Commencement of Installment Payments. If the Employee dies while employed by the Bank, but prior to the commencement of any Installment Payments, the Bank shall pay to the Employee's Designated Beneficiary (1) a lump sum Installment Payment equal to $250,000.00 plus (2) 120 monthly Installment Payments in the amount equal to the Base Benefit Amount divided by 12. The lump sum Installment Payment and the monthly Installment Payments shall commence within thirty days of the Employee's death. The Installment Payments shall be subject to the provisions of subsection 3(e) below. Upon payment of the amounts described in this subsection, the Bank shall have no further obligation under this Agreement.
Appears in 4 contracts
Samples: Supplemental Executive Retirement Agreement (First National Corp /Sc/), Supplemental Executive Retirement Agreement (First National Corp /Sc/), Supplemental Executive Retirement Agreement (First National Corp /Sc/)
Commencement of Installment Payments. If the Employee dies while employed by the Bank, but prior to the commencement of any Installment Payments, the Bank shall pay to the Employee's Designated Beneficiary (1) a lump sum Installment Payment equal to $250,000.00 375,000.00 plus (2) 120 monthly Installment Payments in the amount equal to the Base Benefit Amount divided by 12. The lump sum Installment Payment and the monthly Installment Payments shall commence within thirty days of the Employee's death. The Installment Payments shall be subject to the provisions of subsection 3(e) below. Upon payment of the amounts described in this subsection, the Bank shall have no further obligation under this Agreement.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (First National Corp /Sc/)
Commencement of Installment Payments. If the Employee dies while employed by the Bank, but prior to the commencement of any Installment Payments, the Bank shall pay to the Employee's Designated Beneficiary (1) a lump sum Installment Payment equal to $250,000.00 850,000.00 plus (2) 120 monthly Installment Payments in the amount equal to the Base Benefit Amount divided by 12. The lump sum Installment Payment and the monthly Installment Payments shall commence within thirty days of the Employee's death. The Installment Payments shall be subject to the provisions of subsection 3(e) below. Upon payment of the amounts described in this subsection, the Bank shall have no further obligation under this Agreement.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (First National Corp /Sc/)
