Normal Retirement Clause Samples

Normal Retirement. Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

Normal Retirement. Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

Normal Retirement. In the event the Optionee’s employment (or other active service-providing relationship) with the Company or an Eligible Subsidiary terminates by reason of the Optionee’s Normal Retirement, and the Date of Grant of the Option precedes the Optionee’s Normal Retirement date by at least six (6) months, the unvested portion of the Options will continue to vest in accordance with Section 2 and such Options together with any Options that are vested as of the Optionee’s Normal Retirement date shall remain outstanding and (once vested) may be exercised until the Expiration Date of the Option. If the Date of Grant of the Option does not precede the Optionee’s Normal Retirement date by at least six (6) months, the Option shall be governed by the other provisions of this Section 5, as applicable.

Normal Retirement. Unless Separation from Service occurs before Normal Retirement Age and unless the Director shall have received the benefit under section 2.4 after a Change in Control, when the Director attains Normal Retirement Age the Bank shall pay to the Director the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Director’s Separation from Service after payment of benefits under this section 2.1 commences is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid to the Director.

Normal Retirement. Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65]. [ ] (b) The later of the date the Participant attains ______ years of age or the ________ anniversary of the first day of the Plan Year in which the Participant commenced participation in the Plan. [The age selected may not exceed age 65 and the anniversary selected may not exceed the 5th.]

Normal Retirement x 1. Normal Retirement Age shall be age 65 (not to exceed 65).

Normal Retirement. Normal Retirement date is the first day of the month coincident with or next following age 65.

Normal Retirement is herein modified to read as follows: Upon the Participant’s retirement from full time service to the Bank at age 65 or later, the Bank shall pay to the Participant an annual pension of $15,000. payable in equal monthly installments on the first business day of each calendar month for 180 months. Prior to retirement, said $15,000. annual benefit shall be increased by 4% compounded annually for each year that a participant participates in the plan. (Original Plan Date October 30th, 1985) Partial years of participation shall receive a pro-rata increase. Upon commencement of benefit payments, regardless of age, said benefit shall remain level except by modification of this agreement pursuant to Section 5, Paragraph D. herein. Said payments shall be reduced by any state or federal taxes payable on said amounts by the Bank. In the event that said Participant shall die following retirement but prior to receiving 180 monthly payments, the Bank will pay to the Participant’s beneficiary, designated on the attached Exhibit “A”, Beneficiary Designation Form, the balance of said payments until a total of 180 payments have been made by the Bank. The beneficiary designated by the Participant on the attached Beneficiary Designation Form shall be the Participant’s legal spouse, if married, unless such spouse shall consent in writing, to the designation of another beneficiary. If, at the time of the Participant’s death, there is no surviving spouse, or if the designation of beneficiary shall be ineffective for any reason, the beneficiary shall conclusively be deemed to be the Participant’s lineal descendents, per stirpes or, if none, those persons who would be entitled to share in the Participant’s estate if the Participant died intestate. Subject to the foregoing, the Participant may, at any time, change the beneficiary hereunder by filing a new Beneficiary Designation Form with the Secretary of the Bank. Except as herein modified all other terms and conditions contained within the above referenced Participant Agreement shall remain in its entirety. In witness whereof, the Bank has caused this Modification Agreement to be executed by a duly authorized officer and the Participant in acknowledgment has also signed this Modification as of the date first written set forth above. BY: BY: MODIFICATION AGREEMENT OF THE REVISED EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN PARTICIPANT AGREEMENT DATED DECEMBER 18TH, 1991 This Modification Agreement is entered into this 1st day of Novemb...

Normal Retirement. Normal retirement is age 65. If you were born on the first day of the month, your normal retirement would be your 65th birthday, otherwise, your normal retirement date would be the first day of the month next following your 65th birthday.