Common use of Supplemental Retirement Clause in Contracts

Supplemental Retirement. Upon termination of the Executive's employment, a supplemental retirement benefit shall be payable to him or his beneficiary in accordance with the provisions of this Section (4)(f). The annual supplemental retirement benefit, expressed in the form of a single life annuity beginning at the Executive's Normal Retirement Date (as defined in the Company's Pension Plan), shall be the excess, if any, of (A) less (B), where (A) is 2.2% (.022) of the Executive's highest three-year average Total Compensation times the number of years at termination (not to exceed thirty) of the Executive's service deemed as an employee of the Company, and (B) is the benefit payable under the Company's Pension Plan. Payment of the supplemental retirement benefit shall begin at the same time as the Executive's Pension Plan benefit payments and shall be subject to the same reductions for early commencement, except that the reductions shall be based on the Executive's service deemed as an employee of the Company. The supplemental retirement benefit may be paid in any form available under the Pension Plan, as elected by the Executive prior to benefit payment commencement. The conversion factors between forms of benefits used for purposes of the Pension Plan shall be used for purposes of the supplemental retirement benefit. The form of payment of the supplemental retirement benefit may be the same or different from the form of payment of the Executive's benefits under the Pension Plan. If the form of payment provides for a death benefit, such benefit shall be payable to the Executive's estate, unless another beneficiary has been designated by the Executive. If the Executive dies prior to the commencement of benefit payments, the death benefit provisions of the Pension Plan shall apply, mutatis mutandis, to the supplemental retirement benefit payable pursuant to this Section (4)(f).

Supplemental Retirement. Upon termination of the ExecutiveOfficer's employment, a supplemental retirement benefit shall be payable to him or his beneficiary in accordance with the provisions of this Section (4)(f). The annual supplemental retirement benefit, expressed in the form of a single life annuity beginning at the ExecutiveOfficer's Normal Retirement Date (as defined in the Company's Pension Plan), shall be the excess, if any, of (A) less (B), where (A) is 2.21.9% (.022.019) of the ExecutiveOfficer's highest three-year average Total Compensation times the number of years at termination (not to exceed thirtytwenty-five) of the ExecutiveOfficer's service deemed as an employee of the Company plus 0.1% (.001) of the Officer's highest three-year average Total Compensation times the number of years at termination in excess of twenty-five (not to exceed five) of the Officer's service as an employee of the Company, and (B) is the benefit payable under the Company's Pension Plan. Payment of the supplemental retirement benefit shall begin at the same time as the ExecutiveOfficer's Pension Plan benefit payments and shall be subject to the same reductions for early commencement, except that the reductions shall be based on the Executive's service deemed as an employee of the Company. The supplemental retirement benefit may be paid in any form available under the Pension Plan, as elected by the Executive Officer prior to benefit payment commencement. The conversion factors between forms of benefits used for purposes of the Pension Plan shall be used for purposes of the supplemental retirement benefit. The form of payment of the supplemental retirement benefit may be the same or different from the form of payment of the ExecutiveOfficer's benefits under the Pension Plan. If the form of payment provides for a death benefit, such benefit shall be payable to the ExecutiveOfficer's estate, unless another beneficiary has been designated by the ExecutiveOfficer. If the Executive Officer dies prior to the commencement of benefit payments, the death benefit provisions of the Pension Plan shall apply, mutatis mutandis, to the supplemental retirement benefit payable pursuant to this Section (4)(f). The supplemental retirement benefit shall be paid from the The United Illuminating Company Supplemental Retirement Trust established pursuant to the Agreement, made as of the 1st day of June, 1995 and as amended effective December 31,1995, between the Company and State Street Bank and Trust Company, as Trustee. (3) By substituting, in each of Sections (6)(a), (6)(b) and (6)(d)(i), for the phrase "Sections (4)(c) and (4)(d) hereof", the phrase "Sections (4)(c), (4)(d) and (4)(f) hereof". (4) By substituting, for Section (B) of Schedule (A), the following: (B) The Officer's choice of the addition of six years of age, or six years of service deemed as an employee of the Company, or any combination (not to exceed 6) of whole and partial years of age and whole or partial years of service deemed as an employee of the Company, in the calculation of the benefits payable to the Officer under the Company's retiree medical benefit plan(s) and in the calculation of the benefits payable to the Officer as a supplemental retirement benefit under the Officer's Employment Agreement. The Officer may elect to commence receipt of payments under this option at the termination of the Officer's employment or at any time thereafter, but not prior to age 55 or later than age 65. (5) All the terms and conditions of the Agreement, as amended hereby, are and shall remain in full force and effect (6) This First Amendment to the Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

Supplemental Retirement. Upon termination of the ExecutiveOfficer's employment, a supplemental retirement benefit shall be payable to him or his beneficiary in accordance with the provisions of this Section (4)(f). The annual supplemental retirement benefit, expressed in the form of a single life annuity beginning at the ExecutiveOfficer's Normal Retirement Date (as defined in the Company's Pension Plan), shall be the excess, if any, of (A) less (B), where (A) is 2.22.0% (.022.020) of the ExecutiveOfficer's highest three-year average Total Compensation times the number of years at termination (not to exceed thirty) of the ExecutiveOfficer's service deemed as an employee of the Company, and (B) is the benefit payable under the Company's Pension Plan. Payment of the supplemental retirement benefit shall begin at the same time as the ExecutiveOfficer's Pension Plan benefit payments and shall be subject to the same reductions for early commencement, except that the reductions shall be based on the Executive's service deemed as an employee of the Company. The supplemental retirement benefit may be paid in any form available under the Pension Plan, as elected by the Executive Officer prior to benefit payment commencement. The conversion factors between forms of benefits used for purposes of the Pension Plan shall be used for purposes of the supplemental retirement benefit. The form of payment of the supplemental retirement benefit may be the same or different from the form of payment of the ExecutiveOfficer's benefits under the Pension Plan. If the form of payment provides for a death benefit, such benefit shall be payable to the ExecutiveOfficer's estate, unless another beneficiary has been designated by the ExecutiveOfficer. If the Executive Officer dies prior to the commencement of benefit payments, the death benefit provisions of the Pension Plan shall apply, mutatis mutandis, to the supplemental retirement benefit payable pursuant to this Section (4)(f).

Supplemental Retirement. Upon termination of the ExecutiveOfficer's employment, a supplemental retirement benefit shall be payable to him or his beneficiary in accordance with the provisions of this Section (4)(f4)(g). The annual supplemental retirement benefit, expressed in the form of a single life annuity beginning at the ExecutiveOfficer's Normal Retirement Date (as defined in the Company's Pension Plan), shall be the excess, if any, of (A) less (B), where (A) is 2.22.0% (.022.020) of the ExecutiveOfficer's highest three-year average Total Compensation times the number of years at termination (not to exceed thirty) of the ExecutiveOfficer's service deemed as an employee of the Company, and (B) is the benefit payable under the Company's Pension Plan. Payment of the supplemental retirement benefit shall begin at the same time as the ExecutiveOfficer's Pension Plan benefit payments and shall be subject to the same reductions for early commencement, except that the reductions shall be based on the ExecutiveOfficer's service deemed as an employee of the Company. The supplemental retirement benefit may be paid in any form available under the Pension Plan, as elected by the Executive Officer prior to benefit payment commencement. The conversion factors between forms of benefits used for purposes of the Pension Plan shall be used for purposes of the supplemental retirement benefit. The form of payment of the supplemental retirement benefit may be the same or different from the form of payment of the ExecutiveOfficer's benefits under the Pension Plan. If the form of payment provides for a death benefit, such benefit shall be payable to the ExecutiveOfficer's estate, unless another beneficiary has been designated by the ExecutiveOfficer. If the Executive Officer dies prior to the commencement of benefit payments, the death benefit provisions of the Pension Plan shall apply, mutatis mutandis, to the supplemental retirement benefit payable pursuant to this Section (4)(f4)(g).

Supplemental Retirement. Upon termination of the Executive's employment, a supplemental retirement benefit shall be payable to him or his beneficiary in accordance with the provisions of this Section (4)(f). The annual supplemental retirement benefit, expressed in the form of a single life annuity beginning at the Executive's Normal Retirement Date (as defined in the Company's Pension Plan), shall be the excess, if any, of (A) less (B), where (A) is 2.2% (.022) of the Executive's highest three-year average Total Compensation times the number of years at termination (not to exceed thirty) of the Executive's service deemed as an employee of the Company, and (B) is the benefit payable under the Company's Pension Plan. For purposes of this Agreement, the Executive's service deemed as an employee of the Company commenced on July 1, 1959. Payment of the supplemental retirement benefit shall begin at the same time as the Executive's Pension Plan benefit payments and shall be subject to the same reductions for early commencement, except that the reductions shall be based on the Executive's service deemed as an employee of the Company. The supplemental retirement benefit may be paid in any form available under the Pension Plan, as elected by the Executive prior to benefit payment commencement. The conversion factors between forms of benefits used for purposes of the Pension Plan shall be used for purposes of the supplemental retirement benefit. The form of payment of the supplemental retirement benefit may be the same or different from the form of payment of the Executive's benefits under the Pension Plan. If the form of payment provides for a death benefit, such benefit shall be payable to the Executive's estate, unless another beneficiary has been designated by the Executive. If the Executive dies prior to the commencement of benefit payments, the death benefit provisions of the Pension Plan shall apply, mutatis mutandis, to the supplemental retirement benefit payable pursuant to this Section (4)(f).