TERMINATION WITHOUT SPECIALLY-DEFINED CAUSE OR FOR GOOD REASON. If the Employer shall terminate Executive's employment prior to the Normal Retirement Age without "SPECIALLY-DEFINED CAUSE," as defined at Section 1.21, other than by reason of death or Disability (as defined at Section 2.4(b)), or if the Executive terminates employment for "GOOD REASON," as defined at Section 1.14, the Executive's Retirement Benefit shall be calculated pursuant to Section 1.18 as if the Executive's Compensation had increased by five percent (5%) per year for each year from the date of such Termination of Employment until the Normal Retirement Age. To the extent required by applicable law, such Retirement Benefit shall be made six (6) months after the date of Separation from Service in order to comply with Section 409A of the Code, and interest shall be added to such payment pursuant to Section 2.9.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Agreement (Benjamin Franklin Bancorp, Inc.), Supplemental Executive Retirement Agreement (Benjamin Franklin Bancorp, Inc.)
TERMINATION WITHOUT SPECIALLY-DEFINED CAUSE OR FOR GOOD REASON. If the Employer shall terminate Executive's ’s employment prior to the Normal Retirement Age without "SPECIALLY“Specially-DEFINED CAUSEDefined Cause," ” as defined at Section 1.21, other than by reason of death or Disability (as defined at Section 2.4(b)), or if the Executive terminates employment for "GOOD REASON“Good Reason," ” as defined at Section 1.14, the Vested Portion shall be 100% and the Executive's ’s Retirement Benefit shall be calculated pursuant to Section 1.18 as if the Executive's ’s Compensation had increased by five percent (5%) per year for each year from the date of such Termination termination of Employment employment until the Normal Retirement Age. To the extent required by applicable law, such Retirement Benefit shall be made six (6) months after the date of Separation from Service in order to comply with Section 409A of the Code, and interest shall be added to such payment pursuant to Section 2.9.
Appears in 1 contract
Samples: Benjamin Franklin Bancorp, Inc.
TERMINATION WITHOUT SPECIALLY-DEFINED CAUSE OR FOR GOOD REASON. If the Employer shall terminate Executive's employment prior to the Normal Retirement Age without "SPECIALLY-DEFINED CAUSE," as defined at Section 1.21, other than by reason of death or Disability (as defined at Section 2.4(b)), or if the Executive terminates employment for "GOOD REASON," as defined at Section 1.14, the Vested Portion shall be 100% and the Executive's Retirement Benefit shall be calculated pursuant to Section 1.18 as if the Executive's Compensation had increased by five percent (5%) per year for each year from the date of such Termination of Employment until the Normal Retirement Age. To the extent required by applicable law, such Retirement Benefit shall be made six (6) months after the date of Separation from Service in order to comply with Section 409A of the Code, and interest shall be added to such payment pursuant to Section 2.9.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Benjamin Franklin Bancorp, Inc.)
TERMINATION WITHOUT SPECIALLY-DEFINED CAUSE OR FOR GOOD REASON. If the Employer shall terminate Executive's employment prior to the Normal Retirement Age without "SPECIALLY-DEFINED CAUSE," as defined at Section 1.211.22, other than by reason of death or Disability (as defined at Section 2.4(b)), or if the Executive terminates employment for "GOOD REASON," as defined at Section 1.14, the Vested Portion shall be 100% and the Executive's Retirement Benefit shall be calculated pursuant to Section 1.18 1.19 as if the Executive's Compensation had increased by five percent (5%) per year for each year from the date of such Termination of Employment until the Normal Retirement Age. To the extent required by applicable law, such Retirement Benefit shall be made six (6) months after the date of Separation from Service in order to comply with Section 409A of the Code, and interest shall be added to such payment pursuant to Section 2.9.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Benjamin Franklin Bancorp, Inc.)
TERMINATION WITHOUT SPECIALLY-DEFINED CAUSE OR FOR GOOD REASON. If the Employer shall terminate Executive's ’s employment prior to the Normal Retirement Age without "SPECIALLY“Specially-DEFINED CAUSEDefined Cause," ” as defined at Section 1.211.22, other than by reason of death or Disability (as defined at Section 2.4(b)), or if the Executive terminates employment for "GOOD REASON“Good Reason," ” as defined at Section 1.14, the Vested Portion shall be 100% and the Executive's ’s Retirement Benefit shall be calculated pursuant to Section 1.18 1.19 as if the Executive's ’s Compensation had increased by five percent (5%) per year for each year from the date of such Termination termination of Employment employment until the Normal Retirement Age. To the extent required by applicable law, such Retirement Benefit shall be made six (6) months after the date of Separation from Service in order to comply with Section 409A of the Code, and interest shall be added to such payment pursuant to Section 2.9.
Appears in 1 contract
Samples: Benjamin Franklin Bancorp, Inc.