Common use of Death Before Separation from Service Clause in Contracts

Death Before Separation from Service. 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. If a benefit is payable to the Executive’s Beneficiary the benefit shall be paid in a single lump sum within 90 days after the Executive’s death. However, no benefits will be paid under this Agreement to the Executive or the Executive’s Beneficiary if this Agreement is terminated under Article 5.

Appears in 5 contracts

Samples: Salary Continuation Agreement (Paragon Commercial CORP), Salary Continuation Agreement (Paragon Commercial CORP), Salary Continuation Agreement (Paragon Commercial CORP)

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Death Before Separation from Service. If the Executive dies before Separation from Service, at the Executive’s death the Executive’s Beneficiary shall be is entitled to an amount in cash equal to the Accrual Balance existing at when the Executive’s deathdeath occurs. If a benefit is payable to the Executive’s Beneficiary under this section 3.1, the benefit shall will be paid in a single lump sum within 90 days after the Executive’s death. However, no benefits benefit will be paid or payable under this Agreement to the Executive Executive, the Executive’s Beneficiary, or the Executive’s Beneficiary estate if this Agreement is terminated terminates under Article 5.

Appears in 3 contracts

Samples: Salary Continuation Agreement (BNC Bancorp), Salary Continuation Agreement (BNC Bancorp), Salary Continuation Agreement (BNC Bancorp)

Death Before Separation from Service. 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. If a benefit is payable to the Executive’s Beneficiary Beneficiary, the benefit shall be paid in a single lump sum within 90 days after the Executive’s death. However, no benefits will be paid under this Agreement to the Executive or the Executive’s Beneficiary if this Agreement is terminated under Article 5.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Paragon Commercial CORP), Salary Continuation Agreement (Paragon Commercial CORP)

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

Appears in 2 contracts

Samples: Salary Continuation Agreement (Southcoast Financial Corp), Salary Continuation Agreement (Southcoast Financial Corp)

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Death Before Separation from Service. If 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 at the Executive’s death to an amount in cash equal to the Accrual Balance existing at the Executive’s death. If a benefit is payable to the Executive’s Beneficiary under this section 3.1, the benefit shall be paid in a single lump sum within 90 days after the Executive’s death. However, no benefits will be paid 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 (First Reliance Bancshares Inc)

Death Before Separation from Service. If Except as provided in Article 5, if the Executive dies before Separation from Service, at the Executive’s 's death the Executive’s 's Beneficiary shall be entitled to an amount in cash equal to the Accrual Balance existing at the Executive’s 's death. If a , unless the Change-in-Control benefit is payable shall have been paid to the Executive’s Beneficiary 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 in a single lump sum within 90 days after if the Executive’s death. However, no benefits will be Change-in-Control benefit shall have been paid under this Agreement to the Executive under section 2.4 or the Executive’s Beneficiary if this Agreement is terminated a Change-in-Control payout shall have occurred under Article 5section 2.

Appears in 1 contract

Samples: Salary Continuation Agreement (First South Bancorp Inc)

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