Early Termination definition
Examples of Early Termination in a sentence
Additionally, the annual benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which the Early Termination occurs.
In the event of an Early Termination by Executive that constitutes a Termination for Good Reason or Executive’s employment has been terminated by the Bank (other than a Termination for Cause), the annual benefit under this Section 2.2 is the Early Termination Annual Benefit calculated in accordance with Section 2.2.1, plus Executive shall also receive credit as though the Early Termination occurred on the thirty-sixth (36th) month following the actual date of Early Termination.
In the event of an Early Termination by Executive other than a Termination for Good Reason, the annual benefit under this Section 2.2 is the Early Termination Annual Benefit set forth on Schedule A for the Plan Year ended immediately prior to the date on which the Early Termination occurs.
Such termination will not be deemed effective unless and until (i) Client removes all Assets from Custodial Accounts and Wallet Services, and (ii) Custodian receives such Early Termination Fee, which Client understands and acknowledges will not be deemed a penalty, but a figure reasonably calculated to reflect remaining payment due to Custodian in return for Client’s term commitment.
If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.