Common use of Retirement Payments Clause in Contracts

Retirement Payments. Upon termination of Executive's employment due to Retirement, as provided herein, the Company will pay to the Executive the Net Retirement Benefit described below. Payment shall be made in monthly installments beginning the first day of the calendar month following termination of employment. "Retirement" shall mean the termination of Executive's employment at any time after the date hereof for any reason (other than the Company's termination of the Executive for Cause as defined herein), including termination because of a permanent disability, early retirement or after a Change in Control (as defined herein).

Appears in 4 contracts

Samples: Executive Supplemental Compensation Agreement (First Ipswich Bancorp /Ma), Executive Supplemental Compensation Agreement (First Ipswich Bancorp /Ma), Executive Supplemental Compensation Agreement (First Ipswich Bancorp /Ma)

AutoNDA by SimpleDocs

Retirement Payments. Upon termination of Executive's employment due to Retirement, as provided herein, the Company will pay to the Executive as a single lump sum payment, the actuarial equivalent of the lifetime monthly Net Retirement Benefit described below. Payment shall be made in monthly installments below that accrue and becomes vested for periods beginning the first day of the calendar month following termination of employmenton January 1, 2005, and thereafter. "Retirement" shall mean the termination of Executive's employment at any time after the date hereof for any reason (other than the Company's termination of the Executive for Cause Cause, as defined herein), including termination because of a permanent disability, early retirement or after a Change in Control (as defined herein)."

Appears in 1 contract

Samples: Executive Supplemental Compensation Agreement (First Ipswich Bancorp /Ma)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!