Executive Supplemental Retirement Plan. The following shall apply for purposes of calculating the Employee’s benefits, if applicable, under the FirstMerit Corporation Executive Supplemental Retirement Plan and/or any other nonqualified plan of deferred compensation in effect during the Protection Period (the “SERP”):
Executive Supplemental Retirement Plan. The following shall apply for purposes of calculating the Employee's benefits under the FirstMerit Corporation Executive Supplemental Retirement Plan (the "SERP"):
(i) for purposes of calculating the Employee's Monthly Retirement Income (as defined in the SERP) under Sections 4.01 and 4.02 of the SERP and for purposes of determining the Employee's vested Monthly Retirement Income under Section 4.05 of the SERP, the Employee's Years of Service (as defined in the SERP) shall be increased by the Employee's Protection Period (as hereinafter defined);
(ii) for purposes of calculating the Employee's Monthly Retirement Income under Section 4.02 of the SERP, the Employee's Attained Age (as defined in the SERP) shall be increased by the Employee's Protection Period (as hereinafter defined); and
(iii) the Employee's Average Monthly Earnings for purposes of the SERP shall be deemed to be equal to the total of (A) the highest, monthly base salary earned by the Employee during the 24 months immediately preceding the Change in Control and (B) the incentive compensation payment the Employee would receive if payout was made at the "target" percentage for the Employee under the Company's Executive Incentive Plan in the year of Employee's Date of Termination divided by 12. The terms of this subparagraph (6) shall supersede any contrary provisions of the SERP and any membership agreement executed between the Company and the Employee in connection with the Employee's participation in the SERP, unless expressly provided otherwise in such membership agreement. The Employee's SERP benefit, calculated using the provisions of subparagraphs 6(i), (ii) and (iii) above, is assumed to commence on the earliest date upon which the Employee is eligible to retire under the SERP for purposes of determining the Actuarial Equivalent (as defined in the SERP) of such benefit. Further, for purposes of this subparagraph (6), the Employee's Protection Period is 24 months.
Executive Supplemental Retirement Plan. You acknowledge and agree that under the terms of the company's Executive Supplemental Retirement Plan (the "Plan") you forfeit any rights or participation in the benefits under the Plan as a result of your resignation of employment with the Company and that the Company has no present or future liability regarding your participation in the Plan. Xxxxx X. Xxxxxxx September 27, 2002 Page 7
Executive Supplemental Retirement Plan. Prior to May 31, 1999, Seagull shall establish a trust (the "Trust") in connection with the Seagull Executive Supplemental Retirement Plan (the "ESRP"). The Trust is not intended to result in the ESRP being treated as funded for purposes of the Code and Title I of the Employee Retirement Income Security Act of 1974, as amended, and shall conform to the terms of the model rabbi trust set forth in Revenue Procedure 92-64, 1992-2 C.B. 422. Prior to May 31, 1999, Seagull shall contribute to the Trust the Actuarially Equivalent (as such term is defined in the ESRP) present value of Galt's Accrued Benefit (as such term is defined in the ESRP) under the ESRP. Further, Seagull shall cause the ESRP to be amended to expand Section 7.01 to provide that no amendment to the ESRP shall deprive any Member (as such term is defined in the ESRP) of any Accrued Benefit under the ESRP to the extent that such Member has a Vested Interest (as such term is defined in the ESRP) in such Accrued Benefit at the time of such amendment.
Executive Supplemental Retirement Plan. Effective as of the Effective Date, the Executive shall be designated a participant in the Global Marine Executive Supplemental Retirement Plan (the "SERP"). For purposes of determining the amount of the Normal Retirement Benefit and the Executive's eligibility for an Early Retirement Benefit under the SERP (as such terms are defined therein), the Executive shall be credited with three years of employment with the Company for each actual year of employment from and after the Effective Date. In addition, in the event the Executive's employment with the Company terminates due to death, due to disability pursuant to Section 4.5, due to involuntary termination without cause under Section 4.3, or due to constructive termination under Section 4.6, he shall be deemed eligible to receive an Early Retirement Benefit under the SERP calculated as though the Executive had attained 15 years of employment with the Company, and in such event his benefits shall be determined on the basis of the Annual Salary and Incentive Bonus paid during the twelve-month period preceding his termination of employment.
Executive Supplemental Retirement Plan. The Employee is and will remain a participant in the Global Marine Executive Supplemental Retirement Plan (the "SERP") and will have a vested benefit under the SERP, whether or not he attains age 55 as an employee, and the second sentence of Section 2.8 of the SERP will not apply; provided, however, that this provision will not accelerate any payment under the SERP or under any other retirement plan sponsored by GMI, the Company, or any other Subsidiary or GMI Affiliate to a date earlier than the date such payment would have been made if the Employee had actually attained age 55 as an employee on August 26, 2007.
Executive Supplemental Retirement Plan. For purposes of calculating the Executive's benefits under the Company's Executive Supplemental Retirement Plan (the "SERP"), the Executive's years of service shall be increased by three years and the Executive's attained age shall be increased by three years. The purpose of this provision is to provide the Executive with qualifications under the SERP as though he was employed for an additional three years. The terms of this Section 2.2(F) shall supersede any contrary provisions of the SERP.
Executive Supplemental Retirement Plan. Executive is a participant in Employer's Cash Balance Pension Plan (the "Qualified Plan") and its Executive Supplemental Retirement Plan (the "SERP"). For purposes of calculating Executive's benefits under the SERP, Executive shall be deemed to have 15 years of Credited Service under the SERP. In addition, there shall be no reduction in benefits under the SERP in the event Executive should commence receiving benefits prior to age 65.
Executive Supplemental Retirement Plan. The Executive is a participant in the Global Marine Executive Supplemental Retirement Plan (the "SERP") effective as of May 5, 1998. For purposes of determining the amount of the Normal Retirement Benefit and the Executive's eligibility for an Early Retirement Benefit under the SERP (as such terms are defined therein), the Executive has been and will continue to be credited with three years of employment with the Company for each actual year of employment with GMI or any of its affiliates from and after May 5, 1998. In addition, in the event the Executive's employment with GMI and it affiliates terminates due to death, to disability pursuant to Section 9.2 hereof, to involuntary termination without cause under Section 9.5 or 9.6 hereof, or to termination by the Executive for Good Reason under Section 9.5 or 9.6 hereof, he will be deemed eligible to receive an Early Retirement Benefit under the SERP calculated as though the Executive had attained 15 years of employment with GMI and its affiliates. In all circumstances the Executive's SERP benefit will be based on an amount ("Base Earnings") equal to the sum of his Annual Salary and the greater of his actual Incentive Bonus or two-thirds of his Annual Salary for each 12-month period in the 36 consecutive months of highest Base Earnings.
Executive Supplemental Retirement Plan. The parties agree that the National Grid USA Companies’ Executive Supplemental Retirement Plan (“ESRP”) shall be amended by the Company in good-faith and only to the extent necessary to bring your pre-409A grandfathered benefit under the ESRP into compliance with Section 409A of the Code and eliminate the non-compete covenant set forth in Section 6.01 of the ESRP with respect to you. You fully understand that such amendment shall include the elimination of any current or future right you may have or would ever have to receive a lump sum distribution pursuant to Section 5.02 of the ESRP, and any additional amendments that are required to bring your pre-409A grandfathered benefit into compliance with Section 409A which are disclosed and agreed upon by you in advance of such amendment. You acknowledge that the Company has not had an opportunity to consider the extent or impact of the changes required in order to make the ESRP compliant with Section 409A and that no representations have been made by the Company in that regard. You agree that if the parties are not able to come to an agreement on the ESRP amendments in their totality on or prior to December 31, 2007, none of the changes contemplated by this Section 7.14 will go forward. (For the avoidance of doubt, the restrictive covenants in Section 7.2 of this Agreement are separate and independent of the ESRP and continue in full force and effect in accordance with the terms thereof.)