SERP Benefits Sample Clauses
SERP Benefits. If (i) you are an employee on the date which is 90 days following the Change in Control or (ii) your employment terminates prior to such date due to a Qualified Termination (as defined below), you shall be deemed fully vested under the Company's Supplemental Executive Retirement Plan, effective as of November 1, 1996 (the "Covered Top-Hat Plan"). The benefit to which you shall be entitled under any Covered Top-Hat Plan shall be determined using:
(a) the maximum credited service allowed to be taken into account under the Covered Top-Hat Plan's benefit formula; and
(b) your base salary and bonus taken into account under Section 3 hereof as your final average compensation.
SERP Benefits. Except as provided in Article 5 or elsewhere herein, the following SERP Benefits are available under the Agreement:
SERP Benefits. Section 1(s)(ii)(G) of the Retention Agreement is hereby amended to read in its entirety as follows:
(G) The additional SERP benefits calculated pursuant to Section 1(s)(ii) shall be paid to the Executive in a lump sum cash payment within 30 days following the date the lump sum payment set forth in Section 1(s)(i) hereof is paid, unless the Executive elects to defer the payment of such additional SERP benefits in accordance with and subject to the terms of the SERP Agreement. If a lump sum payment is made, the amount of the lump sum payment shall be the actuarial equivalent benefit determined in accordance with the provisions of the Retirement Plan as in effect immediately prior to the Effective Date, or as in effect at the time of such payment, whichever creates the greater benefit.”
SERP Benefits. During the Employment Term, the Executive shall be entitled to participate in the Summit Global Logistics, Inc. Supplemental Executive Retirement Plan (the "SERP") in accordance with the terms thereof. Such eligibility to participate in the SERP shall commence effective as of the later of the Effective Date or the effective date of the SERP. The SERP is attached as Exhibit G hereto.
SERP Benefits. On the Termination Date, the Executive shall become vested in the benefits accrued by the Executive under the Terra Industries Inc. Excess Benefit Plan (the “SERP”) as of the Termination Date and shall become entitled to payment of benefits in accordance with the terms of the SERP, as in effect from time to time. For purposes of computing the Executive’s accrued benefits under the SERP, the Company shall credit the Executive with two (2) years of participation in the SERP and two (2) years of age in addition to the actual years of participation and age credited to the Executive under the SERP as of the Termination Date.
SERP Benefits. (a) Commencing as of January of the first calendar year beginning after the last day of the Severance Period, Executive will be eligible to receive a retirement benefit in the form of a single life annuity in an annual amount equal to the annual benefit that Executive would have been eligible to receive under the supplemental executive retirement plan (in effect as of February 1, 2000) of his immediate prior employer (the "SERP"), including any applicable Offsets (as defined in the SERP), if: (a) he had remained employed and covered by the SERP until April 30, 2007, and (b) his Earnings (as defined under the SERP) with such prior employer had increased at the rate of five percent per annum; provided, however, that such amount will be reduced by (X) the percentage specified under the SERP if Executive receives such retirement benefit prior to his attainment of age 62 and (Y) the actuarial equivalent of any amounts that Executive is entitled to receive that are (i) attributable to OMG Contributions (as defined in the OMG Profit-Sharing and Retirement Savings Plan (the "Profit-Sharing Plan") or any successor thereto) made to the Profit-Sharing Plan or (ii) payable under the Benefit Restoration Plan or any other supplemental pension or severance plan, program or arrangement maintained by OMG.
(b) OMG acknowledges that any amounts payable pursuant to this Agreement are not offsets for purposes of the calculations of the SERP benefits pursuant to this provision. Actuarial equivalency for such purposes will be the applicable mortality rate and applicable interest rate defined in Section 417(e)(3)(A)(ii) of the Internal Revenue Code of 1986, as amended. It is expressly understood that in the event OMG establishes a supplemental executive retirement plan in the future, Executive will not be entitled to receive the benefit under such newly established plan even if such benefit is greater than the benefit provided above.
(c) Schedule C attached hereto sets forth illustrative examples of the single life annuity payments that would be payable to Executive pursuant to this Section 7.
SERP Benefits. Section 7(b)(ii)G of the Employment Agreement is hereby amended to read in its entirety as follows:
SERP Benefits. During the Employment Period, the Executive shall continue to accrue the benefits under the Senior Executive Retirement Agreement, dated ____________, between the Company and the Executive (the "SERP Agreement"). Pursuant to Section 2(b) of the SERP Agreement, the provisions of this Agreement, including Section 1(b) above, constitute an agreement between the Company and the Executive to extend the Executive's employment past the "Normal Retirement Date" (as defined in the SERP Agreement) if the Executive's employment extends beyond such date. In addition, the Company hereby agrees that the "Committee" (as defined in the SERP Agreement) has approved and the Executive may elect a lump sum payment option under Section 5 of the SERP Agreement.]
SERP Benefits. This agreement will be treated as an outside agreement under Section 2.16 of the Supplemental Executive Retirement and Life Plan of Avon Products, Inc. (the “SERP”) and will override any SERP provisions to the contrary as indicated below. First, no amendment to the SERP after the date of this agreement is permitted to reduce the benefits payable under this section, nor can the rate of accrual under the SERP be reduced before May 31, 2009. Second, if the Executive dies prior to May 31, 2009, the Executive’s beneficiary will be treated as if the Executive had not died for purposes of crediting service under the SERP and the Executive will continue to receive credited service under the SERP through May 31, 2009 as if the Executive had survived at which point, the Executive’s beneficiary will be treated as if s/he were the Executive for purposes of benefit payments under the SERP. If the Executive dies on or after May 31, 2009, the SERP benefits normally payable in such event will be payable. Third, if the Separation Date occurs after December 31, 2007 under Section 5(b) above, the SERP benefit payable as an annuity upon retirement under the SERP will not be less than the SERP benefit payable as an annuity upon retirement under the SERP had the Executive terminated on December 31, 2007 with salary continuation payable in accordance with 5(b)(i) above.
SERP Benefits. The Employee has elected to receive his benefits ------------- under the Company's Supplemental Executive Retirement Plan ("SERP") in equal monthly installments for life commencing as of May 1, 1998. The parties acknowledge that the Employee's monthly payment under the SERP shall be $7,140.