Common use of Termination for Retirement or Death Clause in Contracts

Termination for Retirement or Death. Following a Change in Control Event, if the Executive’s employment with the Company or the Bank is terminated by reason of his retirement (as defined under the then established rules of the Company’s tax-qualified retirement plan), or death, the Executive (or his Beneficiary) shall receive his Base Salary and accrued vacation through the Effective Date of Termination, at the rate then in effect, plus all other amounts to which the Executive is entitled under any compensation plans of the Company and the Bank, at the time such payments are due, and otherwise the Executive’s benefits shall be determined in accordance with the Company’s and the Bank’s retirement, survivor’s benefits, insurance, and other applicable programs then in effect.

Termination for Retirement or Death. Following a Change in Control EventControl, if the Executive’s 's employment with the Company or the Bank is terminated by reason of his retirement (as defined under the then established rules of the Company’s 's tax-qualified retirement plan), or death, the Executive (or his Beneficiary) shall receive his Base Salary and accrued vacation through the Effective Date of Termination, at the rate then in effect, plus all other amounts to which the Executive is entitled under any compensation plans of the Company and the Bank, at the time such payments are due, and otherwise the Executive’s 's benefits shall be determined in accordance with the Company’s 's and the Bank’s 's retirement, survivor’s 's benefits, insurance, and other applicable programs then in effect.