Common use of Benefits Upon Voluntary Termination of Employment by Participant Clause in Contracts

Benefits Upon Voluntary Termination of Employment by Participant. In the event the Participant voluntarily terminates his employment with the Bank, 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. However, in order to qualify for any benefits in the event of voluntary termination, the Participant must refrain from engaging in the business of banking within a twenty-five (25) mile radius of the Bank’s main office, or any branch office, or of any location for which the Bank has applied for a branch office. 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 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 0 % 7 28 % 2 0 % 8 42 % 3 0 % 9 56 % 4 0 % 10 70 % 5 0 % 11 84 % 6 14 % 12 100 % 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) with the Bank and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full.

Benefits Upon Voluntary Termination of Employment by Participant. In the event the Participant voluntarily terminates his her employment with the Bank, 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. However, in order to qualify for any benefits in the event of voluntary termination, the Participant must refrain from engaging in the business of banking within a twenty-five (25) mile radius of the Bank’s main office, or any branch office, or of any location for which the Bank has applied for a branch office. 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 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 0 % 7 28 % 2 0 % 8 42 % 3 0 % 9 56 % 4 0 % 10 70 % 5 0 % 11 84 % 6 14 % 12 100 % 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) with the Bank and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full.

Benefits Upon Voluntary Termination of Employment by Participant. In the event the Participant voluntarily terminates his employment with the Bank, 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. However, in order to qualify for any benefits in the event of voluntary termination, the Participant must refrain from engaging in the business of banking within a twenty-five (25) mile radius of the Bank’s main office, or any branch office, or of any location for which the Bank has applied for a branch office. 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 o 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 0 % 7 28 % 2 0 % 8 42 % 3 0 % 9 56 % 4 0 % 10 70 % 5 0 % 11 84 % 6 14 % 12 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) with the Bank and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full.

Benefits Upon Voluntary Termination of Employment by Participant. In the event the Participant voluntarily terminates his employment with the Bank, 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. However, in order to qualify for any benefits in the event of voluntary termination, the Participant must refrain from engaging in the business of banking within a twenty-five (25) mile radius of the Bank’s main office, or any branch office, or of any location for which the Bank has applied for a branch office. 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 o 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 0 % 7 28 % 2 0 % 8 42 % 3 0 % 9 56 % 4 0 % 10 70 % 5 0 % 11 84 % 6 14 % 12 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) with the Bank and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full. 1 Commencing on the effective date of this Agreement.