Full Benefit. If Executive does not experience a separation from service with Park and its affiliates (within the meaning of the Treasury Regulations applicable to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)) (except for such breaks in service prescribed by law, such as the Family and Medical Leave Act) until the Full Vesting Date (as defined in Exhibit A hereto), then commencing upon the Payment Commencement Date (as defined in Exhibit A hereto), Park shall pay to Executive the Full Benefit (as defined in Exhibit A hereto) until Executive’s death, with such Full Benefit to be payable annually beginning on the Payment Commencement Date and on the first business day on or immediately after each anniversary of the Payment Commencement Date and thereafter until Executive’s death.
Full Benefit. If the Executive remains employed by the Bank or an affiliate thereof until or after the Full Vesting Date (as defined in Exhibit A hereto), then, commencing upon the Payment Commencement Date (as defined in Exhibit A hereto), and continuing on the first business day of each month thereafter until a total of 180 payments have been made to the Executive, the Bank shall pay to the Executive an amount equal to one-twelfth (1/12) of the Full Benefit (as defined in Exhibit A hereto).
Full Benefit. The Employee shall be eligible to receive a Full Benefit, as defined in Section 5. 1 of the Plan, provided that the Employee (i) is at least 56 years old and has participated in the Plan at Benefit Level III for at least ten (10) years, and (ii) remains in the active and continuous employ of the Corporation until he is at least 56 years old. Except as provided in Section 3 below, the Employee shall commence to receive his Full Benefit on the date upon which he terminates his employment with the Corporation (the "Full Benefit Commencement Date").
Full Benefit. If Executive does not experience a Separation from Service (except for such breaks in service prescribed by law, such as the Family and Medical Leave Act, or as otherwise agreed in writing expressly authorized by the Board of Directors of the Bank (for a period not to exceed six (6) months)) (as herein defined) until the ‘Full Benefit Date’ (as defined in Exhibit A attached hereto), then upon the Payment Commencement Date (as defined in Exhibit A attached hereto), the Bank shall pay to Executive the Full Benefit (as defined in Exhibit A attached hereto) annually for twenty (20) years, payable in monthly installments beginning on the first business day of the first calendar month after the Payment Commencement Date and on the first business day of each month thereafter until (but including) the twentieth (20th) anniversary of the Payment Commencement Date. For purposes of this Agreement, the phrase ‘Separation from Service’ shall be deemed to occur only if either (i) Executive has ceased to perform any services for the Bank and all affiliated companies that, together with the Bank, constitute the ‘service recipient’ within the meaning of Section 409A of the Internal Revenue Code (‘Code’) and the regulations thereunder (collectively, the ‘Service Recipient’) or (ii) the level of bona fide services Executive performs for the Service Recipient after a given date (whether as an employee or as an independent contractor) permanently decreases (excluding a decrease as a result of military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six (6) months, or if longer, so long as Executive retains a right to reemployment with the Service Recipient under an applicable statute or by contract) to no more than forty percent (40%) of the average level of bona fide services performed for the Service Recipient (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of service if Executive has been providing services to the Service Recipient for less than 36 months). If, at the written request of the Bank, the Executive continues full time employment with the Bank beyond attainment of age sixty-five (65) before experiencing a Separation from Service (unless due to discharge For Cause), then for each full year of service completed after the attainment of age sixty-five (65), the Full Benefit will increase by the Annual COLA Percentage (as defined in Exhibit A her...
Full Benefit. If Executive’s employment terminates for any reason other than pursuant to Section 6(d) (Cause) , the Enhanced SERP shall be governed by the terms of the Plan in all respects except that the Benefit Amount (defined in Section 1.3 of Plan) shall equal the New Benefit Amount (as hereinafter defined).
Full Benefit. If Executive does not experience a separation from service with the Bank and its affiliates (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the related guidance thereunder) until on or after the Full Vesting Date (as defined in Exhibit A hereto), then commencing upon the Payment Commencement Date (as defined in Exhibit A hereto), Bank shall pay to Executive the Full Benefit (as defined in Exhibit A hereto) annually for twenty (20) years, payable in monthly installments beginning on the first business day of the first calendar month after the Payment Commencement Date and on the first business day of each month thereafter until (but including) the twentieth (20th) anniversary of the Payment Commencement Date.”
Full Benefit. The Employee is entitled to receive the full benefit listed on the "Benefit Supplement" attached hereto. The annual amount as stated in the Benefit Supplement shall be paid in equal installments on a monthly basis and for the term of years as set forth within the Benefit Supplement. Payment of the benefits is conditioned upon the officer not acting in any employment or policy-making capacity for any business enterprise which competes with Bank, nor engaging in any activity involving competition with Bank after termination of employment. In the event of violation of this provision, all future payments shall be canceled and discontinued. The Board of Directors may waive these conditions.
Full Benefit. While Either the Annuitant or the Second Annuitant is Alive, with or without a 10-, 15- or 20-Year Guaranteed Period. The full monthly income will continue as long as either the Annuitant or the Second Annuitant is alive. If you choose a guaranteed period and Your Teachers Personal Annuity Contract the Annuitant and the Second Annuitant both die before the end of the period chosen, the full monthly income will continue to the end of that period. Two-thirds Benefit After the Death of Either the Annuitant or the Second Annuitant, with or without a 10-, 15- or 20-Year Guaranteed Period. At the death of either the Annuitant or the Second Annuitant, monthly payments equal to two-thirds of the amount that would have been paid if both had lived will continue for the life of the survivor. If you choose a guaranteed period and the Annuitant and the Second Annuitant both die before the end of the period chosen, monthly payments equal to two- thirds of the amount that would have been paid if both had lived will continue to the end of that period. Half Benefit After the Death of the Annuitant, with or without a 10-, 15- or 20- Year Guaranteed Period. The full monthly income will continue as long as the Annuitant is alive. If the Second Annuitant survives the Annuitant, monthly payments equal to one-half the amount that would have been paid if the Annuitant had lived will continue for the life of the Second Annuitant. If you choose a guaranteed period and the Annuitant and the Second Annuitant both die before the end of the period chosen, monthly payments equal to one-half the amount that would have been paid if the Annuitant had lived will continue to the end of that period.
Full Benefit. Otherwise enable NGC to obtain the full benefit of the provisions of this Deed.
