Common use of Alternative payout option Clause in Contracts

Alternative payout option. If (i) the Participant dies while employed by the Bank, including death during employment following a Change in Control, and (ii) the Participant has made a Timely Election to receive a lump sum benefit, this Subsection 4.1(b) shall be controlling with respect to pre-retirement death benefits. The balance of the Participant's Retirement Income Trust Fund, measured as of the later of (i) the Participant's death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be paid to the Participant's Beneficiary in a lump sum within thirty (30) days of the date the Administrator receives notice of the Participant's death. The balance of the Participant's Accrued Benefit Account (if applicable), measured as of the later of (i) the Participant's death, or (ii) the date any final Phantom Contribution is recorded pursuant to Subsection 2.1(c), shall be paid to the Participant's Beneficiary in a lump sum within thirty (30) days of the date the Administrator receives notice of the Participant's death.

Alternative payout option. If If (i) the Participant Executive dies prior to attaining his Benefit Age, (including the Executive's death while employed by the Bank, including death during employment Bank following a Change in Control), and (ii) the Participant Executive has made a Timely Election to receive a lump sum benefit, this Subsection 4.1(b) shall be controlling with respect to pre-retirement preretirement death benefits. The Executive's Beneficiary shall be entitled to receive a lump sum benefit in accordance with this Subsection 4.1(b). The balance of the ParticipantExecutive's Retirement Income Trust Fund, measured as of the later of (i) the Participant's death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be paid to the ParticipantExecutive's Beneficiary in a lump sum within thirty (30) days of the date the Administrator receives notice of the ParticipantExecutive's death. The balance of the ParticipantExecutive's Accrued Benefit Account (if applicable), measured as of the later of (i) the Participant's death, or (ii) the date any final Phantom Contribution is recorded pursuant to Subsection 2.1(c), shall be paid to the ParticipantExecutive's Beneficiary in a lump sum within thirty (30) days of the date (late the Administrator receives notice of the ParticipantExecutive's death.