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Document Preview Retirement Agreement |
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Title: |
Retirement Agreement |
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Date: |
2006 |
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Size: |
Preview shows 11KB of 35KB total |
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Price: |
$39 |
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ID: |
#2282685 |
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RETIREMENT AGREEMENT
THIS RETIREMENT AGREEMENT (the Agreement) is made by and among Seneca Resources Corporation, a Pennsylvania corporation having offices at 1201 Louisiana St. Suite 400, Houston, Texas 77002-5604, (Seneca), National Fuel Gas Company, a New Jersey corporation having offices at 6363 Main Street, Williamsville, New York 14221 (National Fuel) and Mr. James A. Beck, 4112 Ruskin Street, Houston, Texas 77005 (Mr. Beck) as of July 1, 2006.
WHEREAS, National Fuel, Seneca and Mr. Beck (each a party, collectively, the parties) mutually agree that each party shall receive certain consideration, on the terms set out in this Agreement;
NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS:
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1. |
As used within this Agreement, the terms Company, we, our or us collectively refer to National Fuel Gas Company and its subsidiary and affiliated companies, other related entities, and successors or assigns. As used within this Agreement, the terms Mr. Beck, employee, you or your refers to James A. Beck. |
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2. |
You have voluntarily decided to apply for retirement, effective July 1, 2006. |
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3. |
Consistent with your decision to retire, you hereby resign, effective July 1, 2006, any and all positions as an officer, director, employee or equivalent of any Company entity. Your separation from employment is by mutual agreement between you and the Company. Your employment with the Company will terminate on June 30, 2006. |
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4. |
The Company agrees to pay you, minus all applicable taxes and withholdings, your regular pay and benefits up to and including June 30, 2006. |
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5. (a) |
You are entitled to certain accrued pension benefits, effective July 1, 2006, as provided under the terms of the National Fuel Gas Company Retirement Plan (the Retirement Plan), payable upon such dates and in such amounts determined in accordance with the terms and conditions of the Retirement Plan. Notwithstanding the foregoing, the benefit for the month of July 2006, only, may be paid at any time during the month of July 2006 and is dependent upon your timely providing the Retirement Plan Administrator with a benefit option choice under the Retirement Plan. |
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(b) |
You are entitled to certain supplemental pension benefits, effective July 1, 2006, as provided under the terms of the National Fuel Gas Company Executive Retirement Plan (the ERP) payable upon such dates and in such amounts determined in accordance with the terms and conditions of the ERP. Payments of your ERP benefit will begin on the first day such payments can be made without triggering the additional taxes which would be required if such payments were to |
be deemed deferred compensation for purposes of Section 409A of the Internal Revenue Code.
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6. |
The Company agrees to pay you by check mailed to your then-current home address or via direct deposit to an account so designated, in writing, by you, a lump sum of four hundred sixty-five thousand dollars ($465,000), less any and all applicable taxes and withholding. Said lump sum payment shall be made on or about September 15, 2006. In the event of your death prior to September 15, 2006, this payment will be payable to your Estate when due. None of this payment is intended to constitute a bonus or other compensation that would be included in the calculation of any of your pension benefits described in paragraph 5 of this Agreement. |
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7. |
The Company will pay to your tax advisor for reasonable assistance to you in tax planning and preparing and filing your income tax returns for tax year 2006, up to a maximum amount of eight thousand dollars ($8,000). |
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8. (a) |
Beginning July 1, 2006 and ending June 30, 2009, family medical coverage under the Companys Executive Medical Plan (which includes the basic medical coverage applicable to non-executive supervisory employees of National Fuel Gas Distribution Corporation), Prescription Drug Plan and Dental Plan will be made available to you and your spouse Denise Beck at your expense at the same monthly cost as paid by an active Company executive, as that monthly cost is modified for all active Company executives from time to time. As of July 1, 2006, that amount is $238 per month. You authorize the Company to withhold the then-current monthly contribution from your monthly Retirement Plan benefit beginning July 1, 2006 and ending on June 1, 2009. The provision of these additional health care benefits will satisfy the Companys responsibility under COBRA regulations to provide 18 months of COBRA continuation coverage under the Company Executive Medical, Prescription Drug and Dental Plans. |
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