Common use of Change in Control Benefit Clause in Contracts

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by a Separation from Service occurring prior to Normal Retirement Age, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service. This benefit shall be paid in a lump sum within thirty (30) days following Separation from Service, with the actual date of payment determined by the Employer in its sole discretion.

Appears in 3 contracts

Samples: Deferred Compensation Agreement (LINKBANCORP, Inc.), Deferred Compensation Agreement (LINKBANCORP, Inc.), Deferred Compensation Agreement (LINKBANCORP, Inc.)

AutoNDA by SimpleDocs

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by a Separation from Service, provided, however, that such Separation from Service occurring occurs prior to Normal Retirement Benefit Age, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service, in lieu of any other benefit hereunder. This benefit shall be paid in a lump sum within thirty (30) days following Separation from Servicecommencing the date indicated, with and on the actual date of payment determined schedule elected, by the Employer in its sole discretionExecutive on the various Benefit Payment Election Forms completed by the Executive.

Appears in 3 contracts

Samples: Deferred Compensation Agreement (Riverview Financial Corp), Deferred Compensation Agreement (Riverview Financial Corp), Deferred Compensation Agreement (Riverview Financial Corp)

Change in Control Benefit. If a Change in Control occurs, occurs followed within twenty-four (24) months by a Separation from Service occurring prior to before Normal Retirement Age, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service, in lieu of any other benefit hereunder. This benefit shall be paid in a lump sum within thirty one hundred eighty (30180) days consecutive equal monthly installments commencing the month following Normal Retirement Age, with interest credited on the unpaid balance at the Distribution Period Crediting Rate, beginning at Separation from Service, with the actual date of payment determined by the Employer in its sole discretion.

Appears in 2 contracts

Samples: Deferred Compensation Agreement (Orrstown Financial Services Inc), Deferred Compensation Agreement (Orrstown Financial Services Inc)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by a Separation from of Service occurring prior to Normal Retirement Age, the Employer shall pay the Executive the Deferral Account balance calculated at Change in Control benefit shown on Schedule A corresponding to the Plan Year in which Separation from ServiceService occurs. This The annual benefit shall will be paid in a lump sum within thirty (30) days equal monthly installments commencing the month following Separation from Service, with the actual date of payment determined by the Employer in its sole discretionService for fifteen (15) years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by a Separation from Service occurring prior to Normal Retirement AgeService, the Employer shall pay the Executive the Deferral Contribution Account balance calculated at Separation from Servicein lieu of any other benefit hereunder. This benefit shall be paid in a lump sum within thirty forty-five (3045) days following Separation from Service, with the actual date of payment determined by the Employer in its sole discretion.

Appears in 2 contracts

Samples: Deferred Compensation Plan (Peoples Financial Services Corp.), Deferred Compensation Plan (Peoples Financial Services Corp.)

Change in Control Benefit. If a Change in Control occurs, occurs followed within twenty-four (24) months by a Separation from of Service occurring prior to Normal Retirement Age, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service. This benefit shall be paid in a lump sum within thirty one hundred eighty (30180) days consecutive monthly installments and shall commence the month following Separation from Service, with the actual date of payment determined by the Employer in its sole discretion.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Plan (Penns Woods Bancorp Inc), Supplemental Executive Retirement Plan (Penns Woods Bancorp Inc)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by a Separation from of Service occurring prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit shown on Schedule A for the Deferral Account balance calculated at Plan Year ending immediately prior to Separation from ServiceService in lieu of any other benefit hereunder. This The annual benefit shall will be paid for fifteen (15) years in a lump sum within thirty (30) days equal monthly installments commencing the month following Separation from Service, with the actual date of payment determined by the Employer in its sole discretion.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Oak Valley Bancorp), Salary Continuation Agreement (Oak Valley Bancorp)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by a Separation from Service occurring prior to Normal Retirement AgeService, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service, in lieu of any other benefit hereunder. This benefit shall be paid in a lump sum within thirty one hundred twenty (30120) days monthly installments commencing sixty (60) months following Separation from Service, with the actual date of payment determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Executive Deferred Compensation Agreement (Riverview Financial Corp)

AutoNDA by SimpleDocs

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by a Separation from Service, provided, however, that such Separation from Service occurring occurs prior to Normal Retirement Age, Benefit Age the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service, in lieu of any other benefit hereunder. This benefit shall be paid in a lump sum within thirty (30) days following Separation from Servicecommencing the date indicated, with and on the actual date of payment determined schedule elected, by the Employer in its sole discretionExecutive on the various Benefit Payment Election Forms completed by the Executive.

Appears in 1 contract

Samples: Deferred Compensation Agreement (Riverview Financial Corp)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by a Separation from Service, provided, however, that such Separation from Service occurring occurs prior to Normal Retirement Benefit Age, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service, in lieu of any other benefit hereunder. This benefit shall be paid in a lump sum within thirty ninety (3090) days following Separation from Service, with the actual date of payment determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Executive Deferred Compensation Agreement (Riverview Financial Corp)

Change in Control Benefit. If a Change in Control occurs, occurs followed within twenty-four (24) months by a Separation from Service occurring prior to Normal Retirement Age, the Employer shall pay the Executive the Deferral present value of the Projected Account balance Balance calculated at the date of the Change in Control, in lieu of any other benefit hereunder. The present value shall be calculated by discounting the Projected Account Balance back to the date of Separation from Service using a discount rate equal to the Crediting Rate at Separation from Service. This benefit shall be paid in a lump sum within thirty (30) days the month following Separation from Service, with the actual date of payment determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Performance Driven Retirement Agreement (Community Bankers Trust Corp)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by a Separation from of Service occurring prior to Normal Retirement Age, the Employer shall pay the Executive the Deferral Account balance calculated at amount shown on Schedule A for the Plan Year ending immediately prior to Separation from ServiceService in lieu of any other benefit hereunder. This The benefit shall will be paid in a lump sum within thirty (30) days the month following Separation from Service, with the actual date of payment determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Salary Continuation Agreement (Bank of the James Financial Group Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!