SERP Agreement Sample Clauses

SERP Agreement. As a result of the termination of employment of the Executive, pursuant to Section 2.2.3 of the Supplemental Executive Retirement Agreement dated as of February 23, 2009 between the Company and the Executive (the “SERP”): · The Executive will receive, on or as soon as practicable after September 1, 2009, a cash payment from the Company representing that portion of the lump sum payment due the Executive under the SERP based on the “base salary” component of Final Average Pay (as such term is defined in the SERP), which payment will be based on 19 months of Continuous Service (as such term is defined in the SERP)). All Qualified Pension Benefits (as defined in the SERP) will be deducted from this cash payment. · The Executive will receive, as soon as practicable after the Compensation Committee determines the Executive’s MICP Award in early 2010, an additional cash payment representing the portion of the lump sum payment due the Executive under the SERP based on the “amounts earned under all management incentive or other bonus plans” component of Final Average Pay; provided however that, for purposes of computing this cash payment, the Executive will be deemed to have earned his MICP Award over the period January 1, 2009 through December 31, 2009. · Other than satisfaction of its obligations pursuant to this Section 3, the Company shall have no further obligations to the Executive pursuant to the SERP Agreement.
Sample 1
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SERP Agreement. Sections 2(b)(vi) and 4(a)(viii) of this Agreement constitute an amendment to the SERP Agreement. All provisions in the SERP Agreement not affected by such amendment shall remain in full force and effect.
Sample 1
SERP Agreement. As a result of the termination of the employment by the Executive due to disability (as such term is defined in the Supplemental Executive Retirement Agreement dated as of May 20, 1998 between the Company and the Executive (as amended, the "SERP")), the Executive will receive, on January 2, 2002, a cash payment from the Company in the amount of $2,908,854, which payment shall be in lieu of any and all other cash payments from the Company to the Executive, his beneficiaries or his estate pursuant to the SERP. The Company will also continue to pay for and maintain the life, medical and dental insurance provided for in Section 2.4 of the SERP. Other than satisfaction of its obligations pursuant to this Section 3, the Company shall have no further obligations to the Executive, his beneficiaries or his estate pursuant to the SERP Agreement.
Sample 1
SERP Agreement. The term “SERP Agreement” shall mean Second Amended and Restated Executive Supplemental Compensation Agreement by and between the Bank and the Insured, effective as of May 27, 2009, and as amended thereafter.
Sample 1
SERP Agreement. Xxxxxxxx and the Bank and the Company have entered into an Amended and Restated Executive Salary Continuation Agreement dated January 19, 2007, which provides certain supplemental retirement benefits to Xxxxxxxx upon his retirement from the Bank. That Agreement was amended on November 19, 2007 (as amended, the “SERP Agreement.”). The SERP Agreement satisfies the requirements of 12 CFR §359.1(d)(2) and 12 CFR §359.1(f)(2)(iii) and payments thereunder are not prohibited by 12 CFR §359.2. The SERP Agreement is one of a series of similar agreements which provide certain benefits to members of senior management of the Bank, and the Bank intends to fund its obligations under those agreements through certain Bank-owned life insurance (the “BOLI”). The Bank agrees to keep the BOLI in place and to permit the cash value of Xxxxxxxx’x portion of the BOLI to continue to increase pending his retirement. It is understood that by virtue of Xxxxxxxx’x agreement to retire on the Retirement Date, no further accruals will be required in 2012 in order to fund the amounts that will be vested for Xxxxxxxx under the SERP Agreement upon such retirement, and the Bank will be able to recognize additional income from prior overaccrual. It is the intention of the parties to structure Xxxxxxxx’x retirement in such a manner that he is entitled to the full benefits under the applicable early retirement provisions of the SERP Agreement and the related BOLI.
Sample 1
SERP Agreement. The term “SERP Agreement” shall refer to the Columbia State Bank Supplemental Executive Retirement Plan Agreement by and between the parties and with an effective date of February 1, 2019.
Sample 1

Related to SERP Agreement

  • Severance Agreement Any payments of compensation made pursuant to Articles 4 and 5 are contingent on Executive executing the Company’s standard severance agreement, including a general release of the Company, its owners, partners, stockholders, directors, officers, employees, independent contractors, agents, attorneys, representatives, predecessors, successors and assigns, parents, subsidiaries, affiliated entities and related entities, and on Executive’s continued compliance with Section 6. Executive must execute the standard severance agreement and release within 45 days of being provided with the document to sign or the severance agreement offer will expire.

  • Severance Agreements (a) In the event of the termination of employment of the Executive by Horizon for any reason whatsoever other than for Cause at any time from and after the date of this Agreement or in the event of termination of employment of the Executive by the Executive with Good Reason (as defined in Section 3 hereof) at any time within the twelve (12) month period after the occurrence of a Change of Control:

  • Employment Agreement On the terms and conditions set forth in this Agreement, the Company agrees to employ the Executive and the Executive agrees to be employed by the Company for the Employment Period set forth in Section 2 hereof and in the position and with the duties set forth in Section 3 hereof. Terms used herein with initial capitalization are defined in Section 10.12 below.

  • Termination Agreement (1) If the Franchise Agreement shall be terminated due to the expiration, both parties shall sign a Termination Agreement through negotiation completed 180 days prior to the expiration date.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement:

  • Participation Agreement The Participation Agreement (Federal Express Corporation Trust No. N585FE), dated as of June 15, 1998, as amended and restated as of September 1, 1998, among the Lessee, the Owner Trustee not in its individual capacity except as otherwise expressly provided therein, but solely as owner trustee, the Owner Participant, the Indenture Trustee not in its individual capacity except as otherwise expressly provided therein, but solely as indenture trustee, the Pass Through Trustee not in its individual capacity except as otherwise expressly provided therein, but solely as pass through trustee, and the Subordination Agent not in its individual capacity except as otherwise expressly provided therein, but solely as subordination agent.

  • Transition Agreement At Closing, Buyer and Seller shall execute the applicable Transition Agreements.

  • Termination of Consulting Agreement As of the Effective Date, the Consulting Agreement is hereby terminated and is of no further force or effect.

  • Post-Agreement Employment In the event the Executive remains in the employ of the Company or any of its Affiliates following termination of this Agreement, by the expiration of the Term or otherwise, then such employment shall be at will.

  • Benefits of Agreement; Assignment The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, representatives, heirs and estate, as applicable. This Agreement shall not be assignable by ALPS without the express written consent of the Trust. Any purported assignment in violation of the immediately preceding sentence shall be void and of no effect.

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