Supplemental Retirement Benefits. The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.
Supplemental Retirement Benefits. As soon as practicable (but no later than fifteen (15) business days or, if applicable, the date specified in Section 4.1(b) hereof) following the Qualifying Termination, the Company shall pay to the Executive a lump sum cash payment equal to
Supplemental Retirement Benefits. Executive shall be entitled to participate in any other supplemental defined benefit retirement plans of the Company that are not qualified under Section 401 (a) of the Code, generally available to other senior executives of the Company.
Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b) determined as of the date of the Qualifying Termination.
Supplemental Retirement Benefits. (a) The amount of the monthly supplemental retirement benefit shall be the Employee’s Vested Percentage times an amount equal to forty percent (40%) of the Employee’s Average Monthly Compensation.
Supplemental Retirement Benefits. Bank hereby establishes an unfunded retirement plan, the obligations under which shall be reflected on the general ledger of Bank (the “Retirement Account”). The Retirement Account shall be an unsecured liability of Bank to Executive, payable only as provided herein from the general funds of Bank. The Retirement Account is not a deposit or insured by the FDIC and does not constitute a trust account or any other special obligation of Bank and does not have priority of payment over any other general obligation of Bank.
Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; and (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan.
Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service; (ii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan; and (iii) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 3(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 3(b) determined as of the date of the Qualifying Termination.
Supplemental Retirement Benefits. Park maintains an unfunded retirement account for Executive, the obligations under which shall be reflected on the general ledger of Park (the “Retirement Account”). The Retirement Account shall be an unsecured liability of Park to Executive, payable only as provided herein from the general funds of Park. The Retirement Account is not a deposit or insured by the FDIC and does not constitute a trust account or any other special obligation of Park and does not have priority of payment over any other general obligation of Park or any of its affiliates.
Supplemental Retirement Benefits. Commencing on the first day of the month following termination of Employee's employment with Employer, Employee shall be entitled to receive annual benefits from Employer under a Supplemental Executive Retirement Plan ("SERP"), as described in this section ("Supplemental Retirement Benefits") in an amount equal to Employee's salary in the final year of Employee's employment, by Employer as adjusted during the term of this Agreement. This SERP benefit is fully vested and nonforfeitable. The foregoing SERP benefit shall be payable monthly in equal installments for a total period of fifteen (15) years of the lives of Employee and his spouse or of the survivor next following the termination of Employee's employment with Employer. As of January 1 of each year following the year in which payment of the SERP benefit commences, the amount of the SERP benefit shall be increased by a cost-of-living factor based on the increase in the Consumer Price Index-Urban Consumers for the immediately preceding calendar year. Notwithstanding the foregoing, if a change in control (as defined in Appendix A) shall occur before the SERP benefit has been fully paid, the Employer shall i) within thirty (30) days following such change of control provide to the Employee and Employee's spouse, or the survivor, security for the life of such benefit in the form of a fully funded annuity payment or other guarantee administered by the Compensation Committee of the Board of Directors of the Employer; or ii) the actuarial lump sum equivalent of the remaining benefit shall be accelerated and paid to Employee or his surviving spouse in a single lump sum in cash within forty-five (45) days following such change of control. Any such annuity contract shall be issued by an insurance company having an A.M. Best financial strength rating of at least A+ and a Standard & Poor's claims paying ability rating of at least AA. Actuarial equivalence shall be determined by the Compensation Committee of the Board of Directors of the Employer in accordance with reasonable actuarial assumptions. The Compensation Committee, with the consent and approval of the Employee, which consent and approval shall not unreasonably be withheld, shall retain an independent third party actuarial firm to determine the actuarial lump sum equivalent. In the event that the Company shall elect to make payment of the SERP by annuity as provided above, upon the death of Employee's surviving spouse within the 15-year term of the SERP, ...
