Common use of Payment of Benefit Clause in Contracts

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing for the greater of the Executive’s life or an additional 179 months.

Appears in 9 contracts

Samples: Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp)

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Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Date and continuing for the greater of the Executive’s life or an additional 179 months.

Appears in 9 contracts

Samples: Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable commencing on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing Normal Retirement Date. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthsfifteen (15) years.

Appears in 6 contracts

Samples: Supplemental Executive Retirement Agreement (BCSB Bancorp Inc.), Supplemental Executive Retirement Agreement (BCSB Bancorp Inc.), Supplemental Executive Retirement Agreement (BCSB Bancorp Inc.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the later of (x) the seventh month following after the Executive’s Separation of Service and continuing from Service, or (y) the month immediately after the month in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years.

Appears in 5 contracts

Samples: Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation of Service and continuing Normal Retirement Date. The Normal Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthslifetime.

Appears in 4 contracts

Samples: Salary Continuation Agreement, Salary Continuation Agreement (BNC Bancorp), Salary Continuation Agreement (BNC Bancorp)

Payment of Benefit. The Bank shall pay the annual benefit amount to the Executive in twelve (12) equal monthly installments payable on the first day of each the month commencing with the month following the Executive’s Separation Termination of Service Employment and continuing for each year on or about the greater anniversary thereof until the later date of the Executive’s life death or an additional 179 monthsthe date of the 15th annual payment.

Appears in 4 contracts

Samples: Supplemental Executive Retirement Agreement (Fairfield County Bank Corp.), Supplemental Executive Retirement Agreement (Fairfield County Bank Corp.), Supplemental Executive Retirement Agreement (Fairfield County Bank Corp.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with beginning immediately after the month following the Executive’s Separation expiration of Service six (6) months after Normal Retirement Date and continuing for the greater of the Executive’s life or an additional 179 monthslifetime.

Appears in 4 contracts

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

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the month following immediately after the Executive’s Separation of Service and continuing month in which the Executive attains the Normal Retirement Age. The Normal Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthshis lifetime.

Appears in 4 contracts

Samples: Salary Continuation Agreement (Oak Ridge Financial Services, Inc.), Salary Continuation Agreement (Oak Ridge Financial Services, Inc.), Salary Continuation Agreement (Bank of Wilmington CORP)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service 's Normal Retirement Date and continuing for the greater of the Executive’s life or an 179 consecutive additional 179 months.

Appears in 4 contracts

Samples: Supplemental Executive Retirement Plan Agreement (Capital Bancorp Inc), Supplemental Executive Retirement Plan Agreement (Capital Bancorp Inc), Supplemental Executive Retirement Plan Agreement (Capital Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the month following immediately after the Executive’s Separation of Service and continuing month in which the Executive attains Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years.

Appears in 4 contracts

Samples: Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation of Service and continuing 's Normal Retirement Date. The Normal Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthshis lifetime.

Appears in 4 contracts

Samples: Salary Continuation Agreement (Citizens South Banking Corp), Salary Continuation Agreement (Citizens South Banking Corp), Salary Continuation Agreement (Citizens South Banking Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing beginning with the later of (a) the calendar month following immediately after the Executive’s Separation Executive attains the Normal Retirement Age or (b) the calendar month beginning immediately after the expiration of Service and continuing six (6) months after Early Termination. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthshis lifetime.

Appears in 4 contracts

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

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the seventh month following after Separation from Service. The annual benefit shall be paid to the Executive’s Separation of Service and continuing Executive for the greater of the Executive’s life or an additional 179 months15 years.

Appears in 4 contracts

Samples: Salary Continuation Agreement (Newmil Bancorp Inc), Salary Continuation Agreement (Newmil Bancorp Inc), Salary Continuation Agreement (Newmil Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the later of (a) the seventh month following after Separation from Service, or (b) the Executive’s Separation of Service and continuing month immediately after the month in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years.

Appears in 4 contracts

Samples: Salary Continuation Agreement (Newmil Bancorp Inc), Salary Continuation Agreement (Newmil Bancorp Inc), Salary Continuation Agreement (Newmil Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit amount to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Age and continuing for the greater of the Executive’s life or an one hundred seventy-nine (179) additional 179 months.

Appears in 4 contracts

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc), Salary Continuation Agreement (Codorus Valley Bancorp Inc), Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit Annual Benefit to the Executive in twelve (12) equal monthly installments payable on commencing with the first day of each month commencing with the month following the Executive’s Separation date the Executive attains Normal Retirement Age, and shall continue payments to the Executive for a total period of Service and continuing for the greater of the Executive’s life or an additional 179 monthstwenty (20) years.

Appears in 3 contracts

Samples: Executive Salary Continuation Agreement (Columbia Bancorp \Or\), Executive Salary Continuation Agreement (Columbia Bancorp \Or\), Executive Salary Continuation Agreement (Columbia Bancorp \Or\)

Payment of Benefit. The Bank shall pay the this annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation termination of Service and continuing employment due to disability. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthslife.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Bank of Commerce Holdings), Salary Continuation Agreement (Bank of Commerce Holdings), Salary Continuation Agreement (Bank of Commerce Holdings)

Payment of Benefit. The Bank shall pay the annual benefit under Section 2.1 of this Agreement to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing 's Normal Retirement Date. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthsten (10) years.

Appears in 3 contracts

Samples: Salary Continuation Agreement (American River Bankshares), Salary Continuation Agreement (American River Bankshares), Salary Continuation Agreement (American River Bankshares)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the month following after the Normal Retirement Age. The annual benefit shall be paid to the Executive for the Executive’s Separation of Service and continuing for the greater of the Executive’s life or an additional 179 months=s lifetime.

Appears in 3 contracts

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

Payment of Benefit. The Bank shall pay the annual benefit amount to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Disability and continuing for the greater of the Executive’s life or an one hundred seventy-nine (179) additional 179 months.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc), Salary Continuation Agreement (Codorus Valley Bancorp Inc), Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the month following immediately after the Executive’s Separation of Service and continuing Normal Retirement Date. The Normal Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthshis lifetime.

Appears in 3 contracts

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

Payment of Benefit. The Bank shall pay the annual benefit under Section 2.2 of this Agreement to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing Early Termination Date. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthsten (10) years.

Appears in 3 contracts

Samples: Salary Continuation Agreement (American River Bankshares), Salary Continuation Agreement (American River Bankshares), Salary Continuation Agreement (American River Bankshares)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing Normal Retirement Date. The annual benefit shall be paid to the Executive for life. In the greater event Executive is a “specified employee,” as defined in Section 409A of the Code, at Termination of Employment, payments made under this Section shall commence on the date which is six (6) months after the date of Executive’s life or an additional 179 monthsTermination of Employment.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Bank of Commerce Holdings), Salary Continuation Agreement (Bank of Commerce Holdings), Salary Continuation Agreement (Bank of Commerce Holdings)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the later of (a) the seventh month following after the Executive’s Separation of Service and continuing from Service, or (b) the month immediately after the month in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthshis lifetime.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Oak Ridge Financial Services, Inc.), Salary Continuation Agreement (Oak Ridge Financial Services, Inc.), Salary Continuation Agreement (Oak Ridge Financial Services, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing 's Normal Retirement Date. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years.

Appears in 3 contracts

Samples: Salary Continuation Agreement (American River Holdings), Salary Continuation Agreement (American River Holdings), Salary Continuation Agreement (American River Holdings)

Payment of Benefit. The Bank shall pay the this annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthslife.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Bank of Commerce Holdings), Salary Continuation Agreement (Bank of Commerce Holdings), Salary Continuation Agreement (Bank of Commerce Holdings)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Early Retirement Age and continuing for the greater of the Executive’s life or an one hundred seventy-nine (179) additional 179 months.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc), Salary Continuation Agreement (Codorus Valley Bancorp Inc), Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation of Service and continuing =s Normal Retirement Date. The Normal Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months=s lifetime.

Appears in 3 contracts

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

Payment of Benefit. The Bank shall pay the annual benefit under Section 2.1 of this Agreement to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing 's Normal Retirement Date. The annual benefit shall be paid to the Executive for 15 years. This payment schedule will be adjusted pursuant to Section 2.4 if the greater of the Executive’s life or an additional 179 monthsExecutive is a "Specified Employee" as defined in Section 1.12.

Appears in 2 contracts

Samples: Salary Continuation Agreement (American River Bankshares), Salary Continuation Agreement (American River Bankshares)

Payment of Benefit. The Bank shall pay the annual benefit amount to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation Termination of Service Employment and continuing for the greater of the Executive’s life or an one hundred seventy-nine (179) additional 179 months.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc), Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation Termination of Service and continuing Employment. The Early Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years (180 monthly payments).

Appears in 2 contracts

Samples: Supplemental Executive Retirement Plan (Lake Shore Bancorp, Inc.), Supplemental Executive Retirement Plan (Lake Shore Bancorp, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Date and continuing for the greater of the Executive’s life or an additional 179 months.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive Executive’s beneficiary in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing for the greater of death. The annual benefit shall be paid to the Executive’s life or an additional 179 monthsBeneficiary for a period of twenty years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Bank of Commerce Holdings), Salary Continuation Agreement (Bank of Commerce Holdings)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable commencing on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing 65th birthday. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthstwenty (20) years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Peoples Federal Bancshares, Inc.), Salary Continuation Agreement (Peoples Federal Bancshares, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the later of (a) the seventh month following after the Executive’s Separation Termination of Service and continuing Employment, or (b) the month immediately after the month in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthsher lifetime.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Bank of Wilmington CORP), Salary Continuation Agreement (Bank of Wilmington CORP)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable commencing on the first day of each month commencing with the month following the Executive’s Separation attainment of Service and continuing Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthstwenty (20) years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Peoples Federal Bancshares, Inc.), Salary Continuation Agreement (Peoples Federal Bancshares, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the month following immediately after the Executive’s Separation of Service and continuing month in which the Executive attains the Normal Retirement Age. The Normal Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthsher lifetime.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Bank of Wilmington CORP), Salary Continuation Agreement (Bank of Wilmington CORP)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following after the Executive’s Separation of Service and continuing Early Termination Date. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months10 years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (First Northern Community Bancorp), Salary Continuation and Split Dollar Agreement (First Northern Community Bancorp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Date and continuing for the greater of the Executive’s life or an additional 179 monthsmonths thereafter.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Plan Agreement (Community Heritage Financial, Inc.), Supplemental Executive Retirement Plan Agreement (Community Heritage Financial, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit Annual Benefit to the Executive in twelve (12) equal monthly installments payable on commencing with the first day of each month commencing with the month following the Executive’s Separation 's Normal Retirement Date, and shall continue payments to the Executive for a total period of Service twenty (20) years. Commencing on the first anniversary of the first of the month following the Executive's Normal Retirement Date, and continuing for on each subsequent anniversary, the greater of Bank shall increase the Executive’s life or an additional 179 monthsbenefit by three percent (3%) from the previous anniversary date.

Appears in 2 contracts

Samples: Executive Salary Continuation Agreement (Columbia Bancorp \Or\), Executive Salary Continuation Agreement (Columbia Bancorp \Or\)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first (1st) day of each month commencing month, beginning with the later of (x) the seventh (7th) month following after the Executive’s Separation of Service and continuing from Service, or (y) the month immediately after the month in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthslifetime with a fifteen (15) – year term certain period.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Southern First Bancshares Inc), Salary Continuation Agreement (Southern First Bancshares Inc)

Payment of Benefit. The Bank shall pay the annual benefit under Section 2.1 of this Agreement to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing 's Normal Retirement Date. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (American River Bankshares), Salary Continuation Agreement (American River Bankshares)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation of Service and continuing Normal Retirement Age. This annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years (180 monthly payments).

Appears in 2 contracts

Samples: Supplemental Executive Retirement Plan (Lake Shore Bancorp, Inc.), Supplemental Executive Retirement Plan (Lake Shore Bancorp, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing for the greater of the Executive’s life or an additional 179 months.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable commencing on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing Normal Retirement Date. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthstwenty (20) years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Peoples Federal Bancshares, Inc.), Salary Continuation Agreement (Peoples Federal Bancshares, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit under Section 2.1 of this Agreement to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing 's Normal Retirement Date. The annual benefit shall be paid to the Executive for ten (10) years. This payment schedule will be adjusted pursuant to Section 2.4 if the greater of the Executive’s life or an additional 179 monthsExecutive is a "Specified Employee" as defined in Section 1.12.

Appears in 2 contracts

Samples: Salary Continuation Agreement (American River Bankshares), Salary Continuation Agreement (American River Bankshares)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Age and continuing for the greater of the Executive’s life or an __________ additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on commencing with the first day of each month commencing with the month following the Executive’s Separation 's Normal Retirement Date, paying the annual benefit to the Executive for a period of Service and continuing for the greater of the Executive’s life or an additional 179 monthstwenty (20) years.

Appears in 1 contract

Samples: Executive Salary Continuation Agreement (Columbia Bancorp \Or\)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation of Service and continuing 's Normal Retirement Date. The Normal Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months.his lifetime. 210

Appears in 1 contract

Samples: Salary Continuation Agreement (Citizens South Banking Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service 's normal Retirement Date and continuing thereafter for the greater of the Executive’s life or an one hundred seventy-nine (179) additional 179 months.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (Capital Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Date and continuing for the greater of the Executive’s life or an 179 additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Juniata Valley Financial Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Age and continuing for the greater of the Executive’s life or an one hundred seventy-nine (179) additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc)

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Payment of Benefit. The Bank Employers shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service 's Normal Retirement Date and continuing for the greater of the Executive’s life or an additional 179 239 daditional months.

Appears in 1 contract

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

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the later of (a) the seventh month following after the Executive’s Separation Termination of Service and continuing Employment, or (b) the month immediately after the month in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthshis lifetime.

Appears in 1 contract

Samples: Salary Continuation Agreement (Bank of Wilmington CORP)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Early Retirement Date and continuing for the greater of the Executive’s life or an 179 additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Juniata Valley Financial Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the month following immediately after the Executive’s Separation of Service and continuing month in which the Executive attains Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthshis lifetime.

Appears in 1 contract

Samples: Salary Continuation Agreement (BNC Bancorp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing 's Normal Retirement Date. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthslife.

Appears in 1 contract

Samples: Employment Agreement (Redding Bancorp)

Payment of Benefit. The Bank shall pay the annual benefit Annual Benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation of Service and continuing Normal Retirement Age. This Annual Benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years (180 monthly payments).

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (Lake Shore Bancorp, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the month following immediately after the Executive’s Separation of Service and continuing month in which the Executive attains the Normal Retirement Date. The Normal Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthshis lifetime.

Appears in 1 contract

Samples: Salary Continuation Agreement (Bank of Wilmington CORP)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation attainment of Service and continuing Normal Retirement Age. This annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years (180 monthly payments).

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (Lake Shore Bancorp, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit Annual Benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation of Service and continuing Executive incurs a Disability. The Annual Benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years (180 monthly payments).

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (Lake Shore Bancorp, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12( ) equal monthly installments payable on the first (1st) day of each month commencing month, beginning with the month following immediately after the month in which the Executive attains the Normal Retirement Age. The Normal Retirement annual benefit shall be paid to the Executive for the Executive’s Separation of Service and continuing for the greater of the Executive’s life or an additional 179 months's lifetime with a ( ) - year term certain period.

Appears in 1 contract

Samples: Salary Continuation Agreement (Greenville First Bancshares Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service 's Normal Retirement Date and continuing thereafter for the greater of the Executive’s life or an one hundred seventy-nine (179) additional 179 months.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (Capital Bancorp Inc)

Payment of Benefit. The Bank shall pay the this annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service and continuing 's Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthslife.

Appears in 1 contract

Samples: Employment Agreement (Redding Bancorp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Date and continuing for the greater of the Executive’s life or an 227 additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (M&m Financial Corp /Sc/)

Payment of Benefit. The Bank shall pay the annual benefit amount to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation Termination of Service Employment and continuing for the greater of the Executive’s life or an 227 additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (M&m Financial Corp /Sc/)

Payment of Benefit. The Bank shall pay the annual benefit amount to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Age and continuing for the greater _______ additional months. Section 2.4.3 of the Executive’s life or an additional 179 monthsAgreement shall be deleted in its entirety.

Appears in 1 contract

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service 's Normal Retirement Date and continuing for the greater of the Executive’s life or an 227 additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (M&m Financial Corp /Sc/)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive Executive's beneficiary in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation 's date of Service and continuing death. The Executive shall receive the monthly installments for the greater a total of the Executive’s life or an additional 179 180 months.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Tompkins Trustco Inc)

Payment of Benefit. The Bank shall pay the annual benefit amount to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Age and continuing for the greater of the Executive’s life or an 179 additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Juniata Valley Financial Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Date and continuing for the greater of the Executive’s life or an two hundred thirty nine (239) additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit amount to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation Termination of Service Employment and continuing for the greater of the Executive’s life or an 179 additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Juniata Valley Financial Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Date and continuing for the greater of the Executive’s life or an additional 179 with a guaranteed payment of 240 months.

Appears in 1 contract

Samples: Supplemental Salary Continuation Agreement (Ocean Shore Holding Co.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service 's Normal Retirement Date and continuing for the greater of the Executive’s life or an 239 additional 179 months.

Appears in 1 contract

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

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Date and continuing for the greater of the Executive’s life or an additional 179 months239 months that follow.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (First Perry Bancorp, Inc)

Payment of Benefit. The Bank shall pay the annual benefit amount to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Disability and continuing for the greater of the Executive’s life or an _____ additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation of Service and continuing 's Normal Retirement Date. The Normal Retirement annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months.his lifetime. 176

Appears in 1 contract

Samples: Salary Continuation Agreement (Citizens South Banking Corp)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Age and continuing for the greater of the Executive’s life or an two hundred thirty nine (239) additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Separation of Service Normal Retirement Date and continuing for the greater of the Executive’s life or an one hundred seventy-nine (179) additional 179 months.

Appears in 1 contract

Samples: Salary Continuation Agreement (Codorus Valley Bancorp Inc)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first (1st) day of each month commencing month, beginning with the month following immediately after the Executive’s Separation of Service month in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for a fifteen (15) – year term certain period and continuing for is otherwise referred to as the greater of the Executive’s life or an additional 179 monthssalary continuation benefit.

Appears in 1 contract

Samples: Salary Continuation Agreement (Grandsouth Bancorporation)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first (1st) day of each month commencing month, beginning with the later of (x) the seventh (7th) month following after the Executive’s 's Separation of Service and continuing from Service, or (y) the month immediately after the month in which the Executive attains the Normal Retirement Age. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months's lifetime with a ( ) - year term certain period.

Appears in 1 contract

Samples: Salary Continuation Agreement (Greenville First Bancshares Inc)

Payment of Benefit. The Bank shall pay the annual benefit Annual Benefit to the Executive in twelve (12) equal monthly installments payable on commencing with the first day of each month commencing with the month following the Executive’s Separation Normal Retirement Date, and shall continue payments to the Executive for a total period of Service and continuing for twenty (20) years. Commencing on the greater first anniversary of the first of the month following the Executive’s life or an additional 179 monthsNormal Retirement Date, and continuing on each subsequent anniversary, the Bank shall increase the benefit by three percent (3%) from the previous anniversary date.

Appears in 1 contract

Samples: Executive Salary Continuation Agreement (Columbia Bancorp \Or\)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month January following the Executive’s Separation of Service 's Normal Retirement Date and continuing the first of each subsequent month for the greater of the Executive’s life or an additional 179 months119 months that follow.

Appears in 1 contract

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

Payment of Benefit. The Bank shall pay the annual benefit Annual Benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month, beginning in the month following immediately after the Executive’s Separation Termination of Service and continuing Employment. The Early Retirement Annual Benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 months15 years (180 monthly payments).

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (Lake Shore Bancorp, Inc.)

Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) 12 equal monthly installments payable on the first day of each month commencing month, beginning with the later of (a) the seventh month following after the Executive’s Separation Termination of Service and continuing Employment, or (b) the month immediately after the month in which the Executive attains the Normal Retirement Date. The annual benefit shall be paid to the Executive for the greater of the Executive’s life or an additional 179 monthshis lifetime.

Appears in 1 contract

Samples: Salary Continuation Agreement (Bank of Wilmington CORP)

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