Common use of Payment of Benefit Clause in Contracts

Payment of Benefit. Subject to section 2.7 herein, the Company shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the first day of each month, beginning with the month immediately after the month in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for 15 years.

Payment of Benefit. Subject to section 2.7 herein2.7, the Company shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the first day of each month, beginning with the month immediately after following the month in which the Executive attains the Normal Retirement AgeEarly Termination Date. The annual benefit shall be paid to the Executive for 15 years.

Payment of Benefit. Subject to section 2.7 herein, the Company shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the first day of each month, beginning with the month immediately after the month in which date the Executive attains had the Normal Retirement AgeSeparation from Service because of Disability. The annual benefit shall be paid to the Executive for 15 years.

Payment of Benefit. Subject to section 2.7 herein, the Company shall pay the annual benefit under this section 2.4 to the Executive in 12 equal monthly installments payable on the first day of each month, beginning with the month immediately after the month in which the Executive attains the Normal Retirement Ageage 65. The annual benefit shall be paid to the Executive for 15 years.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit described in Section 2.4.1 above to the Executive in 12 twelve (12) equal monthly installments payable on the first day of each month, beginning month commencing with the month immediately after the month in which the Executive attains following the Normal Retirement Age. The Such annual benefit shall be paid to the Executive for 15 fifteen (15) consecutive years.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit described in Section 2.3.1 above to the Executive in 12 twelve (12) equal monthly installments payable on the first day of each month, beginning month commencing with the month immediately after the month in which the Executive attains following the Normal Retirement Age. The Such annual benefit shall be paid to the Executive for 15 fifteen (15) consecutive years.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit described in Section 2.1.1 above to the Executive in 12 twelve (12) equal monthly installments payable on the first day of each month, beginning month commencing with the month immediately after following the month in which the Executive attains the Executive's Normal Retirement AgeDate. The Such annual benefit shall be paid to the Executive for 15 fifteen (15) consecutive years.

Payment of Benefit. Subject to section 2.7 hereinSection 2.5 hereof, if applicable, the Company Bank shall pay the annual benefit to the Executive in 12 twelve (12) equal monthly installments commencing within ninety (90) days following the Executive’s Normal Retirement Date, and payable on the first day of each month, beginning with the month immediately after the month in which the Executive attains the Normal Retirement Agethereafter. The annual benefit shall be paid to the Executive for 15 fifteen (15) years.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the first day of each month, beginning month commencing with the month immediately following a period of sixty (60) days after the month in which the Executive attains the Executive's Normal Retirement Age. The annual benefit shall be paid to the Executive Date and continuing for 15 years179 additional months.

Payment of Benefit. Subject to section 2.7 hereinthe provisions of Section 2.4, the Company shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the commencing with first day of each month, beginning with the month immediately after the month in which the Executive attains the following Normal Retirement Age. The annual benefit shall be paid to the Executive for a period of 15 years.

Payment of Benefit. Subject to section 2.7 hereinthe provisions of Section 2.4, the Company shall pay the annual benefit to the Executive in 12 equal monthly installments payable on commencing with the first day of each month, beginning with the month immediately after following the month in which the Executive attains the Executive’s Normal Retirement AgeDate. The annual benefit shall be paid to the Executive for a period of 15 years.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit described in Section 2.2.1 above to the Executive in 12 twelve (12) equal monthly installments payable on the first day of each month, beginning month commencing with the month immediately after the month in which the Executive attains following the Normal Retirement Age. The Such annual benefit shall be paid to the Executive for 15 fifteen (15) consecutive years.

Payment of Benefit. Subject to section 2.7 hereinSection 2.5 hereof, if applicable, the Company Bank shall pay the annual benefit to the Executive in 12 twelve (12) equal monthly installments commencing within ninety (90) days following the Separation from Service, and payable on the first day of each month, beginning with the month immediately after the month in which the Executive attains the Normal Retirement Agethereafter. The annual benefit shall be paid to the Executive for 15 fifteen (15) years.

Payment of Benefit. Subject to section 2.7 herein, the Company The Employer shall pay the annual benefit under this Section 2.5 to the Executive over fifteen (15) years in 12 twelve (12) equal monthly installments payable annually on the first day of each month, beginning with the month immediately after the month in which the Executive attains the reaches his Normal Retirement Age. The annual benefit shall be paid to the Executive for 15 years.

Payment of Benefit. Subject to section 2.7 hereinSection 2.5 hereof, if applicable, the Company Bank shall pay the annual benefit to the Executive in 12 twelve (12) equal monthly installments commencing within ninety (90) days following the Early Termination, and payable on the first day of each month, beginning with the month immediately after the month in which the Executive attains the Normal Retirement Agethereafter. The annual benefit shall be paid to the Executive for 15 fifteen (15) years.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual retirement benefit described in this Section 2.2 to the Executive in 12 twelve (12) equal monthly installments payable commencing on the first day of each month, beginning with the month immediately after following the month in which the Executive attains the Executive’s Normal Retirement AgeDate. The annual benefit shall be paid to the Executive for 15 fifteen (15) years.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit amount to the Executive in 12 equal monthly installments payable on the first day of each month, beginning month commencing with the month immediately after the month in which the Executive attains following the Normal Retirement Age. The annual benefit shall be paid to the Executive Age and continuing for 15 yearstwo hundred thirty-nine (239) additional months.

Payment of Benefit. Subject to section 2.7 herein, the Company The Employer shall pay the an annual benefit to the Executive equal to the gross annual benefit in 12 Section 2.4.1 in twelve (12) equal monthly installments payable for fifteen (15) years beginning on the first day of each month, beginning with the month immediately after the month Executive’s Disability, subject to reduction as provided in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for 15 yearsSection 2.6.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the first day of each month, beginning month commencing with the month immediately after the month in which the Executive attains the following Normal Retirement Age. The annual benefit shall be paid to the Executive for 15 10 years. The Company, in its sole and absolute discretion, may begin annual payments or make a lump sum payment of this benefit at any time, calculating the present value of said benefit using a discount rate equal to the 10-Year U.S. Treasury Bxxx rate and monthly compounding.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the first day of each month, beginning month commencing with the month immediately after the month in which the Executive attains following the Normal Retirement Age. The annual benefit shall be paid to the Executive for 15 years180 months. Benefit Increases. Benefit payments may be increased as provided in Section 2.1.3.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit to the Executive in 12 equal monthly installments payable on the first day of each month, beginning month commencing with the month immediately after following the month in which the Executive attains the Normal Early Retirement AgeDate. The annual benefit shall be paid to the Executive for 15 fifteen (15) years.

Payment of Benefit. Subject to section 2.7 herein, the The Company shall pay the annual benefit to the Executive in 12 twelve (12) equal monthly installments payable on the first day of each month, beginning commencing with the month immediately after the month in which the Executive attains the following Normal Retirement Age. The annual benefit shall be paid to the Executive for 15 fifteen (15) years.. The following Sections 2.6, 2.7 and 2.8 shall be added to the Agreement immediately following Section 2.5: