Common use of Payments to Executive Clause in Contracts

Payments to Executive. (a) If the Executive remains continuously employed by the Bank until her termination of employment on or after completion of eleven (11) Years of Service, the Bank will pay to the Executive a gross amount equal to the Actuarial Equivalent of (i) the Accrued Benefit, multiplied by (ii) the number of whole years by which the Executive's life expectancy in years upon termination from employment (determined under the 1994 Group Annuity Reserving Table) exceeds the Executive's age in years as of such employment termination date. Said gross benefit amount will be paid in the Normal Form, subject to applicable withholding, and shall be payable within one hundred eighty (180) days of the date the Executive's employment with the Bank terminates or as soon as practicable thereafter.

Payments to Executive. (a) If the Executive remains continuously employed by the Bank until her his termination of employment on or after completion of eleven (11) Years of Service, the Bank will pay to the Executive a gross amount equal to the Actuarial Equivalent of (i) the Accrued Benefit, multiplied by (ii) the number of whole years by which the Executive's life expectancy in years upon termination from employment (determined under the 1994 Group Annuity Reserving Table) exceeds the Executive's age in years as of such employment termination date. Said gross benefit amount will be paid in the Normal Form, subject to applicable withholding, and shall be payable within one hundred eighty (180) days of on the date which is six (6) months after the Executive's employment with the Bank terminates or as soon as practicable thereafter.

Payments to Executive. (a) If the Executive remains continuously employed by the Bank until her his termination of employment on or after completion of eleven (11) Years of Service, the Bank will pay to the Executive a gross amount equal to the Actuarial Equivalent of (i) the Accrued Benefit, multiplied by (ii) the number of whole years by which the Executive's life expectancy in years upon termination from employment (determined under the 1994 Group Annuity Reserving Table) exceeds the Executive's age in years as of such employment termination date. Said gross benefit amount will be paid in the Normal Form, subject to applicable withholding, and shall be payable within one hundred eighty (180) days of the date the Executive's employment with the Bank terminates or as soon as practicable thereafter.