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.
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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 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.
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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.
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Supplemental Executive Retirement Program. An enhancement to Rivers’ Supplemental Executive Retirement Program (“SERP”) upon the following terms and conditions:
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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.

  • 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.

  • Termination of 401(k) Plan The Company agrees to terminate its 401(k) plan immediately prior to the Closing, unless Parent, in its sole and absolute discretion, agrees to sponsor and maintain such plan by providing the Company with notice of such election at least five days before the Effective Time.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Death After Termination of Employment But Before Benefit Payments Commence If the Executive is entitled to benefit payments under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the benefit payments to the Executive's beneficiary that the Executive was entitled to prior to death except that the benefit payments shall commence on the first day of the month following the date of the Executive's death.

  • Termination of Benefit Plans Effective as of the day immediately preceding the Closing Date, the Company shall terminate all Company Employee Plans that are “employee benefit plans” subject to ERISA including any Company Employee Plans intended to include a Code Section 401(k) arrangement (unless Buyer provides written notice to the Company no later than three Business Days prior to the Closing Date that such 401(k) plans shall not be terminated). Unless Buyer provides such written notice to the Company, no later than three Business Days prior to the Closing Date, the Company shall provide Buyer with evidence that such Company Employee Plan(s) have been terminated (effective no later than the day immediately preceding the Closing Date) pursuant to resolutions of the Company Board. The form and substance of such resolutions shall be subject to review and approval of Buyer. The Company also shall take such other actions in furtherance of terminating such Company Employee Plan(s) as Buyer may reasonably require. In the event that termination of the Company’s 401(k) Plan would reasonably be anticipated to trigger liquidation charges, surrender charges or other fees then the Company shall take such actions as are necessary to reasonably estimate the amount of such charges and/or fees and provide such estimate in writing to Buyer no later than ten Business Days prior to the Closing Date.

  • Pre-Retirement Death Benefits Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the Qualifying Date, the Bank will pay $671 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • 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.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

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