Retirement Amount Sample Clauses

Retirement Amount. The "Retirement Amount" shall be calculated by multiplying the Benefit Computation Amount by a percentage determined as follows: two percent (2%) multiplied by the number of full years of service as a senior executive officer with the Company and/or the Bank up to thirty five (35). Any year in which Executive was employed as a senior executive office of both the Company and the Bank shall be considered one year of service. The "Benefit Computation Amount" shall be the average of the Executive's compensation during the three (3) consecutive calendar years in which his compensation, including any bonus, is the highest, as determined by reference to the W-2 forms issued by the Company. Executive is 100% vested as of the date of this Agreement.
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Retirement Amount. On the Retirement Date, Topaz shall Distribute to the Topaz Minority Member Cash in an amount (the "TOPAZ RETIREMENT AMOUNT") that is equal to the excess of (x) the fair market value of the Topaz Minority Member Interest as of the Applicable Notice Date, which fair market value shall be presumed to be the Topaz Value as of the Applicable Notice Date (unless an Appraised Value Election has been made, in which case such fair market value shall be presumed to be the Appraised Price of the Topaz Minority Member Interest), over (y) the product of (I) the Topaz Percentage and (II) all repayments of and proceeds of, and all interest and earnings on, Financial Investments to the extent paid in Cash into the Accounts during the period from the Applicable Notice Date to (and including) the Retirement Date and not otherwise taken into account in the calculation of Topaz Value or Appraised Price, as the case may be. In addition, as a condition to the retirement of the Topaz Minority Member Interest on the Retirement Date, Topaz shall pay all Administrative Expenses and New Administrative Expenses then due and owing (to the extent such expenses are invoiced and notice thereof has been given to Garnet or Topaz at least three Business Days prior to the Retirement Date) to the extent not paid by Garnet, El Paso or any other Person on or prior to the Retirement Date. Notwithstanding the foregoing, (i) the Topaz Minority Member may make an Appraised Value Election by delivering written notice of such election to the Topaz Majority Member, the Topaz Second El Paso Member and Topaz no later than ten Business Days following the Applicable Notice Date; provided, however, that the Topaz Minority Member shall not be permitted to make an Appraised Value Election hereunder unless the Topaz Minority Member simultaneously makes an Appraised Value Election under the Diamond LLC Agreement with respect to its Diamond Class A Member Interest; and provided, further, that (i) any such election by the Topaz Minority Member shall be irrevocable upon delivery of such notice by the Topaz Minority Member, (ii) the General Appraisal Procedures shall be implemented, (iii) the Topaz Minority Member shall pay and assume liability for, and indemnify the other Members and Topaz against, all fees, costs and expenses in any way relating to or arising out of the General Appraisal Procedures, including all fees and expenses of all of the appraisers engaged in connection therewith and (iv) Topaz shall be ...
Sample 1
Retirement Amount. The Retirement Amount shall be US$272,000.
Sample 1
Retirement Amount. Promptly following the Retirement Date, the Company shall pay to the Employee a retirement amount equal to the sum of (i) twice his annual salary as in effect on the Retirement Date, and (ii) twice the amount determined by (A) adding all bonuses earned by Employee for the three fiscal years ending on June 28, 2014 and (B) dividing the sum of such bonuses by 3 (the sum of the amounts described in clauses (i) and (ii) is referred to herein as the “Retirement Amount”). For the avoidance of doubt, the bonus component of the Retirement Amount shall be determined by (a) including bonuses earned for such three fiscal years, regardless of whether such bonus amounts were paid during such fiscal year or in the following fiscal year and (b) excluding any bonus amount paid during any of such three fiscal years that was earned for any fiscal year prior to such three fiscal years. The Retirement Amount shall be payable in a single lump sum payment on the first business day after 15 days following the effective date of the Severance and Release Agreement.
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Related to Retirement Amount

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • 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 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.

  • 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.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • 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.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

  • 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.

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