Common use of Death After Involuntary Termination of Employment Prior to Benefit Age Clause in Contracts

Death After Involuntary Termination of Employment Prior to Benefit Age. In the event of Executive's death following an involuntary termination of employment with the Bank prior to attaining age fifty-five (55), for any reason other than Cause or following a Change in Control, the Executive's Beneficiary shall be entitled to the Accrued Benefit determined as of the date of death and annuitized using the Interest Factor commencing within thirty (30) days and payable in monthly installments over the Payout Period.