Early Retirement Prior to Benefit Age. If the Executive desires to terminate employment due to "Early Retirement" (as set forth herein) prior to attainment of Executive's Benefit Age and to commence receiving benefits hereunder at the time of such Early Retirement, Executive shall be entitled to receive the Early Retirement Benefit, as described below, at such time subject to the following conditions. Executive must be at least fifty-five (55) years of age, have ten (10) years of employment with the Bank and/or the Company and have been a participant under this Agreement for at least two (2) years. In addition, Executive must have made an election at least thirteen (13) months prior to Executive's Early Retirement date to commence receiving benefits on the first day of the first month following the date of such Early Retirement (as set forth herein at Exhibit B). The Early Retirement benefit shall be the Executive's Supplemental Retirement Benefit calculated using the Executive's Years of Service on the date of Early Retirement. Such benefit shall be annuitized (using the Interest Factor) and be payable commencing on the first day of the first month following Executive's Early Retirement in monthly installments throughout the Payout Period. In the event the Executive dies prior to commencement of such payments, the Bank shall pay to the Executive's Beneficiary a Survivor's Benefit calculated as if the Bank had not obtained insurance on the Executive. In the event the Executive dies prior to completion of all such payments due and owing hereunder, the Bank shall pay to the Executive's Beneficiary a continuation of the monthly installments payable to the Executive for the remainder of the Payout Period.
Early Retirement Prior to Benefit Age. If the Executive terminates employment due to Early Retirement prior to attainment of his Benefit Age, Executive shall be entitled to receive the Supplemental Early Retirement Benefit. The Supplemental Early Retirement Benefit shall be: If the Executive’s Early Retirement occurs: Then the Supplemental Early Retirement Benefit will be: Before attaining age 61 $144,926 On or after attaining age 61, but before attaining age 62 $158,421 On or after attaining age 62, but before attaining age 63 $173,008 On or after attaining age 63, but before attaining age 64 $188,775 On or after attaining age 64, but before attaining age 65 $205,812 Such benefit shall commence on the Executive’s Benefit Commencement Date and shall be payable in monthly installments throughout the Payout Period. In the event the Executive dies following his Termination of Employment prior to completion of all such payments due and owing hereunder, the Employer shall pay to the Executive’s Beneficiary a lump sum payment equal to the Accrued Benefit at the time of death.
Early Retirement Prior to Benefit Age. If the Executive terminates employment due to Early Retirement prior to attainment of his Benefit Age, Executive shall be entitled to receive the Supplemental Early Retirement Benefit, as described below. The Supplemental Early Retirement Benefit shall be the Executive’s Supplemental Retirement Benefit calculated using the Executive’s Years of Service on the date of the Executive’s Early Retirement. Such benefit shall commence on the Executive’s Benefit Commencement Date and shall be payable in monthly installments throughout the Payout Period. In the event the Executive dies following his Termination of Employment prior to completion of all such payments due and owing hereunder, the Employer shall pay to the Executive’s Beneficiary a lump sum payment equal to the Accrued Benefit at the time of death.
