Common use of Payments Upon Retirement Clause in Contracts

Payments Upon Retirement. If the Director shall continue to serve as a member of the Board of Directors until attaining sixty-two (62) years of age, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Retires or upon such later date as may be mutually agreed upon by the Director and the Employer in advance of said Retirement date, payable (i) for the period designated in Schedule “D” in the case of the balance in the Benefit Account and (ii) until the Director’s death in the case of the Index Benefit defined in Schedule “B”. At the Bank’s sole and absolute discretion, the Bank may increase the Director Benefits as and when the Bank determines the same to be appropriate.

Payments Upon Retirement. If the Director shall continue to serve as remains a member of the Board of Directors of the Bank until attaining sixty-two (62) years of age, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Retires or upon such later date as may be mutually agreed upon by the Director and the Employer Bank in advance of said Retirement date, payable (i) for the period designated in Schedule “"D” " in the case of the balance in the Benefit Account and (ii) until the Director’s 's death in the case of the Index Benefit defined in Schedule “"B”". At the Bank’s 's sole and absolute discretion, the Bank may increase the Director Benefits as and when the Bank determines the same to be appropriate.

Payments Upon Retirement. If the Director shall continue to serve as a member of the Board of Directors until attaining sixty-two (62) years of age, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Retires or upon such later date as may be mutually agreed upon by the Director and the Employer in advance of said Retirement date, payable (i) for the period designated in Schedule “"D” " in the case of the balance in the Benefit Account and (ii) until the Director’s death in the case of the Index Benefit defined in Schedule “"B”". At the Bank’s 's sole and absolute discretion, the Bank may increase the Director Benefits as and when the Bank determines the same to be appropriate.

Payments Upon Retirement. If the Director shall continue to serve as a member of the Board of Directors until attaining sixty-two (62) years of age, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Retires or upon such later date as may be mutually agreed upon by the Director and the Employer in advance of said Retirement date, payable (i) for the period designated in Schedule “D” in the case of the balance in the Benefit Account and (ii) until the Director’s death in the case of the Index Benefit defined in Schedule “B”. At the Bank’s sole and absolute discretion, the Bank may increase the Director Benefits as and when the Bank determines the same to be appropriate.

Payments Upon Retirement. If the Director shall continue to serve as a member of the Board of Directors until attaining sixty-two (62) years of age, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Retires or upon such later date as may be mutually agreed upon by the Director and the Employer in advance of said Retirement date, payable (i) for the period designated in Schedule “"D” " in the case of the balance in the Benefit Account and (ii) until the Director’s 's death in the case of the Index Benefit defined in Schedule “"B”". At the Bank’s 's sole and absolute discretion, the Bank may increase the Director Benefits as and when the Bank determines the same to be appropriate.