Supplemental Executive Retirement Program Sample Clauses

Supplemental Executive Retirement Program. As part of this Agreement, the Bank shall maintain a non-qualified Supplemental Executive Retirement Program (SERP), which is currently provided for the Executive through separate Agreement.
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Supplemental Executive Retirement Program. It is acknowledged and agreed that in addition to his rights and entitlements pursuant to the Employment Agreement, as amended hereby, the Executive is entitled to certain supplemental retirement benefits (the "SERP
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Supplemental Executive Retirement Program. As soon as practical after ----------------------------------------- the Effective Date of this Agreement, the Company shall provide the Executive with an agreement providing supplemental executive retirement benefits, subject to the ability of the Company to obtain insurance on the life of the Executive on terms deemed reasonable to the Company in its sole discretion. These benefits will provide for a lifetime benefit to be paid to the Executive upon his retirement, a life insurance component and full vesting upon a "Change in Control" (as defined in this Agreement) of the Company. Such agreement shall be similar to the supplemental executive retirement agreements provided by the Company to the members of the Company's Executive Strategy and Policy Committee.
Sample 1
Supplemental Executive Retirement Program. As soon as practical after execution of this Agreement, but not later than December 31, 2003, the Company shall provide the Executive with an agreement providing supplemental executive retirement benefits, subject to the ability of the Company to obtain insurance on the life of the Executive on terms deemed reasonable to the Company in its sole discretion. Subject to the terms of such agreement, these benefits will provide for a lifetime defined benefit and a secured benefit under a secular trust, for a total benefit equal to 70% of the Executive’s base salary as set forth in the first sentence of Section 9 hereof, such amounts to be paid to the Executive upon normal retirement age of 62 years. Such agreement shall also provide a life insurance component and full vesting upon a “Change in Control” (as defined in such agreement) of the Company. The amount of the defined benefit and the secured benefit shall be subject to annual review by the Company’s Compensation Committee.
Sample 1
Supplemental Executive Retirement Program. An enhancement to Rivers’ Supplemental Executive Retirement Program (“SERP”) upon the following terms and conditions: (i) Rivers shall be entitled to: (a) two years credit for each of the first five years of his service with the Company (which ended on August 19, 2007); (b) credit for service with the Company in accordance with the terms of the SERP for years of service commencing after August 19, 2007 and, (c) an additional 2.5 years of credit immediately following the execution of this Agreement. (ii) Unless otherwise provided in this Agreement, Rivers’ SERP benefits shall xxxxxx000% vested upon the execution of this Agreement. (iii) Except as specifically provided herein, the SERP shall be administered in accordance with its terms, including but not limited to, the date that benefits may start, any survivorship benefits and offsets for Social Security, and/or any other qualified or non-qualified plans.
Sample 1
Supplemental Executive Retirement Program. It is acknowledged and agreed that in addition to his rights and entitlements pursuant to the Employment Agreement, as amended hereby, the Executive is entitled to certain supplemental retirement benefits (the "SERP Benefits") from the Company pursuant to the Supplemental Executive Retirement Program (the "SERP") set forth in the letter agreement dated February 16, 1982, between P. Xxxxxxx Xxxxxx, on behalf of MortonNorwich, and the Executive, the letter agreement dated April 26, 1984 between P. Xxxxxxx Xxxxxx, on behalf of Xxxxxx Thiokol, Inc., and the Executive (the "1984 Letter") (which incorporates by reference certain definitions set forth in the Executive Employment Contract dated November 20, 1981 between Xxxxxx-Norwich Products, Inc. and the Executive (the "Prior Employment Agreement")), and the memorandum entitled "SERP Clarifications" dated March 7, 1989 from Xxxxxx Thiokol, Inc. to "Participants in The Supplemental Executive Retirement Program ("SERP")." Without limiting any of the Executive's rights under the SERP, it is acknowledged and agreed that notwithstanding any provision of the Employment Agreement or the SERP, (i) the Executive is not entitled to receive any benefits pursuant to the Prior Employment Agreement (which remains in effect only to the extent that certain provisions thereof are incorporated by reference to the 1984 Letter), (ii) the Retirement Plans referred to in Section 6(d)(i)(C) of the Employment Agreement shall not be considered to include the SERP, (iii) the consummation of the transactions contemplated by the Merger Agreement will constitute a "change of control" for purposes of the SERP, and (iv) upon a termination of the Executive's employment following the Merger by the Executive for "Good Reason" or by Parent without "Cause," or as a result of the Executive's Disability, in each case as defined in the Employment Agreement, or upon the Executive's death at any time after the beginning of the Employment Period (as defined in the Employment Agreement) (whether or not during employment), the Executive (or in the event of his death at a time when he is married, his surviving spouse) shall have a vested, nonterminable right to the SERP Benefits provided for in Section 2 of the 1984 Letter.
Sample 1

Related to Supplemental Executive Retirement Program

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • Termination of 401(k) Plan At Parent’s written request, delivered no later than fifteen (15) days prior to the Closing, the Company shall terminate the Furmanite Corporation 401(k) Savings and Investment Plan (the “Company 401(k) Plan”) effective immediately prior to the Closing Date and contingent upon the occurrence of the Closing, and upon such termination, shall cease all further contributions to the Company 401(k) Plan for pay periods beginning on and after the Closing Date and, to the extent the Company 401(k) Plan provides for loans to participants, and upon such termination, shall cease making any such additional loans effective immediately prior to the Closing Date. If Parent does not instruct the Company to terminate the Company 401(k) Plan, nothing herein shall be deemed to prevent the Surviving Corporation or Parent from terminating the Company 401(k) Plan following the Closing in accordance with applicable Law. In the event that Parent instructs the Company to terminate the Company 401(k) Plan, (a) prior to the Closing Date and thereafter (as applicable), the Company and Parent shall take any and all action as may be required, including amendments to the Company 401(k) Plan and/or the corresponding 401(k) plan sponsored or maintained by Parent or one of its Subsidiaries (the “Parent 401(k) Plan”) to comply with applicable Law, (b) subject to the receipt of a favorable IRS determination letter with respect to the termination of the Company 401(k) Plan, to permit each employee of the Company and its Subsidiaries who continues to be employed by Parent or its Subsidiaries (including, for the avoidance of doubt the Surviving Corporation and its Subsidiaries) immediately following the Effective Time (each, a “Continuing Employee”) to make rollover contributions of “eligible rollover distributions” (within the meaning of Section 401(a)(31) of the Code, including of loans) in cash or notes (in the case of loans) in an amount equal to the eligible rollover distribution portion of the account balance distributable to such Continuing Employee from the Company 401(k) Plan to the corresponding Parent 401(k) Plan, and (c) upon any termination of the Company 401(k) Plan in accordance with this Section 6.03, the Continuing Employees shall be eligible to participate, effective as of the Effective Time, in the Parent 401(k) Plan.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Public Employees Retirement System “PERS”) Members.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

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