Common use of Supplemental Pension Clause in Contracts

Supplemental Pension. In addition, the Executive shall be entitled to payments in the nature of supplemental pension payments at the rate of $200,000 (or such higher amount resulting from the annual COLA Adjustment described below) per year, payable in accordance with the regular payroll practices of the Company, for the period following the termination of his employment until the death of the survivor of the Executive and his current spouse, such payments, however, to begin only following the later of: (i) the termination of any salary payments (including, without limitation, any salary continuation payments contemplated under section 7(d)(ii), if applicable); and (ii) the tenth anniversary of the Final Date if the Executive receives a lump sum payment pursuant to section 7(d)(ii) or section 8(b). Such supplemental pension payments shall be payable upon the termination of the Executive’s employment under all circumstances (including, but not limited to, a termination pursuant to section 7(a)) other than termination by the Company for Cause. The amount of such supplemental pension payments shall be increased (the “COLA Adjustment”) during each year the supplemental pension payments are payable by an amount which reflects any increase in the cost of living on the immediately preceding June 30th over the cost of living on June 30, 2000, using as a basis for such increase the Consumer Price Index for all Urban Consumers (CPI-U) for New York, Northern New Jersey-Long Island, as published by the U.S. Department of Labor (the “Index”) or, in the event such Index is no longer published, such other index as is determined in good faith to be comparable by the board of directors of the Company. The COLA Adjustment shall be made each July 1st and shall remain applicable until the next June 30th. The Executive acknowledges that the Company’s obligation under section 5(b) is an unfunded, unsecured promise to pay certain amounts to the Executive in the future. The amounts payable under section 5(b) shall be paid out of the Company’s general assets and shall be subject to the risk of the Company’s creditors. In no event shall the Executive’s rights under section 5(b) be greater than the right of any unsecured general creditor of the Company.

Supplemental Pension. In addition, the Executive shall be entitled to payments in the nature of supplemental pension payments at the rate of $200,000 (or such higher amount resulting from the annual COLA Adjustment described below) per year, payable in accordance with the regular payroll practices of the Company, for the period following the termination of his employment until the death of the survivor of the Executive and his current spouse, such payments, however, payments to begin only on the first payroll date following the later of: Executive’s “separation from service” within the meaning of Code Section 409A (i) other than in the termination case of any salary payments (including, without limitation, any salary continuation payments contemplated under section 7(d)(ii), if applicable); and (ii) the tenth anniversary of the Final Date if the Executive receives a lump sum payment pursuant to section 7(d)(ii) or section 8(b). Such supplemental pension payments shall be payable upon the termination of the Executive’s employment under all circumstances (including, but not limited to, a termination pursuant to section 7(a)) other than termination by the Company for CauseCause as defined in section 7(c)(i)), subject to Section 21(c). The amount of such supplemental pension payments shall be increased (the “COLA Adjustment”) during each year the supplemental pension payments are payable by an amount which reflects any increase in the cost of living on the immediately preceding June 30th over the cost of living on June 30, 2000, using as a basis for such increase the Consumer Price Index for all Urban Consumers (CPI-U) for New York, Northern New Jersey-Long Island, as published by the U.S. Department of Labor (the “Index”) or, in the event such Index is no longer published, such other index as is determined in good faith to be comparable by the board of directors of the Company. The COLA Adjustment shall be made each July 1st and shall remain applicable until the next June 30th. The Executive acknowledges that the Company’s obligation under section 5(b) is an unfunded, unsecured promise to pay certain amounts to the Executive Executive, in the future. The amounts payable under this section 5(b) shall be paid out of the Company’s general assets and shall be subject to the risk of the Company’s creditors. In no event shall the Executive’s rights under section 5(b) be greater than the right of any unsecured general creditor of the Company. Notwithstanding the foregoing, to the extent any amounts in excess of accrued amounts and benefits are payable under section 7(a), (b), (d) or 8(b)(i) of this agreement, amounts payable under this section 5(b) shall be reduced by such other amounts on a payroll period basis.