Normal Benefit. Upon Separation from Service after Normal Benefit Date, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service. 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 Deferral Account balance 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.
Appears in 11 contracts
Samples: Deferred Compensation Agreement (Peapack Gladstone Financial Corp), Deferred Compensation Agreement (Peapack Gladstone Financial Corp), Deferred Compensation Agreement (Peapack Gladstone Financial Corp)
