Common use of Form of SERP Benefit Payment Clause in Contracts

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.