Common use of Death Before Separation from Service Clause in Contracts

Death Before Separation from Service. Except as provided in section 5.2, if the Executive dies before Separation from Service, at the Executive’s death the Beneficiary shall be entitled to an amount in cash equal to the Accrual Balance existing at the Executive’s death, unless the Change-in-Control benefit shall have been paid to the Executive under section 2.4 or unless a Change-in-Control payout shall have occurred under section 2.5. No benefit shall be paid if the Change-in-Control benefit shall have been paid to the Executive under section 2.4 or if a Change-in-Control payout shall have occurred under section 2.5. If a benefit is payable to the Beneficiary, the benefit shall be paid in a single lump sum 90 days after the Executive’s death. However, no benefits under this Agreement shall be paid or payable to the Executive or the Beneficiary if this Agreement is terminated under Article 5.

Appears in 10 contracts

Samples: Salary Continuation Agreement (Carolina Bank Holdings Inc), Salary Continuation Agreement (Carolina Bank Holdings Inc), Salary Continuation Agreement (1st Financial Services CORP)

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Death Before Separation from Service. Except as provided in section 5.2, if If the Executive dies before Separation from Service, at the Executive’s death the Executive’s Beneficiary shall be entitled to an amount in cash equal to the Accrual Balance existing at when the Executive’s deathdeath occurs, unless the Change-in-Control benefit shall have been paid to the Executive under section 2.4 or unless a Change-in-Control payout shall have occurred under section 2.5. No benefit shall be paid under this section 3.1 if the Change-in-Control benefit shall have been paid to the Executive under section 2.4 or if a Change-in-Control payout shall have occurred under section 2.5. If a benefit is payable to the BeneficiaryExecutive’s Beneficiary under this section 3.1, the benefit shall be paid in a single lump sum 90 days after the Executive’s death. However, no benefits under this Agreement shall be paid or payable under this Agreement to the Executive Executive, the Executive’s Beneficiary, or the Beneficiary Executive’s estate if this Agreement is terminated under Article 5.

Appears in 9 contracts

Samples: Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc)

Death Before Separation from Service. Except as provided in section 5.2, if the Executive dies before Separation from Service, at the Executive’s death the Executive’s Beneficiary shall be entitled to an amount in cash equal to the Accrual Balance existing at the Executive’s death, unless the Change-in-Control benefit shall have been paid to the Executive under section 2.4 or unless a Change-in-Control payout shall have occurred under section 2.5. No benefit shall be paid if the Change-in-Control benefit shall have been paid to the Executive under section 2.4 or if a Change-in-Control payout shall have occurred under section 2.5. If a benefit is payable to the Executive’s Beneficiary, the benefit shall be paid in a single lump sum 90 days after the Executive’s death. However, no benefits under this Agreement shall be paid or payable to the Executive or the Executive’s Beneficiary if this Agreement is terminated under Article 5.

Appears in 5 contracts

Samples: Salary Continuation Agreement (Tidelands Bancshares Inc), Salary Continuation Agreement (Tidelands Bancshares Inc), Salary Continuation Agreement (Tidelands Bancshares Inc)

Death Before Separation from Service. Except as provided in section 5.2, if the Executive dies before Separation from Service, at the Executive’s death the Beneficiary shall be entitled to (x) an amount in cash equal to the Accrual Balance existing at the Executive’s death, unless the Change-in-Control benefit shall have previously been paid to the Executive under section sections 2.4 or unless a Change-in-Control payout shall have occurred under section 2.5. , and (y) the benefit described in the Endorsement Split Dollar Agreement attached to this Agreement as Addendum A. No benefit shall be paid under clause (x) if the Change-in-Control benefit shall have previously been paid to the Executive under section sections 2.4 or if a Change-in-Control payout shall have occurred under section 2.5. If a benefit is payable to the BeneficiaryExecutive’s Beneficiary under clause (x), the benefit shall be paid in a single lump sum 90 days after the Executive’s death. However, no benefits under this Agreement or under the Endorsement Split Dollar Agreement shall be paid or payable to the Executive or the Executive’s Beneficiary if this Agreement is terminated under Article 5.

Appears in 3 contracts

Samples: Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc)

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Death Before Separation from Service. Except as provided in section 5.2, if the Executive dies before Separation from Service, at the Executive’s death the Executive’s Beneficiary shall be entitled to receive from the Bank in a single lump sum an amount in cash equal to the Accrual Balance existing at the Executive’s death, unless the Change-in-Control benefit a termination payment shall have been paid to the Executive made under section 2.4 or unless a Change-in-Control payout shall have occurred under section 2.52.3. No benefit shall be paid if the Change-in-Control benefit a termination payment shall have been paid to the Executive made under section 2.4 or if a Change-in-Control payout shall have occurred under section 2.52.3. If a benefit is payable to the BeneficiaryExecutive’s Beneficiary under this section 3.1, the benefit shall be paid in a single lump sum 90 within 30 days after the Executive’s death. However, no benefits under this Agreement shall be paid or payable to the Executive or the Executive’s Beneficiary if this Agreement is terminated under Article 5.

Appears in 1 contract

Samples: Salary Continuation Agreement (Home Bancorp Wisconsin, Inc.)

Death Before Separation from Service. Except as provided in section 5.2, if the Executive dies before Separation from Service, at the Executive’s death the Executive’s Beneficiary shall be entitled to an amount in cash equal to the Accrual Balance existing at the Executive’s death, unless the Change-in-Control benefit shall have been paid to the Executive under section 2.4 or unless a Change-in-Control payout shall have occurred under section 2.5. No benefit shall be paid if the Change-in-Control benefit shall have been paid to the Executive under section 2.4 or if a Change-in-Control payout shall have occurred under section 2.5. If a benefit is payable to the Executive’s Beneficiary, the benefit shall be paid in a single lump sum 90 days after the Executive’s death. However, no benefits under this Agreement shall be paid or payable to the Executive or the Beneficiary if this Agreement is terminated under Article 5.or

Appears in 1 contract

Samples: Salary Continuation Agreement (Tidelands Bancshares Inc)

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