Common use of SERP Benefits Clause in Contracts

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.”