Common use of Termination of Employment Prior to Normal Retirement Age Clause in Contracts

Termination of Employment Prior to Normal Retirement Age. In the event of the Employee’s Separation from Service before the Employee’s Normal Retirement Age for reasons other than death, the Corporation shall pay to the Employee a lump sum amount (the “Vested Benefit”), as follows. Where such Separation from Service occurs prior to the close of business on December 26, 2008, the Vested Benefit shall be a lump sum equal to the amount on Exhibit A applicable to 2008. For each day beginning at the close of business on December 26, 2008 until and including the close of business on December 31, 2008, with respect to a Separation from Service as of such times, the Vested Benefit payable in a lump sum shall increase by one-sixth of the difference between the computed Vested Benefit applicable on January 1, 2009 and the amount on Exhibit A applicable to 2008. Where such Separation from Service occurs on or after January 1, 2009, the Vested Benefit shall be a lump sum equal to the present value as of the date of payment of an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date, payable in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the date the Employee attains his Normal Retirement Age. The present value calculation of the Vested Benefit in the foregoing sentence shall use a discount rate equal to the Conversion Interest Rate. Notwithstanding the foregoing, if the amount payable under this Section 4 as the Vested Benefit is less than the designated dollar amount on attached Exhibit A as the vested amount that would apply on the relevant date of termination (the “Minimum Lump Sum”), then the Minimum Lump Sum shall be paid in lieu thereof. The Vested Benefit shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. Notwithstanding any other provision of this Agreement to the contrary, the Employee may modify the time and form of the payment of benefits due to the Employee for a Separation from Service on or after January 1, 2009 under this Section 4 by notifying the Corporation that the Employee elects, in lieu of payment of the Vested Benefit as a lump sum, payment of the Vested Benefit as an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date, paid in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the later of the date the Employee attains his Normal Retirement Age and the date that is five years after Separation from Service; provided such modification shall not take effect until at least twelve (12) months after the date the modification is made. If an attempted modification does not meet the requirements of the preceding sentence, then it shall be void, and the time and form of payment in effect with regard to the Employee’s benefits under the Agreement prior to such attempted modification shall remain effective.

Termination of Employment Prior to Normal Retirement Age. In the event of the Employee’s Separation from Service before the Employee’s Normal Retirement Age for reasons other than death, the Corporation shall pay to the Employee a lump sum amount (the “Vested Benefit”), as follows. Where such Separation from Service occurs prior to the close of business on December 26, 2008, the Vested Benefit shall be a lump sum equal to the amount on Exhibit A applicable to 2008. For each day beginning at the close of business on December 26, 2008 until and including the close of business on December 31, 2008, with respect to a Separation from Service as of such times, the Vested Benefit payable in a lump sum shall increase by one-sixth of the difference between the computed Vested Benefit applicable on January 1, 2009 and the amount on Exhibit A applicable to 2008. Where such Separation from Service occurs on or after January 1, 2009, the Vested Benefit shall be a lump sum equal to the present value as of the date of payment of an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date, payable in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the date the Employee attains his Normal Retirement Age. The present value calculation of the Vested Benefit in the foregoing sentence shall use a discount rate equal to the Conversion Interest Rate. Notwithstanding the foregoing, if the amount payable under this Section 4 as the Vested Benefit is less than the designated dollar amount on attached Exhibit A as the vested amount that would apply on the relevant date of termination (the “Minimum Lump Sum”), then the Minimum Lump Sum shall be paid in lieu thereof. The Vested Benefit shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. Notwithstanding any other provision of this Agreement to the contrary, the Employee may modify the time and form of the payment of benefits due to the Employee for a Separation from Service on or after January 1, 2009 under this Section 4 by notifying the Corporation that the Employee elects, in lieu of payment of the Vested Benefit as a lump sum, payment of the Vested Benefit as an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date, paid in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the later of the date the Employee attains his Normal Retirement Age and the date that is five years after Separation from Service; provided such modification shall not take effect until at least twelve (12) months after the date the modification is made. If an attempted modification does not meet the requirements of the preceding sentence, then it shall be void, and the time and form of payment in effect with regard to the Employee’s benefits under the Agreement prior to such attempted modification shall remain effective.

Termination of Employment Prior to Normal Retirement Age. In the event of the Employee’s Separation from Service before the Employee’s Normal Retirement Age for reasons other than death, the Corporation shall pay to the Employee a lump sum amount benefit (the “Vested Benefit”), as follows. Where such Separation from Service occurs prior to the close of business on December 26, 2008, the Vested Benefit shall be a lump sum equal to the amount on Exhibit A applicable to 2008, which shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. For each day beginning at the close of business on December 26, 2008 until and including the close of business on December 31, 2008, with respect to a Separation from Service as of such times, the Vested Benefit payable in a lump sum shall increase by one-sixth of the difference between the computed Vested Benefit applicable on January 1, 2009 (applying the Conversion Interest Rate as a discount rate and calculating the present value thereof) and the amount on Exhibit A applicable to 2008, and the resulting lump sum with respect to Separation from Service as of such times shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. Where such Separation from Service occurs on or after January 1, 2009, the Vested Benefit shall be a lump sum equal to the present value as of the date of payment of an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date, payable Date paid in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the date the Employee attains his Normal Retirement Age. The present value calculation of the Vested Benefit in the foregoing sentence shall use a discount rate equal to the Conversion Interest Rate. Notwithstanding ; notwithstanding the foregoing, if the present value (using the Conversion Interest Rate as a discount rate) of the aggregate amount payable under this Section 4 sentence as of the Vested Benefit Employee’s Separation from Service is less than the designated dollar amount on attached Exhibit A as the vested amount that would apply on the relevant date of termination (the “Minimum Lump Sum”), then the Minimum Lump Sum Employee shall be paid in lieu thereof. The instead receive a Vested Benefit shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. Notwithstanding any other provision of this Agreement to the contrary, the Employee may modify the time and form of the payment of benefits due to the Employee for a Separation from Service on or after January 1, 2009 under this Section 4 by notifying the Corporation that the Employee elects, in lieu of payment of the Vested Benefit as a lump sum, payment of the Vested Benefit as an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date, paid in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the later of the date the Employee attains his Normal Retirement Age Age, with the monthly payment amount as an annuity payable for the period based on the Minimum Lump Sum and the date that is five years after Separation from Service; provided such modification shall not take effect until at least twelve (12) months after the date the modification is made. If an attempted modification does not meet the requirements of the preceding sentence, then it shall be void, and the time and form of payment in effect with regard to the Employee’s benefits under the Agreement prior to such attempted modification shall remain effectiveConversion Interest Rate.

Termination of Employment Prior to Normal Retirement Age. In the event of the Employee’s Separation from Service before the Employee’s Normal Retirement Age for reasons other than death, the Corporation shall pay to the Employee a lump sum amount benefit (the “Vested Benefit”), as follows. Where such Separation from Service occurs prior to the close of business on December 26, 2008, the Vested Benefit shall be a lump sum equal to the amount on Exhibit A applicable to 20082008 which shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. For each day beginning at the close of business on December 26, 2008 until and including the close of business on December 31, 2008, with respect to a Separation from Service as of such times, the Vested Benefit payable in a lump sum shall increase by one-sixth of the difference between the computed Vested Benefit applicable on January 1, 2009 (applying the Conversion Interest Rate as a discount rate and calculating the present value thereof) and the amount on Exhibit A applicable to 2008, and the resulting lump sum with respect to Separation from Service as of such times shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. Where such Separation from Service occurs on or after January 1, 2009, the Vested Benefit shall be a lump sum equal to the present value as of the date of payment of an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date, payable Date paid in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the date the Employee attains his Normal Retirement Age. The present value calculation of the Vested Benefit in the foregoing sentence shall use a discount rate equal to the Conversion Interest Rate. Notwithstanding ; notwithstanding the foregoing, if the present value (using the Conversion Interest Rate as a discount rate) of the aggregate amount payable under this Section 4 sentence as of the Vested Benefit Employee’s Separation from Service is less than the designated dollar amount on attached Exhibit A as the vested amount that would apply on the relevant date of termination (the “Minimum Lump Sum”), then the Minimum Lump Sum Employee shall be paid in lieu thereof. The instead receive a Vested Benefit shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. Notwithstanding any other provision of this Agreement to the contrary, the Employee may modify the time and form of the payment of benefits due to the Employee for a Separation from Service on or after January 1, 2009 under this Section 4 by notifying the Corporation that the Employee elects, in lieu of payment of the Vested Benefit as a lump sum, payment of the Vested Benefit as an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date, paid in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the later of the date the Employee attains his Normal Retirement Age Age, with the monthly payment amount as an annuity payable for the period based on the Minimum Lump Sum and the date that is five years after Separation from Service; provided such modification shall not take effect until at least twelve (12) months after the date the modification is made. If an attempted modification does not meet the requirements of the preceding sentence, then it shall be void, and the time and form of payment in effect with regard to the Employee’s benefits under the Agreement prior to such attempted modification shall remain effectiveConversion Interest Rate.