SERP; Deferred Compensation Sample Clauses
The SERP; Deferred Compensation clause establishes the terms under which supplemental executive retirement plan (SERP) benefits and other deferred compensation are provided to eligible employees. It typically outlines eligibility criteria, the calculation and timing of benefit payments, and any conditions or restrictions on receiving these benefits, such as vesting requirements or the impact of termination of employment. This clause ensures that executives understand how and when they will receive deferred compensation, providing clarity and predictability regarding retirement and long-term incentive arrangements.
SERP; Deferred Compensation. Upon presentation to the Corporation by Employee of documentation satisfactory to the Corporation which evidences Employee's fully vested matching Allocation Account ending balance in the SERP Plan of Employee's previous employer ("Ending Balance"), irrespective of the application of any non-compete or "bad boy" clauses, the Corporation shall deposit an amount equal to the Ending Balance into a deferred compensation account ("Deferred Compensation Account") for the benefit of Employee, which Deferred Compensation Account shall be fully vested. Employee agrees to use his best efforts to withdraw any and all funds available to him from the SERP Plan of Employee's previous employer. In the event Employee receives any proceeds from the SERP Plan of Employee's previous employer, Employee shall so notify the Corporation and the Corporation shall be entitled to reduce the credit in Employee's Deferred Compensation Account by the amount so received by Employee.