Director Benefit definition

Director Benefit means the benefit amounts determined pursuant to Paragraphs 1 through 6 (including sub-paragraphs, as applicable), forfeited, reduced or adjusted to the extent: (a) required under the other provisions of this Agreement; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank; or (c) required in order for the Bank to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
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Director Benefit means the annual benefit paid out to Director pursuant to this Agreement. Unless specified otherwise by the terms of this Agreement and according to the circumstances giving rise to the Separation from Service, the Director Benefit shall be calculated by multiplying the following: (Director’s Years of Service) X (One Thousand Dollars) X (Applicable Percentage of 100%). The Director Benefit shall continue to increase with each Year of Service. In addition, the annual amount of Director Benefits payable under this Agreement shall be increased at the rate of two percent (2%) each year from the date of commencement of payments until the death of the Director. As previously stated, the actual amount of the Director Benefit to be paid shall be determined at the time Director Separates from Service and shall be reduced to the extent: (i) required under the other provisions of this Agreement; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank; or (iii) required in order for the Bank to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
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Director Benefit means for the personal, professional, or business benefit, gain, advantage, or profit or interest, direct or indirect in the business of the Company other than as a Director or member of Senior Management Team of the Company or any member of his or her immediate family as defined under Section 6 of the Companies Act, 1956.
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Examples of Director Benefit in a sentence

  • The Director Benefit shall continue to increase with each Year of Service.

  • Unless specified otherwise by the terms of this Agreement and according to the circumstances giving rise to the Separation from Service, the Director Benefit shall be calculated by multiplying the following: (Director’s Years of Service) X (One Thousand Dollars) X (Applicable Percentage of 100%).

  • This annual Director Benefit shall be paid in twelve (12) substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Separates From Service and continuing until the death of the Director.

  • In the event the Director Separates From Service on or after attaining the Normal Retirement Age, and for any reason other than a Removal For Cause, then the Director shall be entitled to be paid an annual Director Benefit in the amount of Six Thousand, Ninety-Six Dollars ($6,096) per year.

  • Questions regarding this requirement should be directed to Xxxxxx Xxxxxxxxxx, Director, Benefit Services, at (000) 000-0000.

  • The term “Applicable Percentage” shall mean the percentage adjacent to the period of time in which Director Separates From Service as a member of the Board of Directors of the Bank, and shall be used to calculate the annual Director Benefit amount.

  • There are no death benefits payable under this Agreement (such benefits are described by a Life Insurance Endorsement Method Split Dollar Plan Agreement, if any), nor will Director Benefit Payments be made after the Director dies, regardless of whether such death occurs before or after termination, and regardless of whether payments have already begun pursuant to this Agreement.

  • For complete benefits information please visit the Employee Benefits Resource Center or contact the Director, Benefit Administration in the Office of Human Resources.

  • During the first calendar quarter of each calendar year beginning with calendar year 2001, the Company shall provide the Trustee with any revisions to the Director Benefit Calculation Schedule and updated Participant Information, in each case as of the end of the immediately preceding calendar year.

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More Definitions of Director Benefit

Director Benefit means the benefit determined pursuant to this Agreement, forfeited, reduced or adjusted to the extent: (a) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Company; or (b) required in order for the Company to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).
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Director Benefit means the annual benefit paid out to the Director pursuant to this Agreement. unless specified otherwise by the terms of this Agreement and according to the circumstances giving rise to the Separation from Service, the Director Benefit shall be calculated by multiplying the following: (Director's Years of Service) X (One Thousand Dollars) X (Applicable percentage). The Director Benefit shall continue to increase as each Year of Service is completed. In addition, the annual amount of Director Benefits payable under this Agreement shall be increased at the rate o£ two percent (2%) each year from the date of commencement of payments until the death of the Director. As previously stated, the actual amount of the Director Benefit to be paid shall be determined at the time Director Separates from Service as a Director, and shall be determined according to the circumstances giving rise to the Separation from Service and the relevant Applicable Percentage schedule. Furthermore, the benefit shall be reduced to the extent: (i) required under the other provisions of this Agreement; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank; or (iii) required in order for the Bank to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
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Related to Director Benefit

  • Disability Benefit means the benefit set forth in Article 8.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Disability benefit recipient means a member who is receiving a disability benefit.

  • Termination Benefit means the benefit set forth in Article 7.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Service benefit means the credit toward retirement benefits as determined by the

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Disability benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).

  • Eligible Executive means an employee of the Company selected as being eligible to participate in this Plan under Section C.1.a.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.