Supplemental Retirement Payment. In the event of a Change in Control; a termination by Executive pursuant to Section 5.2.(iii); or the Executive completes two (2) years of active employment under this Agreement, the Company will make an annual supplemental retirement payment of One Hundred Fifty Thousand Dollars ($150,000.00) beginning on Executive's sixty-fifth (65th) birthday or Executive's death, whichever first occurs, and continuing for fifteen (15) years to Executive; provided, however, in the event of Executive's death prior to the end of such fifteen (15) year period, the supplemental retirement payment will be paid or continue to be paid to Executive's estate or designated beneficiary, if any, for the remainder of such fifteen (15) year period.
Supplemental Retirement Payment. If Executive is entitled to receive the Severance Amount described in Section 6(c)(i), Executive shall be entitled to receive a supplemental retirement payment, payable in a cash lump sum, equal in value to the actuarial equivalent (as defined below) of (A) the monthly benefit payable to Executive (expressed as a life annuity payable commencing at the later of the Date of Termination and age 65) determined by adding three years to Executive’s credited service as determined at Executive’s Date of Termination under the terms of Company’s qualified defined benefit pension plan and supplemental or excess pension plan (collectively, the “Pension Plans”) as in effect immediately before the Effective Date (subject to any maximum on credited service set forth in the Pension Plans), minus (B) the monthly benefit payable to Executive (expressed as a life annuity payable commencing at the later of the Date of Termination and age 65) determined pursuant to the terms of all defined benefit pension plans (including the Pension Plans), active or frozen, in which Executive is a participant at Executive’s Date of Termination if such plans are sponsored by the Company or its successors or affiliates. For purposes of this Agreement, “actuarial equivalent” shall mean a benefit actuarially equal in value to the value of a given benefit in a given form or schedule, based upon (1) the mortality table or tables (including any set backs of ages) used to calculate actuarial equivalents under the Pension Plans as of the date on which an actuarial equivalent is being determined under this Agreement and (2) an interest rate equal to the sum of (A) the yield on U.S. 10-year Treasury Notes at constant maturity as most recently published by the Federal Reserve Bank of New York before Executive’s Date of Termination; provided, however, that if such yield has not been so published within 90 days before Executive’s Date of Termination, the interest rate shall be the yield on substantially similar securities on the business day before Executive’s Date of Termination as determined by Regions Bank N.A. upon the request of either the Company or Executive, plus (B) .75%. For purposes of making the foregoing determinations, at the request of Executive in writing within 5 days of Executive’s receipt of Notice of Termination or Executive’s Date of Termination, but in either event at the Company’s expense, the independent pension consultants most recently used by the Company in connection with its q...
Supplemental Retirement Payment. Employees currently employed by the Board who were at step 30 or above as of July, 1, 2017, shall receive a supplemental retirement payment upon retirement that is equal to the difference between $14,000 and the total amount of all longevity payments paid to the employee. If the longevity payments paid to the employee exceed $14,000, then the employee will not be eligible to receive any supplemental retirement payment.
Supplemental Retirement Payment. If Senior Officer is entitled to receive the Severance Amount described in Section 7(c)(i), Senior Officer shall be entitled to receive a supplemental retirement payment, payable in a cash lump sum, equal in value to the actuarial equivalent (as defined below) of (A) the monthly benefit payable to Senior Officer (expressed as a life annuity payable commencing at the later of the Date of Termination and age 65) determined by adding three years to Senior Officer’s credited service as determined at Senior Officer’s Date of Termination under the terms of Company’s qualified defined benefit pension plan and supplemental or excess pension plan (collectively, the “Pension Plans”) as in effect immediately before the Change in Control (subject to any maximum on credited service set forth in the Pension Plans), minus (B) the monthly benefit payable to Senior Officer (expressed as a life annuity payable commencing at the later of the Date of Termination and age 65) determined pursuant to the terms of all defined benefit pension plans (including the Pension Plans), active or frozen, in which Senior Officer is a participant at Senior Officer’s Date of Termination if such plans are sponsored by the Company or its successors or affiliates. For purposes of this Agreement, “actuarial equivalent” shall mean a benefit actuarially equal in value to the value of a given benefit in a given form or schedule, based upon (1) the mortality table or tables (including any set backs of ages) used to calculate actuarial equivalents under the Pension Plans as of the date on which an actuarial equivalent is being determined under this Agreement and (2) an interest rate equal to the sum of (A) the yield on U.S. 10-year Treasury Notes at constant maturity as most recently published by the Federal Reserve Bank of New York before Senior Officer’s Date of Termination; provided, however, that if such yield has not been so published within 90 days before Senior Officer’s Date of Termination, the interest rate shall be the yield on substantially similar securities on the business day before Senior Officer’s Date of Termination as determined by AmSouth Bank N.A. upon the request of either the Company or Senior Officer, plus (B) .75%. For purposes of making the foregoing determinations, at the request of Senior Officer in the Notice of Termination given by Senior Officer or in writing within 5 days of Senior Officer’s receipt of Notice of Termination, but in either event at the Company’s expense, ...
Supplemental Retirement Payment. As a supplemental retirement ------------------------------- benefit, Xxxx (or in the event of his death his beneficiaries) shall be paid $10,416.67 per month beginning as soon as administratively feasible after January 1, 2002 through December 31, 2002. On January 1, 2003 Xxxx will be paid a supplemental retirement benefit of $8333.83 per month payable as a life only benefit. This benefit is in lieu of benefits under either the 1988 or 1999 Supplemental Executive Retirement Plans and, except as otherwise provided in the Agreement, any other non-tax qualified retirement or deferred compensation arrangement sponsored by Pentair or any of its affiliates. The calculation of Xxxx'x benefit assumes that for the purpose of determining the reduction for early commencement for his January 1, 2003 benefit that Xxxx is age 65. Xxxx understands and agrees that this supplemental retirement benefit is more than Pentair is required to pay under its normal policies and procedures, and Xxxx acknowledges that without this Agreement, he would not be entitled to the benefits set forth in this subparagraph.
Supplemental Retirement Payment. In recognition of the fact that the Executive has terminated the October 11, 1995 memorandum from Deluxe Corporation to the Executive (the "Memorandum"), which Memorandum was designed to provide the Executive with supplemental retirement benefits, and in recognition that, effective as of the Start Date, the Executive has waived any and all rights to receive any payments and benefits pursuant to the Memorandum, the Company will pay to the Executive, on or about January 2, 2003, the total sum of $490,768.00, less legally required deductions and withholdings. The Executive may elect to receive this payment in a lump sum or as an actuarially equivalent annuity over a 15 year period.
Supplemental Retirement Payment. As a supplemental retirement benefit, Xxxxxxx shall be paid $27,087.12 monthly beginning on September 1, 2001, said benefit to be paid in the form of a Life Only option. Optional forms of payment will be made available including Joint & Survivor options. This benefit is calculated by applying the provisions of the 1988 Supplemental Executive Retirement Plan (the “SERP”) which the Compensation Committee of the Board has determined, in the exercise of the discretion granted it under said plan, shall be extended to Xxxxxxx even though he had not attained his Vesting and Accrual Date under the SERP as of the Separation Date. For purposes of determining this SERP benefit, Xxxxxxx shall be deemed to have (i) reached his Vesting and Accrual Date, as that term is defined in the SERP, (ii) elected an early retirement benefit calculated as if he had attained age sixty-two (62) as of September 1, 2001, and (iii) for purposes of calculating his final average compensation, received a MIP bonus payable in 2001 of $345,000, which is the average MIP bonus paid to Xxxxxxx over the prior three (3) years, regardless of the amount which may be paid to Xxxxxxx under the MIP in 2001. Xxxxxxx understands and agrees that, absent the exercise of discretion of the Compensation Committee of the Board and the execution of this Agreement, he would not otherwise be entitled to payment of this supplemental retirement benefit, and that Pentair is not required to pay this benefit to Xxxxxxx under its normal policies and procedures.
Supplemental Retirement Payment. [see annotation 2 attached]. As a supplemental retirement benefit, Ingmxx xxxll be paid $11,563.58 monthly beginning on September 1, 2000, said amounts paid in the form of a joint and 50% survivor annuity. This benefit is in lieu of benefits under either the 1988 or 1999 Supplemental Executive Retirement Plans (to which Ingmxx xx not entitled and for which he is not eligible) and, except as otherwise provided in the Agreement, any other non-tax qualified retirement or deferred compensation arrangement sponsored by Pentair or any of its affiliates. Ingmxx xxxerstands and agrees that this supplemental retirement benefit is more than Pentair is required to pay under its normal policies and procedures if he had been eligible, and Ingmxx xxxnowledges that without this Agreement, he would not be entitled to the benefits set forth in this subparagraph.
Supplemental Retirement Payment. As a supplemental retirement benefit, Xxxxxx shall be paid $60,900 monthly beginning on May 1, 2001, said amount to be paid in the form of a life annuity. This supplemental retirement benefit includes the benefit earned by Xxxxxx under the 1988 Supplemental Executive Retirement Plan, plus an enhancement to such benefit, as granted to Xxxxxx pursuant to the discretion delegated to the Compensation and Human Resources Committee of the Board. Xxxxxx understands and agrees that the enhancement to his supplemental retirement benefit is being provided as consideration for his agreement to the discharge of claims contained in Paragraph 8 of this Agreement.
Supplemental Retirement Payment. Pursuant to the terms of your offer letter of February 22, 1999, you will be entitled to a retirement benefit using the calculation formula and other applicable terms and conditions contained in the Raytheon Company Pension Plan for Salaried Employees and the Raytheon Excess Pension Plan, calculated using your service with Raytheon, the 104 weeks of the Transition Period, and your twenty-six (26) years of combined service with New Jersey Xxxx, Exxon Corp., Penn Central, RCA, United Technologies and Wang. The Final Average Earnings will include those sums received during the Transition Period. This retirement benefit shall be offset by any cash benefits you are immediately entitled to receive under any defined-benefit pension plan of any of the companies listed above, as well as any amounts you are entitled to receive from Social Security at the earliest eligibility date. Before commencement of your retirement benefit from Raytheon, you will be required to provide the Company with sufficient information regarding your retirement benefits from the companies listed above to enable Raytheon to calculate your final pension benefit. If you die prior to the end of the Transition Period, a pension will be paid to your wife as provided under the Raytheon Excess Pension Plan and will be based on the assumption that you have a vested benefit under the Raytheon Company Pension Plan for Salaried Employees based on the service credit described in the preceding paragraph. Your spouse will be entitled to the retirement benefit she would have been entitled to if you had remained employed through the end of the Transition Period, then retired and elected a joint and 50% survivor annuity and then died.
