MRPS. For purposes hereof, "Named Individual" shall include each non-employee director of LISB or any of its subsidiaries and each officer of LISB with the position of executive vice president or higher. For purposes of preparing the Disclosure Letter, the present value of the benefits payable under the Specified Compensation and Benefit Programs shall be determined as follows: (i) it shall be assumed that a change of control of LISB occurs on September 30, 1998 and that each person entitled to benefits under the Specified Compensation and Benefit Programs is discharged as of September 30, 1998; (ii) it shall be assumed that all compensation levels remain constant; (iii) it shall be assumed that the present value of any payment or benefit which would be due and payable before September 30, 1998 is equal to the amount of such payment or the cost of such benefit; (iv) the present value of any payment or benefit that would be due and payable after September 30, 1998 shall be computed using the interest rate specified by the applicable plan for purposes of valuing lump sum payments or if no rate is specified, an assumed interest rate of 6% per annum, compounded annually; and (v) that all accrued benefits under all tax-qualified plans are 100% vested. The entire present value of the benefits payable under the Specified Compensation and Benefit Programs is set forth on the Disclosure Schedule, which specifies the portion thereof that has been accrued as a liability on the financial statements of LISB as of February 28, 1998.
Appears in 3 contracts
Sources: Merger Agreement (Astoria Financial Corp), Merger Agreement (Long Island Bancorp Inc), Merger Agreement (Astoria Financial Corp)