3Early Termination Benefit Clause Samples

3Early Termination Benefit. If Early Termination occurs following the first day of the fourth Plan Year the Employer shall pay the Executive the SERP Account balance calculated at Separation from Service. This benefit shall be paid in sixty (60) consecutive monthly installments and shall commence the month following of Normal Retirement Age. During the payment period, interest shall continue to be credited on the unpaid portion of the SERP Account balance as described in Section 3.1(b). If Early Termination occurs prior to the first day of the fourth Plan Year, the Executive shall not be entitled to any benefit hereunder.