Separation from Service Benefit. If the Participant experiences a Separation from Service prior to Normal Retirement Age, death, Disability, or as described in the second paragraph of Section 3.6, then the Participant shall be entitled to a benefit equal to the Accrued Benefit, calculated as of the date of Separation from Service. Such benefit shall commence to be paid on the first day of the second month following the month in which the Participant achieves Normal Retirement Age or dies (whichever occurs first), and shall be paid in fifteen (15) equal annual installments. Notwithstanding the foregoing, in the event that the Participant is determined by the Plan Administrator to be a Specified Employee, the first benefit payment shall be paid on the later of (i) the first day of the second month following the month in which the Participant achieves Normal Retirement Age or (ii) the first day of the seventh month following Separation from Service (except in the case of a Separation from Service due to death). In the event that (ii) applies, all subsequent annual payments will be paid in accordance with the original schedule as if the individual was not a Specified Employee.
Separation from Service Benefit. In the event the Executive incurs a Separation from Service due to an Involuntary Termination before the Normal Retirement Date, Disability, death or Change in Control, the Bank shall pay the Monthly Benefit to him commencing on the first business day of the month following the Separation from Service and on the first business day of each calendar month thereafter for a period of 180 months. However, if the Executive is a Specified Employee on the date of his Separation from Service, such payments shall not commence until the first day of the seventh month following the date of the Executive’s Separation from Service.
Separation from Service Benefit. If the Participant experiences a Separation from Service prior to Normal Retirement Age because the Participant’s employment is terminated voluntarily or involuntarily for reasons other than death, Disability, or as described in the second paragraph of Section 3.6, then the Participant shall be entitled to the benefit amount shown on Schedule A under the column labeled "Early Termination Annual Benefit" for the Plan Year in which the Participant's Separation from Service occurs, multiplied by fifteen (15) (the "Early Termination Benefit"). The Early Termination Benefit shall be paid in one hundred eighty (180) equal monthly installments, and shall commence to be paid on the first day of the second month following the month in which the Participant achieves Normal Retirement Age (or, if the Participant is determined by the Plan Administrator to be a Specified Employee, the later of (i) the second month following the month in which the Participant achieves Normal Retirement Age or (ii) the first day of the seventh month following Separation from Service) or dies (whichever occurs first).
Separation from Service Benefit. In the event the Executive incurs a Separation from Service due to an Involuntary Termination before the Normal Retirement Date, the Bank shall pay the Monthly Benefit to the Executive, using an Accrued Benefit Percentage of not less than 60%, commencing on the first business day of the month following the Separation from Service and on the first business day of each calendar month thereafter for a total of 180 months; (i) provided, however, that in the event of Separation from Service due to Cause, except as may be prohibited by federal law, the Executive shall only be entitled to the Monthly Benefit calculated at the time of his Separation from Service with payment commencing on the first business day of the month following the Separation from Service and on the first business date of each calendar month thereafter for a total of 180 months; and (ii) provided, further, that, to the extent necessary to comply with Code Section 409A and the regulations thereunder, such payments shall not commence until the first day of the seventh month following the date of the Executive's Separation from Service if the Executive is a Specified Employee on his date of Separation from Service.
Separation from Service Benefit. Upon Separation from Service, the Bank shall distribute to the Director the benefit described in this section 4.1.
Separation from Service Benefit. If Separation from Service occurs before the Normal Retirement Age for reasons other than death, instead of any other benefit under this Agreement the Bank shall pay to the Executive the Account Balance as of the end of the month immediately before the month in which payments commence. The Bank shall pay the Account Balance in 180 substantially equal monthly installments beginning on the first day of the later of (a) the seventh month after the month in which Separation from Service occurs or (b) the month after the month in which the Executive attains Normal Retirement Age. The Bank shall credit interest according to the formula of section 2.2, compounded monthly, until the Account Balance is paid in full.
Separation from Service Benefit. In the event the Executive Separates from Service (other than for Cause or death) prior to his Retirement Age, the Company shall pay to the Executive the vested percentage of his Retirement Benefit, calculated as of the date of Separation from Service, over a period of fifteen (15) years in equal, monthly installments for one hundred eighty (180) months. Except as provided in Section 3.6, the first installment shall commence on the first day of the first month following the Executive's Separation from Service, with subsequent installments being paid on the first day of each month thereafter.
Separation from Service Benefit. If the Participant incurs a Seperation from Service prior to the Benefit Eligibility Date for reasons other than termination for Cause, Death, Disability or following a Change in Control, then the Participant shall be entitled to a benefit equal to the Accrued Benefit, calculated as of the date of Separation from Service. Such benefit shall commence on the first day of the seventh month following the date of Seperation from Service and shall be paid in ten (10) equal annual installments.
Separation from Service Benefit. In the event the Executive Separates from Service, including death but excluding for Cause, the Bank shall pay to the Executive (or his Beneficiary) his vested Account balance, calculated as of the date of Separation from Service, in a lump sum or up to one hundred eighty (180) monthly installments, as elected by the Executive within thirty (30) days following the Effective Date. If the Executive fails to make this election or such election is ambiguous or does not comply with the terms of the Plan, the Executive will be deemed to have elected to be paid in a lump sum. Payment shall be made or commence within ninety (90) days following the date of his Separation from Service, with subsequent installments, if any, being paid on the first day of each month thereafter. In the event of the Executive’s death after installments have commenced but prior to receiving all installments owed hereunder, as applicable, the Bank shall continue to pay any remaining installments to the Executive’s Beneficiary in accordance with the schedule the installments would have been paid to the Executive had the Executive survived.
Separation from Service Benefit. (i) Except as provided in (ii), if the Participant Separates from Service with the Employer for any reason other than death, Disability, or Discharge for Cause prior to attaining Normal Retirement Age, Employer shall pay to Participant: (A) A lump sum amount equal to the Benefit Liability Balance as of the end of the year preceding the year in which the Participant Separated from Service multiplied by the Participant’s Vested Percentage, The schedule of the “Benefit Liability Balances” are set forth on Exhibit “A.” (B) On the first day of the twenty-fourth month following the Participant’s Separation from Service from the Employer. (C) If the Participant dies before the payment is made, the Plan shall terminate and all benefits shall cease and be forfeited, including any future benefits or vested benefits. (ii) If the Participant Separates from Service within two years after a Change of Control for any reason other than Discharge for Cause or Disability, the Employer shall pay to Participant: (A) Annual payments each in the amount of $118,070, (B) Commencing upon the first day of the second month following Participant’s attainment of Normal Retirement Age and thereafter annually on each successive anniversary of the first payment date, (C) If the Participant dies before the payments begin or after payments have begun, the Plan shall terminate and all benefits shall cease and be forfeited, including any future benefits or vested benefits.
