Common use of Benefits Upon Termination of Employment by the Bank Without Cause Clause in Contracts

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.

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 of Employment with the Bank Completed1 Percent of Retirem ent Benefits Vested Full Years of Employment with the Bank Completed Percent of Retirement Benefits Vested 1 14 % 5 70 % 2 28 % 6 84 % 3 42 % 7 100 % 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.