Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 34 contracts
Samples: Continuation Agreement (Cortland Bancorp Inc), Continuation Agreement (Cortland Bancorp Inc), Continuation Agreement (Cortland Bancorp Inc)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 27 contracts
Samples: Continuation Agreement (Cortland Bancorp Inc), Continuation Agreement (Cortland Bancorp Inc), Continuation Agreement (Cortland Bancorp Inc)
Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 ten years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 23 contracts
Samples: Director Retirement Agreement, Bancorp Director Retirement Agreement (Cortland Bancorp Inc), Salary Continuation Agreement (Tidelands Bancshares Inc)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 ten years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 23 contracts
Samples: Director Retirement Agreement, Bancorp Director Retirement Agreement (Cortland Bancorp Inc), Salary Continuation Agreement (Tidelands Bancshares Inc)
Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 15 contracts
Samples: Salary Continuation Agreement (Carolina Bank Holdings Inc), Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 15 contracts
Samples: Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc)
Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 10 years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 5 contracts
Samples: Supplemental Salary Continuation Agreement (Investar Holding Corp), Supplemental Salary Continuation Agreement (Investar Holding Corp), Salary Continuation Agreement (Investar Holding Corp)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 10 years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 4 contracts
Samples: Supplemental Salary Continuation Agreement (Investar Holding Corp), Supplemental Salary Continuation Agreement (Investar Holding Corp), Salary Continuation Agreement (Investar Holding Corp)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator. Beginning one year after payment of the annual benefit under this section 2.2 begins, the benefit shall be increased annually at a rate of 3% to offset inflation.
Appears in 3 contracts
Samples: Continuation Agreement (BNC Bancorp), Continuation Agreement (BNC Bancorp), Continuation Agreement (BNC Bancorp)
Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator. Beginning one year after payment of the annual benefit under this section 2.3 begins, the benefit shall be increased annually at a rate of 3% to offset inflation.
Appears in 2 contracts
Samples: Continuation Agreement (BNC Bancorp), Continuation Agreement (BNC Bancorp)
Amount of Benefit. The annual benefit under this section 2.3 2.2A is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 2 contracts
Samples: Salary Continuation Agreement (Cortland Bancorp Inc), Salary Continuation Agreement (Cortland Bancorp Inc)
Amount of Benefit. The annual benefit under this section 2.3 2.2B is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 2 contracts
Samples: Salary Continuation Agreement (Cortland Bancorp Inc), Salary Continuation Agreement (Cortland Bancorp Inc)
Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the ten-year period beginning with the Executive's Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 2 contracts
Samples: Continuation Agreement (Intermountain Community Bancorp), Continuation Agreement (Intermountain Community Bancorp)
Amount of Benefit. The annual benefit under this section Section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end Accrued Amount (as of the last day of the calendar month immediately before preceding the month in which Separation from Service occurs, amortizing that Accrual Balance ) over 15 10 years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 2 contracts
Samples: Continuation Agreement (CBTX, Inc.), Executive Employment Agreement (CBTX, Inc.)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive's Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 2 contracts
Samples: Continuation Agreement (Southcoast Financial Corp), Continuation Agreement (First South Bancorp Inc)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the ten-year period beginning with the Executive's Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 2 contracts
Samples: Continuation Agreement (Intermountain Community Bancorp), Continuation Agreement (Intermountain Community Bancorp)
Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 20 years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 1 contract
Samples: Community First Bank Salary Continuation Agreement (Community First Bancorp)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator. Beginning one year after payment of the Early Termination benefit commences, the amount of the annual benefit under this section 2.2.1 shall be increased annually at a rate of 3% to offset inflation.
Appears in 1 contract
Samples: Amended Salary Continuation Agreement (Crescent Financial Corp)
Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive's Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 1 contract
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator. Beginning one year after payment of the Early Termination benefit commences, the amount of the annual benefit under this section 2.2.1 shall be increased annually at a rate of 3% to offset inflation.
Appears in 1 contract
Samples: Salary Continuation Agreement (Crescent Financial Corp)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes by taking the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that compounding this Accrual Balance over 15 years and forward to the Executive’s Normal Retirement Age taking into account interest at the discount rate or rates established by the Plan Administrator, and amortizing this resulting amount over the period specified in section 2.2.2 beginning with the Executive's Normal Retirement Age.
Appears in 1 contract
Samples: Salary Continuation Agreement (Southern First Bancshares Inc)
Amount of Benefit. The Subject to section 2.3.3, the annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that the Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 1 contract
Samples: Continuation Agreement (BNC Bancorp)
Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator. Beginning one year after payment of the Disability benefit commences, the amount of the annual benefit under this section 2.3.1 shall be increased annually at a rate of 3% to offset inflation.
Appears in 1 contract
Samples: Salary Continuation Agreement (Crescent Financial Corp)
Amount of Benefit. The annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 20 years and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 1 contract
Samples: Community First Bank Salary Continuation Agreement (Community First Bancorp)
Amount of Benefit. The annual benefit under this section 2.3 is calculated as the amount that fully amortizes the Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator. Beginning one year after payment of the Disability benefit commences, the amount of the annual benefit under this section 2.3.1 shall be increased annually at a rate of 3% to offset inflation.
Appears in 1 contract
Samples: Amended Salary Continuation Agreement (Crescent Financial Corp)
Amount of Benefit. The Subject to section 2.2.3, the annual benefit under this section 2.3 2.2 is calculated as the amount that fully amortizes the vested Accrual Balance existing at the end of the month immediately before the month in which Separation from Service occurs, amortizing that vested Accrual Balance over 15 years the period beginning with the Executive’s Normal Retirement Age and taking into account interest at the discount rate or rates established by the Plan Administrator.
Appears in 1 contract
Samples: Continuation Agreement (BNC Bancorp)