Supplemental Executive Retirement Benefits. In addition to benefits the Executive is entitled to receive under the Qualified Plan, Executive shall be a participant in, and be entitled to receive supplemental executive benefits under, the SERB Plan, which SERB Plan is incorporated into this Agreement by this reference.
Supplemental Executive Retirement Benefits. Without limiting the generality of Section 6 hereof, in the event that the amount of benefits or contributions Executive would have received or accrued under the benefit formulas of the tax-qualified Benefit Plans of the Holding Company is limited by Sections 401(a)(17), 401(k), 401(m), 402(g) or 415 of the Internal Revenue Code of 1986 ("Benefit Limitations"), the Holding Company shall provide Executive with supplemental benefits equal to the benefits attributable to employer contributions that she would have received if the Benefit Limitations did not apply. Such supplemental benefits shall be provided on a non-qualified, deferred compensation basis and shall be determined under the benefit formulas and actuarial assumptions of the applicable Benefit Plans. Payment of such supplemental benefits shall be made in the same manner and at the same time as payment of Executive's benefits under the applicable Benefit Plan.
Supplemental Executive Retirement Benefits. During the Term, Executive shall be eligible to participate in any supplemental executive retirement plan(s), if any, made available to senior executive officers of the Company.
Supplemental Executive Retirement Benefits. In addition to payments the Executive is entitled to receive under the Qualified Plan, Executive also shall be entitled to receive Supplemental Executive Benefits as set forth in this Agreement and in the SERB Plan, which benefits are an amount equal to the difference between the amount Executive would receive under the Qualified Plan and the amount he would be entitled to receive had his benefit under the Qualified Plan not been subject to the limitations on benefits and contributions set forth in Sections 401 (a)(17) and 415 of the Internal Revenue Code of 1986, as at any time amended, and the regulations thereunder.
Supplemental Executive Retirement Benefits. (a) During the Post-Merger Period, the Officer shall participate in the Supplemental Executive Retirement Plan of the Company (the "SERP") and shall have a "Pension Goal" under such plan of not less than 50%. The Company acknowledges that in light of the Officer's years of service with the Company, he will following the Effective Time be fully vested in the Surviving Corporation's SERP. For purposes of calculating benefits payable to the Officer under the SERP, any benefit plans, programs or arrangements of the Company or any predecessor or Affiliate of the Company that are in effect prior to the Effective Time shall be treated under the SERP in the same manner as plans of the Surviving Corporation, but no amount of gross up tax payments made pursuant to Section 12(g) hereof or otherwise shall be considered "Compensation" thereunder. one or more Retirement Plans, plus (E) the amount of any benefits which the Officer is then entitled to receive for such year (or, if the amount specified in clause (i) is to be prorated for a specified period, for the same period) under Section 6 of this Agreement. In determining the amount so payable, any benefits described in clause (ii) of the preceding sentence (other than subclause (E) thereof) that are not payable in the form of a single life annuity commencing at the same time as benefits hereunder shall, solely for purposes of the preceding sentence, be converted, on an actuarial equivalent basis, to a single life annuity form of payment commencing on the same date as the benefits pursuant to this paragraph (b) with actuarial equivalence to be determined based on the factors used to determine actuarial equivalence under the SERP. The amount so determined to be payable pursuant to this paragraph (b) shall be paid on the same basis as payments under the SERP (including actuarial reductions with respect to alternative forms of benefit thereunder, and the SERP's provisions regarding preretirement survivor benefits), and the Officer shall have the same election rights with respect thereto, regardless of whether or not any amounts are then being paid under the SERP.
Supplemental Executive Retirement Benefits. The Executive shall be eligible for a retirement benefit under the Exelon applicable supplemental management retirement plan in which Executive is a participant (the “SERP”) in accordance with the terms and conditions thereof, except that in determining such benefit, the Executive shall, subject to the Executive’s timely execution of the Waiver and Release, be credited with months additional service calculated as though he or she received the severance benefits specified in Section 3(a) as regular salary incentive pay over such period (and limited in its application to the amounts of such payments that exceed the compensation limitations applicable to qualified pension plans under the Code). Such benefit shall be paid as provided in Section 8(b).
Supplemental Executive Retirement Benefits. The Executive shall be eligible for a retirement benefit under the Company’s applicable supplemental non-qualified pension plan (the “SERP”) in accordance with the terms and conditions thereof, except that in determining such benefit, the Executive shall be subject to the Executive’s timely execution of the Waiver and Release, be credited with [24 months for named executive officers; 15 -24 months for other officers] additional service calculated as though he or she received the severance benefits specified in Section 3(a) as regular salary and incentive pay over such period (and limited in its application to the amounts of such payments that exceed the compensation limitations applicable to qualified pension plans under the Code) and any other service previously granted to such Executive. Such benefit shall be paid as provided in Section 8(c).
Supplemental Executive Retirement Benefits. The Executive shall be not eligible for a retirement benefit under the Exelon Corporation Supplemental Management Retirement Plan (the “SERP”), and the Executive’s non-vested benefit shall be forfeited.
Supplemental Executive Retirement Benefits. (a) During the Post-Merger Period, the Officer shall participate in the Supplemental Executive Retirement Plan of the Company (the "SERP") and shall have a "Pension Goal" under such plan of not less than 50%. The Company acknowledges that in light of the Officer's years of service with the Company, he will following the Effective Time be fully vested in the Surviving Corporation's SERP. For purposes of calculating benefits payable to the Officer under the SERP, any benefit plans, programs or arrangements of the Company or any predecessor or Affiliate of the Company that are in effect prior to the Effective Time shall be treated under the SERP in the same manner as plans of the Surviving Corporation, but no amount of gross up tax payments made pursuant to Section 12(g) hereof or otherwise shall be considered "Compensation" thereunder.
Supplemental Executive Retirement Benefits. The Officer shall participate in the Supplemental Executive Retirement Plan of the Company (the "SERP") and shall have a "Pension Goal" under such plan of not less than 50%. The Officer's benefits under the SERP shall vest no less quickly than in accordance with the following formula: Years of Service with the Company, the Bank or any subsidiary or affiliate of either such entity (or any predecessor of any such entities) Vesting Percentage -------------------------- ------------------ 5 50% 6 60% 7 70% 8 80% 9 90% 10 100% Any benefits provided under the SERP shall be in lieu of any supplemental pension benefits provided pursuant to any previous employment agreement between the Officer and the Bank. Notwithstanding the vesting schedule set forth above, the Officer shall be fully vested in his benefit under the SERP in the event that the Officer's employment is terminated at such time and upon such events as would trigger a right to benefits pursuant to Sections 12(c)(i) or (c)(ii) in connection with a Change in Control (as defined in Section 12(a)), unless such termination is for "cause" (as defined in Section 9(b))). In the event of any other involuntary termination of the
