SERP Agreement Sample Clauses

SERP Agreement. Xxxxxxxx and the Bank and the Company have entered into an Amended and Restated Executive Salary Continuation Agreement dated January 19, 2007, which provides certain supplemental retirement benefits to Xxxxxxxx upon his retirement from the Bank. That Agreement was amended on November 19, 2007 (as amended, the “SERP Agreement.”). The SERP Agreement satisfies the requirements of 12 CFR §359.1(d)(2) and 12 CFR §359.1(f)(2)(iii) and payments thereunder are not prohibited by 12 CFR §359.2. The SERP Agreement is one of a series of similar agreements which provide certain benefits to members of senior management of the Bank, and the Bank intends to fund its obligations under those agreements through certain Bank-owned life insurance (the “BOLI”). The Bank agrees to keep the BOLI in place and to permit the cash value of Xxxxxxxx’x portion of the BOLI to continue to increase pending his retirement. It is understood that by virtue of Xxxxxxxx’x agreement to retire on the Retirement Date, no further accruals will be required in 2012 in order to fund the amounts that will be vested for Xxxxxxxx under the SERP Agreement upon such retirement, and the Bank will be able to recognize additional income from prior overaccrual. It is the intention of the parties to structure Xxxxxxxx’x retirement in such a manner that he is entitled to the full benefits under the applicable early retirement provisions of the SERP Agreement and the related BOLI.
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SERP Agreement. The term “SERP Agreement” shall mean Second Amended and Restated Executive Supplemental Compensation Agreement by and between the Bank and the Insured, effective as of May 27, 2009, and as amended thereafter.
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SERP Agreement. The term “SERP Agreement” shall refer to the Columbia State Bank Supplemental Executive Retirement Plan Agreement by and between the parties and with an effective date of February 1, 2019.
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SERP Agreement. Sections 2(b)(vi) and 4(a)(viii) of this Agreement constitute an amendment to the SERP Agreement. All provisions in the SERP Agreement not affected by such amendment shall remain in full force and effect.
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SERP Agreement. As a result of the termination of the employment by the Executive due to disability (as such term is defined in the Supplemental Executive Retirement Agreement dated as of May 20, 1998 between the Company and the Executive (as amended, the "SERP")), the Executive will receive, on January 2, 2002, a cash payment from the Company in the amount of $2,908,854, which payment shall be in lieu of any and all other cash payments from the Company to the Executive, his beneficiaries or his estate pursuant to the SERP. The Company will also continue to pay for and maintain the life, medical and dental insurance provided for in Section 2.4 of the SERP. Other than satisfaction of its obligations pursuant to this Section 3, the Company shall have no further obligations to the Executive, his beneficiaries or his estate pursuant to the SERP Agreement.
Sample 1
SERP Agreement. As a result of the termination of employment of the Executive, pursuant to Section 2.2.3 of the Supplemental Executive Retirement Agreement dated as of February 23, 2009 between the Company and the Executive (the “SERP”): · The Executive will receive, on or as soon as practicable after September 1, 2009, a cash payment from the Company representing that portion of the lump sum payment due the Executive under the SERP based on the “base salary” component of Final Average Pay (as such term is defined in the SERP), which payment will be based on 19 months of Continuous Service (as such term is defined in the SERP)). All Qualified Pension Benefits (as defined in the SERP) will be deducted from this cash payment. · The Executive will receive, as soon as practicable after the Compensation Committee determines the Executive’s MICP Award in early 2010, an additional cash payment representing the portion of the lump sum payment due the Executive under the SERP based on the “amounts earned under all management incentive or other bonus plans” component of Final Average Pay; provided however that, for purposes of computing this cash payment, the Executive will be deemed to have earned his MICP Award over the period January 1, 2009 through December 31, 2009. · Other than satisfaction of its obligations pursuant to this Section 3, the Company shall have no further obligations to the Executive pursuant to the SERP Agreement.
Sample 1

Related to SERP Agreement

  • Severance Agreement Any payments of compensation made pursuant to Articles 4 and 5 are contingent on Executive executing the Company’s standard severance agreement, including a general release of the Company, its owners, partners, stockholders, directors, officers, employees, independent contractors, agents, attorneys, representatives, predecessors, successors and assigns, parents, subsidiaries, affiliated entities and related entities, and on Executive’s continued compliance with Section 6. Executive must execute the standard severance agreement and release within 45 days of being provided with the document to sign or the severance agreement offer will expire.

  • Binding Agreement; Benefit The provisions of this Agreement will be binding upon, and will inure to the benefit of, the respective heirs, legal representatives and successors of the parties hereto.

  • Employment Agreement On the terms and conditions set forth in this Agreement, the Company agrees to employ the Executive and the Executive agrees to be employed by the Company for the Employment Period set forth in Section 2 hereof and in the position and with the duties set forth in Section 3 hereof. Terms used herein with initial capitalization are defined in Section 10.12 below.

  • Termination Agreement 8.01 Notwithstanding any other provision of this Agreement, WESTERN, at its sole option, may terminate either a Purchase Order or this Agreement at any time by giving fourteen (14) days written notice to CONSULTANT, whether or not a Purchase Order has been issued to CONSULTANT.

  • Participation Agreement The Participation Agreement (Federal Express Corporation Trust No. N671FE), dated as of May 1, 1997, among the Lessee, the Owner Trustee not in its individual capacity except as otherwise expressly provided therein, but solely as owner trustee, the Owner Participant, the Indenture Trustee not in its individual capacity except as otherwise expressly provided therein, but solely as indenture trustee, the Pass Through Trustee not in its individual capacity except as otherwise expressly provided therein, but solely as pass through trustee and the Subordination Agent not in its individual capacity except as otherwise expressly provided therein, but solely as subordination agent.

  • Transition Agreement At Closing, Buyer and Seller shall execute the applicable Transition Agreements.

  • Separation Agreement and General Release The Company’s obligation to make the Severance Payment or to pay the Salary Continuation is conditioned on Executive’s or his legal representative’s executing a separation agreement and general release of claims related to or arising from Executive’s employment with the Company or the termination of employment, against the Company and its affiliates (and their respective officers and directors) in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five (5) days following the Date of Termination; provided, that, if Executive should fail to execute (or revokes) such release within 60 days following the Date of Termination, the Company shall not have any obligation to provide the Severance Payment or the Salary Continuation. If Executive executes the release within such 60 day period and does not revoke the release within seven (7) days following the execution of the release, the Severance Payment will be made in accordance with Section 4(a)(ii) or the Salary Continuation shall commence at such time, as applicable.

  • Individual Agreement The Employer agrees not to enter into any agreement or contract with the employees covered by this Agreement individually or collectively which in any way conflicts with the terms and provisions of this Agreement.

  • Benefits of Agreement; Assignment The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, representatives, heirs and estate, as applicable. This Agreement shall not be assignable by ALPS without the express written consent of the Trust. Any purported assignment in violation of the immediately preceding sentence shall be void and of no effect.

  • Arrangement Agreement This Plan of Arrangement is made pursuant to, and is subject to the provisions of, the Arrangement Agreement, except in respect of the sequence of the steps comprising the Arrangement, which shall occur in the order set forth herein.

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