Supplemental Retirement Income Plan Sample Clauses

Supplemental Retirement Income Plan. The Executive's ----------------------------------- Benefit under Section 4.1 of the Company's Supplemental Retirement Income Plan (the "Retirement Plan") shall be fifty-two and one-half percent (52.5%) of his Final Average Monthly Compensation and such Benefit shall be fully Vested, effective upon the date of the Change in Control, notwithstanding any provision of the Retirement Plan to the contrary. The terms "Benefit", "Final Average Monthly Compensation" and "Vested" shall have the meanings set forth in the Retirement Plan. The Retirement Plan shall automatically be amended to reflect this change upon the date of the Change in Control, without further action of the Company or the Executive.
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
Supplemental Retirement Income Plan. The Executive's ----------------------------------- Benefit under Section 4.1 of the Company's Supplemental Retirement Income Plan, as amended, and related Appendices I and II, which were furnished to Parent Company prior to January 23, 1999 (together, the "Retirement Plan"), commencing upon the Executive's Normal Retirement Age in the Normal Benefit Form, shall be fifty-two and one-half percent (52.5%) of his Final Average Monthly Compensation, and such Benefit shall be fully accrued and 100% Vested, effective upon the Effective Date (as defined below), notwithstanding any contrary provision of the Retirement Plan or of the Appendices. The Final Average Monthly Compensation which is used to calculate the Executive's Benefit shall in no event be less than it would have been if the Executive had terminated employment on the Effective Date (or not less than $34,466.79). The terms "Benefit", "Final Average Monthly Compensation", Normal Benefit Form, Normal Retirement Age and "Vested" shall have the meanings set forth in the Retirement Plan. The "Effective Date" shall mean the time that the Purchaser or the Parent purchases any of the Shares of the Company pursuant to the Offer, as such terms are defined in the Agreement and Plan of Merger among Target (herein the "Company"), Parent (herein the "Parent Company") and Purchaser (a wholly-owned subsidiary of the Parent Company) dated as of the same date hereof (the "Merger Agreement"). Except as provided in this Section 2.4, the Executive's Benefit shall be calculated and paid in accordance with the terms and conditions of the Retirement Plan. The Retirement Plan shall automatically be amended to reflect the provisions of this Section 2.4, effective as of the Effective Date, without further action of the Company or the Executive.
Sample 1
Supplemental Retirement Income Plan. Executive's accrued benefit under the Sears, Roxxxxx xnd Co. Supplemental Retirement Income Plan and the Executive's supplemental agreement related thereto (collectively, the "Supplemental Retirement Income Plan") shall be determined in accordance with the Supplemental Retirement Income Plan, by calculating the basic monthly benefit thereunder based on (a) Executive's actual credited service plus additional credited service for the period from the Retirement Date through and including December 31, 2003, (b) the assumption that, in addition to his actual annual salary and bonus, Executive received in 2000 a non-prorated 2000 target annual bonus, and earned annual salary (at the rate currently in effect) and bonus (at the 2000 target annual bonus level) for years 2001, 2002, and 2003, and (c) the assumption that the amounts described in (b) above were received on or before the Executive's Retirement Date. The present value of such benefit payable as a life annuity commencing January 1, 2001, shall be paid in a single lump sum payment on January 5, 2001 (or the Retirement Date, if later), which lump sum shall be determined in accordance with the provisions of the Supplement Retirement Income Plan based on the Executive's actual age as of that date. Such a determination of the estimated amount of such lump sum payment has been provided to the Executive by the Company. The amount described in Paragraph 3 shall be in addition to the benefits to which Executive is entitled under the Sears Pension Plan.
Sample 1
Supplemental Retirement Income Plan. Certain Employees and Former ----------------------------------- Employees participate in the Supplemental Retirement Income Plan for Salaried Employees of Portec, Inc. (the "Supplemental Plan"). Effective as of the Closing Date, each Employee (i) shall be fully vested in his benefit accrued under the Supplemental Plan as of the Closing Date, and (ii) shall accrue no additional benefit under the Supplemental Plan from and after the Closing Date, and each Employee and Former Employee shall receive distribution of his accrued benefit under the Supplemental Plan, determined as of the Closing Date, pursuant to the terms of the Supplemental Plan as they exist on the Closing Date. Buyer shall have no liability or responsibility for any aspect of the Supplemental Plan.
Sample 1
Supplemental Retirement Income Plan. Executive's accrued benefit under the Sears, Rxxxxxx and Co. Supplemental Retirement Income Plan (the "Supplemental Retirement Income Plan") shall be determined in accordance with the Supplemental Retirement Income Plan, by calculating the benefits thereunder based on (a) Executive's actual credited service plus additional credited service for the period from the Retirement Date through and including December 31, 1997, (b) the assumption that, in addition to his actual annual salary and bonus, Executive had earned annual salary (at the rate in effect immediately prior to the Retirement Date) and bonus (at the 1995 Target Level) from his Retirement Date through and including December 31, 1997, and (c) Executive's actual age as of January 1, 1996, payable as a life annuity in monthly payments commencing January 1, 1996. The present value of such benefit, determined in accordance with the provisions of the Supplemental Retirement Income Plan (and based on the Executive's actual age as of January 1, 1996), shall be paid in a single lump sum payment on January 2, 1996. Such amount shall be in addition to the benefits to which Executive is entitled under the Sears Pension Plan.
Sample 1
Supplemental Retirement Income Plan. You will be credited with all your years of service under the SRIP that preceded your break in service with the Company and an additional two years of service credit, so that, as of January 1, 2002, you had seven (7) years of vesting credit toward Retirement, as defined under Paragraph 5 of Article II of the SRIP, and seven (7) years of benefits credit for purposes of calculating the amount of any benefit under Article IV of the SRIP. In addition, if your employment is terminated for No Cause or there is a Constructive Termination, you will be deemed to have satisfied the ten (10) year vesting requirement for Retirement under Paragraph 5 of Article II of the SRIP regardless of your actual years of service, if you haven't already satisfied the vesting requirement for Retirement and you will be credited with two (2) additional years of benefits credit for purposes of Article IV of the SRIP. Furthermore, if David Stockman is not the Chief Executive Officer of Company, and yox xxx xxx xxxxrwise vested in the SRIP, then upon termination of your employment for any reason you will be deemed to have satisfied the ten (10) year vesting requirement for Retirement under Paragraph 5 of Article II of the SRIP and you will receive the additional two (2) years of benefits credit for purposes of Article IV of the SRIP that are described in the preceding sentence.
Sample 1
Supplemental Retirement Income Plan. The Executive's ----------------------------------- Benefit under Section 4.1 of the Company's Supplemental Retirement Income Plan, as amended, and related Appendices I and II, which were furnished to Parent Company prior
Sample 1
AutoNDA by SimpleDocs
Supplemental Retirement Income Plan. The Executive is entitled to certain payments under the terms of the Supplemental Retirement Income Plan, pursuant to that certain Joinxx Agreement signed by the Executive and the Company on June 27, 1995. The Company agrees to make payments to the Executive pursuant to the terms of the Supplemental Retirement Income Plan and the Executive's Joinxx Xxxeement.
Sample 1
Supplemental Retirement Income Plan. All Principals/Assistant Principals eligible for payment of unused sick leave as outlined in Article V - Section 3 (Retirement Benefit) will contribute 100% of–their contractual allocation to the Minnesota Post Retirement Health Care Savings Plan (MPRHCS).
Sample 1

Related to Supplemental Retirement Income Plan

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any of its directors, officers or employees or those of its subsidiaries or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (1) for normal individual increases in compensation to employees (other than executive officers or directors) in the ordinary course of business consistent with past practice, (2) for other changes that are required by applicable law and (3) to satisfy Previously Disclosed contractual obligations.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Stock Option Plans; Employee Benefits 6.26.1 The Acquiror Company has no stock option plans providing for the grant by the Acquiror Company of stock options to directors, officers or employees.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

Time is Money Join Law Insider Premium to draft better contracts faster.