SERP Charge definition

SERP Charge means any additional charge to the Company’s surplus that is required to be taken by SAP, with respect to the projected benefit obligations under the Company’s Supplemental Executive Retirement Plan for Senior Executives, effective January 1, 2009 (the “SERP”), as amended, determined as of the Closing Date.
Sample 1

Examples of SERP Charge in a sentence

  • On the Closing Date, Parent shall: (i) cause an amount equal to the aggregate amount of the SERP Charge to be deducted from the Merger Consideration otherwise payable to the Interest Holders; and (ii) be entitled to retain (and maintain for Parent’s own use) such amount.

  • On the Closing Date, Parent shall make payments totaling the Merger Consideration less (i) any Transaction Expenses; (ii) the Escrow Amount provided for in Subsection 2.04(b); (iii) the Representative Amount provided in Subsection 2.04(d); (iv) the SERP Charge as set forth on Schedule 2.04(a)(iv); (v) any Payoff Indebtedness; and (vi) an amount equal to fifty percent (50%) of the D&O Tail premium as set forth on Schedule 2.04(a)(vi) (such payments being the “Closing Date Cash Consideration”).

Related to SERP Charge

  • Monthly Charge shall have the meaning set forth in Article 5.

  • Service Charge means the amount charged for making a service available on line and is in addition to the actual fee for a service itself. For example, one who renews a license on line will pay the license renewal fee and a service charge.

  • Energy Charge means a charge for each kilowatt-hour (kWh) of electrical energy;

  • SLDC Charges means the charges levied by the SLDC of the state wherein the Solar Power Project is located;

  • Late Payment Charge means the charge that is applied when either Party fails to remit payment for any charges by the Bill Due Date, or if payment for any portion of the charges is received after the Bill Due Date, or if payment for any portion of the charges is received in funds which are not immediately available or received by either Party as of the Bill Due Date, or if either Party does not submit the Remittance Information.

  • Hire Charge or “Hire Charges” means the rates and charges payable by You for the hire of the Equipment.