrelevant sources (including, without limitation, social security, the SERP, the Arrow Electronics Savings Plan, and the Arrow Employee Stock Ownership Plan) in an amount equal to twenty-furnished sources five percent (25%) of approximately $200,000 per year assuming the Executive's final average compensation (as defined in the SERP) upon retirement at age 60).

Appears in 1 contract

Samples: Employment Agreement (Arrow Electronics Inc)

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Supplemental Executive Retirement Plan. The Executive shall -------------------------------------- participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP"), at an accrual rate as prescribed in the SERP, but no less than 2.5% per year from his date of hire (which for avoidance of doubt shall provide him with an aggregate annual minimum aggregate retirement benefit from all Companyrelevant sources (including, without limitation, social security, the SERP, the Arrow Electronics Savings Plan, and the Arrow Employee Stock Ownership Plan) in an amount equal to twenty-furnished sources five percent (25%) of approximately $200,000 per year assuming the Executive's final average compensation (as defined in the SERP) upon retirement at age 60).

Appears in 1 contract

Samples: Employment Agreement (Arrow Electronics Inc)

Supplemental Executive Retirement Plan. The Executive shall participate in the Company's ’s Unfunded Pension Plan for Selected Executives (the "SERP"), at an accrual rate as prescribed in the SERP, but no less than 2.5% per year from his date of hire (which for avoidance of doubt shall provide him with an annual minimum aggregate retirement benefit from all Company-furnished sources of approximately $200,000 per year assuming retirement at age 60). The timing of payment under the SERP shall be in accordance with its terms.

Appears in 1 contract

Samples: Employment Agreement (Arrow Electronics Inc)

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