Vested SERP Benefit definition
Examples of Vested SERP Benefit in a sentence
The Executive shall be provided with an Executive Retirement Health Insurance Program for the Executive and the Executive’s spouse at the time that the Executive is eligible to receive his Vested SERP Benefit (as defined in the SERP) as provided within the SERP.
This Executive Retirement Health Insurance Program is at the expense of the Company and shall be equivalent to and provide the same coverage and benefits as the Company’s executive health insurance program in which the Executive participated prior to the time of eligibility to receive his Vested SERP Benefit or prior to Retirement as defined in the SERP.
Unless otherwise modified pursuant to Section 4.1 above, this Agreement shall terminate upon the full payment of the Participant's Vested SERP Benefit or Death Benefit in accordance with Article 3.
Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company shall distribute to the Participant immediately available funds in an amount equal to the taxable portion of his or her benefit (which amount shall not exceed the Participant's unpaid Vested SERP Benefit under the Agreement).
In the event that a Participant elects to receive less than 100% of his remaining unpaid Vested SERP Benefit payments or Death Benefit payments as a distribution under this Section, any remaining annual installments payable pursuant to Article 3 shall be adjusted accordingly.
On or after the date that payments commence under this Agreement, the Participant, or his Beneficiary, as the case may be, may elect to receive all or a percentage of the Participant's remaining unpaid Vested SERP Benefit payments or Death Benefit payments, in a lump sum, less a penalty as described below.
The lump sum payment shall be equal to (i) the present value of the applicable percentage of the Participant's remaining unpaid Vested SERP Benefit payments or Death Benefit payments, calculated using an 8% discount rate, less (ii) a penalty equal to 10% of the amount computed under clause (i) (the net amount shall be referred to as the "Benefit Amount").
This Executive Retirement Health Insurance Program is at the expense of the Company and shall be equivalent to and provide the same coverage and benefits as the Company's executive health insurance program in which the Executive participated prior to the time of eligibility to receive his Vested SERP Benefit or prior to Retirement as defined with the SERP.
The Executive shall be provided with an Executive Retirement Health Insurance Program for the Executive and the Executive's spouse at the time that the Executive is eligible to receive his Vested SERP Benefit as provided within the SERP.
In the event of the Participant's death before Retirement, or after Retirement but before the Participant's Vested SERP Benefit has been paid in full, the Participant's Beneficiary shall receive a Death Benefit.