FullVesting Date

FullVesting Date. For persons who were Directors on or before December 31, 2008, shall be the date on which the Director has completed ten (10) Years of Service as a Director. For these purposes, a "Year of Service" shall have the meaning ascribed in Section 2(q) below. For any Director whose initial service on the Board commenced in the 2009 calendar year or thereafter, the Full-Vesting Date shall be the date on which the Director has completed fifteen (15) Years of Service. If a Director was ever an Inside... Director, Years of Service as a Director shall also include all periods of employment with the Bank and any predecessor in interest of the Bank, regardless of whether such periods of employment occurred before the effective date of the Plan. Notwithstanding the foregoing, any Director of the Bank who was formerly a director of the Dedham Cooperative Bank who had five (5) Years of Service for Dedham Cooperative Bank and was a party to a Director Fee Continuation Agreement with the Dedham Cooperative Bank shall be eligible for a Reduced Plan Benefit hereunder if such Director has less than 10 Years of Service at Termination of Service or has a Termination of Service before age 65. View More

FullVesting Date. Shall be the date on which the Director has completed Five (5) years of service as a Director following adoption of this Plan. Years of service as a Director shall include all time spent as a Director (but not an Inside Director) of the Company. Years of service as a Director shall not include any periods during which a person was employed by the Company. The Full Vesting Date shall be accelerated upon a Change-in-Control of the Company (as may be defined by the Board of Directors) or the... death, Disability or failure to stand for reelection as a Director due to any age restriction to the date of occurrence of any such event. View More