Common use of Supplemental Retirement Payment Clause in Contracts

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 qualified pension plan before the Date of Termination shall be engaged and shall certify the benefits due to Executive under this Section 6(c)(ii) in writing within 30 days after the Date of Termination. In any event, the supplemental retirement payment shall be paid to Executive (subject to Section 6(g)) no later than 45 days after the Date of Termination. If the amount to be offset under clause (B) of the first paragraph of this Section 6(c)(ii) has not been determined within 30 days after the Date of Termination, no such offset shall be permitted.

Supplemental Retirement Payment. If Executive is entitled to receive the Severance Amount described in Section 6(c)(i7(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 Change in Control (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 AmSouth 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 the Notice of Termination given by Executive or 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 qualified pension plan before the Date of Termination Change in Control shall be engaged and shall certify the benefits due to Executive under this Section 6(c)(ii7(c)(ii) in writing within 30 days after the Date of Termination. In any event, the supplemental retirement payment shall be paid to Executive (subject to Section 6(g)) no later than 45 days after the Date of Termination. If the amount to be offset under clause (B) of the first paragraph of this Section 6(c)(ii7(c)(ii) has not been determined within 30 days after the Date of Termination, no such offset shall be permitted.

Supplemental Retirement Payment. If Executive is entitled to receive the Severance Amount described in Section 6(c)(i7(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 Change in Control (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 qualified pension plan before the Date of Termination Change in Control shall be engaged and shall certify the benefits due to Executive under this Section 6(c)(ii7(c)(ii) in writing within 30 days after the Date of Termination. In any event, the supplemental retirement payment shall be paid to Executive (subject to Section 6(g7(f)) no later than 45 days after the Date of Termination. If the amount to be offset under clause (B) of the first paragraph of this Section 6(c)(ii7(c)(ii) has not been determined within 30 days after the Date of Termination, no such offset shall be permitted.

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 setbacks 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 qualified pension plan before the Date of Termination shall be engaged and shall certify the benefits due to Executive under this Section 6(c)(ii) in writing within 30 days after the Date of Termination. In any event, the supplemental retirement payment shall be paid to Executive (subject to Section 6(g)) no later than 45 days after the Date of Termination. If the amount to be offset under clause (B) of the first paragraph of this Section 6(c)(ii) has not been determined within 30 days after the Date of Termination, no such offset shall be permitted.

Supplemental Retirement Payment. If Executive Officer is entitled to receive the Severance Amount described in Section 6(c)(i7(c)(i), Executive 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 Executive 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 ExecutiveOfficer’s credited service as determined at ExecutiveOfficer’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 Change in Control (subject to any maximum on credited service set forth in the Pension Plans), minus (B) the monthly benefit payable to Executive 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 Executive Officer is a participant at ExecutiveOfficer’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 ExecutiveOfficer’s Date of Termination; provided, however, that if such yield has not been so published within 90 days before ExecutiveOfficer’s Date of Termination, the interest rate shall be the yield on substantially similar securities on the business day before ExecutiveOfficer’s Date of Termination as determined by Regions Bank N.A. upon the request of either the Company or ExecutiveOfficer, plus (B) .75%. For purposes of making the foregoing determinations, at the request of Executive Officer in writing within 5 days of ExecutiveOfficer’s receipt of Notice of Termination or ExecutiveOfficer’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 qualified pension plan before the Date of Termination Change in Control shall be engaged and shall certify the benefits due to Executive Officer under this Section 6(c)(ii7(c)(ii) in writing within 30 days after the Date of Termination. In any event, the supplemental retirement payment shall be paid to Executive Officer (subject to Section 6(g7(f)) no later than 45 days after the Date of Termination. If the amount to be offset under clause (B) of the first paragraph of this Section 6(c)(ii7(c)(ii) has not been determined within 30 days after the Date of Termination, no such offset shall be permitted.