Common use of Supplemental Pension Clause in Contracts

Supplemental Pension. (a) Following any termination of his employment with the Company other than by the Company for Cause or as a result of his death, the Executive shall be entitled to receive a supplemental pension benefit with annual payments equal to five percent (5%) of his Average Final Annual Compensation (as defined below) multiplied by his full and partial years of service with the Company (including any additional years of credited service pursuant to Sections 14(d) and 15(c)); provided however, that the maximum annual pension to which the Executive shall be entitled shall be 50% of his Average Final Annual Compensation. For this purpose, "Average Final Annual Compensation" shall be defined as the Executive's average cash compensation for the 36 consecutive months of highest cash compensation or such shorter period as the Executive has been employed by the Company, if the Executive has been employed for less than 36 months with the Company. Cash compensation shall include all salary and bonuses earned in respect of such 36-month period, regardless of when paid. The supplemental pension shall be fully vested and shall be paid monthly with the first payment to be made at the beginning of the first month following the termination of the Executive's employment hereunder. The Executive's entitlement to the supplemental pension benefit (apart from the determination of the amount of the benefit as set forth in the first sentence) shall apply without regard to the period of the Executive's employment with the Company.

Supplemental Pension. (a) Following any termination of his employment with the Company other than by the Company for Cause or as a result of his death, the Executive shall be entitled to receive a supplemental pension benefit with annual payments equal to five percent (5%) of his Average Final Annual Compensation (as defined below) multiplied by his full and partial years of service with the Company (including any additional years of credited service pursuant to Sections 14(d) and 15(c)); provided however, that the maximum annual pension to which the Executive shall be entitled shall be 50% of his Average Final Annual Compensation. For this purpose, "“Average Final Annual Compensation" ” shall be defined as the Executive's ’s average cash compensation for the 36 consecutive months of highest cash compensation or such shorter period as the Executive has been employed by the Company, if the Executive has been employed for less than 36 months with the Company. Cash compensation shall include all salary and bonuses earned in respect of such 36-month period, regardless of when paid. The supplemental pension shall be fully vested and shall be paid monthly with the first payment to be made at the beginning of the first month following the termination of the Executive's ’s employment hereunder. The Executive's ’s entitlement to the supplemental pension benefit (apart from the determination of the amount of the benefit as set forth in the first sentence) shall apply without regard to the period of the Executive's ’s employment with the Company.