Benefits Upon Termination of Employment by the Bank Without Cause Sample Clauses

Benefits Upon Termination of Employment by the Bank Without Cause. In the event the Bank terminates the Participant’s employment with the Bank without cause (as defined in Section 5.4 of the Plan), the Bank shall pay to the Participant a certain percentage of the retirement benefits granted by the Bank in subsection 1(a) of this Agreement. The annual retirement benefit payable by the Bank to the Participant pursuant to this subsection 1(c) shall be equal to the amount which corresponds to the percentage of such retirement benefits which have vested as determined by the following vesting schedule: Full Years o Employment with the Bank Completed1 Percent of Retirement Benefits Vested 1 14 % 2 28 % 3 42 % 4 56 % 5 70 % 6 84 % 7 100 % Such retirement payments shall be payable by the Bank for ten (10) consecutive years in one hundred twenty (120) equal monthly installments commencing upon the first business day of the month following the Participant’s retirement date (as set forth in subsection 1(a) hereof) and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full.
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Benefits Upon Termination of Employment by the Bank Without Cause. In the event the Bank terminates Executive’s employment with the Bank “without cause” prior to the First Retirement Date, the Bank shall pay to Executive an annual benefit depending on Executive’s age at the time of such termination, in the amount set forth in the following table: Age at Termination Annual Benefit 68 $ 19,000 69 $ 40,000 Such retirement payments shall be payable by the Bank for fifteen (15) consecutive years in one hundred eighty (180) equal monthly installments commencing upon the first business day of the month following the date on which Executive reaches age 70 and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full. In the event the Bank terminates Executive’s employment with the Bank without cause between the First Retirement Date and the Last Retirement Date, Executive would simply be treated as having retired on the date of such termination.
Sample 1Sample 2
Benefits Upon Termination of Employment by the Bank Without Cause. In the event the Bank terminates the Participant's employment with the Bank without cause, the Bank shall pay to the Participant a certain percentage of the retirement benefits granted by the Bank in subsection 1 (a) of this Agreement. Solely for the purpose of determining benefits to be paid hereunder, termination "without cause" shall mean termination of the Participant's employment with the Bank for any reason whatsoever; provided, however, that termination "without cause" shall not include any termination of Participant's employment with the Bank for "cause," or as a result of the Participant's voluntary termination of his employment with the Bank, the Participant's death or total disability, or as a result of any Reorganization (as defined in Section 5 herein). The annual retirement benefit payable by the Bank to the Participant pursuant to this subsection 1 (d) shall be equal to the amount which corresponds to the percentage of such retirement benefits which have vested as determined by the following vesting schedule: FULL YEARS OF PERCENT OF AMOUNT OF EMPLOYMENT RETIREMENT ANNUAL WITH THE BANK BENEFITS RETIREMENT COMPLETED VESTED BENEFIT 1 20.00% $14,000.00 2 40.00% $28,000.00 3 60.00% $42,000.00 4 80.00% $56,000.00 5 100.00% $70,000.00 Such retirement payments shall be payable by the Bank for fifteen (15) consecutive years in one hundred eighty (180) equal monthly installments commencing upon the first business day of the month following the Participant's retirement date (as set forth in subsection 1 (a) hereof) and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full.
Sample 1
Benefits Upon Termination of Employment by the Bank Without Cause. In the event the Bank terminates the Participant’s employment with the Bank without cause (as defined in Section 5.4 of the Plan), the Bank shall pay to the Participant a certain percentage of the retirement benefits granted by the Bank in subsection 1(a) of this Agreement. The annual retirement benefit payable by the Bank to the Participant pursuant to this subsection
Sample 1
Benefits Upon Termination of Employment by the Bank Without Cause. In the event the Bank terminates Executive’s employment with the Bank “without cause” prior to the First Retirement Date, the Bank shall pay to Executive an annual benefit depending on Executive’s age at the time of such termination, in the amount set forth in the following table: Age at Termination Annual Benefit 60 $ 10,000 61 $ 21,000 62 $ 33,000 63 $ 45,000 64 $ 57,000 Such retirement payments shall be payable by the Bank for fifteen (15) consecutive years in one hundred eighty (180) equal monthly installments commencing upon the first business day of the month following the date on which Executive reaches age 65 and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full. In the event the Bank terminates Executive’s employment with the Bank without cause between the First Retirement Date and the Last Retirement Date, Executive would simply be treated as having retired on the date of such termination.
Sample 1

Related to Benefits Upon Termination of Employment by the Bank Without Cause

  • Termination of Employment by the Company for Cause The Company may terminate the Executive’s employment for Cause during the Term upon written notice to the Executive. If the Executive’s employment is so terminated by the Company, the Term shall end as of the Date of Termination and the Executive shall thereupon be entitled solely to the following:

  • Termination of Employment by the Company Without Cause The Company may terminate the Executive’s employment without Cause during the Term upon written notice to the Executive. If the Executive’s employment is so terminated by the Company in connection with or within one year after a Change in Control, the Executive shall thereupon be entitled to the following:

  • Benefits Upon Termination of Employment If the Executive is entitled to benefits pursuant to this Section 2, the Company agrees to pay or provide to the Executive as severance payment, the following:

  • Termination by Employer Without Cause Employer may terminate the Term (and Executive’s employment) by giving two weeks written notice to Executive. A termination made pursuant to this Section 5.3 is a “termination Without Cause.” A termination made pursuant to Section 5.2 (and satisfying the notice requirement set forth therein) shall under no circumstance be considered a termination Without Cause.

  • Termination of Employment by the Company During the Term, the Company may terminate the Executive's employment at any time with or without Cause (as defined below) pursuant to the Notice of Termination provision below.

  • Termination by the Employer Without Cause Subject to the payment of Termination Benefits pursuant to Section 7(b), the Executive’s employment under this Agreement may be terminated by the Employer without Cause upon no less than sixty (60) days prior written notice to the Executive.

  • Voluntary Termination by the Employee The Employee may voluntarily terminate the Employee's status as employee for other than Good Reason.

  • Compensation and Benefits Upon Termination of Employment (a) If the Company shall terminate the Executive's employment after a Change in Control other than pursuant to Section 3(b), 3(c) or 3(d) and Section 3(f), or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive, as severance compensation and in consideration of the Executive's adherence to the terms of Section 5 hereof, the following:

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