Upon Retirement. Subject to the provisions of subsection 3(e), upon the Employee's retirement on or after the attainment of age sixty-five, the Bank shall pay the Employee 240 monthly Installment Payments equal to the quotient of (1) the product of (a) the Base Benefit Amount, multiplied by (b) the Performance Ratio; (2) divided by 12. Installment Payments will commence not later than thirty days after the Employee reaches age sixty-five or his actual retirement date, if later.
Appears in 6 contracts
Samples: Supplemental Executive Retirement Agreement (First National Corp /Sc/), Supplemental Executive Retirement Agreement (First National Corp /Sc/), Supplemental Executive Retirement Agreement (First National Corp /Sc/)
