Form of SERP Benefit Payment Sample Clauses

The "Form of SERP Benefit Payment" clause defines the manner in which benefits under a Supplemental Executive Retirement Plan (SERP) are distributed to eligible participants. Typically, this clause specifies whether payments will be made as a lump sum, in installments, or through another structured payout method, and may outline timing and conditions for each form. By clearly establishing the payment format, this clause ensures both the employer and the participant understand how and when benefits will be received, thereby reducing ambiguity and potential disputes regarding benefit distribution.
Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the annual SERP Benefit shall be paid each year in equal monthly installments as of the first day of each calendar month and shall be paid for ten (10) years following the Participant’s Normal Retirement.
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Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the annual SERP Benefit shall be paid in equal monthly installments beginning not later than thirty (30) days after the Participant’s termination date until all benefits are fully paid. The annual SERP Benefit shall be paid for the greater of (i) the Participant’s life or (ii) fifteen (15) years, following the Participant’s Normal Retirement, eligible Early Retirement, or termination of employment by reason of disability (with payments beginning at age 65 if the Participant terminates employment due to disability).
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Form of SERP Benefit Payment. The annual SERP Benefit will be paid equally in monthly installments during the payment period. Each monthly installment shall equal one-twelfth of the total annual SERP Benefit. Upon the Participant's death, all remaining payment shall be paid to the Participant's Beneficiary(ies). Such distribution of the aforementioned SERP Benefit shall commence on the first day of the calendar month next following the Participant's Normal Retirement or death.
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Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the annual SERP Benefit (other than in connection with Participant’s death, Disability or Termination of Employment within two (2) years following a Change of Control) shall be paid each year in equal monthly installments as of the first day of each calendar month and shall be paid for ten (10) years following the Participant’s Normal Retirement, Termination of Employment occurring more than two (2) years following a Change of Control or in the case of Termination of Employment other than in connection with Normal Retirement upon the Participant’s attaining Normal Retirement Age, as applicable.
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Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the annual SERP Benefit shall be paid in a single payment as follows: (i) if the Participant terminates employment prior to his Normal Retirement Date, the benefit shall be paid within thirty (30) days (and on each of the nineteen subsequent anniversaries of such date) of the earlier of: (A) five years following the Participant’s termination date, or (B) the date that would have been the Participant’s Normal Retirement Age. (ii) if the Participant terminates on or after his Normal Retirement Date, the benefit shall be paid within thirty (30) days of the Participant’s termination date and on each of the nineteen subsequent anniversaries of such date.
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Form of SERP Benefit Payment. The annual SERP Benefit -------------------- will be paid equally in quarterly installments for a period of twenty (20) years, as provided for in the attached Exhibit B "The NB&T Financial Group, Inc. Supplemental Executive Retirement Plan Schedule of Benefit Payments" beginning on the last day of the first calendar quarter of the first calendar year that begins after the Participant Terminates.
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Form of SERP Benefit Payment. The SERP Benefit will be paid annually for a period of four (4) years beginning on the first business day of the first calendar month of the first calendar year that begins after the Participant Terminates.
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Form of SERP Benefit Payment. Subject to the restrictions of Section 4.3 of the Plan, the annual SERP Benefit (other than in connection with Participant’s death, Disability or Termination of Employment within two (2) years following a Change of Control) shall be paid each year in equal monthly installments as of the first day of each calendar month and shall be paid for fifteen (15) years following the Participant’s Normal Retirement, Early Retirement, Termination of Employment occurring more than two (2) years following a Change of Control or in the case of Termination of Employment other than in connection with Normal Retirement or Early Retirement upon the Participant’s attaining Normal Retirement Age, as applicable.
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Related to Form of SERP Benefit Payment

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wi▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.