SERP Benefit. If Executive was listed as an eligible participant in the Company's Unfunded Supplemental Retirement Plans (individually, a "SERP") as of the day before the Change in Control, and, if the Executive is not, as a result of the termination, entitled to any benefits under the SERP, the Company shall pay to Executive in a single lump sum cash payment an amount equal to the present value of the aggregate of the retirement benefits Executive would have been eligible to receive under the SERP, had Executive retired at age sixty-five (65) and received benefits under the SERP and his employment had continued uninterrupted until age sixty-five (65). For purposes of determining the present value of SERP benefits, an interest rate per annum equal to the most recent interest rate for Ten Year United States Treasuries shall be used as the interest factor and Executive shall be assumed to live at least until age eighty (80).
SERP Benefit. Each Participant, subject to the terms and conditions of his Participation Agreement, shall become entitled to receive SERP Benefits in the amounts and for the periods set forth in the executed Participation Agreement.
SERP Benefit. Subject to the vesting schedule as provided for herein below, the SERP Benefit for the Participant shall be an annual benefit of twenty-five percent (25%) of Participant’s average final base salary over the immediately preceding full twenty-four (24) calendar months prior to the Participant’s Termination of Employment (upon Normal Retirement or other Termination of Employment other than termination for Cause, pursuant to which benefits are payable hereunder). Participant’s base salary calculation shall be provided by Employer’s payroll department.
SERP Benefit. The SERP Benefit for the Participant shall be an annual benefit of twenty-five percent (25%) of Participant’s average final base salary over the immediately preceding full 24 calendar months prior to termination of employment (upon Normal Retirement, Early Retirement or other termination of employment, other than termination for cause, pursuant to which benefits are payable hereunder). Participant’s base salary calculation shall be provided by Employer’s payroll department.
SERP Benefit. Reference is made to the Amended and Restated Supplemental Retirement Agreement, dated November 28, 2006, by and among Executive, Seller and the Seller Bank, as amended (the “SERP”), which the parties agree will remain in full force and effect following the Commencement Date. In accordance with the terms of the SERP, Executive will continue to accrue a benefit under the SERP during the Term of Employment. The parties agree to amend the SERP to provide that “Final Average Compensation” for purposes of the SERP shall mean the annualized average of Executive’s monthly base salary actually paid by his employer over the thirty-six (36) consecutive month period ending on the Commencement Date.
SERP Benefit. Except as otherwise provided in this Section 9, the benefits payable to you under the Company’s Supplemental Executive Retirement Plan (“SERP”) are based on your average base salary for the three prior years. The Company agrees that the actuarial valuation of your benefit under the SERP will not be less than it would have been on the Effective Date and if your average base salary for the three years ending on the Effective Date were $830,000, so long as you are employed by the Company on the third anniversary date of the Effective Date, or your employment by the Company terminates before the third anniversary of the Effective Date for any reason other than termination with Cause or without Good Reason. In the event you are terminated with Cause or without Good Reason prior to the third anniversary of the Effective Date, the Company will fix the actuarial valuation of your benefit using the procedures described in the SERP for the period ending with the Effective Date.
SERP Benefit. The SERP Benefit for the Participant shall be an annual benefit of fifty thousand dollars ($50,000) paid for the period and on the terms provided herein.
SERP Benefit. Upon retirement as described above in this Section 3, Executive shall be entitled to benefits under SERP equal to whichever of the following generates the greatest amount:
SERP Benefit. The Participant’s SERP Benefit shall be a monthly amount, payable for the life of the Participant commencing as of the date determined in accordance with Article 3 of the Plan Document, equal to the product of:
SERP Benefit. Effective on the last day of the Consulting Period, Employee shall be entitled to an annual benefit under that certain Supplemental Retirement Plan for Edwaxx X. Xxxxxx, Xx., xxfective as of January 1, 1999 (the "SERP"), as if Employee's retirement had occurred on the last day of the Consulting Period, which benefit would be $150,000 annually, payable in accordance with the terms of the SERP, for a period of 15 years following the end of the Consulting Period; provided, however, that notwithstanding the terms of the SERP, Employee and the Company agree as follows: (1) in no event will the maximum benefit payable to Employee under the SERP exceed $150,000 per year; (2) in the event Employee becomes entitled to a benefit under the SERP because of, or upon the occurrence of, a Change of Control (as defined in the SERP), the amount of such benefit will be $150,000 per year (irrespective of when such Change of Control occurs); and (3) the term "employment agreement" in subsection (a) of Section 2.02 of the SERP, which provides that Employee's benefit may be forfeited in the event Employee engages in competition with the Company in violation of his employment agreement, shall be deemed to mean and include this Agreement. The Company and Employee agree that the SERP is hereby amended if, and to the extent, necessary to give effect to this Agreement.
