Director Benefit definition

Director Benefit means the benefit amounts determined pursuant to Paragraphs 1 through 6 (including sub-paragraphs, as applicable), forfeited, reduced or adjusted to the extent: (a) required under the other provisions of this Agreement; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank; or (c) required in order for the Bank to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).

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Director Benefit means the annual benefit paid out to Director pursuant to this Agreement. Unless specified otherwise by the terms of this Agreement and according to the circumstances giving rise to the Separation from Service, the Director Benefit shall be calculated by multiplying the following: (Director’s Years of Service) X (One Thousand Dollars) X (Applicable Percentage of 100%). The Director Benefit shall continue to increase with each Year of Service. In addition, the annual amount of Director Benefits payable under this Agreement shall be increased at the rate of two percent (2%) each year from the date of commencement of payments until the death of the Director. As previously stated, the actual amount of the Director Benefit to be paid shall be determined at the time Director Separates from Service and shall be reduced to the extent: (i) required under the other provisions of this Agreement; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank; or (iii) required in order for the Bank to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).

Director Benefit means for the personal, professional, or business benefit, gain, advantage, or profit or interest, direct or indirect in the business of the Company other than as a Director or member of Senior Management Team of the Company or any member of his or her immediate family as defined under Section 6 of the Companies Act, 1956.

Examples of Director Benefit in a sentence

• Unless specified otherwise by the terms of this Agreement and according to the circumstances giving rise to the Separation from Service, the Director Benefit shall be calculated by multiplying the following: (Director’s Years of Service) X (One Thousand Dollars) X (Applicable Percentage of 100%).

• The Director Benefit shall continue to increase with each Year of Service.

• This annual Director Benefit shall be paid in twelve (12) substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Separates From Service and continuing until the death of the Director.

• In the event the Director Separates From Service on or after attaining the Normal Retirement Age, and for any reason other than a Removal For Cause, then the Director shall be entitled to be paid an annual Director Benefit in the amount of Six Thousand, Ninety-Six Dollars ($6,096) per year.

• There are no death benefits payable under this Agreement (such benefits are described by a Life Insurance Endorsement Method Split Dollar Plan Agreement, if any), nor will Director Benefit Payments be made after the Director dies, regardless of whether such death occurs before or after termination, and regardless of whether payments have already begun pursuant to this Agreement.

• The term “Applicable Percentage” shall mean the percentage adjacent to the period of time in which Director Separates From Service as a member of the Board of Directors of the Bank, and shall be used to calculate the annual Director Benefit amount.

• In the event of Director’s Disability, then Director shall be entitled to be paid an annual Director Benefit equal to a One Hundred Percent (100%) Applicable Percentage of the Director Benefit based on Years of Service [i.e. AP% X ($1,000 X Years of Service)].

• In the event the Director Separates From Service pursuant to the terms of Paragraph 1.8 relating to Normal Retirement, then (excluding a termination under the provisions of paragraph 4 below), then, upon such Separation from Service, Director shall be entitled to be paid an annual Director Benefit equal to the Applicable Percentage of the Director Benefit based on Years of Service [i.e. AP% X ($1,000 X Years of Service)].

• During the first calendar quarter of each calendar year beginning with calendar year 2001, the Company shall provide the Trustee with any revisions to the Director Benefit Calculation Schedule and updated Participant Information, in each case as of the end of the immediately preceding calendar year.

• In the event of a Change in Control, then Director shall be entitled to be paid an annual Director Benefit equal to a One Hundred Percent (100%) Applicable Percentage of the Director Benefit based on Years of Service [i.e. AP% X ($1,000 X Years of Service)].

More Definitions of Director Benefit

Director Benefit means the annual benefit paid out to the Director pursuant to this Agreement. Unless specified otherwise by the terms of this Agreement and according to the circumstances giving rise to the Separation from Service, the Director Benefit shall be calculated by multiplying the following: (Director’s Years of Service) X (One Thousand Dollars) X (Applicable Percentage). The Director Benefit shall continue to increase as each Year of Service is completed. In addition, the annual amount of Director Benefits payable under this Agreement shall be increased at the rate of two percent (2%) each year from the date of commencement of payments until the death of the Director. As previously stated, the actual amount of the Director Benefit to be paid shall be determined at the time Director Separates from Service as a Director, and shall be determined according to the circumstances giving rise to the Separation from Service and the relevant Applicable Percentage schedule. Furthermore, the benefit shall be reduced to the extent: (i) required under the other provisions of this Agreement; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank; or (iii) required in order for the Bank to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).