Supplemental Executive Retirement Benefits. Without limiting the generality of Section 6 hereof, in the event that the amount of benefits or contributions Executive would have received or accrued under the benefit formulas of the tax-qualified Benefit Plans of the Holding Company is limited by Sections 401(a)(17), 401(k), 401(m), 402(g) or 415 of the Internal Revenue Code of 1986 ("Benefit Limitations"), the Holding Company shall provide Executive with supplemental benefits equal to the benefits attributable to employer contributions that she would have received if the Benefit Limitations did not apply. Such supplemental benefits shall be provided on a non-qualified, deferred compensation basis and shall be determined under the benefit formulas and actuarial assumptions of the applicable Benefit Plans. Payment of such supplemental benefits shall be made in the same manner and at the same time as payment of Executive's benefits under the applicable Benefit Plan.
Supplemental Executive Retirement Benefits. During the Term, Executive shall be eligible to participate in any supplemental executive retirement plan(s), if any, made available to senior executive officers of the Company.
Supplemental Executive Retirement Benefits. In addition to benefits the Executive is entitled to receive under the Qualified Plan, Executive also shall be entitled to receive Supplemental Executive Benefits as set forth in the Company's Supplemental Retirement Income Benefit Plan, adopted as of November 28, 2001, ("SERB Plan"), which SERB Plan is incorporated into this Agreement by this reference. Those benefits are as follows:
(i) Executive shall receive an additional amount which shall be the amount Executive would have received under the Qualified Plan had Executive's benefits under the Qualified Plan not been subject to the limitations on the benefits and contributions set forth in Sections 401 (a)(17) and 415 of the Code; plus
(ii) In addition to all of the foregoing, the sum of $200,000 per year, or such lesser amount as may be vested pursuant to Section 4.2 (c) at the time the Executive retires or otherwise becomes eligible to receive his Supplemental Retirement Benefits pursuant to the terms of the SERB Plan.
Supplemental Executive Retirement Benefits. In addition to payments the Executive is entitled to receive under the Qualified Plan, Executive also shall be entitled to receive Supplemental Executive Benefits as set forth in this Agreement and in the SERB Plan, which benefits are an amount equal to the difference between the amount Executive would receive under the Qualified Plan and the amount he would be entitled to receive had his benefit under the Qualified Plan not been subject to the limitations on benefits and contributions set forth in Sections 401 (a)(17) and 415 of the Internal Revenue Code of 1986, as at any time amended, and the regulations thereunder.
Supplemental Executive Retirement Benefits. In addition to benefits the Executive is entitled to receive under the Qualified Plan, Executive shall be a participant in, and be entitled to receive supplemental executive benefits under, the SERB Plan, which SERB Plan is incorporated into this Agreement by this reference.
Supplemental Executive Retirement Benefits. (a) During the Post-Merger Period, the Officer shall participate in the Supplemental Executive Retirement Plan of the Company (the "SERP") and shall have a "Pension Goal" under such plan of not less than 50%. The Company acknowledges that in light of the Officer's years of service with the Company, he will following the Effective Time be fully vested in the Surviving Corporation's SERP. For purposes of calculating benefits payable to the Officer under the SERP, any benefit plans, programs or arrangements of the Company or any predecessor or Affiliate of the Company that are in effect prior to the Effective Time shall be treated under the SERP in the same manner as plans of the Surviving Corporation, but no amount of gross up tax payments made pursuant to Section 12(g) hereof or otherwise shall be considered "Compensation" thereunder.
(b) Notwithstanding anything in paragraph (a) of this Section 7 to the contrary, if the Officer's employment hereunder is terminated by the Company for any reason (other than a termination by the Company for "cause"), or the Officer terminates his employment hereunder at any time after a Material Change has occurred (determined without regard to whether or not a Change in Control has occurred), at any time during the Term following the Effective Time, then the Company shall pay to the Officer, for each calendar year or portion thereof during the Officer's remaining life following the later of the Effective Date of Termination or the date the Officer attains age 55, an amount equal to the difference, if any, between (i) $741,000 (prorated for any applicable periods of less than one year) less (ii) the sum of (A) all benefits payable to the Officer under the SERP with respect to such year or period, presuming an effective election to commence SERP benefits at the same time as benefits under this paragraph (b) had been made (whether or not such SERP benefits are actually being paid on such date), plus (B) the amount of any benefits which the Officer is entitled to receive for such year or period under any defined benefit plan qualified under Section 401(a) of the Code sponsored by the Company, any Affiliate (as defined in Section 12(a)) or any predecessor or successor to any of them (the "Retirement Plans") plus (C) the amount of any benefits which the Officer is entitled to receive for such year or period under any defined benefit excess benefit or benefit restoration plan of the Company, any Affiliate or any predecessor or succ...
Supplemental Executive Retirement Benefits. The Executive shall be eligible for a retirement benefit under the Exelon Corporation Supplemental Management Retirement Plan (the “SERP”) in accordance with the terms and conditions thereof, except that in determining such benefit, the Executive shall subject to the Executive’s timely execution of the Waiver and Release, be credited with months additional service calculated as though he or she received the severance benefits specified in Section 3(a) as regular salary incentive pay over such period (and limited in its application to the amounts of such payments that exceed the compensation limitations applicable to qualified pension plans under the Code). Such benefit shall be paid as provided in Section 8(b).
Supplemental Executive Retirement Benefits. The Executive shall be eligible for a retirement benefit under the Company’s applicable supplemental non-qualified pension plan, if any (the “SERP”), in accordance with the terms and conditions thereof, except that in determining such benefit, the Executive shall be subject to the Executive’s timely execution of the Waiver and Release, be credited with [24 months for named executive officers; 15 -24 months for other officers] additional service calculated as though he or she received the severance benefits specified in Section 3(a) as regular salary and incentive pay over such period (and limited in its application to the amounts of such payments that exceed the compensation limitations applicable to qualified pension plans under the Code) and any other service previously granted to such Executive. Such benefit shall be paid as provided in Section 8(c).
Supplemental Executive Retirement Benefits. The Officer shall ------------------------------------------ participate in the Supplemental Executive Retirement Plan of the Company (the "SERP") and shall have a "Pension Goal" under such plan of not less than 50%. The Officer's benefits under the SERP shall vest no less quickly than in accordance with the following formula: Years of Service with the Company, the Bank or any subsidiary or affiliate of either such entity (or any predecessor of any such entities) Vesting Percentage ------------------------------ ------------------ 5 50% 6 60% 7 70% 8 80% 9 90% 10 100% Any benefits provided under the SERP shall be in lieu of any supplemental pension benefits provided pursuant to any previous employment agreement between the Officer and the Bank. Notwithstanding the vesting schedule set forth above, the Officer shall be fully vested in his benefit under the SERP in the event that the Officer's employment is terminated at such time and upon such events as would trigger a right to benefits pursuant to Sections 12(c)(i), (c)(ii) or (c)(iii) in connection with a Hostile Change in Control (as defined in Section 12(a)), unless such termination is for "cause" (as defined in Section 9(b))). In the event of any other termination of employment from the Bank during the Term, other than a termination for "cause" (as defined in Section 9(b)) or a voluntary termination (as described in Section 10), the Officer shall receive service credit for purposes of vesting in the SERP benefit as if he had remained employed through the end of the Term. In addition, in the event of any termination of employment from the Bank during the Term that would trigger a right to benefits pursuant to Section 12(c)(i), (c)(ii) or (c)(iii), or in the event of any other involuntary termination of the Officer's employment by the
Supplemental Executive Retirement Benefits. Without limiting the generality of Section 6 hereof, in the event that the amount of benefits or contributions Executive would have received or accrued under the benefit formulas of the tax-qualified Benefit Plans of the Bank is limited by Sections 401(a)(17), 401(k)(3), 401(m), 402(g) or 415 of the Internal Revenue Code of 1986 (“Benefit Limitations”), the Bank shall provide Executive with supplemental benefits equal to the benefits attributable to employer contributions that he would have received if the Benefit Limitations did not apply. Such supplemental benefits shall be provided on a non-qualified, unfunded compensation basis and shall be determined under the benefit formulas and, if applicable, actuarial assumptions of the applicable Benefit Plans. Payment of such supplemental benefits shall be paid to the Executive in twelve (12) monthly installments, the first of which shall be paid at least six (6) months after Executive’s separation from service (as defined under Internal Revenue Code Section 409A) with Bank, subject to Section 33 hereof.
