Pre-Retirement Benefit

Pre-Retirement Benefit. For each Eligible Officer under the Plan, the difference between (a) the amount reflected in Schedule A hereto as the "Projected Benefit" payable to such Eligible Officer at the Eligible Officer's Age at Termination, minus (b) the Net Projected Cash Surrender Value (updated no less often than annually) of the Policy or Policies insuring the life of such Eligible Officer at such Eligible Officer's Age at Termination, and minus (c) the amount of any outstanding loan against the Policy or Policies... insuring the life of such Eligible Officer View More