SERP OFFSET Sample Clauses

SERP OFFSET. The SERP Offset shall include the following amounts (1) the annual Social Security benefit that the Executive is entitled to receive immediately following Termination of Employment, multiplied by a fraction, the numerator of which is the number of the Executive’s Years of Service and the denominator of which is 40, (2) the annual amount payable as a single life annuity payable over the life of the Executive with a lump sum actuarial equivalent value equal to the value of the employer-provided benefits (excluding employee deferrals and allocable investment earnings on such amounts) under the 401(k) Plan, and (3) the annual amount payable as a single life annuity payable over the life of the Executive with a lump sum actuarial equivalent value of $420,811.10. For this purpose, the SERP Offset and actuarial equivalence shall be determined at the date his Termination of Employment occurs. Actuarial equivalence shall be based on the 1994 Group Annuity Reserving Table (with unisex rates projected to 2002) and applying a discount rate of 6%.
Sample 1
AutoNDA by SimpleDocs
SERP OFFSET. The SERP Offset shall include the following amounts: (1) the annual Social Security benefit that the Executive is entitled to receive immediately following Termination of Employment, multiplied by a fraction, the numerator of which is the number of the Executive's Years of Service and the denominator of which is 40, (2) employer-provided benefits (excluding employee deferrals and allocable investment earnings on such amounts) under the 401(k) Plan expressed as the actuarial equivalent of a single life annuity payable over the life of the Executive, and (3) the vested portion of the 24,610 shares of common stock of the Company granted to the Executive as of October 3, 2001 pursuant to the Amended and Restated 1997 Long-Term Stock Incentive Plan, expressed as the actuarial equivalent of a single life annuity payable over the life of the Executive. For this purpose, the SERP Offset and actuarial equivalence shall be determined at the date his Termination of Employment occurs. Actuarial equivalence shall be based on the 1994 Group Annuity Reserving Table (with unisex rates projected to 2002) and applying a discount rate of 6%.
Sample 1

Related to SERP OFFSET

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Post-Termination Benefits If the Executive's employment shall be terminated for any reason following a Change in Control and during the Term, the Company shall pay to the Executive the Executive's normal post-termination compensation and benefits as such payments become due. Such post-termination compensation and benefits shall be determined under, and paid in accordance with, the Company's retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Compensation Benefits In consideration of Executive's services hereunder, the Company shall provide Executive the following:

Time is Money Join Law Insider Premium to draft better contracts faster.