Supplemental Retirement Agreement. Notwithstanding any other provision of this Agreement, the Supplemental Retirement Agreement, dated May 27, 2008 and amended on December 31, 2008 and September 24, 2010, by and between BHR and Executive (the “SERP”), is hereby amended to provide that the maximum aggregate amount the Executive shall be entitled to receive under the SERP is the lesser of (i) $600,000 or (ii) the amount he is otherwise entitled to under the SERP without regard to this amendment.
Supplemental Retirement Agreement. Not later than fifteen days following the Retirement Date, the Company shall pay to you, the actuarial equivalent of the supplemental retirement benefit as of the normal retirement date, of Two Million Seven Hundred Twenty One Thousand Three Hundred Forty One Dollars and 29/100 ($2,721,341.29) in full satisfaction and discharge of its obligations to you under your Supplemental Retirement Agreement, dated as of October 21, 1999, as amended December 15, 2003.
Supplemental Retirement Agreement. The Company and Executive acknowledge and agree that the Supplemental Retirement Agreement by and between the Company and Executive dated March 2, 2007 (the “SERP”) is hereby amended to provide for the payment in the amounts and on the dates indicated below: April 1, 2009 $ 960,000 July 1, 2009 $ 600,000 January 1, 2010 $ 300,000 April 1, 2010 $ 300,000 July 1, 2010 $ 300,000 October 1, 2010 $ 300,000 January 1, 2011 $ 150,000 April 1, 2011 $ 150,000 July 1, 2011 $ 150,000 October 1, 2011 $ 150,000 January 1, 2012 $ 150,000 April 1, 2012 $ 150,000 July 1, 2012 $ 150,000 October 1, 2012 $ 150,000
(i) Executive is fully vested in his right to the payments specified in the foregoing schedule. In the event of Executive’s death prior to the payment of all such amounts, any unpaid installments will be paid, at the same time(s) specified in the foregoing schedule, to Executive’s designated beneficiary (or, in the absence of a designated beneficiary, Executive’s spouse, or if Executive is unmarried at the time of his death, his estate). In the event of a Change in Control (as defined below) prior to the payment of all such amounts, any unpaid installments will be accelerated and paid in a single lump sum, within 5 business days following such Change in Control. The parties acknowledge that this amendment is intended to be a transition election permitted under Section 409A of the Internal Revenue Code of 1986, as amended, on or before December 31, 2008.
(ii) The Trust Agreement for Supplemental Retirement Agreements dated April 27, 2007 (the “Trust”) between the Company and Wachovia Bank (the “Trustee”) will remain in full force and effect, and the Trustee will continue to hold the letter(s) of credit contemplated by the letter dated May 20, 2008 by and among the Executive, Xxxxxxx X. Xxxxxxxx and the Trustee, while any amounts payable under the SERP remain unpaid. As soon as reasonably practicable, but in any event within 30 days following the Resignation Date, the aggregate amount of such letter(s) of credit attributable to Executive’s SERP accrual will be increased to an amount equal to the sum of the installments listed on the foregoing schedule. Thereafter, such letter(s) of credit will be maintained in an aggregate amount not less than the sum of any then remaining unpaid installments.
(iii) Executive acknowledges and agrees that the payments described in this Section 2.2 constitute a complete satisfaction of all his rights under the SERP, that no other benef...
Supplemental Retirement Agreement. Your Sixth Amended and Restated Supplemental Retirement Agreement (“SERP”), to which you must sign before this Agreement is signed, will remain in effect from the date of this letter through February 29, 2012 and thereafter. You agree that the cessation of your service as President and Chief Executive Officer of the Bank will not constitute an “Involuntary Termination” under Section 1(i) of the SERP. Upon attaining the age of 55, you will receive the vested 15% portion of your benefit for the period specified in the SERP. The remaining 85% will become vested upon the occurrence of any of the following: (i) two consecutive quarters of positive before-tax income (disregarding any expense recorded by the Company or Bank for a non-qualified deferred compensation plan sponsored by the Company or Bank) following the closing of the second-step conversion, (ii) your death prior to final payment due under the SERP, (iii) the occurrence of a Change in Control, or (iv) a determination of your disability. In the event an amount becomes vested following a Benefit Determination Date but prior to payment of an Appreciation Benefit, the Monthly Benefit will be recomputed to reflect the additional vested amount. Capitalized terms in the preceding section are defined in the SERP.
Supplemental Retirement Agreement. Xxxxx X. Xxxxxxx has entered into a Supplemental Retirement Agreement dated December 27, 1995 with Classic (“SR Agreement”) pursuant to which he is entitled to receive monthly compensation equal to 24% of his monthly compensation (as determined under SR Agreement) for the remainder of his life beginning at age 65, with certain survivor benefits for his spouse. In full and complete satisfaction of the obligations of Classic, CHC and City National to Xx. Xxxxxxx under the SR Agreement and notwithstanding anything contained in the SR Agreement to the contrary, CHC or City National shall purchase, coincidental with or within 30 calendar days after the Effective Date, an annuity contract from an insurance company rated by the S&P, AAA or better, for a premium equal to $700,000 which will provide a level life annuity to CHC or City National over the life of Xx. Xxxxxxx beginning on the date on which he reaches age 65, and the annual amount payable to Xx. Xxxxxxx for each calendar year beginning with the calendar year he reaches age 65 from CHC or City National under this paragraph attributable to, and in full satisfaction of, the SR Agreement will be equal to the annual pre-tax amount received by CHC or City National under the Annuity Contract in each such calendar year; provided, however, that Xx. Xxxxxxx shall at no times have a secured interest or interest of any type in the Annuity Contract or in any other asset of CHC or City National, and Xx. Xxxxxxx shall be an unsecured creditor of CHC or City National with regard to the obligation under the SR Agreement and this paragraph; provided, further, that Xx. Xxxxxxx may request in writing to CHC or City National before the Effective Date that the terms of the Annuity Contract may also provide for a survivor benefit to a surviving spouse of Xx. Xxxxxxx, on terms requested by Xx. Xxxxxxx, but in no event shall the premium for the Annuity Contract increase to an amount in excess of $700,000 or shall the payments under the Annuity Contract commence before the date on which Xx. Xxxxxxx would have reached age 65 or, if earlier, the date of his death, and, if the Annuity Contract is modified, the annual amounts due to Xx. Xxxxxxx under the SR Agreement and this paragraph shall be equal to the annual pre-tax amount paid to CHC or City National under the Annuity Contract with the modified payment form. CHC and City National agree to provide Xx. Xxxxxxx or his spouse, promptly after receipt thereof, copies of statements ...
Supplemental Retirement Agreement. For Xxxxxx X. Xxxxx In consideration of your employment with Weyerhaeuser Company (the "Company"), the Company will provide you with the Supplemental Retirement Benefit ("SRB") described below. TARGET BENEFIT PAYABLE AT AGE 65 The SRB, when combined with the vested accrued benefits payable at age 65 from each of the following plans: the Weyerhaeuser Company Retirement Plan for Salaried Employees; the Weyerhaeuser Supplemental Retirement Plan; the Willamette Industries Retirement Plan and Supplemental Retirement Plan (the "Current Employer Plans"), is approximately equal to the retirement benefit you would have earned if you had been employed by Weyerhaeuser since June , 1972 (your "Original Hire Date"). ----- Consistent with this approach, your SRB will be equal to your: . Weyerhaeuser Target Benefit less ---- . Current Employer Retirement Benefit less ---- . Weyerhaeuser Salaried Retirement Benefit less ---- . Weyerhaeuser Supplemental Retirement Benefit For purposes of this Agreement, the above benefits are described as follows:
Supplemental Retirement Agreement. The annual amount payable under the Supplemental Retirement Agreement commencing June 1, 1997 shall be $16,000, payable in monthly installments for 15 years. For purposes of the Supplemental Retirement Agreement, Marks' termination shall be treated as an involuntary termination which is not for cause.
Supplemental Retirement Agreement. The Company has entered into the La Quinta Executive Supplemental Retirement Agreement with the Executive, dated as of November 1, 2001, which is hereby ratified and confirmed.
Supplemental Retirement Agreement. The provisions of the Supplemental Retirement Agreement (the "SR Agreement"), dated as of June 1, 1994, shall remain in full force and effect.
Supplemental Retirement Agreement. The annual amount --------------------------------- payable under the Supplemental Retirement Agreement commencing at age 65 shall be $10,000 per year. For purposes of the supplemental Retirement Agreement, Vornxxxx'x xxxmination shall be treated as an involuntary termination of employment under Section 6 of the Supplemental Retirement Agreement for a reason which is not a forfeiture condition under Section 9 of the Supplemental Retirement Agreement; provided, however, that Vornxxxx'x xxxht to receive payments under the Supplemental Retirement Agreement shall remain conditioned
