Postponed Retirement Benefit. The postponed retirement benefit of the Executive shall be the Supplemental Retirement Income Benefit as set forth in Subsection 3.1. However, the Board of Directors, in the exercise of its sole discretion, may elect to increase benefits if retirement is postponed past the Normal Retirement Date. The postponed retirement benefit shall not be paid to Executive until the Postponed Retirement Date.
Appears in 3 contracts
Samples: Supplemental Retirement Income Agreement (Citizens Bancorp), Supplemental Retirement Income Agreement (Citizens Bancorp), Supplemental Retirement Income Agreement (Citizens Bancorp)
Postponed Retirement Benefit. The If the Executive continues his employment with the Bank beyond his Normal Retirement Date, the postponed retirement benefit of the Executive shall be the Supplemental Retirement Income Benefit as set forth in Subsection 3.11.17. However, the Board of DirectorsBoard, in the exercise of its sole discretion, may elect to may, but is not required to, increase benefits if retirement is postponed past the Normal Retirement Date. The postponed retirement benefit shall not be paid to Executive commence until the Postponed Retirement Date.
Appears in 2 contracts
Samples: Supplemental Retirement Income Agreement (German American Bancorp, Inc.), Supplemental Retirement Income Agreement (German American Bancorp)
Postponed Retirement Benefit. The postponed retirement benefit of the Executive shall be the Supplemental Retirement Income Benefit as set forth in Subsection 3.1. However, the Board of Directors, in the exercise of its sole discretion, may elect to increase benefits if retirement is postponed past the Normal Retirement Date. The postponed retirement benefit shall not be paid to Executive until the Postponed Retirement Date.
Appears in 1 contract
Samples: Supplemental Retirement Income Agreement (Home Federal Bancorp)
