Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the annual SERP Benefit shall be paid each year in equal monthly installments as of the first day of each calendar month and shall be paid for ten (10) years following the Participant’s Normal Retirement.
Appears in 3 contracts
Samples: Participation Agreement (Community First Inc), Participation Agreement (Community First Inc), Participation Agreement (Community First Inc)
Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the The annual SERP Benefit shall be paid each year in equal monthly installments as of the first day of each calendar month and shall be paid for ten fifteen (1015) years following the Participant’s Normal Retirement. The monthly distributions in any given year in which a SERP Benefit is distributed, shall be equal to one-twelfth of the above-described SERP Benefit each year for a total of fifteen (15) years. The above-described SERP Benefit Payment will be contingent on the participant being a Specified Employee as defined in Article IV, Section 4.3.
Appears in 3 contracts
Samples: Participation Agreement (First Commerce Bancorp, Inc.), Participation Agreement (First Commerce Bancorp, Inc.), Participation Agreement (First Commerce Bancorp, Inc.)
