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. For all employees who retired on or after January 1, 1981, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the Retirement System a pension for life in an amount determined as two (2%) percent of his average annual pay for the three (3) highest paid fiscal years preceding his retirement multiplied by the number of completed years of service. The Retirement Board shall pay to each member who has retired on disability under the Retirement System as set forth herein, a pension during the continuance of such disability in an amount determined as two (2%) percent of his average annual pay for the three (3) highest paid fiscal years preceding his retirement multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than sixty six and two thirds (66-2/3%) percent of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The above payment schedules shall only apply to employees who retire subsequent to January 1, 198l. Employees who retired prior to January 1, 1981 shall continue to be paid under previously established payment schedules.
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 Optionee’s unvested Options will continue to vest 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 fifth anniversary of the Normal Retirement date (or if earlier, 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 post-termination exercise period with respect to such Option shall be governed by the other provisions of this Section 5, as applicable.
Normal Retirement. If your employment is terminated due to Normal Retirement, you shall not be entitled to severance benefits under this Agreement, regardless of the occurrence of a Change in Control. A termination by Normal Retirement shall have occurred where your termination is caused by the fact that you have reached normal retirement age for employees in your position.
Normal Retirement. (a) At his Normal Retirement Date, the Executive will retire and will be entitled to receive the Supplemental Benefit, computed in the form of a single life annuity for his life. Payment of the Supplemental Benefit will commence on the Executive's Normal Retirement Date. The monthly amount of the Supplemental Benefit shall equal one-twelfth of the product of two and one-half percent (2.5%) of the Executive's Final Average Compensation times the number of years of his creditable service determined under the provisions of the Retirement Plan (subject to a maximum of 62.5%), reduced by the monthly amount payable under the Retirement Plan and any Other Pension Plan. The offset shall equal the monthly amounts actually payable under the Retirement Plan and any Other Pension Plan, based on the payment option elected by the Executive.
Normal Retirement. If the Executive remains in continuous service with the Corporation until he completes thirty years of continuous service with the Corporation, but his continuous service terminates for reasons other than death or by the Corporation for “cause” (as defined in Section 2.4), the Corporation shall pay a supplemental retirement benefit to the Executive. The annual amount of the supplemental retirement benefit shall be fifty percent (50%) of the Executive’s final average compensation. The supplemental retirement benefit shall be paid in equal installments in accordance with the Corporation’s regular payroll practices for executives in effect from time to time, commencing as of the first payroll period ending coincident with or immediately following the Executive’s normal retirement date, and continuing for a term certain of fifteen years; except as otherwise provided in Sections 5 or 14. For purposes of this Agreement, unless otherwise indicated by the context.
Normal Retirement. In the event any Non-EU Optionee voluntarily terminates his or her employment with the Company or an Eligible Subsidiary at or after reaching age 65, the Non-EU Optionee’s Options shall remain outstanding and shall continue to vest (as to both the Performance Objective and Time-Based Vesting Criteria, as applicable) and subject to satisfaction of all applicable Vesting Conditions may be exercised up until the fifth anniversary of the Normal Retirement date (or if earlier, up until the Expiration Date of the Option).