Supercuts 2007 Annual Report Download - page 125

thereafter. Payments shall be made under this subparagraph (c) only if Employee is disabled within the meaning of
the disability clause of an applicable policy’s waiver of premium provision and within the meaning of “disability” as
set forth in Treas. Reg. § 1.409A—3(i)(4).
d]
Early Termination. In the event Employee terminates his or her employment with the Corporation before
reaching age 65 (unless such employment termination is for Cause, by reason of disability pursuant to subparagraph
6(c), or by reason of death), then commencing upon the last day of the month next following the month in which his
employment terminates (or if later, upon attainment of age 55), unless Employee has been terminated by the
Corporation for Cause, the Corporation shall pay to Employee his or her Discounted Vested Monthly Benefit and
shall continue to pay him or her the same amount monthly on the same date of each succeeding month thereafter
until a total of 240 monthly payments have been made. If Employee dies before receiving all 240 monthly payments
specified herein, the Corporation shall pay to Employee’s surviving spouse, or to such other person or persons as
Employee shall have designated in writing, the remaining unpaid monthly payments as they become due as provided
above. Notwithstanding the foregoing in this subparagraph 6(d)(i), Employee shall be entitled, by written election to
the Corporation’s Board of Directors, to receive, in connection with a termination of employment prior to age 65, his
Vested Monthly Benefit rather than the Discounted Vested Monthly Benefit (or his Discounted Vested Monthly
Benefit commencing at a later date), provided (x) Employee makes such written election more than 12 months
before Employee otherwise would have received the Discounted Vested Monthly Benefit, (y) such election is not
effective for 12 months, and (z) the first installment of the Monthly Benefit is paid at least five years after the month
next following the month of such employment termination (or, if earlier, upon death or disability pursuant to
subparagraphs 6(b) and 6(c), respectively); provided, however, that if the first installment of the Monthly Benefit is
to commence prior to Employee’s attainment of age 65, Employee shall receive the Discounted Vested Monthly
Benefit rather than the Vested Monthly Benefit.
e]
Termination for Cause . If Employee’s employment with the Corporation is terminated at any time for Cause,
the Corporation shall have no obligation to make any payments to Employee under this Agreement and all future
payments shall be forfeited.
The Corporation is the owner and beneficiary of certain insurance policies on Employee’s life and insuring against Employee’s
disability. No payments shall be required
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