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Exhibit 10.8
RETIREMENT BENEFIT AGREEMENT
AGREEMENT, dated as of July 27, 1996, between SYRATECH CORPORATION, a
Delaware corporation (the "Company") and XXXX X. XXXXXXXX (the "Executive").
The Executive is Vice President, Secretary and General Counsel of the
Company. The Company and the Executive wish to make provision for payment to
the Executive of a retirement benefit.
In consideration of the mutual covenants and agreements herein
contained, the parties agree as follows:
1. CONTINUATION OF EMPLOYMENT. The Executive hereby agrees to continue
to serve as a full-time employee of the Company for a period of at least one
year following the date of this Agreement.
2. RETIREMENT BENEFIT. From and after the "Deemed Retirement Date" (as
hereinafter defined) and until the last day of the month during which the
Executive's death shall occur, the Executive shall be entitled to receive from
the Company, and the Company shall pay to the Executive, as a fully vested
benefit, an annual retirement benefit equal to the greater of (a) $75,000 or
(b) the product of (i) one-half of one percentum (0.5%) of the average total
annual compensation (i.e., base salary plus bonus compensation) paid to the
Executive by the Company in the three years (as defined below) next preceding
the Deemed Retirement Date and (ii) the number of full years (a "year" being
defined as a period of 365 calendar days) during which the Executive was a
full-time employee of the Company or one or more
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subsidiaries of the Company (whether or not such full-time employment occurred
before or after the date of this Agreement so long as such full-time employment
occurred after the date of incorporation of the Company), calculated as of the
Deemed Retirement Date; provided, however, that such annual retirement benefit
shall be offset (that is, diminished) by the amount of any annual retirement
benefit that the Executive shall be or become entitled to receive (and shall
actually receive) under any Company-funded pension plan that may be adopted
after the date of this Agreement. The annual retirement benefit shall be
payable in equal monthly installments in arrears beginning with the last day of
the month in which the Deemed Retirement Date occurs. As used herein, the term
"Deemed Retirement Date" shall mean the first day of the month next following
the calendar month during which occurs the later of (x) the 65th anniversary
of the Executive's date of birth or (y) the last day of full-time employment of
the Executive by the Company, regardless of the circumstances under which the
Executive's full-time employment is terminated.
IN WITNESS WHEREOF, the parties have duly executed this
Amendment to the Agreement as of the day and year first above written.
SYRATECH CORPORATION
By /s/ Xxxxxxx Xxxxxxxx
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Xxxxxxx Xxxxxxxx
Chairman of the Board, President
and Chief Executive Officer
/s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
