Voluntary Termination by the Director Sample Clauses

Voluntary Termination by the Director. If the Director's service as a member of the Board of Directors of the Bank is terminated by voluntary resignation and such resignation is not subject to the provisions of subparagraph 5.4 below, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director attains fifty-five (55) years of age or any month thereafter, as requested in writing by the Director and delivered to the Bank or its successor thirty (30) days prior to the commencement of installment payments; provided, however, that in the event the Director does not request a commencement date as specified, such installments shall be paid on the first day of each month, beginning with the month following the month in which the Director attains sixty-two (62) years of age. The installments shall be payable (i) for the period designated in Schedule "D" in the case of the balance in the Benefit Account and (ii) until the Director's death in the case of the Index Benefit defined in Schedule "B".
Sample 1Sample 2See All (10)
AutoNDA by SimpleDocs
Voluntary Termination by the Director. In the event of an Early Voluntary Termination by the Director, (other than pursuant to the terms of Paragraph 4.3A), then he shall forfeit any and all rights and benefits he may have under the terms of this Agreement and shall have no right to be paid any of the amounts which would otherwise be due or paid to the Director by the Bank pursuant to the terms of this Agreement.
Sample 1Sample 2Sample 3See All (6)
Voluntary Termination by the Director. If the Director's service is terminated by voluntary resignation and such resignation is not subject to the provisions of subparagraph 5.4 below, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, commencing the later of the Director's attainment of Age Sixty-Two (62) or the month following the month in which the Director terminates. Payments shall then continue until Director's death.
Sample 1
Voluntary Termination by the Director. If the Director’s service as a member of the Board of Directors of the Bank is terminated by voluntary resignation, and such resignation is not subject to the provisions of subparagraphs 5.3 or 5.4 below, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director attains fifty-five (55) years of age or any month thereafter, as requested in writing by the Director and delivered to the Employer or its successor thirty (30) days prior to the commencement of installment payments; provided, however, that in the event the Director does not request a commencement date as specified, such installments shall be paid on the first day of each month, beginning with the month following the month in which the Director attains sixty-two (62) years of age. The installments shall be payable.
Sample 1
Voluntary Termination by the Director. If the Director’s service on both Boards of Directors is terminated by voluntary resignation before age seventy (70) on a date when the Applicable Percentage is less than one hundred percent (100%), and such resignation is not subject to the provisions of subparagraph 5.4 below, the Director shall forfeit any and all rights and benefits he may have under the terms of this Agreement and shall have no right to be paid any of the amounts which would otherwise be due or paid to the Director by the Bank pursuant to the terms of this Agreement. If the Applicable Percentage is one hundred percent (100%) on the date of such voluntary resignations and the Director has not attained age sixty (60), the Director shall be entitled to the Director Emeritus Benefit and the Reduced Retirement Benefit. Payment of the Directors Emeritus Benefit shall commence when and if the Director attains age sixty (60) and shall continue until the earlier of the third anniversary of its commencement or the Director’s death; thereafter the payment of the Reduced Retirement Benefit shall commence and shall continue until the Director’s death. A voluntary resignation after 60 when the Director’s Applicable Percentage is one hundred percent (100%) shall be deemed to be an election to Retire.
Sample 1
Voluntary Termination by the Director. If the Director's service on the Board of Directors is terminated by voluntary resignation on a date when the Applicable Percentage is less than on hundred percent (100%), and such resignation is not subject to the provisions of subparagraph 5.4 below, the Director shall forfeit any and all rights and benefits he may have under the terms of this Agreement and shall have no right to be paid any of the amounts which would otherwise be due or paid to the Director by the Bank pursuant to the terms of this Agreement. If the Applicable Percentage is one hundred percent (100%) on the date of such voluntary resignation, the Director shall be paid the Applicable Percentage of the Retirement Benefit Payments. The Retirement Benefit Payments shall commence on the termination of the Director's service, payable annually in one (1) installment at the end of each Plan Year, and continue until the Director's death.
Sample 1
Voluntary Termination by the Director. In the event the Director Voluntarily Terminates his position as a Director at any time after the Effective Date of this Agreement but prior to the Normal Retirement Age, then Director shall be entitled to be paid the Accrued Liability Balance. Payments shall be made in Sixty (60) substantially equal monthly installments on the first day of each month, commencing with the month after the month in which the Director terminates. In the event the Director dies before receiving any or all of such payments due, then Director’s designated beneficiary(ies) shall be entitled to the payments (or the remaining payments) Director would have received had he survived.
Sample 1
AutoNDA by SimpleDocs

Related to Voluntary Termination by the Director

  • Voluntary Termination by the Employee The Employee may voluntarily terminate the Employee's status as employee for other than Good Reason.

  • Voluntary Termination by the Executive Notwithstanding anything in this Agreement to the contrary, the Executive may, upon not less than thirty (30) days' written notice to the Company, voluntarily terminate employment for any reason (including retirement under the terms of the Company's retirement plan as in effect from time to time).

  • Termination by the Company without Cause; Termination by the Executive for Good Reason (a) For purposes of this Agreement, “Good Reason” shall mean, unless otherwise consented to by the Executive,

  • Voluntary Termination by the Executive Without Good Reason If the Executive terminates employment without Good Reason, the Executive shall receive the Base Salary and expense reimbursement to which the Executive is entitled through the date on which termination becomes effective.

  • Termination by the Company for Cause; Termination by the Executive without Good Reason (a) For purposes of this Agreement, “

  • Involuntary Termination by the Company without Cause At all times during the Term, the Board may terminate the Executive’s employment for reasons other than death, Disability, or for Cause, by providing to the Executive a Notice of Termination, at least sixty (60) calendar days (ninety (90) calendar days when termination is due to non-renewal of this Agreement by the Company pursuant to Section 1.2) prior to the Effective Date of Termination; provided, however, that such notice shall not preclude the Company from requiring Executive to leave the Company immediately upon receipt of such notice.

  • Voluntary Termination by Employee Subject to Section 12 hereof, the Employee may voluntarily terminate employment with the Bank during the term of this Agreement, upon at least 90 days' prior written notice to the Board of Directors, in which case the Employee shall receive only his compensation, vested rights and employee benefits up to the date of his termination (unless such termination occurs pursuant to Section 10(d) hereof or within the Protected Period, in Section 12(a) hereof, in which event the benefits and compensation provided for in Sections 10(d) or 12, as applicable, shall apply).

  • Termination by the Corporation for Cause (1) Nothing herein shall prevent the Corporation from terminating Executive for Cause, as hereinafter defined. The Executive shall continue to receive compensation only for the period ending with the date of such termination as provided in this Section 6c. Any rights and benefits the Executive may have in respect of any other compensation shall be determined in accordance with the terms of such other compensation arrangements or such plans or programs.

  • Termination by the Bank for Cause The Bank may terminate the employment of Executive hereunder for Cause (as defined in Section 8(a)) at any time. At the time Executive’s employment is terminated for Cause, the Term will terminate, all obligations of the Bank and Executive under Sections 1 through 5 of this Agreement will immediately cease except for obligations which expressly continue after termination of employment by the Bank for Cause, and the Bank will pay Executive at the time specified in Section 7(g), and Executive will be entitled to receive, the following:

  • Voluntary Termination by Company COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at least six (6) months prior written notice to M.I.T., such notice to state the date at least six (6) months in the future upon which termination is to be effective, and (ii) upon payment of all amounts due to M.I.T. through such termination effective date.

Time is Money Join Law Insider Premium to draft better contracts faster.