Common use of SERP Benefit Clause in Contracts

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).