Common use of Early Termination Benefit Clause in Contracts

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit 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 Normal Retirement Age and continuing for fifteen (15) years.

Appears in 5 contracts

Samples: Salary Continuation Agreement (First South Bancorp Inc /Va/), Salary Continuation Agreement (First South Bancorp Inc /Va/), Salary Continuation Agreement (First South Bancorp Inc /Va/)

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Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit 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 a lump sum within sixty (60) days following Separation from Service, with the month following Normal Retirement Age and continuing for fifteen (15) yearsprecise payment date determined by the Employer in its sole discretion.

Appears in 5 contracts

Samples: Salary Continuation Agreement (Oak Valley Bancorp), 2016 Salary Continuation Agreement (Oak Valley Bancorp), 2016 Salary Continuation Agreement (Oak Valley Bancorp)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive's service during the partial Plan Year in which Separation from Service takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsAge.

Appears in 4 contracts

Samples: Salary Continuation Agreement (Norwood Financial Corp), Salary Continuation Agreement (Norwood Financial Corp), Salary Continuation Agreement (Norwood Financial Corp)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunder. As the Schedule A shows, prior to the end of the third complete Plan Year after the Effective Date (September 30, 2015), the Executive shall not be eligible for any Early Termination benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the first day of the month following Normal Retirement Age Separation from Service and continuing for fifteen five (155) years.

Appears in 3 contracts

Samples: Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsAge.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Orrstown Financial Services Inc), Salary Continuation Agreement (Norwood Financial Corp), Salary Continuation Agreement (Norwood Financial Corp)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for corresponding to the Plan Year ending immediately prior to in which Separation from Service in lieu of any other benefit hereunderoccurs. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age and continuing for the greater of the Executive’s lifetime or fifteen (15) years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunderService. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age Separation from Service and continuing for fifteen (15) years. This benefit will be in lieu of any other benefit under this Agreement.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Agreement (Community Partners Bancorp), Supplemental Executive Retirement Agreement (Community Partners Bancorp)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for the Plan Year ending immediately prior to Separation from Service Service, in lieu of any other benefit hereunder. Additionally, the benefit amount shall be Increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service takes place. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) years.

Appears in 1 contract

Samples: 2022 Supplemental Executive Retirement Plan (CCFNB Bancorp Inc)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for Vested Accrued Benefit determined as of the end of the Plan Year ending immediately prior to preceding Separation from Service in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month a lump sum within ninety (90) days following Normal Retirement Age and continuing for fifteen (15) years.Separation from Service

Appears in 1 contract

Samples: Continuation Agreement (Heritage Oaks Bancorp)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit amount shown on Schedule A for the Plan Year ending immediately prior to Separation from Service Service, in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing a lump sum the month following Normal Retirement Age and continuing for fifteen (15) yearsSeparation from Service.

Appears in 1 contract

Samples: 2016 Salary Continuation Agreement (Bank of the James Financial Group Inc)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for the Plan Year ending immediately prior to Separation from Service. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service in lieu of any other benefit hereundertakes place. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age Separation from Service and continuing for fifteen (15) years. This benefit will be in lieu of any other benefit under this Agreement.

Appears in 1 contract

Samples: Supplemental Executive Retiement Agreement (Two River Bancorp)

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Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunder. Additionally, the benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service takes place. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age Separation from Service and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (LINKBANCORP, Inc.)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit 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 Normal Retirement Age Separation from Service and continuing for fifteen five (155) years.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit amount shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsSeparation from Service.

Appears in 1 contract

Samples: Retirement Plan (Codorus Valley Bancorp Inc)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit amount shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunder. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsSeparation from Service.

Appears in 1 contract

Samples: MUNCY COLUMBIA FINANCIAL Corp

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for the Plan Year ending immediately prior to Separation from Service. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service in lieu of any other benefit hereundertakes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsSeparation from Service.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Two River Bancorp)

Early Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsSeparation from Service.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (Riverview Financial Corp)

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