Post-Retirement Payments Sample Clauses

Post-Retirement Payments. On the first business day that is more than six months following Executive’s “Separation from Service” with the Company, as such term is defined in the regulations under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the Company shall pay cash in a lump sum to Executive in an amount equal to the sum of (A) one and one-half times (1.5x) the sum of (1) the Executive’s base salary as in effect at the Retirement Date and (2) the average of the annual bonuses earned by the Executive under the Company’s annual bonus plan, inclusive of the bonus bank (the “Average Bonus”), with respect to the three fiscal years ending March 31, 2008, and (B) the product of the Average Bonus and a fraction, the numerator of which is the number of days that have elapsed from April 1, 2008 through the Retirement Date and the denominator of which is 365 (the sum of (A) and (B) being referred to herein as the “Retirement Payment”). In the event that the Retirement Date is a date other than September 30, 2008, the Retirement Payment shall be adjusted as follows: (a) If the Retirement Date occurs prior to September 30, 2008, the Retirement Payment shall be increased by that amount of base salary that the Executive would have earned pursuant to Article II, Section 1 of this Agreement had the Retirement Date occurred on September 30, 2008. (b) If the Retirement Date occurs subsequent to September 30, 2008, the Retirement Payment shall be reduced by that amount of base salary that the Executive has been paid pursuant to Article II, Section 1 of this Agreement after September 30, 2008. For avoidance of doubt, any payments received by the Executive pursuant to this Article II, Section 2 shall not be deemed compensation earned by the Executive for purposes of calculating his retirement benefits under any qualified or non-qualified retirement plan in which the Executive participates.
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Post-Retirement Payments. In accordance with the terms of the Employment Agreement applicable to a termination of employment by Employee for “Good Reason,” the Company shall pay to Employee an amount equal to a single year’s Base Salary (as defined in the Employment Agreement) in effect on the Retirement Date, which amount is agreed to be $550,000. Such amount shall be payable in equal installments over a two-year period beginning on the first regular payroll date of the Company that is at least six months after the Retirement Date, and continuing thereafter at such intervals as other salaried employees of the Company are paid.
Post-Retirement Payments. In connection with the retirement of Executive the Company agrees to make the payments and provide the benefits described in Section 6 through 11 hereof, and the parties mutually agree to the termination of the 1991 Agreement, and the payments include: (a) Ten-Year Installment Payments. (i) Commencing on Executive's Retirement Date, the Company shall pay to Executive Eighty-four Thousand ($84,000) per annum, in equal monthly installments of Seven Thousand Dollars ($7,000.00),payable on the first business day of each calendar month, for a period of ten (10) years (each such $7,000 monthly payment is referred to hereinafter as a "Monthly Payment"). (ii) In the event of Executive's death before the Executive shall have received 120 Monthly Payments, then the Company shall continue to make the Monthly Payments to the Executive's spouse,if any,if she survives the Executive, or, if she shall not have survived Executive, to Executive's estate or his heirs until the remainder of such 120 monthly payments have been paid under the Agreement; if such spouse dies prior to the payment of the remainder of the 120 Monthly Payments, the Company shall make the remaining Monthly Payments to Executive's estate or his heirs.
Post-Retirement Payments. Age as of Retirement Date Years Months Post-retirement Payment if Eligible for Family Coverage Post-retirement Payment if Eligible for Single Coverage
Post-Retirement Payments. In accordance with the terms of the Employment Agreement applicable to a termination of employment by Employee for “Good Reason,” the Company shall pay to Employee an amount equal to a single year’s Base Salary (as defined in the Employment Agreement) in effect on the Retirement Date, which amount is agreed to be $350,000. Such amount shall be payable in equal installments over a two-year period beginning on the first regular payroll date of the Company that is more than six months after the Retirement Date, and continuing thereafter at such intervals as other salaried employees of the Company are paid. Employee’s spouse, Bxxxxx X. Xxxxxxx, is to receive any remaining payments due under this paragraph 3(a) if Employee should die prior to the completion of the payment term.
Post-Retirement Payments. If Monroe ceases to be employed by the Corporation for any reason other than his termination by the Corporation for "Cause" as provided in Section 14 below, CPC shall make the following payments:
Post-Retirement Payments. Subject to your execution of this Agreement within twenty-one (21) days following the date of this letter and your not revoking this Agreement within the seven (7)-day period immediately thereafter (and your execution of a writing reaffirming this Agreement within twenty-one (21) days following the Retirement Date and your not revoking that reaffirmation within the seven (7)-day period immediately thereafter), and subject to your meeting in full your obligations under this Agreement and the Continuing Obligations (as defined in Section 8(a) below), the Company will provide you with the following: (a) an amount equal to the sum of (x) $140,287.64, representing a pro rata portion of your target bonus amount (i.e., fifty percent (50%) of your annual base salary), based upon the approximately eight (8) months of the fiscal year elapsed through the Retirement Date, plus (y) $243,833.29, representing seven (7) months of your annual base salary, which amount (i.e., the sum of clauses (x) and (y)) will be paid in substantially equal installments over a period of seven (7) months following the Retirement Date (the “Post-Retirement Period”) in accordance with the Company’s regular payroll practices, with the first payment commencing on the Company’s first payroll date after the thirtieth (30th) day following the Retirement Date, and with the first payment including any of those amounts that would otherwise have been paid prior thereto; and (b) provided that you timely and properly elect to purchase continued healthcare coverage under COBRA, reimbursement for COBRA benefits (in an amount representing the Company’s contribution level for active employees for healthcare coverage at the time of payment) for the period ending on the earliest of (i) the twelve (12) month anniversary of the Retirement Date, (ii) the date on which you become covered under another employer’s health plan and (iii) the expiration of the maximum COBRA continuation coverage period for which you are eligible under federal law (for the avoidance of doubt, during this subsidized period, you will be responsible for paying a COBRA premium equal to the active employee contribution rate directly to the Company’s COBRA administrator, and you will be responsible for paying the entirety of the COBRA premium directly to the Company’s COBRA administrator after this period).
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Related to Post-Retirement Payments

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • 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.

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