15% Premium for Retirement Deferrals Sample Clauses

15% Premium for Retirement Deferrals. If Participant makes a timely election pursuant to this Agreement to defer delivery of shares of Stock subject to the Restricted Stock Units until termination of service as a member of the Board of Directors of the Company and its Subsidiaries, and if Participant terminates service due to Retirement (or death or Disability after becoming Retirement eligible), Participant will be credited with an additional number of Restricted Stock Units equal to 15% of the number of Restricted Stock Units granted pursuant to Section 1 of this Agreement, and dividend equivalents with respect to such additional Restricted Stock Units as if such units had been credited to Participant’s Restricted Stock Unit Account on the Award Date. The additional Restricted Stock Units credited pursuant to this Section 5(h) shall be settled upon such termination of Board service.
Sample 1
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15% Premium for Retirement Deferrals. If Participant makes a timely election pursuant to this Agreement to defer delivery of shares of Stock subject to the Restricted Stock Units until termination of service as a member of the Board of Directors of the Company and its Subsidiaries, and if Participant terminates service (i) on or after completing five years of Board service, (ii) due to death or Disability, or (iii) on or after a Change in Control, Participant will be credited with an additional number of Restricted Stock Units equal to 15% of the number of vested Restricted Stock Units granted pursuant to Section 1 of this Agreement, and dividend equivalents with respect to such additional Restricted Stock Units as if such units had been credited to Participant's Restricted Stock Unit Account on the Award Date. The additional Restricted Stock Units credited pursuant to this Section 5(h) shall be settled upon such termination of Board service." Please retain this Notice of Amendment with your Non-Employee Director Restricted Stock Unit Agreement. UNIONBANCAL CORPORATION By /s/ XXXX XXXXXX Xxxx Xxxxxx, Executive Vice President Dated: October 25, 2007
Sample 1
15% Premium for Retirement Deferrals. If Participant makes a timely election pursuant to this Agreement to defer delivery of shares of Stock subject to the Restricted Stock Units until termination of service as a member of the Board of Directors of the Company and its Subsidiaries, and if Participant terminates service due to Retirement (or death or Disability after becoming Retirement eligible), Participant will be credited with an additional number of Restricted Stock Units equal to 15% of the number of Restricted Stock Units granted pursuant to Section 1 of this Agreement, and dividend equivalents with respect to such additional Restricted Stock Units as if such units had been credited to Participant’s Restricted Stock Unit Account on the Award Date. In addition, if Participant terminates service due to Retirement (or death or Disability after becoming Retirement eligible) in , but prior to the one-year anniversary of the Award Date, Participant will be credited with the additional Restricted Stock Units as described in the immediately preceding sentence, without regard to whether Participant made a timely election to defer delivery of shares of Stock until termination. The additional Restricted Stock Units credited pursuant to this Section 5(h) shall be settled upon such termination of Board service.
Sample 1

Related to 15% Premium for Retirement Deferrals

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

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