RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and commencing thirty (30) days following the Director's sixty-fifth (65/th/) birthday or commencing thirty (30) days following the Director's actual retirement date, whichever event shall last occur, the Bank shall pay the Director an annual benefit equal to ten thousand one hundred twenty-four dollars and No/00ths ($ 10,124.00) for a period of five (5) years, provided that if less than five (5) such annual payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such annual payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of five (5) annual payments have been made, or make the total amount of said payment due in a lump sum discounted to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon the attainment of the Retirement Date, the Bank shall pay the Executive an annual benefit equal to sixty percent (60%) of the Executive’s average highest (3) years’ base salary during the term of the Executive’s employment with the Bank. Said benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the Executive’s death. If the Executive dies prior to having received 240 such monthly installments, said installments shall continue to be paid the Executive’s Beneficiary for the remainder of the 240 month period.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. The Bank, commencing with the first day of the month following the Retirement Date (Subparagraph IV [A]), shall pay the Executive an annual benefit equal to Eighty Eight Thousand Two Hundred Thirty One and 00/100th Dollars ($88,231.00). Said benefit shall be paid in equal monthly installments (1/12 of the annual benefit) until the death of the Executive. Upon the death of the Executive, if there is a balance in the accrued liability retirement account, such balance shall be paid in a lump sum to the individual or individuals the Executive may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive. If the Executive is a key employee (as defined by the Internal Revenue Service) of a publicly traded bank at the time of retirement, any such benefit payment shall be withheld for six (6) months, from such retirement.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement, the Bank, commencing with the first day of the month following the date of such retirement, shall pay the Director a monthly benefit of five hundred dollars ($500). Said benefit shall be paid for a period of one hundred twenty (120) months; provided, that if less than one hundred twenty (120) such monthly payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such monthly payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of one hundred twenty (120) monthly payments have been made, or make the total amount of said payments due in a lump sum* reduced to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director’s estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Subject to Subparagraph IX (A), upon said retirement the Bank shall pay Executive an annual benefit equal to seventy-five percent (75%) of Executive’s average of highest three (3) years (salary, bonus and deferred compensation) immediately prior to his retirement, said amount to be reduced by the following amounts the Executive would be entitled to at age sixty-two (62): (i) The amount available to the Executive from the Bank’s pension plan assuming lifetime with fifteen (15) years certain; (ii) The Bank’s contribution to the Executive’s 401(k) plan annuitized assuming the Executive would be paid for fifteen (15) years certain using a rate of return equal to the average one-year Federal funds rate for the twelve (12) months immediately preceding the Executive’s retirement. It shall further be assumed that the Executive has contributed the maximum voluntary contribution to the 401 (k) plan thereby being eligible for maximum Bank contribution and assume seven percent (7%) interest on Bank contribution. And, (iii) fifty percent (50%) of the Executive’s age sixty-two (62) Social Security benefit. Beginning January 1st following the Executive’s retirement date, the benefits shall be payable annually until the death of the Executive. If, however, the Executive retires on a date other than December 31st, then the payment made January 1st of the year following retirement shall be an amount that is prorated based on the date of retirement. For example, if the Executive retires on April 1, 2002, then the payment made on January 1, 2003 shall be based upon the full annual benefit amount the Executive would have received for a full twelve months prorated for the nine (9) months retired in the year 2002. Provided that if less than one hundred and eighty (180) such monthly payments have been made prior to the death of the Executive, the Bank shall continue such monthly payments to whomever the Executive shall designate in writing and filed with the Bank, until the full number of one hundred and eighty (180) monthly payments have been made. In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon attainment of the Retirement Date, the Bank shall pay the Executive an annual benefit equal to twenty-five percent (25%) of the Executive’s average of highest three (3) years (salary and deferred compensation) prior to the Executive’s retirement. The benefit shall be payable beginning thirty (30) days following retirement, subject to Subparagraph III (I), in equal monthly installments (1/12th of the annual benefit) for one hundred and eighty (180) months. However, if less than one hundred and eighty (180) such monthly payments have been made prior to the death of the Executive, the Bank shall continue such monthly payments to the Beneficiary, until the full number of one hundred and eighty (180) monthly payments have been made.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon attainment of the Retirement Date, (as set forth in Subparagraph III [A,] subject to the provisions of Paragraph IX,) the Bank shall pay the Executive an annual benefit equal to Seventy Five Thousand Dollars ($75,000), the “Retirement Benefit.” Said Retirement Benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the death of the Executive. Said payment shall commence the first day of the month following (i) the date of such Separation from Service, or (ii) if applicable, in accordance with the Restriction on Timing of Distribution, whichever is later. Upon the death of the Executive after attainment of the Retirement Date, (as set forth in III [A,] subject to the provisions of Paragraph IX,) if there is a balance in the accrued liability retirement account, an amount equal to such balance shall be paid in a lump sum to the Beneficiary. Said payment due hereunder shall be made the first day of the second month following the Executive’s death.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon retirement the Bank in accordance with Paragraph 3 and subject to Paragraphs 4(b) and 8, commencing with the first day of the month following the date of such retirement, shall pay Executive an annual benefit equal to $29,425 in equal monthly installments (of 1/12 of the annual benefit) for a period of one hundred eighty (180) months.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement, the Bank, commencing with the first day of the month following the date of such retirement, shall pay the Executive an annual benefit equal to Fifty Nine Thousand One Hundred Seventy Seven and 00/100th Dollars ($59,177.00). For each year that the Executive or Executive’s beneficiary(ies) shall receive a benefit, said benefit amount shall be increased by one and one-half percent (1.5%) from the previous year’s benefit amount. Said benefit shall be paid in equal annual installments until the death of the Executive. Upon the death of the Executive, if there is a balance in the accrued liability retirement account, such balance shall be paid in a lump sum to such individual or individuals as the Executive may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement, Rurban, commencing with the first day of the month following the date of such retirement, shall pay Executive an annual benefit equal to 15% of Executive's salary immediately prior to his retirement in equal monthly installments (of 1/12 of the annual benefit) for a period of one hundred eighty (180) months, provided that if less than one hundred eighty (180) such monthly payments have been made prior to the death of the Executive, Rurban shall continue such monthly payments to whomever the Executive shall designate in writing and filed with Rurban, until the full number of one hundred eighty (180) monthly payments have been made. In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate.
