Common use of After Termination of Employment Clause in Contracts

After Termination of Employment. If the Employee's employment with the Bank is terminated for any reason, other than death or Cause, prior to the Employee's attainment of age sixty-two, the Bank shall pay to the Employee (or the Employee's Designated Beneficiary, if the Employee dies prior to receipt of all of the Installment Payments payable under this section) 240 monthly Installment Payments equal to the quotient of (1) the product of (a) the Benefit Credit Balance (as of the first day of the Plan Year in which the Employee's employment is terminated) multiplied by (b) the Vesting Factor multiplied by (c) the Performance Ratio; (2) divided by 240. This monthly benefit will commence no later than thirty days after the Employee attains the age of sixty-five. The Vesting Factor will be determined as follows: Years of Service Vesting Factor ---------------- -------------- Up to five years of service 0% From five to nine years of service 33% From ten years to fourteen years of service 67% Fifteen years of service 100% For purposes of this Agreement, the Employee will earn one year of service for each complete Plan Year that occurs after the execution of this Agreement in which the Employee continues to provide services to the Bank on a substantially full-time basis. Upon payment of the amounts described in this subsection, the Bank shall have no further obligation under this Agreement.

After Termination of Employment. If the Employee's employment with the Bank is terminated for any reason, other than death or Cause, prior to the Employee's attainment of age sixty-twofive, the Bank shall pay to the Employee (or the Employee's Designated Beneficiary, if the Employee dies prior to receipt of all of the Installment Payments payable under this section) 240 monthly Installment Payments equal to the quotient of (1) the product of (a) the Benefit Credit Balance (as of the first day of the Plan Year in which the Employee's employment is terminated) multiplied by (b) the Vesting Factor multiplied by (c) the Performance Ratio; (2) divided by 240. This monthly benefit will commence no later than thirty days after the Employee attains the age of sixty-five. The Vesting Factor will be determined as follows: Years of Service Vesting Factor ---------------- -------------- Up to five years of service 0% From five to nine years of service 33% From ten years to fourteen years of service 67% Fifteen years of service 100% For purposes of this Agreement, the Employee will earn one year of service for each complete Plan Year that occurs after the execution of this Agreement in which the Employee continues to provide services to the Bank on a substantially full-time basis. Upon payment of the amounts described in this subsection, the Bank shall have no further obligation under this Agreement.