Common use of Involuntary Termination of Employment Clause in Contracts

Involuntary Termination of Employment. In the event of the Executive’s Involuntary Termination prior to Retirement, the Bank shall pay the Executive an involuntary termination benefit, in lieu of any other benefit under this Agreement, in an amount equal to the present value of an annual retirement benefit of Twenty Thousand Dollars (20,000) per year for fifteen (15) years, reduced by ten percent (10%) for each year prior to April 1, 2016, that Involuntary Termination occurs (prorated by month), determined as of the first day of the month in which Involuntary Termination occurs. The benefit shall be paid in a lump sum, determined by using the assumptions set forth in Section IX(L) and the payment shall be made on the date the Executive attains age sixty-five (65). “

Involuntary Termination of Employment. In the event of the Executive’s Involuntary Termination prior to Retirement, the Bank shall pay the Executive an involuntary termination benefit, in lieu of any other benefit under this Agreement, in an amount equal to the present value of an annual retirement benefit of Twenty Sixty Thousand Dollars (20,000$60,000) per year for fifteen (15) years, reduced by ten percent (10%) for each year prior to April 1December 31, 2016, 2020 that Involuntary Termination occurs (prorated by month), determined as of the first day of the month in which Involuntary Termination occurs. The benefit shall be paid in a lump sum, determined by using the assumptions set forth in Section IX(L) and the payment shall be made on the date the Executive attains age sixty-five (65). “

Involuntary Termination of Employment. In the event of the Executive’s Involuntary Termination prior to Retirement, the Bank shall pay the Executive an involuntary termination benefit, in lieu of any other benefit under this Agreement, in an amount equal to the present value of an annual retirement benefit of Twenty Fifty Thousand Dollars (20,000$50,000) per year for fifteen (15) years, reduced by ten percent (10%) for each year prior to April 1December 31, 2016, 2020 that Involuntary Termination occurs (prorated by month), determined as of the first day of the month in which Involuntary Termination occurs. The benefit shall be paid in a lump sum, determined by using the assumptions set forth in Section IX(L) and the payment shall be made on the date the Executive attains age sixty-five (65). “

Involuntary Termination of Employment. In the event of the Executive’s Involuntary Termination prior to Retirement, the Bank shall pay the Executive an involuntary termination benefit, in lieu of any other benefit under this Agreement, in an amount equal to the present value of an annual retirement benefit of Twenty Thousand Dollars (20,000) per year for fifteen (15) years, reduced by ten percent (10%) for each year prior to April 1, 20162018, that Involuntary Termination occurs (prorated by month), determined as of the first day of the month in which Involuntary Termination occurs. The benefit shall be paid in a lump sum, determined by using the assumptions set forth in Section IX(L) and the payment shall be made on the date the Executive attains age sixty-five (65). “

Involuntary Termination of Employment. In the event of the Executive’s Involuntary Termination prior to Retirement, the Bank shall pay the Executive an involuntary termination benefit, in lieu of any other benefit under this Agreement, in an amount equal to the present value of an annual retirement benefit of Twenty Fifty Thousand Dollars (20,000$50,000) per year for fifteen (15) years, reduced by ten percent (10%) for each year prior to April 1December 31, 2016, 2015 that Involuntary Termination occurs (prorated by month), determined as of the first day of the month in which Involuntary Termination occurs. The benefit shall be paid in a lump sum, determined by using the assumptions set forth in Section IX(L) and the payment shall be made on the date the Executive attains age sixty-five (65). “

Involuntary Termination of Employment. In the event of the Executive’s Involuntary Termination prior to Retirement, the Bank shall pay the Executive an involuntary termination benefit, in lieu of any other benefit under this Agreement, in an amount equal to the present value of an annual retirement benefit of Twenty Sixty Thousand Dollars (20,000$60,000) per year for fifteen (15) years, reduced by ten percent (10%) for each year prior to April 1December 31, 2016, 2026 that Involuntary Termination occurs (prorated by month), determined as of the first day of the month in which Involuntary Termination occurs. The benefit shall be paid in a lump sum, determined by using the assumptions set forth in Section IX(L) and the payment shall be made on the date the Executive attains age sixty-five two (6562). “

Involuntary Termination of Employment. In the event of the Executive’s Involuntary Termination prior to Retirement, the Bank shall pay the Executive an involuntary termination benefit, in lieu of any other benefit under this Agreement, in an amount equal to the present value of an annual retirement benefit of Twenty Fifty Thousand Dollars (20,000$50,000) per year for fifteen (15) years, reduced by ten percent (10%) for each year prior to April 1December 31, 2016, 2012 that Involuntary Termination occurs (prorated by month), determined as of the first day of the month in which Involuntary Termination occurs. The benefit shall be paid in a lump sum, determined by using the assumptions set forth in Section IX(L) and the payment shall be made on the date the Executive attains age sixty-five (65). “