OF WEEKS CORRESPONDING TO THE MULTIPLE
APPLICABLE TO SUCH EMPLOYEE PURSUANT TO THIS SECTION 3.2.
3.3
ANY PAYMENTS PURSUANT TO SECTIONS 3.1 OR 3.2 OF THIS PLAN SHALL BE
PAID TO THE EMPLOYEE IN A LUMP SUM WITHIN THIRTY (30) DAYS FOLLOWING HIS
INVOLUNTARY TERMINATION; PROVIDED, HOWEVER, THAT SUCH PAYMENT SHALL BE REDUCED
BY THE AMOUNT PAID TO THE EMPLOYEE PURSUANT TO ANY OTHER SEVERANCE PAY POLICY OF
THE COMPANY AND ITS SUBSIDIARIES.
4
3.4
IN THE EVENT OF A VOLUNTARY TERMINATION BY AN EMPLOYEE, HE SHALL
BE ENTITLED TO RECEIVE THE AMOUNT OTHERWISE DETERMINED PURSUANT TO SECTION 3.1
OR 3.2 HEREOF, AS THE CASE MAY BE, AND SECTION 3.3 HEREOF; PROVIDED, HOWEVER,
THAT SUCH PAYMENTS WILL NOT BE MADE IN A LUMP SUM BUT RATHER WILL BE PAID IN
EQUAL MONTHLY INSTALLMENTS FOR THE PERIOD CORRESPONDING TO THE APPLICABLE
MULTIPLE USED IN CALCULATING THE AMOUNT OF THE PAYMENT AND COMMENCING ON THE
FIRST DAY OF THE MONTH FOLLOWING THE DATE OF SUCH VOLUNTARY TERMINATION, AND
PROVIDED, FURTHER, THAT SUCH PAYMENTS WILL CEASE (EVEN THOUGH THE EMPLOYEE HAS
NOT RECEIVED THE FULL AMOUNT DETERMINED PURSUANT TO SECTION 3.1 OR 3.2 HEREOF)
IN THE EVENT THE EMPLOYEE BECOMES OTHERWISE EMPLOYED, INCLUDING SELF-EMPLOYMENT
IN A TRADE OR BUSINESS IN WHICH PERSONAL SERVICES OF THE EMPLOYEE ARE A MATERIAL
INCOME-PRODUCING FACTOR.
IN THE CASE OF AN EMPLOYEE ENTITLED TO THE PAYMENTS
DESCRIBED IN THIS SECTION 3.4, THE "INCREMENTAL PERIOD' FOR PURPOSES OF THIS
PLAN SHALL BE THE PERIOD DURING WHICH PAYMENTS ARE ACTUALLY MADE PURSUANT TO
THIS SECTION 3.4.
3.5
IN THE EVENT THAT THE EMPLOYMENT OF AN EMPLOYEE WHO IS A SENIOR
OFFICER ON THE DATE ON WHICH THE APPLICABLE AGREEMENT IS ENTERED INTO (OR
AMENDED) TERMINATES PURSUANT TO SECTION 3.1 OR 3.4 HEREOF, AND SUCH EMPLOYEE
SUBSEQUENTLY BEGINS TO RECEIVE RETIREMENT BENEFITS UNDER THE EMPIRE DISTRICT
ELECTRIC COMPANY EMPLOYEES' RETIREMENT PLAN (OR ANY SUCCESSOR PLAN) (THE
"RETIREMENT PLAN"), THE COMPANY SHALL ALSO COMMENCE PAYMENT TO SUCH EMPLOYEE AT
THE SAME TIME OF A MONTHLY AMOUNT EQUAL TO THE DIFFERENCE BETWEEN (I) THE
MONTHLY RETIREMENT BENEFITS THE EMPLOYEE WOULD HAVE BEEN ENTITLED TO RECEIVE
UNDER THE TERMS OF THE RETIREMENT PLAN AND THE EMPIRE DISTRICT ELECTRIC COMPANY
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (OR ANY SUCCESSOR PLAN) (THE
"SUPPLEMENTAL PLAN"), AS IN EFFECT ON THE DAY ON WHICH HIS EMPLOYMENT
TERMINATES, IF THE EMPLOYEE HAD ACCUMULATED ADDITIONAL SERVICE EQUAL TO THE
"INCREMENTAL PERIOD" APPLICABLE TO SUCH EMPLOYEE, RECEIVED EARNINGS DURING SUCH
INCREMENTAL PERIOD AT THE RATE IN EFFECT DURING THE YEAR IN WHICH HIS EMPLOYMENT
TERMINATES OR, IF GREATER, AT THE RATE IN EFFECT IMMEDIATELY PRIOR TO THE DATE
OF THE CHANGE IN CONTROL (CALCULATED ON AN ANNUALIZED BASIS), AND HAD ATTAINED
THE AGE SUCH EMPLOYEE WOULD HAVE ATTAINED AS OF THE LAST DAY OF THE "INCREMENTAL
PERIOD" AND (II) THE RETIREMENT BENEFITS HE IS THEN RECEIVING UNDER THE
RETIREMENT PLAN AND SUPPLEMENTAL PLAN.
THE BENEFITS PAYABLE PURSUANT TO THIS
SECTION 3.5 SHALL INCLUDE ALL ANCILLARY BENEFITS UNDER THE RETIREMENT PLAN AND
SUPPLEMENTAL