Payment of Retention Payment. The Parties agree that such retention payment shall be paid within the twenty-four (24) month period following the Closing Date (the "Retention Period"). Specifically, on the Closing Date, First Charter shall pay Executive an amount equal to the Unit value, multiplied by the number of full and partial months remaining in the calendar year in which the Closing Date occurs. In the calendar year following the calendar year in which the Closing Date occurs, First Charter shall pay Executive an amount equal to the Unit value, multiplied by 12. Such payment shall be made on July 1st of such year. In addition, in the second calendar year following the calendar year in which the Closing Date occurs, First Charter shall pay Executive an amount equal to the Unit value, multiplied by the remaining number of Units. Such payment shall be made on the earlier of the last day of the Retention Period or July 1st of such year. For example, if the Closing Date is in October 2006, First Charter would pay Executive for three (3) Units on the Closing Date in 2006, twelve (12) Units on July 1, 2007, and nine (9) Units on July 1, 2008.
Payment of Retention Payment. If all or any portion of the Retention Payment becomes vested pursuant to Section 3.a, it will be paid in the form of a lump sum payment within thirty (30) days following the end of the Retention Period, as determined at the discretion of the Bank. However, in the event all or any portion of the Retention Payment becomes vested pursuant to Section 3.b, it will be paid in the form of a lump sum payment by the later of December 31 of the year in which it becomes vested or, if later, by the 15th day of the third month following the date upon which it becomes vested. ###PARTICIPANT_NAME### Select Executive Retention Program Agreement (SRIP) ###GRANT_DATE### The payment of all or any portion of the Retention Payment is intended to be in accordance with the "short term deferral" exception under Treasury Regulation Section 1.409A-1(b)(4)(i)(A). However, such amount will be credited to, and thereafter treated as amounts under, the Bank of Hawaii Corporation Executive Base Salary Deferral Plan ("Base Salary Deferral Plan") to the extent that you make a valid deferral election for such Payment by the Effective Date, which deferral election shall constitute a valid initial deferral election with respect to a forfeitable right as described in Treasury Regulation Section 1.409A-2(a)(5). Any Retention Payment amount credited to the Base Salary Deferral Plan will be maintained and administered under the terms of the Base Salary Deferral Plan (e.g., participant investment direction) to the extent not otherwise determined in this Agreement or valid deferral elections for such Payment. The deferred payment of any Retention Payment amount is intended to meet the requirements of Code Section 409A, and in particular the deferral election for any such Payment is intended to constitute a valid initial deferral election with respect to a forfeitable right as described in Treasury Regulation Section 1.409A-2(a)(5). This Agreement shall constitute an incentive payment agreement as described in Article 10B(b) of the Base Salary Deferral Plan.
Payment of Retention Payment. The Retention Payment will be paid to Employee on June 30, 2005, unless sooner as provided under Section 2.1.
