Salary Continuation Benefit

Salary Continuation Benefit. , with respect to an Executive at a particular age, shall have the following meanings unless otherwise provided in an Executive's Plan Agreement: (i) For (a) a Normal Retirement or (b) an actual Approved Early Retirement at age fifty-five (55) or older, the Executive's Salary Continuation Benefit shall be the amount set forth as such in Schedule B of Section 2 of such Executive's Plan Agreement. (ii) For an actual Approved Early Retirement at age fifty-four (54) or younger, an... Executive's Salary Continuation shall be equal to the Salary Continuation Benefit set forth as such in Schedule B of Section 2 of such Executive's Plan Agreement for an Approved Early Retirement at age fifty-five (55), discounted at a rate equal to 7.5% per annum, compounded, for each year that the Executive is younger than age fifty-five (55), including any partial year. View More

Salary Continuation Benefit. An annual amount equal to the sum of: (a) the highest annualized Base Salary of the Executive in effect at any time within three (3) years prior to the date of termination; plus (b) the largest of the annual bonuses paid to the Executive for the six (6) years preceding the termination date. An amount equal to one-twelfth of the Salary Continuation Benefit shall be paid to the Executive or his designee on the first day of each calendar month.