Supplemental Retirement Agreement. Notwithstanding any other provision of this Agreement, the Supplemental Retirement Agreement, dated May 27, 2008 and amended on December 31, 2008 and September 24, 2010, by and between BHR and Executive (the “SERP”), is hereby amended to provide that the maximum aggregate amount the Executive shall be entitled to receive under the SERP is the lesser of (i) $600,000 or (ii) the amount he is otherwise entitled to under the SERP without regard to this amendment.
Supplemental Retirement Agreement. Not later than fifteen days following the Retirement Date, the Company shall pay to you, the actuarial equivalent of the supplemental retirement benefit as of the normal retirement date, of Two Million Seven Hundred Twenty One Thousand Three Hundred Forty One Dollars and 29/100 ($2,721,341.29) in full satisfaction and discharge of its obligations to you under your Supplemental Retirement Agreement, dated as of October 21, 1999, as amended December 15, 2003.
Supplemental Retirement Agreement. The Company has entered into the La Quinta Executive Supplemental Retirement Agreement with the Executive, dated as of November 1, 2001, which is hereby ratified and confirmed. ARTICLE IV
Supplemental Retirement Agreement. The Company and Executive acknowledge and agree that the Supplemental Retirement Agreement by and between the Company and Executive dated March 2, 2007 (the “SERP”) is hereby amended to provide for the payment in the amounts and on the dates indicated below: Payment Date Payment Amount April 1, 2009 $ 960,000 July 1, 2009 $ 600,000 January 1, 2010 $ 300,000 April 1, 2010 $ 300,000 July 1, 2010 $ 300,000 October 1, 2010 $ 300,000 January 1, 2011 $ 150,000 April 1, 2011 $ 150,000 July 1, 2011 $ 150,000 October 1, 2011 $ 150,000 January 1, 2012 $ 150,000 April 1, 2012 $ 150,000 July 1, 2012 $ 150,000 October 1, 2012 $ 150,000
Supplemental Retirement Agreement. The provisions of the Supplemental Retirement Agreement (the "SR Agreement"), dated as of June 1, 1994, shall remain in full force and effect.
Supplemental Retirement Agreement. The annual amount --------------------------------- payable under the Supplemental Retirement Agreement commencing at age 65 shall be $10,000 per year. For purposes of the supplemental Retirement Agreement, Vornxxxx'x xxxmination shall be treated as an involuntary termination of employment under Section 6 of the Supplemental Retirement Agreement for a reason which is not a forfeiture condition under Section 9 of the Supplemental Retirement Agreement; provided, however, that Vornxxxx'x xxxht to receive payments under the Supplemental Retirement Agreement shall remain conditioned
Supplemental Retirement Agreement. For Xxxxxx X. Xxxxx In consideration of your employment with Weyerhaeuser Company (the "Company"), the Company will provide you with the Supplemental Retirement Benefit ("SRB") described below. TARGET BENEFIT PAYABLE AT AGE 65 The SRB, when combined with the vested accrued benefits payable at age 65 from each of the following plans: the Weyerhaeuser Company Retirement Plan for Salaried Employees; the Weyerhaeuser Supplemental Retirement Plan; the Willamette Industries Retirement Plan and Supplemental Retirement Plan (the "Current Employer Plans"), is approximately equal to the retirement benefit you would have earned if you had been employed by Weyerhaeuser since June , 1972 (your "Original Hire Date"). ----- Consistent with this approach, your SRB will be equal to your: . Weyerhaeuser Target Benefit less ---- . Current Employer Retirement Benefit less ---- . Weyerhaeuser Salaried Retirement Benefit less ---- . Weyerhaeuser Supplemental Retirement Benefit For purposes of this Agreement, the above benefits are described as follows:
Supplemental Retirement Agreement. Your Sixth Amended and Restated Supplemental Retirement Agreement (“SERP”), to which you must sign before this Agreement is signed, will remain in effect from the date of this letter through February 29, 2012 and thereafter. You agree that the cessation of your service as President and Chief Executive Officer of the Bank will not constitute an “Involuntary Termination” under Section 1(i) of the SERP. Upon attaining the age of 55, you will receive the vested 15% portion of your benefit for the period specified in the SERP. The remaining 85% will become vested upon the occurrence of any of the following: (i) two consecutive quarters of positive before-tax income (disregarding any expense recorded by the Company or Bank for a non-qualified deferred compensation plan sponsored by the Company or Bank) following the closing of the second-step conversion, (ii) your death prior to final payment due under the SERP, (iii) the occurrence of a Change in Control, or (iv) a determination of your disability. In the event an amount becomes vested following a Benefit Determination Date but prior to payment of an Appreciation Benefit, the Monthly Benefit will be recomputed to reflect the additional vested amount. Capitalized terms in the preceding section are defined in the SERP. Atlantic Coast Bank 00000 Xxxx Xxx Xxxxxxx, Xxxxx 000 Jacksonville FL 32258 ~ 904.998.5500
Supplemental Retirement Agreement. The parties acknowledge that they have entered into an Insurance Funded Deferred Compensation Agreement as of the 13th day of June, 1994 ("Supplemental Retirement Agreement"). The parties agree that the Supplemental Retirement Agreement shall not be affected by any of the terms hereof.
Supplemental Retirement Agreement. Executive shall be eligible for a special enhanced supplemental retirement benefit as provided under the separate supplemental retirement agreement attached hereto as Exhibit A.
