Common use of SERP Benefit Clause in Contracts

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. The SERP Benefit for the Participant shall be an annual benefit of twenty-five forty percent (2540%) of Participant’s '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), paid for the period and on the terms provided herein. Participant’s 's base salary calculation shall be provided by Employer’s 's payroll department.