Common use of Benefits Tables Clause in Contracts

Benefits Tables. The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Except for payments remaining at death (if any), each benefit described is in lieu of any other benefit herein. Table A: Retirement Benefit Normal Retirement Age (“NRA”) = 65 Separation from Service without Cause following Normal Retirement Age $60,000 per year Monthly installments Payments begin: 1st day of the month following Separation from Service Duration: 10 years Table B: Early Retirement Benefit Early Retirement Age (“ERA”) = 62 Separation From Service Without Cause on or after age 62 but before age 63 $42,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation From Service without Cause on or after age 63 but before age 64 $48,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation From Service without Cause on or after age 64 but before Normal Retirement Age $54,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Table C: Benefit Available Prior to Early Retirement Voluntary Separation from Service, including termination for Disability Vested Accrued Liability Balance, as of Separation from Service Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Involuntary Separation from Service Without Cause Vested Accrued Liability Balance, as of Separation from Service Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation from Service Without Cause following Change in Control $60,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month coincident with or following attainment of Normal Retirement Age

Appears in 6 contracts

Samples: Centra Bank Supplemental Executive Retirement Agreement (Centra Financial Holdings Inc), Centra Bank Supplemental Executive Retirement Agreement (Centra Financial Holdings Inc), Centra Bank Supplemental Executive Retirement Agreement (Centra Financial Holdings Inc)

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Benefits Tables. The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, Executive upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Except for payments remaining at death (if any)death, each benefit described is in lieu of any other benefit herein. Table A: Retirement Benefit Normal Retirement Age (“NRA”) = 65 Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution Separation from Service following Normal Retirement Age An annual amount equal to twenty-five percent (25%) of the Executive’s annualized base salary, as provided by the Bank’s payroll department, for the calendar year in which the Executive attained their Normal Retirement Age Annual benefit payment Payments shall begin within thirty (30) days following Separation from Service and shall be payable on the same date each year thereafter for the duration.Duration: Fifteen (15) years Table B: Benefit Available Prior to Retirement Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution Voluntary Separation from Service Vested Benefit of the Accrued Liability Balance as of effective date of Separation from Service Lump sum Payment shall be made within thirty (30) days following Separation from Service Involuntary Separation from Service without Cause following Normal Retirement Age $60,000 per year Monthly installments Payments begin: 1st day Vested Benefit of the month Accrued Liability Balance as of effective date of Separation from Service Lump sum Payment shall be made within thirty (30) days following Separation from Service Duration: 10 years Change in Control followed within twenty-four (24) months by the Executive’s Separation from Service Present Value of the Table B: Early A Retirement Benefit Early Retirement Age Lump sum Payment shall be made within thirty (“ERA”30) = 62 Separation From Service Without Cause on or after age 62 but before age 63 $42,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month days following Separation from Service Duration: 10 years Separation From Service without Cause on or after age 63 but before age 64 $48,000 per year Equal monthly installments over ten years Payments begin: 1st day Disability Vested Benefit of the month Accrued Liability Balance as of date effective date of Disability Lump sum Payment shall be made within thirty (30) days following Separation from Service Duration: 10 years Separation From Service without Cause on or after age 64 but before Normal Retirement Age $54,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Disability Table C: Benefit Available Prior to Early Retirement Voluntary Separation from Service, including termination for Disability Vested Accrued Liability Balance, as of Separation from Service Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Involuntary Separation from Service Without Cause Vested Accrued Liability Balance, as of Separation from Service Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation from Service Without Cause following Change in Control $60,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month coincident with or following attainment of Normal Retirement AgeDeath Benefit

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Origin Bancorp, Inc.)

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Benefits Tables. The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Except for payments remaining at death (if any)death, each benefit described is in lieu of any other benefit herein. Table A: Retirement Benefit Normal Retirement Age (“NRA”) = 65 Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution Separation from Service without Cause following Normal Retirement Age $60,000 per year Annual benefit equal to twenty-five percent (25%) of Executive's average of highest five’(5) years compensation (salary and Deferred Compensation) prior to retirement. Monthly installments Payments Payment[s] begin: 1st day of the month 30 days following Separation from Service Duration: 10 years 180 monthly (certain) installments Table B: Early Retirement Benefit Early Retirement Age (“ERA”) = 62 Separation From Service Without Cause on or after age 62 but before age 63 $42,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation From Service without Cause on or after age 63 but before age 64 $48,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation From Service without Cause on or after age 64 but before Normal Retirement Age $54,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Table C: Benefit Available Prior to Early Retirement Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution Voluntary Separation from Service, including termination for Disability Service Vested percentage of Accrued Liability Balance, as of Separation from Service Equal monthly (no vesting until 6/4/12, then 4% per year thereafter until Normal Retirement Age, up to 100%). Annual installments over ten years Payments (with no interest) Payment[s] begin: 1st day of the month 30 days following Separation from Service Duration: 10 years certain (amortized Accrued Liability Balance) Involuntary Separation from Service Without Cause Vested Accrued Liability Balance, as of Separation from Service Equal monthly Annual installments over ten years Payments (Interest credited at the average Federal funds rate for the twelve (12) months immediately preceding Separation from Service) Payment[s] begin: 1st day of the month 30 days following Separation from Service Duration: 10 years Separation from Service Without Cause certain Change in Control Present Value of full Table A Retirement Benefit Lump sum Payment[s] begin: 30 days following Change in Control $60,000 per year Equal monthly installments over ten years Payments Disability Accrued Liability Balance, as of date of Disability Lump sum Payment[s] begin: 1st day 30 days following date of Disability THE LXXXX NATIONAL BANK SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT Table C: Death Benefit Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution Death (while actively employed) 100% of the month coincident with Accrued Liability Balance, as of date of death Lump sum Payment[s] begin (to Beneficiary): Within 60 days following Executive’s death Death during installment payout of benefit under Tables A or following attainment of Normal Retirement AgeB Remaining installment payments, if any, under Table A or B. Monthly or Annual installments, as applicable Payment[s] to Beneficiary continue on same schedule as if Executive had lived.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Lyons Bancorp Inc)

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