Executive Benefit. The term “Executive Benefit” shall mean the annual benefit amounts determined pursuant to Paragraphs 4 through 7 (including sub-paragraphs, as applicable), forfeited, reduced or adjusted to the extent: (a) required under the other provisions of this Agreement; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
Executive Benefit. For the purposes of this Agreement, then term “Executive Benefit” shall refer to the annual amount to which Executive is entitled to receive pursuant to this Agreement. In addition, where the Executive Benefit is defined in terms of a lifetime annuity, Executive shall have the right under IRC 409A to elect an alternate annuity payment method, as specified herein. Amounts actually received by the Executive, however, shall be determined pursuant to Paragraphs 1 through 5 (including sub-paragraphs, as applicable), forfeited, reduced or adjusted to the extent: (a) required under the other provisions of this Agreement; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over Employer; or (c) required in order for Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
Executive Benefit. The term "Executive Benefit" shall mean the benefit amounts determined pursuant to Sections 3 through 5 (including sub-paragraphs, as applicable), reduced or adjusted to the extent: (a) required under the other provisions of this Agreement; or (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g. FICA, FUTA, SDI).
Executive Benefit. The term “Executive Benefit” or “Retirement Benefit Payments” shall mean the benefits determined pursuant to subparagraphs 3.1 and in accordance with Schedule “B”, and reduced or adjusted to the extent: (i) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5, 6, and 7 hereof; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank; or (iii) required in order for the Bank to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
Executive Benefit. The term "Executive Benefit” shall mean the annual benefit amounts determined pursuant to Paragraphs 1 through 4 (including sub-paragraphs, as applicable), subject to forfeiture, reduction or adjustment as (a) required under the other provisions of this Agreement; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI). Subject to the forgoing, in the event the Executive obtains an Applicable Percentage of one hundred percent (100%), then the annual Executive Benefit paid by the Bank to the Employee pursuant to this Agreement shall be the lesser of forty percent (40%) of the average of the Executive’s three final years of base salary or an amount equal to Ninety Two Thousand Four Hundred Thirty Two Dollars ($92,432.00). This Executive Benefit shall be paid in twelve (12) substantially equal monthly installments, for a period of fifteen (15) years (180 months).
Executive Benefit. For the purposes of this Agreement, the term “Executive Benefit” shall refer to the benefit to which Executive may be entitled to receive pursuant to this Agreement. Amounts actually received by the Executive, however, shall be determined pursuant to Sections 1 through 4 (including sub-paragraphs, as applicable), forfeited, reduced or adjusted to the extent: (a) required under the other provisions of this Agreement; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over Employer; or (c) required in order for Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
Executive Benefit. The term "Executive Benefit" shall mean the actual amount to be paid to Executive pursuant to this Agreement, which shall include any reductions or adjustments (a) required under the other provisions of this Agreement; or (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g. FICA, FUTA, SDI).
Executive Benefit. The Employer shall pay the Executive Benefit to the Employee pursuant to the Agreement, in the applicable amount, as follows. If the Executive is not party to a Consulting Contract and has not elected an earlier and smaller Executive Benefit, then the Executive Benefit shall commence on the Normal Retirement Date, in the amount equal to the Applicable Percentage multiplied times one hundred and seventeen thousand, eight hundred and six dollars ($117,806) per year.
Executive Benefit. The term "Executive Benefit" shall mean the annual benefit amounts determined pursuant to Paragraphs 1 through 5 (including sub-paragraphs, as applicable), forfeited, reduced or adjusted to the extent: (a) required under the other provisions of this Agreement, including, but not limited to Paragraphs 3, through 5, as applicable; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI). 9NEXT PAGE In addition, it is the intent of the parties to comply with all applicable Internal Revenue Code Sections, including, but not limited to, IRC 409A.
Executive Benefit. Retirement is elected after age 60, but before Normal Retirement Age of 65, so it qualifies as an eligible Early Retirement. There is no delay in the commencement of the benefit because there is no Consulting Contract. A 15% reduction of the “Normal Retirement Age” benefit will apply because the Executive’s Normal Retirement Age is 65 and the retirement election is at age 62, as follows: (65–62) X 5% = 15% (the benefit reduction equals the difference between Normal Retirement Age and the Early Retirement Age elected by the Executive pursuant to Paragraph 3.1, multiplied times 5%. The Executive Benefit will be subject to a 2.5% increase on the first anniversary of Executive Benefit payments and further 2.5% increases annually thereafter. Sxxxxxx Xxxxxx Schedule B, Example 2: An Executive with a Normal Retirement Age of 65 elects to terminate salaried full time employment at age 65. The Executive is party to a three year Consulting Contract which calls for monthly payments equal to the Executive Benefit monthly amount to which the Executive would have been entitled in the absence of such a Consulting Contract.
