TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. Termination by the Bank of the Executive based on "
TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President and Chief Executive Officer upon Executive’s attainment of age 62, or such later date as determined by the President and Chief Executive Officer. Upon termination of Executive’s employment because of Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 6. In the event Executive is unable to perform his/her duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Disability” within the meaning of Code Section 409A, the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his/her Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security disability program shall reduce the Base Salary to be paid to Executive pursuant to this paragraph. In the event of Executive’s death during the term of the Agreement, his/her estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide non-taxable medical and dental and other benefits normally provided for an Executive’s family for one (1) year after Executive’s death.
TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Company of Executive's employment based on "
TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. (a) For purposes of this Agreement, termination by the Company or the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the Company or the Bank upon attainment of age 65, or such later date as determined by the Board. Notwithstanding anything herein to the contrary, if Executive has attained age 65 at the time the Company and/or Bank enters into an agreement to effect a Change in Control or becomes age 65 after such an agreement is entered into by the Company and/or the Bank, this Section 7(a) shall be null and void and of no further effect. Upon termination of Executive’s employment upon Retirement, Executive shall be entitled to all benefits under any retirement plan of the Company or Bank and other plans to which Executive is a party, but he shall not be entitled to the Termination Benefits specified in Section 6(b) through (d) hereof.
(b) The Company may terminate this Agreement if Executive becomes “Disabled” (as defined in the next sentence). In such event, the Executive shall receive the greater of (i) his net after-tax Base Salary for the remaining term of the Agreement, or one year, whichever is the longer period of time; or (ii) disability insurance benefits provided by the Company, plus any applicable xxxxxxx’x or social security disability benefits to which Executive is entitled, with the understanding that the amount of any such disability benefits shall offset the Company’s obligation to pay Executive his Base Salary. “Disabled” shall mean that Executive is (A) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (B) determined to be totally disabled by the Social Security Administration. If Executive is Disabled, the Date of Termination shall be the date that the Company provides a Notice of Termination to Executive. Disability benefits as described in this paragraph shall be provided to Executive starting on such Date of Termination.
TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. (a) Termination by the Employer of Executive based on “Retirement” shall mean termination in accordance with the Employer’s retirement policy or in accordance with any retirement arrangement established with Executive’s consent with respect to him. Upon termination of Executive upon Retirement, no amounts or benefits shall be due to Executive under this Agreement, and, Executive shall be entitled to all benefits for which he is eligible under any retirement plan of the Employer and other plans to which Executive is a party or in which he participated immediately prior to his Date of Termination.
TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. (a) For purposes of this Agreement, termination of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the Company upon attainment of age 65, or such later date as determined by the Board. Upon termination of Executive’s employment upon Retirement, Executive shall be entitled to all benefits under any retirement plan of the Company, and other plans to which Executive is a party, but shall not be entitled to the termination benefits specified in Section 9.
TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Company of Executive’s employment based on “Retirement” shall mean termination in accordance with the Company’s and/or the Bank’s retirement policy or in accordance with any retirement arrangement established with Executive’s consent with respect to him. Upon termination of Executive upon Retirement, Executive shall be entitled to all benefits under any retirement plan of the Company or the Bank and other plans to which Executive is a party. In the event Executive is unable to perform his duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of illness or other physical or mental disability (“Disability”), the Company may terminate this Agreement, provided that the Company shall continue to be obligated to pay Executive his Base Salary for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Company and/or the Bank has provided or may provide on behalf of its employees generally or its senior executives or pursuant to any xxxxxxx’x or social security disability program shall reduce the compensation to be paid to Executive pursuant to this paragraph. In the event of Executive’s death during the term of the Agreement, his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Section 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death.
TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. (a) For purposes of this Agreement, termination by the Company or the Bank of Executive's employment based on "Retirement" shall mean termination of Executive's employment by the Company or the Bank upon attainment of age 65, or such later date as determined to by the Board of Directors of the Company or the Bank, as applicable. Upon termination of Executive's employment upon Retirement, Executive shall be entitled to all benefits under any retirement plan of the Company or the Bank and other plans to which Executive is a party but shall not be entitled to the Termination Benefits specified in Section 6(b) through (d) hereof.
TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination in accordance with the Bank’s retirement policy or in accordance with any retirement arrangement established with Executive’s consent with respect to him. Upon termination of Executive upon Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party. In the event Executive is unable to perform his duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of illness or other physical or mental disability (“Disability”), the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his Base Salary for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees generally or its senior executives or pursuant to any xxxxxxx’x or social security disability program shall reduce the compensation to be paid to Executive pursuant to this paragraph. In the event of Executive’s death during the term of the Agreement, his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death.
TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. (a) Termination by the Bank of Executive based on retirement shall mean termination in accordance with the Bank’s retirement policy or in accordance with any retirement arrangement established with Executive’s consent with respect to him. Upon termination of employment upon retirement, no amounts or benefits shall be due to Executive under this Agreement, and Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party.
(b) Termination by the Bank of Executive’s employment based on disability shall mean termination because of any physical or mental impairment which qualifies Executive for disability benefits under the applicable long-term disability plan maintained by the Bank or, if no such plan applies, which would qualify Executive for disability benefits under the federal social security system. Upon termination of employment upon disability, Executive shall be entitled to all disability benefits under any disability plan of the Bank and other plans to which Executive is a party.
