Common use of DEATH BENEFIT PRIOR TO RETIREMENT Clause in Contracts

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to the Executive attaining the age of sixty-five (65) years, the Bank will pay the accrued balance on the date of death, of the Executive’s accrued liability retirement account in one (1) lump sum, the first day of the second month following the Executive’s death, to the Beneficiary, at which time this Agreement shall terminate. Said payment due hereunder shall be made by the first day of the second month following the decease of the Executive.

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to the Executive attaining the age Executive’s Separation from Service, and prior to any determination of sixty-five Disability (65and as provided in Paragraph X,) years, the Bank will pay the accrued balance on the date of death, of the Executive’s accrued liability retirement account in one (1) a lump sum, the first day of the second month thirty (30) days following the Executive’s death, death to the Beneficiary, at which time this Agreement shall terminate. Said payment due hereunder shall be made by the first day of the second month following the decease of the Executive’s death.