Early Retirement or Termination Sample Clauses

Early Retirement or Termination a.If the Employee retires or his or her employment with the Bank is otherwise terminated subsequent to attaining age sixty (60), but prior to attaining Normal Retirement Age, then the Bank shall pay the Employee a supplemental annual pension in the amount indicated on the following schedule, payable in equal monthly installments and continuing for a period of fifteen (15) years: Age of Employee on Effective Date of Early Retirement or Termination % of Normal Retirement Supplemental Pension 60 50% 61 60% 62 70% 63 80% 64 90% 65 100%
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Early Retirement or Termination a. If the Employee retires or his or her employment with the Corporation is otherwise terminated prior to attaining Normal Retirement Age, then the Corporation will pay the Employee a minimum supplemental pension or 50%, payable in monthly installments and continuing for fifteen years, or in an amount indicated on the following schedule, commencing at the age indicated: Payment Commencement Age % of Normal Retirement Supplemental Pension 60 50% 61 60% 62 70% 63 80% 64 90% 65 100%
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Early Retirement or Termination. If the Employee retires after attaining the age of 55 or his employment with the Bank is otherwise terminated without cause (cause shall have the meaning set forth in Section 7(b) of Employee’s employment agreement with the Bank) prior to attaining Normal Retirement Age, then the Bank will pay the Employee a supplemental pension payable in equal monthly installments, commencing with the first month after such early retirement or termination, and continuing for 20 years, in an amount as indicated on the following schedule: Year(s) of Participation % of Normal Retirement Pension Monthly Payment 1 20% 166.67 2 40% 333.33 3 60% 500.00 4 80% 666.67 5 100% 833.33
Sample 1
Early Retirement or Termination. If the Director retires after attaining the age of 67 or his/her service with the Bank is otherwise terminated without cause prior to attaining Normal Retirement Age, and the Director has completed at least ten (10) years of service, then the Bank will pay the Director a supplemental annual pension payable in equal monthly installments, commencing with the first month after such early retirement or termination of service, and continuing for 10 years, in an amount as indicated on the following schedule: Age at Early Retirement or Termination % of Normal Retirement Pension Less than 67 0% 67 50% 68 60% 69 70% 70 80% 71 90%
Sample 1
Early Retirement or Termination. If the Employee retires or his/her employment with the Bank is otherwise terminated without cause after attaining age 60 and prior to attaining Normal Retirement Age, and the Employee has completed at least ten (10) years of service, then the Bank will pay the Employee a supplemental pension payable in equal monthly installments, commencing with the first month after such early retirement or termination, and continuing for 15 years, in an amount as indicated on the following schedule: Age at Early Retirement or Termination % of Normal Retirement Pension Less than 60 0 % 60 10 % 61 15 % 62 30 % 63 50 % 64 75 % Should the Employee be terminated for cause or should be engaged in competitive activity, all supplemental annual pension benefits under the Agreement shall be forfeited. Termination for cause shall mean the Employee’s deliberate dishonesty with respect to the Bank or any subsidiary or affiliate thereof; conviction of a crime involving moral turpitude; or gross and willful failure to perform [other than on account of a medically determinable disability which renders the Employee incapable of performing such services] a substantial portion of the Employee’s duties and responsibilities as an officer of the Bank, which failure continues for more than thirty days after written notice given to the Employee pursuant to a two-thirds vote of all of the members of the Board then in office, such vote to set forth in reasonable detail the nature of such failure. Competitive activity by the employee shall mean that during the Employee’s employment by the Bank or within two (2) years following his or her termination from service, the Employee directly or indirectly:
Sample 1
Early Retirement or Termination. If the Director retires after attaining the age of 65 or his/her service with the Bank is otherwise terminated without cause prior to attaining Normal Retirement Age, and the Director has completed at least ten (10) years of service, then the Bank will pay the Director a supplemental annual pension payable in equal monthly installments, commencing with the first month after such early retirement or termination of service, and continuing for 10 years, in an amount as indicated on the following schedule: Age at Early Retirement or Termination % of Normal Retirement Pension Less than 65 0 % 65 10 % 66 15 % 67 30 % 68 50 % 69 75 % Should the Director be terminated for cause all supplemental annual pension benefits under the Agreement shall be forfeited. For purposes of this Agreement the Director shall be deemed to have been terminated for cause if he shall be convicted by a court of law for fraud, misappropriation, embezzlement or any other crime related to the Bank or his service by the Bank is terminated pursuant to a determination by the Bank’s regulator(s) that the Director has engaged in a willful violation of any federal or state statute or regulation, or bank policy for which such regulatory agency(ies) requires the termination of the service of the Director.
Sample 1
Early Retirement or Termination. If the Employee retires or his/her employment with the Bank is otherwise terminated without cause after attaining age 60 and prior to attaining Normal Retirement Age, and the Employee has completed at least ten (10) years of service, then the Bank will pay the Employee a supplemental pension payable in equal monthly installments, commencing with the first month after such early retirement or termination, and continuing for 15 years, in an amount as indicated on the following schedule: Age at Early Retirement or Termination % of Normal Retirement Pension Less than 60 0% 60 50% 61 60% 62 70% 63 80% 64 90% Should the Employee be terminated for cause or should be engaged in competitive activity, all supplemental annual pension benefits under the Agreement shall be forfeited. Termination for cause shall mean the Employee’s deliberate dishonesty with respect to the Bank or any subsidiary or affiliate thereof; conviction of a crime involving moral turpitude; or gross and willful failure to perform [other than on account of a medically determinable disability which renders the Employee incapable of performing such services] a substantial portion of the Employee’s duties and responsibilities as an officer of the Bank, which failure continues for more than thirty days after written notice given to the Employee pursuant to a two-thirds vote of all of the members of the Board then in office, such vote to set forth in reasonable detail the nature of such failure. Competitive activity by the employee shall mean that during the Employee’s employment by the Bank or within two (2) years following his or her termination from service, the Employee directly or indirectly:
Sample 1
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Early Retirement or Termination a. If the Employee retires or his employment with the Corporation is otherwise terminated prior to attaining Normal Retirement Age but after attaining age fifty-five (55), then the Corporation will pay the Employee a supplemental pension equal to the "Early Retirement Benefit" payable in annual installments and continuing for a period of fifteen (15) years. The Early Retirement Benefit is the amount that can be withdrawn from the policy as determined by be plan administrator multiplied by the applicable fraction. The applicable fraction is equal to 1/(1 Corporate Tax Bracket) where the Corporate Tax Bracket is the combined federal, state and local tax rate for the Corporation. The plan administrator shall determine the amount that can be withdrawn annually for fifteen years such that the net death proceeds provide the Corporation with death cost recovery through age 85 of all premium outlays, and such that no additional premium outlays are projected after retirement at the time the calculation is completed. The Early Retirement Benefit commences on the first day of the month following the early retirement.
Sample 1

Related to Early Retirement or Termination

  • Termination of Employment Due to Retirement In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant’s Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Board after the close of the Performance Cycle as described below. Subject to the negative discretion of the Board, the Participant will be entitled to receive a payment equal to the product of (i) the pro-rata vesting percentage equal to the days of Participant’s Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Board’s determination under Paragraph 2 and, in all cases, the payment shall be made within the first calendar year following the end of the Performance Cycle. If, in accordance with the Board’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 6.

  • Termination for Retirement or Death If Executive’s employment is terminated by reason of his retirement or death following a Change in Control, Executive’s benefits shall be determined in accordance with Company’s retirement, survivor’s benefits, insurance, and other applicable programs then in effect, and Executive shall not be entitled to any other benefits provided by this Agreement.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Effect of Termination of Employment or Death If the Employee goes on leave of absence for a period of greater than twelve months (except a leave of absence approved by the Board of Directors or the Committee) or ceases to be an employee of the Company or a Subsidiary for any reason except death, the portion of the SAR which is unexercisable on the date on which the Employee ceased to be an Employee or has been on a leave of absence for over twelve months (except a leave of absence approved by the Board or Committee) shall expire on such date and any unexercised portion of the SARs which was otherwise exercisable on such date shall expire at the earlier of (i) the expiration of this SAR in accordance with the term for which the SAR was granted, or (ii) three months (one year in the case of termination by reason of Disability of the Employee under the terms of the Plan) from such date, except in the case of an Employee who is an "Approved Retiree" as defined below. If Employee is an Approved Retiree, then the SAR shall expire at the sooner to occur of (i) the expiration of such SAR in accordance with its original term, (ii) the expiration of five years from the date of retirement, or (iii) with respect to SARs granted less than one year before the date the Approved Retiree retires, such retirement date, except not with respect that portion of the SARs equal to the number of such shares multiplied by the ratio of (a) the number of days between the Grant Date and the retirement date inclusive, over (b) the number of days on and after the Grant Date and before the first anniversary of the Grant Date. In the event of the death of Employee without Approved Retiree status during the three month period following termination of employment or a leave of absence over twelve months (except a leave of absence approved by the Board or Committee), the SAR shall be exercisable by the Employee's personal representative, heirs or legatees to the same extent and during the same period that the Employee could have exercised the SAR if the Employee had not died. In the event of the death of Employee while an employee or while an Approved Retiree, the SAR (if the waiting period has elapsed) shall be exercisable in its entirety by the Employee's personal representatives, heirs or legatees at any time prior to the expiration of one year from the date of the death of the Employee, but in no event after the term for which the SAR was granted. For purposes of this Agreement, an "Approved Retiree" is any SAR holder who (i) terminates employment by reason of a Disability, or (ii) (A) retires from employment with the Company with the specific approval of the Committee on or after such date on which the SAR holder has attained age 55 and completed 10 Years of Service, and (B) has entered into and has not breached an agreement to refrain from Engaging in Competition in form and substance satisfactory to the Committee; and if the Committee subsequently determines, in its sole discretion, that an Approved Retiree has violated the provisions of the Agreement to refrain from Engaging in Competition, or has engaged in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company's operations, financial condition or business reputation, such Approved Retiree shall have ninety (90) days from the date of such finding within which to exercise any SARs or portions thereof which are exercisable on such date, and any SARs or portions thereof which are not exercised within such ninety (90) day period shall expire and any SARs or portion thereof which are not exercisable on such date shall be cancelled on such date.

  • Payments Upon Termination of Employment (a) If Executive’s employment with the Company is terminated by reason of:

  • 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:

  • Other Termination of Service If the Optionee's Service with the Participating Company Group terminates for any reason, except Disability or death, the Option, to the extent unexercised and exercisable by the Optionee on the date on which the Optionee's Service terminated, may be exercised by the Optionee within three (3) months after the date on which the Optionee's Service terminated, but in any event no later than the Option Expiration Date.

  • Benefits Termination Except for any right the Executive may have under the federal law known as “COBRA” or other applicable law to continue participation in the Company’s group health and dental plans at his cost, the Executive’s participation in all employee benefit plans shall terminate in accordance with the terms of the applicable benefit plans based on the date of termination of his employment, without regard to any continuation of the Base Salary or other payment to the Executive following termination of his employment, and the Executive shall not be eligible to earn vacation or other paid time off following the termination of his employment.

  • Termination on Death or Disability Upon a termination of employment due to the Executive’s death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Executive (or, if applicable, his estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of his death) shall be entitled to receive:

  • Termination of Employment Due to Death, Disability, or Retirement If the Optionee’s termination of employment is due to death, Disability, or Retirement (termination on or after age 65), or if Optionee terminates employment after age 55, the following shall apply:

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