Common use of Early or Late Retirement Clause in Contracts

Early or Late Retirement. The Participant may apply to the Board of Directors for an early or late retirement. The decision whether to accept or reject such an application shall be in the sole discretion of the Board of Directors, and the Board shall have no obligation whatsoever to accept any such application. In the event the Board of Directors accepts the Participant’s application for early or late retirement, this Agreement shall be amended to reflect the revised terms of the Participant’s retirement date and amount of such retirement benefits. Such revised benefits shall be payable by the Bank pursuant to this Section 4 only to the extent that the Participant was continuously employed by the Bank during the period from the date of execution of this Agreement until the date of the Participant’s revised retirement date. Retirement benefits under this Section 4 shall be payable in equal monthly installments for a period of ten (10) consecutive years commencing on the first business day of the month following the Participant’s revised retirement date and continuing on the first business day of each month thereafter for one hundred twenty (120) consecutive months until all of the specified installments have been paid in full.