Defined Benefit Payments Clause Samples

Defined Benefit Payments. The Employee shall receive the Applicable Percentage of the sum indicated in column (a) below, per annum, payable in substantially equal monthly installments commencing on the first day of the calendar month immediately following the month in which the Employee attains the age indicated below in column (b) and continuing through and including the month in which the Employee attains the age indicated below in column (c). (a) (b) (c) $250,000 65 67 $150,0000 67 69 $125,000 69 73 $90,000 73 81 $50,000 81 85 If the Employee shall die before receiving all of the Supplemental Benefits described in this Schedule "C", the Employer will make such payments to which the Employee may be entitled, to the Employee's designated beneficiary in lump sum. If a valid Beneficiary Designation is not in effect, then the remaining amounts due to the Employee under the terms of this Schedule "C" shall be paid to the Employee's Surviving Spouse. If the Employee leaves no Surviving Spouse, the remaining amounts due to the Employee under the terms of this Schedule "C" shall be paid to the duly qualified personal representative, executor or administrator of the Employee's estate. In the event that the Employee has not become entitled to receive payment of the Employee Benefits described in Schedule "B" on or before the date on which the Supplemental Benefits described in this Schedule "C" would otherwise commence (other than as a result of an agreement between the Employer and the Employee to defer receipt of such payments), then the Employee shall forfeit each monthly installment of payments otherwise payable under this Schedule "C" for each month until the Employee becomes entitled to receive payment of the Employee Benefits specified in Schedule "B". Notwithstanding anything herein or in the Agreement to the contrary, the Supplemental Benefits set forth in this Schedule "C" shall terminate automatically upon the forfeiture or other termination of the Employee's right to receive the Employee Benefits specified in Schedule "B", as provided in this Agreement. SCHEDULE D ---------- WAIVER OF PRIOR PLAN BENEFITS ----------------------------- In consideration for the Employee Benefits made available to the Employee by this Employee Supplemental Compensation Benefits Agreement (the "Agreement"), the Employee acknowledges and agrees as follows: (a) The Employee is a party to that certain Greater Bay Bancorp Executive Salary Continuation Plan made with the Employer or its predecessor dated...