Payment of Benefit. The Company shall pay the benefit to the Director in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service and continuing for one hundred nineteen (119) additional months.
Appears in 8 contracts
Samples: Director Retirement Agreement (Orrstown Financial Services Inc), Director Retirement Agreement (Orrstown Financial Services Inc), Director Retirement Agreement (Orrstown Financial Services Inc)
Payment of Benefit. The Beginning with the month immediately after the month in which the Director’s Separation from Service occurs, the Company shall pay the annual benefit to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with month. The annual benefit shall be paid to the month following the Director’s Termination of Service and continuing Director for one hundred nineteen (119) additional monthsten years.
Appears in 8 contracts
Samples: Bancorp Director Retirement Agreement (Cortland Bancorp Inc), Bancorp Amended Director Retirement Agreement (Cortland Bancorp Inc), Director Retirement Agreement (Cortland Bancorp Inc)
Payment of Benefit. The Company shall pay the annual benefit to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s 's Termination of Service and continuing Service. This annual benefit shall be paid to the Director for one hundred nineteen (119) additional months15 years.
Appears in 7 contracts
Samples: Director Retirement Agreement (Fc Banc Corp), Director Retirement Agreement (Fc Banc Corp), Director Retirement Agreement (Fc Banc Corp)
Payment of Benefit. The Company shall pay the annual benefit to the Director Director's beneficiary in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service and continuing 's death. This annual benefit shall be paid to the Director's beneficiary for one hundred nineteen (119) additional months15 years.
Appears in 7 contracts
Samples: Director Retirement Agreement (Fc Banc Corp), Director Retirement Agreement (Fc Banc Corp), Director Retirement Agreement (Fc Banc Corp)
Payment of Benefit. The Company shall pay the annual benefit to the Director in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service and continuing Service. The Company shall pay the annual benefit to the Director for one hundred nineteen twelve (11912) additional monthsyears.
Appears in 7 contracts
Samples: Retirement Agreement (Plumas Bancorp), Director Retirement Agreement (Plumas Bancorp), Plumas Bank Director Retirement Agreement (Plumas Bancorp)
Payment of Benefit. The Company shall pay the annual benefit to the Director in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service and continuing Service. The Company shall pay the annual benefit to the Director for one hundred nineteen twelve (11912) additional months.years. The following Section 2.3.3 shall be added to the Agreement immediately following Section 2.3.2:
Appears in 6 contracts
Samples: Retirement Agreement (Plumas Bancorp), Director Retirement Agreement (Plumas Bancorp), Plumas Bancorp
Payment of Benefit. The Company shall pay the annual benefit to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s 's Termination of Service and continuing Service. The annual benefit shall be paid to the Director for one hundred nineteen 20 years, or as elected on the Election Form (119) additional monthsExhibit 2). The Company shall credit interest pursuant to Section 3.1.2 on the remaining account balance during any applicable installment period.
Appears in 5 contracts
Samples: Fee Agreement (North Valley Bancorp), Agreement (North Valley Bancorp), Fee Agreement (North Valley Bancorp)
Payment of Benefit. The Company shall pay the annual benefit to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s 's Termination of Service and continuing Service. The annual benefit shall be paid to the Director for one hundred nineteen (119) additional months20 years. The Company shall credit interest pursuant to Section 3.1.2 on the remaining account balance during any applicable installment period.
Appears in 5 contracts
Samples: Fee Agreement (North Valley Bancorp), Agreement (North Valley Bancorp), Fee Agreement (North Valley Bancorp)
Payment of Benefit. The Company shall pay the annual benefit to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service and continuing Service, paying the annual benefit to the Director for one hundred nineteen (119) additional monthsa period of 10 years.
Appears in 4 contracts
Samples: Elgin Financial Savings Bank (Efc Bancorp Inc), Elgin Financial Savings Bank (Efc Bancorp Inc), Elgin Financial Savings Bank Director Retirement Agreement (Efc Bancorp Inc)
Payment of Benefit. The Company shall pay the annual benefit amount to the Director in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following a Change of Control, payable to the Director’s Termination Director for a period of Service and continuing for one hundred nineteen ten (11910) additional monthsyears.
Appears in 3 contracts
Samples: Director Retirement Agreement (McIntosh Bancshares Inc /Ga/), Director Retirement Agreement (McIntosh Bancshares Inc /Ga/), Director Retirement Agreement (McIntosh Bancshares Inc /Ga/)
Payment of Benefit. The Company shall pay the annual benefit amount to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service and continuing Service, payable to the Director for one hundred nineteen (119) additional monthsa period of 10 years.
Appears in 3 contracts
Samples: McIntosh State Bank (McIntosh Bancshares Inc /Ga/), McIntosh State Bank (McIntosh Bancshares Inc /Ga/), McIntosh State Bank (McIntosh Bancshares Inc /Ga/)
Payment of Benefit. The Company shall pay the annual benefit amount to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service and continuing unless the Director is a Specified Employee in which case the Company shall pay the annual benefit commencing with the seventh (7th) month following Termination of Employment. . The annual benefit shall be paid to the Director for one hundred nineteen ten (11910) additional monthsyears.
Appears in 1 contract
Payment of Benefit. The Company shall pay the benefit to the Director in twelve one hundred twenty (12120) equal monthly installments payable installments, including interest at the Payment Rate, commencing on the first day of each month commencing with the month following the Director’s Termination of Service and continuing for one hundred nineteen (119) additional monthsNormal Retirement Date.
Appears in 1 contract
Samples: Director Deferred Fee Agreement (Tib Financial Corp.)
Payment of Benefit. The Company shall pay the annual benefit amount to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service 's Normal Retirement Date and continuing for one hundred nineteen (119) 119 additional months.
Appears in 1 contract
Samples: Director Retirement Agreement (Orrstown Financial Services Inc)
Payment of Benefit. The Company shall pay the annual benefit amount to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service and continuing Service. The annual benefit shall be paid to the Director for one hundred nineteen ten (11910) additional monthsyears.
Appears in 1 contract
Samples: Agreement (Oak Valley Bancorp)
Payment of Benefit. The Company shall pay the benefit to the Director in twelve (12) equal monthly installments payable on commencing with the first day of each month commencing with the month following the Director’s Termination date on which the Director is determined to be totally and permanently disabled, paying the annual benefit to the Director for a period of Service and continuing for one hundred nineteen five (1195) additional monthsyears.
Appears in 1 contract
Samples: Community Bank Director Retirement Agreement (Community Financial Corp /Va/)
Payment of Benefit. The Company Corporation shall pay the annual benefit to the Director in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Director’s 's Termination of Service and continuing for one hundred nineteen (119) additional monthsthe 59 months that follow.
Appears in 1 contract
Payment of Benefit. The Company shall pay the annual benefit to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s Termination of Service 's Normal Retirement Date and continuing for one hundred nineteen (119) 119 additional months.
Appears in 1 contract
Samples: Director Retirement Agreement (Orrstown Financial Services Inc)
Payment of Benefit. The Company shall pay the benefit to the Director in twelve (12) 12 equal monthly installments payable on commencing within 90 days after the first day date of each month commencing with the month following the Director’s 's Termination of Service and continuing for one hundred nineteen (119) 119 additional months.
Appears in 1 contract
Samples: Director Retirement Agreement (Orrstown Financial Services Inc)
Payment of Benefit. The Company shall pay the benefit to the Director in twelve (12) 120 equal monthly installments payable installments, including interest at the Final Crediting Rate, compounded monthly, commencing on the first day of each month commencing with the month following the Director’s 's Termination of Service and continuing for one hundred nineteen (119) additional monthsService.
Appears in 1 contract
Samples: Director Deferred Fee Agreement (First Georgia Community Corp)
Payment of Benefit. The Company shall pay the annual benefit to the Director in twelve (12) 12 equal monthly installments payable on the first day of each month commencing with the month following the Director’s 's Termination of Service Service. The Company shall pay the annual benefit to the Director for 12 years. The Company, in its sole and continuing for one hundred nineteen (119) additional months.absolute discretion, may pay the present value of the remaining annual installments in a lump sum, at any time, using an 8 % discount rate. ARTICLE 3
Appears in 1 contract
Samples: Director Retirement Agreement