Early Involuntary Termination Benefit. Upon the Executive’s Early Involuntary Termination prior to January 1, 2017, the Bank shall distribute to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Article.
Early Involuntary Termination Benefit. If Early Involuntary Termination occurs, the Employer shall pay the Executive the Deferral Account balance at Separation from Service, plus an additional amount equal to the Contributions remaining to be made in accordance with Article 2. This benefit shall be paid in quarterly installments between 2 years and 10 years, at the selection of the Executive, and shall commence the first day of the immediately subsequent quarter following Separation from Service. During the payment period, interest shall be credited on the unpaid portion of the benefit as described in Section 3.1(b)(ii). The quarterly payments shall be amortized in such a way so as to produce equal payments over the remaining payment period. This will require quarterly reamortization for changes in the Crediting Rate.
Early Involuntary Termination Benefit. If Early Involuntary Termination occurs, the Corporation shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.
Early Involuntary Termination Benefit. Upon an Early Involuntary Termination, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.
Early Involuntary Termination Benefit. If Early Involuntary Termination occurs, the Employer shall pay the Executive the amount shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation from Service and continuing until the Executive’s death.
Early Involuntary Termination Benefit. If Early Involuntary Termination occurs, the Employer shall pay the Executive 100% of the Accrued Benefit, calculated as of the date of Separation from Service. The benefit will be paid in a lump sum within thirty (30) days following Separation of Service.
Early Involuntary Termination Benefit. If Early Involuntary Termination occurs prior to age 63, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.
Early Involuntary Termination Benefit. If Early Involuntary Termination occurs, the Bank shall pay the Director the amount determined in this Section 2.3 in lieu of any other benefit hereunder. If Early Involuntary Termination occurs prior to May 1, 2025, the Bank shall pay the Director the Accrued Benefit in equal monthly installments commencing the month following Normal Benefit Age and continuing for one hundred twenty (120) months. If Early Involuntary Termination occurs May 1, 2025 or later, the Bank shall pay the Director an annual benefit in the amount of Twelve Thousand Dollars ($12,000). The annual benefit will be paid in equal monthly installments commencing the month following Normal Benefit Age and continuing for ten (10) years.
Early Involuntary Termination Benefit. If Early Involuntary Termination occurs, the Bank shall pay the Director the amount determined in this Section 2.4 in lieu of any other benefit hereunder. If Early Involuntary Termination occurs prior to May 1, 2025, the Bank shall pay the Director the Accrued Benefit in equal monthly installments commencing the month following Normal Benefit Age and continuing for one hundred twenty (120) months; provided, however, that if Early Involuntary Termination occurs at any time following a Change in Control, the annual benefit shall equal Twelve Thousand Dollars ($12,000). If Early Involuntary Termination occurs on May 1, 2025 or later, the Bank shall pay the Director an annual benefit in the amount of Twelve Thousand Dollars ($12,000). The annual benefit will be paid in equal monthly installments commencing the month following Normal Benefit Age and continuing for ten (10) years.”
Early Involuntary Termination Benefit. If Early Involuntary Termination occurs, the Employer shall, in lieu of any other benefit hereunder, pay the Executive an annual benefit equal to the greater of (i) Two Hundred Thousand Dollars ($200,000) or (ii) an annual amount payable over fifteen (15) years commencing at Normal Retirement Age based on the Projected Deferral Account Balance at Normal Retirement Age and calculated using the Distribution Period Crediting Rate as of the date of Separation from Service. Such annual benefit shall be paid to the Executive for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and shall not be subject to adjustment for subsequent changes in the Distribution Period Crediting Rate or for any other reason.
