Common use of Benefit Equalization Plan Clause in Contracts

Benefit Equalization Plan. The Company acknowledges that the Executive is a participant in the ▇▇▇▇▇▇ Oceanics Benefit Equalization Plan (the “Benefit Equalization Plan”), and that he shall receive any benefits due under the Benefit Equalization Plan in accordance with the terms and conditions of the Benefit Equalization Plan and the Deferral Agreement under the Benefit Equalization Plan in effect on the Date of the Agreement (the “Deferral Agreement”). Based on Section 2.5 of the Agreement and the terms of the Benefit Equalization Plan and the Deferral Agreement, the parties anticipate that the Benefit Equalization Plan payments shall be made as follows: (i) with respect to payments elected to be made in a single lump sum payment upon a Separation from Service, on July 2, 2013, and (ii) with respect to payments elected to be received in five annual installment payments, the first of five annual installments shall be made on July 2, 2013 and thereafter each subsequent installment shall be made on each subsequent anniversary thereof.