Common use of Benefits Upon Retirement Clause in Contracts

Benefits Upon Retirement. The Bank shall pay to the Participant an annual retirement benefit of Forty-four Thousand Dollars ($44,000) per year for ten (10) consecutive years. Such payments shall be made in one hundred twenty (120) equal monthly installments commencing on the first business day of the month following the Participant’s retirement date (as set forth below) and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full. The Bank shall have no obligation under this subsection 1(a), except as provided in subsection 1(c) through (f) herein, if the Participant was not continuously employed (as defined in Section 5 of the Plan) by the Bank during the period from the date of execution of this Agreement until the Participant’s retirement date set forth below. For purposes of this Agreement and the Plan, the Participant’s retirement date shall be the first day of the calendar month following the Participant’s sixty-fifth (65th) birthday.

Benefits Upon Retirement. The Bank shall pay to the Participant an annual retirement benefit of FortyThirty-four Two Thousand Dollars ($44,00032,000) per year for ten (10) consecutive years. Such payments shall be made in one hundred twenty (120) equal monthly installments commencing on the first business day of the month following the Participant’s retirement date (as set forth below) and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full. The Bank shall have no obligation under this subsection 1(a), except as provided in subsection 1(c) through (f) herein, if the Participant was not continuously employed (as defined in Section 5 of the Plan) by the Bank during the period from the date of execution of this Agreement until the Participant’s retirement date set forth below. For purposes of this Agreement and the Plan, the Participant’s retirement date shall be the first day of the calendar month following the Participant’s sixty-fifth (65th) birthday.

Benefits Upon Retirement. The Bank shall pay to the Participant an annual retirement benefit of Forty-four Seventy Thousand Dollars ($44,00070,000) per year for ten fifteen (1015) consecutive years. Such payments shall be made in one hundred twenty eighty (120180) equal monthly installments commencing on the first business day of the month following the Participant’s 's retirement date (as set forth below) and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full. The Bank shall have no obligation under this subsection 1(a1 (a), except as provided provided- in subsection 1(c) through 1 -C- or (fd) herein, if the Participant was not continuously employed (as defined in Section 5 of the Planabove) by the Bank during the period from the date of execution of this Agreement until the Participant’s 's retirement date set forth below. For purposes of this Agreement and the PlanAgreement, the Participant’s 's retirement date shall be the first day of the calendar month following the Participant’s 's sixty-fifth (65th) birthday.

Benefits Upon Retirement. The Bank shall pay to the Participant an annual retirement benefit of FortyThirty-four Seven Thousand Dollars ($44,00037,000) per year for ten (10) consecutive years. Such payments shall be made in one hundred twenty (120) equal monthly installments commencing on the first business day of the month following the Participant’s retirement date (as set forth below) and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full. The Bank shall have no obligation under this subsection 1(a), except as provided in subsection 1(c) through (f) herein, if the Participant was not continuously employed (as defined in Section 5 of the Plan) by the Bank during the period from the date of execution of this Agreement until the Participant’s retirement date set forth below. For purposes of this Agreement and the Plan, the Participant’s retirement date shall be the first day of the calendar month following the Participant’s sixty-fifth (65th) birthday.