Termination of Service or Discharge. In the event that prior to the Normal Retirement Date, the Executive's employment with the Corporation is terminated for reasons other than death or disability and the Executive is vested pursuant to Section 2.05, the Executive shall be entitled to an annual benefit payable monthly commencing at the Normal Retirement Date and
Termination of Service or Discharge. In the event that, prior to the Early Retirement Date, the Executive’s employment with the Corporation is terminated, voluntarily or involuntarily, for reasons other than death or disability, the Executive shall be entitled to an annual benefit, which shall be his Accrued Benefit as defined in Section 2.03 as of the date of his termination of employment. Such benefit shall be payable in one hundred eighty (180) monthly installments commencing on the first day of the month next following the Normal Retirement Date. If the Executive is a Key Employee, as defined by the Internal Revenue Service, and said Corporation is publicly traded at the time of termination of employment, any such benefit payment shall be withheld for six (6) months following such termination of employment.
Termination of Service or Discharge. In the event that, prior to the Early Retirement Date, the Executive’s employment with the Corporation is terminated, voluntarily or involuntarily, for reasons other than death or disability, the Executive shall be entitled to an annual benefit, which shall be his Accrued Benefit as defined in Section 2.03 as of the date of his separation from service as defined in Code Section 409A. Such benefit shall be payable in one hundred eighty (180) monthly installments commencing on the first day of the month next following the Normal Retirement Date (or the Executive’s separation from service, if later). If the Executive is a Specified Employee as defined in Code Section 409A, and said Corporation is publicly traded at the time of termination of employment, any such benefit payment shall be withheld for six (6) months following the Executive’s separation from service with the Corporation.
Termination of Service or Discharge. In the event that the Executive’s employment with the Bank is terminated for any reason prior to the Normal Retirement Date, whether such termination is initiated by the Bank or by the Executive, other than any such termination within twenty-four (24) months following a reorganization (as defined in Section 10.01) or any such termination resulting from death, disability or Cause as defined in Section 5.04 below, and subject to the limitations set forth further below in this Section 5.01 and in Section 5.03, the Executive shall be entitled to an annual benefit payable monthly commencing at the Normal Retirement Date or any earlier date as may be approved by the Bank and continuing for his lifetime, which shall be his Accrued Benefit determined in accordance with Section 2.02 above as of the date of his termination of employment. Such Accrued Benefit shall be multiplied by a percentage based on the following table (for purposes of this Agreement, the Anniversary shall occur on May 1st of each year with the first Anniversary on May 1, 2003: Anniversary of this Agreement Percentage Multiple Before second 0 % After second, before third 40 % After third, before fourth 60 % After fourth, before fifth 80 % After fifth 100 % In addition to the foregoing provisions of this Section 5.01, any early retirement payment that may be paid to the Executive under this Section 5.01 shall be further reduced by five-ninths (5/9) of one (1) percent for each month prior to age sixty-seven (67) that such benefits commence, up to sixty (60) months, and by five-eighteenths (5/18) of one (1) percent for each additional month over sixty (60) months that such commencement of benefits precedes Executive’s age sixty-seven (67).
Termination of Service or Discharge. Except as provided in Section 4.5, in the event that prior to Normal Retirement Date, the Executive's employment with the Corporation is terminated for any reason other than death, the Executive shall be entitled to an annual benefit payable monthly commencing at the later of the Normal Retirement Date or his termination of employment and continuing for his lifetime which shall be his Accrued Benefit as of the date of his termination of employment. Such Accrued Benefit shall be multiplied by a fraction, the numerator of which is the Executive's actual number of months of employment with the Corporation and the denominator of which is the number of months of employment that the Executive would have completed had he continued employment with the Corporation until the Normal Retirement Date.
