Common use of Form of Benefit Clause in Contracts

Form of Benefit. If Executive has attained age fifty-five (55) while employed by ASV or an affiliate, ASV shall provide Executive a supplemental retirement benefit in the form of a series of annual cash payments. Each annual cash payment shall equal fifty-five thousand dollars ($55,000), less applicable tax withholding. Except as provided for in Section 1.2, the benefit shall commence within sixty (60) days following the later of (a) the date Executive attains age fifty-five (55), or (b) the earliest date that such payment would be fully deductible by ASV for federal income tax purposes. The benefit shall end, and the last payment shall be paid, on the date Executive attains age eighty (80). Other than the first payment, which shall be paid on the date specified above, each annual cash payment shall be made on the first business day following Executive’s birthday (or as soon as administratively feasible after such date).