Common use of Normal Benefit Clause in Contracts

Normal Benefit. If the Executive is living on the Benefit Commencement Date, the Bank shall pay the Monthly Benefit to him on such date and on the first business day of each calendar month thereafter for a total of 180 months (i.e., monthly payments for 15 years), regardless of whether the Executive has experienced a Separation from Service; provided however, that, if the Executive has experienced a Separation from Service, then, to the extent necessary to comply with Code Section 409A and the regulations thereunder, such payments shall not commence until the first day of the seventh month following the date of the Executive's Separation from Service if the Executive is a Specified Employee on his date of Separation from Service.

Normal Benefit. If the Executive is living on the Benefit Commencement Date, the Bank shall pay the Monthly Benefit to him on such date and on the first business day of each calendar month thereafter for a total of 180 months (i.e., monthly payments for 15 years), regardless of whether the Executive has experienced a Separation from Service; provided however, that, if the Executive has experienced a Separation from Service, then, to the extent necessary to comply with Code Section 409A and the regulations thereunder, such payments shall not commence until the first day of the seventh month following the date of the Executive's ’s Separation from Service if the Executive is a Specified Employee on his date of Separation from Service.