Mandatory Retirement Date means the date of the first meeting of stockholders of USB at which directors are elected, following the date on which the Director reaches the mandatory retirement age set forth in USB's bylaws, which is currently age seventy-five (75).
Examples of Mandatory Retirement Date in a sentence
Commencing at the end of the first Plan Year, and each Plan Year thereafter until the end of the Plan Year immediately preceding the Mandatory Retirement Date, the annual benefit shall be increased three percent (3.0%) from the previous Plan Year.
Although a Director may voluntarily retire at any time, each Director must retire on his applicable Mandatory Retirement Date upon reaching the age of 72.
Upon written notice by the Company to the Executive of an involuntary termination without Cause, other than for death or Disability or on account of the Executive attaining her Mandatory Retirement Date.
Such Mandatory Retirement Date may be extended from time to time upon the majority vote of the Boards of Directors of the AIM Funds.
Notwithstanding the foregoing, however, Executives Period of Employment shall not extend beyond any Mandatory Retirement Date (as hereinafter defined in Section 3) applicable to Executive.