Pre Tax Value of Key Employee's Grantor Trust

Pre Tax Value of Key Employee's Grantor Trust. An amount, calculated as of the date of payment of the Supplemental Retirement Income Lump Sum, equal to (a) divided by (b) where: (a) equals the actual balance in Key Employee's Employee Grantor Trust established between the Company and Key Employee as of such payment date; and (b) equals 1 minus the applicable Post Retirement Tax Rate for Key Employee. For this purpose, the balance in Key Employee's Employee Grantor Trust shall be the actual amount in such trust; provided however, if the... amount in the trust is reduced as the result of payment under a QDRO, or if Key Employee has at any time made a withdrawal or received a distribution from such trust other than a Tax Distribution Withdrawal, or a Special Distribution pursuant to Section 2.4 of Key Employee's Grantor Trust Agreement (a "Special Distribution"), then the balance in Key Employee's Employee Grantor Trust shall be deemed to be the sum of (x) the actual amount in such trust, (y) the amount of any withdrawal from such trust, other than a Tax Distribution Withdrawal or a Special Distribution, and (z) all Deemed Earnings with respect to any particular distribution or withdrawal other than a Tax Distribution Withdrawal or Special Distribution. In the event of a Tax Distribution Withdrawal, a Special Distribution or the reduction of the Trust Balance (as defined in Key Employee's Grantor Trust Agreement) as the result of payment of any Trustee fees, the balance in Key Employee's Grantor Trust shall in no event be deemed to include the amount of such distributions or payment. View More