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, Diamond shall Distribute to the Diamond Class A Member Cash in an amount (the "DIAMOND RETIREMENT AMOUNT") that is equal to the excess of (x) the fair market value of the Diamond Class A Member Interest as of the Applicable Notice Date, which fair market value shall be presumed to be the Diamond 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 Diamond Class A Member Interest), over (y) the product of (I) the Diamond 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 Diamond Value or Appraised Price, as the case may be. In addition, as a condition to the retirement of the Diamond Class A Member Interest on the Retirement Date, Diamond 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 Diamond 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 Diamond LLC Agreement prior to the Retirement Date. Notwithstanding the foregoing, the Diamond Class A Member may make an Appraised Value Election by delivering written notice of such election to the Diamond Class B Member and Diamond no later than ten Business Days following the Applicable Notice Date; provided, however, that the Diamond Class A 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 Topaz LLC Agreement with respect to its Topaz Minority Member Interest; and provided, further, that (i) any such election by the Diamond Class A Member shall be irrevocable upon delivery of such notice by the Diamond Class A Member, (ii) the General Appraisal Procedures shall be implemented, (iii) the Diamond Class A Member shall pay and assume liability for, and indemnify the other Members and Diamond 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) Diamo...
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Retirement Amount. The Retirement Amount shall be US$272,000.
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Retirement Amount. Promptly following the Retirement Date, the Company shall pay to the Employee a retirement amount equal to the sum of
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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 If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • 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.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • 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

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

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