Payments Upon Normal Retirement Sample Clauses

Payments Upon Normal Retirement. In the event the Director Separates From Service on or after attaining the Normal Retirement Age, and for any reason other than a Removal For Cause, then the Director shall be entitled to be paid an annual Director Benefit in the amount of Six Thousand, Ninety-Six Dollars ($6,096) per year. This annual Director Benefit shall be paid in twelve (12) substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Separates From Service and continuing until the death of the Director.
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Payments Upon Normal Retirement. In the event Executive Separates From Service on or after qualifying for Normal Retirement (for any reason other than for Cause or because of death), then Executive shall be entitled to be paid an annual Executive Benefit equal to Thirty Thousand Dollars ($30,000). This annual Executive Benefit shall be paid in twelve (12) substantially equal monthly installments on the first day of each month, beginning with the month following the month in which Executive Separates From Service and continuing until the death of the Executive.
Sample 1
Payments Upon Normal Retirement. In the event the Executive elects to retire from active Employment on a date which constitutes a Normal Retirement Date as defined in Paragraph 1.7 above, then Executive shall be entitled to be paid an amount equal to One Hundred and Thirty Three Thousand, One Hundred and Forty-Six Dollars ($133,146) per year in twelve (12) substantially equal monthly payments until the death of the Executive. Such installments shall be paid on the first day of each month, commencing the month following the month in which the Executive retires and continuing until the Executive’s death. Furthermore, the Executive Benefit monthly installment amount paid pursuant to this section 3.1 shall be increased at the rate of one percent (1%) each year, beginning on the first anniversary of the first Executive Benefit payment, and annually thereafter for so long as the Executive is entitled to an Executive Benefit.
Sample 1
Payments Upon Normal Retirement. In the event the Director elects to retire from service on the Board on a date which constitutes Normal Retirement as defined in Paragraph 1.6 above, then Director shall be entitled to be paid an amount equal to One Thousand, Six Hundred and Sixty-Six Dollars and Sixty-Seven Cents($1,666.67) per month for a period of Sixty (60) months. Such payments shall be made on the first day of each month, commencing the month following the month in which the Director retires and continuing thereafter for a period of Sixty (60) months. In the event the Director dies before receiving any or all of such payments due, then Director’s designated beneficiary(ies) shall be entitled to the payments (or the remaining payments) Director would have received had he survived.
Sample 1
Payments Upon Normal Retirement. In the event Executive Separates From Service for any reason other than For Cause (or because of death) on a date which constitutes a Normal Retirement date as defined herein, then he shall be entitled to be paid the following:
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Related to Payments Upon Normal Retirement

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Payments Upon Death In the event payments are due and owing under this Agreement at the death of the Executive, payment shall be made to such beneficiary as the Executive may designate in writing, or failing such designation, to the executor of his estate, in full settlement and satisfaction of all claims and demands on behalf of the Executive.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • TERMINATION UPON RETIREMENT, DISABILITY OR DEATH Termination by the Bank of the Executive based on "

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • PAYMENTS UPON A CHANGE IN CONTROL (a) The term “

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