Supplemental Executive Retirement Agreement. In lieu of participating in the Company's Supplemental Executive Retirement Plan (the "SERP"), the Employee shall be entitled to earn a supplemental retirement benefit on the terms and subject to the conditions set forth in the Supplemental Executive Retirement Agreement included as Appendix C hereto (the "SERP Agreement"). At such time as the Company has amended and restated the SERP to incorporate all benefits of the Employee described in Appendix C, the SERP Agreement shall automatically terminate and the Employee shall simultaneously become a participant in the SERP.
Supplemental Executive Retirement Agreement. Form of Benefit and Beneficiary Designation Form As an Executive participating in a Supplemental Executive Retirement Agreement with Txxxxxxx Financial Corporation, I hereby elect the following form of benefit payment for retirement benefits due pursuant to this Agreement. (Please initial your selection.) _____ Single Life Annuity (100% benefit payable for my lifetime). _____ 50% Joint & Survivor Annuity (Actuarially reduced benefit, payable for the lifetime of the Executive and a benefit equal to 50% of that benefit to a Surviving Spouse for her lifetime). I understand and acknowledge that unless I elect the 50% joint and survivor annuity benefit by both initializing such election above and identifying my spouse, below, and returning this Election Benefit Form to the Committee on or before my Retirement Date, as defined in the Agreement, that my benefit, if any, will be payable in the form of a single life annuity. Further, I understand and acknowledge no death benefit will be paid under the Agreement (a) if the below-designated Spouse is not a “Surviving Spouse” as defined in the Agreement, or (b) if I do not return this Spousal Benefit Designation Form, completed and executed, to the Committee on or before my Retirement Date, as defined in the Agreement. Spouse’s Name: ___________________________________ Social Security Number: _____________________________ Date of Birth: ______________________________ Home Address: ____________________________________________________________ Executive’s Signature: ______________________________ Witness’ Signature: ______________________________ Spouse’s Signature (if waiving right to benefits under this Agreement because Executive has elected a Single Life Annuity): ______________________________ ___________________ Date Witness’ Signature: ______________________________
Supplemental Executive Retirement Agreement. The Amended and Restated Supplemental Executive Retirement Agreement between Mr. Siuda and EBSB, dated as of January 1, 2007 (the "SERP"), remainx xx xxxx force and effect. Mr. Siuda has elected to have the Bank pay his SERP benefits in a luxx xxx xxyment pursuant to Section 2(d) of the SERP, in an amount equal to $1,281,818 as adjusted for interest calculated at the Prime Rate as reported in The Wall Street Journal on May 1, 2009 for the period beginning on May 1, 2009 and ending October 29, 2009, subject to the provisions of Section 6 below, with the lump sum payment to be made on October 30, 2009.
Supplemental Executive Retirement Agreement. The Executive's accrued benefit under his Supplemental Executive Retirement Agreement ("SERA"), dated as of March 22, 1999, as amended December 27, 2003 shall be frozen and vested as of December 31, 2004. As soon as reasonably practicable, but not later than 20 days after the Separation Date, the Company shall pay to the Executive in cash, by wire transfer if so elected by the Executive, $2,913,079.40, in full satisfaction and discharge of any and all obligations the Company may have to the Executive under his SERA. In the event that, (A) per the terms of the 2004 MIP, the Executive receives a bonus in the first quarter of 2005 which bonus, the Company acknowledges, would be "Compensation" paid to the Executive for calendar year 2004, as defined in the SERA, and (B) the inclusion of such 2004 MIP bonus into the benefit calculation increases the SERA benefit to which the Executive is entitled pursuant to the terms of the SERA (the "Corrected SERA Benefit"), then the Company will, within 30 days after such 2004 MIP bonus is paid to the Executive, pay to the Executive the difference between the amount set forth in this Section 2(f) and the Corrected SERA Benefit.
Supplemental Executive Retirement Agreement. The Executive will receive a Supplemental Executive Retirement Agreement (“SERP”) which will implement the provisions of the Company’s letter to the Executive dated February 26, 2003 (the “Offer Letter”), as modified by the requirements imposed on existing Company SERPs by Exhibit E-3 of the Plan.
Supplemental Executive Retirement Agreement. As soon as reasonably practicable, but not later than 20 days after the Separation Date, the Company shall pay to the Executive in cash, by wire transfer if so elected by the Executive, $2,897,195.12, in full satisfaction and discharge of any and all obligations the Company may have to the Executive under his Supplemental Executive Retirement Agreement ("SERA"), dated as of August 1996, as amended December 30, 2003. In the event that, (A) per the terms of the 2004 MIP, the Executive receives a bonus in the first quarter of 2005 which bonus, the Company acknowledges, would be "Compensation" paid to the Executive for calendar year 2004, as defined in the SERA, and (B) the inclusion of such 2004 MIP bonus into the benefit calculation increases the SERA benefit to which the Executive is entitled pursuant to the terms of the SERA (the "Corrected SERA Benefit"), then the Company will, within 30 days after such 2004 MIP bonus is paid to the Executive, pay to the Executive the difference between the amount set forth in this Section 2(f) and the Corrected SERA Benefit.
Supplemental Executive Retirement Agreement. The Amended and Restated Supplemental Executive Retirement Agreement between Mr. Freehan and EBSB, dated as of January 1, 2007 (the "SERP"), rxxxxxx xx full force and effect. Mr. Freehan has elected to have the Bank pay the non-forfeitable pxxxxxxxxx xf his SERP benefits, in which he is 100% vested, in a lump sum payment pursuant to Section 2(d) of the SERP, in an amount equal to $1,303,351 plus $21,470, which represents the amount of interest calculated at the Prime Rate as reported in The Wall Street Journal on February 26, 2009 for the period beginning on such date and ending August 30, 2009, subject to the provisions of Section 6 below, with the total lump sum payment in the amount of $1,324,821 to be made to Mr. Freehan on September 1, 2009. This payment would have been made xx Xx. Xxeehan and/or his beneficiaries regardless of whether or not hx xxxxxxxx xhis Agreement as it is owed to Mr. Freehan by the Bank under the SERP.
Supplemental Executive Retirement Agreement. In lieu of participating in the Company's Supplemental Executive Retirement Plan, the executive shall be entitled to earn a supplemental retirement benefit on the terms and subject to the conditions set forth in Appendix C hereto.
Supplemental Executive Retirement Agreement. Beneficiary Designation Form As an Executive participating in a Supplemental Executive Retirement Agreement with Txxxxxxx Financial Corporation, I hereby designate my spouse to receive any death benefits that may become payable under the Agreement. I understand and acknowledge no death benefit will be paid under the Agreement (a) if the below-designated Spouse is not a “Surviving Spouse” as defined in the Agreement, or (b) if I do not return this Spousal Benefit Designation Form, completed and executed, to the Committee on or before my Retirement Date, as defined in the Agreement. Spouse’s Name:___________________________________ Social Security Number:_____________________________ Date of Birth:______________________________ Home Address:____________________________________________________________ Executive’s Signature:______________________________ Witness’ Signature:______________________________
Supplemental Executive Retirement Agreement. Executive's ------------------------------------------- Supplemental Executive Retirement Agreement dated as of January 1, 1991 is hereby terminated and cancelled.
