Special Retirement Bonus Sample Clauses

Special Retirement Bonus. In recognition of Executive’s contribution to the Company, and in consideration of the covenants incorporated herein and the waiver and release contained in the Release Agreement, the Company shall pay Executive a special retirement bonus equal to $1,100,000 in the aggregate in a lump sum (the “Retirement Bonus”). Executive’s receipt of the Retirement Bonus is subject to Executive’s (a) execution and non-revocation of the Release Agreement and (b) compliance with the obligations and covenants under this Agreement. The Retirement Bonus shall be paid to Executive on or before the 90th day following the date of this Agreement.
Sample 1
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Special Retirement Bonus. Subject to Section 10(b), if the Executive voluntarily terminates employment in connection with the Executive’s retirement from the homebuilding industry, then, in addition to the Accrued Obligations and subject to both (i) the Executive’s satisfaction of the Release Requirement, and (ii) the Executive’s providing the Company with written notice of the Executive’s intent to retire at least ninety (90) days prior to the Date of Termination, the Company shall pay to the Executive a special retirement bonus (the “Special Retirement Bonus”) equal to one million dollars ($1,000,000) in equal installments in accordance with the Company’s customary payroll practices commencing on the first payroll period following the effective date of the Release (and at the same times and in the same amounts as the first one million dollars ($1,000,000) would have been payable to the Executive under Section 5(b)(i) upon a termination without Cause or resignation with Good Reason absent a Change in Control). For purposes of this Agreement, “retirement from the homebuilding industry” shall mean that the Executive shall not be employed in any capacity by any company engaged in homebuilding within five (5) years following the Date of Termination, and in connection therewith, if the Executive does not remain so retired for such period, the Executive agrees that the Executive shall be required to repay the Company all amounts received under this Section 5(c). For the avoidance of doubt, the Special Retirement Bonus shall not be payable upon any circumstances under which severance benefits are payable under Section 5(b) above.
Sample 1
Special Retirement Bonus. ‌ April 1, 2010 United Steelworkers, and Xxxxx 0000-000 Xxxxxx Xxxxxxxxxxxx, 000 Xxxx Xxxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx X0X 0X0 Attention: Xx. Xxxxx Xxxxxxxx, Area Coordinator, United Steelworkers Dear Xx. Xxxxxxxx: The following will confirm our understanding with respect to a one time special retirement bonus. The Company will pay a special one-time retirement bonus of twenty thousand dollars ($20,000.00), less deductions required by law, to any employee who, as of April 1, 2010, has thirty (30) or more years of credited service as defined in the CRS plan text, and who voluntarily terminates employment and elects to commence their pension between April 1, 2010 and January 1, 2011. It is understood that this payment will not be considered as pensionable earnings in the calculation of Average Final Compensation (AFC) for pension purposes. Yours truly, Xxxxx Xxxxxx Manager Human Resources Original Date: April 1, 2010
Sample 1
Special Retirement Bonus. On December 31, 2005, in recognition of your past service to the Company, you will receive a special retirement bonus in the amount of $100,000.00 (the “Special Retirement Bonus”). The payment will be subject to legally-mandated deductions for Social Security and federal, state and local taxes and will be considered compensation for purposes of calculating your lump sum pension benefit described in subparagraph D below.
Sample 1
Special Retirement Bonus. If Executive voluntarily terminates employment in connection with her retirement from the homebuilding industry after May 15, 2013 (which date constitutes a “separation from service” within the meaning of Section 409A of the Code), the Company shall pay to the Executive a special retirement bonus equal to one million dollars ($1,000,000), such amount to be payable in equal installments at the same time and in the same amount as the first $1 million dollars ($1,000,000) would have been payable to Executive under Section 6(a)(i) (provided that the last payment shall be the balance of the amount owed), conditioned on the Executive providing the Company with notice of her intent to retire at least ninety (90) days prior to the Date of Termination; and, provided that Executive executes a Release in accordance with the procedures and requirements under Section 6(a)(vi) (substituting Section 6(d) for Section 6(a)). For purposes of this Agreement, “retirement from the homebuilding industry” shall mean that Executive shall not be employed in any capacity by any company engaged in homebuilding within five (5) years following the Date of Termination, and in connection therewith, if Executive does not remain so retired for such period, she agrees that she shall be required to repay the Company all amounts received hereunder.”
Sample 1
Special Retirement Bonus. An employee age fifty-eight (58) or over with thirty (30) or more years of credited service or age sixty (60) or over with ten (10) or more years of credited service who satisfies the following conditions and retires will receive a special seven thousand five hundred dollars ($7,500) retirement bonus:
Sample 1
Special Retirement Bonus 
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Related to Special Retirement Bonus

  • 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.

  • 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.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Pre-Retirement Death Benefits Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 55th birthday, the Bank will pay $2,070 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.

  • 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.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Disability; Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

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