Early Retirement or Severance Benefit Sample Clauses

Early Retirement or Severance Benefit. In the event the employment of the Executive by the Bank shall terminate without cause prior to his "Normal Retirement Date," the Bank shall pay to the Executive as severance compensation a monthly benefit determined by multiplying his "Normal Retirement Benefit" by the applicable percentage from the following table: YEAR OF PARTICIPATION APPLICABLE PERCENTAGE --------------------- --------------------- Less than 1 0% 1 but less than 2 20% 2 but less than 3 30% 3 but less than 4 40% 4 but less than 5 50% 5 but less than 6 60% 6 but less than 7 70% 7 but less than 8 80% 8 but less than 9 90% 9 or more 100% The Executive's participation years shall be deemed to have begun on August 17, 1992. The payment of the severance benefit shall begin on the first day of the month following the month in which the Executive's seventieth (70th) birthday occurs. The severance benefits shall be payable for a period of one hundred eighty (180) months; provided, however, that if the Executive dies prior to the expiration of one hundred eighty (180) months, the unpaid balance of his monthly retirement payments shall continue to be paid monthly for the remainder of such period to the beneficiary or beneficiaries designated by the Executive in the beneficiary designation form provided by the Bank. In the absence of or a failure to designate a beneficiary, the remaining monthly payments shall be paid to the personal representative of the Executive's estate.
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Early Retirement or Severance Benefit. Executive shall have the additional elective right to receive “Early Retirement” or “Severance Benefits”, as those terms were earlier-defined, provided he/she is eligible within the meaning of these terms or, in the alternative, is discharged without Due Cause. Monthly benefits shall be those based upon those specified in Article I, C or D, as applicable and shall commence on the first day of the month following becoming entitled to benefits under this Article III, B. If the Executive is entitled to benefits due to Early Retirement, such Executive may elect to defer receipt of such benefits until the Executive’s Normal Retirement Date. Such deferred benefits shall be increased using the Xxxxx’x Daily Long-Term Corporate Bond Yield Average for Corporate “Aaa” rate in effect on the anniversary date of the Early Retirement for each year benefits are so deferred. An election to defer benefits shall only be effective if an irrevocable election to defer receipt is received in writing by the Human Resources Department one year prior to the year in which benefits are to be paid. Such Early Retirement or Severance Benefits, as determined above, shall be payable for a continuous period of 516 months provided, however, that should the Executive die prior to the expiration of 516 months, the unpaid balance shall continue for the remainder of such period to the beneficiary selected by the Executive and filed with the Corporation. In the absence of or a failure to designate a beneficiary, or in the event the designated beneficiary shall have predeceased the Executive, the unpaid balance shall be computed using a discount rate of six (6) percent and paid in a lump sum to the personal representative of the Executive’s estate.
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Early Retirement or Severance Benefit. Key Executive shall have no elective right to receive "Early Retirement" or "Severance Benefits", as those terms were earlier defined.
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Related to Early Retirement or Severance Benefit

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Severance Benefit If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Reduction of Severance Benefits If any payment or benefit that the Executive would receive from any Company Group member or any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount. The “Best Results Amount” will be either (x) the full amount of the Payment or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount. If a reduction in payments or benefits constituting parachute payments is necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will the Executive have any discretion with respect to the ordering of Payment reductions. The Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax liability.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

  • Cash Severance Benefits Severance equal to the amount set forth in the Participant’s Participation Agreement and payable in cash in a lump sum in accordance with the terms and conditions of this Plan, including without limitation Section 7 hereof.

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