Supplemental Executive Retirement Plan. The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").
Supplemental Executive Retirement Plan. The Executive will participate in the Rockland Trust Supplemental Executive Retirement Plan (“SERP”), a non-qualified plan on terms and conditions and with benefits comparable to those applicable and available to similarly situated executives of the Company.
Supplemental Executive Retirement Plan. During the Contract Period, if the Executive was entitled to benefits under the Company's Supplemental Executive Retirement Plan ("SERP") prior to the Change in Control, the Executive shall be entitled to continued benefits under the SERP after the Change in Control and such SERP may not be modified to reduce or eliminate the accrual of or vesting of such benefits during the Contract Period.
Supplemental Executive Retirement Plan. During the Term of Employment, the Executive shall participate in the Company’s Supplemental Executive Retirement Plan (the “SERP”) as maintained by the Company from time to time for the benefit of senior executives.
Supplemental Executive Retirement Plan. The Executive shall continue to participate in the Company’s Unfunded Pension Plan for Selected Executives (the “SERP”). The timing of payment under the SERP shall be in accordance with its terms.
Supplemental Executive Retirement Plan. The Association has established for the benefit of the Executive and other employees under date of June 29, 2004, a “Trust Account” in the form customarily referred to as the “Rabbi Trust”. This Trust will be funded by the Association placing into the Trust Account for the benefit of the Executive, the sum of $812.50 each and every month during the term of this Agreement. Executive’s right to the principal and the earnings thereon shall be one-hundred percent (100%) vested in employee at all times. The Executive’s interest in this benefit shall include all contributions (and earnings) made by the Association prior to the effective date of this Agreement (that is, pursuant to the terms of any prior arrangement). Notwithstanding any other provisions of this Agreement to the contrary, following a separation from service (as such term is defined for purpose of Section 409A of the Code) for any reason, including death, the Association shall commence the payment of benefits set forth in this Section 2.5 on the 90th day following the date the separation from service occurs. The payment of all principal and accumulated income allocated to the Executive shall be paid over a fifteen (15) year period on a weekly basis. The weekly amount to be paid shall be determined by dividing the outstanding account balance as of the immediately preceding weekly pay date by the number of weeks remaining in the 15-year period. Following the occurrence of a Change in Control described in Section 5.2, all amounts due to or for the benefit of the Executive shall be paid in a lump-sum cash payment on the 90th day following the Change in Control. The substantive terms of this Section 2.5 are consistent with the comparable terms under the employment agreement between the Executive and the Association, dated July 20, 2004, as amended December 13, 2005, and as amended December 16, 2008, and no changes have been made under this Agreement with regard to the timing or form of the payment of the benefit. Notwithstanding any provision of this Agreement to the contrary, if Executive is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then benefit distributions under this Section 2.5 that are made upon separation from service may not commence earlier than six (6) months after the date of such separation from service. Therefore, in the event this paragraph is applicable to the Executive, any distribution under this Section 2.5...
Supplemental Executive Retirement Plan. The Executive shall be entitled to participate in the Supplemental Executive Retirement Plan that is appended as Attachment A hereto in accordance with the terms thereof (the “SERP”).
Supplemental Executive Retirement Plan. During the term of this Agreement, Executive shall be eligible to participate in a supplemental executive retirement plan under the terms and conditions as determined by the Board or the Bank Board.
Supplemental Executive Retirement Plan. The Executive will be eligible to participate in the Company's Supplemental Executive Retirement Plan ("SERP"). Under the terms of the SERP, the Executive will be entitled to receive a nonqualified retirement benefit in accordance with the terms and provisions thereof, as administered by the Company's Board of Directors or the Compensation Committee.
Supplemental Executive Retirement Plan. The Executive shall be entitled to participate in the Company's Supplemental Executive Retirement Plan, as amended and approved by the Company's Board of Directors September 10, 2002, and as hereafter amended provided that Executive has agreed in writing to such amendment.
