SERP Benefits. If (i) you are an employee on the date which is 90 days following the Change in Control or (ii) your employment terminates prior to such date due to a Qualified Termination (as defined below), you shall be deemed fully vested under the Company's Supplemental Executive Retirement Plan, effective as of November 1, 1996 (the "Covered Top-Hat Plan"). The benefit to which you shall be entitled under any Covered Top-Hat Plan shall be determined using:
SERP Benefits. During the Employment Term, the Executive shall be entitled to participate in the Summit Global Logistics, Inc. Supplemental Executive Retirement Plan (the "SERP") in accordance with the terms thereof. Such eligibility to participate in the SERP shall commence effective as of the later of the Effective Date or the effective date of the SERP. The SERP is attached as Exhibit G hereto.
SERP Benefits. On the Termination Date, the Executive shall become vested in the benefits accrued by the Executive under the Terra Industries Inc. Excess Benefit Plan (the “SERP”) as of the Termination Date and shall become entitled to payment of benefits in accordance with the terms of the SERP, as in effect from time to time. For purposes of computing the Executive’s accrued benefits under the SERP, the Company shall credit the Executive with two (2) years of participation in the SERP and two (2) years of age in addition to the actual years of participation and age credited to the Executive under the SERP as of the Termination Date.
SERP Benefits. In connection with the prior service with the Company, you were eligible to participate in the Royal Bank America Supplemental Executive Retirement Plan (the “SERP”). As a result of your separation from service with the Company, you are eligible to commence benefits under the SERP. Pursuant to the terms of the SERP, the initial payments must be delayed for six months. Your benefits under the SERP shall be as follows:
SERP Benefits. (a) Commencing as of January of the first calendar year beginning after the last day of the Severance Period, Executive will be eligible to receive a retirement benefit in the form of a single life annuity in an annual amount equal to the annual benefit that Executive would have been eligible to receive under the supplemental executive retirement plan (in effect as of February 1, 2000) of his immediate prior employer (the "SERP"), including any applicable Offsets (as defined in the SERP), if: (a) he had remained employed and covered by the SERP until April 30, 2007, and (b) his Earnings (as defined under the SERP) with such prior employer had increased at the rate of five percent per annum; provided, however, that such amount will be reduced by (X) the percentage specified under the SERP if Executive receives such retirement benefit prior to his attainment of age 62 and (Y) the actuarial equivalent of any amounts that Executive is entitled to receive that are (i) attributable to OMG Contributions (as defined in the OMG Profit-Sharing and Retirement Savings Plan (the "Profit-Sharing Plan") or any successor thereto) made to the Profit-Sharing Plan or (ii) payable under the Benefit Restoration Plan or any other supplemental pension or severance plan, program or arrangement maintained by OMG.
SERP Benefits. During the Employment Period, the Executive shall continue to accrue the benefits under the Senior Executive Retirement Agreement, dated October 22, 1999, between the Company (as successor to the former Wachovia Corporation) and the Executive (the “SERP Agreement”). Pursuant to Section 2(b) of the SERP Agreement, the provisions of this Agreement, including Section 1(b) above, constitute an agreement between the Company and the Executive to extend the Executive’s employment past the “Normal Retirement Date” (as defined in the SERP Agreement) if the Executive’s employment extends beyond such date. In addition, the Company hereby agrees that the “Committee” (as defined in the SERP Agreement) has approved and the Executive may elect a lump sum payment option under Section 5 of the SERP Agreement.
SERP Benefits. Executive’s benefits under the SERP shall be fully vested as of his Separation Date and shall be: (a) increased by adding three years to his age, subject to a minimum benefit of 50% of final compensation; and (b) subject to a modified reduction determined by increasing his age by three years. By execution below, Executive agrees that his “Highest Base Compensation” (as defined in the SERP) shall be his base compensation before the Merger Date and that the SERP shall be deemed amended to so provide, without the necessity of further notice or action. The parties agree that Exhibit 2 hereto represents the calculation of Executive’s benefit under the SERP; by execution below, Executive acknowledges and agrees that such calculation is correct and complete in all material respects.