Normal Plan Benefit

Normal Plan Benefit. Shall mean, monthly, one-twelfth of an amount equal to seventy percent (70%) of the average Annual Director Fee Amount paid to a Director during the 3 consecutive Calendar Years immediately prior to the Calendar Year in which the Director ceases to serve as a Director, to be paid for 120 months. If an Inside Director becomes a Director and receives an Annual Director Fee Amount for less than 3 consecutive calendar years, the Normal Plan Benefit shall be based on the average annualized fees paid... during the consecutive calendar months immediately prior to the month in which the Director ceases to serve as a Director, provided, however, an Inside Director who becomes a Director must serve as a Director for twelve (12) consecutive months in order to be eligible to receive a Normal Plan Benefit. 2 View More

Normal Plan Benefit. Means lifetime monthly payments of $2,500