Annual Post2004 Enhancement

Annual Post2004 Enhancement. Shall mean, as of any Extension Date, a compensation and benefits package offered by the Company to the Executive that includes all of the following: (i) a Base Salary and Incentive Bonus each in an amount at least 75% greater than the corresponding amounts in effect immediately prior to such Extension Date; (ii) a SERP Payment equal to an annual retirement benefit payable during the Executive's lifetime of at least 100% of the Earnings Amount; and ... (iii) other terms and provisions identical to those set forth in this Agreement, including, without limitation, a provision for the extension of the Term of Employment for an additional one-year period at the end of which another Extension Date shall occur. The parties to this Agreement acknowledge and agree that any Annual Post-2004 Enhancement will require the Company to provide the Executive with a SERP Payment in accordance with the terms of this definition in lieu of, and not in addition to, the SERP Payment described under Section 9(a) below. The parties hereto further acknowledge and agree that if the Company offers the Executive this Annual Post-2004 Enhancement as of the first Extension Date occurring on or about December 1, 2004 and the Term of Employment is renewed under such terms for an additional one-year period, upon the non-renewal of the Term of Employment for any reason at any time thereafter, the Executive will not be entitled to the severance benefits described in Section 11(a). View More