Common use of Reduction of Severance Benefits Clause in Contracts

Reduction of Severance Benefits. In the event there are fewer than thirty-six (36) whole or partial months remaining from the Executive's Effective Date of Termination until the Executive's Normal Retirement Date, as defined under the Retirement Plan, then the amounts provided for under Sections 3.2(a), (b), and (c) above shall be reduced by a fraction, the numerator of which shall be the number of whole or partial months remaining until the Executive's Normal Retirement Date, and the denominator of which shall be thirty-six (36).

Appears in 13 contracts

Samples: Key Executive Change in Control Severance Agreement, Change in Control Severance Agreement (Bank of Hawaii Corp), Change in Control Severance Agreement (Pacific Century Financial Corp)

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Reduction of Severance Benefits. In the event there are fewer than thirty-six (36) whole or partial months remaining from the Executive's Effective Date of Termination until the Executive's Normal Retirement Date, as defined under the Retirement Plan, then the amounts provided for under Sections 3.2(a), (b), and (cSection 3.4(a) above shall be reduced by a fraction, the numerator of which shall be the number of whole or partial months remaining until the Executive's Normal Retirement Date, and the denominator of which shall be thirty-six (36).

Appears in 4 contracts

Samples: Executive Change in Control Severance Agreement (Maui Land & Pineapple Co Inc), Executive Change in Control Severance Agreement (Maui Land & Pineapple Co Inc), Executive Change in Control Severance Agreement (Maui Land & Pineapple Co Inc)

Reduction of Severance Benefits. In the event there are fewer than thirty-six (36) whole or partial months remaining from the Executive's Effective Date of Termination until the Executive's Normal Retirement Date, as defined under the Retirement Plan, then the amounts provided for under Sections 3.2(a), (b), and (c) Section 3.4.a above shall be reduced by a fraction, the numerator of which shall be the number of whole or partial months remaining until the Executive's Normal Retirement Date, and the denominator of which shall be thirty-six (36).

Appears in 4 contracts

Samples: Executive Change in Control Severance Agreement (Maui Land & Pineapple Co Inc), Executive Change in Control Severance Agreement (Maui Land & Pineapple Co Inc), Executive Change in Control Severance Agreement (Maui Land & Pineapple Co Inc)

Reduction of Severance Benefits. In the event there are fewer than thirtytwenty-six four (3624) whole or partial months remaining from the Executive's Effective Date of Termination until the Executive's Normal Retirement Date, as defined under the Retirement Plan, then the amounts provided for under Sections 3.2(a), (b), and (c) Section 3.4.a above shall be reduced by a fraction, the numerator of which shall be the number of whole or partial months remaining until the Executive's Normal Retirement Date, and the denominator of which shall be thirtytwenty-six four (3624).

Appears in 2 contracts

Samples: Change in Control Severance Agreement (Maui Land & Pineapple Co Inc), Change in Control Severance Agreement (Maui Land & Pineapple Co Inc)

Reduction of Severance Benefits. In the event there are fewer than thirtytwenty-six four (3624) whole or partial months remaining from the Executive's Effective Date of Termination until the Executive's Normal Retirement Date, as defined under the Retirement Plan, then the amounts provided for under Sections 3.2(a), (b), and (cSection 3.4(a) above shall be reduced by a fraction, the numerator of which shall be the number of whole or partial months remaining until the Executive's Normal Retirement Date, and the denominator of which shall be thirtytwenty-six four (3624).

Appears in 2 contracts

Samples: Change in Control Severance Agreement (Maui Land & Pineapple Co Inc), Change in Control Severance Agreement (Maui Land & Pineapple Co Inc)

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Reduction of Severance Benefits. In the event there are fewer than thirtytwenty-six four (3624) whole or partial months remaining from the Executive's Effective Date of Termination until the Executive's Normal Retirement Date, as defined under the Retirement Plan, then the amounts provided for under Sections 3.2(a3.4(a), (b), (c), and (cd) above shall be reduced by a fraction, the numerator of which shall be the number of whole or partial months remaining until the Executive's Normal Retirement Date, and the denominator of which shall be thirtytwenty-six four (3624).

Appears in 1 contract

Samples: Executive Change in Control Severance Agreement (Pacific Century Financial Corp)

Reduction of Severance Benefits. In the event there are fewer than thirtytwenty-six four (3624) whole or partial months remaining from the Executive's ’s Effective Date of Termination until the Executive's ’s Normal Retirement Date, as defined under the Retirement Plan, then the amounts provided for under Sections 3.2(a3.4(a), (b), and (c) above shall be reduced by a fraction, the numerator of which shall be the number of whole or partial months remaining until the Executive's Normal Retirement Date, and the denominator of which shall be thirty-six (36).,

Appears in 1 contract

Samples: Executive Change in Control Severance Agreement (Bank of Hawaii Corp)

Reduction of Severance Benefits. In the event there are fewer than thirty-six (36) whole or partial months remaining from the Executive's ’s Effective Date of Termination until the Executive's ’s Normal Retirement Date, as defined under the Retirement Plan, then the amounts provided for under Sections 3.2(a), (b), and (c) above shall be reduced by a fraction, the numerator of which shall be the number of whole or partial months remaining until the Executive's ’s Normal Retirement Date, and the denominator of which shall be thirty-six (36).

Appears in 1 contract

Samples: Change in Control Severance Agreement (Bank of Hawaii Corp)

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