SERP Payment Clause Samples
SERP Payment. Immediately prior to the Closing Date, the Company shall make a lump sum cash payment to the Executive in an amount equal to $604,933 in full satisfaction of the obligations under the SERP.
SERP Payment. In satisfaction of all liabilities and obligations under the Nortek, Inc. Supplemental Retirement Plan (the "SERP"), Employee shall be entitled to a lump sum cash payment of $3,156,380.30 less applicable withholding, payable on the Effective Time. Such payment, however, does not release Employer from its obligations to pay the Employee an additional amount as a Gross Up, pursuant to Sections 6.3 of the SERP or Section 5 of this Agreement.
SERP Payment. The Company will pay or will cause the trustee of ------------ the Rabbi Trust to pay to Employee the value of Employee's account under the Supplemental Executive Retirement Plan, which is being terminated as of December 31, 2001. The amount due is $1,493,690. The funds will be paid on January 15, 2002. This payment is contingent on Employee's execution and delivery of a release in the Company's standard form for the termination and amendment of the SERP.
SERP Payment. In satisfaction of all liabilities and obligations under the SERP, (i) Employee shall be entitled to a lump sum cash payment of $________, less applicable withholding, payable on the Effective Time and (ii) Employer shall transfer the policy numbered 62 814 393 issued by New York Life Insurance Company on the life of Employee (the "Life Insurance Policy") to Employee at the Effective Time.