SERP Amount Clause Samples
SERP Amount. On the eighth day following the Closing Date, provided that the Executive has not revoked the releases contained and referenced in Section 4 hereof, at such time as provided under Section 1.4 below, Buyer shall pay to the Executive an amount equal to $1,508,890.22, less applicable tax withholdings (the “SERP Amount”). The parties hereby agree that the SERP Amount as determined in the manner provided under this Section 1.2 is final and binding on all parties and shall not be subject to further adjustment and that the SERP Amount shall not be paid until the waiting period described in Section 1.4 below has passed. Executive, Buyer, Seller and Seller Bank hereby agree that payment of the SERP Amount, together with satisfaction of the obligations set forth in this Agreement, including but not limited to the obligations of Buyer pursuant to Section 1.3 below, shall be in complete satisfaction of all rights to payments or benefits due to Executive under the SERP.
SERP Amount. On the eighth day following the Closing Date, provided that the Executive has not revoked the releases contained and referenced in Section 4 hereof, at such time as provided under Section 1.4 below, Buyer shall pay to the Executive an amount equal to $5,489,039.96, less applicable tax withholdings (the “SERP Amount”). The parties hereby agree that the SERP Amount as determined in the manner provided under this Section 1.2 is final and binding on all parties and shall not be subject to further adjustment and that the SERP Amount shall not be paid until the waiting period described in Section